Guangdong Electric Power Development Co., Ltd. Summary of the Semi-Annual Report 2019 Stock code: 000539,200539 Stock Abbreviation: Yue Dian Li A, Yue Dian Li B
Announcement No.: 2019-38
Guangdong Electric power Development Co., Ltd.
Summary of the Semi-Annual Report 2019
I. Important notes
The summary is abstract from full-text of summary of the semi-annual report, for more details information , investors should found in the full-text of summary of the semi-annual report that published on website of
Shenzhen Stock Exchange and other website appointed by CSRC.
Objections of the directors, supervisors and senior management
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|Name|Title|Content|

Statement
Directors other than the following ones have attended the Board meeting to review the interim report.
|||||
|-|-|-|-|
|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|

 Non-standardauditor’s opinion
□ Applicable√Not applicable
Preliminary plan for profit distribution to the common shareholders or turning the capital reserve into the share capital for the reporting period, which has been reviewed and approved at the board meeting
□ Applicable√Not applicable
The company will distribute no cash dividends or bonus shares and has no reserve capitalization plan.
The preference share profit distribution pre-plan approved by the Board of Directors
□ Applicable√Not applicable
II. Basic information about the company
1. Company profile
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||Yue Dian Li A, Yue Dian Li B|Stock code||000539、200539|
|Stock abbreviation|||||
|Stock exchange for|Shenzhen Stock Exchange||||
|listing|||||
|Contact person and|||||
||Board secretary||Securities affairs Representative||
|contact manner|||||
|Name|Liu Wei||Qin Xiao||
||35/F, South Tower, Yudean Plaza, No.2 TianheRoad East, Guangzhou,Guangdong Province||36/F, South Tower, Yudean Plaza, No.2 TianheRoad East, Guangzhou,Guangdong Province||
|Address|||||
|Tel|(020)87570276||(020)87570251||
|E-mail|liuw@ged.com.cn||qinxiao@ged.com.cn||

Guangdong Electric Power Development Co., Ltd. Summary of the Semi-Annual Report 2019 2. Major accounting data and financial indicators
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（RMB）|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（RMB）||||
|Net profit after deducting of non-recurring||||
|gain/loss attributable to the shareholders of|588,588,917|413,141,718|42.47%|
|listed company（RMB）||||
|Cash flow generated by business operation,|3,803,441,801|3,795,532,708||
||||0.21%|
|net（RMB）||||
|Basic earning per share(RMB/Share)|0.1108|0.0855|29.59%|
|Diluted gains per|0.1108|0.0855||
||||29.59%|
|share(RMB/Share)(RMB/Share)||||
|Weighted average ROE(%)|2.37%|1.88%|0.49%|
||As at the end of the|||
|||As at the end of last year|YoY+/-（%）|
||reporting period|||
|Gross assets (RMB)|72,888,042,485|73,329,662,306|-0.60%|
|Net assets attributable to shareholders of|24,551,367,214|24,227,302,288||
||||1.34%|
|the listed company （RMB）||||

3.Shareholders and shareholding
In Shares
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
|||||Number of shareholders of||||||
|Total Number of common||||||||||
|||||preferred stocks of which||||||
|shareholders at the end of the|98,303||||||0|||
|||||voting rights recovered in the||||||
|reporting period||||||||||
|||||report period(If any)||||||
|Shareholdings of Top 10 shareholders||||||||||
|||||||Amount of||Number or share||
|Shareholders||Nature of|Proportion||Number of shares|||pledged/frozen||
|||||||restricted shares||||
||||of shares|||||||
|||shareholder|||held at period -end|||State of|Amou|
||||held（%）|||||||
|||||||held||||
|||||||||share|nt|
|Guangdong Energy Group Co., Ltd.||State-owned legalperson|67.39%||3,538,005,285|1,893,342,621||||
|China Securities Finance Co., Ltd.||State-owned legalperson|2.84%||148,862,420|||||
|Shenzhen Guangfa Electric PowerInvestment Co., Ltd.||State-owned legalperson|2.22%||116,693,602|||||
|Guangdong Electric PowerDevelopment Corporation||State-owned legalperson|1.80%||94,367,341|||||
|Li Zhuo||Domestic Naturalperson|0.61%||31,932,923|||||
|Zheng Jianxiang||Domestic Naturalperson|0.43%||22,625,098|||||
|Harbin Hali Industry Co., Ltd.||DomesticNon-State ownedlegal person|0.41%||21,758,045|||||
|National Social Security Fund 103portfolio||DomesticNon-State ownedlegal person|0.36%||18,994,982|||||
|CHINA INT'L CAPITAL CORP HONG||Overseas Legal|0.29%||15,316,066|||||

