粤电力B：2026年半年度报告摘要(英文版)
Stockcode:000539，200539StockAbbreviation:YueDianLiA，YueDianLiBAnnouncementNo.:2026-53
GuangdongElectricpowerDevelopmentCo.,Ltd.SummaryoftheSemi-AnnualReport2026
I.ImportantnotesThissummaryoftheSemi-AnnualReportisquotedoutofthefulltextoftheSemi-AnnualReport.InvestorsdesiroustounderstandentirelytheCompany'soperationresults,financialpositionandfuturedevelopmentplanningareadvisedtocarefullyreadthefulltextoftheSemi-AnnualReportwhichispublishedinthemediumdesignatedbyCSRC.DirectorsotherthanthefollowingoneshaveattendedtheBoardmeetingtoreviewtheSummary-annualreport.
| Nameofabsentdirector | Positionofabsentdirector | Reason | Nameofproxy |
| Li,Baobing | Director | Duetocircumstances | Zheng,Yunpeng |
| He,Ruxin | Director | Duetocircumstances | Zheng,Yunpeng |
Non-standardauditor’sopinion
□Applicable√NotapplicablePreliminaryplanforprofitdistributiontothecommonshareholdersorturningthecapitalreserveintotheshare
capitalforthereportingperiod,whichhasbeenreviewedandapprovedattheboardmeeting
□Applicable√NotapplicableThecompanywilldistributenocashdividendsorbonussharesandhasnoreservecapitalizationplan.Thepreferenceshareprofitdistributionpre-planapprovedbytheBoardofDirectors
□Applicable√NotapplicableII.Basicinformationaboutthecompany
1.Companyprofile
| Stockabbreviation | YueDianLiA,YueDianLiB | Stockcode | 000539.SZ，200539.SZ | |
| Stockexchangeforlisting | ShenzhenStockExchange | |||
| Contactpersonandcontactmanner | Boardsecretary | SecuritiesaffairsRepresentative | ||
| Name | QinXiao | HuangXiaowen | ||
| Address | 35/F,SouthTower,YudeanPlaza,No.2TianheRoadEast,Guangzhou,GuangdongProvince | 35/F,SouthTower,YudeanPlaza,No.2TianheRoadEast,Guangzhou,GuangdongProvince | ||
| Tel | (020)87570251 | (020)87570251 | ||
| qinxiao@ged.com.cn | huangxiaowen@ged.com.cn | |||
2.MajoraccountingdataandfinancialindicatorsMaytheCompanymakeretroactiveadjustmentorrestatementoftheaccountingdataofthepreviousyears
□Yes?No
| Reportingperiod | Sameperiodoflastyear | ChangesofthisperiodoversameperiodofLastyear(%) | |
| Operatingincome（Yuan） | 26,333,085,624 | 23,141,441,943 | 13.79% |
| Netprofitattributabletotheshareholdersofthelistedcompany（Yuan） | -545,781,406 | 32,474,158 | -1,780.66% |
| Netprofitafterdeductingofnon-recurring | -641,232,514 | -21,871,771 | -2,831.78% |
| gain/lossattributabletotheshareholdersoflistedcompany（Yuan） | |||
| Cashflowgeneratedbybusinessoperation,net（Yuan） | 5,959,027,610 | 4,356,121,598 | 36.80% |
| Basicearningpershare(Yuan/Share) | -0.1040 | 0.0062 | -1,780.66% |
| Dilutedgainspershare(Yuan/Share) | -0.1040 | 0.0062 | -1,780.66% |
| WeightedaverageROE(%) | -2.36% | 0.14% | -2.50% |
| Asattheendofthereportingperiod | Asattheendoflastyear | Changedoverlastyear（％） | |
| Grossassets（Yuan） | 188,893,075,382 | 186,034,251,274 | 1.54% |
