Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD. The Semi-annual Report 2019
August 2019
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 I. Important Notice, Table of Contents and Definitions
The Board of Directors , Supervisory Committee ,Directors, Supervisors and Senior Executives of the Company hereby guarantees that there are no misstatement, misleading representation or important omissions in this report and shall assume joint and several liability for the authenticity, accuracy and completeness of the contents hereof. Mr.Wang Jin, The Company leader, Mr. Liu Wei, Chief financial officer and the Mr.Meng Fei, the person in charge of the accounting department (the person in charge of the accounting )hereby confirm the authenticity and completeness of the financial report enclosed in this semi-annual report.
Other directors attending the Meeting for the Semi-annual report deliberation except for the followed:
|||||
|-|-|-|-|
|Name of director absent|Title for absent director|Reasons for absent|Attorney|
|Wen Shufei|Director|Due to business|Wang Jin|
|Wen Lianhe|Director|Due to business|Zheng Yunpeng|
|Liang Peilu|Director|Due to business|Yin Zhongyu|
|Mao Qinghan|Director|Due to business|Sha Qilin|
|Ma Xiaoqian|Independent Director|Due to business|Shen Hongtao|

 This semi-annual report involves the forecasting description such as the future plans, and does not constitute the actual commitments of the company to the investors. Investors and stakeholders should all maintain sufficient awareness of risks for this and understand the differences between plans, forecasts and commitments.
The Company is mainly engaged in thermal power generation. The business of thermal power generation is greatly affected by factors including electric power demand and fuel price. Refer to Section X(4) of Chapter 4 of this annual report-situation faced and countermeasures for relevant information.
The Company Will not distribute cash dividend or bonus shares, neither capitalizing of common reserves for the report period.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 Table of Contents
2019 Semi- Annual Report
I. Important Notice and Definitions
II. Corporate Profile and Key Financial Results
III. Business Profile
IV. Performance Discussion and Analysis
V. Important Events
VI. Change of share capital and shareholding of Principal Shareholders
VII. Situation of the Preferred Shares
VIII. Information about Directors, Supervisors and Senior Executives
IX. Corporate Bonds.
X. Financial Report
XI. Documents available for inspection
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 Definition
|||||||
|-|-|-|-|-|-|
|Terms to be defined||Refers to|Definition|||
|Guangdong Energy Group||Refers to|Guangdong Energy Group Co., Ltd.|||
|Guangqian Company||Refers to|Shenzhen Guangqian Electric Power Co., Ltd.|||
|Bohe Company||Refers to|Guangdong Yudean Bohe Coal & Electricity Co., Ltd|||
|Dapu Company||Refers to|Guangdong Dapu Power Generation Co., Ltd.|||
|Wind Power Company||Refers to|Guangdong Wind Power Co., Ltd.|||
|Lincang Company||Refers to|Lincang Yudean Energy Co., Ltd.|||
|Qujie Wind Power Company||Refers to|Guangdong Yudean Qujie Wind Power Generation Co., Ltd.|||
|Electric Power Sales Company||Refers to|Guangdong Yudean Electric Power Sales Co., Ltd.|||
|Anxin Electric Inspection & Installation||||||
|||Refers to|Guangdong Yudean Anxin Electric Inspection & Installation Co., Ltd|||
|Company||||||
|Tongdao Wind Power Company||Refers to|Tongdao Yuexin Wind Power Generation Co., Ltd.|||
|Binhai Bay Company||Refers to|Guangdo9ng Yudean Binhai Bay Energy Co., Ltd.|||
|Zhongyue Compamy||Refers to|Zhanjiang Zhongyue Energy Co., Ltd.|||
|Yuejiang Company||Refers to|Guangdong Shaoguan Yuejiang Power Generation Co., Ltd.|||
|Yongan Natural Gas Company||Refers to|Guangdong Yudean Yongan Natural Gas Thermal Power Co., Ltd.|||
|Leizhou Wind Power Company||Refers to|Guangdong Yudean Leizhou Wind Power Generation Co., Ltd.|||
|Zhanjiang Company||Refers to|Zhanjiang Electric Power Co., Ltd.|||
|Zhanjiang Wind Power Company||Refers to|Guangdong Yudean Zhanjiang Wind Power Co., Ltd.|||
|Huizhou Natural Gas Company||Refers to|Guangdong Huizhou Natural Gas Power Co., Ltd.|||
|Zhenneng Company||Refers to|Maoming Zhenneng Thermal Power Co., Ltd.|||
|Jinghai Company||Refers to|Guangdong Yudean Jinghai Power Co., Ltd.|||
|Red Bay Company||Refers to|Guangdong Red Bay Power Co., Ltd.|||
|Huadu Natural Gas Company||Refers to|Guangdong Huadu Natural GasT Thermal Power Co., Ltd.|||
|Humen Power Company||Refers to|Guangdong Yudean Humen Power Co., Ltd.|||
|Yuejia Company||Refers to|Guangdong Yuejia Electric Power Co., Ltd.|||
|Pinghai Power Plant||Refers to|Guangdong Hluizhou Pinghai Power Co., Ltd.|||
|Pingdian Integrated Energy Company||Refers to|Huizhou Pingdian Integrated Energy Co., Ltd.|||
|Zhencheng Integrated Energy Company||Refers to|Guangdong Yudean Zhencheng Integrated Energy Co., Ltd.|||
|Dianbai Wind Power Company||Refers to|Guangdong Yudean Dianbai Wind Power Co., Ltd.|||
|Yangjiang Wind Power Company||Refers to|Guangdong Yudean Yangjiang Offshore Wind Power Co., Ltd.|||
|Heping Wind Power Company||Refers to|Guangdong Yudean Heping Wind Power Co., Ltd.|||
|Pingyuan Wind Power Company||Refers to|Guangdong Yudean Pingyuan Wind Power Co., Ltd.|||
|Zhuhai Wind Power Company||Refers to|Guangdong Yudean Zhuhai Offshore Wind Power Co., Ltd.|||
|Wuxuan Wind Power Company||Refers to|Guangxi Wuxuan Yudean New Energy Co., Ltd.|||
|Xupu Wind Power Company||Refers to|Hunan Xupu Yuefeng New Energy Co., Ltd.|||
|Shibeishan Wind Power||Refers to|Guangdong Yudean Shibeishan Wind Energy Development Co., Ltd.|||
|Huilai Wind Power Company||Refers to|Huilai Wind Power Generation Co., Ltd.|||
|Yudean Industry Fuel Company||Refers to|Guangdong Power Industry Fuel Co., Ltd.|||
|Yudean Insurance|Captive Company|Refers to|Guangdong Yudean Property Insurance|Captive|Co., Ltd.|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|Shanxi Energy Company|Refers to|Shanxi Yudean Energy Co., Ltd.|
|Yudean Shipping Company|Refers to|Guangdong Yudean Shipping Co., Ltd.|
|Yudean Western Investment Company|Refers to|Guangdong Yudeann Holdings Western Investment Co., Ltd.|
|Yudean Finance Company|Refers to|Guangdong Yudean Finance Co., Ltd.|
|Guohua Taishan Company|Refers to|Guangdong Guohua Yudean Taishan Power Generation Co., Ltd.|
|Weixin Energy Co., Ltd.|Refers to|Yunnan Yuntou Weixin Energy Co., Ltd.|
|Zhongxinkeng hydropower station|Refers to|Yangshan Zhongxinkeng Power Co., Ltd.|
|Jiangkeng hydropower station|Refers to|Yangshan Jiangkeng hydropower station|
|Southern Offshore wind power|Refers to|Southern Offshore wind power Union Development Co., Ltd.|
|Sunshine Insurance|Refers to|Sunshine Insurance Group Co., Ltd.|
|Shenzhen Capital|Refers to|Shenzhen Capital Group Co., Ltd.|
|GMG|Refers to|GMG International Tendering Co., Ltd.|
|Shenzhen Energy|Refers to|Shenzhen Energy Group Co., Ltd.|
|Shenergy Company|Refers to|Shenergy Company Limited|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 II. Corporate Profile and Key Financial Results
I.Company information
|||||
|-|-|-|-|
|Stock abbreviation|Yue Dian Li A, Yue Dian Li B|Stock code：|000539、200539|
|Stock exchange for listing|Shenzhen Stock Exchange|||
|Name in Chinese|广东电力发展股份有限公司|||
|Abbreviation of Registered||||
|Company Name in Chinese(If|粤电力|||
|any)||||
|English name (If any)|GUANGDONG ELECTRIC POWER DEVELOPMENT CO.,LTD|||
|English abbreviation (If any)|GED|||
|Legal Representative|Wang Jin|||

Ⅱ.Contact person and contact manner
||||
|-|-|-|
||Board secretary|Securities affairs Representative|
|Name|Liu Wei|Qin Xiao|
||35F, South Tower, Yudean Plaza, No.2 Tianhe Road|36/F, South Tower, Yudean Plaza, No.2 Tianhe Road|
|Contact address|||
||East, Guangzhou,Guangdong Province|East, Guangzhou,Guangdong Province|
|Tel|(020)87570276|(020)87570251|
|Fax|(020)85138084|(020)85138084|
|E-mail|liuw@ged.com.cn|qinxiao@ged.com.cn|

III. Other info.
1. Way of contact
Whether registrations address, offices address and codes as well as website and email of the Company changed in reporting period or not
□ Applicable√ Not applicable
Registrations address, offices address and codes as well as website and email of the Company has no change in reporting period, found more details in annual report 2018.
2. Information inquiry
Whether information disclosure and preparation place changed in reporting period or not
□ Applicable√ Not applicable
None of the official presses, website, and place of enquiry has been changed in the semi report period. For details
please find the Annual Report 2018.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 3. Other relevant information
Did any change occur to other relevant information during the Reporting Period?
√Applicable□ Not applicable
On May 21, 2019, the revision of some articles of the Company's Articles of Association was reviewed and approved in the Company's 2018 AnnualShareholders’ General Meeting. The full text of the revised "Articles of Association" can be found in the Cninfo website:http://www.cninfo.com.cn.，The disclosure date is May 22, 2019. IV.Summary of Accounting data and Financial index
May the Company make retroactive adjustment or restatement of the accounting data of the previous years□ Yes√ No
|||||
|-|-|-|-|
||Reporting period|Same period of last year|YoY+/-（%）|
|Operating income（yuan）|12,874,181,250|13,894,985,179|-7.35%|
|Net profit attributable to the shareholders|581,569,383|448,833,518||
||||29.57%|
|of the listed company（yuan）||||
|Net profit after deducting of non-recurring||||
|gain/loss attributable to the shareholders of|588,588,917|413,141,718|42.47%|
|listed company（yuan）||||
|Cash flow generated by business operation,|3,803,441,801|3,795,532,708||
||||0.21%|
|net（yuan）||||
|Basic earning per share(yuan/Share)|0.1108|0.0855|29.59%|
|Diluted gains per share(yuan/Share)|0.1108|0.0855|29.59%|
|Weighted average income/asset ratio（%）|2.37%|1.88%|0.49%|
||As at the end of the|||
|||As at the end of last year|YoY+/-（%）|
||reporting period|||
|Gross assets（yuan）|72,888,042,485|73,329,662,306|-0.60%|
|Shareholders’ equity attributable to|24,551,367,214|24,227,302,288||
||||1.34%|
|shareholders of the listed company（yuan）||||

V.The differences between domestic and international accounting standards
1．Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosed in the financial reports of differences in net income and net assets.
√ Applicable□Not applicable
In RMB
||||||
|-|-|-|-|-|
||Net profit attributable to the shareholders||Net Assets attributable to the||
||of the listed company||shareholders of the listed company||
||Amount in the|Amount in the|End of the reporting|Beginning of the|
||reporting period|previous period|period|reporting period|
|According to CAS|581,569,383|448,833,518|24,551,367,214|24,227,302,288|
|Items and amount adjusted according to IAS|||||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||||
|-|-|-|-|-|
|The difference arising from recognition of|||||
|goodwill after merger of enterprises under the|||64,623,000|64,623,000|
|same control|||||
|Difference arising from recognition of land|||||
||-315,000|-315,000|17,285,000|17,600,000|
|use value after enterprise merger|||||
|Influence on minority interests|27,060|27,060|4,837,279|4,810,219|
|According to IAS|581,281,443|448,545,578|24,638,112,493|24,314,335,507|

 2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese accounting standards.
□ Applicable√Not applicable
The Company had no difference of the net profit or net assets disclosed in financial report, under either foreign accounting rules or Chinese GAAP(Generally Accepted Accounting Principles) in the period.
3.Note to the Difference in the Accounting Data based on the Accounting Standards of CAS and IAS.
√ Applicable□ Not applicable
(a) The difference arising from recognition of goodwill after merger of enterprises under the same control and recognition of land value after enterprise merger.
As required by new Chinese accounting standards, the goodwill formed by the merger of enterprises under the same control shall not be recognized and capital surplus shall be adjusted. Under IFRS, the golldwill formed by the merger of enterprises under the same control shall be recognized and equal to the difference between merger cost and share of fair value of recognizable net assets of the purchased party obtained in merger. Meanwhile, all assets of the purchased party obtained in merger shall be accounted for according to their fair value while such assets shall be accounted for according to their book value according to original Chinese accounting standards for business enterprises. Therefore, this difference will continue to exist. (b) Influence on minority interests
Housing reform loss occurred to the Company and some holding subsidiaries. Therefore,there’s some
influence on minority interests.
VI.Items and amount of deducted non-current gains and losses
√ Applicable□ Not applicable
In RMB
||||
|-|-|-|
|Items|Amount|Notes|
|Non-current asset disposal gain/loss(including the write-off part|-13,971,117||
|for which assets impairment provision is made)|||
|Govemment subsidy recognized in current gain and|1,721,047||
|loss(excluding those closely related to the Company’s business|||
|and granted under the state’s policies)|||
|According to tax, accounting and other laws, regulations, the|-250,472||
|requirements of the current Gain/loss for a one-time adjustment of|||
|the impact of the current Gain/loss;|||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|Other non-business income and expenditures other than the above|-719,920||
|Less: Amount of influence of income tax|-3,243,410||
|Influenced amount of minor shareholders’ equity (after tax)|-2,957,518||
|Total|-7,019,534|--|

For theCompany’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on information disclosure for Compaines Offering their Securities to the Public-Non-recurring Gains and Losses and its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as recurring gains and losses, it is necessary to explain the reason.
□Applicable√ Not applicable
None of Non-recurring gain /loss items recorgnized as recurring gain /loss/items as defined by the information disclosure explanatory Announcement No.1- Non–recurring gain/loss in the report period.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 III. Outline of Company Business
Ⅰ.Main Business the Company is Engaged in During the Report Period
Whether the company needs to comply with the disclosure requirements of the particular industry
No
The Company mainly engages in the investment, construction and operation management of power projects, and the production and sales of electric power. It belongs to the power, heat production and supply industry classified in the “Guidelines for the Industry Classification of Listed Companies” by the China Securities Regulatory Commission. Since its foundation, the Company has always adhered to the business tenet of “Capital from the people, using it for electricity, and benefiting the public” and adheres to the business policy of “Centering on the main business of electricity, with diversified development”, focusing on the main business of power and making the power structure go diversified. In addition to the development, construction and operation of large-scale coal-fired power plants, it also has clean energy projects such as LNG power generation, wind power generation and hydropower generation, which provides reliable and clean energy to users through the grid company. As of June 30,2019, the controllable installed capacity is 21.42 million KW, where the controllable installed capacity of coal-burning power generation, LNG generation and renewable energy generation like wind power and hydropower is 17.14 million KW, 3.72 million KW and 560,000 KW respectively.
Income source is primarily contributed by power production and sales, and main business income is derived from Guangdong Province. The company electricity sales price is subject to the benchmark price verified by the price authority per relevant policies based on National Development and Reform Commission (NDRC) and the electricity transaction price through the market trade implementation per Guangdong Electricity Market Trade Basic Rules and supporting files. In the reporting period, the electricity sold is 31.523 billion kwh, a decrease of13.18% YOY; average price stated in the consolidated statements is 459.74 Yuan/ thousands kwh (tax included ,the same below ), an increase of RMB 20.16 yuan and an increase of4.59% YOY, the total operating income was RMB 12,874.18 million, a decrease of RMB 1020.81 million and YoY drop of7.35%
The company's business is dominated by coal-fired power generation, and the fuel costs account for a large portion of operating costs, thus the fluctuations in coal prices have a significant impact on the company's operating performance. During the reporting period, affected by the increase in power generation and the continuous increase in coal prices, thecompany’s fuel costs were 7828.39 million yuan, which accounted for65.04% of the main business costs; Affected by the double drop of electricity generation and coal price , a decrease of -1425.87 million yuan or a decrease of-15.41% over the same period of last year.
During the reporting period, due to the comprehensive impact of the year-on-year decline in the price of coal, the dividend from the implementation of tax reduction and fee reduction policy and the Company's effective control of various costs and expenses, the gross profit of power generation and the net profit attributable to the parent company went up YOY. Realizing net profit attributable to shareholders of the parent company of RMB 581.57 million , a year-on-year increase of29.57%; and the earnings per share was 0.1108 yuan.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019Ⅱ.Major Changes in Main Assets
1.Major Changes in Main Assets
|||
|-|-|
|Main assets|Major changes|
|Equity assets|No major changes|
|Fixed assets|No major changes|
|Intangible assets|No major changes|
|Construction in process|No major changes|

2. Main Conditions of Overseas Assets
□ Applicable√ Not applicable
Ⅲ. Analysis On core Competitiveness
Whether the company needs to comply with the disclosure requirements of the particular industry
No
1. The largest listed company of power in Guangdong
The Company's main power generation assets are located in Guangdong Province, with a total asset size of more than 70 billion. It is the largest listed company of power in Guangdong Province.
2. Guangdong Energy Group has oriented our company as a sole listed platform for domestic power-generating assets integration
We are the shareholder of Guangdong Energy Group , one of the biggest power-generating groups in south China, which takes advantage of its source, assets scale, to give sustaining support to ourcompany’s advancement and expansion. It has oriented us as a sole listed platform for domestic power-generating assets integration. We are endowed with a priority offered by it in power source development, asset acquisition.
3. State-of-the-art unit performance built on implementation of the energy-saving dispatching policy
By virtue of high parameters, large capacity, nice efficiency, low coal consumption, reliable operation and environmental protection, our thermal power generating unit units are given priority in energy-saving dispatching. As a result, our units are more competitive in on-grid price.
4. Stepwise optimization of industrial structure and power source structure
The 13th Five-Year Plan of the Company specified the overall strategy of taking power generation as the core business, optimizing the development of coal-fired power, steadily developing gas power, vigorously developing clean energy such as wind power and hydropower, continuously optimizing the power supply structure, and heading
to an efficient, clean and low-carbon road. In 2018, the Company continued to optimize and adjust the power supply
structure to further increase the proportion of clean energy such as wind power and natural gas power generation.
In the first half of 2019, the Company's new 300,000 KW controllable offshore wind power project was approved,
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 and a number of gas and wind power projects have been under construction and will be put into production during the period of from 2018 to 2020. According to the overall goal of the Company's “13th Five-Year Plan”, the proportion of clean energy at the end time of the “13th Five-Year Plan” will be raised from about15% (including natural gas power generation) to about29% (including natural gas power generation).
5.Administrators and technical experts are veterans in operation and management of power plants, and key staff have years of practical experience in the power sector. The Company continuously improved the quality and efficiency of its operations by strengthening its management of safety production, energy conservation and emission reduction, marketing and so on.
6. Hold fast to the opportunity of “electric price reform”, To realize the transformation from a power generation enterprise to an energy comprehensive service enterprise.
In order to adapt to the power market reform, the Company established Guangdong Yudean Power Sales Co., Ltd in July 2015 to participate in the market competition in the electricity sales side. Guangdong Yudean Power Sales Co., Ltd, which belongs to the first group of power-selling companies that obtained the market access, is numbered “SD01”. Since its establishment in 2015, after undergoing the market competition, Yudean electricity selling has become a well-known brand in the Guangdong electric power market, forming a leading position. In recent years, in the annual long-term contracted electricity and monthly concentrated bidding, the winning bidding electricity quantity and winning bidding rate steadily topped in the market. In the future, the Company will continue to vigorously promote the business of sales of electricity, take active measures in accordance with the relevant policies of the national power system reform, expand the distribution business of electricity and the integrated energy services, so as to realize the transformation from a power generation enterprise to an energy comprehensive service enterprise.
7. Actively participate in the energy layout of the Greater Bay Area of Guangdong, Hong Kong and Macao in combination with the development plan of the Greater Bay Area of Guangdong, Hong Kong and Macau
As the main energy force in Guangdong Province, the Company is at the forefront of the construction of Guangdong-Hong Kong-Macao Greater Bay Area. The Company will closely focus on the goal of “building a clean, low-carbon, safe and efficient energy supply system” stated by the “Guangdong-Hong Kong-Macao Greater Bay Area Development Plan” and the development of “one core, one belt and one district” new pattern proposed by the provincial party committee and the provincial government, thus to provide the safe and reliable energy supply guarantee for the construction of the greater bay area. First, it will make full use of the opportunities for decommission and rebuilding of Shajiao A Power Plant, the expansion of natural gas development in Huizhou and expansion of natural gas development in the pre-Guangzhou area to create a super energy supply base for gas, electricity, heat and cold combined supply in the Greater Bay Area, and the Company will by cooperation speed up the land development of Shajiao Power Plant land, actively explore the construction of the Greater Bay Area Smart Energy Network and the high-end power technology integrated service headquarters. Secondly, it will vigorously develop clean energy and continue to promote the construction of Huadu Natural Gas, Zhaoqing Yongan Natural Gas, and Zhuhai Jinwan Offshore Wind Power Projects. The third is to serve the development of the coastal economic belt, vigorously promote the clean development of coal-fired power, strengthen the exchange and cooperation of low-carbon development, energy-saving and environmental protection technologies, further to promote the clean production technologies, so as to help the Greater Bay Area to build a clean, low-carbon, safe and efficient energy supply system.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 IV.Management’s Discussion and Analysis
Ⅰ.General
In the first half of 2019,the total electricity consumption of Guangdong Province was 302.61 billion kWh, a YOY increase of6%, the growth rate dropped by6% compared with the same period of last year. The annual output of West-area Power to Guangdong reached 91.85 billion kWh-over-delivering 22.57 billion kWh, an increase of20.7%.Affected by the YOY growth of20.7% from Western Power supply, the28% growth of nuclear power (new installed capacity of nuclear power of 2.84 million kilowatts) and the province's hydropower units, the on-grid power of Gangdong's unified management for core-fired power units declined by nearly15%, the Company's on-grid power of the core-fired power units also fell by13.65% YOY. In the first half of 2019, The Company completed the on-grid power supply of 31.523 billion kWh, down13.18% YOY; the average utilization hours of holding coal-fired units was 1,824 hours, down 390 hours YOY; the average utilization hours of gas-fired units was 1,984 hours, an increase of 324 hours; the average utilization hours of wind turbines was 1,136 hours, an increase of 311 hours YOY.
In 2019, the scale of marketization transaction in Guangdong Province continued to expand, with the total volume reached 200 billion kWh (an increase of27% over 2018). According to the data released by the Guangdong Electric Power Trading Center, the 2019 annual bilateral negotiation transaction volume organized by the Guangdong Electric Power Trading Center was 118.9 billion kWh, and the average transaction price difference was -4.509 Cent(RMB)/kWh. In the first half of 2019, the monthly concentrated bidding transaction power was 27.211 billion kWh, and the average clearing spread was -3.2 Cent(RMB)/kWh. In 2019, the Company's budgetary on-grid electricity was 70.981 billion kWh, of which the base electricity was 21.12 billion kWh, accounting for about30%; the annual long-term contracted was 35.66 billion kWh, accounting for about50%; the rest was monthly bidding volume, accounting for about20%. In the first half of 2019, the average selling price of the Company's consolidated statements was 459.74 yuan / thousand kWh (excluding tax), an increase of 20.16 yuan / thousand kWh.
In the first half of 2019, by the comprehensive impact of the year-on-year decline in the price of coal, the dividend from the implementation of tax reduction and fee reduction policy and the Company's effective control of various costs and expenses, the Company's profit went up YOY. As of June 2019, the total assets of the Company's consolidated statements were 72.888 billion yuan, a decrease of0.6% from the beginning of the year, and the equity attributable to shareholders of the parent company was 24.551 billion yuan, an increase of1.34% over the beginning of the year. The company achieved a consolidated statement operating income of 12.874 billion yuan, down7.35% year-on-year; the net profit attributable to shareholders of the parent company was 582 million yuan, an increase of29.57%; the earnings per share was 0.1108 yuan. The total liabilities in the Company's consolidated statement were 40.758 billion yuan and the asset-liability ratio was55.92%.
In the first half of 2019, the#6 machine of Huizhou Natural Gas Power Generation Project, which was controlled by the Company, was put into commercial operation, increasing the controllable installed capacity of 460,000 kilowatts. As of June 2019, the Company's controllable installed capacity was 21.42 million kilowatts, of which: the controllable installed capacity of coal-fired power was 17.14 million kilowatts, accounting for80.03%; the controllable installed capacity of gas-power was 3.72 million kilowatts, accounting for17.37%; the controllable
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 installed capacity of wind power, hydropower and other renewable energy power was 560,000 kilowatts, accounting for2.60%.
II. Main business analysis
Refer to relevant contents of “1.Summarization” in “Discussion and Analysis of Management”.
Changes in the financial data
In RMB
||||||
|-|-|-|-|-|
||This report period|Same period last year|YOY change（%）|Cause change|
|Operating income|12,874,181,250|13,894,985,179|-7.35%||
|Operating cost|11,024,143,476|12,200,856,427|-9.64%||
||12,844,788|10,316,130||In order to grasp the opportunity of|
|||||power market reform, the company|
|||||strengthened its investment in the|
|Sale expenses|||24.51%||
|||||power market marketing business, so|
|||||the sales expenses increased|
|||||significantly year-on-year.|
|Administrative expenses|270,884,804|270,794,513|0.03%||
|Financial expenses|635,395,970|631,118,798|0.68%||
|Income tax expenses|309,835,930|307,767,578|0.67%||
|||||Mainly Zhanjiang Electric Power,|
|||||Zhenneng Company and Shajiao A|
|R & D Investment|347,523|2,238,543|-84.48%||
|||||Power Plant have seen a significant|
|||||drop in R&D investment this year.|
|Cash flow generated by|3,803,441,801|3,795,532,708|||
||||0.21%||
|business operation, net|||||
|Net cash flow generated|-1,616,320,253|-1,699,538,040|||
||||-4.90%||
|by investment|||||
||-2,560,881,610|-1,163,991,471||Mainly due to the year-on-year|
|||||increase of 830 million yuan in|
|Net cash flow generated|||||
||||120.01%|repayment of borrowings, and the|
|by financing|||||
|||||decrease in borrowings was 579|
|||||million yuan.|
||-373,760,017|932,003,290||Mainly due to the repayment of|
|Net increasing of cash|||||
||||-140.10%|borrowings this year, the cash changes|
|and cash equivalents|||||
|||||were large.|

Major changes to the profit structure or sources of the Company in the reporting period
□ Applicable√Not applicable
Nil
Breakdown of main business
In RMB
||||||||
|-|-|-|-|-|-|-|
|||||Increase/decreaseof reverse in thesame period ofthe previousyear(%)|Increase/decreaseof principalbusiness cost overthe same periodof previous year(%)|Increase/decrease|
|||||||of gross profit|
||Operating||Gross profit|||rate over the|
|||operating costs|||||
||revenue||rate(%)|||same period of|
|||||||the previous year|
|||||||(%)|
|Industry|||||||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||||||
|-|-|-|-|-|-|-|
|Electric power ,|||||||
|Steam sales and|12,744,689,154|11,021,172,212|13.52%|-7.44%|-9.66%|2.12%|
|labor income|||||||
|Products|||||||
|Sales Electric|||||||
||12,657,308,705|10,965,375,272|13.37%|-7.54%|-9.78%|2.16%|
|Power|||||||
|Thermal sales|67,875,105|43,332,946|36.16%|8.55%|44.74%|-15.96%|
|Labor income|19,505,344|12,463,994|36.10%|9.06%|-19.12%|22.26%|
|Area|||||||
|Guangdong|12,717,948,615|10,993,694,869|13.56%|-7.47%|-9.70%|2.13%|
|Yunnan|26,740,539|27,477,343|-2.76%|9.79%|7.09%|2.58%|

 III. Non-core business analysis
□ Applicable√Not applicable
IV. Analysis of assets and liabilities
1.Significant changes in asset composition
In RMB
||||||||
|-|-|-|-|-|-|-|
||End of Reporting period||End of same period of last year||||
|||As a percentage||As a percentage|Change in|Reason for|
||Amount|of total|Amount|of total|percentage(%)|significant change|
|||assets(%)||assets(%)|||
|Monetary fund|5,199,734,595|7.13%|5,928,583,780|8.14%|-1.01%||
|Accounts|3,264,118,313||||||
|||4.48%|2,904,469,301|3.99%|0.49%||
|receivable|||||||
|Inventories|1,812,173,995|2.49%|2,006,400,069|2.76%|-0.27%||
|Real estate|10,097,905||||||
|||0.01%|7,978,840|0.01%|0 %||
|Investment|||||||
|Long-term equity|6,495,819,304||||||
|||8.91%|5,926,328,997|8.14%|0.77%||
|investment|||||||
|Fixed assets|40,097,107,758|55.01%|40,052,143,800|55 %|0.01%||
|Construction in|8,373,522,376||||||
|||11.49%|9,122,852,147|12.53%|-1.04%||
|process|||||||
|Short-term loans|6,916,200,000|9.49%|10,035,000,000|13.78%|-4.29%||
|Long-term loans|17,660,996,020|24.23%|18,349,294,665|25.20%|-0.97%||

2.Asset and Liabilities Measured by Fair Value
√ Applicable□Not applicable
In RMB
|||||||||
|-|-|-|-|-|-|-|-|
|||Gain/loss on|Cumulative fair|Impairme||Sold||
||Amount at year||||Purchased||Amount at yearend|
|Items||fair value|value change|nt||amount in||
||beginning||||amount in the|||
|||change in the|recorded into|provisions||the||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
|||||||||
|-|-|-|-|-|-|-|-|
|||reporting|equity|in the|reporting period|reporting||
|||period||reporting||period||
|||||period||||
|Financial assets||||||||
|1. Tradable financial||||||||
|assets (excluding||||||||
|||30,626|||6,577||37,203|
|derivative financial||||||||
|assets)||||||||
|4．Investment in other||||||||
||1,565,806,331|76,683,442|781,025,960||78,162,240||1,720,652,013|
|equity instruments||||||||
|Total|1,565,806,331|76,683,442|781,025,960||78,199,443||1,720,689,216|
|Financial Liability|0||||||0|

 Did great change take place in measurement of the principal assets in the reporting period ?
√Yes□ No
Explanation of the reasons for major changes in the measurement attributes of the Company's major assets during the reporting period and its impact on the operating result and financial status
(1) Reason for change
1 Accounting policy for financial statement format adjustment
On June 15, 2018, the Ministry of Finance issued the Notice on Issuance of Amended 2018 Annual Financial Statements of General Enterprises (No. 15[2018] Accounting), required that non-financial enterprises that implement the corporate accounting standards shall follow the accounting standards and the notice. According to the requirements of the above-mentioned No. 15[2018] Accounting, the Company will make corresponding changes to the relevant contents of the financial statement format.
2 Accounting Policy for New Financial Instruments Standards
In 2017, the Ministry of Finance issued the revised " No. 22 Accounting Standards for Business Enterprises-Recognition and Measurement of Financial Instruments", " No. 23 Accounting Standards for Business Enterprises-Transfer of Financial Assets", " No. 24 Accounting Standards for Business Enterprises-Hedge Accounting, " No. 37 Accounting Standards for Business Enterprises-Financial Instruments Presentation", and required the domestic listed companies to implement the relevant accounting standards for new financial instruments from January 1, 2019.
2) Impact
The changes of the accounting policy only affect the listing presentation of relevant subjects in the Company's financial statements, and will not have any impact on the Company's total assets, total liabilities, net assets and net profit in the current period and before the accounting policy change.
According to the commencement rules of the new financial instrument standards, the Company does not need to restate the previous comparables, and the information presented in the financial statements that is not inconsistent with the requirements by the new standard is not required to adjust. The difference adjustment on the first day of implementation of the new standard is included in the retained earnings or other comprehensive income at the beginning of 2019, and does not need to restate the comparables at the end of 2018. This accounting policy change does not affect the Company's relevant financial indicators for 2018.
3. Restricted asset rights as of the end of this Reporting Period
As of June 30, 2019, the Company had a total of accounts receivable with a book value of 297,273,413 yuan (as
of December 31, 2018: 396,323,295 yuan), together with the power charge rights of several power generation
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 subsidiaries, were pledged to the bank to obtain long-term loans of 3,664,700,634 yuan, of which: the balance of long-term loans due within one year was 234,638,568 yuan (as of December 31, 2018: 2,765,356,586 yuan). including: the long-term borrowings due within one year amounted to RMB213,259,115 . The borrowings are detailed as follows:
The borrowings are detailed as follows:
1.As at June 30, 2019, the long-term pledge borrowings of the following subsidiaries were based on their power fee charging rights and accounts receivable as pledges:
In RMB
||||
|-|-|-|
|Name|June 30,2019|December 31,2018|
|Guangdong Shaoguan Yuejiang PowerGeneration Co., Ltd.|2,070,813,700|2,151,963,439|
|Guangdong Yudean Leizhou PowerGeneration Co., Ltd.|236,829,612|236,829,612|
|Guangdong Yudean Zhanjiang WindPower Generation Co., Ltd.|130,185,000|138,945,000|
|Guangdong Yudean Xuwen Wind PowerGeneration Co., Ltd.|164,714,222|74,798,535|
|Guangdong Yudean Qujie Wind PowerGeneration Co., Ltd.|1,062,158,100|162,820,000|
|Total|3,664,700,634|2,765,356,586|

2.As at June 30, 2019, the long-term pledge borrowings of the following subsidiaries due within one
year were based on their power fee charging rights and accounts receivable as pledges:
In RMB
||||
|-|-|-|
|Name|June 30,2019|December 31,2018|
|Guangdong Shaoguan Yuejiang PowerGeneration Co., ltd.|188,255,792|186,859,840|
|Guangdong Yudean Leizhou PowerGeneration Co., Ltd.|1,597,115|1,597,115|
|Guangdong Yudean Zhanjiang WindPower Generation Co., Ltd.|18,274,167|18,274,167|
|Guangdong Yudean Xuwen Wind PowerGeneration Co., Ltd.|18,355,494|6,527,993|
|Guangdong Yudean Qujie Wind PowerGeneration Co., Ltd.|8,156,000||
|Total|234,638,568|213,259,115|

2.As at June 30,2019, The book value of fixed assets leased by the company through finance leasing is about RMB 1,583,671,996(Original value RMB 3,021,850,800 )
①.As at June 30,2019, The book value of fixed assets leased by Zhanjiang Zhongyue Energy Co., Ltd.
through finance leasing is about RMB 568,834,796 (Original value RMB 900,000,000 );
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019②As at June 30,2019, The book value of fixed assets leased by Guangdong Shaoguan Yuejiang Power Generation Co., Ltd.through finance leasing is about RMB 814,420,533 (Original value RMB 1,121,850,800 );
③As at June 30,2019, The book value of fixed assets leased by Guangdong Yudean Jinghai Power Generation Co., Ltd.through finance leasing is about RMB200,416,667 (Original value RMB1,000,000,000);
3. On June 30, 2019, the book value of the construction in progress of the Company to form a finance lease after sale and leaseback was RMB 1,231,242,021(December 31,2018: 1,147,811,958)
① The book value of the construction in progress by finance lease by Guangdong Yudean Bohe Coal and Electricity Co., Ltd was RMB 906,843,8211(December 31,2018: 906,981,377).
②The book value of the construction in progress by finance lease by Guangdong Yudean Qujie Wind Power Generation Co., Ltd was RMB324,398,200 (December 31,2018: 240,830,581).
4.On June 30, 2019, other monetary funds were RMB 3,111,720 (On December 31, 2018: RMB 4,000,000), which was composed by the margin deposit for security of 2,000,000 yuan for applying for a performance guarantee by the subsidiary of the Company-Huizhou Pingdian Integrated Energy Co., Ltd-for participating in the sale of electricity at the Guangdong Electric Power Trading Center and the Company's restricted carbon-emission account balance of 1,111,720 yuan.
V.Investment situation
1. General
√ Applicable□ Not applicable
||||
|-|-|-|
|Investment of the period|Investment of same period of last year|Scale of change|
|980,162,240|546,000,000|79.52%|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 2.Condition of Acquiring Significant Share Right Investment during the Report Period
√Applicable□ Not applicable
In RMB
||||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
|||||||||||||Whether|||
||||||||||||Gain or||||
|Name of the||||Share|||Investm||Progress up to|Anticip||to|Date of||
||Main|Investme|Investment||Capital|||Product|||Less or the||||
|Company||||Proport||Partner|ent||Balance Sheet|ated||Involve|Disclosure|Disclosure Index(if any)|
||Business|nt Way|Amount||Source|||Type|||Current||||
|Invested||||ion %|||Horizon||Date|Income||in|(if any)||
||||||||||||Investment||||
|||||||||||||Lawsuit|||
||||||||||All 7 wind||||||
|||||||||||||||Announcement|
|Guangdong|||||||||turbines have||||||
||Wind|||||||||||||No.:2018-46)Published in|
|Wind Power||Capital|||Self||Long-ter|Electric|been hoisted and||||August 31,||
||Power||39,000,000|100 %||No|||||--|No||China Securities Daily,|
|Generation||increase|||Funds||m|power|installed, waiting||||2018||
||Generation|||||||||||||Securities Times and|
|Co., Ltd.|||||||||to be connected||||||
|||||||||||||||http//.www.cninfo.com.cn|
||||||||||to the grid.||||||
||||||||||EPC general||||||
||||||||||contract bidding||||||
||||||||||is completed, and||||||
|||||||||||||||Announcement|
|Guangdong|||||||||the pile||||||
||Wind||||||||||||January|No.:2019-05)Published in|
|Wind Power||Capital|||Self||Long-ter|Electric|foundation||||||
||Power||200,000,000|100 %||No|||||-156,758|No|26,|China Securities Daily,|
|Generation||increase|||Funds||m|power|construction of||||||
||Generation||||||||||||2019|Securities Times and|
|Co., Ltd.|||||||||onshore||||||
||||||||||centralized|||||http//.www.cninfo.com.cn|
||||||||||control center is||||||
||||||||||under process.||||||
||||||||||As of the end of||||||
||||||||||the reporting||||||
||||||||||period, the||||||
||||||||||overall||||||
|Guangdong||||||||||||||Announcement|
||||||||||construction||||||
|Yudean|Coal-fired|Capital|||Self|Guangdong|Long-ter|Electric|progress of the||||September|No.:2018-49)Published in|
|Bohe Coal|power||603,000,000|67 %||Energy Group：|||power plant||-6,735,031|No|20,|China Securities Daily,|
|||increase|||Funds||m|power|||||||
|Electric Co.,|generation|||||33%|||project is||||2018|Securities Times and|
|Ltd.|||||||||approximately|||||http//.www.cninfo.com.cn|
||||||||||79.4%, and the||||||
||||||||||overall||||||
||||||||||construction||||||
||||||||||progress of the||||||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
||||||||||port terminal||||||
||||||||||project is||||||
||||||||||approximately||||||
||||||||||57%.||||||
||||||||||Units #1 and #2||||||
|Guangdong||||||||||||||Announcement|
||||||||||had been put into||||||
|Yudean|Coal-fired||||||||||||October|No.:2012-45)Published in|
|||Capital|||Self||Long-ter|Electric|production in||||||
|Dapu Power|power||40,000,000|100 %||No|||||-18,252,297|No|31,|China Securities Daily,|
|||increase|||Funds||m|power|December 2015||||||
|Generation|generation||||||||||||2012|Securities Times and|
||||||||||and in June 2016||||||
|Co., Ltd.|||||||||respectively.|||||http//.www.cninfo.com.cn|
||||||||||The Xinliao||||||
||||||||||Project was||||||
||||||||||approved on||||||
|Guangdong|||||||||||||||
|||||||||||||||Announcement|
||||||||||December 5,||||||
|Yudean|||||||||||||||
||Wind||||||||2018. The special|||||No.:2018-54)Published in|
|Qujie Wind||Capital|||Self||Long-ter|Electric|||||October||
||Power||20,000,000|100 %||No|||compiling||--|No||China Securities Daily,|
|Power||increase|||Funds||m|power|||||31,2018||
||Generation||||||||preparation|||||Securities Times and|
|Generation|||||||||||||||
||||||||||required before|||||http//.www.cninfo.com.cn|
|Co., Ltd.|||||||||||||||
||||||||||the start of||||||
||||||||||construction is||||||
||||||||||being carried out.||||||
|||||||State-owned|||||||||
|||||||assets|||||||||
|||||||Supervision|||||||||
|||||||and|||||||||
|||||||||||||||Announcement|
|||||||Administration|||||||||
|Shenzhen|||||||||||||||
|||||||Commission of||||||||No.:2018-50)Published in|
|Capital||Capital|||Self||Long-ter|Venture|In normal||||September||
||Investment||78,162,240|3.67%||Shenzhen|||||--|No||China Securities Daily,|
|Group Co.,||increase|||Funds||m|Capital|operation||||20,2018||
|||||||Municipal||||||||Securities Times and|
|Ltd.|||||||||||||||
|||||||people's||||||||http//.www.cninfo.com.cn|
|||||||Government|||||||||
|||||||（shareholding|||||||||
|||||||ratio：|||||||||
|||||||28.1952%)|||||||||
|Total|--|--|980,162,240|--|--|--|--|--|--|0|- 25,144,086|--|--|--|

 3.Situation of the Significant Non-equity Investment Undergoing in the Report Period
□ Applicable√ Not applicable
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 4.Investment of Financial Asset
（1）Securities investment
√ Applicable□Not applicable
In RMB
|||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
||||||Book value|||Purchase|Sale||Book value|||
||||Initial|Mode of|balance at the|Changes in|Cumulative fair|amount|amount|Gain/loss of|balance at the|||
|Security|Security|Stock||||||||||Accounting|Source of|
||||investment|accounting|beginning of|fair value of|value changes in|in the|in the|the reporting|end of the|||
|category|code|Abbreviation:||||||||||items|the shares|
||||cost|measurement|the reporting|the this period|equity|this|this|period|reporting|||
||||||period|||period|period||period|||
|||||||||||||Investment||
|Domestic||||||||||||||
|||Shenzhen||Fair value||||||||in other||
|and foreign|000027||15,890,628||66,150,000|11,970,000|62,229,372|||630,000|78,120,000||Self funds|
|||Energy||measurement||||||||equity||
|stocks||||||||||||||
|||||||||||||instruments||
|||||||||||||Investment||
|Domestic||||||||||||||
|||||Fair value||||||||in other||
|and foreign|600642|Shenergy|235,837,988||270,997,380|62,751,442|97,910,834|||11,106,450|333,748,822||Self funds|
|||||measurement||||||||equity||
|stocks||||||||||||||
|||||||||||||instruments||
|||||||||||||Investment||
|Domestic||||||||||||||
|||||Fair value||||||||in other||
|and foreign|831039|NEEQ|3,600,000||3,618,000|1,962,000|1,980,000|||360,000|5,580,000||Self funds|
|||||measurement||||||||equity||
|stocks||||||||||||||
|||||||||||||instruments||
|||||||||||||Financial||
|Domestic||||||||||||||
|||Song Yang||Fair value||||||||assets||
|and foreign|603863||6,577||0|30,626|30,626|6,577||0|37,203||Self funds|
|||Recycle||measurement||||||||available||
|stocks||||||||||||||
|||||||||||||for sales||
|Total|||255,335,193|--|340,765,380|76,714,068|162,150,832|6,577|0|12,096,450|417,486,025|--|--|
|Disclosure date for the notice of||||||||||||||
||||October 31,2018|||||||||||
|approval by the Board (If any)||||||||||||||
|Disclosure date for the notice of||||||||||||||
|approval by shareholders’ Meeting (If||||||||||||||
|any)||||||||||||||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019（2）Investment in Derivatives
□ Applicable√ Not applicable
Nil
Ⅵ. Significant Asset and Right Offering
1.Situation of Significant Asset Sale
□ Applicable√ Not applicable
Nil
2.Situation of Substantial Stake Sale
□ Applicable√ Not applicable
Ⅶ.Analysis of the Main Share Holding Companies and Share Participating Companies
√ Applicable□ Not applicable
Situation of Main Subsidiaries and the Joint-stock Company with over10% net profit influencing to the Company
In RMB
||||||||||
|-|-|-|-|-|-|-|-|-|
||Company||Registered||||||
|Company Name||Sectors engaged in||Total assets|Net assets|Turnover|Operating profit|Net Profit|
||type||capital||||||
|||Power generation and|||||||
|Guangdong Huizhou Pinghai Power|||||||||
||Subsidiary|power station|1,370,000,000|5,654,076,507|2,121,408,065|1,493,690,021|280,041,530|208,701,960|
|Generation Plant Co., Ltd.|||||||||
|||construction.|||||||
|||Power generation and|||||||
|Guangdong Huizhou Natural gas|||||||||
||Subsidiary|power station|1,455,893,000|4,098,332,907|1,843,306,509|1,803,498,057|132,299,520|99,075,750|
|Power Generation Co., Ltd.|||||||||
|||construction.|||||||
|Guangdong Red Bay Power||Power generation and|||||||
||Subsidiary||2,749,750,000|6,445,421,973|3,312,516,376|1,806,352,342|236,637,015|177,421,053|
|Generation Co., Ltd.||power station|||||||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||||||||
|-|-|-|-|-|-|-|-|-|
|||construction.|||||||
|||Power generation and|||||||
|Shenzhen Guangqian Electric|||||||||
||Subsidiary|power station|1,030,292,500|1,623,236,503|1,392,592,886|664,476,433|88,505,051|64,871,883|
|Power Co., Ltd.|||||||||
|||construction.|||||||
|||Power generation and|||||||
|Zhanjiang Electric Power Co., Ltd.|Subsidiary|power station|2,875,440,000|4,466,327,667|4,111,030,557|838,699,914|175,009,973|145,678,540|
|||construction.|||||||
|||Power generation and|||||||
|Guangdong Yudean Jinghai Power|||||||||
||Subsidiary|power station|2,919,272,000|8,707,447,364|3,526,079,234|2,001,094,521|164,763,068|123,407,270|
|Generation Co., Ltd.|||||||||
|||construction.|||||||
|Guangdong Guohua Taishan Power|Sharing|Power generation and|||||||
||||4,669,500,000|11,206,433,834|8,304,717,114|2,972,152,342|548,109,271|406,942,250|
|Generation Co., Ltd.|Company|power station|||||||
||Sharing||||||||
|Shanxi Yudean Energy Co., Ltd.||Coal Investment|1,000,000,000|4,079,041,655|3,784,585,962|3,986,327|283,006,660|282,977,172|
||company||||||||