Guangdong Electric Power Development Co., Ltd. Summary of the Semi-Annual Report 2019
|||||
|-|-|-|-|
|KONG SECURITIES LTD|person|||
|Harbin Daoli District CharityFoundation|DomesticNon-State ownedlegal person|0.26%|13,730,793|
|||The fourth largest shareholder Guangdong Electric Power||
|||Development Corporation is the wholly-owned subsidiaries of the||
|Explanation on associated relationship among the aforesaid||||
|||largest shareholder Yudean Group. These two companies have||
|shareholders||||
|||relationships; whether the other shareholders have relationships or||
|||unanimous acting was unknown||
|||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, hold 31,932,923 shares of the||
|||Company's stock totally.||
|||The Seventh largest shareholder Harbin Hali Industry Co., Ltd.||
|||holds815,400 A shares of the Company through A shares ordinary||
|Explanation on shareholders participating in the margin||||
|||stock account, and holds 20,942,645A shares of the Company through||
|trading business(if any )(See Notes 4)||||
|||stock account with credit transaction and guarantee, hold21,758,045||
|||shares of the Company's stock totally.||
|||The Tenth largest shareholder Harbin Daoli District Charity||
|||Foundation holds80,187 A shares of the Company through A shares||
|||ordinary stock account, and holds 13,650,606A shares of the||
|||Company through stock account with credit transaction and||
|||guarantee, hold 13,730,793 shares of the Company's stock totally.||

 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.
5.Number of preference shareholders and shareholdings of top 10 of them
□ Applicable√ Not applicable
No preference shareholders in the reporting period
6.Corporate bonds
Are there any corporate bonds publicly offered and listed on the stock exchange, which were undue before the approval date of this report or were due but could not be redeemed in full?
Yes
1.Basic information of corporate bonds
|||||||
|-|-|-|-|-|-|
|||||Bond balance(ten||
|Bond name|Bond short name|Bond code|Due day||Interest rate|
|||||thousand)||
|2012 Corporate bonds of Guangdong Electric||||||
||12 Yudean Bond|112162.SZ|March 17,2020|4,030.65|4.95%|
|Power Development Co., Ltd..||||||

(2) As at the end of the reporting period , the company's major financial indicators
Ten thousands
Guangdong Electric Power Development Co., Ltd. Summary of the Semi-Annual Report 2019
|||||
|-|-|-|-|
||As at the end of the reporting|||
|Items||As at the end of last year|YoY+/-（%）|
||period|||
|Debt ratio|55.92%|57.02%|-1.10%|
|Items|Reporting period|Same period of last year|YoY+/-（%）|
|EBITDA interest coverage ratio|2.41|2.56|-5.86%|

 III. Performance discussion& analysis
1．Performance Review for Reporting period
Is the company subject to any disclosure requirements for special industries?
No
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
installed capacity of wind power, hydropower and other renewable energy power was 560,000 kilowatts,
accounting for2.60%.
Guangdong Electric Power Development Co., Ltd. Summary of the Semi-Annual Report 2019 2.Maters related to financial report
(1) Reason for changes in accounting policies, accounting estimates and accounting methods as compared to the financial report for the prior year
√Applicable□ Not applicable
Since January 1, 2019, the company has adjusted the depreciation period of fixed assets of Shajiao A Power Plant. The net profit attributable to the parent company is expected to decrease by about 174 million yuan in 2019, and 49 million yuan annually from 2020 to 2023, and the owners' equity attributable to the parent company is
expected to decrease by about 174 million yuan in 2019 and 49 million yuan annually from 2020 to 2023. The above matters is available as Announcement No. 2019-03 released by China Securities Journal, Securities Times, as well as http://www.cninfo.com.cn on the date of January 26,2019,2019.
2. According to the Ministry of Finance's Notice on Revising and Issuing the Format of Financial Statements for General Enterprises in 2018 (CK[2018] No.15) and notices on the relevant accounting standards for new financial instruments, the company's accounting policies will be changed. The above matters is available as Announcement No. 2019-18 released by China Securities Journal, Securities Times, as well as
http://www.cninfo.com.cn on the date of April 12,2019.
(2) Reason for retrospective restatement to correct major accounting errors during the reporting period
□ Applicable√ Not applicable
No such cases in the reporting period.
(3) Reason for changes in scope of the consolidated financial statements as compared to the financial report for the prior year
√ Applicable□Not applicable
New Subsidiary Establishment of the Year
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|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
||Name||Business place||Registered address||Nature||Registered||Proportion||Acquired|
||||||||||capital||(%)|||
|Guangdong YudeanBinhai Bay Energy Co.,Ltd.||Dongguan,Guangdong||Dongguan,Guangdong||ElectricPower||30,000,000||100%||Establish||

The Board of Directors of Guangdong Electric Power Development Co., Ltd. Chairman of the board: Wang Jin
August 31,2019