| Netassetsattributabletoshareholdersofthelistedcompany（Yuan） | 22,753,617,497 | 23,444,357,218 | -2.95% |
3.Shareholdersandshareholding
InRMB
| TotalNumberofcommonshareholdersattheendofthereportingperiod | 188,248 | Numberofshareholdersofpreferredstocksofwhichvotingrightsrecoveredinthereportperiod(Ifany) | 0 | ||||
| ShareholdingsofTop10shareholders(Excludesshareslentthroughrefinancing) | |||||||
| Shareholders | Natureofshareholder | Proportionofsharesheld（%） | Numberofsharesheldatperiod-end | Amountofrestrictedsharesheld | Numberorsharepledged/frozen | ||
| Stateofshare | Amount | ||||||
| GuangdongEnergyGroupCo.,Ltd. | State-ownedlegalperson | 65.74% | 3,451,556,619 | 1,893,342,621 | Pledge | 902,262,089 | |
| GuangdongElectricPowerDevelopmentCorporation | State-ownedlegalperson | 1.80% | 94,367,341 | 0 | Notapplicable | 0 | |
| GuangzhouDevelopmentGroupCo.,Ltd. | State-ownedlegalperson | 1.36% | 71,151,542 | 0 | Notapplicable | 0 | |
| ZhengJianxiang | DomesticNaturalperson | 0.51% | 26,859,300 | 0 | Notapplicable | 0 | |
| HKSCC | OverseasLegalperson | 0.38% | 19,764,240 | 0 | Notapplicable | 0 | |
| CHINAINTERNATIONALCAPITALCORPORATIONHONGKONGSECURITIESLTD | OverseasLegalperson | 0.29% | 15,216,066 | 0 | Notapplicable | 0 | |
| VANGUARDTOTALINTERNATIONALSTOCKINDEXFUND | OverseasLegalperson | 0.28% | 14,620,512 | 0 | Notapplicable | 0 | |
| NOMURASINGAPORELIMITED | OverseasLegalperson | 0.24% | 12,599,843 | 0 | Notapplicable | 0 | |
| ChaokangInvestmentCo.,Ltd. | OverseasLegalperson | 0.22% | 11,656,677 | 0 | Notapplicable | 0 | |
| ZhouZheng | DomesticNaturalperson | 0.21% | 10,812,795 | 0 | Notapplicable | 0 | |
| Explanationonassociatedrelationship | TheSecondlargestshareholderGuangdongElectricPowerDevelopmentCorporation | ||||||
| amongtheaforesaidshareholders | AndtheninthlargestshareholderChaokangInvestmentCo.,Ltd.Arethewholly-ownedsubsidiariesofthelargestshareholderEnergyGroup.Thesethreecompanieshaverelationships;whethertheothershareholdershaverelationshipsorunanimousactingwasunknown |
| Explanationonshareholdersparticipatinginthemargintradingbusiness(ifany) | N/A |
Informationofshareholdersholdingmorethan5%oftheshares,thetop10shareholdersandthetop10shareholdersofunrestrictedtradablesharesparticipatinginthelendingofsharesinsecuritieslendingandborrowingbusiness
□Applicable√Notapplicable
Thetop10shareholdersandthetop10shareholdersofunrestrictedtradableshareshavechangedcomparedwiththepreviousperiodduetothesecuritieslending/returning,
□Applicable√Notapplicable
4.ChangeofthecontrollingshareholderortheactualcontrollerChangeofthecontrollingshareholderinthereportingperiod
□Applicable√NotApplicableTherewasnoanychangeofthecontrollingshareholderoftheCompanyinthereportingperiod.Changeoftheactualcontrollerinthereportingperiod
□Applicable√NotapplicableTherewasnoanychangeoftheactualcontrolleroftheCompanyinthereportingperiod.