Acquirement and disposal of subsidiaries in the Reporting period
√ Applicable□ Not applicable
||||
|-|-|-|
||Way of acquiring and disposing of subsidiary|Impact on the whole producing operation|
|Company name|||
||corporations within the reporting period|and performance|
|Guangdong Yudean Binhai Bay Energy||During the reporting period, no actual|
||Invested||
|Co., Ltd.||operations have been carried out.|

Notes
During the reporting period, by the comprehensive impact of the year-on-year decline in the price of coal, the dividend from the implementation of tax reduction and fee reduction policy and the Company's effective control of various costs and expenses, the overall profitability of the Company's coal-fired power plants went up YOY, the operating losses of Yuejiang Company, Zhenneng Company and Dapu Power Plant decreased significantly YOY, and the Zhongyue Company turned losses into profit.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019VIII．Structured vehicle controlled by the Company
□ Applicable√ Not applicable
IX. Prediction of business performance for January -September 2019
Estimation of accumulative net profit from the beginning of the year to the end of next report period to be loss probably or the warning of its material change compared with the corresponding period of the last year and explanation of reason.
□ Applicable√ Not applicable
X. Risks facing the Company and countermeasures
(1) Possible risks
1. West-to-East Power Transmission and Expansion of Provincial Installations Accelerate the Electricity Competition
Affected by the international economic situation such as the Sino-US trade war and domestic economic conditions, the electricity consumption of the whole society showed a moderate, low-speed growth trend, and due to that the West-to-East Power increased significantly and the new units in the province were put into operation successively, the utilization hours of the coal-fired power units in the province maintained in the low level, leading to the average utilization hours of coal-fired units in January-June fell by 390 hours YOY.It’s expected that the long-term low-load operation of coal-fired power units will continue for a considerable period of time.
2. The process of power marketization is accelerating, and the competition on the sales side is increasingly fierce. In 2019, the scale of transactions in the Guangdong power market is expanded to 200 billion kWh, an increase of 40 billion kWh YOY and accounting for about45% of the province's electricity generation. The process of power marketization has been accelerated, and higher requirements have been placed on power marketing.It’s expected that the power spot transaction in Guangdong Province will be put into trial operation in the second half of the year. The competition in the power market in Guangdong will become increasingly fierce, and there will be new challenges in the power spot trading.
3. The demand for coal in the summer picks up and the price of coal rebounds.
Affected by the coal de-capacity policy, the domestic coal supply and demand situation will continue to be tense in the second half of the year. In particular, with the gradual pick-up of coal demand in the summer and the impact of extreme weather, the short-term demand is strong, and the coal price may rebound.
4. The development of the project is limited, and the task of energy structure adjustment is arduous.
In the current policy environment, the overall economic benefits of coal-fired units are relatively poor, and only large units in coastal areas are relatively stable. In recent years, although the Company's clean energy business has made big progress, but the overall proportion is still low, and the investment income of the newly put-into-operation cogeneration project yet needs to be improved. The main business structure optimization task is arduous.
(2) Solutions
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 1. Strengthen management and strive to improve business performance
Actively respond to the deepening reform of the electricity market, organize the learning for policies and rules of the electricity spot market, strengthen the training of trading personnel, and improve the business management analysis and decision-making mechanism. Establish the concept of market first, do a good job in the establishment of marketing organization, decision-making mechanisms and marketing work, and continue to improve the marketing system in line with the reform of power market.
2. Adhere to the goal and problem orientation, strengthen financial management
Continuing to be goal-oriented and problem-oriented and giving the play of the guiding role of comprehensive budget management, strengthen the positive impact of financial fund management, and focus on solving management problems. Promote the registration work of 4 billion yuan corporate bonds and 4 billion yuan green renewable corporate bonds, and open up all financing channels in the bond market.
3. Implement the development strategy and promote the construction of infrastructure projects
Scientifically promote the construction of Bohe Power Plant and the Terminal, and actively promote the upfront work of a number of gas turbine projects such asYong’an Thermal Power. The Huadu Thermal Power Project will be promoted as fast as it can to complete the conditions for start-up construction and to organize the construction. The replacement power supply project at the Ningzhou site in Dongguan will be implemented according to the unified deployment of the provincial government.
4. Centering on the core work and strengthening supervision and management
Give full play to the work of discipline inspection and supervision, audit, risk control, and the work of the supervisory board, and strive to build a great supervision structure to promote the compliance management and risk control. Focusing on the core work and serving the overall situation, improve the internal audit system, orderly conduct the internal audit, internal control evaluation, risk management report, etc., strengthen the supervision of investment and related transactions, and closely monitor the benchmarking of key indicators such as coal price, coal consumption and electricity volume, thus to ensure the standard operation of the listed company. Strengthen the supervision and accountability, implement the supervision measures, continue to correct the "four behaviors", and soundly promote the party's work style and the clean government construction and anti-corruption work, for creating a smooth and positive development environment for the Company.
5. Practice the concept of green development and vigorously promote the “clear water project”
In accordance with the concept of “Clear waters and green mountains are as good as mountains of gold and silver”, we actively respond to the requirements by Guangdong EnergyGroup’s “Green Mountains and Clear Water Project”, promote the construction of zero-emission wastewater project for subordinate core-fired power plants, and carry out the whole process project supervision and management. We safely and smoothly promoted the natural gas unit denitration system transformation, and implemented the ultra-low emission transformation project of Yuejiang W-type flame boiler and circulating fluidized bed boiler. Upon in-depth study of environmental regulations and policy situation, the Company strengthened the policy research and risk forecast, improved the Company's environmental supervision institution and system construction, and actively identified and prevented the environmental risks.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 V. Important Events
I. Annual General Meeting and ExtraordinaryShareholders’ Meetings in the Reporting Period
1.Annual General Meeting
|||||||
|-|-|-|-|-|-|
|||Investor||||
||||Convened|Disclosure||
|Meeting|Type|participation|||Index to disclosed information|
||||date|date||
|||ratio||||
|First Provisional|Provisional|||||
||||||Announcement No.:2019-10)..|
|Shareholders’|Shareholders’||February 21,|February 22,||
|||72.72%|||Published in China Securities Daily, Securities|
|general meeting of|general||2019|2019||
||||||Times and http//.www.cninfo.com.cn.|
|2019|meeting|||||
||Annual|||||
||||||Announcement No.:2019-25)..|
|2018 Shareholders’|Shareholders’|||||
|||73.26%|May 21,2019|May 22,2019|Published in China Securities Daily, Securities|
|general meeting|General|||||
||||||Times and http//.www.cninfo.com.cn.|
||Meeting|||||

2. Preferred stockholders restored voting rights to request to convene ProvisionalShareholders’ Meeting.
□Applicable√Not applicable
II. Proposal for profit distribution and converting capital Reserve into share actual for the reporting period□ Applicable√Not applicable
For the reporting period, the Company plans not to distribute cash dividends or bonus shares or convert capital reserve into share capital.
III. The fulfilled commitments in the reporting period and under-fulfillment commitments by the end of the reporting period made by the company, shareholder, actual controller, acquirer, director, supervisor, senior management personnel and other related parities.
□ Applicable√Not applicable
There are no commitments that the company, shareholders, actual controller, offer or, directors, supervisors, senior management or other related parties have fulfilled during the reporting period and have not yet fulfilled by the end of reporting period.
IV. Particulars about engagement and disengagement of CPAs firm
Whether the semi-annual financial report had been audited?
□ Yes√ Not
The semi-annual report was not audited.
V. Explanations given by board of directors and supervisory board regarding “ Modifiedauditor’s” Issued by CPAs firm for the reporting period
□ Applicable√ Not applicable
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 VI. Explanations given by Board of Directors regarding “ Modifiedauditor’s Report” Issued for last year□ Applicable√ Not applicable
VII. Bankruptcy and restructuring
□ Applicable√ Not applicable
No such cases in the reporting period.
VIII. Legal matters
Significant lawsuits or arbitrations
√ Applicable□Not applicable
|||||||||
|-|-|-|-|-|-|-|-|
||||||Situation of|||
||Lawsuit|Whether||||||
||||Process of|Trial results and|execution of|Disclo||
||amount|form into|||||Disclosure|
|Basic situation of lawsuit(arbitration)|||lawsuit(arbitr|influences of|judgment of|sure||
||(RMB Ten|estimated|||||index|
||||ation)|lawsuit(arbitration)|lawsuit|date||
||thousands)|liabilities||||||
||||||(arbitration)|||
|On April 1, 2019, Guangdong||||||||
|Huizhou Pinghai Power Plant Co.,||||||||
|Ltd., a holding subsidiary to the||||||||
|Company, received a set of legal||||||||
|documents including the “Notice of||||||||
|Responding to action”, “Subpoena”||||||||
|and “Civil Indictment” from Huizhou||||||||
|Intermediate People's Court of||||||||
||||The two|||||
|Guangdong Province, involving the||||||||
||||pre-trial|||||
|case of contract dispute of China||||||||
||||preparation|||||
|Energy Construction Group||||||||
||||meetings for|||||
|Guangdong Thermal Power||||||||
||||the case were|The lawsuit has not||||
|Engineering Co., Ltd suing Pinghai|||||||Announceme|
||||held in the|yet been heard.||||
|Power Plant on Construction Project,|||||||nt|
||||Intermediate|There are||||
|with the case number of No.|||||||No.:2019-12)|
||||People's|uncertainties in the||||
|363-(2018) Yue Civil Action. The|||||||Published in|
||||Court of|final judgment and||||
|lawsuit claims include: 1. The Pinghai||||||April|China|
||||Huizhou City|execution, so it is||||
|Power Plant is ordered to pay the|23,845.74|No|||No|4,|Securities|
||||Guangdong|temporarily||||
|project amount of RMB 165,978,408||||||2019|Daily,|
||||Province|impossible to judge||||
|(principal) and interest of RMB|||||||Securities|
||||respectively|the impact on the||||
|72,478,979 (temporarily calculated as|||||||Times and|
||||on May 14,|company's profits||||
|for the period from May 1, 2011 to|||||||http//.www.c|
||||2019 and July|in 2019 and||||
|October 31, 2018, with the final|||||||ninfo.com.cn|
||||18, 2019, the|beyond.||||
|interest calculated as of the date of||||||||
||||court session|||||
|actual payment shall be calculated in||||||||
||||time is yet to|||||
|accordance with the benchmark||||||||
||||be|||||
|interest rate of similar loans of the||||||||
||||determined.|||||
|people's bank of China in the same||||||||
|period) to Guangdong Thermal||||||||
|Power; the above principal and||||||||
|interest amount to RMB 238,457,387;||||||||
|2. The Pinghai Power Plant is ordered||||||||
|to bear all the litigation costs||||||||
|including the acceptance fee and the||||||||
|appraisal fee.||||||||

Other lawsuits
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019√ Applicable□Not applicable
|||||||||
|-|-|-|-|-|-|-|-|
|||Whether||||||
||||||Situation of|||
||Lawsuit|form||||||
|||||Trial results and|execution of|||
|Basic situation of|amount|into|Process of|||Disclosure|Disclosure|
|||||influences of|judgment of|||
|lawsuit(arbitration)|(RMB Ten|estimate|lawsuit(arbitration)|||date|index|
|||||lawsuit(arbitration)|lawsuit|||
||thousands)|d||||||
||||||(arbitration)|||
|||liabilities||||||
|On January 30, 2019, the||||||||
|Company's holding|||The case was|There are uncertainties||||
|subsidiary, Guangdong||||||||
||||originally scheduled|to the final judgment||||
|Huizhou Pinghai Power||||||||
||||to be heard by|result and execution of||||
|Plant Co., Ltd, received a||||||||
||||Huidong County|this lawsuit, and it’s||||
|set of legal documents||||||||
||||People's Court on|temporarily impossible||||
|including the “Subpoena”||||||||
||||March 19, 2019. On|to judge the impact on||||
|from the Huidong County||||||||
||||February 2, 2019,|the Company's profit in||||
|People's Court of||||||||
||||Pinghai Power Plant|2019 and beyond.||||
|Guangdong Province,||||||||
||||submitted an|The amount involved||||
|involving the case China||||||||
||||“Application for|in this lawsuit is||||
|Energy Construction Group||||||||
||||Jurisdiction|17,634,800 yuan. Upon||||
|Guangdong Thermal Power||||||||
||||Objection” to the|the net profit of 474||||
|Engineering Co., Ltd suing||||||||
||||Huidong County|million yuan||||
|Pinghai Power Plant on||||||||
||||Court, requesting|attributable to the||||
|construction contract||||||||
||||that the case be|shareholders of the||||
|dispute of the flue gas||||||||
||||transferred to the|parent company in the||||
|desulfurization project of||||||||
|Pinghai Power Plant, with|1,763.48|No|Huizhou|most recent period|No|||
||||Intermediate Court|(2018) of the||||
|the case number of No.|||for judge. The|Company, the net||||
|164-(2019) Yue 1323 Civil||||||||
||||Huidong County|profit attributable to||||
|Action. The litigation||||||||
||||People's Court made|shareholders of the||||
|claims include: 1. Pinghai||||||||
||||a "Civil Ruling" on|parent company||||
|Power Plant shall pay the||||||||
||||April 17, 2019,|affected by the amount||||
|principal of RMB||||||||
||||dismissing Pinghai|involved in the above||||
|12,080,480 and interest of||||||||
||||Power Company's|lawsuit is||||
|RMB 5,554,310 for the||||||||
||||objection to the|approximately||||
|construction payment to the||||||||
||||jurisdiction of the|7,935,700 yuan,||||
|Guangdong Thermal Power||||||||
||||case. The court|accounting for 1.67%||||
|company, with a total||||||||
||||session time of this|of the audited net profit||||
|principal and interest of||||||||
||||case shall be|of the most recent||||
|RMB 17,634,790; 2.||||||||
||||determined by the|period, which does not||||
|Pinghai Power Plant shall||||||||
||||Huidong County|have a significant||||
|bear all litigation costs||||||||
||||People's Court in|impact on the||||
|including the acceptance||||||||
||||writing notice.|Company.||||
|fee and the appraisal fee||||||||
|incurred in the case.||||||||

IX. Punishments and rectifications
□ Applicable√ Not applicable
No such cases in the reporting period.
X. Credit conditions of the Company as well as its Controlling shareholder and actual Controller
□ Applicable√ Not applicable
XI. Equity incentive plans, employee stock ownership plans or other incentive measures for employees
□ Applicable√ Not applicable
No such cases in the reporting period.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 XII. Material related transactions
1. Related transactions in connection with daily operation
□ Applicable√ Not applicable
No such cases in the reporting period.
2. Related-party transactions arising from asset acquisition or sold
□Applicable√ Not applicable
No such cases in the reporting period.
3. Related-party transitions with joint investments
□Applicable√ Not applicable
No such cases in the reporting period.
4. Related-party transitions with joint investments
□Applicable√ Not applicable
No such cases in the reporting period.
5. Credits and liabilities with related parties
√ Applicable□Not applicable
（1）2019 daily related transactions were carried out after examination and approval by 2019 first provisional shareholders' general meeting. Refer to (5) Related transactions of XII. Relationship between related parties and the transactions between them of the Financial Report of this report for details.
(2) The Proposal on the Financial Services such as Making the Application of the Total Loan Limit of RMB 22 Billion and Handling the Deposit Settlement to the Related Party- Guangdong Yudean Finance Co., Ltd by the Company and Some of its Subsidiaries was approved in thecompany’s 2018 annual general shareholder meeting for implementation.
Website for temporary disclosure of the connected transaction
||||
|-|-|-|
|Announcement|Date of disclosure|Website for disclosure|
|Estimates announcement of the Daily Related PartyTransactions of 2019|||
||January 26,2019|http//www.cninfo.com.cn.|
|Announcement on the related party Transactions ofGuangdong Electric Power Development Co., Ltd. withGuangdong Yudean Finance Co., Ltd.|||
||April 12,2019|http//www.cninfo.com.cn.|

XIII. Particulars about the non-operating occupation of funds by the Controlling shareholder and other related parties of the Company
□Applicable√ Not applicable
The company was not involved in the non-operating occupation of funds by the controlling shareholder and other
related parties during the reporting period.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 XIV. Significant contracts and execution
1.Entrustments, contracting and leasing
(1) Trusteeship
√ Applicable□Not applicable
Statement of Trusteeship Situation :
According to the statement of GuangDong Energy Group on fulfilling relevant matters, and to avoid the horizontal competition and fulfill the relevant commitment of the horizontal competition, the Company signed Stock Trusteeship Agreement with GuangDong Energy Group, wherein the shareholder's rights within the trusteeship range, except the ownership, right of earning and right of disposition, will be trusted to the Company, which is predicted to charge 245,000 yuan as trustee fee per year. See details at the " Related Transaction Announcement on Stock Trusteeship Agreement signed with GuangDong Energy Group Co., Ltd." published by the Company in China Securities Daily, Securities Times and http://www.cninfo.com.cn on January 13, 2018(Announcement No.2018-04).
Gains/losses to the Company from projects that reached over10% in total profit of the Company in reporting period
□Applicable√ Not applicable
No gains or losses to the Company from projects that reached over10% in total profit of the Company in
reporting period
(2) Contract
□ Applicable√ Not applicable
No any contract for the Company in the reporting period.
(3) Lease
√Applicable□ Not applicable
Note As a lessee, the Company rented houses and billboards from Yudean Real Estate Company, and the rental fee incurred this year was RMB3,455,180;
Note As a lessee, the Company rented Power Generation equipment from Yudean Finance Lease Comapny , and the rental fee incurred this year was RMB31,569,867;
The parent company of the Company, as a leassor, leases the houses and parking spaces to units and individuals such as Guangdong Electric Power Communication and Information Company and Guangdong Electric Power Dispatching Center. The rental income for this year was confirmed to be RMB 680,980.
Project which generates profit or loss reaching over10% of total profits of the Company during the Reporting Period
□ Applicable√ Not applicable
There were no leases with a10% or greater impact on theCompany’s gross profit in the Reporting Period. 2.Guarantees
√Applicable□ Not applicable
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019（1）Guarantees
Ten thousands yuan
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
|External Guarantee (Exclude controlled subsidiaries)||||||||||||
|||Relevant|AmountofGuarantee||||||||Guarantee|
|||||Date of||||||Complete||
|||disclosure|||Actual||||||for|
|||||happening (Date|||Guarantee||Guarantee|implemen||
|Name of the Company||date/No. of the|||mount of||||||associated|
|||||of signing|||type||term|tation or||
|||guaranteed|||guarantee||||||parties|
|||||agreement)||||||not||
|||amount|||||||||(Yes or no)|
|Yunnan Baoshan|||4,350|||||||||
||||||||Guaranteeing|||||
|Binlangjiang||||December 19,||||||||
|||May 24,2007|||2,030||of joint||15 years|No|No|
|Hydroelectricity||||2007||||||||
||||||||liabilities.|||||
|Development Co., Ltd.||||||||||||
|Yunnan Baoshan|||4,350|||||||||
||||||||Guaranteeing|||||
|Binlangjiang||December 19,||November 30,||||||||
||||||319||of joint||15 years|No|No|
|Hydroelectricity||2007||2007||||||||
||||||||liabilities.|||||
|Development Co., Ltd.||||||||||||
|Yunnan Baoshan||||||||||||
||||||||Guaranteeing|||||
|Binlangjiang||||||||||||
|||May 27,2009|9,367 J|une 22,2009|5,307||of joint||18 years|No|No|
|Hydroelectricity||||||||||||
||||||||liabilities.|||||
|Development Co., Ltd.||||||||||||
|Yunnan Baoshan||||||||||||
||||||||Guaranteeing|||||
|Binlangjiang||||||||||||
|||May 27,2009|7,250|May 27,2009|1,450||of joint||14 years|No|No|
|Hydroelectricity||||||||||||
||||||||liabilities.|||||
|Development Co., Ltd.||||||||||||
||||||Total actually amount of|||||||
|Total amount of approved external||||||||||||
||||||external guarantee in the||||-725|||
|guarantee in the report period(A1)||||||||||||
||||||report period(A2)|||||||
||||||Total actually amount of|||||||
|Total amount of approved external||||||||||||
||||||external guarantee at the|||||||
|guarantee at the end of the report|||190,835||||||9,106|||
||||||end of the report|||||||
|period(A3)||||||||||||
||||||period(A4)|||||||
|Guarantee of the company for its subsidiaries||||||||||||
|||||Date of||||||Complete|Guarantee|
|||Related|||Actually|||||||
|Name of the company|||Amount of|happening(date|||Guarantee||Guarantee|implemen|for related|
|||announcement|||guarantee|||||||
|guaranteed|||guarantee|of signing|||type||term|tation or|party|
|||date and no.|||amount|||||||
|||||agreement)||||||not|(yes or no)|
|||||October 9,72010|||Guaranteeing|||||
|Zhanjiang Wind Power||||||||||||
|||April 29,2009|18,571.||7,152||of joint||18years|No|No|
|Generation Co., Ltd.||||||||||||
||||||||liabilities.|||||
|Guangdong Shaoguan||||January 28,02014|||Guaranteeing|||||
|||November 16,||||||||||
|Yuejiang Power|||9,00||1,350||of joint||7 years|No|No|
|||2013||||||||||
|Generation Co., Ltd.|||||||liabilities.|||||
|Guangdong Shaoguan||||January 29,02014|||Guaranteeing|||||
|||November 16,||||||||||
|Yuejiang Power|||8,10||450||of joint||7 years|No|No|
|||2013||||||||||
|Generation Co., Ltd|||||||liabilities.|||||
||||||Total of actual guarantee|||||||
|Total of guarantee for subsidiaries||||||||||||
||||||for subsidiaries in the||||-2,488.3|||
|approved in the period(B1)||||||||||||
||||||period (B2)|||||||
||||||Total of actual guarantee|||||||
|Total of guarantee for subsidiaries||||||||||||
||||141,536||for subsidiaries at||||8,951.55|||
|approved at period-end(B3)||||||||||||
||||||period-end(B4)|||||||
|Guarantee of the subsidiaries for the controlling subsidiaries||||||||||||
|Name of the|Relevant disclosure|||Date ofhappening(Date osigningagreement)||Actual||||Complete|G uarantee|
||||Amount of|||||Guarantee|Guarantee|||
|Company|date/No. of the|||||mount of||||implemen|for|
||||guarantee|||||type|term|||
|guaranteed|guaranteed amount|||||guarantee||||tation|associated|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
|||||||
|-|-|-|-|-|-|
|||||or not|parties|
||||||(Yes or no)|
|The Company’s total guarantee(i.e.total of the first three main items)||||||
|Total guarantee quota approved||Total amount of guarantee||||
|in the reporting period||actually incurred in the|-3,213.3|||
|（A1+B1+C1）||reporting period（A2+B2+C2）||||
|Total guarantee quota already||Total balance of the actual||||
|approved at the end of the|332,371|guarantee at the end of the|18,057.55|||
|reporting period（A3+B3+C3）||reporting period（A4+B4+C4）||||
|The proportion of the total amount of actually guarantee in the||||||
|||0.74%||||
|net assets of the Company (that is A4+B4+C4）%||||||
|Including：||||||
|The debts guarantee amount provided for the||||||
|Guaranteed parties whose assets-liability ratio exceed||10,906||||
|70% directly or indirectly（E）||||||
|Total guarantee Amount of the abovementioned guarantees||||||
|||10,906||||
|（D+E+F）||||||

Description of the guarantee with complex method
(2) Illegal external guarantee
□ Applicable√ Not applicable
No Illegal external guarantee in the report period.
3. Other significant contract
□ Applicable√ Not applicable
No other significant contracts for the Company in reporting period.
XV. Social responsibilities
1.Major environmental protection
The Listed Company and its subsidiary whether belongs to the key sewage units released from environmental protection department
Yes
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
||Main|||||||||
||pollutant|||Emission||||Verified||
|Company or|||Emission||Emission||Total||Excessive|
||and|Emission||port||Implemented pollutant||total||
|subsidiary|||port||concentration||emission||emission|
||specific|way||distribution||emission standards||emission||
|name|||number||(mg/Nm3)||(Tons)||condition|
||pollutant|||condition||||(Tons)||
||name|||||||||
|||||||Emission Standard of||||
|||Concentrat||||||||
|||||||Air Pollutants for||||
|Shajiao A power||ed emission||Within the||||||
||Smoke||2||1.73|Thermal Power Plants|20.05|20.05|No|
|plant||through||factory||||||
|||||||(GB13223-2011)||||
|||chimney||||||||
|||||||special emission limit||||
|||||||Emission Standard of||||
|||Concentrat||||||||
|||||||Air Pollutants for||||
|Shajiao A power||ed emission||Within the||||||
||SO2||2||16.20|Thermal Power Plants|187.75|187.75|No|
|plant||through||factory||||||
|||||||(GB13223-2011)||||
|||chimney||||||||
|||||||special emission limit||||
|Shajiao A power||Concentrat||Within the||Emission Standard of||||
||NOX||2||26.13||302.89|302.89|No|
|plant||ed emission||factory||Air Pollutants for||||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
|||through||||Thermal Power Plants||||
|||chimney||||(GB13223-2011)||||
|||||||special emission limit||||
|||||||Emission Standard of||||
|||Concentrat||||||||
|Guangdong||||||Air Pollutants for||||
|||ed emission||Within the||||||
|Yudean Dapu|Smoke||2||1.51|Thermal Power Plants|13.776|593|No|
|||through||factory||||||
|Power Plant||||||(GB13223-2011)||||
|||chimney||||||||
|||||||special emission limit||||
|||||||Emission Standard of||||
|||Concentrat||||||||
|Guangdong||||||Air Pollutants for||||
|||ed emission||Within the||||||
|Yudean Dapu|SO2||2||8.45|Thermal Power Plants|77.257|1447|No|
|||through||factory||||||
|Power Plant||||||(GB13223-2011)||||
|||chimney||||||||
|||||||special emission limit||||
|||||||Emission Standard of||||
|||Concentrat||||||||
|Guangdong||||||Air Pollutants for||||
|||ed emission||Within the||||||
|Yudean Dapu|NOX||2||24.75|Thermal Power Plants|226.303|1502|No|
|||through||factory||||||
|Power Plant||||||(GB13223-2011)||||
|||chimney||||||||
|||||||special emission limit||||
|||||||Emission Standard of||||
|||Concentrat||||||||
|Zhanjiang||||||Air Pollutants for||||
|||ed emission||Within the||||||
|Zhongyue|Smoke||2||1.38|Thermal Power Plants|11.33|480|No|
|||through||factory||||||
|Energy Co., Ltd.||||||(GB13223-2011)||||
|||chimney||||||||
|||||||special emission limit||||
|||||||Emission Standard of||||
|||Concentrat||||||||
|Zhanjiang||||||Air Pollutants for||||
|||ed emission||Within the||||||
|Zhongyue|SO2||2||13.10|Thermal Power Plants|107.92|1200|No|
|||through||factory||||||
|Energy Co., Ltd.||||||(GB13223-2011)||||
|||chimney||||||||
|||||||special emission limit||||
|||||||Emission Standard of||||
|||Concentrat||||||||
|Zhanjiang||||||Air Pollutants for||||
|||ed emission||Within the||||||
|Zhongyue|NOX||2||25.07|Thermal Power Plants|206.53|1587|No|
|||through||factory||||||
|Energy Co., Ltd.||||||(GB13223-2011)||||
|||chimney||||||||
|||||||special emission limit||||
|Guangdong||||||Emission Standard of||||
|||Concentrat|||330MW:|||||
|Shaoguan||||||Air Pollutants for||||
|||ed emission||Within the|6.35|||||
|Yujiang Power|Smoke||2|||Thermal Power Plants|28.18|358.89|No|
|||through||factory|600MW:|||||
|Generation Co.,||||||(GB13223-2011)||||
|||chimney|||1.16|||||
|Ltd.||||||special emission limit||||
|Guangdong||||||Emission Standard of||||
|||Concentrat|||330MW:|||||
|Shaoguan||||||Air Pollutants for||||
|||ed emission||Within the|80.84|||||
|Yujiang Power|SO2||2|||Thermal Power Plants|355.70|1151.78|No|
|||through||factory|600MW:|||||
|Generation Co.,||||||(GB13223-2011)||||
|||chimney|||12.22|||||
|Ltd.||||||special emission limit||||
|Guangdong||||||Emission Standard of||||
|||Concentrat|||330MW:|||||
|Shaoguan||||||Air Pollutants for||||
|||ed emission||Within the|93.46|||||
|Yujiang Power|NOX||2|||Thermal Power Plants|499.12|1404.5|No|
|||through||factory|600MW:|||||
|Generation Co.,||||||(GB13223-2011)||||
|||chimney|||25.42|||||
|Ltd.||||||special emission limit||||
|||||||Emission Standard of||||
|||Concentrat||||||||
|Zhanjiang||||||Air Pollutants for||||
|||ed emission||Within the||||Not||
|Electric Power|Smoke||2||1|Thermal Power Plants|14.40||No|
|||through||factory||||approved||
|Co., Ltd.||||||(GB13223-2011)||||
|||chimney||||||||
|||||||special emission limit||||
|||Concentrat||||Emission Standard of||||
|Zhanjiang||||||||||
|||ed emission||Within the||Air Pollutants for||Not||
|Electric Power|SO2||2||13||141.14||No|
|||through||factory||Thermal Power Plants||approved||
|Co., Ltd.||||||||||
|||chimney||||(GB13223-2011)||||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
|||||||special emission limit||||
|||||||Emission Standard of||||
|||Concentrat||||||||
|Zhanjiang||||||Air Pollutants for||||
|||ed emission||Within the||||Not||
|Electric Power|NOX||2||28|Thermal Power Plants|298.65||No|
|||through||factory||||approved||
|Co., Ltd.||||||(GB13223-2011)||||
|||chimney||||||||
|||||||special emission limit||||
|||||||Emission Standard of||||
|Guangdong||Concentrat||||||||
|||||||Air Pollutants for||||
|Yudean Jinghai||ed emission||Within the||||||
||Smoke||2||1.99|Thermal Power Plants|46.08|1770|No|
|Power General||through||factory||||||
|||||||(GB13223-2011)||||
|Co., Ltd.||chimney||||||||
|||||||special emission limit||||
|||||||Emission Standard of||||
|Guangdong||Concentrat||||||||
|||||||Air Pollutants for||||
|Yudean Jinghai||ed emission||Within the||||||
||SO2||2||17.54|Thermal Power Plants|405.84|6502|No|
|Power General||through||factory||||||
|||||||(GB13223-2011)||||
|Co., Ltd.||chimney||||||||
|||||||special emission limit||||
|||||||Emission Standard of||||
|Guangdong||Concentrat||||||||
|||||||Air Pollutants for||||
|Yudean Jinghai||ed emission||Within the||||||
||NOX||2||32.86|Thermal Power Plants|760.13|4687|No|
|Power General||through||factory||||||
|||||||(GB13223-2011)||||
|Co., Ltd.||chimney||||||||
|||||||special emission limit||||
|||||||Emission Standard of||||
|||Concentrat||||||||
|Guangdong Red||||||Air Pollutants for||||
|||ed emission||Within the||||Not||
|Bay Power|Smoke||4||3.12|Thermal Power Plants|52.35||No|
|||through||factory||||approved||
|General Co., ltd.||||||(GB13223-2011)||||
|||chimney||||||||
|||||||special emission limit||||
|||||||Emission Standard of||||
|||Concentrat||||||||
|Guangdong Red||||||Air Pollutants for||||
|||ed emission||Within the||||Not||
|Bay Power|SO2||4||9.10|Thermal Power Plants|163.18||No|
|||through||factory||||approved||
|General Co., ltd.||||||(GB13223-2011)||||
|||chimney||||||||
|||||||special emission limit||||
|||||||Emission Standard of||||
|||Concentrat||||||||
|Guangdong Red||||||Air Pollutants for||||
|||ed emission||Within the||||Not||
|Bay Power|NOX||4||23.88|Thermal Power Plants|421.55||No|
|||through||factory||||approved||
|General Co., ltd.||||||(GB13223-2011)||||
|||chimney||||||||
|||||||special emission limit||||
|||||||Emission Standard of||||
|Maoming||Concentrat||||||||
|||||||Air Pollutants for||||
|Zhenneng||ed emission||Within the||||||
||Smoke||2||1.69|Thermal Power Plants|11.06|168.12|No|
|Thermal power||through||factory||||||
|||||||(GB13223-2011)||||
|Co., Ltd.||chimney||||||||
|||||||special emission limit||||
|||||||Emission Standard of||||
|Maoming||Concentrat||||||||
|||||||Air Pollutants for||||
|Zhenneng||ed emission||Within the||||||
||SO2||2||12.35|Thermal Power Plants|88.72|385.51|No|
|Thermal power||through||factory||||||
|||||||(GB13223-2011)||||
|Co., Ltd.||chimney||||||||
|||||||special emission limit||||
|||||||Emission Standard of||||
|Maoming||Concentrat||||||||
|||||||Air Pollutants for||||
|Zhenneng||ed emission||Within the||||||
||NOX||2||35.85|Thermal Power Plants|214.58|689.58|No|
|Thermal power||through||factory||||||
|||||||(GB13223-2011)||||
|Co., Ltd.||chimney||||||||
|||||||special emission limit||||
|||||||Emission Standard of||||
|Guangdong||Concentrat||||||||
|||||||Air Pollutants for||||
|Huizhou Pinghai||ed emission||Within the||||||
||Smoke||2||2.54|Thermal Power Plants|16.59|700|No|
|Power Plant Co.,||through||factory||||||
|||||||(GB13223-2011)||||
|Ltd.||chimney||||||||
|||||||special emission limit||||
|Guangdong|SO2|Concentrat|2|Within the|25.16|Emission Standard of|317.55|3500|No|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
|Huizhou Pinghai||ed emission||factory||Air Pollutants for||||
|Power Plant Co.,||through||||Thermal Power Plants||||
|Ltd.||chimney||||(GB13223-2011)||||
|||||||special emission limit||||
|||||||Emission Standard of||||
|Guangdong||Concentrat||||||||
|||||||Air Pollutants for||||
|Huizhou Pinghai||ed emission||Within the||||||
||NOX||2||38.46|Thermal Power Plants|476.21|1750|No|
|Power Plant Co.,||through||factory||||||
|||||||(GB13223-2011)||||
|Ltd.||chimney||||||||
|||||||special emission limit||||
|Guangdong||||||Emission Standard of||||
|||Concentrat||||||||
|Guohua Yudean||||||Air Pollutants for||||
|||ed emission||Within the||||Not||
|Taishan Power|Smoke||6||2.17|Thermal Power Plants|60.26||No|
|||through||factory||||approved||
|Generation Co.,||||||(GB13223-2011)||||
|||chimney||||||||
|Ltd.||||||special emission limit||||
|Guangdong||||||Emission Standard of||||
|||Concentrat||||||||
|Guohua Yudean||||||Air Pollutants for||||
|||ed emission||Within the||||Not||
|Taishan Power|SO2||6||14.05|Thermal Power Plants|390.45||No|
|||through||factory||||approved||
|Generation Co.,||||||(GB13223-2011)||||
|||chimney||||||||
|Ltd.||||||special emission limit||||
|Guangdong||||||Emission Standard of||||
|||Concentrat||||||||
|Guohua Yudean||||||Air Pollutants for||||
|||ed emission||Within the||||Not||
|Taishan Power|NOX||6||27.61|Thermal Power Plants|767.16||No|
|||through||factory||||approved||
|Generation Co.,||||||(GB13223-2011)||||
|||chimney||||||||
|Ltd.||||||special emission limit||||
|||||||Emission Standard of||||
|||Concentrat||||||||
|||||||Air Pollutants for||||
|Qianwan LNG||ed emission||Within the||||||
||NOX||3||15.42|Thermal Power Plants|100.77|1312.5|No|
|power plant||through||factory||||||
|||||||(GB13223-2011)||||
|||chimney||||||||
|||||||special emission limit||||
|||||||Emission Standard of||||
|||Concentrat||||||||
|||||||Air Pollutants for||||
|Huizhou LNG||ed emission||Within the||||||
||NOX||6||28.69|T hermal Power Plants|636.5|2033|No|
|power plant||through||factory||||||
|||||||(GB13223-2011)||||
|||chimney||||||||
|||||||special emission limit||||

Prevention and control of pollution facilities construction and operation
In accordance with the national environmental protection plan, each power plant of the company implements positively requirements of Coal-fired Power Energy Saving and Emission Reduction Upgrading and Transform Action Plan (2014-2020) and National Energy Administration Comprehensive Division Notice about Decomposition and Implementation of Coal-fired Power Energy Saving and Emission Reduction Upgrading and Transform Target Tasks, etc. and promotes the ultra-low emission transformation project. At present, the company's subordinate coal-fired units have all completed ultra-low emission transformation work, and the emission concentration of export flue gas pollutants has been greatly reduced on the basis of the original environmental emission standards, During the reporting period, the pollution control facilities built in the subordinate power plants operated normally.
Conditions of environmental impact assessment and other environmental protection administrative licensing of construction projects
The company's construction projects that have been approved by government agencies have all undergone environmental impact assessments and have obtained other necessary environmental protection administrative
licenses.
Emergency plan for emergency environmental incidents
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 Combining with the Environmental Protection Law of the People's Republic of China and the Opinions of the Ministry of Environmental Protection on Strengthening Environmental Emergency Management Work and other laws and regulations on the monitoring of environmental risks, thecompany’s subordinate power generation enterprises have formulated the Emergency Plan for Emergency Environmental Incidents according to their actual conditions, which has standardized and improved the handling of emergent environmental events from the aspects of environmental accident risk analysis, emergency command organization and responsibilities, disposal procedures, and disposal measures, improved the ability to respond to unexpected environmental events, and ensured that after an outbreak of an environmental incident, the company can organize emergency rescue work in a timely, orderly and efficient manner to prevent pollution of the surrounding environment, minimize the damage and social harm caused by the incident, maintain social stability, and protect public health and property safety. Environmental self-monitoring program
During the reporting period, thecompany’s subordinate power generation companies organized annual environmental self-monitoring programs in accordance with the national Administrative Measures on Automatic Monitoring of Pollution Sources (No. 28 order of State Environmental Protection Administration) and other laws and regulations, and conducted self-monitoring of the environment in accordance with the monitoring program, and announced its own monitoring results in Guangdong Province's key pollution source regulatory information platform and the national pollution source monitoring information and sharing platform. Both the announced rate and completion rate had reached100%.
Other environmental information that should be disclosed
Nil
Other environmental protection related information
Nil
2.Overview of the annual targeted poverty alleviation
（1）Precise poverty plan
The Company will in depth implement the spirits of the Central work Conference on Poverty Alleviation and the Development and General Secretary Xi Jinping's series of important speeches on poverty alleviation and the development, and in accordance with the Guangdong Provincial people's Government's "Opinions on the implementation of Three years Strongly Tackling Difficulties on Precision Poverty Alleviation and Precision Poverty Reduction in the New Time" and the overall plan and arrangement of Guangdong Province's 2016-2018 of new time of "Precision Poverty Alleviation and Precision Poverty Reduction", by adhering the concept of innovation, coordination, green, open and shared development, the Company will strengthen the awareness of the overall situation and the sense of responsibility of “The Rich fist leads latter, and realize the common prosperity”, fully utilize the advantages, carry out the measures of precision poverty alleviation to the village-under-aid, effectively enhance the local “vitality-making” function, focus on boosting thevillage’s collective economic strength, developing the environment and society andpeople’s livelihood, thus to increase the income of poverty-alleviation objects, so as to ensure the accomplishment of various project goals and tasks.
1. Soundly do the work of the poverty alleviation by industry development. Formulate the characteristic industry development for the village-under-aid, implement the “one village, one product” industry promotion action, tap into the resources advantages, precisely select the dominant industry and the dominant products, support the construction of characteristic agricultural bases with high participation of poverty households, support the large agricultural households and professional cooperatives , small and micro enterprises and so forth agricultural
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 operation bodies to speed up the development. Explore the “Internet+ Precision Poverty Alleviation” model, strengthen the training of rural E-commerce merchants in poor villages, and encourage farmers to open online stores for self-development.
2. Explore the poverty alleviation by shares. Promote the income-increase mode of poor village collective economy, allow the financial special poverty alleviation funds and other agricultural-related funds to invest in facilities such as agriculture, farming, industrial parks, hydropower, rural tourism and so forth without changing their use purposes, and the resulting asset income can be converted to shares quantization to poor villages and poor households. Cooperate with the local to explore and promote the rights confirmation of land management with accordingly converting to shares, guide poverty-stricken households, especially those who are incapable of working, to voluntarily transfer the land management rights according to law, and use assets such as land, agricultural facilities, and poverty alleviation funds to price to convert into shares, gaining the operating income according to shares.
3. Cooperation in training and employment. Oriented towards enhancing the ability of the poor to get employment, assist to carry out the all kinds of policy training, promote the relevant vocational and technical colleges to recruit children from poor families, thus to enable them to achieve skills to get out of poverty.
4. Improve the infrastructure. Cooperate with the local to improve the traffic conditions and development environment in the village-under-aid; support and help key villages-under-aid of the safe drinking water projects; improve farmland water conservancy facilities; improve sewage facilities; improve the garbage collection and treatment and the cleaning system; improve village cultural and leisure activities, public toilets, landscaping and greening and other facilities; ensure that the relevant indicators meet the provincial standards.
5. Boost the education culture. In coordination with the local education and cultural departments, the Company will vigorously promote the poverty alleviation through education so that all children in the villages-under-aid can receive a good education, increase the education subsidies for poor families, ensure that children from poor households do not drop out of school due to poverty, pay attention to left-behind children, and build left-behind children's service centers.
6. Help to improve the environment. Cooperate with the local to raise funds by multi-channels to help impoverished households complete the renovation of dilapidated buildings and fully complete the task of assisting low-income people in housing reconstruction, assisting in the improvement of domestic garbage disposal, sewage treatment, public toilets and greening and beautification of villages. We will use the entire village as a platform to accelerate the improvement of production and living conditions of poor villages, and steadily promote the construction of beautiful livable villages to realize the new appearance of the old villages.
7. Consolidate the grassroots foundation. Cooperate with the local people to adhere to the Party building and poverty alleviation both at the same time, with the party building to help the poor and with the poverty alleviation to promote the party building. Organize and hold regular meetings of the "two committees" meetings of the villages to study the work of aiding the poor; the assigned cadres should assist the "two committees of the village" to do a good job in organizing the masses, serving the masses, uniting the masses, and enhancing the ability of the cadres of the "two committees" of the poor villages to lead the people out of poverty and run to health;It’s necessary to constantly strengthen the development consciousness, market awareness, teaching ideas, teaching methods and teaching experience of cadres at the grass-root level, mobilizing the grass-root level cadres, strengthen the grass-root organizations, muster up the drive to fight against poverty, and build up “The never-leaving Task Force on Poverty Alleviation”, thus to lay the foundation for the sustainable and healthy development of poor villages.
8. Lead multiple parties to participate in. Guide industries, enterprises, social organizations and individuals to
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 participate in poverty alleviation, and encourage companies to actively undertake social responsibilities, fully stimulate the market's vitality, and help villages to invest in industries, develop training skills, absorb employment, and help the poor with donated money through various forms such as resource development and joint construction of villages and enterprises.
9. Strengthen the publicity for poverty alleviation. Adhere to the guidance of public opinion, comprehensively publicize and accurately interpret the decision-making and deployment of “Precision poverty alleviation and Precision poverty reduction”, strengthen the ideological education and guidance, and strengthen the cadres and the masses' centripetal force and cohesion in poverty alleviation work and the development work. Guide the villagers to change the obsolete customs and habits, stimulate the impoverished people to work hard and develop good enthusiasm, and create a positive atmosphere for self-reliance, hard-working and getting rid of poverty and becoming better off.
（2）Half-year poverty relieving summary
During the reporting period, the company actively implemented the overall deployment and arrangement of Guangdong province's work on "targeted poverty relief and targeted poverty alleviation", actively invest human, material and financial resources in poverty relief work, and its six subsidiaries, namely Yuejiang company, Red bay company, Zhenneng company, Zhanjiang company, Dabu company and Zhanjiang wind power company, actively carried out targeted poverty relief assistance work.
I Counterpart assistance of Yuejiang Company on Mi Xiashui village,Quan’an Town, Nan Xiong City
2019 is the key year for winning the first 100-year goal of building a well-off society in an all-round way and winning the battle against poverty. According to the arrangement of relevant documents of the provinces and cities, Yuejiang Power Generation Company selected a cadre to serve as the party building instructor in the villages in the second phase of provincial poverty-stricken villages to assist Shaoguan Municipal Government Office in carrying out targeted poverty relief and targeted poverty alleviation work in Mixiashui Village:
1. Strengthen Party building. Centering on the deployment requirements of the central government, provinces, cities and counties on the Party's construction to promote poverty alleviation, and in combination with the actual situation in Nanxiong City and Quan'an Town, efforts are focused on "grasping points, expanding areas, improving quality and strengthening capabilities" to give full play to the exemplary and leading role of Party members. On June 27, a meeting of members of the general party branch of Mixiashui Village was held to organize party lectures-Interpretation of the Regulations on Education Management of Party Members and Interpretation of the Regulations on the Work of Party Branch.
2. Well ensure the people's livelihood. Fully implement the "Three Guarantees" policy and complete the reporting of information on the dilapidated house reconstruction project for poor household Ye Chengxiang; Fully implement poverty relief education guarantee for poor households in accordance with the policy requirements; Promote full coverage of medical insurance, fully implement the medical insurance policy, and subsidize 41 poor households to purchase urban and rural medical insurance; Send warm condolences to poor households, and send warm condolences to all poor households in January before the Spring Festival.
3. Accurate identification: in early June, the work team stationed in the village, together with town cadres and village cadres, conduct on-door visit to acquire the poverty information of Yao Shihui and Ye Chengming, and reported the information to Nanxiong Poverty Relief Office after comprehensive analysis and verification. Yao Shihui and Ye Chengming are to be included in the poor households.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 4. In 2019, it will continue to build 4 boutique villages, including Liaowu Village, Yaowu Village, Liuwu Village and Shigang Village. In the first half of the year, it has basically completed the "three clean-ups and three dismantlements" of relevant sections, actively won the support of superior policies, and made solid progress in the construction of new rural demonstration villages.
5. According to the requirements of the Implementation Plan of "Award Instead of Compensation" for Targeted Poverty Relief and Targeted Poverty Alleviation in Nanxiong City in 2019, the" Award instead of Compensation" will be implemented for pig raising and peanut planting by poor households in the first half of the year.
6. Work hard to promote poverty relief through high-quality rice and passion fruit industries. Urge Mixiahui Village Zhongzhi Cooperative to sign a high-quality rice purchase agreement with Nanxiong Jinyou Company, to unify the external sales through the cooperative, open up the high-quality rice sales market, and improve the market bargaining power; Relying on Mixiashui Village Passion Fruit Planting Demonstration Base, actively guide and help 10 poor households in Mixiashui Village to participate in passion fruit planting, regularly provide technical guidance to growers, and operate it through the"enterprise+cooperative+poor households" business model, carry out planting and management according to unified standards, and adopt reserve price for purchase to ensure the income of poor households.
II. Counterpart assistance of Red Bay Company on Outian Village, Luoxi Town, Luhe County
(I) Actively complete and promote village project construction
1. Assist on the village collective economic development projects. Organize poor households to carry out sweet potato planting and bee breeding projects.
2. Implement the income from the investment in Xinhe Industrial Park Targeted Poverty Relief Industrial Park Project. In order to establish a long-term poverty alleviation mechanism and prevent repoverty after poverty alleviation, with the village collective as the main body, use the aid fund to invest by shares in the industrial park. The aid unit helps the village by investing 1 million yuan aid fund, with a10% guaranteed bonus every year. The revenue of OCT Luoxigu tourism project is 500,000 yuan, with a10% guaranteed bonus every year, for poverty alleviation of poor households.
3. Carry out the training program on poor people's labor skills and transfer of employment. According to the needs of the poor, 50 people from poor households are organized for training in agricultural applicable technologies and 50 people for training in relevant contents of employment transfer. A total of 15,620 yuan is invested in training. 4. Actively introduce OCT Luoxi Valley Project. The stationed work team actively coordinated and communicated with the OCT in eastern Shenzhen and actively contacted relevant county departments. In June 2017, the OCT Eastern Group in Shenzhen officially settled in Otian Village to launch the OCT Luoxigu rural tourism project. In June 2018, the OCT Luoxigu rural tourism project was officially put into use. In the first half of 2019, through the development of the rural tourism industry, poverty alleviation were conducted for poor households.
5. A total of 295,000 yuan was invested to complete the construction of Outian Village Party and Mass Service Center.
(II) Conduct full deployment and active implementation, and actively promote the completion of household project construction.
1. Actively implement the poverty reduction plan. According to the plan issued by the county poverty relief office, 217 people from 52 households have completed poverty alleviation by the first half of 2019, and 11 people from the remaining 3 households failed. The main reason for the poverty alleviation failure is that the renovation of dilapidated houses has not been accepted, and the economic income has reached the conditions for poverty alleviation. The poverty alleviation plan issued by the county poverty relief office is completely overfulfilled.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 2. Vigorously promote medical insurance and social security assistance. 240 people are helped on purchasing health insurance and social security costs.
3. Provide the living allowance for 59 students from poor families.
(III) Strengthen the grass-roots party building work, arrange the team to actively participate in and organize the three meetings& one lesson, and two studies& one practice of the village and the spirit of the party's 19th congress special study activities to lay a good political foundation for the village's poverty alleviation and new rural construction work.
(IV) Renovation of dilapidated buildings. Of the 22 dilapidated buildings to be renovated for poor households, 19 have been accepted, and 3 are to be accepted.
III. Counterpart assistance of Zhenneng Company on Xinpo Village, Shalang Town, Dianbai District, Maoming City
1. Well ensure in preparing for the two-stage 2018 targeted poverty relief assessment in Dianbai District and Maoming City, successfully pass the two-stage poverty relief effectiveness assessment, and finally score 98 points in the Maoming municipal assessment.
2. Carry out partner assistance. According to personnel changes and work needs, timely adjust the person responsible for partner assistance, and implement the "one-on-one" partner assistance requirements; Those responsible for assistance should visit poor households at least once a quarter to understand the existing problems, analyze the causes, formulate and implement assistance measures, adhere to the combination of poverty relief and motivation, daily assistance and temporary relief, material assistance and spiritual encouragement, continuously improve the awareness of poor households, play their main roles, and achieve stable poverty alleviation through their own efforts. Carry out the identification of poor households and new work. In 2019, Xinbei Village plans to add 1 poor household. After the application of villager Liao Taohua's household (with a population of 3, secondary physical disability, no labor force, 8-year-old boy and 5-year-old boy) of Xinbei Zhaixia Village, the site inspection by the village two committees and the poverty alleviation team stationed in the village, the discussion at the meeting of the village two committees, the voting at the villagers' congress, the publicity at the village level and other procedures, Xinbei Village submitted relevant materials to the poverty relief office of Shalang Town on June 3 and has now entered the publicity stage at the township level. In addition, in mid-June, the Social Affairs Office of Shalang Town has been urged to submit materials to the higher authorities to include Liao Taohua's two sons in the minimum living allowance. They are with no labor force, thus should be guaranteed for living by the Guangdong Development Bank Maoming Branch in form of partner assistance.
3. Poverty Relief Industrial Park. According to the work plan, from April 2019, the leek industrial park (60 mu) in Xinbei Village will be transformed into pomegranate industrial park (50 mu). It is planned to invest 300,000 yuan in 2019 to plant red heart guava, which will bear fruits in the beginning of 2020, with a planting duration of 10 years. By June 30, 2019, land leveling, planting and the first weeding have been completed. The construction of water and fertilizer integration is almost completed, with an investment of more than 180,000 yuan.
4. Poverty relief condolences. On the eve of the Spring Festival and July 1, support units and support responsible persons are organized to visit poor households in the village and send gifts and holiday greetings.
5. Organize people with working ability in some poor households to participate in the car beauty related business skills training in Shalang Town, to improve the skill level of poor workers; On the other hand, mobilize and assist poor workers to participate in job fairs organized by Dianbai District, to go out for work or to find jobs nearby, so as to raise their incomes through active working. Follow up the provision of public welfare posts and the implementation of relevant treatment.
IV. Counterpart assistance of Zhanjiang Company on Waiyuan Village, Nanxing Town, Leizhou City
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 In the first half of 2019, the company's poverty relief staff, under the care and leadership of the company's party committee and in accordance with the unified arrangements of the provincial party committee, the provincial government and Zhanjiang city, have carried out all kinds of poverty relief work in a down-to-earth and earnest manner. The stationed working group has visited the poor households many times to understand the situation of the poor households, held meetings with all the village cadres to study the poverty relief work and worked out assistance measures. Now, all the projects for the poor households have been implemented and have yielded benefits. This is summarized as follows:
(I) Long-term poverty relief projects
1. The investment in photovoltaic power generation projects has been completed and has yielded benefits. 2. The investment in Guangdong Yujie Ecological Agriculture Development Co., Ltd. has been completed, and began to make profits in 2019.
3. The investment in Leizhou city grazing pig breeding integration industry has been completed, and began to make profits in 2019.
(II) Public welfare projects supported by Zhanjiang Power Company until the first half of 2019
1. Two villager drinking water construction projects, with an investment of 79,900 yuan.
2. Construction of sewage ditches and garbage ponds, with an investment of 62,000 yuan.
3. Sports facilities construction, with an investment of 124,000 yuan.
4. Construction of village committee and party building, with an investment of 110,000 yuan.
5. Renovation of dilapidated buildings for poor households, costing 38,000 yuan.
6. Festival condolences to poor households, costing 90,000 yuan.
(III) Work to be carried out in the first half of 2019
1. Organize and improve the poverty relief materials.
2. Organize to assist the village committee to carry out party building work.
3. Organize and hold eight poverty relief work meetings.
4. Organize and assist the village committee to carry out the rural revitalization work.
5. Organize to assist the village committee to carry out the "anti-crime" work.
6. Organize and assist village committees to carry out anti-drug work.
7. Organize to assist the village committee to carry out the "three demolitions and three clean-ups".
8. Organize party members to attend two party classes and six party day activities.
9. Visit poor households from time to time.
V. Counterpart assistance of Dapu Company on Xiamu Village, Fenglang Town, Dapu County, Meizhou City In 2019, the company continued to send a middle management officer as the first secretary to assist Jianghai Sub-district Office in Haizhu District of Guangzhou to help Xiamu Village, Fenglang Town, Dabu County, Meizhou City, and carried out the following assistance work:
1. Solid Party building at the grass-roots level: It invested 29,500 yuan in the construction of the activity room for new members of the village committee, purchased a number of office desks and chairs, and ensured to display the publicity column for Party building and system on the wall;
2. Carry out activities to celebrate the 98th anniversary of the Party founding, offer condolences to four 60-year-old Party members, and organize Party members to carry out revolutionary traditional education on the theme of "Stay true to the mission, and keep in mind the mission";
3. Invest 21,000 yuan for the Spring Festival condolences of 70 poor households;
4. As of June 30, 2019, through dynamic management, the whole village has 70 poor households with 142 people, in which 65 households with 133 people completed the poverty alleviation, accounting for93.7% of the
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 poverty-stricken population. Among them, there are 19 people from 8 general poor households, 15 people from 15 households with five living guarantees and 99 people from 42 households with minimum living guarantees. VI. Counterpart assistance of Zhanjiang Wind Power Co., Ltd. on Houhai Village, Xinliao Town, Xuwen County In the first half of 2019, Zhanjiang Wind Power Company will continue to carry out targeted poverty relief work in Houhai Village, Xinliao Town, Xuwen County, and Shuitou Village, He'an Town (serving as the party construction instructor in the village). Under the strong leadership of the Party committee at the higher level, the strong cooperation of the cadres of the "two committees" in the village and the efforts of the stationed team, various poverty relief projects have been actively implemented for poor households, and the utilization rate of special funds for poverty relief in provinces and cities has reached100%. In addition, self-raised funds from support units are used to help poor households and village collectives to solve practical difficulties. In addition, in order to achieve targeted policy implementation, targeted assistance, fully reflect the characteristics of one policy for one family, and actively explore highlights, thus affecting and driving the poor households around to find ways to increase their income, achieve stable poverty alleviation and prosperity, and achieved remarkable results. As of June 30, 2019, there were 95 poor households and 368 poor people in Houhai village. 337 people from 89 households have completed poverty alleviation, reaching the poverty alleviation standard, accounting for91.58% of 368 poor people in Houhai Village, achieving good phased results, which has been fully affirmed and praised by the higher party committee. Under the leadership of the town party committee, the party construction instructors closely rely on the village party organizations to guide the party construction work, publicize policies and regulations, and collect social conditions and public opinions, effectively promoting the construction of grass-roots party organizations and providing strong support for targeted poverty relief work.
(3)Targeted Poverty Alleviation Result
||||
|-|-|-|
||Measurement||
|Index||Quantity / Status|
||unit||
|I. General situation|——|——|
|Thereinto： 1.Capital|Ten thousands|243.65|
|2. Cash supplies|Ten thousands|4.82|
|3. Ecological protection to poverty alleviation|Person|1,028|
|II.Breakdown Input|——|——|
|1. Poverty alleviation by industrial development|——|——|
|||Poverty Alleviation by agriculture and|
|Among them: 1.1 Project type of poverty alleviation by industrial||forestry; poverty alleviation through|
||——||
|development||tourism; poverty alleviation from asset|
|||income|
|1.2 Number of poverty alleviation projects in industrial development|Person|4|
|1.3 Investment amount of industrial development poverty alleviation|||
||Ten thousands|19|
|project|||
|1.4 The number of poverty population who had been helped to create a|||
||Person|195|
|file|||
|2. Poverty alleviation by transfer employment|——|——|
|Among them: 2.1 Investment amount of vocational skill training|Ten thousands|0.5|
|2.2 Number of people of vocational skill training|Person|45|
|2.3 Quantity of employment of poverty population who had been helped|||
||Person|36|
|create a file|||
|3. Poverty alleviation by relocation|——|——|
|4. Educational poverty alleviation|——|——|
|Among them: 4.1 Investment amount of subsidizing poverty students|Ten thousands|10.21|
|4.2 Number of subsidized poverty students|Person|51|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|4.3 Improving the investment amount for education in poor|||
||Ten thousands|0.3|
|areas|||
|5. Health poverty alleviation|——|——|
|Among them: 5.1 Investment amount for medical and health resources in|||
||Ten thousands|1.44|
|poor areas|||
|6. Ecological protection poverty alleviation|——|——|
|||We will carry out ecological|
|Among them:6.1 Project type|——||
|||protection and development|
|6.2 Investment amount|Ten thousands|6.27|
|7. Guarantee of all the details|——|——|
|8. Social poverty alleviation|——|——|
|9. Other projects|——|——|
|Among them: 9.1 Number of project|a|9|
|9.2 Investment amount|Ten thousands|126.75|
|9.3 Number of poverty population who had been helped to create a file|Person|563|
|III. Awards (Content and level)|——|——|

（4）Subsequent targeted poverty alleviation program
The Company will continue to implement the relevant provincial, municipal and county regulations on targeted poverty alleviation, adjust measures to local conditions, and explore an accurate path for targeted poverty alleviation. Firstly, it will continue to strengthen the Party's style of work, promote the "two committees" in the villages to strengthen ideological construction. Secondly, it will improve its ability by learning, continue to learn the spirit of Comrade Xi Jinping's series of important speeches, the spirit of targeted poverty alleviation documents, the relevant business knowledge of poverty alleviation, the ways and means of dealing with the masses, and further improve its ability to solve problems for the masses. Thirdly, prioritize the tasks and promote their implementation. All poverty alleviation working groups will continue to focus on the core of targeted poverty alleviation, seize the core work of poverty alleviation and carry out and implement relevant work in an all-round and coordinated manner. For poverty alleviation projects and village collective projects that are included in the establishment of cards for archives, the support of relevant departments is actively sought in accordance with the established objectives and tasks, to assist the villages and poor households in implementing poverty alleviation projects, and ensure the full completion of poverty alleviation objectives and tasks in a pragmatic manner. XVI.Other material events
√ Applicable□Not applicable
|||||
|-|-|-|-|
|Summary of important matters|Name|Date of|Website for|
|||disclosure|disclosure|
|Since January 1, 2019, the company has adjusted the depreciationperiod of fixed assets of Shajiao A Power Plant. The net profitattributable to the parent company is expected to decrease by about 174million yuan in 2019, and 49 million yuan annually from 2020 to 2023,and the owners' equity attributable to the parent company is expected todecrease by about 174 million yuan in 2019 and 49 million yuanannually from 2020 to 2023.||||
||Announcement of the|||
||adjustment of depreciation|January|http//.www.cni|
||period of fixed assets in|26,2019|nfo.com.cn|
||Shajiao A Power plant|||
|In order to further promote the Company's large-scale development ofoffshore wind power in Guangdong Province and in the southeast coast,the Board of directors agreed to invest in Zhuhai Jinwan offshore windfarm project (300,000 kilowatts), with a total dynamic investment ofRMB 5643.17 million-of which the capital is RMB 1128.634|Announcement on|||
||Investment and|||
|||January|http//.www.cni|
||Construction of Zhuhai|||
|||26,2019|nfo.com.cn|
||Jinwan Offshore Wind|||
||Power Project|||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
|||||
|-|-|-|-|
|million-accountting for 20% of the total dynamic investment-that shallbe appropriated by the Company.||||
|The Company's 2019 daily related party transactions are approved andimplemented by the 2019 first extraordinary shareholders' meeting heldon February 21, 2019.|Estimates announcement of|||
||the Daily Related Party|2 January|http//.www.cni|
||Transactions of 2019|26,2019|nfo.com.cn|
|The controlling shareholder-Guangdong GuangDong Energy GroupCo., Ltd. has been changed to “Guangdong Energy Group Co., Ltd”from the date of February 18,2019. Except for the above change, otherbusiness registration items remained unchanged. The above matter doesnot involve changes in the shareholding of the controlling shareholderand does not affect the Company's business activities. The controllingshareholder and the actual controller of the Company remainunchanged.||||
||Announcement on Change of|||
|||February|http//.www.cni|
||Controlling Shareholder|||
|||18,2019|nfo.com.cn|
||Name|||
|Mr. Zhou Xi'an, the former director of the company, ceased to hold thepost of director of the company due to job changes. After the election ofthe first extraordinary shareholders' meeting in 2019 held on February21, 2019, Mr. Yan Ming served as a director of the Company.|Announcement of|||
||Resolutions of the First|||
||provisional shareholders'|||
|||February|http//.www.cni|
||general meeting of|||
|||22,2019|nfo.com.cn|
||Guangdong Electric Power|||
||Development Co., Ltd. of|||
||2019|||
|The company bonds - "12 Yudean Bonds", completed the annual interestpayment for 2019 on March 18, 2019.|Announcement of|||
||Concerning Payment of|||
|||March 12,|http//.www.cni|
||Corporate “12 Yudean|||
|||2019|nfo.com.cn|
||Bonds”|||
||Interest of 2019|||
|On April 1, 2019,The controlling subsidiary- Guangdong HuizhouPinghai Power Generation Plant Co., Ltd. that it received a set of legaldocuments such as Notice of Appearance, Summon and Complaint forCivil Action, issued by Intermediate People's Court of Huizhou City,Guangdong Province, concerning Guangdong Thermal PowerEngineering Co., Ltd. of China Energy Engineering Corporation suingPinghai Power Plant for a dispute over a construction contract.||||
||Announcement on conc|||
||erning subsidiaries involved i|April 4,|http//.www.cni|
||n major Litigation|2019|nfo.com.cn|
|According to the Ministry of Finance's Notice on Revising and Issuingthe Format of Financial Statements for General Enterprises in 2018 (CK[2018] No.15) and notices on the relevant accounting standards for newfinancial instruments, the company's accounting policies will bechanged.||||
||Announcement on changes in|April|http//.www.cni|
||Accounting Policy|12,2019|nfo.com.cn|
|In order to actively implement the decision-making arrangements of“promoting the decommissioning of Shajiao Power Plant Units onschedule, doing a good job in the construction of alternative powersupply of natural gas power and so on” by the Guangdong ProvincialParty Committee and the provincial government, and for acceleratingthe work related to the alternative power supply project in DongguanNingzhou site, The company has established the Ningzhou sitealternative power supply project company in Dongguan in awholly-owned manner, with its registered place in Humen Town ofDongguan City, and its initial registered capital is 30 million yuan. Theproject company will carry out the preliminary work of the Ningzhouproject according to the requirements approved by the project, and thecost will be controlled at 19.6 million yuan.||||
||Announcement on the External|||
||Investment of the Company to|||
||||http//.www.cni|
||Establish the Dongguan|June 12,2019||
||||nfo.com.cn|
||Ningzhou Site Alternative|||
||Power Project Company|||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 XVII. Material events of subsidiaries
√ Applicable□Not applicable
The company's holding subsidiary, Guangdong Yudean Pinghai Power Plant Co., Ltd, received the “Administrative Punishment Decision” issued by the Guangdong Provincial Ocean& Fisheries Bureau on November 14, 2016 (No. 019-2016 Yuehai Executive Punishment), and the punishment decision “ordered Pinghai to return the illegally occupied sea areas and restore the sea areas to their original state, and sentenced 10 times fines to the use fees of sea areas that shall be imposed within the period of that illegally occupied 16.3947 hectares, amounted to RMB 172,144,350.00” for that Pinghai Power Plant carried out the site leveling and bank protection work of Pinghai power plant without approval and did the reclamation of 16.3947 hectares and its behavior violated the provisions of Article 3 of the Law of the People's Republic of China on the Administration of the Use of Sea areas. Based on the audited net profit of RMB 3.238 billion attributable to the shareholders of the parent company in 2015, the amount involved in the above-mentioned administrative penalty affects the net profit attributable to shareholders of the parent company of about 77.4 million-which accounts for2.39% of the net profit of the most recently audited period.
Pinghai Power Plant disagreed with the punishment measures of the “Administrative Punishment Decision" and applied for administrative reconsideration to the People's Government of Guangdong Province on January 16, 2017 in accordance with Article 6 of the "Administrative Reconsideration Law of the People's Republic of China". On June 16, 2017, the People's Government of Guangdong Province issued a decision on the administrative reconsideration, which stated “According to the provisions of Item 1 of Paragraph 1 of Article 28 of the Administrative Reconsideration Law of the People's Republic of China, the Administrative Punishment Decision (No. 019-2016 Yuehai Executive Punishment) made by therespondent’s Provincial Department of Ocean and Fisheries is maintained.” Pinghai Power Plant disagreed with the aforementioned administrative reconsideration decision and filed an administrative litigation to the Guangzhou Maritime Court on July 18, 2017. On December 28, 2017, the Guangzhou Maritime Court issued an administrative decision, stated “In accordance with the provisions of Article 69 of the Administrative Procedure Law of the People's Republic of China, the decision is as follows: the claim of the plaintiff Guangdong Huizhou Pinghai Power Plant Co., Ltd was rejected”. Pinghai Power Plant disagreed with the verdict, and lodged an appeal to the Guangdong Provincial Higher People's Court against the verdict, which has not yet been determined. According to the net profit of RMB 937 million attributable to shareholders of the parent company in the previous year (2016), the amount involved in the above lawsuit affects the net profit attributable to shareholders of the parent company of approximately RMB 77.4 million, which accounts for approximately 8.26% of the net profit of the most recently audited period, which does not constitute a major impact on the Company.
As of the disclosure date of this report, the above-mentioned administrative punishment and the administrative litigation matter are still in the process of multi-party communication and coordination. According to the “Asset Purchase Agreement by Share Issuance” signed between Energy Group and the Company in 2012, Energy Group shall compensate the Company for the actual loss caused by the above-said matter in accordance with the result of the matter.
2. Guangdong Yudean Pinghai Power General Plant Co., Ltd., a controlling subsidiary of the Company, received the Decision on Administrative Punishment (YHDCF[2019] No.042-1) issued by Huidong County Oceanic and Fishery Bureau on November 13, 2018. The act of illegally occupying 1.2813 hectares of sea area by Pinghai
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 Power Plant to construct a sand barrier violated the provisions of the second paragraph of Article 3 of the Law of the People's Republic of China on the Use of Sea Areas and the decision was that "It is ordered to return the illegally occupied sea area, restore the sea area to its original state, and imposed an administrative penalty of RMB 11,531,700". According to the Company's audited net profit attributable to the shareholders of the parent company of 743 million yuan in 2017, the amount of the above administrative penalty affects the net profit attributable to the shareholders of the parent company of about 5,189,300 yuan, accounting for about0.7% of the latest audited net profit. Pinghai Power Plant refused to accept the punishment measures in the Decision on Administrative Punishment and filed an application for administrative reconsideration.
On April 7, 2019, Huidong County People's Government issued the Administrative Reconsideration Decision (HDFXF[2019] No.2), maintaining the original decision of Huidong County Bureau of Ocean and Fisheries on administrative punishment. Pinghai Power Plant refused to accept the above-mentioned administrative reconsideration decision and brought an administrative lawsuit to Guangzhou Maritime Court on April 29, 2019. Guangzhou Maritime Court held a hearing on June 12, 2019. No judgment has yet been reached.
As of the disclosure date of this report, the above-mentioned administrative punishment and the administrative litigation matter are still in the process of multi-party communication and coordination. According to the “Asset Purchase Agreement by Share Issuance” signed between Energy Group and the Company in 2012, Energy Group shall compensate the Company for the actual loss caused by the above-said matter in accordance with the result of the matter.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 VI. Change of share capital and shareholding of Principal
Shareholders
I. Changes in share capital
1. Changes in share capital
In shares
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
||Before the change||Increase/decrease（+，-）|||||After the Change||
||Amount|Proportion|||Capitaliz|||||
||||||ation of|||||
||||Share|Bonus||||||
||||||common|Other|Subtotal|Quantity|Proportion|
||||allotment|shares||||||
||||||reserve|||||
||||||fund|||||
|I. Share with conditional||||||||||
||1,897,968,946|36.15%||||||1,897,968,946|36.15%|
|subscription||||||||||
|2. State-owned legal person||||||||||
||1,893,342,621|36.06%||||||1,893,342,621|36.06%|
|shares||||||||||
|3.Other domestic shares|4,626,325|0.09%||||||4,626,325|0.09%|
|Of which：Domestic legal||||||||||
||4,620,666|0.09%||||||4,620,666|0.09%|
|person shares||||||||||
|Domestic natural person||||||||||
||5,659|0%||||||5,659|0%|
|shares||||||||||
|II. Shares with unconditional||||||||||
||3,352,315,040|63.85%||||||3,352,315,040|63.85%|
|subscription||||||||||
|1.Common shares in RMB|2,553,907,040|48.64%||||||2,553,907,040|48.64%|
|2.Foreign shares in domestic||||||||||
||798,408,000|15.21%||||||798,408,000|15.21%|
|market||||||||||
|III. Total of capital shares|5,250,283,986|100%||||||5,250,283,986|100%|

 Reasons for share changed
□Applicable√Not applicable
Approval of Change of Shares
□Applicable√Not applicable
Ownership transfer of share changes
□Applicable√Not applicable
Progress on any share repurchase:
□ Applicable√ Not applicable
Progress on reducing the repurchased shares by means of centralized bidding:
□ Applicable√ Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable to common shareholders of Company in latest year and period
□ Applicable√ Not applicable
Other information necessary to disclose for the company or need to disclosed under requirement from security regulators
□ Applicable√Not applicable
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 2. Change of shares with limited sales condition
□ Applicable√Not applicable
Ⅱ.Issuing and listing
□ Applicable√Not applicable
III. Shareholders and shareholding
In Shares
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
|Total number of common|||||Total number of preferred||||||||
|shareholders at the end of the||98,303|||shareholders that had restored the voting right at the|||||0|||
|reporting period|||||end of the reporting period (if any) (note 8)||||||||
|Particulars about shares held above 5% by shareholders or top ten shareholders|||||||||||||
|||||||Changes|||||Number of share||
|||||Proportion|Number of||Amount of||Amount of||||
||Nature of|||||in|||||pledged/frozen||
|Shareholders||||of shares|shares held at||restricted||un-restricted||||
||shareholder|||||reporting|||||State of||
|||||held（%）|period -end||shares held||shares held|||Amount|
|||||||period|||||share||
|Guangdong EnergyGroup Co., Ltd.|State-ownedlegal person|||67.39%|3,538,005,285||1,893,342,621||1,644,662,664||||
|China SecuritiesFinance Co., Ltd.|State-ownedlegal person|||2.84%|148,862,420||||||||
|Shenzhen GuangfaElectric PowerInvestment Co., Ltd.|State-ownedlegal person|||2.22%|116,693,602||||||||
|Guangdong ElectricPower DevelopmentCorporation|State-ownedlegal person|||1.80%|94,367,341||||||||
|Li Zhuo|DomesticNatural person|||0.61%|31,932,923|390,600|||||||
|Zheng Jianxiang|DomesticNatural person|||0.43%|22,625,098|57,400|||||||
|Harbin Hali IndustryCo., Ltd.|DomesticNon-State ownedlegal person|||0.41%|21,758,045|815,400|||||||
|National Social SecurityFund 103 portfolio|DomesticNon-State ownedlegal person|||0.36%|18,994,982|-6,000,000|||||||
|CHINA INT'LCAPITAL CORPHONG KONGSECURITIES LTD|Overseas Legalperson|||0.29%|15,316,066||||||||
|Harbin Daoli DistrictCharity Foundation|DomesticNon-State ownedlegal person|||0.26%|13,730,793|7,900|||||||
|||||The fourth largest shareholder Guangdong Electric Power Development Corporation is|||||||||
|Explanation on associated relationship||||the wholly-owned subsidiaries of the largest shareholder Energy Group. These two|||||||||
|among the aforesaid shareholders||||companies have relationships; whether the other shareholders have relationships or|||||||||
|||||unanimous acting was unknown|||||||||
|Shareholding of top 10 shareholders of unrestricted shares|||||||||||||
||||Quantity of unrestricted shares held at the end|||||Share type|||||
|Name of the shareholder|||||||||||||
||||of the reporting period|||||Share type|||Quantity||
|Guangdong Energy Group Co., Ltd.|||1,644,662,664|||||RMB Common shares|||||
|China Securities Finance Co., Ltd.|||148,862,420|||||RMB Common shares|||||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|Shenzhen Guangfa Electric PowerInvestment Co., Ltd.|116,693,602||
|||RMB Common shares|
|Guangdong Electric Power DevelopmentCorporation|94,367,341||
|||RMB Common shares|
|Li Zhuo|31,932,923|RMB Common shares|
|Zheng Jianxiang|22,625,098|Foreign shares placed|
|||in domestic exchange|
|Harbin Hali Industry Co., Ltd.|21,758,045|RMB Common shares|
|National Social Security Fund 103portfolio|18,994,982||
|||RMB Common shares|
|CHINA INT'L CAPITAL CORP HONGKONG SECURITIES LTD|15,316,066|Foreign shares placed|
|||in domestic exchange|
|Harbin Daoli District CharityFoundation|13,730,793||
|||RMB Common shares|
|Explanation on associated relationship|||
|or consistent action among the top 10|The fourth largest shareholder Guangdong Electric Power Development Corporation is||
|shareholders of non-restricted negotiable|the wholly-owned subsidiaries of the largest shareholder Energy Group. These two||
|shares and that between the top 10|companies have relationships; whether the other shareholders have relationships or||
|shareholders of non-restricted negotiable|unanimous acting was unknown.||
|shares and top 10 shareholders|||
||The Fifth largest shareholder Li Zhuo holds425,600 A shares of the Company through A||
||shares ordinary stock account, and holds 31,507,323A shares of the Company through||
||stock account with credit transaction and guarantee, hold31,932,923 shares of the||
||Company's stock totally.||
||The seventh largest shareholder Harbin Hali Industry Co., Ltd. holds815,400 A shares of||
|Explanation on shareholders|||
||the Company through A shares ordinary stock account, and holds 20,942,645A shares of||
|participating in the margin trading|||
||the Company through stock account with credit transaction and guarantee,||
|business(if any )(See Notes 4)|||
||hold21,758,045 shares of the Company's stock totally.||
||The Tenth largest shareholder Harbin Daoli District Charity Foundation holds80,187 A||
||shares of the Company through A shares ordinary stock account, and holds 13,650,606A||
||shares of the Company through stock account with credit transaction and guarantee, hold||
||13,730,793 shares of the Company's stock totally.||

Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a buy-back agreement dealing in reporting period.
□ Yes√ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company have no buy–back agreement dealing in reporting period.
IV. Change of the controlling shareholder or the actual controller
Change of the controlling shareholder in the reporting period
□ Applicable√ Not Applicable
There was no any change of the controlling shareholder of the Company in the reporting period.
Change of the actual controller in the reporting period
□ Applicable√ Not applicable
There was no any change of the actual controller of the Company in the reporting period.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 VII. Situation of the Preferred Shares
□Applicable√Not applicable
The Company had no preferred shares in the reporting period
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 VIII. Information about Directors, Supervisors and Senior Executives I. Change in shares held by directors, supervisors and senior executives
□Applicable√Not applicable
There was no change in shareholding of directors, supervisors and senior management staffs, for the specific information please refer to the 2018 Annual Report.
II. Changes in directors, supervisors and senior management staffs
√ Applicable□ Not applicable
||||||
|-|-|-|-|-|
|Name|Title|Type|Date|Reason|
|||||Elected as Director of the Ninth Board of directors|
|Yan Ming|Director|Elected|February 21,2019|of the Company by the First Provisional General|
|||||shareholder’s Meeting of 2019|
|Zhou Xian|Director|Dismissal|February 21,2019|Job changes|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 IX. Corporate Bond
Whether the company has corporate bonds that have been publicly issued and listed on the stock exchange, and not yet due or due but not folly cashed on the approval date of annual report
Yes
1.Basic information of corporate bonds
|||||||||
|-|-|-|-|-|-|-|-|
||Bond short||||Bond balance|Interest||
|Bond name||Bond code|Issue day|Due day|||Servicing way|
||name||||(Ten thousand )|rate||
||||||||Using simple interest rate on a|
|2012 Corporate|||||||yearly basis, regardless of|
|bonds of Guangdong|||||||compound interest. Due payments|
||12 Yudean||March|March||||
|Electric Power||112162.SZ|||4,030.65|4.95%|once a year, maturing debt at a|
||Bond||18,2013|17,2020||||
|Development Co.,|||||||time. In the final phase, interest is|
|Ltd..|||||||paid together with the principal|
||||||||redemption.|
|Corporate bonds listed or trading||||||||
|||Shenzhen Stock Exchange||||||
|places||||||||
|Investor Proper Arrangement||Not applicable||||||
|||On March 19, 2019, the company paid the bond interest for the current year to all the current||||||
|During the reporting period,||||||||
|||bondholders who have registered in China Securities Depository and Clearing Co., Ltd.||||||
|interest payment situation of the||||||||
|||Shenzhen Branch by the closing of Shenzhen Stock Exchange on the afternoon of March 15,||||||
|company bonds||||||||
|||2019.||||||
|If the corporate bonds attached to||||||||
|special clauses to the issuer or the||The term of the current bonds is 7 years, attaching the option that the issuer will redeem at the||||||
|investors such as option clause||end of the fifth year, the option that the issuer raises the coupon rate and the option that the||||||
|and exchangeable clause, please||investors will put back. The above terms and conditions have been implemented in 2018. For||||||
|specify the implementation status||details, please refer to the company's "2018 Annual Report".||||||
|of the corresponding clauses.||||||||
|(When applicable)||||||||

2. Bond trustee and the credit rating agency information
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
|Bond trustee：||||||||||
||CITIC||22/F, CITIC Securities|||||||
||||Building , No.48.||||Song Yilan,|||
|Name|Securities Co.,|Office|||Contact|||Tel|010-60838888|
||||Liangmaqiao Road,||||Yang Xin|||
||Ltd.|||||||||
||||Chaoyang District , Beijing|||||||
|The credit rating agencies which follow and rate the corporate bond during the reporting period||||||||||
|||||||8/F, Anji Building, No.760, Tibet South Road,||||
|Name|CCXR|||Office address||||||
|||||||Huangpu District, Shanghai.||||

III. The usage of corporate bonds to raise money
|||
|-|-|
||According to the relevant contents in the Prospectus of the Issuance of Bonds|
||announced on March 14, 2013, the company planned to use RMB 820 million of the|
|The usage and performance of raised funds||
||raised funds to repay the loans, thus to adjust the debt structure; the remaining RMB|
|from Corporate bonds||
||380 million of the raised funds planned for supplementing the company’s liquidity, so|
||as to improve the company’s funds status.|
|At the end of balance (Ten thousand)|0|
|Special fund raising account operation|The net amount of the funds raised by the bonds had been remitted to the company’s|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
|||
|-|-|
||designated bank account on March 20, 2013, of which the amount of RMB 820 million|
||of the raised funds had been used for repaying the loans, so as to adjust the debt|
||structure; the remaining RMB 380 million of the raised funds used for supplementing|
||the company’s liquidity, so as to improve the company’s funds status.|
|Whether the usage of the raised money||
|corresponding to the purposes of promise,|Yes|
|use plans, and other agreement||

IV.Corporate bond rating information
On May 14, 2019, CCXR traced and analyzed the credit status of the company and thecompany’s bonds of “12-Yudean Bonds”, Finalized by the China Credit Rating Credit Rating Committee, maintained the credit rating of AAA for the main body of the company, with a stable outlook; maintained the credit rating of AAA for the corporate bonds.(The rating results were disclosed on the website: http://www.ccxr.com.cn/, with the title of Tracking and Rating Report for the 2012-Corpoprate Bonds of Guangdong Electric Power Development Co., Ltd(2019). V.Corporate bond credit mechanism, the debt repayment plans and other security measures
(1)The credit-raising mechanism: No guarantee of thecompany’s bonds. After the comprehensive assessment by CCXR, the credit rating of the main body of the company is AAA with a stable outlook, and the credit rating of the corporate bonds is AAA.
(2)The repayment plan: The interest of the bonds commenced from the date of March 18, 2013, and the interest of the bonds shall be paid once each year within the duration of the bonds after the commencement date of the interest. The date of March 18 of each year in the period from 2014 to 2020 shall be the interest paying day for paying the recent fullyear’s bond interests (If it is not a working day, the payment day will be postponed to the first working day after the day).
During the reporting period, some investors exercised the put-back option. The put-back quantity of “12 Yudean Debt” was 11,596,935 sheets, and the put-back amount was RMB 1,217,087,933.25 (including interest). On March 16, 2018, the company paid the principal and interest of some of the bonds of this “12 Yudean Debt” back to the designated bank account of China Securities Depository and Clearing Co., Ltd. Shenzhen Branch in full amount, and paid to theinvestor’s fund account on March 16, 2018.
The quantity of remaining bonds is 403,065 sheets, and the maturity date is March 18, 2020. The principal and the final interest will be paid at the expire date. and the corresponding principal and the last fullyear’s interest will be repaid.
(3) Safeguard measures for the repayment: in order to fully and effectively safeguard the interests of the bondholders, the company had made a series of work plans for the full repayment of the bonds that can be implemented on time, including the designated department and personnel, arrangement of repaying the bonds, establishment of the management measures, doing good organization and coordination, strengthening the information disclosure and so on, strived to form a set of safeguard measures for ensuing the repayment of the bonds.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 VI. During the reporting period the bondholder meeting
During the reporting period, the company did not hold bondholders meeting.
VII. During the reporting period the bond trustee perform his duties
Thecompany’s bond trustee- CITIC Securities Co., Ltd safeguarded the legal rights of the bond holders with in accordance with the law and performed the obligations stipulated in the Prospectus of the Issuance of Bonds and other publicly disclosed documents, hence continuously followed up and acquainted the relevant information of the company during the entrusting period, issued and provided the regular report of the bond trustee, with in accordance with thecompany’s information being followed up and acquainted.
During the reporting period, CITIC Securities Co., Ltd issued the Report of the 2012 Corporate Bonds Trustee for Guangdong Electric Power Development Co., Ltd(year of 2018) on May 9, 2019, and the report was disclosed on the cninf website on May 10, 2019 by the company.
VIII.During the reporting period, the company's major accounting data and financial indicators for last 2 years Ten Thousands yuan
|||||
|-|-|-|-|
|Items|2018|2017|At the same time rate of change|
|Current ratio|60.28%|62.89%|-2.61%|
|Debt ratio|55.92%|57.02%|-1.10%|
|Quick ratio|46.63%|47.35%|-0.72%|
||Reporting period|The same period of last year|At the same time rate of change|
|EBITDA interest coverage ratio|2.41|2.56|-5.86%|
|Loans repayment rate|100 %|100 %|0 %|
|Interest payment rate|100 %|100 %|0 %|

 The material reasons for the changed ratio of the accounting data or financial indicators exceeds30% over the last year
□ Applicable√Not applicable
IX. The company fails to repay the debt
□ Applicable√ Not applicable
No such cases in the reporting period.
X. Information about the repayment of interest and principal for other bonds or debt financing instruments 1. the Company publicly issued 12 Yudean bonds to the public with a nominal amount of RMB 1,200,000,000 and a term of5+2 years. It is a kind of real-name book-entry corporate bonds. The interest paid back during the reporting period was RMB 1,995,172.
2.The Company issued 18 Yudean MTN001 on August 24, 2018, with an issue amount of RMB 800,000,000 for a period of 3 years. During the reporting period, the Company repaid the principal and interest of RMB 0.
3.The Company issued 18 Yudean SCP002 on August 24, 2018, with an issue amount of RMB 600,000,000 for a period of 180 days. During the reporting period, the Company repaid the principal and interest of RMB610,652,055.
4.The Company issued 18 Yudean SCP004 on December 27, 2018, with an issue amount of RMB 500,000,000 for
a period of 152 days. During the reporting period, the Company repaid the principal and interest of
RMB506,413,151.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 5.The Company issued 18 Yudean SCP001 on February 18, 2019, with an issue amount of RMB 600,000,000 for a period of 180 days. During the reporting period, the Company repaid the principal and interest of RMB0. 6.The Company issued 18 Yudean SCP002 on May 24, 2019, with an issue amount of RMB 600,000,000 for a period of 180 days. During the reporting period, the Company repaid the principal and interest of RMB0.
XI.Information about the bank credit obtaining and use, as well as repayment of the bank loans during the reporting period
In ther report period, the company signed an unconditional available bank amount limit of about RMB 47.299 billion, of which the used amount limit was RMB 24.688 billion, thus the remaining available bank amount limit was about RMB 22.611 billion. In this year, the company repaid bank loans of about RMB7.932 billion, and the balance of bank loans was RMB 26.804 billion.
XII. Information about fulfillment of the stipulations or commitments specified in the Prospectus of the issuance of the bonds during the reporting period
The company had committed to pay the principal and interests to the bondholders according to the stipulations of the prospectus of “Yudean Bonds” issuance. During the reporting period, the company strictly fulfilled the above commitments. On March 18, 2019, and paid the bond interest to all the current bondholders who have registered in China Securities Depository and Clearing Co., Ltd. Shenzhen Branch by the closing of Shenzhen Stock Exchange on the afternoon of March 15, 2019.
XIII. Major events occurred during the reporting period
Nil
XIV. Whether the corporate bonds have a guarantor
□ Yes√No
X. Financial Report
I. Audit report
Has this semi-annual report been audited?
□ Yes√ No
The semi-annual financial report has not been audited.
II. Financial statements
Currency unit for the statements in the notes to these financial statements: RMB
1. Consolidated balance sheet
Preparedby：Guangdong Electric Power Development Co., Ltd.
In RMB
||||
|-|-|-|
|Items|June 30,2019|December 31,2018|
|Current asset：|||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|Monetary fund|5,199,734,595|5,574,382,892|
|Settlement provision|||
|Outgoing call loan|||
|Transactional financial assets|37,203||
|Financial assets measured at fair|||
|value with variations accounted into|||
|current income account|||
|Derivative financial assets|||
|Notes receivable|||
|Account receivable|3,264,118,313|3,358,331,949|
|Financing of receivables|||
|Prepayments|844,155,255|906,261,046|
|Insurance receivable|||
|Reinsurance receivable|||
|Provisions of Reinsurance contracts|||
|receivable|||
|Other account receivable|298,620,587|222,976,826|
|Including：Interest receivable|23,038,895|18,856,569|
|Dividend receivable|||
|Repurchasing of financial assets|||
|Inventories|1,812,173,995|1,481,817,270|
|Contract assets|||
|Assets held for sales|||
|Non-current asset due within 1 year|||
|Other current asset|309,914,282|617,853,476|
|Total of current assets|11,728,754,230|12,161,623,459|
|Non-current assets：|||
|Loans and payment on other’s behalf|||
|disbursed|||
|Debt investment|||
|Available for sale of financial assets||1,565,806,331|
|Other investment on bonds|||
|Expired investment in possess|||
|Long-term receivable|90,938,922|89,762,071|
|Long term share equity investment|6,495,819,304|6,395,134,754|
|Other equity instruments investment|1,720,652,013||
|Other non-current financial assets|||
|Property investment|10,097,905|10,810,722|
|Fixed assets|40,097,107,758|41,157,594,848|
|Construction in progress|8,373,522,376|7,740,754,343|
|Production physical assets|||
|Oil & gas assets|||
|Use right assets|||
|Intangible assets|1,845,115,425|1,863,588,771|
|Development expenses|||
|Goodwill|2,449,886|2,449,886|
|Long-germ expenses to be amortized|20,482,276|22,089,179|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|Deferred income tax asset|456,618,087|448,431,684|
|Other non-current asset|2,046,484,303|1,871,616,258|
|Total of non-current assets|61,159,288,255|61,168,038,847|
|Total of assets|72,888,042,485|73,329,662,306|
|Current liabilities|||
|Short-term loans|6,916,200,000|7,526,000,000|
|Loan from Central Bank|||
|Borrowing funds|||
|Transactional financial liabilities|||
|Financial liabilities measured at fair|||
|value with variations accounted into|||
|current income account|||
|Derivative financial liabilities|||
|Notes payable|1,247,696,862|941,161,107|
|Account payable|2,251,908,661|2,196,600,415|
|Advance receipts|292,713|343,894|
|Selling of repurchased financial assets|||
|Deposit taking and interbank|||
|deposit|||
|Entrusted trading of securities|||
|Entrusted selling of securities|||
|Employees’ wage payable|251,270,338|235,741,179|
|Tax payable|489,590,123|397,001,706|
|Other account payable|3,842,521,518|4,152,518,495|
|Including：Interest payable|147,098,684|59,316,077|
|Dividend payable|9,796,594|9,703,930|
|Fees and commissions payable|||
|Reinsurance fee payable|||
|Contract Liabilities|||
|Liabilities held for sales|||
|Non-current liability due within 1|||
||3,249,068,381|2,779,347,654|
|year|||
|Other current liability|1,207,789,479|1,107,904,110|
|Total of current liability|19,456,338,075|19,336,618,560|
|Non-current liabilities：|||
|Reserve fund for insurance|||
|contracts|||
|Long-term loan|17,660,996,020|18,802,292,664|
|Bond payable|798,457,333|838,326,742|
|Including：preferred stock|||
|Sustainable debt|||
|Lease liability|||
|Long-term payable|2,267,578,098|2,311,513,249|
|Long-term remuneration payable to|||
||107,427,012|122,913,388|
|staff|||
|Expected liabilities|||
|Deferred income|132,740,704|133,043,646|
|Deferred income tax liability|167,777,137|100,726,841|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|Other non-current liabilities|166,405,569|166,405,569|
|Total non-current liabilities|21,301,381,873|22,475,222,099|
|Total of liability|40,757,719,948|41,811,840,659|
|Owners’ equity|||
|Share capital|5,250,283,986|5,250,283,986|
|Other equity instruments|||
|Including：preferred stock|||
|Sustainable debt|||
|Capital reserves|5,102,846,886|5,102,846,886|
|Less：Shares in stock|||
|Other comprehensive income|607,522,715|550,010,133|
|Special reserve|||
|Surplus reserves|8,245,767,593|7,834,155,143|
|Common risk provision|||
|Retained profit|5,344,946,034|5,490,006,140|
|Total of owner’s equity belong to the|||
||24,551,367,214|24,227,302,288|
|parent company|||
|Minority shareholders’ equity|7,578,955,323|7,290,519,359|
|Total of owners’ equity|32,130,322,537|31,517,821,647|
|Total of liabilities and owners’ equity|72,888,042,485|73,329,662,306|