5.Numberofpreferenceshareholdersandshareholdingsoftop10ofthem
□Applicable√NotapplicableNopreferenceshareholdersinthereportingperiod
6.Bondsexistingontheapprovaldateofsemi-annualreport
√Applicable□Notapplicable
（1）Basicinformationofcorporatebonds
| Bondname | Bondshortname | Bondcode | Issueday | Dueday | Bondbalance | Interestrate |
| 2022MTN(PhaseI)ofGuangdongElectricPowerDevelopmentCo.,Ltd. | 22YudeanFaMTN001 | 102281929.IB | August24,2022 | August26,2022 | August26,2027 | 2.9% |
| 2023MTN(PhaseI)ofGuangdongElectricPowerDevelopmentCo.,Ltd. | 23YudeanFaMTN001 | 102380558.IB | March15,2023 | March17,2023 | March17,2028 | 3.35% |
| 2024MTN(PhaseI)ofGuangdong | 24YudeanFaMTN001 | 102482034.IB | May22,2024 | May24,2024 | May24,2029 | 2.41% |
| ElectricPowerDevelopmentCo.,Ltd. | ||||||
| 2024MTN(PhaseII)ofGuangdongElectricPowerDevelopmentCo.,Ltd. | 24YudeanFaMTN002 | 102483012.IB | July11,2024 | July15,2024 | July15,2034 | 2.54% |
| 2024MTN(PhaseIII)ofGuangdongElectricPowerDevelopmentCo.,Ltd. | 24YudeanFaMTN003 | 102484007.IB | September9,2024 | September11,2024 | September11,2039 | 2.52% |
| 2024MTN(PhaseIV)ofGuangdongElectricPowerDevelopmentCo.,Ltd.Variety1 | 24YudeanFaMTN004A | 102400984.IB | October11,2024 | October14,2024 | October14,2029 | 2.47% |
| 2024MTN(PhaseIV)ofGuangdongElectricPowerDevelopmentCo.,Ltd.Variety2) | 24YudeanFaMTN004B | 102400985.IB | October11,2024 | October14,2024 | October14,2039 | 2.7% |
| 2024MTN(PhaseV)ofGuangdongElectricPowerDevelopmentCo.,Ltd. | 24YudeanFaMTN005 | 102484558.IB | October22,2024 | October24,2024 | October24,2039 | 2.7% |
| 2024MTN(PhaseVI)ofGuangdongElectricPowerDevelopmentCo.,Ltd.Variety1) | 24YudeanFaMTN006A | 102401037.IB | November11,2024 | November13,2024 | November13,2029 | 2.37% |
| 2024MTN(PhaseVI)ofGuangdongElectricPowerDevelopmentCo.,Ltd.Variety2) | 24YudeanFaMTN006B | 102401038.IB | November11,2024 | November13,2024 | November13,2039 | 2.67% |
| 2025MTN(PhaseI)ofGuangdongElectricPowerDevelopmentCo.,Ltd | 25YudeanFaMIN001 | 102582339.IB | June9,2025 | June11,2025 | June11,2035 | 2.18% |
| 2025MTN(PhaseII)of | 25YudeanFaMIN002 | 102501586.IB | September11,2025 | September15,2025 | September15,2030 | 2.2% |
| GuangdongElectricPowerDevelopmentCo.,Ltd | ||||||
| 2025MTN(PhaseIII)ofGuangdongElectricPowerDevelopmentCo.,Ltd | 25YudeanFaMIN003 | 102584320.IB | October17,2025 | October21,2025 | October21,2030 | 2.18% |
| 2026MTN(PhaseI)ofGuangdongElectricPowerDevelopmentCo.,Ltd(M&A) | 26YudeanFaMTN001(M&A) | 102681477.IB | April16,2026 | April20,2026 | April20,2031 | 1.83% |
| PublicIssuanceofCorporateBondstoProfessionalInvestorsin2021(PhaseI)ofGuandongElectricPowerDevelopmentCo.,Ltd. | 21Yedean03 | 149711.SZ | November23,2021 | November24,2021 | November24,2026 | 3.41% |
（2）Financialindicatorsasoftheendofthereportingperiod
InRMB10,000
| Item | Attheendofthereportingperiod | Attheendoflastyear |
| Debtratio | 77.53% | 77.71% |