 Legal representative：Wang Jin
Person-in-charge of the accountingwork：Liu Wei
Person-in -charge of the accountingorgan：Meng Fei
2. Balance sheet of Parent Company
In RMB
||||
|-|-|-|
|Items|June 30,2019|December 31, 2018|
|Current asset：|||
|Monetary fund|438,191,159|385,577,463|
|Transactional financial assets|37,203||
|Financial assets measured at fair|||
|value with variations accounted into|||
|current income account|||
|Derivative financial assets|||
|Notes receivable|||
|Account receivable|225,163,808|264,537,475|
|Financing of receivables|||
|Prepayments|47,036,819|44,826,500|
|Other account receivable|94,567,387|375,296,228|
|Including：Interest receivable|700,566|1,121,522|
|Dividend receivable||447,956|
|Inventories|159,909,737|187,058,140|
|Contract assets|||
|Assets held for sales|||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|Non-current asset due within 1|||
|year|||
|Other current asset|199,679|199,679|
|Total of current assets|965,105,792|1,257,495,485|
|Non-current assets：|||
|Debt investment|||
|Available for sale of financial assets||1,565,806,331|
|Other investment on bonds|||
|Expired investment in possess|||
|Long-term receivable|306,460,000|306,460,000|
|Long term share equity investment|25,698,970,548|24,699,820,321|
|Other equity instruments investment|1,720,652,013||
|Other non-current financial assets|||
|Property investment|7,343,242|7,661,041|
|Fixed assets|842,115,992|978,022,437|
|Construction in progress|12,665,153|9,394,075|
|Production physical assets|||
|Oil & gas assets|||
|Use right assets|||
|Intangible assets|84,959,102|86,681,362|
|Development expenses|||
|Goodwill|||
|Long-germ expenses to be amortized|||
|Deferred income tax asset|||
|Other non-current asset|356,004,000|356,004,000|
|Total of non-current assets|29,029,170,050|28,009,849,567|
|Total of assets|29,994,275,842|29,267,345,052|
|Current liabilities|||
|Short-term loans|1,500,000,000|1,500,000,000|
|Transactional financial liabilities|||
|Financial liabilities measured at fair|||
|value with variations accounted into|||
|current income account|||
|Derivative financial liabilities|||
|Notes payable|||
|Account payable|155,190,455|223,827,319|
|Advance receipts|||
|Contract Liabilities|||
|Employees’ wage payable|46,544,032|53,346,100|
|Tax payable|46,340,743|48,590,195|
|Other account payable|114,622,158|98,528,954|
|Including：Interest payable|31,200,062|15,787,356|
|Dividend payable|9,796,594|9,703,930|
|Liabilities held for sales|||
|Non-current liability due within 1|||
||40,284,563||
|year|||
|Other current liability|1,207,789,479|1,107,904,110|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|Total of current liability|3,110,771,430|3,032,196,678|
|Non-current liabilities：|||
|Long-term loan|1,500,000,000|1,500,000,000|
|Bond payable|798,457,333|838,326,742|
|Including：preferred stock|||
|Sustainable debt|||
|Lease liability|||
|Long-term payable|3,025,750|4,340,898|
|Long-term remuneration payable tostaff|||
||30,668,978|32,170,769|
|Expected liabilities|||
|Deferred income|48,362,943|48,362,943|
|Deferred income tax liability|166,511,917|99,461,621|
|Other non-current liabilities|||
|Total non-current liabilities|2,547,026,921|2,522,662,973|
|Total of liability|5,657,798,351|5,554,859,651|
|Owners’ equity|||
|Share capital|5,250,283,986|5,250,283,986|
|Other equity instruments|||
|Including：preferred stock|||
|Sustainable debt|||
|Capital reserves|5,605,794,601|5,605,794,601|
|Less：Shares in stock|||
|Other comprehensive income|607,522,715|550,010,133|
|Special reserve|||
|Surplus reserves|8,245,767,593|7,834,155,143|
|Retained profit|4,627,108,596|4,472,241,538|
|Total of owners’ equity|24,336,477,491|23,712,485,401|
|Total of liabilities and owners’ equity|29,994,275,842|29,267,345,052|

 3.Consolidated Income Statement
In RMB
||||
|-|-|-|
|Item|Semi-annual of 2019|Semi-annual of 2018|
|I. Income from the key business|12,874,181,250|13,894,985,179|
|Incl：Business income|12,874,181,250|13,894,985,179|
|Interest income|||
|Insurance fee earned|||
|Fee and commission received|||
|II. Total business cost|12,036,981,919|13,213,530,804|
|Incl：Business cost|11,024,143,476|12,200,856,427|
|Interest expense|||
|Fee and commission paid|||
|Insurance discharge payment|||
|Net claim amount paid|||
|Insurance policy dividend paid|||
|Insurance policy dividend paid|||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|Reinsurance expenses|||
|Business tax and surcharge|93,365,358|99,532,565|
|Sales expense|12,844,788|10,316,130|
|Administrative expense|270,884,804|270,794,513|
|R & D expense|347,523|912,371|
|Financial expenses|635,395,970|631,118,798|
|Including：Interest expense|664,009,453|657,904,963|
|Interest income|31,661,505|29,906,705|
|Add：Other income|39,472,856|17,030,759|
|Investment gain（“-”for loss）|304,451,356|291,018,592|
|Including: investment gains from|||
||273,618,214|272,404,985|
|affiliates|||
|Financial assets measured at amortized|||
|cost cease to be recognized as income|||
|Gains from currency exchange|||
|Net exposure hedging income|||
|Changing income of fair value|30,626||
|Credit impairment loss|-523,441||
|Impairment loss of assets|||
|Assets disposal income||388,507|
|III. Operational profit（“-”for loss）|1,180,630,728|989,892,233|
|Add ：Non-operational income|5,293,187|52,608,901|
|Less: Non-operating expense|20,234,696|1,814,323|
|IV. Total profit(“-”for loss)|1,165,689,219|1,040,686,811|
|Less：Income tax expenses|309,835,930|307,767,578|
|V. Net profit|855,853,289|732,919,233|
|(I) Classification by business|||
|continuity|||
|1.Net continuing operating profit|855,853,289|732,919,233|
|2.Termination of operating net profit|||
|(II) Classification by ownership|||
|1.Net profit attributable to the owners of|||
||581,569,383|448,833,518|
|parent company|||
|2.Minority shareholders’ equity|274,283,906|284,085,715|
|VI. Net after-tax of other comprehensive|||
||57,512,582|-46,851,817|
|income|||
|Net of profit of other comprehensive inco|57,512,582|-46,851,817|
|me attributable to owners of the parent co|||
|mpany.|||
|（I）Other comprehensive income items|||
|that will not be reclassified into|57,512,582||
|gains/losses in the subsequent accounting|||
|period|||
|1.Re-measurement of defined benefit pla|||
|ns of changes in net debt or net assets|||
|2.Other comprehensive income under the|||
|equity method investee can not be reclass|||
|ified into profit or loss.|||
|3. Changes in the fair value of|57,512,582||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|investments in other equity instruments|||
|4. Changes in the fair value of the|||
|company’s credit risks|||
|5.Other|||
|（II）|||
|||-46,851,817|
|Other comprehensive income that will be|||
|reclassified into profit or loss.|||
|1.Other comprehensive income under the|||
|equity method investee can be reclassifie|||
|d into profit or loss.|||
|2. Changes in the fair value of|||
|investments in other debt obligations|||
|3.Gains and losses from changes in fair v||-46,851,817|
|alue available for sale financial assets|||
|4. Other comprehensive income arising|||
|from the reclassification of financial|||
|assets|||
|5.Held-to-maturity investments reclassifi|||
|ed to gains and losses of available for sal|||
|e financial assets|||
|6. Allowance for credit impairments in|||
|investments in other debt obligations|||
|7. Reserve for cash flow hedges|||
|8.Translation differences in currency fina|||
|ncial statements|||
|9.Other|||
|Net of profit of other comprehensive inco|||
|me attributable to Minority shareholders’|||
|equity|||
|VII. Total comprehensive income|913,365,871|686,067,416|
|Total comprehensive income attributable|||
||639,081,965|401,981,701|
|to the owner of the parent company|||
|Total comprehensive income|||
||274,283,906|284,085,715|
|attributable minority shareholders|||
|VIII. Earnings per share|||
|（I）Basic earnings per share|0.1108|0.0855|
|(II)Diluted earnings per share|0.1108|0.0855|

 Legal representative：Wang Jin
Person-in-charge of the accountingwork：Liu Wei
Person-in -charge of the accountingorgan：Meng Fei
4. Income statement of the Parent Company
In RMB
||||
|-|-|-|
|Items|Semi-annual of 2019|Semi-annual of 2018|
|I. Income from the key business|984,909,082|1,148,346,022|
|Incl：Business cost|978,133,881|1,083,181,215|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|Business tax and surcharge|5,890,693|4,615,124|
|Sales expense|675,889|917,618|
|Administrative expense|36,863,889|37,549,008|
|R & D expense|269,693|912,371|
|Financial expenses|100,956,761|100,072,564|
|Including：Interest expenses|101,909,495|100,909,911|
|Interest income|2,477,731|2,753,042|
|Add：Other income|10,000|284,896|
|Investment gain（“-”for loss）|1,065,475,482|1,075,719,889|
|Including: investment gains from|||
||270,083,891|270,075,688.23|
|affiliates|||
|Financial assets measured at|||
|amortized cost cease to be recognized|||
|as income|||
|Net exposure hedging income|||
|Changing income of fair value|30,626||
|Credit impairment loss|-303,753||
|Impairment loss of assets|||
|Assets disposal income|3,218,915|-32,933|
|II. Operational profit（“-”for loss）|930,549,546|997,069,974|
|Add ：Non-operational income|7,842|127,262|
|Less：Non -operational expenses|1,181,405|676,668|
|III. Total profit(“-”for loss)|929,375,983|996,520,568|
|Less：Income tax expenses|47,879,436||
|IV. Net profit|881,496,547|996,520,568|
|1.Net continuing operating profit|881,496,547|996,520,568|
|2.Termination of operating net profit|||
|V. Net after-tax of other comprehensive|||
||57,512,582|-46,851,818|
|income|||
|（I）Other comprehensive income items|||
|that will not be reclassified into|57,512,582||
|gains/losses in the subsequent|||
|accounting period|||
|1.Re-measurement of defined benefit pl|||
|ans of changes in net debt or net assets|||
|2.Other comprehensive income under th|||
|e equity method investee can not be recl|||
|assified into profit or loss.|||
|3. Changes in the fair value of|||
||57,512,582||
|investments in other equity instruments|||
|4. Changes in the fair value of the|||
|company’s credit risks|||
|5.Other|||
|（II）|||
|||-46,851,818|
|Other comprehensive income that will b|||
|e reclassified into profit or loss.|||
|1.Other comprehensive income under th|||
|e equity method investee can be reclassi|||
|fied into profit or loss.|||
|2. Changes in the fair value of|||
|investments in other debt obligations|||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|3.|||
|Gains and losses from changes in fair v||-46,851,818|
|alue available for sale financial assets|||
|4. Other comprehensive income|||
|arising from the reclassification of|||
|financial assets|||
|5.Held-to-maturity investments reclassif|||
|ied to gains and losses of available for s|||
|ale financial assets|||
|6. Allowance for credit impairments|||
|in investments in other debt obligations|||
|7. Reserve for cash flow hedges|||
|8.|||
|Translation differences in currency fina|||
|ncial statements|||
|9.Other|||
|VI. Total comprehensive income|939,009,129|949,668,750|
|VII. Earnings per share|||
|（I）Basic earnings per share|0.1680|0.1898|
|(II)Diluted earnings per share|0.1680|0.1898|

 5. Consolidated Cash flow statement
In RMB
||||
|-|-|-|
|Items|Semi-annual of 2019|Semi-annual of 2018|
|I.Cash flows from operating activities|||
|Cash received from sales of goods or|||
||14,705,585,514|16,141,817,697|
|rending of services|||
|Net increase of customer deposits|||
|and capital kept for brother company|||
|Net increase of loans from central bank|||
|Net increase of inter-bank loans from|||
|other financial bodies|||
|Cash received against original insurance|||
|contract|||
|Net cash received from reinsurance|||
|business|||
|Net increase of client deposit and|||
|investment|||
|Cash received from interest,|||
|commission charge and commission|||
|Net increase of inter-bank fund received|||
|Net increase of repurchasing business|||
|Net cash received by agent in|||
|securities trading|||
|Tax returned|40,296,334|21,858,952|
|Other cash received from business|||
||162,228,929|214,249,915|
|operation|||
|Sub-total of cash inflow|14,908,110,777|16,377,926,564|
|Cash paid for purchasing of|||
||9,504,880,179|10,919,230,182|
|merchandise and services|||
|Net increase of client trade and advance|||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|Net increase of savings in central bank|||
|and brother company|||
|Cash paid for original contract claim|||
|Net increase in financial assets held|||
|for trading purposes|||
|Net increase for Outgoing call loan|||
|Cash paid for interest, processing fee|||
|and commission|||
|Cash paid for policy dividend|||
|Cash paid to staffs or paid for staffs|779,694,520|729,285,216|
|Taxes paid|468,777,176|691,950,014|
|Other cash paid for business activities|351,317,101|241,928,444|
|Sub-total of cash outflow from business|||
||11,104,668,976|12,582,393,856|
|activities|||
|Net cash generated from /used in|||
||3,803,441,801|3,795,532,708|
|operating activities|||
|II. Cash flow generated by investing|||
|Cash received from investment|||
|retrieving|||
|Cash received as investment gains|197,809,412|165,708,684|
|Net cash retrieved from disposal of|||
|fixed assets, intangible assets, and other||2,295,896|
|long-term assets|||
|Net cash received from disposal of|||
|subsidiaries or other operational units|||
|Other investment-related cash received|||
|Sub-total of cash inflow due to|||
||197,809,412|168,004,580|
|investment activities|||
|Cash paid for construction of fixed|||
|assets, intangible assets and other|1,735,190,767|1,769,542,620|
|long-term assets|||
|Cash paid as investment|78,938,898|98,000,000|
|Net increase of loan against pledge|||
|Net cash received from subsidiaries and|||
|other operational units|||
|Other cash paid for investment|||
|activities|||
|Sub-total of cash outflow due to|||
||1,814,129,665|1,867,542,620|
|investment activities|||
|Net cash flow generated by investment|-1,616,320,253|-1,699,538,040|
|III.Cash flow generated by financing|||
|Cash received as investment|297,000,000|4,000,000|
|Including: Cash received as investment|||
||297,000,000|4,000,000|
|from minor shareholders|||
|Cash received as loans|6,396,276,411|7,575,961,501|
|Cash received from bond placing|||
|Other financing –related cash received|||
|Sub-total of cash inflow from financing|||
||6,693,276,411|7,579,961,501|
|activities|||
|Cash to repay debts|7,933,799,586|7,102,027,135|
|Cash paid as dividend, profit, or|||
||1,320,358,435|1,505,845,837|
|interests|||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|Including: Dividend and profit paid by|||
||282,847,942|327,712,545|
|subsidiaries to minor shareholders|||
|Other cash paid for financing activities||136,080,000|
|Sub-total of cash outflow due to|||
||9,254,158,021|8,743,952,972|
|financing activities|||
|Net cash flow generated by financing|-2,560,881,610|-1,163,991,471|
|IV. Influence of exchange rate|||
||45|93|
|alternation on cash and cash equivalents|||
|V.Net increase of cash and cash|||
||-373,760,017|932,003,290|
|equivalents|||
|Add: balance of cash and cash|||
||5,570,382,892|4,996,580,490|
|equivalents at the beginning of term|||
|VI ..Balance of cash and cash|||
||5,196,622,875|5,928,583,780|
|equivalents at the end of term|||

6. Cash flow statement of the Parent Company
In RMB
||||
|-|-|-|
|Items|Semi-annual of 2019|Semi-annual of 2018|
|I.Cash flows from operating activities|||
|Cash received from sales of goods or|||
||1,136,209,449|1,280,393,400|
|rending of services|||
|Tax returned|||
|Other cash received from business|||
||26,129,308|30,151,895|
|operation|||
|Sub-total of cash inflow|1,162,338,757|1,310,545,295|
|Cash paid for purchasing of|||
||881,437,635|1,071,447,386|
|merchandise and services|||
|Cash paid to staffs or paid for staffs|139,542,668|142,438,363|
|Taxes paid|40,999,760|30,081,576|
|Other cash paid for business activities|26,198,514|34,140,083|
|Sub-total of cash outflow from business|||
||1,088,178,577|1,278,107,408|
|activities|||
|Net cash generated from /used in|||
||74,160,180|32,437,887|
|operating activities|||
|II. Cash flow generated by investing|||
|Cash received from investment|||
||300,209,927|187,920,000|
|retrieving|||
|Cash received as investment gains|969,950,713|959,750,429|
|Net cash retrieved from disposal of|||
|fixed assets, intangible assets, and other|3,808,750|19,137|
|long-term assets|||
|Net cash received from disposal of|||
|subsidiaries or other operational units|||
|Other investment-related cash received|||
|Sub-total of cash inflow due to|||
||1,273,969,390|1,147,689,566|
|investment activities|||
|Cash paid for construction of fixed|||
|assets, intangible assets and other|11,242,719|57,108,206|
|long-term assets|||
|Cash paid as investment|980,554,158|546,000,000|
|Net cash received from subsidiaries and|||
|other operational units|||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|Other cash paid for investment|||
|activities|||
|Sub-total of cash outflow due to|||
||991,796,877|603,108,206|
|investment activities|||
|Net cash flow generated by investment|282,172,513|544,581,360|
|III. Cash flow generated by financing|||
|Cash received as investment|||
|Cash received as loans|1,499,400,000|3,030,805,608|
|Cash received from bond placing|||
|Other financing –related ash received|||
|Sub-total of cash inflow from|||
||1,499,400,000|3,030,805,608|
|financing activities|||
|Cash to repay debts|1,401,515,857|3,059,693,500|
|Cash paid as dividend, profit, or|||
||401,603,186|567,661,585|
|interests|||
|Other cash paid for financing activities|||
|Sub-total of cash outflow due to|||
||1,803,119,043|3,627,355,085|
|financing activities|||
|Net cash flow generated by financing|-303,719,043|-596,549,477|
|IV. Influence of exchange rate|||
||45|93|
|alternation on cash and cash equivalents|||
|V.Net increase of cash and cash|||
||52,613,695|-19,530,137|
|equivalents|||
|Add: balance of cash and cash|||
||385,577,463|429,724,538|
|equivalents at the beginning of term|||
|VI ..Balance of cash and cash|||
||438,191,158|410,194,401|
|equivalents at the end of term|||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 7. Consolidated Statement on Change inOwners’ Equity
Amount in this period
In RMB
|||||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
|Items|Semi-annual of 2019|||||||||||||||
||Owner’s equity Attributable to the Parent Company|||||||||||||Minor|Total of owners’|
|||Other Equity||||Less:||||||||||
|||instrument||||||Spec||Com||||||
||share Capita|prefe|Sust|Oth|Capitalreserves|Shares in|OtherComprehens|ialized|Surplusreserves|monrisk|Retained profit|Other|Subtotal|shareholders’equity|equity|
|||rredstock|ainable|er||stock|ive Income|reserve||provision||||||
||||debt|||||||||||||
|I.Balance at the end||||||||||||||||
||5,250,283,986||||5,102,846,886||550,010,133||7,834,155,143||5,490,006,140||24,227,302,288|7,290,519,359|31,517,821,647|
|of last year||||||||||||||||
|Add: Change of||||||||||||||||
|accounting||||||||||||||||
|policy||||||||||||||||
|Correcting of||||||||||||||||
|previous errors||||||||||||||||
|Merger of entities||||||||||||||||
|under common||||||||||||||||
|control||||||||||||||||
|Other||||||||||||||||
|II.Balance at the||||||||||||||||
|beginning of current|5,250,283,986||||5,102,846,886||550,010,133||7,834,155,143||5,490,006,140||24,227,302,288|7,290,519,359|31,517,821,647|
|year||||||||||||||||
|III.Changed in the||||||||||||||||
||||||||57,512,582||411,612,450||-145,060,106||324,064,926|288,435,964|612,500,890|
|current year||||||||||||||||
|（1）Total||||||||||||||||
|comprehensive|||||||57,512,582||||581,569,383||639,081,965|274,283,906|913,365,871|
|income||||||||||||||||
|（II）Investment or||||||||||||||||
|decreasing of capital||||||||||||||297,000,000|297,000,000|
|by owners||||||||||||||||
|1．Ordinary Shares i||||||||||||||297,000,000|297,000,000|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
|||||||
|-|-|-|-|-|-|
|nvested by sharehold||||||
|ers||||||
|2．Holders of other||||||
|equity instruments in||||||
|vested capital||||||
|3．Amount of shares||||||
|paid and accounted||||||
|as owners’ equity||||||
|4．Other||||||
|（III）Profit||||||
||411,612,450|-726,629,489|-315,017,039|-282,847,942|-597,864,981|
|allotment||||||
|1.Providing of||||||
||411,612,450|-411,612,450||||
|surplus reserves||||||
|2.Providing of||||||
|common risk||||||
|provisions||||||
|3．Allotment to the||||||
|owners (or||-315,017,039|-315,017,039|-282,847,942|-597,864,981|
|shareholders)||||||
|4．Other||||||
|(IV) Internal||||||
|transferring of||||||
|owners’ equity||||||
|1. Capitalizing of||||||
|capital reserves (or||||||
|to capital shares)||||||
|2. Capitalizing of||||||
|surplus reserves (or||||||
|to capital shares)||||||
|3．Making up losses||||||
|by surplus reserves.||||||
|4.Change amount of||||||
|defined benefit plans||||||
|that carry forward||||||
|Retained earnings||||||
|5．Other||||||
|comprehensive||||||
|income carry-over||||||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||||||||
|-|-|-|-|-|-|-|-|-|
|retained earnings|||||||||
|6．Other|||||||||
|(V). Special reserves|||||||||
|1. Provided this year|||||||||
|2．Used this term|||||||||
|（VI）Other|||||||||
|IV. Balance at theend of this term||||||||32,130,322,537|
||5,250,283,986|5,102,846,886|607,522,715|8,245,767,593|5,344,946,034|24,551,367,214|7,578,955,323||

Amount in last year
In RMB
|||||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Semi-annual of 2018|||||||||||||||
||Owner’s equity Attributable to the Parent Company|||||||||||||||
|||Other Equity||||||||||||||
|||instrument||||||||||||||
|Items||||||Less:|Other|Speci||Comm||||Minorshareholders’|Total of|
||share Capita|prefe|Sust|Othe|Capitalreserves|Shares in|Comprehens|alizedreser|Surplusreserves|on riskprovisi|Retainedprofit|Other|Subtotal|equity|owners’ equity|
|||rred|aina|r||stock|ive Income|ve||on||||||
|||stock|ble|||||||||||||
||||debt|||||||||||||
|I.Balance at the end of||||||||||||||||
||5,250,283,986||||5,004,250,685||137,001,523||7,590,363,724||5,713,290,735||23,695,190,653|6,007,669,360|29,702,860,013|
|last year||||||||||||||||
|Add: Change of||||||||||||||||
|accounting policy||||||||||||||||
|Correcting of previous||||||||||||||||
|errors||||||||||||||||
|Merger of entities||||||||||||||||
|under common control||||||||||||||||
|Other||||||||||||||||
|II.Balance at the||||||||||||||||
|beginning of current|5,250,283,986||||5,004,250,685||137,001,523||7,590,363,724||5,713,290,735||23,695,190,653|6,007,669,360|29,702,860,013|
|year||||||||||||||||
|III.Changed in the||||||||||||||||
||||||||-46,851,817||243,791,419||-215,017,477||-18,077,875|-175,706,830|-193,784,705|
|current year||||||||||||||||
|（1）Total||||||||||||||||
||||||||-46,851,817||||448,833,518||401,981,701|284,085,715|686,067,416|
|comprehensive income||||||||||||||||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
|||||||
|-|-|-|-|-|-|
|（II）Investment or||||||
|decreasing of capital by||-36,857|-36,857|-132,080,000|-132,116,857|
|owners||||||
|1．Ordinary Shares inv||||||
|||||4,000,000|4,000,000|
|ested by shareholders||||||
|2．Holders of other eq||||||
|uity instruments investe||||||
|d capital||||||
|3．Amount of shares||||||
|paid and accounted as||||||
|owners’ equity||||||
|4．Other||-36,857|-36,857|-136,080,000|-136,116,857|
|（III）Profit allotment|243,791,419|-663,814,138|-420,022,719|-327,712,545|-747,735,264|
|1.Providing of surplus||||||
||243,791,419|-243,791,419||||
|reserves||||||
|2.Providing of||||||
|common risk||||||
|provisions||||||
|3．Allotment to the||||||
|owners (or||-420,022,719|-420,022,719|-327,712,545|-747,735,264|
|shareholders)||||||
|4．Other||||||
|(IV) Internal||||||
|transferring of owners’||||||
|equity||||||
|1. Capitalizing of||||||
|capital reserves (or to||||||
|capital shares)||||||
|2. Capitalizing of||||||
|surplus reserves (or to||||||
|capital shares)||||||
|3．Making up losses by||||||
|surplus reserves.||||||
|4.Change amount of||||||
|defined benefit plans||||||
|that carry forward||||||
|Retained earnings||||||
|5．Other||||||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||||||||
|-|-|-|-|-|-|-|-|-|
|comprehensive income|||||||||
|carry-over retained|||||||||
|earnings|||||||||
|6．Other|||||||||
|(V). Special reserves|||||||||
|1. Provided this year|||||||||
|2．Used this term|||||||||
|（VI）Other|||||||||
|IV. Balance at the end|||||||||
||5,250,283,986|5,004,250,685|90,149,706|7,834,155,143|5,498,273,258|23,677,112,778|5,831,962,530|29,509,075,308|
|of this term|||||||||

8. Statement of change inowner’s Equity of the Parent Company
Amount in this period
In RMB
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Semi-annual of 2019||||||||||||
|||Other Equity instrument||||||Speci|||||
|Items|||Sustain|||Less:|Other|alized|Surplus||Oth|Total of owners’|
||Share capital|preferre|||Capital reserves|Shares|Comprehensiv|||Retained profit|||
|||d stock|able|Other||in stock|e Income|reser|reserves||er|equity|
||||debt|||||ve|||||
|I.Balance at the end of last year|5,250,283,986||||5,605,794,601||550,010,133||7,834,155,143|4,472,241,538||23,712,485,401|
|Add: Change of accounting policy|||||||||||||
|Correcting of previous errors|||||||||||||
|Other|||||||||||||
|II.Balance at the beginning of current year|5,250,283,986||||5,605,794,601||550,010,133||7,834,155,143|4,472,241,538||23,712,485,401|
|III.Changed in the current year|||||||57,512,582||411,612,450|154,867,058||623,992,090|
|（I）Total comprehensive income|||||||57,512,582|||881,496,547||939,009,129|
|(II) Investment or decreasing of capital by|||||||||||||
|owners|||||||||||||
|1．Ordinary Shares invested by shareholders|||||||||||||
|2．Holders of other equity instruments investe|||||||||||||
|d capital|||||||||||||
|3.Amount of shares paid and accounted as|||||||||||||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||||||
|-|-|-|-|-|-|-|
|owners’ equity|||||||
|4．Other|||||||
|（III）Profit allotment||||411,612,450|-726,629,489|-315,017,039|
|1.Providing of surplus reserves||||411,612,450|-411,612,450||
|2．Allotment to the owners (or shareholders)|||||-315,017,039|-315,017,039|
|3．Other|||||||
|(IV) Internal transferring of owners’ equity|||||||
|1. Capitalizing of capital reserves (or to capital|||||||
|shares)|||||||
|2. Capitalizing of surplus reserves (or to capital|||||||
|shares)|||||||
|3．Making up losses by surplus reserves.|||||||
|4.Change amount of defined benefit plans that|||||||
|carry forward|||||||
|Retained earnings|||||||
|5．Other comprehensive income carry-over|||||||
|retained earnings|||||||
|6．Other|||||||
|(V) Special reserves|||||||
|1. Provided this year|||||||
|2．Used this term|||||||
|（VI）Other|||||||
|IV. Balance at the end of this term|5,250,283,986|5,605,794,601|607,522,715|8,245,767,593|4,627,108,596|24,336,477,491|

 Amount in last year
In RMB
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Semi-annual of 2018||||||||||||
|||Other Equity instrument|||||||||||
|Items|Share Capital|preferred|Sustaina||Capitalreserves|Less:Shares|OtherComprehensi|Specialized|Surplus|Retainedprofit|Other|Total ofowners’ equity|
|||||Other|||||reserves||||
||||ble debt|||in stock|ve Income|reserve|||||
|||stock|||||||||||
|I.Balance at the end of last year|5,250,283,986||||5,605,794,601||137,001,523||7,590,363,724|3 ,960,056,960||22,543,500,794|
|Add: Change of accounting policy|||||||||||||
|Correcting of previous errors|||||||||||||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||||||
|-|-|-|-|-|-|-|
|Other|||||||
|II.Balance at the beginning of current year|5,250,283,986|5,605,794,601|137,001,523|7,590,363,724|3 ,960,056,960|22,543,500,794|
|III.Changed in the current year|||-46,851,817|243,791,419|332,669,573|529,609,175|
|（I）Total comprehensive income|||-46,851,817||996,520,568|949,668,751|
|(II) Investment or decreasing of capital by|||||||
||||||-36,857|-36,857|
|owners|||||||
|1．Ordinary Shares invested by shareholders|||||||
|2．Holders of other equity instruments investe|||||||
|d capital|||||||
|3.Amount of shares paid and accounted as|||||||
|owners’ equity|||||||
|4．Other|||||-36,857|-36,857|
|（III）Profit allotment||||243,791,419|-663,814,138|-420,022,719|
|1.Providing of surplus reserves||||243,791,419|-243,791,419||
|2．Allotment to the owners (or shareholders)|||||-420,022,719|-420,022,719|
|3．Other|||||||
|(IV) Internal transferring of owners’ equity|||||||
|1. Capitalizing of capital reserves (or to capital|||||||
|shares)|||||||
|2. Capitalizing of surplus reserves (or to capital|||||||
|shares)|||||||
|3．Making up losses by surplus reserves.|||||||
|4.Change amount of defined benefit plans that|||||||
|carry forward Retained earnings|||||||
|5．Other comprehensive income carry-over|||||||
|retained earnings|||||||
|6．Other|||||||
|(V) Special reserves|||||||
|1. Provided this year|||||||
|2．Used this term|||||||
|（VI）Other|||||||
|IV. Balance at the end of this term|5,250,283,986|5,605,794,601|90,149,706|7,834,155,143|4 ,292,726,533|23,073,109,969|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019III．Basic Information of the Company
Guangdong Electric Power Development Co., Ltd. (the “Company”) is a limited liability company jointly established by Guangdong Electric Power Holding Company, China Construction Bank Guangdong Province Trust Investment Company, Guangdong Power Development Co., Ltd, Guangdong International Trust, China Guangfa Bank(now named as Guangdong Province Guangkong Group Co., Ltd.). The address of theCompany’s registered office and head office isF33~F36 South Tower Building of Yudean Square on 2nd Tianhe East Road, Guangzhou City, Guangdong Province, thePeople’s Republic of China. TheCompany’s parent company is Guangdong Energy Group Co., Ltd. (“Energy Group ”) , The actual controller of the company is the State-owned Assets Supervision and Administration Commission of thePeople’s Government of Guangdong Province. TheCompany’s issuing RMB ordinary shares (“A-share”) and domestic listed foreign shares (“B-share”) are listed for transactions in Shenzhen Stock Exchange respectively on 26 November 1993 and 28 June 1995. As at 30 June 2019, the total share capital of the Company is RMB 5,250,283,986 with par value of RMB 1 each.
The financial statement has been approved for issue by theCompany’s Board of Directors on 29 August 2019. The Company and its subsidiaries (hereinafter collectively referred to as the “Group”) are principally engaged in the development and operation of power plants in Guangdong Province.
For the Consolidation scope changed of the Group, please refer to VIII.
For the information of subsidiaries of the Company, please refer to Note IX.
IV.Basis for the preparation of financial statements
1.Basis for the preparation
The financial statements are prepared in accordance with the Accounting Standard for Business Enterprises - Basic Standard, and the specific accounting standards and other relevant regulations issued by the Ministry of Finance on 15 February 2006 and in subsequent periods (hereafter collectively referred to as “the Accounting Standard for Business Enterprises” or “CAS”), and “Information Disclosure Rule No. 15 for Companies with Public Traded Securities - Financial Reporting General Provision” issued by China Security Regulatory Commission.
2. Continuous operation.
The Company since 12 months after the reporting period does not exist on the company's continued viability of si gnificant concern events or circumstances.
V. Significant accounting policies and accounting estimates
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 Specific accounting policies and accounting estimates tips:
The Group continually evaluates the critical accounting estimates and key judgements applied based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The critical accounting estimates and key assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next accounting year are outlined below:
(a) Estimates on impairment of other long-term assets
Fixed assets, construction in progress, intangible assets with finite useful lives, investment properties that are measured at cost and long-term equity investments in subsidiaries, joint ventures and associates are tested for impairment ifthere’s indications that the assets may be impaired the balance sheet date.
When assessing whetherthere’s indication that the above assets are impaired, management mainly evaluate and analyse: (1) whether events affecting asset impairment occurred; (2) whether the present value of expected cash flows arising from the continuing use or disposal of the asset is lower than its carrying amount; (3) whether the assumptions used in estimating the present value of future cash flows is appropriate.
Relevant assumptions adopted by the Group to determine impairment, e.g. changes in assumptions on discount rate and growth rate used to calculate the present value of future cash flows may have material impact on the present value used in the impairment test, and cause impairment in the above-mentioned long-term assets of the Group.
(b) Enterprise income tax
The Group pays corporate income tax in many areas. In normal business activities,, there are uncertainties in the final tax treatment of partial transactions and matters. When counting and drawing the income tax costs in various areas, the Group needs to make a major judgement. If there is any difference between the final determination of these tax matters and the amount originally recorded, the difference will have an impact on the amount of the income tax expenses and the deferred income tax during the period of final determination above. (c) Deferred tax assets
Whether to confirm the assets of the deferred income tax assets arising from deductible losses and deductible temporary differences largely depends on themanagement’s judgement that whether to acquire sufficient amount of income of future taxable which can be used to deduct deductible losses and deductible temporary differences in the future period, while the calculation of this amount of income of future taxable needs applying plenty of judgement and estimation, and it needs combined consideration for the tax planning strategy and the influence from the overall economic environment in the meanwhile. Different judgement and estimation will have an impact on the confirmation and the amount of the deferred income tax assets.
When assessing whether there will be sufficient future taxable profits available against which the deductible temporary differences can be utilised, the Group recognises deferred tax assets to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences can be utilised, using tax rates that would apply in the period when the asset would be utilised. In determining the amount of deferred tax assets, the Group exercises judgements about the estimated timing and amount of taxable profits of the following periods, and of the tax rates applicable in the future according to the existing tax policies and other relevant regulations. Differences between such estimates and the actual timing and amount of future taxable profits will affect the amount of deferred tax assets.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 1.Complying with the statements in Accounting Standards for Business Enterprises
The financial Report and statements are prepared with compliance to the requirement of the Enterprise Accounting Standard. They reflect the financial position as of June 30, 2019 as well as the business performance and cash flow situation in the first half of 2019 of the Company frankly and completely.
2. Accounting period
Fiscal year is dated from Gregorian calendar Jan., 1 to Gregorian calendar December., 31. The accounting of the financial statements during the period starts from January 1, 2019 to 6 months ended June 3 0,2019.
3.Business cycle
TheCompany’s normal business cycle is the period from the acquisition of assets such as those for the generation of electricity to the realisation of cash or cash equivalents. The business cycles for principal activities are usually less than 12 months.
4. Functional currency
TheCompany’s functional currency is Renminbi and these financial statements are presented in Renminbi. 5. Accounting process method of enterprise consolidation under same and different controlling.
(1) Business combinations involving enterprises under common control
The consideration the combining party paid for the combination and the carrying amount of the net assets obtained are measured at carrying amount. The difference between the carrying amount of the net assets obtained and the carrying amount of consideration paid for the combination is adjusted to share premium (capital premium) in the capital reserve. If the balance of share premium (capital premium) is insufficient, any excess is adjusted to retained earnings. Any costs directly attributable to the combination are recognized in profit or loss for the current period when occurred. The transaction costs of issuing equity or debt securities for business combinations. (2) Business combinations not involving enterprises under common control
Theacquirer’s combining costs and the identifiable net assets obtained at the acquisition date are measured at fair value. If the combining costs are greater than the fair value of identifiable net assets at the acquisition date, the difference is recognized as goodwill; if the combining costs are less than the fair value of identifiable net assets at the acquisition date, the difference is recognized in profit or loss for the current period. The direct acquisition-related costs arising from the business combination are recognized as expenses in the periods in which the costs are incurred. The costs of the issuance of equity or debt securities as a part of the consideration paid for the acquisition are included as a part of initial recognition amount of the equity or debt securities.
6.Preparation of the consolidated financial statements
The consolidated financial statements comprise the financial statements of the Company and all of its subsidiaries. Subsidiaries are consolidated from the date on which the Group obtains control and are de-consolidated from the
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 date that such control ceases. For a subsidiary that is acquired in a business combination involving enterprises under common control, it is included in the consolidated financial statements from the date when it, together with the Company, comes under common control of the ultimate controlling party. The portion of the net profits realised before the combination date is presented separately in the consolidated income statement.
In the preparation of consolidated financial statements, if the accounting policies or accounting period among the Company and subsidiaries are inconsistent, the financial statements of subsidiaries have been adjusted to conform to theCompany’s policies and accounting period. For business combination not obtained under common control, the financial statements have been adjusted based on the fair value of net recognisable asset on the acquisition date.
All significant intra-group balances, transactions and unrealised profits are eliminated in the consolidated financial statements. The portion ofsubsidiaries’owners’ equity and the portion ofsubsidiaries’ net profits and losses and comprehensive incomes for the period not attributable to the Company are recognised as minority interests, net profit attributed to minority interests and total comprehensive incomes attributed to minority interests and presented separately in the consolidated financial statements underowners’ equity, net profits and total comprehensive income respectively. When the Company sells assets to subsidiaries, the unrealised gains and losses should fully offset the net profit attributed to shareholders of the parent company; when subsidiaries sell assets to the Company, the unrealised gains and losses should be assigned and offset between the net profit attributed to shareholders of the parent company and minority interests according to theCompany’s distribution ratio of the subsidiary. The unrealised gains and losses between subsidiaries should be assigned and offset between the net profit attributed to shareholders of the parent company and minority interests according to the parentcompany’s distribution ratio of the subsidiary.
In preparing the consolidated financial statements, where the accounting policies and the accounting periods of the Company and subsidiaries are inconsistent, the financial statements of the subsidiaries are adjusted in accordance with the accounting policies and the accounting period of the Company. For subsidiaries acquired from business combinations involving enterprises not under common control, the individual financial statements of the subsidiaries are adjusted based on the fair value of the identifiable net assets at the acquisition date.
7. The joint-venture arrangement classification and pooling of interests accounting processing methods
The joint-venture arrangement comprises the pooling of interests and joint-venture enterprise. The pooling of interests is the joint-venture arrangement where the participant possesses the relevant assets arranged and will undertake relevant debts. The joint venture enterprise is the arrangement where the participant only reserves rights on the net assets. The Group, based on the rights and obligations in the normal operation of the joint-venture arrangement, determines the classes of the joint-venture arrangement. And it also takes account of the structure and legal form of the joint-venture arrangement, the agreed terms and conditions, other relevant facts and conditions, etc. among the joint-venture arrangement upon evaluation of rights and obligations.
The Group determines the following projects sharing interests in the pooling of interests and conducts the accounting processing based on relevant accounting standards for business enterprises:
(I) determining assets possessed solely and the jointly-possessed assets based on its share;
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 (II) determining debts undertaken solely and the shared debts based on its share;
(III) determining the revenues produced by the pooling of interests owned by the on-sale group;
(IV) determining the revenues produced by the pooling of interests through sale based on the group share; (V) determining the fees occurred solely and those of the pooling of interests based on the its share.
If the Group invests or sells the assets, etc. to the pooling of interests (except for the business constituted by the assets), it will only ascertain the partial profits and losses produced by such trade and attributable to the other participants of the pooling of interests before selling such assets, etc. to any third party. If the invested or sold assets have the impairment losses per Accounting Standards for Business Enterprises No. 8 - Assets Impairment, the group will ascertain such losses wholly.
If the Group purchases the assets, etc. from the pooling of interests (except for the business constituted by the assets), it will only ascertain the partial profits and losses produced by such trade and attributable to the other participants of the pooling of interests before selling such assets, etc. to any third party. If the purchased assets have the impairment losses per Accounting Standards for Business Enterprises No. 8 - Assets Impairment, the group will ascertain such losses wholly based on its share.
8.Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, demand deposits, and short-term, highly liquid investments, which are readily convertible into known amounts of cash and are subject to an insignificant risk of change in value.
9.Foreign currency transactions
Foreign currency transactions are translated into recording currency using the exchange rates prevailing at the dates of the transactions. At the balance sheet date, monetary items denominated in foreign currencies are translated into RMB using the spot exchange rates on the balance sheet date. Exchange differences arising from these translations are recognised in profit or loss for the current period, except for those attributable to foreign currency borrowings that have been taken out specifically for acquisition or construction of qualifying assets, which are capitalised as part of the cost of those assets. Non-monetary items denominated in foreign currencies that are measured at historical costs are translated at the balance sheet date using the spot exchange rates at the date of the transactions. The effect of exchange rate changes on cash is presented separately in the cash flow statement.
10. Financial instruments
Financial instruments refer to contracts that form financial assets of one party and financial liabilities or equity instruments of other parties. When the Group becomes a party to a financial instrument contract, the relevant financial assets or financial liabilities are recognized.
(a) Financial assets
(i) Classification and measurement
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 According to the business model for managing financial assets and the contractual cash flow characteristics of financial assets, the Group classifies financial assets into: (1) Financial assets measured in amortized cost; (2) Financial assets measured at fair value, whose changes are included in other comprehensive income; (3) Financial assets measured at fair value and whose changes are included in current profits and losses.
The initial measurement of financial assets is calculated by using fair value. For financial assets measured at fair value, whose changes are included in current profits and losses, relevant transaction costs are directly included in current profits and losses; For other types of financial assets, relevant transaction costs are included in the initial recognition amount. Accounts receivable or notes receivable arising from the sale of products or the provision of labor services that do not include or take into account significant financing components are initially recognized by the Group in accordance with the amount of consideration that the Group is expected to be entitled to receive. Debt instrument
Debt instruments held by the Group refer to instruments that meet the definition of financial liabilities from the perspective of the issuer and are measured in the following ways:
Measured in amortized cost:
The Group's business model for managing such financial assets is to collect the contractual cash flow, and the contractual cash flow characteristics of such financial assets are consistent with the basic lending arrangements, that is, the cash flow generated on a specific date is only the payment of principal and interest based on the amount of outstanding principal. The Group recognizes interest income for such financial assets according to the effective interest rate method. Such financial assets mainly include monetary funds, accounts receivable, other receivables and long-term receivables. The Group lists long-term receivables due within one year (including one year) from the balance sheet date as non-current assets due within one year.
Equity instruments
The Group will measure the equity instrument investments that it has no control, joint control and significant influence on at fair value, and their changes are included in the current profits and losses, and listed as trading financial assets.
In addition, the Group designated some non-trading equity instrument investments as financial assets measured at fair value with changes included in other comprehensive income and listed them as other equity instrument investments. Dividend income related to such financial assets is included in current profits and losses.
(ii) Impairment
For financial assets measured in amortized cost, the Group recognizes loss reserves on the basis of expected credit losses.
The Group takes into account reasonable and reliable information on historical events, current situation and future economic situation forecasts, and uses the risk of default as the weight to calculate the probability weighted amount of the present value of the difference between the cash flow receivable from the contract and the cash flow expected to be received to confirm the expected credit loss.
On each balance sheet date, the Group separately measures the expected credit losses of financial instruments at different stages. If the credit risk of financial instruments has not increased significantly since the initial confirmation, it is in the first stage. The Group measures the loss reserve according to the expected credit loss in the next 12 months; If the credit risk of a financial instrument has increased significantly since its initial recognition but no credit impairment has occurred, it is in the second stage. The Group measures the loss reserve according to the expected credit loss of the instrument throughout the duration; If a financial instrument has suffered credit impairment since its initial recognition, it is in the third stage. The Group measures the loss reserve according to the expected credit loss of the instrument throughout the duration.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 For financial instruments with low credit risk on the balance sheet date, the Group assumes that their credit risk has not increased significantly since the initial confirmation, and measures the loss reserve according to the expected credit loss in the next 12 months.
For financial instruments in the first and second stages and with low credit risk, the Group calculates interest income based on the book balance before deducting impairment provisions and the actual interest rate. For financial instruments in the third stage, the interest income shall be calculated according to their book balance minus the amortized cost after impairment provision and the actual interest rate.
For accounts receivable, regardless of whether there is any significant financing component, the Group measures the loss reserve according to the expected credit loss throughout the duration.
When a single financial asset cannot evaluate the expected credit loss information at a reasonable cost, the Group divides the receivables into several combinations according to the credit risk characteristics, calculates the expected credit loss on the basis of the combinations, and determines the combination on the following basis: Low-risk portfolio: Accounts receivable from electricity sales, government and related parties, supplementary medical insurance funds, etc.
Other portfolios: This portfolio is receivables other than low-risk portfolios.
For accounts receivable divided into combinations, the Group refers to the historical credit loss experience, combines the current situation with the forecast of future economic situation, compiles a comparison table of overdue days of accounts receivable and the expected credit loss rate for the whole duration, and calculates the expected credit loss.
For other receivables divided into portfolios, the Group refers to the historical credit loss experience, combines the current situation with the forecast of future economic situation, and calculates the expected credit loss through default risk exposure and the expected credit loss rate within the next 12 months or the whole duration.
The Group includes the accrued or reversed loss reserves into the current profits and losses.
（iii） Derecognition of financial assets
A financial asset is derecognised when: (i) the contractual rights to the cash flows from the financial asset expire, (ii) the financial asset has been transferred and the Group transfers substantially all the risks and rewards of ownership of the financial asset to the transferee, or (iii) the financial asset has been transferred and the Group has not retained control of the financial asset, although the Group neither transfers nor retains substantially all the risks and rewards of ownership of the financial asset.
When the investment in other equity instruments is derecognized, the difference between the book value and the consideration received and the accumulated amount of the changes in fair value originally included in other comprehensive income shall be included in the retained income; On derecognition of a financial asset, the difference between the carrying amount and the sum of the consideration received and the cumulative changes in fair value that had been recognised directly inowners’ equity, is recognised in profit or loss.
(b) Financial liabilities
Financial liabilities are classified into the following categories at initial recognition: financial liabilities at fair value through profit or loss and other financial liabilities.
The financial liabilities of the Group are other comprise financial liabilities, including payables, borrowings and debentures payable. This kind of financial liabilities are initially measured according to their fair value after deducting transaction costs, and are subsequently measured using the effective interest rate method. If the term is less than one year (including one year), it shall be listed as current liabilities; If the term is more than one year but expires within one year (including one year) from the balance sheet date, it shall be listed as non-current liabilities
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 due within one year; The rest is listed as non-current liabilities.
When the current obligation of the financial liability has been discharged in whole or in part, the Group terminates the recognition of the part of the financial liability or obligation that has been discharged. The difference between the book value of the termination recognition and the consideration paid shall be included in the profit and loss of the current period.
(c) Determination of the fair value of the financial instruments
The fair value of a financial instrument that is traded in an active market is determined at the quoted price in the active market. The fair value of a financial instrument that is not traded in an active market is determined by using a valuation technique. Valuation techniques include using prices of recent market transactions between knowledgeable and willing parties, reference to the current fair value of another financial asset that is substantially the same with this instrument, and discounted cash flow analysis, etc. When a valuation technique is used to establish the fair value of a financial instrument, it makes the maximum use of observable market inputs and relies as little as possible on entity-specific inputs. When the observable inputs are not available or are unrealistic to obtained, unobservable inputs shall be used
11.Notes receivable
12. Account receivable
13. Financing of receivables
14.Other account receivable
Determination method of expected credit loss of other receivables and accounting treatment method
15. Inventories
Whether the company needs to comply with the disclosure requirements of the particular industry
No
(a) Classification
Inventories include fuel and spare parts measured at the lower of cost and net realisable value..
(b) Cost of inventories transferred out
Cost of fuel transferred out is calculated using the weighted average method. Spare parts are amortised in full when received for use.
(c) Basis for determining the net realisable value of inventories and provisioning methods for decline in value of inventories
Any excess of the cost over the net realisable value of inventories is recognised as a provision for diminution in the value of inventories. Net realisable value is measured by the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale and relevant taxes.
(d) The Group maintains a perpetual inventory system..
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 16. Contract assets
17.Contract cost
18. Held-for-sale assets
The non-liquid assets or the treatment group complied with the following conditions will be classified into the possessed assets for sale: (I) the non-liquid assets or the treatment group is ready for sale subject to the common terms and conditions for such assets or the treatment group under the current conditions; (II) the group has already made a resolution on treatment of such non-liquid assets or the treatment group and obtained proper approval; (III) the Group has already concluded an irrevocable transfer agreement with the assignee; (IV) such transfer will be completed within one year.
The non-liquid assets complied with the conditions for the possessed assets for sale (excluding the financial assets, the investment real estate calculated based on its fair value and the deferred income tax assets) will be the lower amount between the book value and the fair value minus the treatment cost. If the fair value minus the treatment cost is lower than the original book value, then it will be deemed as the asset deprecation loss.
The non-liquid assets classified into the processed assets ready for sale and the assets and debts in the treatment group comprise the liquid assets and liquid debts to be listed separately in the balance sheet.
Termination is a separately distinguishable component meeting one of the following conditions, and the component has been disposed of or classified as held for sale: (a) The component represents an independent major business or a separate major business area; (b) This component is part of an associated plan to dispose of an independent major business or a separate major business area; (c) This component is a subsidiary acquired specifically for resale.
Net profit from discontinued operations listed in the income statement includes its operating profit and loss and disposal profit and loss.
19. Creditor's rights investment
20.Other Creditor's rights investment
21.Long-term account receivable
22. Long-term equity investment
Long-term equity investments comprise theCompany’s long-term equity investments in its subsidiaries and theGroup’s long-term equity investments in its associates.
Subsidiaries are the investees over which the Company is able to exercise control. Associates are the investees over which the Group has significant influence, but not control, on their financial and operating policies.
Investments in subsidiaries are presented in theCompany’s financial statements using the cost method, and are adjusted to the equity method when preparing the consolidated financial statements. Investments in associates are accounted for using the equity method.
(a) Determination of investment cost
For long-term equity investments acquired through a business combination: for long-term equity investments acquired through a business combination involving enterprises under common control, the investment cost shall be the absorbingparty’s share of the carrying amount ofowners’ equity of the party being absorbed at the
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 combination date; for long-term equity investment acquired through a business combination involving enterprises not under common control, the investment cost shall be the combination cost. For long-term equity investments acquired not through a business combination: if the long-term equity investments are acquired in cash, the initial investment cost shall be the purchase price actually paid; if the long-term equity investments are acquired by issuing equity securities, the initial investment cost shall be the fair value of the equity securities.
(b) Subsequent measurement and recognition of related profit and loss
For long-term equity investments accounted for using the cost method, they are measured at the initial investment costs, and cash dividends or profit distribution declared by the investees are recognised as investment income in profit or loss.
For long-term equity investments accounted for using the equity method, where the initial investment cost exceeds theGroup’s share of the fair value of theinvestee’s identifiable net assets at the time of acquisition, the investment is initially measured at cost. Where the initial investment cost is less than theGroup’s share of the fair value of theinvestee’s identifiable net assets at the time of acquisition, the difference is included in profit or loss for the current period and the cost of the long-term equity investment is adjusted accordingly.
For long-term equity investments accounted for using the equity method, the Group recognises the investment income or losses according to its share of net profit or loss of the investee. The Group discontinues recognising its share of net losses of an investee after the carrying amount of the long-term equity investment together with any long-term interests that, in substance, form part of theinvestor’s net investment in the investee are reduced to zero. However, if the Group has obligations for additional losses and the criteria with respect to recognition of provisions under the accounting standards on contingencies are satisfied, the Group continues recognising the investment losses and the provisions. The Company shall adjust the carrying amount of the long term investment for other changes inshareholders’ equity of the investee (other than net profits or losses), and include the corresponding adjustment inshareholders’ equity. The carrying amount of the investment is reduced by theGroup’s share of the profit distribution or cash dividends declared by an investee. The unrealised profits or losses arising from the intra-group transactions amongst the Group and its investees are eliminated in proportion to theGroup’s equity interest in the investees, and then based on which the investment gains or losses are recognised. For the loss on the intra-group transaction amongst the Group and its investees attributable to asset impairment, any unrealised loss is not eliminated.
(c) Basis for determining existence of control and significant influence over investees
Control is the power to govern the investee so as to obtain variable returns by participating in the related business activities of the investees and the ability to affect the returns by exercising its power over the investees.
Joint control is the contractually agreed sharing of control over aninvestee’s economic activities, and exists only when the strategic financial and operating decisions relating to the activities require the unanimous consent of the Group and the parties sharing the control.
Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies.
(d) Impairment of long-term equity invest
The carrying amount of long-term equity investments in subsidiaries, joint venture, and associates is reduced to the recoverable amount when the recoverable amount is less than the carrying amount
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 23. Investment properties
The measurement mode of investment property
The measurement by the cost method
Depreciation or amortization method
Investment properties, including land use rights that have already been leased out and buildings that are held for the purpose of leasing are measured initially at cost. Subsequent expenditures incurred in relation to an investment properties are included in the cost of the investment property when it is probable that the associated economic benefits will flow to the Group and their costs can be reliably measured; otherwise, the expenditures are recognised in profit or loss in the period in which they are incurred.
The Group adopts the cost model for subsequent measurement of investment properties. Buildings and land use rights are depreciated or amortised to their estimated net residual values over their estimated useful lives. The estimated useful lives, the estimated net residual values that are expressed as a percentage of cost and the annual depreciation (amortisation) rates of investment properties are as follows:
Estimated useful lives Estimated net residual value Annual depreciation rates Building 30 years 5% 3.17% When an investment property is transferred to owner-occupied properties, it is reclassified as fixed asset at the date of the transfer. The carrying amount of the fixed asset shall be measured on the basis of fair value of the investment property.
The investmentproperty’s estimated useful life, net residual value and depreciation (amortisation) method applied are reviewed and adjusted as appropriate at each year-end.
An investment property is derecognised on disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from its disposal. The net amount of proceeds from sale, transfer, retirement or damage of an investment property after its carrying amount and related taxes and expenses is recognised in profit or loss for the current period.
24. Fixed assets
（1）Recognition of fixed assets
Fixed assets comprise plant and building, power generator equipment, motor vehicles and other equipment. Fixed asset is recognised when it is probable that the related economic benefits will flow to the Group and its cost can be reliably measured. Fixed assets purchased or constructed by the Group are initially measured at cost at the acquisition date. The fixed assets injected by the state-owned shareholder during the restructuring of corporation were initially recorded at the valuated amount approved by the relevant authorities managing state-owned assets. Subsequent expenditures incurred for a fixed asset are included in the cost of the fixed asset when it is probable that the economic benefits associated with the fixed asset will flow to the Group and the costs can be reliably measured. The carrying amount of those parts that are replaced is derecognised and all the other subsequent expenditures are recognised in income statement when they are incurred.
（2）Depreciation of fixed assets
||||||
|-|-|-|-|-|
||The method for|Expected useful life|||
|Category|||Estimated residual value|Depreciation|
||depreciation|（Year）|||
|House and building|Straight-line method|6 - 50 years|5%|1.90% - 15.83%|
|Generation equipment|Straight-line method|3 - 31 years|0% - 5%|3.06% - 33.33%|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||||
|-|-|-|-|-|
|Transportation|Straight-line method||||
|||5 - 15 years|0% - 5%|6.33% - 20 %|
|equipment|||||
|Other equipment|Straight-line method|3 - 22 years|0% - 5%|4.32% - 33.33%|

According to the current unit shutdown plan of Shajiao A Power Plant, the Company expects that the service life of some of its fixed assets will be greatly shortened. According to Article 19 of the Accounting Standards for Business Enterprises No.4-Fixed Assets, the Company plans to adjust the depreciation period of fixed assets related to houses and buildings, power generation equipment and other equipment of Shajiao A Power Plant to make it more in line with the actual use of fixed assets.
(3)Cognizance evidence and pricing method of financial leasing fixed assets
The lease that essentially transfers all the risks and returns related to the ownership of the asset is classified as finance lease. The entry value of the fixed assets under finance lease the lower of its fair value and the present value of the minimum lease payments. The difference between the entry value of the fixed asset under finance lease and the present value of the minimum lease payment is recognised as unrecognised financing charges. Fixed assets under finance lease share the same depreciation method with company owned fixed assets. If there is reasonable certainty that the Group will obtain ownership of a leased asset at the end of the lease term, the leased asset is depreciated over its estimated useful life. Otherwise, the leased asset is depreciated over the shorter of the lease term and its estimated useful life.
25.Construction in progress
Construction in progress is measured at its actual costs incurred. Actual costs include construction cost, installation cost, capitalised borrowing costs, and any other costs directly attributable to bringing the asset to working condition for its intended use. When the construction in progress is ready for its intended use, it is transferred to fixed assets and starts depreciation the following month. When recoverable amount of the construction in progress is lower than its carrying value, its carrying value is then reduced to the recoverable amount.
26.Borrowing costs
The borrowing costs that are directly attributable to the acquisition and construction of a fixed asset that needs a substantially long period of time of acquisition and construction for its intended use commence to be capitalised and recorded as part of the cost of the asset when expenditures for the asset and borrowing costs have been incurred, and the activities relating to the acquisition and construction that are necessary to prepare the asset for its intended use have commenced. The capitalisation of borrowing costs ceases when the asset under acquisition or construction becomes ready for its intended use, the borrowing costs incurred thereafter are recognised in income statement. Capitalisation of borrowing costs is suspended when the acquisition or construction of a fixed asset is interrupted abnormally and the interruption lasts for more than 3 months, until the acquisition or construction is resumed.
For the specific borrowings obtained for the acquisition or construction of a fixed asset qualifying for
capitalisation, the amount of borrowing costs eligible for capitalisation is determined by deducting any interest
income earned from depositing the unused specific borrowings in the banks or any investment income arising on
the temporary investment of those borrowings during the capitalisation period.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 For the general borrowings obtained for the acquisition or construction of a fixed asset qualifying for capitalisation, the amount of borrowing costs eligible for capitalisation is determined by applying the weighted average effective interest rate of general borrowings, to the weighted average of the excess amount of cumulative expenditures on the asset over the amount of specific borrowings. The effective interest rate is the rate at which the estimated future cash flows during the period of expected duration of the borrowings or applicable shorter period are discounted to the initial amount of the borrowings.
27. Biological assets
28. Oil-gas assets
29. Assets of the right to use
30. Intangible assets
1. Valuation Method, Service Life and Impairment Test of Intangible Assets
Intangible assets mainly including land use rights, sea use rights, software, associated projects for electricity transmission and transformation, microwave engineering and transportation engineering are measured at cost. Intangible assets contributed by the state-owned shareholders at the incorporation of a limited company are initially recorded at the valuation amount recognised by the state-owned assets supervision and administration department.
(a) Land use right and sea use right
Land use rights are amortised on a straight-line basis over their approved period of 20 to 70 years. If the purchase costs of land and attached buildings cannot be reasonably allocated between the land use right and the buildings, the purchase costs are recognised as fixed assets.
(a)Associated projects for electricity transmission and transformation, microwave engineering and transportation engineering
Projects for electricity transmission and transformation and microwave engineering are undertaken by the Group for the grid connection project for loading to Guangdong Guangdian Power Grid. From the start of use, they are amortised on a straight-line basis over their benefit period of 16 years.
Transportation engineering projects are amortised on a straight-line basis over their benefit period of 10 years to 20 years
(c) Other intangible assets
Besides land use right, sea use right, associated projects for electricity transmission and transformation, microwave engineering and transportation engineering, other intangible assets are amortized on a straight-line basis over their expected life of 2 years to 25 years.
(d) Periodic review on useful life and method of amortisation
For intangible assets with finite useful life, their expected life and amortisation method are reviewed and adjusted at the end of every year.
(e) Impairment of intangible assets
The carrying amount of intangible assets is reduced to the recoverable amount when the recoverable amount is less than the carrying amount.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019（2）Accounting policies for the internal research and development expenditure
The internalR&D project expenditure is classified into the research expenditure and the development expenditure based on the property thereof and the large uncertainty existence for the final formation of the intangible assets of theR&D activities.
The expenditure for the planned survey, evaluation and selection phases for theR&D projects is that for the research phase and will be included into the current profits and losses upon occurrence; the expenditure for relevant design and test phases applied finally for theR&D projects is that for the development phase, among which, that complied with the following conditions will be capitalized:
The development ofR&D projects has been demonstrated sufficiently by the technology team;
The Management Layer has already approved the budget for the development ofR&D projects;
It has sufficient technical and capital support for the project development activities and following large-scale production;
The expenditure related to the development may be collected reliably.
The expenditure of the development phase in unconformity with conditions above will be included into the current profits and losses upon occurrence. The expenditure of the previous periods included into the profits and losses will not be re-deemed as the asset in the following periods. The capitalized expenditure in the development phase is listed as the development expenditure in the balance sheet and will become the intangible asset from the date when the project meeting the intended usage.
31. Impairment of long-term assets
Fixed assets, construction in progress, intangible assets with finite useful lives, investment property measured at cost and long-term equity investments in subsidiaries, joint venture, and associates are tested for impairment if there is any indication that an asset may be impaired at the balance date. If the result of the impairment test indicates that the recoverable amount of the asset is less than its carrying amount, a provision for impairment and an impairment loss are recognised for the amount by which theasset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of anasset’s fair value less costs to sell and the present value of the future cash flows expected to be derived from the asset. A provision for asset impairment is determined and recognised on an individual asset basis. If it is not possible to estimate the recoverable amount of an individual asset, the recoverable amount of the group of assets to which the asset belongs is determined. A group of assets is the smallest group of assets that is able to generate independent cash inflows.
Goodwill that is separately presented in the financial statements is tested at least annually for impairment, irrespective of whether there is any indication that it may be impaired. In conducting the test, the carrying value of goodwill is allocated to the related asset group or groups of asset groups which are expected to benefit from the synergies of the business combination. If the result of the test indicates that the recoverable amount of an asset group or a group of asset groups, including the allocated goodwill, is lower than its carrying amount, the corresponding impairment loss is recognised. The impairment loss is first deducted from the carrying amount of goodwill that is allocated to the asset group or group of asset groups, and then deducted from the carrying amounts of other assets within the asset group or group of asset groups in proportion to the carrying amounts of assets other than goodwill.
Once the asset impairment loss mentioned above is recognised, it is not allowed to be reversed for the value recovered in the subsequent periods.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 32.Long-term deferred expenses
Long-term prepaid expenses include the expenditure for improvements to fixed assets held under operating leases, and other expenditures that have been incurred but should be recognised as expenses over more than one year in the currentand subsequent periods. Long-term prepaid expenses are amortised on the straight-line basis over the expected beneficial period and are presented at actual expenditure net of accumulated amortisation.
33.Constract Liabilities
34. Employee benefits
(1) Short-term employee benefits
Short-term remunerations mainly include wages or salaries, bonuses, allowances and subsidies, staff welfare, medical insurance, work injury insurance, maternity insurance, housing funds, labour union funds, employee education funds, short-term paid absence. Short-term remunerations are recognised as current liabilities in the accounting period in which the service has been rendered by the employees, and as costs of assets or expenses to whichever the employee service is attributable. Non-monetary benefits are measured at fair value.
（2）Post–employment benefits
TheCompany’s post-employment benefits scheme includes both Defined Contribution Plan (DCP) and Defined Benefit Plan (DBP). A DCP is a pension plan under which the Company pays fixed contributions into a separate entity and has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. A DBP is a pension plan that is not a defined contribution plan. During the periods of reporting, theCompany’s post-employment benefits scheme mainly includes basic pension insurance and unemployment insurances, both of which are DCP.
Basic pension insurance
Employees of the Group have entered into the social pension insurance scheme organised by local labour and social security department. The Group pays basic pension insurances to local labour and social security department monthly according to local insurance base and corresponding rate. Local labour and social security department is obligated to pay basic pensions to retired employees.
Supplementary pension insurance
The company purchases supplementary pension insurance on behalf of employees, and pays pension insurances according to the policies of GuangDong Energy Group. The amounts based on the above calculations are recognised as liabilities in the accounting period in which the service has been rendered by the employees, with a corresponding charge to the profit or loss for the current period or the cost of relevant assets.
(3) Termination benefits
The Group provides compensation for terminating the employment relationship with employees before the end of the employment contracts or as an offer to encourage employees to accept voluntary redundancy before the end of the employment contracts. The Group recognises a liability arising from compensation for termination of the employment relationship with employees, with a corresponding charge to profit or loss at the earlier of the following dates: 1) when the Group cannot unilaterally withdraw the offer of termination benefits because of an employment termination plan or a curtailment proposal; 2) when the Group recognises costs or expenses related to the restructuring that involves the payment of termination benefits.
Early retirement benefits
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 The Group provides early retirement benefits for employees who enrolled in internal retirement arrangement. Early retirement benefits refer to wages and social benefit paid by the Group on behalf of the employees who have not meet retirement age requirement but voluntarily retire after permission from theGroup’s management level. The Group starts paying early retirement benefits to early retired employees from the start date of their early retirement until they reach the statutory retirement age. For the accounting treatment of early retirement benefits, the Group adopts the same method as termination benefits, that is, upon confirming the termination benefits comply with relevant conditions, proposed payment of early retirement wages. and social security from the start date of termination of services to the date of statutory retirement age are recognised as liability and recorded into profit and loss at lump sum. The discrepancy caused by change in actuarial assumption and adjustment of welfare standard is recorded into current profit or loss.
Early retirement benefits that are expected to be paid within one year after balance sheet date are disclosed as current liabilities.
(4) Other long-term employee benefits
According to the Urban Employee Basic Medical Insurance (UEBMI) policy governing the Company and some of theGroup’s subsidiaries, if anemployee’s UEBMI contribution period who participates in basic medical insurance for urban residents, fails to reach the time requirement when the employee reaches the statutory retirement age, the employee shall continue to contribute to the UEBMI till the contribution period meets the required time. The Group determines the amount to be contributed in the residual service period of an employee based on the present value of the future cash flow expected to be paid for UEBMI till the required time is met, which will be recognised as long-term employee benefits liabilities with a corresponding charge to profit or loss or included in cost of related assets.
35. Lease liabilities
36. Estimated Liabilities
Provisions for product warranties, onerous contracts etc. are recognised when the Group has a present obligation, it is probable that an outflow of economic benefits will be required to settle the obligation, and the amount of the obligation can be measured reliably.
A provision is initially measured at the best estimate of the expenditure required to settle the related present obligation. Factors surrounding a contingency, such as the risks, uncertainties and the time value of money, are taken into account as a whole in reaching the best estimate of a provision. Where the effect of the time value of money is material, the best estimate is determined by discounting the related future cash outflows. The increase in the discounted amount of the provision arising from passage of time is recognised as interest expense.
The carrying amount of provisions is reviewed at each balance sheet date and adjusted to reflect the current best estimate.
The provisions expected to be settled within one year since the balance sheet date are classified as current liabilities.
37.Share-based Payment
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 38 . Other financial instruments such as preferred shares and perpetual capital securities
39.Revenues
Whether the company needs to comply with the disclosure requirements of the particular industry
No
Whether implemented new revenue guidelines?
□ Yes√ No
Revenue recognition
The amount of revenue is determined in accordance with the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of theGroup’s activities.
Revenue is shown net of discounts and returns. Revenue is recognised in profit or loss when it is probable that the economic benefits will flow to the Group, the revenue and costs can be measured reliably and the following respective conditions aremet：
(a) Revenue from sales of electricity and heat energy
Revenue is recognised when electricity and heat energy are supplied to grid companies or customers.
(b) Revenue from sales of by-products
Revenue from the sales of goods is recognised when the Group transfers by-products (such as coal ash) produced by electricity generations to the designated delivery place pursuant to the contract or agreement and the recipient resource utilisation confirms receipt.
(c) Rendering of services
Revenue from rendering of services is measured at the fair value of the consideration received or receivable under the contract or agreement.
The Group provides external bidding agency service and maintenance service.
The Group provides external bidding agency service, upon the completion of the bidding service, revenue is recognised based on the pricing difference between the electricity consumption of bidding and auction price, and thecustomer’s conventional price of electricity.
The Group provides external maintenance service, revenue is recognised according to the percentage completion method, determined by percentage of the total cost incurred.
(d) Revenue from sale of certified emission reductions (CERs)
The Group sells CERs provided by its natural gas facilities and wind power facilities. These facilities are registered with the Clean Development Mechanism (CDM) Executive Board (EB) of the United Nations as CDM projects under the Kyoto Protocol. The Company also sells voluntary emission reductions (“VERs”) attributable to the electricity generated from CDM projects before getting registered with CDMEB.
Revenue related to CERs and VERs is recognised when the following conditions are met:
- The counterparty has committed to buy CERs or VERs;
- The amount of income from selling CERs or VERs can be reliably measured;
- The Company has generated the related electricity.
(e) Transfer of asset usage rights
Interest income is recognised based on the length of time of the deposits or principal outstanding and the applicable effective interest rate. Rental income for operation lease is recognised according to straight-line method of allocation over the rental period.
Note: Explain the revenue recognition principle and measurement method. The company shall formulate an
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 accounting policy for revenue recognition based on the actual production and operation characteristics, stating the specific time and measurement method for revenue recognition. If different operation modes are adopted for similar businesses to recognize revenue at different time points, they shall be specified separately. If the income from the provision of labor services and construction contracts is recognized according to the percentage of completion method, the basis and method for determining the completion progress of the contract shall be explained.
40.Government grants
Government grants refer to the monetary or non-monetary assets obtained by the Group from the government, including tax return, financial subsidy and etc. Government grants are recognised when the grants can be received and the Group can comply with all attached conditions. If a government grant is a monetary asset, it will be measured at the amount received or receivable. If a government grant is a non-monetary asset, it will be measured at its fair value. If it is unable to obtain its fair value reliably, it will be measured at its nominal amount. Government grants related to assets refer to government grants which are obtained by the Group for the purposes of purchase, construction or acquisition of the long-term assets. Government grants related to income refer to the government grants other than those related to assets. Government grants related to assets are recorded as deferred income and recognised in profit or loss on a systemic basis over the useful lives of the assets. Government grants related to income that compensate the incurred costs, expenses or losses are recognised in profit or loss. Government grants related to income that compensate future costs, expenses or losses are recorded as deferred income and recognised in profit or loss in reporting the related costs, expenses or losses; government grants related to income that compensate incurred costs, expenses or losses are recognised in profit or loss directly in the current period. The Group applies the presentation method consistently to the similar government grants in the financial statements.
41. Deferred income tax assets/Deferred income tax liability
Deferred tax assets and deferred tax liabilities are calculated and recognised based on the differences arising between the tax bases of assets and liabilities and their carrying amounts (temporary differences). Deferred tax asset is recognised for the deductible losses that can be carried forward to subsequent years for deduction of the taxable profit in accordance with the tax laws. No deferred tax liabilities is recognised for the temporary differences resulting from the initial recognition of Goodwill. No deferred tax asset or deferred tax liability is recognised for the temporary differences resulting from the initial recognition of assets or liabilities due to a transaction other than a business combination, which affects neither accounting profit nor taxable profit (or deductible loss). At the balance sheet date, deferred tax assets and deferred tax liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled.
Deferred tax assets are only recognised for deductible temporary differences, deductible losses and tax credits to the extent that it is probable that taxable profit will be available in the future against which the deductible temporary differences, deductible losses and tax credits can be utilised.
Deferred tax liabilities are recognised for temporary differences arising from investments in subsidiaries, joint venture, and associates, except where the Group is able to control the timing of reversal of the temporary difference, and it is probable that the temporary difference will not reverse in the foreseeable future. When it is probable that the temporary differences arising from investments in subsidiaries and associates will be reversed in
the foreseeable future and that the taxable profit will be available in the future against which the temporary
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 differences can be utilised, the corresponding deferred tax assets are recognised.
Deferred tax assets and liabilities are offset when:
the deferred taxes are relate to the same tax payer within the Group and same fiscal authority,and;
 that tax payer has a legally enforceable right to offset current tax assets against current tax liabilities.
42. Leases
（1）Accounting of operational leasing
Operating lease expenses are recorded in relevant cost of capital or current profit or loss according to straight-line method over the lease period.
Operating lease revenue are recognised according to straight-line method over the lease period.
（2）Accounting treatment of financing leasing
When the Group acquires an asset under a finance lease, the asset is measured at an amount equal to the lower of its fair value and the present value of the minimum lease payments, each determined at the inception of the lease. The difference between the fair value of the leased assets and the minimum lease payments is recognised as unrecognised finance charges. Unrecognised finance charge under finance lease is amortised using an effective interest method over the lease term. The minimum lease payment net of unrecognised finance charges are disclosed as long-term payable.
43. Other significant accounting policies and estimates
The Group continually evaluates the critical accounting estimates and key judgements applied based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The critical accounting estimates and key assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next accounting year are outlined below:
(a) Estimates on provision for impairment of long-term assets
fixed assets, construction in progress, intangible assets with finite useful lives, investment properties that are measured at cost and long-term equity investments in subsidiaries, joint ventures and associates are tested for impairment ifthere’s indications that the assets may be impaired at the balance sheet date. When assessing whetherthere’s indication that the above assets are impaired, management mainly evaluate and analyse: (1) whether events affecting asset impairment occurred; (2) whether the present value of expected cash flows arising from the continuing use or disposal of the asset is lower than its carrying amount; (3) whether the assumptions used in estimating the present value of future cash flows is appropriate. Relevant assumptions adopted by the Group to determine impairment, e.g. changes in assumptions on discount rate and growth rate used to calculate the present value of future cash flows, may have material impact on the present value used in the impairment test, and cause impairment in the above-mentioned long-term assets of the Group.
(b) Useful lives and residual value of fixed assets
The useful lives and residual value of fixed assets are determined by management after taking into account their durability and past maintenance records based on the industry practice. The useful life of the assets is reviewed at each year-end with appropriate adjustments made accordingly. Any changes in the useful lives and residual value of fixed assets may have significant impact on theGroup’s net profit
(c) Income taxes
The Group is subject to income taxes in numerous jurisdictions. There are some transactions and events for which
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 the ultimate tax determination is uncertain during the ordinary course of business. Significant judgement is required from the Group in determining the provision for income taxes in each of these jurisdictions. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.
(d) Deferred tax assets
Whether to recognise the deferred tax assets arising from deductible losses and deductible temporary differences largely depends on the judgement of management on whether sufficient future taxable income that can be used to deduct deductible losses and deductible temporary differences can be obtained in the future periods. A lot of judgements and estimates are required to calculate the future taxable income, and tax planning strategies and the influence of overall economic environment shall be considered at the same time. Different judgements and estimates will impact on the recognition and amount of deferred tax assets. When it is estimated that sufficient future taxable income, against which deductible losses and temporary differences can be utilised, can be obtained in the future periods, deferred tax assets are recognised to the extent that it is probable that taxable income will be available in the future against which deductible losses and temporary differences can be utilised, using tax rates applicable in the period when the asset would be recovered. In determining the amount of deferred tax assets, the Group exercises judgements about the estimated timing and amount of future taxable income, and about the tax rates applicable in the future according to the existing tax policies and other relevant regulations. Differences between such estimates and the actual timing and amount of future profits will affect the amount of deferred tax assets.
44.Change of main accounting policies and estimations
(1)Change of main accounting policies
√ Applicable□ Not applicable
||||
|-|-|-|
|The content and reason for change of accounting policy|Appoval process|Remark|
|According to the requirements of the Ministry of Finance's Accounting|On March 20, 2019, the Fifth Meeting of||
|Standards for Business Enterprises No.22, Accounting Standards for|the Audit Committee of the Ninth Board||
|Business Enterprises No.23, Accounting Standards for Business|of Directors of the Company deliberated||
|Enterprises No.24 revised and issued on March 31, 2017 and Accounting|and passed the Proposal on Changes in||
|Standards for Business Enterprises No.37 revised and issued on May 2,|Accounting Policies and agreed to submit||
|2017 (hereinafter referred to as "New Financial Instrument Standard")|t he proposal to the Board of Directors of||
|and the Notice on Revising and Issuing the Format of General Enterprise|the Company for deliberation. On April||
|Financial Statements for 2019 (CK [2019] No.6) on April 30, 2019, based|11, 2018, the eighth meeting of the ninth||
|on the Group's business model of managing financial assets and the|Board of Directors of the Company||
|contractual cash flow characteristics of financial assets, the investments|deliberated and passed the Proposal on||
|of the three companies held by the Group are adjusted from|Changes in Accounting Policies. The||
|available-for-sale financial assets originally accounted for by the cost|independent directors and the board of||
|method to financial assets accounted for by fair value and their changes|supervisors of the company respectively||
|are included in other comprehensive income, and reported in other equity|expressed independent opinions and audit||
|instruments.|opinions on this matter.||

(2) Change of main accounting estimations
√ Applicable□ Not applicable
|||||
|-|-|-|-|
|Content of and Reasons for the Changes in Accounting||Applicable||
||Approval process||Remark|
|Estimates||start time||
|According to the Notice of Guangdong Development and|On December 27, 2018, the Audit Committee|||
|Reform Commission on Shutting down Unit 1 of Shajiao|of the Ninth Board of Directors of the|January 1,||
|A Power Plant and Unit 2 of Shajiao B Power Plant|Company held its fourth meeting, reviewed the|||
|||2019||
|(GFGNDH [2018] No 5354) and the Request of|Proposal on Adjusting Depreciation Years of|||
|Guangdong Development and Reform Commission on|Fixed Assets in Shajiao A Power Plant and|||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
|||
|-|-|
|Decommissioning of Shajiao Power Plant and|agreed to submit it to the Board of Directors ofthe Company for deliberation. On January 25,2019, the seventh meeting of the ninth Boardof Directors of the Company deliberated andpassed the Proposal on Adjusting theDepreciation Period of Fixed Assets of ShajiaoA Power Plant. The independent directors andthe board of supervisors of the companyrespectively expressed independent opinionsand verification opinions on this matter.According to the relevant provisions of theShenzhen Stock Exchange Listing Rules andthe Guidelines for the Standardized Operationof Listed Companies on the Main Board ofShenzhen Stock Exchange (Revised in 2015),this adjustment of fixed asset depreciationperiod of Shajiao A Power Plant need not besubmitted to the shareholders' meeting fordeliberation.|
|Construction of Alternative Power Sources (YFGND||
|[2018] No 361), unit 1 of Shajiao A Power Plant, a branch||
|of the company, has been shut down in November 2018,||
|units 2 and 3 are expected to be shut down by the end of||
|2019, and units 4 and 5 are expected to be shut down by||
|the end of 2023. According to the current unit shutdown||
|plan of Shajiao A Power Plant, the Company expects that||
|the service life of some of its fixed assets will be greatly||
|shortened. According to Article 19 of Accounting||
|Standards for Business Enterprises No.4-Fixed Assets, the||
|Company plans to adjust the depreciation period of fixed||
|assets related to Shajiao A Power Plant to make it more in||
|line with the actual use of fixed assets.||

1. Depreciation of fixed assets: it is estimated to increase by 174 million yuan in 2019 and 49 million yuan annually from 2020 to 2023;
2. Net profit attributable to parent company: it is estimated to decrease by 174 million yuan in 2019 and 49 million yuan annually from 2020 to 2023;
3. Owner's equity attributable to parent company: it is estimated to decrease by 174 million yuan in 2019 and 49 million yuan annually from 2020 to 2023.
（3）Adjustments to the Financial Statements at the Beginning of the First Execution Year of any New Standards Governing Financial Instruments, Revenue or Leases
√ Applicable□ Not applicable
Consolidated balance sheet
In RMB
|||||
|-|-|-|-|
|Items|December 31, 2018|January 1, 2019|Adjustment amount|
|Current asset：||||
|Monetary fund|5,574,382,892|5,574,382,892||
|Settlement provision||||
|Outgoing call loan||||
|Transactional financial assets||||
|Financial assets measured at fair value with||||
|variations accounted into current income account||||
|Derivative financial assets||||
|Notes receivable||||
|Account receivable|3,358,331,949|3,358,331,949||
|Financing of receivables||||
|Prepayments|906,261,046|906,261,046||
|Insurance receivable||||
|Reinsurance receivable||||
|Provisions of Reinsurance contracts receivable||||
|Other account receivable|222,976,826|222,976,826||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
|||||
|-|-|-|-|
|Including：Interest receivable|18,856,569|18,856,569||
|Dividend receivable||||
|Repurchasing of financial assets||||
|Inventories|1,481,817,270|1,481,817,270||
|Contract assets||||
|Assets held for sales||||
|Non-current asset due within 1 year||||
|Other current asset|617,853,476|617,853,476||
|Total of current assets|12,161,623,459|12,161,623,459||
|Non-current assets：||||
|Loans and payment on other’s behalf disbursed||||
|Debt investment||||
|Available for sale of financial assets|1,565,806,331||-1,565,806,331|
|Other investment on bonds||||
|Expired investment in possess||||
|Long-term receivable|89,762,071|89,762,071||
|Long term share equity investment|6,395,134,754|6,395,134,754||
|Other equity instruments investment||1,565,806,331|1,565,806,331|
|Other non-current financial assets||||
|Property investment|10,810,722|10,810,722||
|Fixed assets|41,157,594,848|41,157,594,848||
|Construction in progress|7,740,754,343|7,740,754,343||
|Production physical assets||||
|Oil & gas assets||||
|Use right assets||||
|Intangible assets|1,863,588,771|1,863,588,771||
|Development expenses||||
|Goodwill|2,449,886|2,449,886||
|Long-germ expenses to be amortized|22,089,179|22,089,179||
|Deferred income tax asset|448,431,684|448,431,684||
|Other non-current asset|1,871,616,258|1,871,616,258||
|Total of non-current assets|61,168,038,847|61,168,038,847||
|Total of assets|73,329,662,306|73,329,662,306||
|Current liabilities||||
|Short-term loans|7,526,000,000|7,526,000,000||
|Loan from Central Bank||||
|Borrowing funds||||
|Transactional financial liabilities||||
|Financial liabilities measured at fair value with||||
|variations accounted into current income account||||
|Derivative financial liabilities||||
|Notes payable|941,161,107|941,161,107||
|Account payable|2,196,600,415|2,196,600,415||
|Advance receipts|343,894|343,894||
|Selling of repurchased financial assets||||
|Deposit taking and interbank deposit||||
|Entrusted trading of securities||||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|Entrusted selling of securities|||
|Employees’ wage payable|235,741,179|235,741,179|
|Tax payable|397,001,706|397,001,706|
|Other account payable|4,152,518,495|4,152,518,495|
|Including：Interest payable|59,316,077|59,316,077|
|Dividend payable|9,703,930|9,703,930|
|Fees and commissions payable|||
|Reinsurance fee payable|||
|Contract Liabilities|||
|Liabilities held for sales|||
|Non-current liability due within 1 year|2,779,347,654|2,779,347,654|
|Other current liability|1,107,904,110|1,107,904,110|
|Total of current liability|19,336,618,560|19,336,618,560|
|Non-current liabilities：|||
|Reserve fund for insurance contracts|||
|Long-term loan|18,802,292,664|18,802,292,664|
|Bond payable|838,326,742|838,326,742|
|Including：preferred stock|||
|Sustainable debt|||
|Lease liability|||
|Long-term payable|2,311,513,249|2,311,513,249|
|Long-term remuneration payable to staff|122,913,388|122,913,388|
|Expected liabilities|||
|Deferred income|133,043,646|133,043,646|
|Deferred income tax liability|100,726,841|100,726,841|
|Other non-current liabilities|166,405,569|166,405,569|
|Total non-current liabilities|22,475,222,099|22,475,222,099|
|Total of liability|41,811,840,659|41,811,840,659|
|Owners’ equity|||
|Share capital|5,250,283,986|5,250,283,986|
|Other equity instruments|||
|Including：preferred stock|||
|Sustainable debt|||
|Capital reserves|5,102,846,886|5,102,846,886|
|Less：Shares in stock|||
|Other comprehensive income|550,010,133|550,010,133|
|Special reserve|||
|Surplus reserves|7,834,155,143|7,834,155,143|
|Common risk provision|||
|Retained profit|5,490,006,140|5,490,006,140|
|Total of owner’s equity belong to the parent company|24,227,302,288|24,227,302,288|
|Minority shareholders’ equity|7,290,519,359|7,290,519,359|
|Total of owners’ equity|31,517,821,647|31,517,821,647|
|Total of liabilities and owners’ equity|73,329,662,306|73,329,662,306|

Notes
According to the requirements of the Ministry of Finance's Accounting Standards for Business Enterprises No.22,
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 Accounting Standards for Business Enterprises No.23, Accounting Standards for Business Enterprises No.24 revised and issued on March 31, 2017 and Accounting Standards for Business Enterprises No.37 revised and issued on May 2, 2017 (hereinafter referred to as "New Financial Instrument Standard") and the Notice on Revising and Issuing the Format of General Enterprise Financial Statements for 2019 (CK[2019] No.6) on April 30, 2019, based on the Group's business model of managing financial assets and the contractual cash flow characteristics of financial assets, the investments of the three companies held by the Group are adjusted from available-for-sale financial assets originally accounted for by the cost method to financial assets accounted for by fair value and their changes are included in other comprehensive income, and reported in other equity instruments. Balance sheet of Parent Company
In RMB
|||||
|-|-|-|-|
|Items|December 31, 2018|January 1, 2019|Adjustment amount|
|Current asset：||||
|Monetary fund|385,577,463|385,577,463||
|Transactional financial assets||||
|Financial assets measured at fair value with||||
|variations accounted into current income account||||
|Derivative financial assets||||
|Notes receivable||||
|Account receivable|264,537,475|264,537,475||
|Financing of receivables||||
|Prepayments|44,826,500|44,826,500||
|Other account receivable|375,296,228|375,296,228||
|Including：Interest receivable|1,121,522|1,121,522||
|Dividend receivable|447,956|447,956||
|Inventories|187,058,140|187,058,140||
|Contract assets||||
|Assets held for sales||||
|Non-current asset due within 1 year||||
|Other current asset|199,679|199,679||
|Total of current assets|1,257,495,485|1,257,495,485||
|Non-current assets：||||
|Debt investment||||
|Available for sale of financial assets|1,565,806,331||-1,565,806,331|
|Other investment on bonds||||
|Expired investment in possess||||
|Long-term receivable|306,460,000|306,460,000||
|Long term share equity investment|24,699,820,321|24,699,820,321||
|Other equity instruments investment||1,565,806,331|1,565,806,331|
|Other non-current financial assets||||
|Property investment|7,661,041|7,661,041||
|Fixed assets|978,022,437|978,022,437||
|Construction in progress|9,394,075|9,394,075||
|Production physical assets||||
|Oil & gas assets||||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|Use right assets|||
|Intangible assets|86,681,362|86,681,362|
|Development expenses|||
|Goodwill|||
|Long-germ expenses to be amortized|||
|Deferred income tax asset|||
|Other non-current asset|356,004,000|356,004,000|
|Total of non-current assets|28,009,849,567|28,009,849,567|
|Total of assets|29,267,345,052|29,267,345,052|
|Current liabilities|||
|Short-term loans|1,500,000,000|1,500,000,000|
|Transactional financial liabilities|||
|Financial liabilities measured at fair value with|||
|variations accounted into current income account|||
|Derivative financial liabilities|||
|Notes payable|||
|Account payable|223,827,319|223,827,319|
|Advance receipts|||
|Contract Liabilities|||
|Employees’ wage payable|53,346,100|53,346,100|
|Tax payable|48,590,195|48,590,195|
|Other account payable|98,528,954|98,528,954|
|Including：Interest payable|15,787,356|15,787,356|
|Dividend payable|9,703,930|9,703,930|
|Liabilities held for sales|||
|Non-current liability due within 1 year|||
|Other current liability|1,107,904,110|1,107,904,110|
|Total of current liability|3,032,196,678|3,032,196,678|
|Non-current liabilities：|||
|Long-term loan|1,500,000,000|1,500,000,000|
|Bond payable|838,326,742|838,326,742|
|Including：preferred stock|||
|Sustainable debt|||
|Lease liability|||
|Long-term payable|4,340,898|4,340,898|
|Long-term remuneration payable to staff|32,170,769|32,170,769|
|Expected liabilities|||
|Deferred income|48,362,943|48,362,943|
|Deferred income tax liability|99,461,621|99,461,621|
|Other non-current liabilities|||
|Total non-current liabilities|2,522,662,973|2,522,662,973|
|Total of liability|5,554,859,651|5,554,859,651|
|Owners’ equity|||
|Share capital|5,250,283,986|5,250,283,986|
|Other equity instruments|||
|Including：preferred stock|||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|Sustainable debt|||
|Capital reserves|5,605,794,601|5,605,794,601|
|Less：Shares in stock|||
|Other comprehensive income|550,010,133|550,010,133|
|Special reserve|||
|Surplus reserves|7,834,155,143|7,834,155,143|
|Retained profit|4,472,241,538|4,472,241,538|
|Total of owners’ equity|23,712,485,401|23,712,485,401|
|Total of liabilities and owners’ equity|29,267,345,052|29,267,345,052|

Notes
According to the requirements of the Ministry of Finance's Accounting Standards for Business Enterprises No.22, Accounting Standards for Business Enterprises No.23, Accounting Standards for Business Enterprises No.24 revised and issued on March 31, 2017 and Accounting Standards for Business Enterprises No.37 revised and issued on May 2, 2017 (hereinafter referred to as "New Financial Instrument Standard") and the Notice on Revising and Issuing the Format of General Enterprise Financial Statements for 2019 (CK[2019] No.6) on April 30, 2019, based on the Group's business model of managing financial assets and the contractual cash flow characteristics of financial assets, the investments of the three companies held by the Group are adjusted from available-for-sale financial assets originally accounted for by the cost method to financial assets accounted for by fair value and their changes are included in other comprehensive income, and reported in other equity instruments.（4）Retrospective Restatement of Previous Comparative Data due to the First Execution of any New Standards Governing Financial Instruments or Leases
□ Applicable√ Not applicable
45.Other
VI. Taxation
1. Main categories and rates of taxes
||||
|-|-|-|
|Class of tax|Tax basis|Tax rate|
|||3%，6%，9%，10%,13% and 16%（According to the|
|||“Notice of the Ministry of Finance and the State|
||Taxable value added amount (Tax payable is|Administration of Taxation on Adjusting the|
||calculated using the taxable sales amount|Value-Added Tax Rate” (Cai Shui [2019] No. 39) and|
|VAT|||
||multiplied by the applicable tax rate less deductible|related regulations, since April 1, 2019 the tax rates|
||VAT input of current period)|for the group's original business which were applicable|
|||to 16% and 10% will be adjusted to 13% and 9%|
|||respectively）|
|City maintenance and|Amount of VAT, business tax and consumption tax||
|||5% and7%|
|construction tax|paid||
|Corporate income tax|Taxable income|0%,12.5%,15%，20% and 25%|
|Education surcharges|Based on VAT paid|3%|
|Local education|||
||Based on VAT paid|2%|
|surcharges|||
|House property tax|The rental income or residual value of the property|12% and1.2%|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 In case there exist any taxpayer paying corporate income tax at different tax rates, disclose the information
|||
|-|-|
|Name of taxpayer|Income tax rates|
|Dianbai Wind power|12.50%|
|Qujie Wind Power|12.50%|
|Leizhou Wind Power|0%|
|Zhanjiang Electric Power Co., Ltd.|15%|
|Zhanjiang Yuheng Electric Power Maintenance and Installation||
||20%|
|Co., Ltd.||

2.Tax preferences
Pursuant to the approval documents (Caishui[2008] No. 46 and Guo Shui Fa[2009] No. 80), Xuwen Wind Power, Dianbai Wind Power, Qujie Wind Power and Leizhou Wind Power are exempted from enterprise income tax in the first three years counting from the year profits are recorded, and can enjoy half rate reduction in the following three years. As the local taxation bureau considered that Xuwen Wind Power posted profits for the first time in 2012, and Dianbai Wind Power posted profits for the first time in 2016, Qujie Wind Power posted profits for the first time in 2016 and Leizhou Wind Power posted profits for the first time in 2017, the applicable enterprise income tax rates for Dianbai Wind Power, Qujie Wind Power and Leizhou Wind Power are12.5%,12.5% and0% in 2019(2018:0%,0% and0%) respectively.
In addition,50% of VAT levied on the sales of electricity generated by Guangdong Yudean Shibeishan Wind Power Co., Ltd. (“Shibeishan”), Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd. (“Zhanjiang Wind Power”), Xuwen Wind Power, Dianbai Wind Power, Qujie Wind Power and Leizhou Wind Power and Huilai Wind Power will be refunded immediately in accordance with the Notice Concerning Value Added Tax Policies on Wind Power Generation (Cai Shui[2015] No.74)
(b) In 2008, Zhanjiang Electric, a subsidiary of the Company, was granted a High-tech Enterprise Certificate (Certificate No.: GR201744007248) by the Department of Science& Technology of Guangdong Province, Department of Finance of Guangdong Province, the State Taxation Bureau of Guangdong Province and the Local Taxation Bureau of Guangdong Province on 11 December 2017. The certificate is valid for three years. Under Article 28 of the Enterprise Income Tax Law of thePeople’s Republic of China and the circular([2017] No. 24) issued by the State Administration of Taxation, the tax prefenrence can be requested as of the year of the issue of the high-tech enterprise certificate, and the income tax rate applicable to Zhanjiang Electric for 2019 is15% (2018:15%).
(c) Pursuant to the approval documents (Cai Shui[2018] No. 77), Yuheng Electric was recognised as a small enterprise with low profits since its annual taxable income was less than RMB 1 million, so the amount of taxable income was reduced to50% of its income and was subject to enterprise income tax at the tax rate of20%. Therefore, the applicable enterprise income tax rate for Yuheng Electric is20% (2018:20%).
3.Other
VII. Notes on major items in consolidated financial statements
1. Monetary funds
In RMB
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|Cash on hand|42,282|31,413|
|Cash at bank|5,196,580,593|5,570,351,479|
|Other cash balance|3,111,720|4,000,000|
|Total|5,199,734,595|5,574,382,892|

 Other notes
1.As of June 30,2019,Thecompany’s deposit in Yudean Finance company is 4,915,764,758 yuan (4,978,118,712 yuan before December 31, 2018).The deposit in Yudean Finance means that deposited in Guangdong Yudean Finance Co., Ltd. (“Yudean Finance”). Yudean Finance is one financial institution approved by People's Bank of China and is a subsidiary of Energy Group Co., Ltd.
2. As of June 30, 2019, other cash balances amounted to RMB 3,111,720 (31 December 2018: 4,000,000) and represented deposits of Huizhou Pingdian Comprehensive Energy Co., Ltd. (“Pingdian Comprehensive”), a subsidiary of the Group, for the purpose of applying for performance guarantees of RMB 2,000,000( 31 December 2018:4,000,000)for admission to sales of electricity at Guangdong Power Exchange Centre. The balance of the Group's restricted carbon account is 1,111,720 yuan.
2. Transactional financial assets
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|Financial assets measured at fair value through profit or|37,203||
|loss|||
|Of which ：|||
|Of which：|||
|Total|37,203||

Other notes
3. Derivative financial assets
Not applicable
4. Notes receivable
Not applicable
5. Accounts receivable
(1) Accounts receivable disclosed by category
In RMB
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
||Closing balance|||||Opening balance|||||
||||Bad debtprovision|||||Bad debt|||
||Book balance|||||Book balance|||||
|||||||||provision|||
|Category|||||||||||
|||||Propo|Book value|||||Book value|
|||Proport|||||Proport||Propor||
||Amount||Amount|rtion%||Amount||Amount|||
|||ion %|||||ion %||tion %||
|Of which：|||||||||||
|Accrual of bad|||||||||||
||3,264,298,468|100 %|180,155|0 .01%|3,264,118,313|3,358,489,658|100 %|157,709|0.01%|3,358,331,949|
|debt provision|||||||||||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
|by portfolio|||||||||||
|Of which：|||||||||||
|Low risk|||||||||||
||3,255,023,499|9 9.72%|0|0 %|3,255,023,499|3,345,279,051|9 9.61%|0|0 %|3,345,279,051|
|portfolio|||||||||||
|Other portfolio|9,274,969|0.28%|180,155|1 .94%|9,094,814|13,210,607|0.39%|157,709|1.19%|13,052,898|
|Total|3,264,298,468|100 %|180,155|0 .01%|3,264,118,313|3,358,489,658|100 %|157,709|0.01%|3,358,331,949|

 Accrual of bad debt provision by single item:
Not applicable
Accrual of bad debt provision by portfolio:
Not applicable
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method of other receivables if the provision for bad debts of bills receivable is accrued according to the general model of expected credit loss:
√ Applicable□Not applicable
(i) As of June 30, 2019, the Group has no accounts receivable for which bad debt reserves are separately accrued. (ii) On June 30, 2019, the accounts receivable with provision for bad debts by combination are analyzed as follows:
In RMB
|||||||
|-|-|-|-|-|-|
|||Book balance|Dad debt reserves|||
|||Amount|Expected credit loss for the||Amount|
||||entire duration|||
|Low risk portfolio|33,255,023,499||0.00%|-||
|Other portfolio|9,274,969||1.94%|180,155||
|||3,264,298,468|||180,155|

Disclosure by aging
In RMB
|||
|-|-|
||Closing balance|
|Aging||
|Within 1 year（Including 1 year）|3,264,118,313|
|Within 1 year|3,264,118,313|
|Total|3,264,118,313|

(2) Accounts receivable withdraw, reversed or collected during the reporting period
The withdrawal amount of the bad debtprovision：
In RMB
|||||||
|-|-|-|-|-|-|
|||Amount of change in the current period||||
|Category|Opening balance||Reversed or||Closing balance|
|||Accrual||Write-off||
||||collected amount|||
|Accounts receivable|157,709|22,446|||180,155|
|Total|157,709|22,446|||180,155|

 Of which the significant amount of the reversed or collected part during the reporting period
Not applicable
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019（3）Top 5 of the closing balance of the accounts receivable collected according to the arrears party
|||||
|-|-|-|-|
|Debtor|Book amount|Provision for bad debts|Proportion%|
|GPGC|2,963,751,203|-|90.79%|
|Shenzhen Power supplyBureau|248,592,385|-|7.62%|
|GPGC,Zhanjiang Powersupply Bureau|17,543,877|-|0.54%|
|GPGC,Maoming Powersupply Bureau|11,552,907|-|0.35%|
|YPGC|4,274,812|-|0.13%|
|Total|3,245,715,184|-|99.43%|

 6. Financing of receivables
Not applicable
7.Prepayments
(1) List by aging analysis:
In RMB
||||||
|-|-|-|-|-|
||Closing balance||Opening balance||
|Aging|||||
||Amount|Proportion %|Amount|Proportion %|
|Within 1 year|841,263,197|99.66%|898,559,234|99.16%|
|1-2 years|1,266,197|0.15%|6,388,849|0.70%|
|2-3 years|963,210|0.11%|756,896|0.08%|
|Over 3 years|662,651|0.08%|556,067|0.06%|
|Total|844,155,255|--|906,261,046|--|

Notes of the reasons of the prepayment ages over 1 year with significant amount but failed settled in time
As at June 30,2019, advances to suppliers aged more than 1 year were RMB 2,892,058, mainly including
prepayments for spare parts and materials.
（2）The ending balance of Prepayments owed by the imputation of the top five parties
||||||||||
|-|-|-|-|-|-|-|-|-|
||||Relationship with the||||||
||Name||||Amount||Proportion %|Reason|
||||company||||||
|Guangdong Power Industry Fuel Co., Ltd.||The joint venturewith Guangdonggroup control||523,735,826||62.02%|||
|Guangdong Zhutou Electric Power fuel Co.,Ltd.||Third party||126,998,446||15.04%|||
|Guangdong Yudean Natural gas Co., Ltd.||Related party||44,552,246||5.28%|||
|Guangzhou Port Co., Ltd. Railway Branch||Third party||37,503,567||4.44%|||
|Guangzhu Railway Co., Ltd. GaolanjianStation Special income account||Third party||22,950,521||2.72%|||
|Total||||755,740,606||89.49%|||

Other notes
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 8. Other accounts receivable
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|Interest receivable|23,038,895|18,856,569|
|Other accounts receivable|275,581,692|204,120,257|
|Total|298,620,587|222,976,826|

（1）Interest receivable
1) Category of interest receivable
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|Fixed deposit|23,038,895|18,856,569|
|Total|23,038,895|18,856,569|

 2) Significant overdue interest
Not applicable
3）Bad-debt provision
□ Applicable√ Not applicable
(2)Dividend receivable
1) Dividend receivable
Not applicable
（3） Other accounts receivable
1) Other accounts receivable classified by the nature of accounts
In RMB
||||
|-|-|-|
|Nature|Closing book balance|Opening book balance|
|Supplementary medical insurance fund|||
||81,803,575|74,967,255|
|receivable|||
|Sales of by-products receivable|106,675,936|61,562,471|
|Land receivable deposit|23,446,000|23,446,000|
|Receivable petty cash|13,373,636|8,207,879|
|Advances receivable|13,569,871|5,423,464|
|Government subsidy receivable|3,909,598|5,208,887|
|Other|42,748,926|34,749,156|
|Total|285,527,542|213,565,112|

2）Bad-debt provision
In RMB
||||||
|-|-|-|-|-|
|Bad Debt Reserves|Stage 1|Stage 2|Stage 3|Total|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||||
|-|-|-|-|-|
||Expected credit losses||Expected credit losses for||
|||Expected credit loss over|||
||over the next 12||the entire duration (credit||
|||life (no credit impairment)|||
||months||impairment occurred)||
|Balance as at January 1, 2019|2,437,143||7,007,712|9,444,855|
|Balance as at January 1, 2019|||||
||——|——|——|——|
|in current|||||
|Accrual in the current period|500,995|||500,995|
|Balance as at June 30,2019|2,938,138||7,007,712|9,945,850|

 Loss provision changes in current period, change in book balance with significant amount
□ Applicable√Not applicable
Disclosure by aging
In RMB
|||
|-|-|
|Aging|Closing balance|
|Within 1 year(Including 1 year）|234,638,906|
|Within 1 year|234,638,906|
|1-2 years|39,552,832|
|2-3 years|20,259|
|Over 3 years|1,369,695|
|3-4 years|315,000|
|Over 5 years|1,054,695|
|Total|275,581,692|

 3) Accounts receivable withdraw, reversed or collected during the reporting period
The withdrawal amount of the bad debtprovision：
In RMB
||||||
|-|-|-|-|-|
|||Amount of change in the current period|||
|Category|Opening balance||Reversed or collected|Closing balance|
|||Accrual|||
||||amount||
|Other account receivable|9,444,855|500,995||9,945,850|
|Total|9,444,855|500,995||9,945,850|

 (i) On June 30,2019, The bad debt provision for other receivables in the first stage is analyzed as follows: In RMB
|||||||||
|-|-|-|-|-|-|-|-|
|||Book balance|Expected credit Loss rate||Provision for bad debts|||
||||||||Reason|
||||for the next 12months|||||
|Low risk portfolio||215,835,109|0.00%|-||Expected creditLoss method||
|Other portfolio||62,684,721|4.69%|2,938,138||Expected creditLoss method||
||Total|278,519,830||2,938,138||||

(ii) On June 30,2019, The Group does not have other receivables in the second stage.
(iii) On JUNE 30,2019, The bad debt provision for other receivables in the third stage is analyzed as follows: In RMB
|||||||||
|-|-|-|-|-|-|-|-|
|||||Expected credit loss rate over the|Provision for bad|||
|||Book balance|||||Reason|
|||||entire life|debts|||
|Accrual bysingle item|7,007,712||100.00%||7,007,712|Unexpected to recover||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 4) Top 5 of the closing balance of the other accounts receivable collected according to the arrears party
In RMB
|||||||
|-|-|-|-|-|-|
|||||Proportion of the||
||||||Closing|
|||Closing||total year end balance||
|Name|Nature||Aging||balance of bad|
|||balance||of the accounts||
||||||debt provision|
|||||receivable||
|Guangdong Yudean Environmental|Sales of by-products||Within 1|||
|||94,790,847||33.20%|0|
|Protection Co., Ltd.|receivable||year|||
||Supplementary medical|||||
|Taikang Endowment Insurance Co.,|||Within 1|||
||insurance funds shall be|81,803,575||28.65%|0|
|Ltd. Guangdong Branch|||year|||
||receivable|||||
|Maoming Bohe Xingang District||||||
||Land receivable deposit|23,446,000|1-2 years|8.21%|0|
|Construction Command Office||||||
|Maoming Petrochemical Shengli|Sales of by-products||Within 1|||
|||4,270,034||1.50%|0|
|cement Co., Ltd.|receivable||year|||
||Government subsidy|||||
|Huilai County Taxation Bureau||3,490,978|1-2 years|1.22%|0|
||receivable|||||
|Total|--|207,801,434|--|72.78%|0|

 (5) Account receivables with government subsidies involved
In RMB
||||||
|-|-|-|-|-|
|||||Estimated time, amount|
|Name|Project name|Amount in year-end|At the end of aging||
|||||and basis|
|Huilai State Taxation|VAT is refunded|||Expected to be recovered|
|||3,490,978|1-2 years||
|Bureau|immediately|||the following year|
||VAT is refunded||||
|Xuwen State Taxation||||Expected to be recovered|
||immediately|418,619|1-2 years||
|Bureau||||the following year|

 9. Inventories
Whether implemented new revenue guidelines?
□ Yes√No
（1）Category of Inventory
In RMB
||||||||
|-|-|-|-|-|-|-|
||Closing book balance|||Opening book balance|||
|||Provision for|||Provision for||
|Items|||||||
||Book balance|inventory|Book value|Book balance|inventory|Book value|
|||impairment|||impairment||
|Raw materials|1,102,803,086|0|1,102,803,086|780,978,630|1,429,525|779,549,105|
|Parts|694,073,908|18,128,209|675,945,699|697,094,406|18,128,209|678,966,197|
|Other|33,425,210|0|33,425,210|23,301,968|0|23,301,968|
|Total|1,830,302,204|18,128,209|1,812,173,995|1,501,375,004|19,557,734|1,481,817,270|

 Whether the company is required to comply with the "Shenzhen Stock Exchange Industry Information Disclosure Guidelines No. 4 - listed companies engaged in seed industry, planting business" disclosure requirements
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 No
(2) Inventory depreciation reserve
In RMB
||||||||
|-|-|-|-|-|-|-|
||Beginning of|Increased in current period||Decreased in current period|||
|Items||||||End of term|
||term|Provision|Other|Transferred back|Other||
|Raw materials|1,429,525|0|0|1,429,525|0|0|
|Parts|18,128,209|0|0|0|0|18,128,209|
|Total|19,557,734|0|0|1,429,525|0|18,128,209|

 Guangdong Huizhou Natural Gas Power Generation Co., Ltd, a subsidiary of our company, disposed of250# heavy oil in April 2019, with a write-off reserve of 1,429,525 yuan.
(3) Explanation on inventories with capitalization of borrowing costs included at ending balance
Not applicable
(4) Assets unsettled formed by construction contract which has completed at period-end
Not applicable
10.Contact assets
Not applicable
11. Assets divided as held-to-sold
Not applicable
12. Non-current assets due within 1 year
Not applicable
13. Other current assets
Whether implemented new revenue guidelines?
□ Yes√No
In RMB
||||
|-|-|-|
||Year-end balance|Year-beginning balance|
|Items|||
|Deductible VAT|306,883,288|613,635,937|
|Pending disposal of other current assets|24,272|35,828|
|Prepayment of income tax|3,006,722|4,181,711|
|Total|309,914,282|617,853,476|

 14.Creditor's rights investment
Not applicable
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 15.Other creditor's rights investment
Not applicable
16. Long-term accounts receivable
(1) List of long-term accounts receivable
In RMB
|||||||||
|-|-|-|-|-|-|-|-|
||Closing balance|||Opening balance||||
|Items||Provision for|||Provision for||Discount rate|
||Book balance|inventory|Book value|Book balance|inventory|Book value|interval|
|||impairment|||impairment|||
|After-sale||||||||
||90,938,922|0|90,938,922|89,762,071|0|89,762,071|5 .40%-7.30%|
|leaseback deposit||||||||
|Total|90,938,922|0|90,938,922|89,762,071|0|89,762,071|--|

 Provision for bad debts
In RMB
||||||
|-|-|-|-|-|
||Stage 1|Stage 2|Stage 3||
|Bad Debt Reserves|Expected credit|Expected credit loss over|Expected credit losses for|Total|
||losses over the|life (no credit|the entire duration (credit||
||next 12 months|impairment)|impairment occurred)||
|Balance as at January 1, 2019|0|0|0|0|
|Balance as at January 1, 2019|||||
||——|——|——|——|
|in current period|||||
|Balance as at June 30,2019|0|0|0|0|

 Loss provision changes in current period, change in book balance with significant amount
□ Applicable√ Not applicable
(2) Long-term accounts receivable which terminate the recognition owning to the transfer of the financial assets Not applicable
(3) The amount of the assets and liabilities formed by the transfer and the continues involvement of long-term accounts receivable
Not applicable
17. Long-term equity investment
In RMB
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
|||Increase /decrease||||||||||
||||Decre||||Cash bonus or|Withdrawal||||
|||||Profits andlosses on|Other||||||Closing|
|Investees|Openingbalance|Additional|ase in|investments|comprehensiv|Changes in|profits|ofimpair|Oth|Closing balance|balance ofimpairment|
|||invest|invest|Recognized|e|other|announced to|ment|er||provision|
|||ment|ment|under the|income|equity|issue|provision||||
|||||equity method||||||||
|I. Joint ventures||||||||||||
|Industrial||||||||||||
||602,584,896|||39,224,948|||68,053,122|||573,756,722||
|Fuel||||||||||||
|Subtotal|602,584,896|||39,224,948|||68,053,122|||573,756,722||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
|||||||
|-|-|-|-|-|-|
|II. Associates||||||
|YangshanJi||||||
||5,694,710|512,329||6,207,039||
|angkeng||||||
|Yangshan||||||
|Zhongxink|7,808,826|1,235,845||9,044,671||
|eng||||||
|West||||||
||135,652,349|5,381,585||141,033,934||
|Investment||||||
|Yudean||||||
||935,111,350|-27,338,357||907,772,993||
|Shipping||||||
|Shanxi||||||
|Yudean|1,440,189,806|113,185,370|40,000,000|1,513,375,176||
|Enerty||||||
|Yudean||||||
||728,955,751|53,798,544|64,106,710|718,647,585||
|Finance||||||
|Taishan||||||
|Power|1,969,208,996|66,275,437||2,035,484,433||
|Generation||||||
|Yudean||||||
||258,026,177|7,437,804|773,832|264,690,149||
|Captive||||||
|Weixin||||||
||257,636,706|10,370,386||268,007,092|25,010,686|
|Yuntou||||||
|Huaneng||||||
||54,265,187|3,534,323||57,799,510||
|Shantou||||||
|Subtotal|5,792,549,858|234,393,266|104,106,710|5,922,062,582|25,010,686|
|Total|6,395,134,754|273,618,214|172,933,664|6,495,819,304|25,010,686|

 18. Other equity instruments investment
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|Shenzhen Capital Group Co., Ltd.|877,203,191|799,040,951|
|Sunshine Insurance Group Co., Ltd.|356,000,000|356,000,000|
|Shanghai Shenergy Group|333,748,822|270,997,380|
|Shenzhen Energy Co., Ltd.|78,120,000|66,150,000|
|Southern Offshore wind power Union|||
||70,000,000|70,000,000|
|Development Co., Ltd|||
|GMG International Tendering Co., Ltd.|5,580,000|3,618,000|
|Total|1,720,652,013|1,565,806,331|

 Itemized disclosure of the current non - trading equity instrument investment
In RMB
||||||||
|-|-|-|-|-|-|-|
|||||Amount of|||
|||||||Reasons for othercomprehensiveincometransferred toretained earnings|
|||||other|Reasons for being measured at||
||Recognized||Accum||||
|||Accumulating||comprehensive|fair value and whose changes are||
|Name|dividend||ulating||||
|||gains||income|included in other comprehensive||
||income||losses||||
|||||transferred to|income||
|||||retained earning|||
||||||The asset held by the company||
||||||is neither for sale nor for||
|Shenzhen Capital|||||obtaining the contract cash flow,||
||18,483,929|618,905,751|||||
|Group Co., Ltd.|||||and the changes in its fair value||
||||||will not affect the profit and loss,||
||||||so it is placed in this account.||
|Shanghai Shenergy|11,106,450|97,910,835|||The asset held by the company||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
|||||
|-|-|-|-|
|Group|||is neither for sale nor for|
||||obtaining the contract cash flow,|
||||and the changes in its fair value|
||||will not affect the profit and loss,|
||||so it is placed in this account.|
||||The asset held by the company|
||||is neither for sale nor for|
|Shenzhen Energy|||obtaining the contract cash flow,|
||630,000|62,229,373||
|Co., Ltd.|||and the changes in its fair value|
||||will not affect the profit and loss,|
||||so it is placed in this account.|
||||The asset held by the company|
||||is neither for sale nor for|
|GMG International|||obtaining the contract cash flow,|
||360,000|1,980,000||
|Tendering Co., Ltd.|||and the changes in its fair value|
||||will not affect the profit and loss,|
||||so it is placed in this account.|
||||The asset held by the company|
||||is neither for sale nor for|
|Sunshine Insurance|||obtaining the contract cash flow,|
|Group Co., Ltd.|||and the changes in its fair value|
||||will not affect the profit and loss,|
||||so it is placed in this account.|
||||The asset held by the company|
|Southern Offshore|||is neither for sale nor for|
|wind power Union|||obtaining the contract cash flow,|
|Development Co.,|||and the changes in its fair value|
|Ltd|||will not affect the profit and loss,|
||||so it is placed in this account.|

19.Other non-current assets
Not applicable
20. Investment property
(1) Investment property adopted the cost measurement mode
√Applicable□ Not applicable
In RMB
||||||
|-|-|-|-|-|
|Items|House, Building|Land use right|Construction in process|Total|
|I. Original price|||||
|1. Balance at|||||
||23,350,683|||23,350,683|
|period-beginning|||||
|2.Increase in the current|||||
|period|||||
|(1) Purchase|||||
|(2)Inventory\Fixed|||||
|assets\ Transferred from c|||||
|onstruction in progress|||||
|(3)Increased of|||||
|Enterprise Combination|||||
|3.Decreased amount of the|||||
|period|||||
|（1）Dispose|||||
|（2）Other out|||||
|4. Balance at period-end|23,350,683|||23,350,683|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|II.Accumulated|||
|amortization|||
|1.Opening balance|12,539,961|12,539,961|
|2.Increased amount of the|||
||712,817|712,817|
|period|||
|(1) Withdrawal|712,817|712,817|
|3.Decreased amount of the|||
|period|||
|（1）Dispose|||
|（2）Other out|||
|4. Balance at period-end|13,252,778|13,252,778|
|III. Impairment provision|||
|1. Balance at|||
|period-beginning|||
|2.Increased amount of|||
|the period|||
|(1) Withdrawal|||
|3.Decreased amount of the|||
|period|||
|（1）Dispose|||
|（2）Other out|||
|4. Balance at period-end|||
|IV.Book value|||
|1.Book value at period||10,097,905|
||10,097,905||
|-end|||
|2.Book value at|||
||10,810,722|10,810,722|
|period-beginning|||

(2) Investment property adopted fair value measurement mode
□ Applicable√Not applicable
(3) Details of investment property failed to accomplish certification of property
Not applicable
21. Fixed assets
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|Fixed assets|40,070,396,463|41,146,148,282|
|Disposal of fixed assets|26,711,295|11,446,566|
|Total|40,097,107,758|41,157,594,848|

 (1) List of long-term accounts receivable
In RMB
|||||||
|-|-|-|-|-|-|
|||Machinery||||
|Items|House, building||Transportations|Other equipment|Total|
|||equipment||||
|I. Original price||||||
|1. Balance at||||||
||18,598,681,407|58,157,094,942|601,983,027|1,313,127,190|78,670,886,566|
|period-beginning||||||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
|||||||
|-|-|-|-|-|-|
|2.Increase in the||||||
||7,119,065|773,024,472|3,747,214|6,310,881|790,201,632|
|current period||||||
|(1) Purchase|5,043,075|7,787,045|3,747,214|5,138,609|21,715,943|
|（2） Transferred fr||||||
||2,075,990|765,237,427||1,172,272|768,485,689|
|om construction in p||||||
|rogress||||||
|(3)Increased of||||||
|Enterprise||||||
|Combination||||||
|3.Decreased amount||||||
||26,229,160|178,806,243|9,003,281|10,912,394|224,951,078|
|of the period||||||
|（1）Disposal|26,229,160|178,806,243|9,003,281|10,912,394|224,951,078|
|4. Balance at||||||
||18,579,571,312|58,751,313,171|596,726,960|1,308,525,677|79,236,137,120|
|period-end||||||
|II. Accumulated||||||
|depreciation||||||
|1.Opening balance|6,520,345,627|28,700,016,782|445,707,863|881,635,550|36,547,705,822|
|2.Increased amount||||||
||233,021,737|1,525,292,052|8,871,066|93,700,948|1,860,885,803|
|of the period||||||
|(1) Withdrawal|233,021,737|1,525,292,052|8,871,066|93,700,948|1,860,885,803|
|3.Decrease in the||||||
||10,789,488|38,169,855|7,882,224|5,365,656|62,207,223|
|reporting period||||||
|（1）Disposal|10,789,488|38,169,855|7,882,224|5,365,656|62,207,223|
|4.Closing balance|6,742,577,877|30,200,504,064|446,696,704|969,970,842|38,346,384,402|
|III. Impairment||||||
|provision||||||
|1.Opening balance|137,793,202|833,579,211|1,656,135|4,003,914|977,032,462|
|2.Increase in the||||||
|reporting period||||||
|（1）Withdrawal||||||
|3.Decrease in||||||
|||157,676,207|||157,676,207|
|the reporting period||||||
|（1）Disposal||157,676,207|||157,676,207|
|4. Closing balance|137,793,202|675,903,004|1,656,135|4,003,914|819,356,255|
|IV. Book value||||||
|1.Book value of the||||||
||11,699,200,233|27,888,271,188|148,374,121|334,550,921|40,070,396,463|
|period-end||||||
|2.Book value of the||||||
||11,940,542,578|28,623,498,949|154,619,029|427,487,726|41,146,148,282|
|period-begin||||||

(2) List of temporarily idle fixed assets
Not applicable
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 (3) Fixed assets leased in from financing lease
In RMB
||||||
|-|-|-|-|-|
|||Accumulated|||
|Items|Original book value||Impairment provision|Book value|
|||depreciation|||
|Jinghai financing leasing|||||
||1,000,000,000|799,583,333||200,416,667|
|assets|||||
|Zhongyue financing|||||
||900,000,000|331,165,204||568,834,796|
|leasing assets|||||
|Yuejiang financing|||||
||1,121,850,800|307,430,267||814,420,533|
|leasing assets|||||

(4) Fixed assets leased in the operating leases
In RMB
|||
|-|-|
|Items|End book value|
|House and Building|1,240,810|

 (5) Fixed assets without certificate of title completed
In RMB
||||
|-|-|-|
|Items|Book value|Reason|
|||Temporarily in the government approved|
|House and Building|174,479,826||
|||stage|

Other notes
On June 30, 2019, after consulting the Group's legal advisers, the management believed that there would be no substantive legal obstacles to the handling of these property certificates and would not have a significant adverse impact on the normal operation of the Group.
（6）Liquidation of fixed assets
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|Parts of power generation equipment have|||
||22,791,513|11,136,365|
|been scrapped|||
|Other equipment|3,919,782|310,201|
|Total|26,711,295|11,446,566|

 22. Construction in progress
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|Construction in progress|8,371,820,766|7,739,308,786|
|Engineering Material|1,701,610|1,445,557|
|Total|8,373,522,376|7,740,754,343|

(1) List of construction in progress
In RMB
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||||||
|-|-|-|-|-|-|-|
||Closing balance|||Opening balance|||
|Items||Provision for|||Provision for||
||Book balance||Book value|Book balance||Book value|
|||impairment|||impairment||
|Bohe Coal integration project|5,589,561,855||5,589,561,855|5,412,887,911||5,412,887,911|
|Qujie Wailuo offshore wind|||||||
||1,276,013,697||1,276,013,697|543,716,851||543,716,851|
|power project|||||||
|Yangjiang Shapa offshore wind|||||||
||232,363,528||232,363,528|232,363,528||232,363,528|
|power project|||||||
|Zhuhai Jinwan Electric offshore|||||||
||43,915,032||43,915,032|43,915,032||43,915,032|
|wind power project|||||||
|Humen Electric 2*1000MW|||||||
||137,373,040|137,373,040|0|137,373,040|137,373,040|0|
|project|||||||
|Huadu thermal and power|||||||
||106,288,566||106,288,566|89,786,127||89,786,127|
|cogeneration project|||||||
|Huizhou Natural Gas thermal|||||||
|and power cogeneration|13,756,102||13,756,102|554,922,342||554,922,342|
|expansion project|||||||
|Red Bay No.5&6 generator|||||||
||26,446,446||26,446,446|26,446,446||26,446,446|
|units|||||||
|Other technology improvement|||||||
||544,309,630||544,309,630|437,488,696||437,488,696|
|projects|||||||
|Other infrastructure|||||||
||567,888,563|28,722,653|539,165,910|426,504,506|28,722,653|397,781,853|
|construction projects|||||||
|Total|8,537,916,459|166,095,693|8,371,820,766|7,905,404,479|166,095,693|7,739,308,786|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 (2) Changes of significant construction in progress
In RMB
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
||||||||||Capitalisatio|Including：|||
|||Amount at||Transferred|||||||Capitalisatio||
|Name|Budget|year|Increase at|to fixed|Other|Balance in|Proportion|Progress|n of interest|Current amount|n of interest|Source of|
||||this period||decrease|year-end|(%)|of work|accumulated|of capitalization||funds|
|||beginning||assets|||||||ratio（%)||
||||||||||balance|of interest|||
|Bohe Coal||||||||||||Loans from|
|integration|9,785,950,000|5 ,412,887,911|176,673,944|||5,589,561,855|60.44%|60.44%|497,010,566|47,084,319|4.62%|financial|
|project||||||||||||institutions|
|Huizhou Natural|||||||||||||
|Gas thermal and||||||||||||Loans from|
|power|3,326,370,000|554,922,342|171,126,659|668,577,854|43,715,045|13,756,102|78.86%|99.90%|64,496,444|946,438|4.41%|financial|
|cogeneration||||||||||||institutions|
|expansion project|||||||||||||
|Qujie Wailuo||||||||||||Loans from|
|offshore wind|7,339,450,000|543,716,851|732,296,846|||1,276,013,697|8 %|8 %|3,903,984|1,301,328|4.41%|financial|
|power project||||||||||||institutions|
|Red Bay No.5&6|||||||||||||
||7,714,370,000|26,446,446||||26,446,446|0.30%|0.30%||||Other|
|generator units|||||||||||||
|Yangjiang Shapa||||||||||||Loans from|
|offshore wind|5,999,710,000|232,363,528||||232,363,528|3.87%|3.87%|951,428|2,041|4.41%|financial|
|power project||||||||||||institutions|
|Zhuhai Jinwan|||||||||||||
|Electric offshore|||||||||||||
||5,659,710,000|43,915,032||||43,915,032|0.76%|0.76%||||Other|
|wind power|||||||||||||
|project|||||||||||||
|Huadu thermal|||||||||||||
|and power|||||||||||||
||3,593,160,000|89,786,127|16,502,439|||106,288,566|2.60%|2.60%||||Other|
|cogeneration|||||||||||||
|project|||||||||||||
|Other|||||||||||||
|infrastructure|||||||||||||
|||397,781,853|147,355,503|5,971,446||539,165,910|||156,332,165|1,394,551||Other|
|construction|||||||||||||
|projects|||||||||||||
|Other technology|||||||||||||
|improvement||437,488,696|203,127,765|93,936,389|2,370,442|544,309,630|||1,419,376|846,076||Other|
|projects|||||||||||||
|Total|43,418,720,000|7 ,739,308,786|1,447,083,156|768,485,689|46,085,487|8,371,820,766|--|--|724,113,963|51,574,753||--|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 (3) List of the withdrawal of the impairment provision of the construction in progress
Not applicable
（4）Engineering material
In RMB
||||||||
|-|-|-|-|-|-|-|
||End of term|||Beginning of term|||
|Items||Provision for|||Provision for||
||Book balance||Book value|Book balance||Book value|
|||impairment|||impairment||
|Special Material|1,701,610||1,701,610|1,445,557||1,445,557|
|Total|1,701,610||1,701,610|1,445,557||1,445,557|

 23. Productive biological assets
Not applicable
24. Oil-and-gas assets
Not applicable
25.Right-to-use assets
Not applicable
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 26. Intangible assets
(1) Information
In RMB
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
|||||||||Electric|||
|||||||||transmission|||
||Land use||Non-patent||Franchise|Sea use|Transportation||||
|Items||Patent||Software||||project and|Other|Total|
||right||Technology||right|right|project||||
|||||||||microwave|||
|||||||||project|||
|I. Original price|||||||||||
|1.Opening|||||||||||
||2,111,186,109||881,063|1 16,800,217|13,720,736|1 29,906,544|22,468,672|442,517,684|2 ,148,357|2 ,839,629,382|
|balance|||||||||||
|2.Increased|||||||||||
|amount of the||||5,548,669|||||8,928,924|14,477,593|
|period|||||||||||
|(1) Purchase|||||||||||
|||||5,548,669|||||8,928,924|14,477,593|
|(2)Internal|||||||||||
|Development|||||||||||
|(3)Increased of|||||||||||
|Enterprise|||||||||||
|Combination|||||||||||
|3.Decreased|||||||||||
|amount of the||||540,902|||||2,765,281|3,306,183|
|period|||||||||||
|（1）Disposal||||540,902|||||2,765,281|3,306,183|
|4. Balance at|||||||||||
||2,111,186,109||881,063|1 21,807,984|13,720,736|1 29,906,544|22,468,672|442,517,684|8 ,312,000|2 ,850,800,792|
|period-end|||||||||||
|II.Accumulated|||||||||||
|amortization|||||||||||
|1. Balance at|||||||||||
||336,059,121||252,445|84,731,838|10,192,847|23,103,892|21,447,068|409,328,310|211,739|885,327,260|
|period-beginning|||||||||||
|2. Increase in the|||||||||||
||23,406,992||69,398|5,343,876|141,071|1,034,226|||104,540|30,100,103|
|current period|||||||||||
|(1)|||||||||||
||23,406,992||69,398|5,343,876|141,071|1,034,226|||104,540|30,100,103|
|Withdrawal|||||||||||
|3.Decreased|||||||||||
|amount of the||||455,347||||||455,347|
|period|||||||||||
|（1）Disposal||||455,347||||||455,347|
|4. Balance at|||||||||||
||359,466,113||321,843|89,620,367|10,333,918|24,138,118|21,447,068|409,328,310|316,279|914,972,016|
|period-end|||||||||||
|III. Impairment|||||||||||
|provision|||||||||||
|1. Balance at|56,502,373||||||1,021,604|33,189,374||90,713,351|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
|period-beginning||||||||||
|2. Increase in the||||||||||
|current period||||||||||
|(1) Withdrawal||||||||||
|3.Decreased||||||||||
|amount of the||||||||||
|period||||||||||
|（1）Disposal||||||||||
|4. Balance at||||||||||
||56,502,373|||||1,021,604|33,189,374||90,713,351|
|period-end||||||||||
|4. Book value||||||||||
|1.Book value at||||||||||
||1,695,217,623|559,220|32,187,617|3,386,818|1 05,768,426|||7,995,721|1,845,115,425|
|period -end||||||||||
|2.Book value at||||||||||
||1,718,624,615|628,618|32,068,379|3,527,889|1 06,802,652|||1,936,618|1 ,863,588,771|
|period-beginning||||||||||

The intangible assets by the end of the formation of the company's internal R& D accounted of the proportion of the balance of intangible assets
⑵Details of Land use right failed to accomplish certification of property
In RMB
||||
|-|-|-|
|Items|Book value|Reason|
|Land use right|33,714,612|Land use approval procedure in progress|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 27. Development expenditure
Not applicable
28. Goodwill
(1) Original book value of goodwill
In RMB
||||||
|-|-|-|-|-|
|Name of the investees or the eventsformed goodwill|||||
||Opening balance|Increase|Decrease|Closing balance|
|Province Wind Power|2,449,886|||2,449,886|
|Lincang Company|25,036,894|||25,036,894|
|Total|27,486,780|||27,486,780|

（2）Impairment provision of goodwill
In RMB
||||||
|-|-|-|-|-|
|Name of the|||||
|investees or the|||||
||Opening balance|Increase|Decrease|Closing balance|
|events formed|||||
|goodwill|||||
|Lincang Company|25,036,894|||25,036,894|
|Total|25,036,894|||25,036,894|

 29.Long-term amortization expenses
In RMB
|||||||
|-|-|-|-|-|-|
||Balance in|Increase at this|Amortization|||
|Items||||Other decrease|Balance in year-end|
||year-begin|period|balance|||
|Leasehold||||||
||4,773,551|456,942|1,049,762||4,180,731|
|improvement||||||
|Long-term lease||||||
||17,315,628||1,014,083||16,301,545|
|charges||||||
|Total|22,089,179|456,942|2,063,845||20,482,276|

 30.Deferred income tax assets/deferred income tax liabilities
(1)Details of the un-recognized deferred income tax assets
In RMB
||||||
|-|-|-|-|-|
||Balance in year-end||Balance in year-begin||
|Items|Deductible temporary|Deferred income tax|Deductible temporary|Deferred income tax|
||difference|assets|difference|assets|
|Provision for asset|||||
||592,790,665|138,530,294|592,790,665|138,530,294|
|impairments|||||
|Deductible losses|852,332,149|211,980,510|1,023,611,123|254,800,254|
|Intra-group transactions|175,871,684|43,967,921|184,890,744|46,222,686|
|Net income from test run|||||
|included in construction|169,034,589|39,513,222|169,034,589|39,513,222|
|in progress|||||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||||
|-|-|-|-|-|
|Employee benefits|||||
||98,124,525|22,227,221|98,124,525|22,227,221|
|payable|||||
|Depreciation of fixed|||||
||77,115,313|19,278,829|77,115,313|19,278,829|
|assets|||||
|Capital government grant|78,570,400|19,642,600|78,570,400|19,642,600|
|Amortisation of land use|3,313,344|828,336|3,313,344|828,336|
|Total|2,047,152,669|495,968,933|2,227,450,703|541,043,442|

 (2)Details of the un-recognized deferred income tax liabilities
In RMB
||||||
|-|-|-|-|-|
||Balance in year-end||Balance in year-begin||
|Items|||||
||Temporarily Deductable|Deferred Income Tax|Temporarily Deductable|Deferred Income Tax|
||or Taxable Difference|liabilities|or Taxable Difference|liabilities|
|Changes in fair value of|||||
|available-for-sale|||||
|financial assets included|759,500,054|189,875,013|704,342,515|176,085,629|
|in other comprehensive|||||
|income|||||
|Net expenses in test run|||||
|included in construction|52,176,856|13,044,215|52,176,856|13,044,215|
|in progress|||||
|Amortisation of land use|||||
||16,835,020|4,208,755|16,835,020|4,208,755|
|rights|||||
|Total|828,511,930|207,127,983|773,354,391|193,338,599|

 (3) Deferred income tax assets or liabilities listed by net amount after off-set
In RMB
||||||
|-|-|-|-|-|
||||Trade-off between the|Opening balance of|
||Trade-off between the|End balance of deferred|||
||||deferred income tax|deferred income tax|
|Items|deferred income tax|income tax assets or|||
||||assets and liabilities at|assets or liabilities after|
||assets and liabilities|liabilities after off-set|||
||||period-begin|off-set|
|Deferred income tax||456,618,087|||
||-39,350,846||-92,611,758|448,431,684|
|assets|||||
|Deferred income||167,777,137|||
||-39,350,846||-92,611,758|100,726,841|
|liabilities|||||

(4)Details of income tax assets not recognized
In RMB
||||
|-|-|-|
|Items|Balance in year-end|Balance in year-begin|
|Deductible temporary difference|964,810,647|1,101,102,084|
|Deductible loss|1,367,174,206|1,124,573,498|
|Total|2,331,984,853|2,225,675,582|

 (5)Deductible losses of the un-recognized deferred income tax asset will expire in the following years
In RMB
|||||
|-|-|-|-|
|Year|Balance in year-end|Balance in year-begin|Remark|
|2019|3,341,528|3,341,528||
|2020|172,104|172,104||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
|||||
|-|-|-|-|
|2021|141,098,222|141,098,222||
|2022|412,387,834|412,387,834||
|2023|567,573,810|567,573,810||
|2024|242,600,708|||
|Total|1,367,174,206|1,124,573,498|--|

31. Other non-current assets
Whether implemented new revenue guidelines?
□ Yes√No
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|Prepayments for equipment fund|588,980,888|482,385,711|
|Prepayments for construction fund|444,656,343|462,720,385|
|Unrealised losses on sale and lease back|330,906,435|340,505,389|
|VAT input to be offset|677,697,588|581,667,123|
|Prepayment for land use rights|3,732,680|3,732,680|
|Other|510,369|604,970|
|Total|2,046,484,303|1,871,616,258|

 32. Short-term borrowings
(1) Category of short-term borrowings
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|Credit borrowings|6,916,200,000|7,526,000,000|
|Total|6,916,200,000|7,526,000,000|

 (2) List of the short-term borrowings overdue but not return
Not applicable
33. Transactional financial liabilities
Not applicable
34. Derivative financial liability
Not applicable
35.Notes payable
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|Commercial acceptance|353,460,212|386,161,107|
|Bank acceptance bills|894,236,650|555,000,000|
|Total|1,247,696,862|941,161,107|

Amount due in next fiscal period is RMB0.00.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 36. Accounts payable
(1) List of accounts payable
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|Fuel payable|1,814,337,311|1,671,130,460|
|Materials and spare parts payable|343,544,018|473,108,337|
|Other|94,027,332|52,361,618|
|Total|2,251,908,661|2,196,600,415|

（2）Significant accounts payable that aged over one year
In RMB
||||
|-|-|-|
|Items|Balance in year-end|The reason for not repaid or carried forward|
|Materials and spare parts payable|33,747,988|A fter both parties to confirm the amount paid|
|Other|1,909,800|A fter both parties to confirm the amount paid|
|Total|35,657,788|--|

37. Advance from customers
Whether implemented new revenue guidelines?
□ Yes√No
(1) List of advance from customers
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|Advances for grid payment|186,712|155,328|
|Other|106,001|188,566|
|Total|292,713|343,894|

 (2) Accounts payable with major amount and aging of over one year
Not applicable
（3）Information of unliquidated completed assets formed in the construction contract at the end of the period Not applicable
38.Contract liabilities
Not applicable
39. Payroll payable
(1) List of Payroll payable
In RMB
||||||
|-|-|-|-|-|
|Items|Opening balance|Increase|Decrease|Closing balance|
|Short-term compensation|179,432,031|684,956,270|653,720,264|210,668,037|
|Post-employment|||||
|benefits - defined|29,372,990|107,468,194|132,605,506|4,235,678|
|contribution plans|||||
|Dismissal welfare|26,936,158|11,039,650|1,609,185|36,366,623|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||||
|-|-|-|-|-|
|Total|235,741,179|803,464,114|787,934,955|251,270,338|

（2）Presentation of short-term compensation
In RMB
||||||
|-|-|-|-|-|
|Items|Opening balance|Increase|Decrease|Closing balance|
|1.Wages, bonuses,|||||
|||512,674,815|484,328,372|28,346,443|
|allowances and subsidies|||||
|2.Employee welfare|1,859,343|37,215,304|37,224,626|1,850,021|
|3. Social insurance|||||
||85,197,432|35,536,713|30,463,824|90,270,321|
|premiums|||||
|Including：Medical|||||
||85,197,432|30,703,784|25,630,895|90,270,321|
|insurance|||||
|Work injury insurance||627,745|627,745||
|Maternity insurance||2,909,663|2,909,663||
|Other||1,295,521|1,295,521||
|4. Public reserves for|||||
|||61,840,329|61,840,329||
|housing|||||
|5.Union funds and staff|||||
||87,233,778|36,933,650|36,780,093|87,387,335|
|education fee|||||
|8.Other|||||
||5,141,478|755,459|3,083,020|2,813,917|
|Short-term remuneration|||||
|Total|179,432,031|684,956,270|653,720,264|210,668,037|

（3）Defined contribution plans listed
In RMB
||||||
|-|-|-|-|-|
|Items|Balance in year-begin|Increase in this period|Payable in this period|Balance in year-end|
|1. Basic old-age|||||
|||67,544,559|67,544,559||
|insurance premiums|||||
|2.Unemployment|||||
|||3,234,332|3,234,332||
|insurance|||||
|3. Annuity payment|29,372,990|36,689,303|61,826,615|4,235,678|
|Total|29,372,990|107,468,194|132,605,506|4,235,678|

 40.Tax Payable
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|VAT|272,210,040|242,647,263|
|Enterprise Income tax|172,208,123|115,757,551|
|Individual Income tax|1,440,060|12,437,608|
|City Construction tax|6,675,145|4,418,167|
|Land use tax|5,447,223|2,122,128|
|House property Tax|18,600,036|3,347,609|
|Education surcharges|5,518,077|3,469,767|
|Environmental protection tax|730,212|3,389,557|
|Water resource|4,399,438|6,706,870|
|Other|2,361,769|2,705,186|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|Total|489,590,123|397,001,706|

 41.Other payable
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|Interest payable|147,098,684|59,316,077|
|Dividend payable|9,796,594|9,703,930|
|Other payable|3,685,626,240|4,083,498,488|
|Total|3,842,521,518|4,152,518,495|

（1) Interest payable
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|Long-term loans interest of installment and|||
||93,902,831|29,830,979|
|interest charge|||
|Enterprise bond interest|43,425,034|17,070,842|
|Short term loan interest payable|9,416,652|10,103,964|
|Other|354,167|2,310,292|
|Total|147,098,684|59,316,077|

 Interest overdue withoutpaid：
Not applicable
（2）Dividends payable
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|Common dividends|9,796,594|9,703,930|
|Total|9,796,594|9,703,930|

（3）Other payable
（1）Disclosure by nature
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|Construction and equipment payable|3,212,430,170|3,622,672,965|
|Engineering quality guarantee payable|134,459,293|118,821,787|
|State Oceanic Administration penalty|||
||183,676,050|183,676,050|
|payable|||
|Advance payment|1,113,204|1,153,204|
|Other|153,947,523|157,174,482|
|Total|3,685,626,240|4,083,498,488|

(2) Other payables with large amount and aging of over one year
In RMB
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|Construction and equipment payable|710,257,877||
|Engineering quality guarantee payable|64,587,250||
|State Oceanic Administration penalty|||
||183,676,050||
|payable|||
|Other|8,276,410||
|Total|966,797,587|--|

Other notes
Mainly used to cope with project funds and retention money. Since the project has not finished the project and acceptance and final settlement or in the warranty period of acceptance, the project funds and retention money has not been settled.
42. Divided into liability held for sale
Not applicable
43.Non-current liabilities due within 1 year
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|Long-term loans due in 1 year|2,226,732,604|1,745,797,372|
|Bond payable due in 1 year|739,205,765|698,667,556|
|Long-term Account payable due in 1 year|283,130,012|334,882,726|
|Total|3,249,068,381|2,779,347,654|

 44. Other current-liabilities
Whether implemented new revenue guidelines?
□ Yes√No
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|Short-term bond payable|1,207,789,479|1,107,904,110|
|Total|1,207,789,479|1,107,904,110|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 Changes in short-term debenturespayable：
In RMB
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
|||||||||Amortisa|||
||||||Balance at||||||
|||Issua||||Issuance|Interest at|tion of|Repayment|Balance at|
||Face||Maturity|Issuance|the||||||
|Name||nce||||during the|face|discounts|for the|the end of|
||value||period|amounts|beginning||||||
|||date||||year|value|or|period|the year|
||||||of the year||||||
|||||||||premium|||
|Second batch of|||||||||||
|short-term financing|||||||||||
|bonds issued by|600,000,000|24/08/|180 days|600,000,000|607,740,000||2,912,055||610,652,055|0|
|Guangdong Electric||2018|||||||||
|Power Development|||||||||||
|Co., Ltd. of 2018|||||||||||
|Fourth batch of|||||||||||
|short-term financing|||||||||||
|bonds issued by|500,000,000|27/12/|152 days|500,000,000|500,164,110||6,249,041||506,413,151|0|
|Guangdong Electric||2018|||||||||
|Power Development|||||||||||
|Co., Ltd. of 2018|||||||||||
|First batch of|||||||||||
|short-term financing|||||||||||
|bonds issued by|600,000,000|18/02/|180days|600,000,000||600,000,000|6,077,918|||606,077,918|
|Guangdong Electric||2019|||||||||
|Power Development|||||||||||
|Co., Ltd. of 2019|||||||||||
|Second batch of|||||||||||
|short-term financing|||||||||||
|bonds issued by|600,000,000|24/05/|180days|600,000,000||600,000,000|1,711,562|||601,711,562|
|Guangdong Electric||2019|||||||||
|Power Development|||||||||||
|Co., Ltd. of 2019|||||||||||
|Total|--|--|--|2,300,000,000|1,107,904,110|1,200,000,000|16,950,576||1,117,065,206|1,207,789,480|

 45.Long-term borrowings
（1）Long-term term borrowings
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|Pledged borrowings|3,664,700,634|2,552,097,471|
|Guarantee loan|1,603,859,978|1,550,285,000|
|Credit loans|12,392,435,408|14,699,910,193|
|Total|17,660,996,020|18,802,292,664|

 46.Bond payable
（1）Bond payable
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|12 Yudean Bond|0|40,269,409|
|The first issue of the medium-term note in 2018|798,457,333|798,057,333|
|Total|798,457,333|838,326,742|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019（2）Changes of bonds payable(Not including the other financial instrument of preferred stock and perpetual capital securities that classify as financial liability
In RMB
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
|||||||The|Withdraw|Overflow|Pay in|||
|Name of the|Book|Issue||Issue|Opening||||||Closing|
||||Period|||current|interest at|discount|current|Other||
|bond|value|date||amount|balance||||||balance|
|||||||issue|par|amount|period|||
|12 Yudean Bond|40,306,500|2013/3/18|7years|1,200,000,000|40,269,409||997,586|15,154||-40,284,563|0|
|The first issue of||||||||||||
|the medium-term|800,000,000|2018/8/27|3 years|800,000,000|7 98,057,333||16,760,000|400,000|||798,457,333|
|note in 2018||||||||||||
|Total|--|--|--|2,000,000,000|8 38,326,742||17,757,586|415,154||-40,284,563|798,457,333|

 (3) Note to conditions and time of share transfer of convertible bonds
Not applicable
（4）Other financial instruments that are classified as financial liabilities
Not applicable
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 47. Lease liability
Not applicable
48. Long-term payable
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|Long-term payable|2,188,024,740|2,221,230,656|
|Special payable|79,553,358|90,282,593|
|Total|2,267,578,098|2,311,513,249|

 (1) Long-term payable listed by nature of the account
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|Financing lease|2,098,024,740|2,131,230,656|
|Share repurchase payable|90,000,000|90,000,000|

（2）Specific payable
In RMB
|||||||
|-|-|-|-|-|-|
|Items|Opening balance|Increase|Decrease|Closing balance|Cause|
|Supporting funds for||||||
||24,960,000|||24,960,000||
|expansion||||||
|Special fund for supply of||||||
|water, power and heat and|65,322,593|15,128,125|25,857,360|54,593,358||
|property management||||||
|Total|90,282,593|15,128,125|25,857,360|79,553,358|--|

 49. Long-term employee salary payable
（1）Long-term employee salary payable
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|II. Termination benefits|71,450,993|87,394,930|
|III. Other Long-term benefits|35,976,019|35,518,458|
|Total|107,427,012|122,913,388|

 50. Estimates liabilities
Not applicable
51. Deferred income
In RMB
|||||||
|-|-|-|-|-|-|
|Items|Opening balance|Increase|Decrease|Closing balance|Cause|
|Government subsidy|133,043,646|280,000|582,942|132,740,704||
|Total|133,043,646|280,000|582,942|132,740,704|--|
|Total|142,520,263|0|2,073,849|140,446,414|--|

Details of governmentsubsidies：
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 In RMB
||||||||||
|-|-|-|-|-|-|-|-|-|
||||Amount|Other|Amount||||
|||New|transferred|income|of cost||||
|||||||Other||Asset-related|
||Beginning of|subsidy in|to|recorded|deducted||||
|Items||||||chang|End of term|orincome-rel|
||term|current|non-operat|in the|in the||||
|||||||es||ated|
|||period|ional|current|current||||
||||income|period|period||||
|Expansion on flow||||||||Related to|
||3,625,048||||||3,625,048||
|reconstruction project||||||||assets|
|Nitrogen reduction and||||||||Related to|
||2,276,894||||||2,276,894||
|denitrification project||||||||assets|
|||||||||Related to|
|Refurbishment on air preheated|2,887,651||||||2,887,651||
|||||||||assets|
|||||||||Related to|
|Shajiao A Zhenkou pump house|27,806,791||||||27,806,791||
|||||||||assets|
|Incentives for energy efficiency||||||||Related to|
||8,238,437||||||8,238,437||
|of power plant by Dongguan city||||||||assets|
|Sha A – 2016 central finance||||||||Related to|
||3,528,123||||||3,528,123||
|energy saving fund||||||||assets|
|Post rewarding subsidies for|||||||||
|ultra-low emissions of|||||||||
|||||||||Related to|
|designated account of special|4,066,154||||||4,066,154||
|||||||||assets|
|fund in Maonan District of|||||||||
|Maoming in 2018|||||||||
|||||||||Related to|
|Water-freshing project|923,078||||||923,078||
|||||||||assets|
|Circulating water pump special||||||||Related to|
||923,077||||||923,077||
|fund for technological renovation||||||||assets|
|1&2# Air preheater energy||||||||Related to|
||923,077||||||923,077||
|saving project||||||||assets|
|Comprehensive technology|||||||||
|||||||||Related to|
|upgrading for the energy saving|9,230,769||||||9,230,769||
|||||||||assets|
|of 1&2# generator units turbine|||||||||
|||||||||Related to|
|Energy saving funds|16,750,528|||387,877|||16,362,651||
|||||||||assets|
|Government subsidies from the|||||||||
|||||||||Related to|
|financial treasury payment centre|2,927,354|||85,228|||2,842,126||
|||||||||assets|
|of Qujiang District, Shaoguan|||||||||
|Specific funds for denitrification|||||||||
|||||||||Related to|
|and energy saving reconstruction|1,220,014|||109,837|||1,110,177||
|||||||||assets|
|of 300MW generator units.|||||||||
|2X600MW generator unit|||||||||
|ultra-low emission|||||||||
|transformation - technical||||||||Related to|
||923,077||||||923,077||
|transformation for main auxiliary||||||||assets|
|equipment of turbine cold end|||||||||
|system and boiler|||||||||
|2018 provincial special fund for|||||||||
|boosting economic development||||||||Related to|
||112,729||||||112,729||
|as transferred by the Department||||||||assets|
|of Finance of Zhanjiang,|||||||||
|Special prize funds of recycle|||||||||
|||||||||Related to|
|economy and energy saving by|2,460,655||||||2,460,655||
|||||||||assets|
|Shenzhen city|||||||||
|Comprehensive technology|||||||||
|||||||||Related to|
|upgrading for the energy saving|6,912,340||||||6,912,340||
|||||||||assets|
|of 1&2# generator units turbine|||||||||
|Rewarding subsidies for science|732,500||||||732,500|R elated to|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
|||||||
|-|-|-|-|-|-|
|and technology in 2018|||||assets|
|Incentive funds for construction||||||
||||||Related to|
|of large industrial enterprise|3,000,000|||3,000,000||
||||||assets|
|R&D institutions in Shanwei||||||
|Second incentives for||||||
|comprehensive and typical||||||
||||||Related to|
|demonstration projects under|7,650,000|||7,650,000||
||||||assets|
|financial policies of energy||||||
|saving||||||
|Dianbai Reshui wind power plant|||||Related to|
||3,000,000|||3,000,000||
|project|||||assets|
|Tax rebate for domestic|||||Related to|
||14,925,350|||14,925,350||
|equipment|||||assets|
|SASAC develops competition|||||Related to|
||8,000,000|||8,000,000||
|funds|||||assets|
|Provincial Special Fund for||||||
||||||Related to|
|promoting High quality||280,000||280,000||
||||||assets|
|Economic Development in 2019||||||
|Total|133,043,646|280,000|582,942|132,740,704||

52. Other non-current liabilities
Whether implemented new revenue guidelines?
□ Yes√No
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|Capital injection|166,405,569|166,405,569|
|Total|166,405,569|166,405,569|

 Other notes
As at 30 June 2019 and December 31, 2018, theGroup’s subsidiary Yuejiang Power received a capital injection of RMB 16,405,569 from minority shareholders. such capital injection was recorded in other non-current liabilities as the registration for changes of business license had not been completed.
On June 30, 2019, theGroup’s subsidiaries Yudean Yangjiang Offshore Wind Power Co., Ltd. (“Yangjiang Wind Power”) and Qujie Wind Power respectively received capital injection of RMB 100,000,000( December 31, 2018: 100,000,000)and RMB 50,000,000( December 31, 2018: 50,000,000) from GEGC. The capital will be used for Yangjiang Shapa offshore wind power plant project and Qujie Wailuo offshore wind power plant project. As at 31 December 2018, such capital injection was recorded in other non-current liabilities as the registration for changes of business license had not been completed.
53.Stock capital
In RMB
|||||||||
|-|-|-|-|-|-|-|-|
|||Changed（+，-）||||||
||Balance in|||Capitalization|||Balance in|
|||Issuance ofnew share||||||
||year-begin||Bonus shares|of public|Other|Subtotal|year-end|
|||||reserve||||
|Total of capital|||||||5,250,283,986|
||5,250,283,986|||||||
|shares||||||||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 54. Other equity instruments
Not applicable
55. Capital reserves
In RMB
||||||
|-|-|-|-|-|
|Items|Year-beginning balance|Increase in the current|Decrease in the current||
|||||Year-end balance|
|||period|period||
|Share premium|4,544,074,067|||4,544,074,067|
|Other capital reserves|2,919,327|||2,919,327|
|Estimate Increase|119,593,718|||119,593,718|
|Investment from Energy|||||
||395,000,000|||395,000,000|
|Group|||||
|Transfer of original|||||
||20,785,182|||20,785,182|
|institutional capital reserve|||||
|Enjoy the rights of|||||
|associated enterprise base on|20,474,592|||20,474,592|
|share holding|||||
|Total|5,102,846,886|||5,102,846,886|

 56.Treasury stock
Not applicable
57. Other comprehensive income
In RMB
||||||||||
|-|-|-|-|-|-|-|-|-|
|||Amount of current period|||||||
||||Less：Amount||||||
|||||Less：Priorperiod included|||||
||||transferredinto profit and||||||
|Items|Year-beginni|Amount|loss in the|in other|Less：|After-tax|After-tax|Closing|
||ng balance|incurred|current period|composite|Income taxexpenses|attribute to|attribute to|balance|
|||before|that recognied|income transfer||the parent|minority||
|||income tax|into other|to retained||company|shareholder||
||||comprehensiv|income in the|||||
||||e income in|current period|||||
||||prior period||||||
|1. Other comprehensive||||||5 7,512,582|||
|income that cannot be|||||||||
||550,010,133|76,683,443|||19,170,861|||607,522,715|
|reclassified in the loss|||||||||
|and gain in the future|||||||||
|A share in other|||||||||
|comprehensive income|||||||||
|of investee that cannot be|||||||||
||21,753,244|||||||21,753,244|
|reclassified in the loss|||||||||
|and gain under the equity|||||||||
|method|||||||||
|Gains or losses on||||||5 7,512,582|||
|changes in fair value of|||||||||
||528,256,889|76,683,443|||19,170,861|||585,769,471|
|available-for-sale|||||||||
|financial assets|||||||||
|Total other||||||5 7,512,582||607,522,715|
||550,010,133|76,683,443|||19,170,861||||
|comprehensive income|||||||||

58. Special reserves
Not applicable
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 59. Surplus reserve
In RMB
||||||
|-|-|-|-|-|
|Items|Year-beginning balance|Increase in the current|Decrease in the current|Year-end balance|
|||period|period||
|Statutory surplus reserve|2,711,362,444|117,603,557||2,828,966,001|
|Optional surplus reserves|5,122,792,699|294,008,893||5,416,801,592|
|Total|7,834,155,143|411,612,450||8,245,767,593|

 60. Retained profits
In RMB
||||
|-|-|-|
|Items|Amount of this period|Amount of last period|
|Before adjustments: Retained profits in last periodend|||
||5,490,006,140|5,713,290,735|
|After adjustments: Retained profits at the periodbeginning|||
||5,490,006,140|5,713,290,735|
|Add: Net profit attributable to owners of the|||
||581,569,383|448,833,518|
|Company for the period|||
|Less: Appropriation to statutory surplus reserve|117,603,557|69,654,691|
|Drawing discretionary surplus reserve|294,008,893|174,136,728|
|DrawingCommon risk provision|315,017,039|420,022,719|
|Other||-36,857|
|Retained profits at the period end|5,344,946,034|5,498,273,258|

 As regards the details of adjusted the beginning undistributed profits
(1)As the retroactive adjustment on Enterprise Accounting Standards and its related new regulations, the affected beginning undistributed profits are RMB 0.00.
(2) As the change of the accounting policy, the affected beginning undistributed profits are RMB 0.00.
(3) As the correction of significant accounting error, the affected beginning undistributed profits are RMB 0.00 . (4) As the change of consolidation scope caused by the same control, the affected beginning undistributed profits are RMB 0.00
(5) Other adjustment of the total affected beginning undistributed profits are RMB 0.00 .
61. Business income, Business cost
In RMB
||||||
|-|-|-|-|-|
||Amount of current period||Amount of previous period||
|Items|||||
||Income|Cost|Income|Cost|
|Main business|12,744,689,154|11,021,172,212|13,769,537,895|12,199,733,160|
|Other business|129,492,096|2,971,264|125,447,284|1,123,267|
|Total|12,874,181,250|11,024,143,476|13,894,985,179|12,200,856,427|

Whether implemented new revenue guidelines?
□ Yes√No
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 62. Business tax and subjoin
In RMB
||||
|-|-|-|
|Items|Amount of current period|Amount of previous period|
|Urban construction tax|30,241,304|28,091,275|
|Education surcharge|23,031,039|13,922,867|
|Property tax|22,352,992|27,082,866|
|Land use tax|5,461,173|7,021,580|
|vehicle and vessel usage tax|83,028|94,146|
|Stamp tax|6,314,189|7,610,193|
|Environmental protection tax|3,985,003|6,184,766|
|Local Educational Surcharges|1,876,767|9,171,847|
|Other|19,863|353,025|
|Total|93,365,358|99,532,565|

 63.Sales expenses
In RMB
||||
|-|-|-|
|Items|Amount of current period|Amount of previous period|
|Business expense|913,871|817,279|
|Employee’s remuneration|11,185,482|6,876,798|
|Publicity Expenses|67,665|92,459|
|Depreciation expenses|110,473|61,663|
|Market transaction service charge|0|1,806,329|
|Other|567,297|661,602|
|Total|12,844,788|10,316,130|

 64.Administrative expenses
In RMB
||||
|-|-|-|
|Items|Amount of current period|Amount of previous period|
|Employee’s remuneration|129,857,707|147,444,649|
|Depreciation expenses|23,986,049|21,770,448|
|Repair charge|2,999,404|1,900,338|
|Office expenses|3,772,065|4,691,502|
|Insurance expenses|1,102,110|1,492,619|
|Travel expenses|2,674,485|2,432,849|
|Board of directors|318,139|372,681|
|Entertainment expenses|1,322,204|1,701,606|
|Lawsuit expenses|363,422|548,624|
|Amortiation of Intangible assets|29,404,100|26,304,830|
|Consulting fee|507,869|758,257|
|Agency Charge|4,272,891|3,353,003|
|Tax fee|0|1,211|
|Property Management|13,258,724|8,534,397|
|Fire guard fee|17,319,844|20,205,693|
|Health afforestation fees|3,240,225|4,332,777|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|Other|36,485,566|24,949,029|
|Total|270,884,804|270,794,513|

 65.R&D Expense
In RMB
||||
|-|-|-|
|Items|Amount of current period|Amount of previous period|
|R&D Expense|347,523|912,371|
|Total|347,523|912,371|

 66.Financial Expenses
In RMB
||||
|-|-|-|
|Items|Amount of current period|Amount of previous period|
|Interest expenses|||
||664,009,453|657,904,963|
|Interest income|||
||-31,661,505|-29,906,705|
|Other|3,048,022|3,120,540|
|Total|635,395,970|631,118,798|

 67.Other income
In RMB
||||
|-|-|-|
|Other sources of revenue|Amount of the Current Term|Amount of the Previous Term|
|Government subsidies related to assets|573,598|2,073,849|
|Revenue from timely levy and refund of|||
||5,546,395|4,559,728|
|VAT|||
|Nansha annual headquarters enterprise|||
||0|9,990,000|
|award 2017|||
|VAT surcharge is refunded|32,205,414|0|
|Other|1,147,449|407,182|

 68. Investment income
In RMB
||||
|-|-|-|
|Items|Amount of this period|Amount of last period|
|Long-term equity investment income by equity|||
||273,618,214|272,404,985|
|method|||
|Investment income from the disposal of|||
||252,763||
|transactional financial assets|||
|Dividends earned during the holding period on|||
||30,580,379||
|investments in other equity instrument|||
|Hold the investment income during from|||
|||18,256,500|
|available-for-sale financial assets|||
|Other||357,107|
|Total|304,451,356|291,018,592|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 69.Net exposure hedging income
Not applicable
70. Gains on the changes in the fair value
In RMB
||||
|-|-|-|
|Other sources of revenue|Amount of the Current Term|Amount of the Previous Term|
|Transactional financial assets|30,626||
|Total|30,626||

71. Credit impairment loss
In RMB
||||
|-|-|-|
|Items|Amount of the Current Term|Amount of the Previous Term|
|Loss of bad debts in other receivables|-22,446||
|Loss of bad accounts receivable|-500,995||
|Total|-523,441||

72. Losses from asset impairment
In RMB
||||
|-|-|-|
|Sources|Amount of the Current Term|Amount of the Previous Term|
|Gains/(Losses) on disposals of fixed assets||388,507|
|Gains/(Losses) on disposals of Intangible|||
|assets|||

73. Non-Operation income
In RMB
|||||
|-|-|-|-|
|Items|Amount of current period|Amount of previous period|Recorded in the amount of the|
||||non-recurring gains and losses|
|Government Subsidy||3,087,100||
|Insurance indemnity|346,670|45,458,540|346,670|
|Other|4,946,517|4,063,261|4,946,517|
|Total|5,293,187|52,608,901|5,293,187|

 Government subsidy reckoned into current gains/losses
Not applicable
74．Non-current expenses
In RMB
|||||
|-|-|-|-|
||Amount of current period|Amount of previous period|The amount of non-operating|
|Items||||
||||gains & lossed|
|Foreign donations|43,072|550,000|43,072|
|Loss on obsolescence of||||
||13,971,117||13,971,117|
|non-current assets||||
|Fine for delaying payment|250,472|395,966|250,472|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
|||||
|-|-|-|-|
|Expenditure of "three supply||||
|and one Industry"|4,775,708||4,775,708|
|Transformation Project||||
|Other|1,194,327|868,357|1,194,327|
|Total|20,234,696|1,814,323|20,234,696|

 75. Income tax expenses
（1）Income tax expenses
In RMB
||||
|-|-|-|
||Amount of current period|Amount of previous period|
|Items|||
|Current income tax expense|253,874,530|308,558,550|
|Deferred income tax expense|50,134,201|-2,265,559|
|Settlement difference adjustment|5,827,199|1,474,587|
|Total|309,835,930|307,767,578|

（2）Adjustment on accounting profit and income tax expenses
In RMB
|||
|-|-|
|Items|Amount of current period|
|Total profits|1,165,689,219|
|Income tax expenses calculated on legal / applicable tax rate|291,553,164|
|Impact of adjustment of income tax for prior periods|5,827,199|
|Income not subject to tax|-37,715,103|
|Costs, expenses and losses not deductible for tax purposes|1,076,349|
|Utilisation of deductible temporary differences and deductible||
|losses for which no deferred tax asset was recognised in previous|1,214,885|
|periods||
|Other|47,879,436|
|Income tax expenses|309,835,930|

 76. Other comprehensive income
Refer to the notes 57
77.Items of Cash flow statement
（1）Other cash received from business operation
In RMB
||||
|-|-|-|
|Items|Amount of current period|Amount of previous period|
|Interest income|32,169,354|27,629,939|
|Government Subsidy|406,900|20,517,100|
|Insurance indemnity|2,818,641|46,053,407|
|Rent income|8,428,819|4,887,200|
|Other|118,405,215|115,162,269|
|Total|162,228,929|214,249,915|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 (2)Other cash paid related to operating activities
In RMB
||||
|-|-|-|
|Items|Amount of current period|Amount of previous period|
|Sewage charges|0|1,487,368|
|Insurance expenses|43,682,878|18,676,033|
|Equipment cleaning and hygiene green fee|11,124,545|11,320,655|
|Transportation fee|11,201,658|11,072,669|
|Fire guard fee|16,275,293|16,380,176|
|Business fee|1,805,882|1,787,193|
|Agency Charge|4,804,268|3,259,329|
|Office Expense|3,982,263|5,596,884|
|Travel expenses|3,857,890|3,334,922|
|Rental fee|5,804,293|5,065,084|
|Enterprise publicity expenses|2,001,013|1,714,510|
|Information system maintenance|2,842,793|2,475,084|
|Water and electrical|20,708,798|12,191,809|
|R&D|352,193|1,481,032|
|Property Management fee|11,745,589|14,805,188|
|Automobile cost|6,557,024|10,861,165|
|Union expenses|6,093,910|7,710,630|
|Other|198,476,811|112,708,713|
|Total|351,317,101|241,928,444|

 (3)Cash received related to other investment activities
Not applicable
(4)Cash paid related to other investment activities
Not applicable
（5）Other cash received in relation to financing activities
Not applicable
（6）Cash paid related with financing activities
In RMB
||||
|-|-|-|
|Items|Amount of current period|Amount of previous period|
|Yuejia Company paid the minority|||
|||136,080,000|
|shareholders capital|||
|Total||136,080,000|

 78. Supplement Information for cash flow statement
（1）Supplement Information for cash flow statement
In RMB
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|Items|Amount of current period|Amount of previous period|
|I. Adjusting net profit to cash flow from|||
||--|--|
|operating activities|||
|Net profit|855,853,289|732,919,233|
|Depreciation of fixed assets, oil and gas|||
||1,861,598,620|1,676,623,536|
|assets and consumable biological assets|||
||30,100,103|27,017,578|
|Amortization of intangible assets|||
|Amortization of Long-term deferred|||
||2,063,845|1,673,448|
|expenses|||
|Loss on disposal of fixed assets, intangible|||
|||-388,507|
|assets and other long-term deferred assets|||
|Financial cost|665,863,419|682,245,650|
|Loss on investment|-304,451,356|-291,018,592|
|Decrease in deferred income tax assets|-8,186,403|-10,801,782|
|Increased of deferred income tax liabilities|67,050,296|-388,473|
|Decrease of inventories|-330,356,725|-478,765,296|
||213,746,816|-590,048,116|
|Decease of operating receivables|||
|Increased of operating Payable|750,159,897|2,046,464,029|
|Net cash flows arising from operating|3,803,441,801|3,795,532,708|
|activities|||
|II. Significant investment and financing|||
||--|--|
|activities that without cash flows:|||
|III．Movement of cash and cash equivalents：|--|--|
|Ending balance of cash equivalents|5,196,622,875|5,928,583,780|
|Less: Beginning balance of cash equivalents|5,570,382,892|4,996,580,490|
|Net increase of cash and cash equivalents|-373,760,017|932,003,290|

 (2) Net Cash paid of obtaining the subsidiary
Not applicable
(3) Net Cash receive of disposal of the subsidiary
Not applicable
（4）Composition of cash and cash equivalents
In RMB
||||
|-|-|-|
|Items|Balance in year-end|Balance in year-Beginning|
|I. Cash|5,196,622,875|5,570,382,892|
|Including：Cash at hand|||
||42,282|31,413|
|Demand bank deposit|5,196,580,593|5,570,351,479|
|III. Balance of cash and cash equivalents at|5,196,622,875|5,570,382,892|
|the period end|||

79. Note of statement of changes in the owner's equity
Not applicable
80. The assets with the ownership or use right restricted
In RMB
||||
|-|-|-|
|Items|Closing book value|Causation of limitation|
|||Total balance of bond deposits and|
|Monetary funds|3,111,720|r estricted carbon emission accounts in|
|||performance guarantees|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|Fixed assets|1,583,671,996|F inancial leased fixed assets.|
|Account receivable|297,273,413|L ong-term loans mortgage assets|
|||Unit construction financing Electricity bill|
|Construction in process|1,231,242,021||
|||pledge the transferor|
|Total|3,115,299,150|--|

81. Foreign currency monetary items
(1) Foreign currency monetary items
In RMB
|||||
|-|-|-|-|
||Closing foreign currency||Closing convert to RMB|
|Items||Exchange rate||
||balance||balance|
|Monetary capital|--|--|12,565|
|Including：USD|179|6.8747|1,232|
|Euro||||
|HKD|12,883|0.8797|11,333|
|Account receivable|--|--||
|Including：USD||||
|Euro||||
|HKD||||
|Long –term borrowings|--|--|68,514,280|
|Including：USD|9,453,137|6.8747|64,987,478|
|Euro|451,171|7.8170|3,526,802|
|HKD||||
|Long-term loans due within one||||
||||7,754,527|
|year||||
|Including：USD|949,568|6.8747|6,527,994|
|Euro|156,906|7.8170|1,226,533|
|HKD||||

(2) Note to overseas operating entities, including important overseas operating entities, which should be disclosed about its principal business place, function currency for bookkeeping and basis for the choice. In case of any change in function currency, the cause should be disclosed.
□ Applicable√ Not applicable
82. Government subsidies
（1）Government subsidies confirmed in current period
In RMB
|||||
|-|-|-|-|
||||Amount included in current|
|Items|Amount|Project||
||||profit and loss|
|Funds for technicaltransformation of||||
|provincial-level industrial and|573,598|Other income|573,598|
|information developmentspecial funds in 2017||||
|VAT collected and refunded||||
||5,546,395|Other income|5,546,395|
|immediately||||
|Special allocation for energyconservation||||
||20,000|Other income|20,000|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
|||||
|-|-|-|-|
|VAT surtax refund|32,205,414|Other income|32,205,414|
|Other|1,127,449|Other income|1,127,449|
|Total|39,472,856||39,472,856|

（2）Government subsidy return
□ Applicable√ Not applicable
VIII. Changes of merge scope
1. Business merger not under same control
Not applicable
2. Business combination under the same control
Not applicable
3. Counter purchase
Not applicable
4. The disposal of subsidiary
Whether there is a single disposal of the investment to subsidiary and lost control
□ Yes√No
Whether there are multiple transactions step by step dispose the investment to subsidiary and lost control in reporting period
□ Yes√ No
5. Other reasons for the changes in combination scope
Newly establishedsubsidiary：
|||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
||||||||Business||Registered||shareholding||Acquired|
||Subsidiary||Main operation||Registered place|||||||||
||||||||nature||capital||ratio||way|
|Guangdong YudeanBinhai Bay Energy Co.,Ltd.||Dongguan,Guangdong||Dongguan,Guangdong||Electricpower||30,000,000||100%||Establish||

6.Other
IX. Equity in other entity
1. Equity in subsidiary
（1）Constitute of enterprise group
|||||||
|-|-|-|-|-|-|
|Subsidiary|Main operation|Registered|Business|Share-holding|Acquired way|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||||||
|-|-|-|-|-|-|-|
|||place|nature|ratio|||
||||||Indirect||
|||||Directly|||
||||||ly||
||||Electric||||
|Maoming Zhenneng|Maoming|Maoming||46.54%||Establish|
|Jianghai Power|Jieyang|Jieyang|Electric|65 %||Establish|
||||Electric||||
|Zhangjiang Wind Power|Zhanjiang|Zhangjiang||70 %||Establish|
|Anxin Electric Power Maintenance|Dongguan|Dongguan|Electric|100 %||Establish|
|Humen Power|Dongguan|Dongguan|Electric|60 %||Establish|
||||Electric||||
|Bohe Electric Power|Maoming|Maoming||67 %||Establish|
|||||||Business combination|
|Yuheng Electronic|Zhanjiang|Zhanjiang|Electric||76 %||
|||||||under common control|
||||Electric||||
|Xuwen Wind Power|Zhangjiang|Zhanjiang|||70 %|Establish|
|Huadu Natural gas|Guangzhou|Guangzhou|Electric|65 %||Establish|
||||Electric||||
|Dapu Power|Meizhou|Meizhou||100 %||Establish|
|Leizhou Wind Power|Leizhou|Leizhou|Electric|80 %|14 %|Establish|
||||Electric||||
|Dianbai Wind Power|Maoming|Maoming|||100 %|Establish|
|||||||Business combination|
|Zhanjiang Power|Zhangjiang|Zhangjiang|Electric|76 %|||
|||||||under common control|
||||Electric|||Business combination|
|Yuejia Power|Meizhou|Meizhou||58 %|||
|||||||under common control|
|||||||Business combination|
|Yuejiang Power|Shaoguan|Shaoguan|Electric|90 %|||
|||||||under common control|
||||Electric|||Business combination|
|Zhongyue Energy|Zhanjiang|Zhanjiang||90 %|||
|||||||under common control|
|Electric sales|Guangzhou|Guangzhou|Electric|100 %||Establish|
||||Electric||||
|Qujie Wind Power|Zhanjiang|Zhanjiang||100 %||Establish|
|Yangjiang Wind Power|Yangjiang|Yangjiang|Electric||100 %|Establish|
|||||||Business combinations|
||||Electric||||
|Lincang Energy|Lincang|Lincang||100 %||involving enterprises not|
|||||||under common control|
|||||||Business combination|
|Guangqian Electric Power|Shenzhen|Shenzhen|Electric|100 %|||
|||||||under common control|
||||Electric|||Business combination|
|Huizhou Natural gas|Huizhou|Huizhou||67 %|||
|||||||under common control|
||||Electric|||Business combination|
|Pinghai Power Plant|Huizhou|Huizhou||45 %|||
|||||||under common control|
|||||||Business combination|
|Shibeishan Wind Power|Jieyang|Jieyang|Electric||70 %||
|||||||under common control|
||||Electric|||Business combination|
|Red Bay Power|Shanwei|Shanwei||65 %|||
|||||||under common control|
|||||||Business combinations|
|Guangdong Wind Power|Guangzhou|Guangzhou|Electric|100 %||involving enterprises not|
|||||||under common control|
||Huaihua,||||||
|Tongdao Company||Huihua|Electric|100 %||Establish|
||Hunan||||||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||||||
|-|-|-|-|-|-|-|
|Pingyuan Wind power|Meizhou|Meizhou|Electric||100 %|Establish|
||||Electric||||
|Heping Wind power|Heyuan|Heyuan|||100 %|Establish|
|||||||Business combinations|
||||Electric||||
|Huilai Wind Power|Jieyang|Jieyang|||83.33%|involving enterprises not|
|||||||under common control|
||||Electric||||
|Hongrui Technology|Shaoguan|Shaoguan|||90 %|Establish|
||||Electric||||
|Yongan Natural gas|Zhaoqing|Zhaoqing||90 %||Establish|
||Huaihua,|Xupu, Huaihai|Electric||||
|Xupu Yuefeng|||||100 %|Establish|
||Hunan|Hunan|||||
|||Wuxuan,|Electric||||
|Wuxuan Yuefeng|Guangxi||||100 %|Establish|
|||Guangxi|||||
||||Electric||||
|Pingdian Comprehensive|Huizhou|Huizhou|||45 %|Establish|
|Guangdong Yudean Zhencheng Energy|||Electric||||
||Maoming|Maoming|||37.23%|Establish|
|Co., Ltd.|||||||
||||Electric||||
|Zhuhai Wind Power|Zhuhai|Zhuhai|||100 %|Establish|
|Binhai New Energy|Dongguan|Dongguan|Electric|100 %||Establish|

Explanation on share-holding ratio in subsidiary different from ratio of votingright：
Pinghai power was bought by the Company in 2012 by offered non-public shares from Yudean. According to the agreement between Yudean and Huaxia Electric, which holds40% share interest in Pinghai Power, the delegated shareholder and director from Huaxia Electric maintain consensus with those of Yudean when exercising their voting rights during shareholder and board meeting; while after Yudean transferred its45% shareholding of Pinghai Power to the Company, the delegated shareholder and director from Huaxia Electric also maintain consensus with those of the Company when exercising their voting rights during shareholder and board meeting. On account of the above facts, with the control power of Pinghai Power, Huaxia Electric enjoys variable returns through involving in its relevant activities and has the ability to make use of its power to influence the amount of returns. Therefore, the Company owns the control power over Pinghai Power.
On 30 November 2018, Maoming Zhenneng merged Maoming Thermal, wholly-owned by GEGC. After the merger, GEGC held30.12% equity of Maoming Zhenneng. According to the agreement between the Company and GEGC, the delegated shareholder and director from GEGC maintain consensus with those of the Company while exercising the voting rights during theshareholders’ meeting and the Board ofDirectors’ meeting at Maoming Zhenneng. Therefore, the Company owns control power over Maoming Zhenneng. In addition, pursuant to the consent agreement entered into between the Company and GEGC, the Company holds61.33% voting rights in Zhencheng Comprehensive, a subsidiary whose80% equity is directly held by Maoming Zhenneng. Therefore, the Company owns control power over Zhencheng Comprehensive
（2）Significant not wholly-owned subsidiaries
In RMB
||||||
|-|-|-|-|-|
|||Profit or loss attributable|||
||Holding proportion of||Dividend declared to|Closing balance of|
|Name||to non-controlling|||
||non-controlling interest||non-controlling interest|non-controlling interest|
|||interest|||
|Jinghai Power|35 %|43,192,545|37,316,905|1,234,127,732|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||||
|-|-|-|-|-|
|Zhanjiang Power|24 %|34,962,850|29,388,829|986,647,334|
|Huizhou Natural gas|33 %|32,694,998|76,897,073|608,291,148|
|Pinghai Power plant|55 %|114,786,078|80,823,689|1,166,774,436|
|Red Bay|35 %|62,097,368|58,421,446|1,159,380,732|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019（3）Main financial information of significant not wholly-owned subsidiaries
In RMB
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Closing balance||||||Beginning balance||||||
|Subsidiari|||||Non-curr||||||Non-curr||
|es|Current|Non-curr|Total|Current|ent|Total|Current|Non-curr|Total|Current|ent|Total|
||assets|ent assets|assets|liabilities|Liabilitie|liabilities|assets|ent assets|assets|liabilities|Liabilitie|liabilities|
||||||s||||||s||
|Jinghai|967,946,4|7,739,500,|8,707,447,|2,306,788,|2,874,580,|5,181,368,|1,204,643,|7,994,284,|9,198,927,|2,607,699,|3,081,936,|5,689,635,|
|Power|46|918|364|110|021|130|294|373|667|843|132|975|
|Zhanjiang|3,050,560|1,415,766,|4,466,327,|335,456,52||355,297,11|2,970,589,|1,477,137,|4,447,726,|332,108,96||359,921,29|
||||||19,840,590||||||27,812,324||
|Power|,963|704|667|1||1|465|298|762|6||0|
|Huizhou|||||||||||||
||669,997,4|3,428,335,|4,098,332,|856,202,35|1,398,824,|2,255,026,|702,242,88|3,486,104,|4,188,347,|816,535,61|1,394,560,|2,211,095,|
|Natural|||||||||||||
||52|455|907|1|047|398|9|916|804|2|000|612|
|gas|||||||||||||
|Pinghai|||||||||||||
||1,336,920|4,317,155,|5,654,076,|1,241,850,|2,290,818,|3,532,668,|1,213,521,|4,504,301,|5,717,822,|1,167,600,|2,490,564,|3,658,164,|
|Power|||||||||||||
||,821|686|507|241|202|443|627|231|858|035|556|591|
|plant|||||||||||||
||910,767,8|5,534,654,|6,445,421,|1,530,980,|1,601,924,|3,132,905,|943,046,92|5,759,863,|6,702,910,|1,582,252,|1,818,644,|3,400,896,|
|Red Bay|||||||||||||
||94|079|973|757|840|597|4|814|738|157|840|997|

 In RMB
||||||||||
|-|-|-|-|-|-|-|-|-|
||Current term||||Last term||||
||||Total|Cash flow||||Cash flow|
|Subsidiaries|Operating|||from|Operating||Total|from|
|||Net profit|comprehensive|||Net profit|comprehensive||
||revenue|||operating|revenue|||operating|
||||income||||income||
|||||activities||||activities|
|Jinghai|||||||||
||2,001,094,521|123,407,270|123,407,270|896,075,553|2 ,554,248,635|89,849,281|89,849,281|622,618,317|
|Power|||||||||
|Zhanjiang|||||||||
||838,699,914|145,678,540|145,678,540|200,115,171|1 ,078,438,774|96,981,054|96,981,054|218,826,214|
|Power|||||||||
|Huizhou|||||||||
||1,803,498,057|99,075,750|99,075,750|241,821,580|819,208,378|157,838,111|157,838,111|437,818,955|
|Natural gas|||||||||
|Pinghai|||||||||
||1,493,690,021|208,701,960|208,701,960|534,843,205|1 ,859,200,437|283,060,847|283,060,847|268,101,867|
|Power plant|||||||||
|Red Bay|1,806,352,342|177,421,053|177,421,053|318,628,249|2 ,130,697,649|1 33,881,934|133,881,934|403,607,731|

 (4) Significant restrictions of using enterprise group assets and pay off enterprise group debt
Not applicable
(5) Provide financial support or other support for structure entities incorporate into the scope of
Not applicable
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 2. The transaction of the Company with itsowner’s equity share changed but still controlling the subsidiary Not applicable
3. Equity in joint venture arrangement or associated enterprise
(1) Significant joint venture arrangement or associated enterprise
||||||||
|-|-|-|-|-|-|-|
|Name of|Main Places of|Registration|Nature of|Shareholding Ratio (%)||Obtaining|
|Subsidiary|Operation|Place|Business|direct|indirect|Method|
|Joint ventures：|||||||
|Industry Fuel|Guangzhou|Guangzhou|Fuel trade|50 %||Equity method|
|Associates ：|||||||
|Yudean Finance|Guangzhou|Guangzhou|Finance|25 %||Equity method|
|Shanxi Yudean|||||||
||Taiyuan|Taiyuan|Coal investment|40 %||Equity method|
|Enerty|||||||
|Taishan Power|||||||
||Taishan|Taishan|Electric|20 %||Equity method|
|Generation|||||||

（2）Main financial information of Significant joint venture
In RMB
||||
|-|-|-|
||Amount of current period|Amount of previous period|
||Industry Fuel|Industry Fuel|
|Current assets|3,034,818,060|2,925,805,788|
|Including ：Cash and cash equivalent|579,560,307|1,358,381,277|
|Non-current assets|228,312,934|229,601,671|
|Total of assets|3,263,130,994|3,155,407,459|
|Current liabilities|2,114,867,550|1,948,258,211|
|Non current liabilities|750,000|750,000|
|Total liabilities|2,115,617,550|1,949,008,211|
|Attributable to shareholders of the parent|||
||1,147,513,444|1,206,399,248|
|company|||
|Share of net assets calculated by stake|573,756,722|603,199,624|
|Adjustment Items||-614,728|
|Book value of equity investment in joint|||
||573,756,722|602,584,896|
|venture|||
|Business income|8,564,566,924|12,060,789,171|
|Financial expenses|-2,556,396|3,124,608|
|Income tax|26,149,965|27,987,136|
|Net profit|78,449,896|82,556,997|
|Total comprehensive income|78,449,896|82,556,997|
|Dividends received from the joint venture|||
||68,053,122|75,493,986|
|this year|||

(3) Main financial information of significant associated enterprise
In RMB
||||||||
|-|-|-|-|-|-|-|
||Closing balance/This period|||Opening balance/Last period|||
||||Taishan Power|||Taishan Power|
||Yudean Finance|Shanxi Energy||Yudean Finance|Shanxi Energy||
||||Generation|||Generation|
|Current assets|5,741,906,849|382,020,843|1,430,697,799|8,618,449,490|237,368,764|999,098,037|
|Non-current assets|13,736,545,586|3,697,020,812|9,775,932,428|13,958,043,611|3,605,637,997|12,126,348,269|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||||||
|-|-|-|-|-|-|-|
|Total of assets|19,478,452,435|4,079,041,655|11,206,630,227|22,576,493,101|3,843,006,761|13,125,446,306|
|Current liabilities|16,673,892,676|108,496,833|2,501,716,719|19,713,970,097|55,783,287|2,373,171,787|
|Non-current|||||||
||0|185,958,861|400,000,000||185,614,684|905,200,000|
|liabilities|||||||
|Total liabilities|16,673,892,676|294,455,693|2,901,716,719|19,713,970,097|241,397,971|3,278,371,787|
|Minority|||||||
||0|1,148,421|1,029,541|0|1,134,674|1,029,541|
|shareholder Equity|||||||
|Attributable to|||||||
|shareholders of the|2,804,559,759|3,783,437,540|10,177,422,165|2,862,523,004|3,600,474,115|9,846,044,978|
|parent company|||||||
|Share of net assets|||||||
||705,322,585|1,513,375,176|2,035,484,433|715,630,751|1,440,189,807|1,969,208,996|
|calculated by stake|||||||
|--Goodwill|13,325,000|||13,325,000|||
|Book value of|||||||
|equity investment|718,647,585|1,513,375,176|2,035,484,433|728,955,751|1,440,189,807|1,969,208,996|
|in associates|||||||
|Business income|359,366,978|3,986,327|2,951,909,787|353,187,954|786,668|4,256,108,141|
|Net profit|215,194,176|282,977,172|421,427,601|226,957,586|277,283,881|498,549,464|
|Total|||||||
|comprehensive|215,194,176|282,977,172|421,427,601|226,957,586|277,283,881|498,549,464|
|income|||||||
|Dividends received|||||||
|from the|||||||
|associated|64,106,710|40,000,000||57,221,066|4,000,000||
|enterprise this|||||||
|year|||||||

(4) Summary financial information of insignificant joint venture or associated enterprise
In RMB
||||
|-|-|-|
||Amount of current period|Amount of previous period|
|Joint venture:|--|--|
|The total number of the following|--|--|
|Associated enterprise：|--|--|
|Total investment book value|1,596,755,878|1,599,930,118|
|The total number of the following|--|--|
|--Net profit|-2,400,408|-18,107,558|
|Total comprehensive income|-2,400,408|-18,107,558|

 (5) Note to the significant restrictions of the ability of joint venture or associated enterprise transfer funds to the Company
Not applicable
(6) The excess loss of joint venture or associated enterprise
Not applicable
(7) The unrecognized commitment related to joint venture investment
Not applicable
(8) Contingent liabilities related to joint venture or associated enterprise investment
Not applicable
4. Significant common operation
Not applicable
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 5. Equity of structure entity not including in the scope of consolidated financial statements
Not applicable
6.Other
Not applicable
X.Risk related to financial instruments
Not applicable
XI. Disclosure of fair value
1. Ending fair value of the assets and liabilities measured by fair value
In RMB
||||||
|-|-|-|-|-|
||Ending fair value||||
|Items|||||
||First-order|Second-order|Third-order|Total|
|I. Consistent fair value|||||
||--|--|--|--|
|measurement|||||
|（1）Transactional financial|||||
||37,203|||37,203|
|assets|||||
|1. Financial assets measured|||||
|at fair value and whose|||||
|changes are recorded in|37,203|||37,203|
|current period profit and|||||
|losses|||||
|（2）Equity instrument|||||
||37,203|||37,203|
|investment|||||
|（3）Other equity instrument|||||
||1,720,652,013|||1,720,652,013|
|investment|||||
|Total assets continuously|||||
||1,720,689,216|||1,720,689,216|
|measured at fair value|||||
|II. Non –persistent measure|--|--|--|--|

 2.Recognized basis for the market price sustaining and non-persistent measured by fair value on first-order 3. Valuation technique and qualitative and quantitative information on major parameters for the fair value measure sustaining and non-persistent on second-order
Not applicable
4. Valuation technique adopted and nature and amount determination of important parameters for
consistent and inconsistent fair value measurement items at level 3
Not applicable
5. Sensitiveness analysis on unobservable parameters and adjustment information between opening and
closing book value of consistent fair value measurement items at level 3
Not applicable
6. Explain the reason for conversion and the policy governing when the conversion happens if conversion
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 happens among consistent fair value measurement items at different levels
Not applicable
7. Changes in the valuation technique in the current period and the reason for change
Not applicable
8. Fair value of financial assets and liabilities not measured at fair value
Not applicable
XII. Related parties and related-party transactions
1. Parent company information of the enterprise
|||||||
|-|-|-|-|-|-|
||||||Vote right ratio of|
|||||Share ratio of parent||
||Registration||||parent company|
|Parent company name||Nature|Registered capital|company against the||
||place||||against the|
|||||company(%)||
||||||company(%)|
|||Power plant operating,||||
|Guangdong Energy||electricity assets||||
||Guangzhou||23,000,000,000|67.39%|67.39%|
|Group||management, electricity||||
|||generation||||

Explanation on parent company of the enterprise
On August 8, 2001, Guangdong Provincial Government had taken the lead in the implementation of the reform of electric power system. Guangdong Electric power Group was established by inheriting the electricity generation business of Guangdong electric Power Group Company and its registered capital is RMB 23 billion, with76% stake held by Guangdong Provincial People's Government and24% stake held by China Hua Neng Group, owning more than 13,000 staff now, and the company is the strongest
On February 18, 2019, With the approval of the state-owned assets supervision and administration commission of the Guangdong provincial people's government and the approval of the Guangdong provincial market supervision administration, the former Guangdong GuangDong Energy Group Co., Ltd. was renamed as Guangdong Energy Group Co., Ltd
Ultimate controller of the Company is Guangdong ProvincialPeople’s Govemment state owned assets supervision and Administration Commission.
2.Subsidiary of the Enterprise
See to Notes IX.1.
3.Cooperative enterprise and joint venture
See Notes IX.3.
Other cooperative enterprise and joint venture that have related transaction with the Company in the Period or occurred in perviousperiod：
|||
|-|-|
|Name|Relationship|
|Industry Fuel|Joint venture|
|Guangdong Yudean Finance|Associate|
|Guangdong Yudean Shipping|Associate|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 4.Other related party
||||
|-|-|-|
|Other related party||Relationship with the Enterprise|
|Yudean Environmental protection||Controlled by Energy Group|
|Yudean Property||Controlled by Energy Group|
|Huangpu Electric Power Engineering||Controlled by Energy Group|
|Yangjiang Port||Controlled by Energy Group|
|Yudean Real Estate||Controlled by Energy Group|
|Yudean Information Technology||Controlled by Energy Group|
|Huangpu Yuehua Huma resources||Controlled by Energy Group|
|Yudean Natural gas||Controlled by Energy Group|
|Yudean Finance lease||Controlled by Energy Group|
|Yudean Changtan Power Generation||Controlled by Energy Group|
|Zhuhai Jinwan||Controlled by Energy Group|
|Yudean New Energy||Controlled by Energy Group|
|Yunhe Power Generation||Controlled by Energy Group|
|Yuelong Power Generation||Controlled by Energy Group|
|Guanghe Electric Power||Controlled by Energy Group|
|Yudean Menghua New Energy||Controlled by Energy Group|
|Zhongshan Thermal power plant||Controlled by Energy Group|
|Shenzhen Tianxin||Controlled by Energy Group|
|Qujiang New Energy||Controlled by Energy Group|
|The Group||Controlled by Energy Group|
|Yudean Insurance|Captive|Controlled by Energy Group|
|Yuehua Power Generation||Controlled by Energy Group|
|Shajiao C Plant||Controlled by Energy Group|
|Xinhui Power plant||Controlled by Energy Group|

5. Related transactions.
（1）Related transactions on purchasing goods and receiving services
Acquisition of goods and reception of labor service
In RMB
|||||||
|-|-|-|-|-|-|
||||Approval|Whether over the||
|Related party|Content|Current amount|||Last amount|
||||trading limit|trading limit(Y/N)||
|Fuel Company|Fuel purchase|5,927,855,461||No|7,135,671,591|
|Yudean Natural gas|Fuel purchase|1,032,808,240||No|38,228,155|
|Yudean Environment Protection|Material purchase|83,714,919||No|74,236,581|
||Acceptance of|||||
|Yudean Property Management||7,091,341||No|12,018,032|
||management services|||||
||Acceptance of rental|||||
|Yudean Real estate||3,455,180||No|27,293|
||services|||||
||Acceptance of tugboat|||||
|Yangjiang Port||2,945,775||No|3,910,865|
||services|||||
|Guangzhou Huangpu Electric||||||
||Maintenance services|2,703,922||No|5,023,823|
|Power Engineering Co., Ltd.||||||
||Acceptance of|||||
|Yudean Information||1,041,073||No|1,103,961|
||management services|||||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||||
|-|-|-|-|-|
||Acceptance of tugboat||||
|Yudean Shipping||||8,252,359|
||services||||
|Huangpu Yuehua|Human services|||2,925,678|
|Yudean Finance lease|Leasing service|||194,654|
|Yudean Changtan Power|Acceptance of||||
|||||226,415|
|Generation|management services||||
|Maoming Thermal power plant|Leasing service|||595,944|
|Shaoguan Power Generation|Leasing service|||24,000|
|Zhuhai Jinwan|Electric purchase|51,778,472|No|51,056,560|
|Guanghe Electric Power|Electric purchase|44,918,434|No|54,456,828|
|Yunhe Power Generation|Electric purchase|24,292,659|No|26,020,204|
|Yuehua Power Generation|Electric purchase|10,509,583|No|25,056,294|
|Yuelong Power Generation|Electric purchase|10,007,613|No|17,468,048|
|Xinhui Power Generation|Electric purchase|3,230,849|No||
|Zhongshan Thermal power plant|Electric purchase|1,706,351|No||

Sales of goods and services
In RMB
|||||
|-|-|-|-|
|Related parties|Content|Occurred current term|Occurred in previous term|
|Yudean Environment Protection|Sale of Material|94,544,22|5 52,048,796|
||Providing maintenance|||
|Shajiao C plant||11,062,33|9 6,794,858|
||services|||
||Providing maintenance|||
|Yunhe Power Generation||6,745,53|3 12,374,579|
||services|||
|Xinhui Power Generation|Service|2,880,38|8|
|Zhuhai Jinwan Power|Providing maintenance|||
||||2,934,438|
|Generation Co., Ltd.|services|||
|Yudean New Energy|Service||7,518|
|Yudean Shipping|Leasing service||21,622|

 Notes
The amount of electricity purchased shall be determined according to the downward price difference of the first on-grid electricity price and the amount of electricity purchased as agreed by the power sales company and the related power plants.
（2）Related trusteeship or contracting
Related trusteeship or contracting in which the Company is the undertake
In RMB
||||||||
|-|-|-|-|-|-|-|
|||||||Gains from the|
|Name of the|Name of the|Asset situation of|||||
||||Start date|Terminating date|Pricing basis|deal in report|
|employer|undertaker|the undertaker|||||
|||||||period|

Notes
Lists of entrust/contracted
In RMB
||||||||
|-|-|-|-|-|-|-|
|Name of the|Name of the|||||Charge|
|entrusted/contract|entrusted/|Type|Initial date|Due date|Pricing basis|recognized in the|
|ed|contractor|||||reporting period|

 Notes
(3) Information of related lease
The company as lessor:
In RMB
|||||
|-|-|-|-|
|Name of lessee|Category of leased assets|The lease income confirmed in|The lease income confirmed in|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
|||||
|-|-|-|-|
|||this year|last year|
|Shipping Company|Property Leasing||21,622|

 The Company waslessee：
In RMB
|||||
|-|-|-|-|
|||The lease income confirmed in||
|Lessor|Category of leased assets||Category of leased assets|
|||this year||
|Yudean Real Estate|Leasing service|3,455,180|27,293|
|Maoming Thermal power plant|Leasing service||595,944|
|Shaoguan Power Generation||||
||Leasing service||24,000|
|Plant||||
|Yudean Finance lease|Equipment leasing|33,718,740|194,654|

 Notes
Based on the Framework Agreement on Financial Lease between the Company and Yudean Leasing, Yudean Leasing is committed to offering the Group a credit line of less than RMB 500 million, which is reusable during the one-year agreement period. As at 30 June 2019, the balance of BoheCoal’s long-term payables of finance lease through leaseback was RMB 906,843,821 (December 31, 2018: 906,981,377 ), and its interest expenses recorded in construction in progress was RMB 28,009,750 (December 31, 2018: 25,860,877 l); the balance of Qujie WindPower’s long-term payables of finance lease was RMB 324,398,200 (December 31, 2018: 240,830,581), and the interest expenses recorded in construction in progress amounted to RMB 5,708,990 ((December 31, 2018:：2,469,636
（4）Status of related party guarantee
As a guarantor for the company
In RMB
||||||
|-|-|-|-|-|
|||||Execution accomplished|
|Guarantor|Guarantee amount|Start date|End date||
|||||or not|

As a secured party for the company
In RMB
||||||
|-|-|-|-|-|
|||||Execution accomplished|
|Guarantor|Guarantee amount|Start date|End date||
|||||or not|
|Energy Group|1,500,000,000|August 14, 2013|August 13,2022|No|

(5) Inter-bank lending of capital of relatedparties：
In RMB
||||||
|-|-|-|-|-|
||Amount borrowed and||||
|Related party||Initial date|Due date|Notes|
||loaned||||
|Borrowed|||||
|Guangdong Yudean|||||
||30,000,000|J une 20,2019|June 19,2020||
|Finance Co., Ltd.|||||
|Guangdong Yudean|||||
||100,000,000|J uly 2,2018|July 1,2019||
|Finance Co., Ltd.|||||
|Guangdong Yudean|||||
||150,000,000|J uly 13,2018|July 12,2019||
|Finance Co., Ltd.|||||
|Guangdong Yudean|||||
||100,000,000|J uly 23,2018|July 22,2019||
|Finance Co., Ltd.|||||
|Guangdong Yudean|||||
||100,000,000|O ctober 12,2018|Oct5ober 11,2019||
|Finance Co., Ltd.|||||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
|||||
|-|-|-|-|
|Guangdong Yudean||||
||200,000,000|D ecember 14,2018|December 13,2019|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||150,000,000|A pril 22,2019|April 21,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||150,000,000|M ay 22,2019|May 21,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||200,000,000|J une 10,2019|June 9,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||50,000,000|N ovember 12,2014|October 27,2029|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||75,000,000|D ecember 10,2014|October 27,2029|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||100,000,000|F ebruary 4,2015|October 27,2029|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||45,000,000|J une 17,2015|October 27,2029|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||25,000,000|J uly 23,2015|October 27,2029|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||24,000,000|S eptember 15,2015|October 27,2029|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||30,000,000|S eptember 28,2015|October 27,2029|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||19,000,000|O ctober 13,2015|October 27,2029|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||144,500,000|D ecember 16,2015|October 27,2029|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||12,000,000|J une 20,2018|October 27,2029|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||17,000,000|S eptember 20,2018|October 27,2029|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||100,000,000|J une 19,2017|June 18,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||100,000,000|A ugust 31,2018|August 30,2019|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||70,000,000|O ctober 30,2018|October 29,2019|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||40,000,000|N ovember 2,2018|November 1,2019|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||40,000,000|N ovember 6,2018|November 5,2019|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||40,000,000|D ecember 5,2018|December 4,2019|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||40,000,000|D ecember 6,2018|December 5,2019|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||40,000,000|D ecember 7,2018|December 6,2019|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||30,000,000|D ecember 10,2018|December 9,2019|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||25,000,000|D ecember 11,2018|December 10,2019|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||30,000,000|M ay 23,2019|May 22,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||83,460,211.69|May 31,2019|August 30,2019|
|Finance Co., Ltd.||||
|Guangdong Yudean|150,000,000|D ecember 10,2018|December 9,2019|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
|||||
|-|-|-|-|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||10,000,000|D ecember 13,2018|December 12,2019|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||140,000,000|M arch 6, 2019|March 5,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||50,000,000|M arch 11,2019|March 10,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||30,000,000|M ay 10,2019|May 9,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||50,000,000|M ay 20,2019|May 19,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||20,000,000|M ay 30,2019|May 29,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||100,000,000|J une 10,2019|June 9,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||80,000,000|J une 27,2019|June 26,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||200,000,000|D ecember 27,2018|December 26,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||100,000,000|J anuary 25,2019|June 25,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||150,000,000|J anuary 24,2019|June 25,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||100,000,000|D ecember 13,2018|December 12,2019|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||300,000,000|D ecember 21,2018|December 20,2019|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||100,000,000|O ctober 16,2014|October 13,2029|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||100,000,000|A pril 4,2019|April 3,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||100,000,000|A pril 12,2019|April 11,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||50,000,000|A pril 26,2019|April 25,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||100,000,000|M ay 10,2019|May 9,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||50,000,000|M ay 22,2019|May 21,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||100,000,000|M ay 27,2019|May 26,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||310,805,849|D ecember 25,2013|December 24,2028|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||240,000,000|D ecember 6,2007|December 5,2025|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||100,000,000|D ecember 10,2018|December 9,2019|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||100,000,000|D ecember 19,2018|December 18,2019|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||30,000,000|M arch 12,2019|March 11,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||50,000,000|M arch 19,2019|March 18,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||50,000,000|A pril 12,2019|April 11,2020|
|Finance Co., Ltd.||||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
|||||
|-|-|-|-|
|Guangdong Yudean||||
||50,000,000|M ay 13,2019|May 12,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||20,000,000|J une 3,2019|June 2,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||180,000,000|J une 14,2019|June 13,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||120,000,000|M arch 29,2019|October 23,2019|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||50,000,000|J une 28,2019|December 24,2019|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||632,991.90|June 26,2019|June 25,2039|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||53,500,000|F ebruary 11,2015|February 10,2033|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||26,000,000|J uly 23,2018|July 22,2033|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||50,000,000|N ovember 25,2018|December 3,2019|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||20,000,000|A ugust 13,2018|August 12,2019|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||20,000,000|A ugust 29,2018|August 28,2019|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||20,000,000|S eptember 14,2018|September 13,2019|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||15,000,000|D ecember 17,2018|December 16,2019|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||10,000,000|M arch 18,2019|March 17,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||15,000,000|M ay 8,2019|May 7,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||10,000,000|M ay 10,2019|May 8,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||15,000,000|M ay 31,2019|May 29,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||5,000,000|J une 4,2019|June 3,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||5,000,000|J une 6,2019|June 5,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||10,000,000|J une 12,2019|June 11,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||10,000,000|J une 17,2019|June 16,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||5,000,000|J une 20,2019|June 19,2020|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||7,842,000|M arch 24,2014|March 10,2031|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||8,540,000|A pril 24,2014|March 10,2031|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||34,250,000|J une 24,2014|March 10,2031|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||27,940,000|J uly 19,2014|March 10,2031|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||17,090,000|D ecember 19,2016|March 10,2031|
|Finance Co., Ltd.||||
|Guangdong Yudean|37,720,000|J une 28,2017|March 10,2031|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
|||||
|-|-|-|-|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||17,448,000|F ebruary 1,2018|March 10,2031|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||8,000,000|J uly 13,2018|March 10,2031|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||10,050,000|S eptember 26,2018|March 10,2031|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||15,000,000|J anuary 11,2019|March 10,2031|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||15,390,000|M arch 15,2019|March 10,2031|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||21,510,000|A pril 12,2019|March 10,2031|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||35,490,000|J une 10,2019|March 10,2031|
|Finance Co., Ltd.||||
|Guangdong Yudean||||
||45,450,000|J une 19,2019|March 10,2031|
|Finance Co., Ltd.||||
|Loaned||||

(6) Related party asset transfer and debt restructuring
Not applicable
(7) Rewards for the key management personnel
In RMB
||||
|-|-|-|
||Amount of current period|Amount of previous period|
|Items|||
|Rewards for the key management|||
||3,321,082|3,039,268|
|personnel|||

（8）Other related transactions
(a)Allocation of common expenses
In the first half of 2019,, the common expenses received by the Group from Shajiao C was RMB1,260,423.( In the first half of 2018, the common expenses received by the Group from Shajiao C was RMB1,930,694)
(b) Interest income
In RMB
|||||||
|-|-|-|-|-|-|
||Items||Amount of current period||Amount of previous period|
|Deposit interest of Yudean||23,802,960||26,032,498||
|Proportion(%)||73.99%||87.14%||

(c)Interest expense
In RMB
|||||||
|-|-|-|-|-|-|
||Items||Amount of current period||Amount of previous period|
|Loan interest paid to Yudean Finance||118,174,115||160,324,500||
|Discount interest on Yudean Finance||14,987,476||9,294,260||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|Proportion %|20.04%|25.81%|

(d)Joint Investment
||||
|-|-|-|
|||Attributable to Yudean Proportion %|
|Maoming Zhenneng|30.12%||
|Bohe Coal|33.00%||
|Yudean Finance|65.00%||
|Industry Fuel|50.00%||
|Shanxi Energy|60.00%||
|Capital Company|51.00%||
|West Investment|35.00%||
|Yudean Shipping|65.00%||

6. Payables and receivables of the related party
（1）Receivables
In RMB
|||||||
|-|-|-|-|-|-|
|||At end of term||At beginning of term||
|Project|Related parties|||||
|||Book balance|Bad debt provision|Book balance|Bad debt provision|
||Guangdong Yudean|||||
|Moentary funds||4,915,764,758||4,978,118,712||
||Finance Co., Ltd.|||||
||Xinhui Power|||||
|Account receivable||3,254,838||||
||Generation|||||
||Yunhe Power|||||
|Account receivable||2,857,263||2,817,688||
||Generation|||||
|Account receivable|Shajiao C plant|867,996||10,466,023||
|Account receivable|Yudean New Energy|||1,062,659||
||Huizhou New|||||
|Account receivable||||273,740||
||Energy|||||
||Yulong Power|||||
|Account receivable||||18,000||
||Generation|||||
||Yudean|||||
|Other account||||||
||Environmental|94,790,847||54,456,181||
|receivable||||||
||protection|||||
|Other account||||||
||Shajiao C plant|2,789,509||1,663,292||
|receivable||||||
|Other account||||||
||Yudean Real Estate|1,470,258||1,267,802||
|receivable||||||
|Other account||||||
||Yudean Property|461,196||543,732||
|receivable||||||
|Other account|Yunhe Power|||||
|||358,400||||
|receivable|Generation|||||
|Other account||||||
||Capital Company|267,660||||
|receivable||||||
|Other account|Xinhui Power|||||
|||||549,900||
|receivable|Generation|||||
|Interest receivable|Yudean Finance|22,897,739||18,856,569||
|Advance payment;|Industry Fuel|523,735,826||547,209,560||
|Advance payment|Yudean Natural gas|44,552,246||||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|Advance payment|Tianxin Insurance|1,728,914|
|Advance payment|Capital Company|1,016,321|
||Information||
|Advance payment||762,736|
||technology||

（2）Payables
In RMB
|||||
|-|-|-|-|
|Name|Related party|Amount at year end|Amount at year beginning|
|Account payable|Industry fuel|1,814,337,311|1,449,619,847|
||Yudean Environmental|||
|Account payable||44,567,624|34,526,337|
||Protection|||
|Account payable|Yudean Property|2,279,764||
||Huangpu Yuehua Human|||
|Account payable||616,250|286,313|
||Resources|||
|Account payable|Technology Company|282,900||
||Yudean Environmental|||
|Other payable||1,328,334|1,414,106|
||Protection|||
||Huangpu Electric Power|||
|Other payable||1,051,206|4,818,353|
||Engineering|||
|Other payable|Yudean Shipping|920,000|5,312,830|
|Other payable|Shenzhen Tianxin|70,000|70,000|
|Other payable|Yudean Information Technology|66,768|1,130,960|
|Other payable|Qujiang Yudean New Energy|9,000||
|Other payable|Yuehua Power Generation||58,000,000|
|Other payable|Yudean Property||7,730,098|
||Huangpu Yuehua Human|||
|Other payable|||1,622,290|
||Resources|||
|Other payable|Yudean Capital||400,000|
|Interest payable|Yudean Finance|24,159,081|13,356,633|
|Interest payable|Yudean Leasing|2,823,933|2,167,970|
|Note payable|Yudean Finance|823,460,212|653,161,107|
|Short-term loan|Yudean Finance|4,890,000,000|5,042,000,000|
|Non-current liability due in 1||||
||Yudean Finance|4,000,000|143,919,490|
|year||||
|Long-term loan|Yudean Finance|3,112,263,365|2,833,766,371|
|Long-term payable|Yudean Leasing|1,467,054,556|1,147,811,958|

 7. Related party commitment
Not applicable
8.Other
Not applicable
XIII. Stock payment
Not applicable
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 XIV. Commitments
1.Importance commitment events
Important commitments of existence of balance sheet date
(a) At the eleventh meeting of the seventh board of directors held in 2012, the Company deliberated and passed the Proposal on Wholly-owned Formation of Guangdong Yudean Dabu Power Generation Co., Ltd. in order to smoothly promote the follow-up work of the Dabu power plant project, and the Board of Directors of the company agreed the wholly-owned formation of Guangdong Yudean Dabu Power Generation Co., Ltd. by us and set up capital according to20% of the total project investment of 5.52 billion yuan, with a total capital investment of 1.104 billion yuan. In the first half of 2019, our company increased capital by 40 million yuan to Dabu Company. On June 30, 2019, the Company has invested a capital of RMB 1,040 million into Dabu Company. (b) At the sixth meeting of the ninth Board of Directors held on October 29, 2018, the Company deliberated and passed the Proposal on Starting the Preliminary Work of the Zhanjiang Xinliao Offshore Wind Power Project, in order to vigorously promote the construction of the company's clean energy projects and build a large-scale development pattern of offshore wind power projects, and the Board of Directors agreed that Qujie Wind Power Company, a wholly-owned subsidiary of the Company, should carry out the preliminary work of the Zhanjiang Xinliao Offshore Wind Power Project at a cost of 48 million yuan. On June 30, 2019, the Company has invested a capital of RMB 20,000,000 into Qujie Wind Power.
(c) At the fifth meeting of the ninth Board of Directors held on August 29, 2018, the Company passed the Proposal on Increasing Capital to Guangdong Wind Power Generation Co., Ltd. Huilai Wind Power plans to carry out "demolishing the old and building the new" technological transformation of the Haiwanshi Wind Farm. Provincial Wind Power plans to increase its capital by 39 million yuan in full for the "demolishing the old and building the new" technological transformation project of the Haiwanshi Wind Farm. In order to meet the demand for technical renovation funds of the project, the Board of Directors agreed that the company would increase the capital by 39 million yuan to the Provincial Wind Power for the "demolishing the old and building the new" technical renovation project of the Haiwanshi Wind Farm. On June 30, 2019, the Company has increased its capital by 39 million yuan for Provincial Wind Power.
(d) The second communication meeting of the ninth Board of Directors in 2018 held by the Company on September 19, 2018 passed the Proposal on Participation in Capital Increase and Stock Enlargement of Shenzhen Capital Group Co., Ltd. based on the voting results. In order to meet the strategic development needs of Shenzhen Capital Group, the SASAC of Shenzhen City agreed to increase the capital of 213,034,000 yuan to Shenzhen Capital Group according to the3.673% equity ratio, of which 65,135,200 yuan was increased in 2018, and the remaining 147,898,800 yuan will be paid within 2020. In the first half of 2019, our company increased its capital to Shenzhen Capital by 78,162,240 yuan. On June 30, 2019, the Company has paid 143,297,440 yuan.
(e) The second communication meeting of the ninth Board of Directors in 2018 held on September 19, 2018 deliberated and passed the Proposal on the Capital Increase and Stock Expansion of Guangdong Yudean Bohe Coal and Electricity Co., Ltd. in order to promote the construction of the bohe coal and electricity integration project and ensure the capital requirement for the protective resumption of work of the Bohe power plant project, and the Board of Directors agreed that Bohe Company, a wholly-owned subsidiary of the Company, should carry out capital increase and stock expansion. The company and Guangdong Energy Group Co., Ltd. should increase capital to Bohe Company according to the target equity ratio of67%:33%, with a total capital increase of 3.98 billion yuan, and the Company needs to increase capital by 2.667 billion yuan. On June 30, 2019,
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 the Company has increased its capital by 603 million yuan.
(f) At the third meeting of the ninth Board of Directors held on April 26, 2018, the Company deliberated and passed the Proposal on the Establishment of Zhuhai Jinwan Offshore Wind Power Project Company, in order to speed up the follow-up work of Zhuhai Jinwan offshore wind power project, and the Board of Directors agreed to set up Zhuhai wind power wholly by the wholly-owned subsidiary Provincial Wind Power, which is responsible for the investment, development and construction of Zhuhai Jinwan offshore wind power project, with an initial capital of 65 million yuan. On December 31, 2018, the company has invested RMB 65 million into Zhuhai Wind Power. At the second communication meeting of the ninth Board of Directors in 2018 held on September 19, 2018, it deliberated and passed the Proposal on Investment in the Construction of Zhuhai Jinwan Offshore Wind Farm Project, in order to further promote the large-scale development of the company's offshore wind power in Guangdong Province and the southeast coast, and the Board of Directors agreed to invest in Zhuhai Jinwan Offshore Wind Farm Project. In the first half of 2019, the Company increased its capital to the Provincial Wind Power by 200 million yuan. On June 30, 2019, the Company has increased its capital by 265 million yuan. 2.Contingency
（1）Significant contingency at balance sheet date
（1）On June 30, 2019, the Company provided joint and several liability guarantee for bank borrowings of RMB 91,060,00 for Yunnan Baoshan binglangjiang Hydropower Development Co., Ltd., which is in process.（2）On June 30, 2019, the Company provided joint liability guarantee for the investment of RMB71,515,472 in Zhanjiang Wind Power. The bank loan of RMB 20,000,000 generated by the Company for Yuejiang Power was held by the Company Provide joint liability guarantee.
(3) Pinghai Power Plant and three engineering contractors failed to complete the settlement due to settlement disputes arising from the unit construction contract.
a. On October 22, 2018, one of the project contractors filed a lawsuit with the local municipal people's court, demanding Pinghai Power Plant to pay 165,978,408 yuan in extra project funds due to the modification of the scope of the contract and 72,478,979 yuan in interest due to deferred payment.
b. On January 8, 2019, another engineering contractor sued Pinghai Power Plant in the local county-level people's court, demanding that Pinghai Power Plant pay 12,080,481 yuan in extra project funds due to modification of the scope of the contract and 5,554,311 yuan in interest due to deferred payment.
c. On July 8, 2019, a third engineering contractor filed a lawsuit with the local municipal people's court, demanding Pinghai power plant to pay 89,548,053 yuan in extra project funds due to the modification of the scope of the contract and 36,526,452 yuan in interest due to the deferred payment.
As of the date of issuance of this report, due to the fact that the above litigation cases have not yet been heard and the Group's management is unable to predict the outcome of the litigation after consulting legal counsel, the project funds and interest related to the above litigation have not been accrued in the 2019 semi-annual financial statements.
（2）The Company have no significant contingency to disclose, also should be stated
The was no significant contingency in the Company.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 3.Other
Not applicable
XV. Post-balance-sheet events
1. Significant events had not adjusted
Not applicable
2. Profit distribution
Not applicable
3. Sales return
Not applicable
4.Notes of ohter significant events
On July 8, 2019, a project contractor filed a lawsuit with the local municipal people's court, demanding Pinghai Power Plant to pay 89,548,053 yuan in extra project funds due to modification of the scope of the contract and 36,526,452 yuan in interest due to deferred payment. Currently, the management of the Group is unable to predict the outcome of the litigation, so it is temporarily unable to predict the impact of the matter on the financial statements.
XVI. Other significant events
1.The accounting errors correction in previous period
Not applicable
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 2. Debt restructuring
Not applicable
3. Replacement of assets
Not applicable
4. Pension plan
Not applicable
5.Discontinuing operation
Not applicable
6. Segment information
(1) Recognition basis and accounting policies of reportable segment
(2) The financial information of reportable segment
In RMB
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
||Parent|Jinghai|Pinghai||Maoming|Zhanjiang|Zhongyue||||
|Items||||Red Bay||||Other|Partial offset|Total|
||Company|Power|Power||Zhenneng|Power|Energy||||
|Main|||||||||||
||958,557,2|1,976,843|1,473,073,|1,789,107,|628,326,11|827,902,69|722,341,56|4,387,359,3||12,744,689,|
|Business|||||||||-18,821,407||
||56|,440|065|085|4|0|5|47||154|
|Income|||||||||||
|Main|||||||||||
||977,497,4|1,722,544|1,127,634,|1,459,855,|594,322,04|673,849,30|639,232,31|3,867,971,2||11,021,172,|
|Business|||||||||-36,131,581||
||49|,264|923|154|0|6|2|89||212|
|Cost|||||||||||
|Profit|929,375,9|164,543,0|279,896,02|236,561,40|-14,261,40|172,354,66||153,916,40|-758,014,91|1,165,689,2|
||||||||1,014,284||||
|Total|83|27|4|4|6|0||6|8|19|
|Assets|29,994,27|8,707,447|5,654,076,|6,445,421,|3,106,180,|4,466,327,|4,201,683,|32,238,164,|-21,925,838,|72,888,042,|
|Total|5,842|,364|507|973|830|667|153|352|956|485|
|Liability|5,657,798,|5,181,368|3,532,668,|3,132,905,|1,806,448,|355,297,11|3,301,495,|19,991,408,|-2,201,669,5|40,757,719,|
|Total|351|,130|443|597|071|1|220|532|07|948|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 (3) There was no reportable segment, or the total amount of assets and liabilities of each part of reportable segment, shall disclose the reason.
Not applicable
（4）Other notes
Not applicable
7. Other important transactions and events have an impact oninvestors’ decision-making
Not applicable
8.Other
Not applicable
XVII. Notes s of main items in financial reports of parent company
（1）Account receivable
1.Classification account receivables.
In RMB
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
||Closing balance|||||Opening balance|||||
|Category|Book balance||Bad debt provision||Book|Book balance||Bad debt provision||Book|
||Amount|Proportion %|Amount|P roportion %|value|Amount|Proportion %|Amount|P roportion %|value|
|Of which：|||||||||||
|Accrual of|||||||||||
|bad debt|||||||||||
||225,185,789|100 %|21,981|0.01%|225,163,808|2 64,564,281|100 %|26,806|0.01%|264,537,475|
|provision by|||||||||||
|portfolio|||||||||||
|Of which：|||||||||||
|Low risk|||||||||||
||222,987,641|99.02%|||222,987,641|2 61,883,617|98.99%|||261,883,617|
|portfolio|||||||||||
|Other|||||||||||
||2,198,148|0.98%|21,981|1 %|2,176,167|2,680,664|1.01%|26,806|1 %|2,653,858|
|protfolio|||||||||||
|Total|225,185,789|100 %|21,981|0.01%|225,163,808|2 64,564,281|100 %|26,806|0.01%|264,537,475|

 Accrual of bad debt provision by single item:
Not applicable
Accrual of bad debt provision by portfolio:
Not applicable
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method of other receivables if the provision for bad debts of bills receivable is accrued according to the general model of expected credit loss:
√ Applicable□Not applicable
||||||
|-|-|-|-|-|
|Bad debt provision|Stage 1|Stage 2|Stage 3|Total|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||||||||
|-|-|-|-|-|-|-|-|-|
|||||||Expected credit|||
||||Expected credit losses|Expected credit loss over||losses for the entire|||
||||over the next 12|life (no credit||duration (credit|||
||||months|impairment)||impairment|||
|||||||occurred)|||
|Balance as at January 1, 2019|||||26,806||26,806||
||Balance as at January 1, 2019||||||||
||||-|-||-||-|
||in current||||||||
|--Transferred into stage 2|||||||-||
|-- Transferred into stage 3|||||||-||
|--Reversal to stage 2|||||||-||
|--Reversal to stage 1|||||||-||
|Provision for the year||-|||||-||
|Reversal for the year|||||4,825||4,825||
|Transfer for the year|||||||-||
|Writing-off for the year|||||||-||
|Other changes|||||||-||
||Balance as at June 30,2019||-|-||21,981||21,981|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 Disclosure by aging
In RMB
|||
|-|-|
|Aging|Closing balance|
|Within 1 year（Including 1 year）|225,163,808|
|Within 1 year|225,163,808|
|Total|225,163,808|

 (2) Accounts receivable withdraw, reversed or collected during the reporting period
The withdrawal amount of the bad debtprovision：
In RMB
|||||||
|-|-|-|-|-|-|
|||Amount of change in the current period||||
|Category|Opening balance||Reversed or||Closing balance|
|||Accrual||Write-off||
||||collected amount|||
|Heat sales receivable|26,806||4,825||21,981|
|Total|26,806||4,825||21,981|

 Of which the significant amount of the reversed or collected part during the reporting period
In RMB
||||
|-|-|-|
|Items|Reversed or collected amount|Method|
|Dongguan Depu Energy Technology Co., ltd.|4,825||
|Total|4,825|--|

（3）The current accounts receivable written-offs situation
Not applicable
（4） Top 5 of the closing balance of the accounts receivable collected according to the arrears party
||||||||
|-|-|-|-|-|-|-|
||Debtor|Book amount||Bad debt provision||Proportion %|
|GPGC||222,987,641|-||99.02%||
|Dongguan Dejin Energy Technology Co.,Ltd.||2,198,148|21,981||0.98%||
||Total|225,185,789.00|21,981.00||100.00%||

 (5) Account receivable which terminate the recognition owning to the transfer of the financial assets
Not applicable
(6) The amount of the assets and liabilities formed by the transfer and the continues involvement of accounts receivable
Not applicable
2. Other accounts receivable
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|Interest receivable|700,566|1,121,522|
|Dividend receivable||447,956|
|Other account receivable|93,866,821|373,726,750|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|Total|94,567,387|375,296,228|

（1）Interest receivable
1) Category of interest receivable
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|Fixed deposit|190,323|154,955|
|Entrusted loan|510,243|966,567|
|Total|700,566|1,121,522|

 2) Significant overdue interest
Not applicable
3）Bad-debt provision
□ Applicable√ Not applicable
(2)Dividend receivable
1) Dividend receivable
In RMB
||||
|-|-|-|
|Items|Closing balance|Opening balance|
|Anxin Inspection|0|447,956|
|Total||447,956|

 (2) Significant dividend receivable aged over 1 year
Not applicable
3）Bad-debt provision
□ Applicable√ Not applicable
（3） Other accounts receivable
(1) Other accounts receivable classified by the nature of accounts
In RMB
||||
|-|-|-|
|Nature|Closing book balance|Opening book balance|
|Entrusted loan receivable|35,000,000|335,000,000|
|Supplementary medical insurance fund|||
||20,397,398|22,113,731|
|receivable|||
|Sales of by-products receivable|17,639,348|6,954,775|
|Receivable petty cash|2,728,919|2,607,574|
|Other|18,525,095|7,166,030|
|Total|94,290,760|373,842,110|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 20192）Bad-debt provision
In RMB
||||||
|-|-|-|-|-|
||Stage 1|Stage 2|Stage 3||
||Expected credit|Expected credit loss over|Expected credit losses for||
|Bad Debt Reserves||||Total|
||losses over the next|life (no credit|the entire duration (credit||
||12 months|impairment)|impairment occurred)||
|Balance as at January 1, 2019||115,360||115,360|
|Balance as at January 1, 2019|||||
||——|——|——|——|
|in current|||||
|Accrual in the current period||323,499|||
|Return in the current period||14,920|||
|Balance as at June 30,2019||423,939||423,939|

 Loss provision changes in current period, change in book balance with significant amount
□ Applicable√Not applicable
Disclosure by aging
In RMB
|||
|-|-|
|Aging|Closing balance|
|Within 1 year(Including 1 year）|91,870,731|
|Within 1 year|91,870,731|
|1-2 years|646,528|
|Over 3 years|1,349,562|
|3-4 years|350,000|
|Over 5 years|999,562|
|Total|93,866,821|

 3) Accounts receivable withdraw, reversed or collected during the reporting period
The withdrawal amount of the bad debtprovision：
In RMB
||||||
|-|-|-|-|-|
|||Amount of change in the current period|||
|Category|Opening balance||Reversed or collectedamount|Closing balance|
|||Accrual|||
|Petty cash|42,209||14,920|27,289|
|Advance|1,637|1,829||3,466|
|Deposit|35,000|||35,000|
|Other|36,514|321,670||358,184|
|Total|115,360|323,499|14,920|423,939|

 Of which the significant amount of the reversed or collected part during the reporting period
In RMB
||||
|-|-|-|
|Name|Reversed or collected amount|Method|
|Petty cash|14,920|C ash recovery|
|Total|14,920|--|

(4) The actual write-off accounts receivable
Not applicable
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 (5) Top 5 of the closing balance of the other accounts receivable colleted according to the arrears party
In RMB
|||||||
|-|-|-|-|-|-|
|||||Portion in total other|Bad debt provision|
|Name|Nature|Year-end balance|Age|||
|||||receivables(%)|of year-end balance|
|Lincang Yudean|Entrusted loan|||||
|||35,000,000|2 -3 years|37.12%||
|Energy Co., Ltd.|receivable|||||
||Supplementary|||||
|Taikang Endowment||||||
||medical insurance|||||
|Insurance Co., Ltd.||20,397,398|W ithin 1 year|21.63%||
||funds shall be|||||
|Guangdong Branch|receivable|||||
|Guangdong Yudean||||||
||Sales of by-products|||||
|Environmental||17,639,348|W ithin 1 year|18.71%||
||receivable|||||
|Protection Co., Ltd.||||||
|Guangdong||||||
||Water and electricity|||||
|GuangDong Energy||2,789,509|W ithin 1 year|2.96%||
||rental advances|||||
|Group Shajiao C||||||
|Employee|Petty cash|2,701,630|W ithin 1 year|2.89%|27,289|
|Total|--|78,527,885|--|83.31%|27,289|

 (6) Accounts receivable involved with government subsidies
Not applicable
(7) Other account receivable which terminate the recognition owning to the transfer of the financial assets Not applicable
(8) The amount of the assets and liabilities formed by the transfer and the continues involvement of other
accounts receivable
Not applicable
3.Long–term share equity investment
In RMB
||||||||
|-|-|-|-|-|-|-|
||End of term|||Beginning of term|||
|Items||Impairment|||Impairmentprovision||
||Book Balance||Book value|Book Balance||Book value|
|||provision|||||
|Investment in|||||||
||20,512,774,833|1,251,824,079|19,260,950,754|19,610,774,833|1,251,824,079|18,358,950,754|
|subsidiaries|||||||
|Investment in|||||||
|joint ventures and|6,463,030,480|25,010,686|6,438,019,794|6,365,880,253|25,010,686|6,340,869,567|
|associates|||||||
|Total|26,975,805,313|1,276,834,765|25,698,970,548|25,976,655,086|1,276,834,765|24,699,820,321|

（1）Investment in subsidiaries
In RMB
||||||||
|-|-|-|-|-|-|-|
|||||||Impairmentprovision forthe year|
||||Decrea||Impairment||
|Name of investee|Opening balance|Increase||Closing balance|||
||||se||provision||
|Guangdong Yudean Jinghai Power|||||||
||1,930,395,668|||1,930,395,668|||
|Generation Co., Ltd.|||||||
|Red Bay Power Generation|2,220,023,386|||2,220,023,386|||
|Zhanjiang Electric Power|2,185,334,400|||2,185,334,400|||
|Huizhou Pinghai Power Generation|720,311,347|||720,311,347|||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||||
|-|-|-|-|-|
|Shenzhen Guangqian Electric Power|||||
||1,353,153,223||1,353,153,223||
|Co., Ltd.|||||
|Huizhou Natural gas|1,176,084,946||1,176,084,946||
|Zhanjiang Zhongyue Energy|963,000,000||963,000,000|187,248,115|
|Maoming Zhenneng|687,458,978||687,458,978||
|Anxin Electric Power|20,000,000||20,000,000||
|Yuejia Electric Power|0||0|455,584,267|
|Shaoguan Yuejiang Power Generation|745,200,000||745,200,000|408,494,674|
|Zhanjing Wind Power|242,277,000||242,277,000||
|Humen Power Generation|3,192,416||3,192,416|86,807,584|
|Guangdong Bohe|2,229,000,000|603,000,000|2,832,000,000||
|Dapu Power Generation|1,000,000,000|40,000,000|1,040,000,000||
|Huadu Natural gas|186,550,000||186,550,000||
|Guangdong Wind Power Generation|1,192,419,390|239,000,000|1,431,419,390||
|Lincang Energy|314,000,000||314,000,000|113,689,439|
|Leizhou Wind Power Generation|80,800,000||80,800,000||
|Qujie Wind Power Generation|779,750,000|20,000,000|799,750,000||
|Yudean Electric Sale|230,000,000||230,000,000||
|Yongan Natural gas|90,000,000||90,000,000||
|Tongdao Wind Power|10,000,000||10,000,000||
|Total|18,358,950,754|902,000,000|19,260,950,754|1,251,824,079|

（2）Investment in joint ventures and associates
In RMB
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
|||Increase/decrease in this period||||||||End of term||
||||||||||||Balance of|
||||||||Announcedfor|||||
|Name of|Beginning of|Increa|Decre|Investment|Other|Other||Provis|||theprovision on|
|investee|term|se ininvest|ase ininvest|incomeunder equity|comprehensive|changes in|distributing|ion forimpair|Other||for|
|||ment|ment|method|income|equity|cash dividend|ment|||impairment|
||||||||or profit|||||
|I.Joint venture||||||||||||
|Industry Fuel|602,584,896|||39,224,948|||68,053,122|||573,756,722||
|Subtotal|602,584,896|||39,224,948|||68,053,122|||573,756,722||
|II. Associatesd||||||||||||
|Yangshan||||||||||||
||5,694,710|||512,329||||||6,207,039||
|Jiangkeng||||||||||||
|Yangshan||||||||||||
||7,808,826|||1,235,845||||||9,044,671||
|Zhongxinkeng||||||||||||
|West||||||||||||
||135,652,349|||5,381,585||||||141,033,934||
|Investment||||||||||||
|Yudean||||||||||||
||935,111,350|||-27,338,357||||||907,772,993||
|Shipping||||||||||||
|Shanxi||||||||||||
|Yudean|1,440,189,806|||113,185,370|||40,000,000|||1,513,375,176||
|Enerty||||||||||||
|Yudean||||||||||||
||728,955,751|||53,798,544|||64,106,710|||718,647,585||
|Finance||||||||||||
|Taishan||||||||||||
|Power|1,969,208,996|||66,275,437||||||2,035,484,433||
|Generation||||||||||||

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
|||||||
|-|-|-|-|-|-|
|Yudean||||||
||258,026,177|7,437,804|773,832|264,690,149||
|Captive||||||
|Weixin||||||
||257,636,706|10,370,386||268,007,092|25,010,686|
|Yuntou||||||
|Huaneng||||||
||5,738,284,671|230,858,943|104,880,542|5,864,263,072|25,010,686|
|Shantou||||||
|Subtotal|6,340,869,567|270,083,891|172,933,664|6,438,019,794|25,010,686|
|Total||||||

（3）Other notes
4. Business income, Business cost
In RMB
||||||
|-|-|-|-|-|
||Amount of current period||Amount of previous period||
|Items|||||
||Income|Cost|Income|Cost|
|Main business|958,557,256|977,497,449|1,127,894,766|1,082,555,502|
|Other business|26,351,826|636,432|20,451,256|625,713|
|Total|984,909,082|978,133,881|1,148,346,022|1,083,181,215|

 Whether implemented new revenue guidelines?
□ Yes√ No
5. Investment income
In RMB
||||
|-|-|-|
|Items|Amount of current period|Amount of previous period|
|Long-term equity investment income accounted by|||
||754,387,025|777,396,415|
|cost method|||
|Long-term equity investment income accounted by|||
||270,083,891|270,075,688|
|equity method|||
|Investment income from the disposal of tradable|||
||252,763||
|financial assets|||
|Dividend income from investments in other equity|||
||30,580,379||
|instruments during the holding period|||
|Investment return on investments held to maturity|||
|||9,634,179|
|during the holding period|||
|Investment income received from holding of|||
|||18,256,500|
|available-for –sale financial assets|||
|Other|10,171,424|357,107|
|Total|1,065,475,482|1,075,719,889|

 6.Other
XVIII. Supplement information
1. Particulars about current non-recurring gains and loss
√ Applicable□ Not applicable
In RMB
||||
|-|-|-|
|Items|Amount|Notes|
|||Scrap loss of Power|
|Gains/losses from the disposal of non-current asset|-13,971,117|G eneration assets of some|
|||subsidiaries|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||
|-|-|-|
|Governmental subsidy calculated into current gains and loess（while|||
|closely related with the normal business of the Company, excluding|||
||1,721,047||
|the fixed-amount or fixed-proportion governmental subsidy according|||
|to the unified national standard）|||
|Effect on current gains/losses when a one-off adjustment is make|||
||-250,472||
|tocurent gains/losses according to requirements of taxation.|||
|Other non-business income and expenditures other than the above|-719,920||
|Less：Influence amount of income tax|-3,243,410||
|Influenced amount of minor shareholders’ equity|-2,957,518||
|Total|-7,019,534|--|

Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition in the Explanatory Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public-Extraordinary Gains and Losses, or classifies any extraordinary gain/loss item mentioned in the said explanatory announcement as a recurrent gain/loss item.
□ Applicable√Not applicable
2. Return on net asset and earnings per share
|||||
|-|-|-|-|
|||Earnings per share||
|Profit of report period|Weighted average return on equity(%)|Basic earnings per|Diluted earnings per|
|||share(yuan/share）|share(yuan/share)|
|Net profit attributable to the||0.1108|0.1108|
|Common stock shareholders of|2.37%|||
|Company.||||
|Net profit attributable to the||||
|Common stock shareholders of||||
||2.40%|0.1121|0.1121|
|Company after deducting of||||
|non-recurring gain/loss.||||

3.The differences between domestic and international accounting standards
（1）Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosed in the financial reports of differences in net income and net assets.
√ Applicable□ Not applicable
In RMB
|||||||
|-|-|-|-|-|-|
||Net profit|||Net assets||
||Amount in the reporting||Amount in the previous|End of the reporting|Beginning of the|
||period||period|period|reporting period|
|According to CAS|581,569,383||448,833,518|24,551,367,214|24,227,302,288|
|Items and amount adjusted according to IAS||||||
|The difference arising from||||||
|recognition of goodwill after||||||
|||||64,623,000|64,623,000|
|merger of enterprises under||||||
|the same control||||||
|Difference arising from||||||
|recognition of land use||||||
|||-315,000|-315,000|17,285,000|17,600,000|
|value after enterprise||||||
|merger||||||
|Influence on minority||27,060|27,060|4,837,279|4,810,219|

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019
||||||
|-|-|-|-|-|
|interests|||||
|According to IAS|581,281,443|448,545,578|24,638,112,493|24,314,335,507|

 (2) Discrepancy in net profit and net assets as disclosed in the financial report respectively according to the accounting standards outside Mainland China and CAS
□ Applicable√ Not Applicable
(3) Note to the discrepancy in accounting data under the accounting standards outside Mainland China. In case the discrepancy in data which have been audited by an overseas auditing agent has been adjusted, please specify the name of the overseas auditing agent.
(a) The difference arising from recognition of goodwill after merger of enterprises under the same control and recognition of land value after enterprise merger.
As required by new Chinese accounting standards, the goodwill formed by the merger of enterprises under the same control shall not be recognized and capital surplus shall be adjusted. Under IFRS, the golldwill formed by the merger of enterprises under the same control shall be recognized and equal to the difference between merger cost and share of fair value of recognizable net assets of the purchased party obtained in merger. Meanwhile, all assets of the purchased party obtained in merger shall be accounted for according to their fair value while such assets shall be accounted for according to their book value according to original Chinese accounting standards for business enterprises. Therefore, this difference will continue to exist. (b) Influence on minority interests
Housing reform loss occurred to the Company and some holding subsidiaries. Therefore,there’s some influence on minority interests.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2019 XI. Documents available for inspection
1.Text of Semi-annual report carrying the signature of Chairman of the Board;
2.Financial statements bearing the seal and signature of legal representative, financial controller and the person in charge of the accounting organ;
3.All original copies of official documents and notices, which were disclosed in Securities Times, China Securities and Hong Kong Commercial Daily (Both English and Chinese version);
4.The article of association of the Company;
5. English version of the semi-annual report.
The documents mentioned above are kept in office, and are ready for reference at any time (except public holidays, Saturday and Sunday).
The Board of Directors of Guangdong Electric Power Development Co., Ltd.
Chairman of the Board: Wang Jin
August 31, 2019