| Item | Amountofthisperiod | Amountoflastperiod |
| EBITDATimeinterestearnedratio | 3.37 | 3.24 |
III.Significantevents
Inthefirsthalfof2026,electricitydemandinGuangdongProvincecontinuedtorise.FromJanuarytoJune,thetotalsocialelectricityconsumptioninGuangdongProvincereached471.483billionkWh,representingayear-on-yearincreaseof9.1%;amongwhich,industrialelectricityconsumptionamountedto271.229billionkWh,accountingforapproximately57.5%,andelectricityconsumptionbythesecondaryindustrymaintainedrelativelyrapidgrowth.Duringthereportingperiod,Benefitingfromthecommissioningofnewcoal-firedpowerprojects,theCompany'scumulativegrid-connectedelectricityvolumeonaconsolidatedbasisamountedto65.714billionkWh,ayear-on-yearincreaseof23.14%.AccordingtodatafromtheGuangdongPowerTradingCenter,theannualbilateralnegotiationtransactionvolumeintheGuangdongelectricitymarketfor2026reached358.968billionkWh,withanaveragetransactionpriceofRMB372.14/MWh.Inthefirsthalfof2026,theCompany'saverageon-gridtariffonaconsolidatedbasiswasRMB445.90yuan/ThousandKWh,aYOYdecreaseof34.11yuan/ThousandkWh,adecreaseof
7.11%;Theoperatingincomewas26,333.09millionyuan,aYOYincreaseof3,191.65millionyuanoranincreaseof13.79%.
Inthefirsthalfof2026,thankstothecommissioningofnewcoal-firedpowerprojectsandimprovementsinthegenerationefficiencyofexistingunits,theCompany’selectricitysupplytothegridincreasedby23.14percentyear-on-year.However,duetothecontinueddeclineinthecomprehensivegrid-connectedelectricitytariff,ayear-on-yearriseinfuelcosts,andlower-than-expectedutilisationhoursfornewenergyprojects—coupledwiththeimpactofincreasedexpensessuchasdepreciation,labourcostsandinterestonnewlycommissionedunits—thegrossprofitmarginoftheCompany’spowergenerationbusinesscontinuedtonarrow.Duringthereportingperiod,theCompanyasawholerecordedanetprofitattributabletoshareholdersof–
545.78millionyuan,representingalosscomparedwiththepreviousyear.Specifically,thecoal-firedpowerbusinessrecordedanetprofitattributabletoshareholdersof–544.90millionyuan;thegas-firedpowerbusinessrecordedanetprofitattributabletoshareholdersof–256.55millionyuan;thehydropowerbusinessrecordedanetprofitattributabletoshareholdersof6.03millionyuan;andthenewenergybusinessrecordedanetprofitattributabletoshareholdersof–97.89millionyuan;theCompany’sheadofficeinvestmentoperationsrecordedanetprofitattributabletoshareholdersof194.64millionyuan.
AsofJune2026,theCompanyhadatotalinstalledcapacityofapproximately8,787.3MWinnewenergysourcessuchaswindpowerandphotovoltaicpower,ofwhichapproximately2,201.5MWwasoffshorewindpower,approximately1,693.4MWwasonshorewindpower,andapproximately4,892.5MWwasphotovoltaicpowergeneration.Inthefirsthalfof2026,Therewere300MWofwindpowerprojectsunderconstructionatGuangdongHuilaiShibeishanandShanxiYuncheng,andapproximately500MWofphotovoltaicprojectsunderconstructioninHainan,Guangdongandotherregionsinaggregate.Inaddition,1,790MWofprojectshadcompleteddecision-makingandwereproposedforconstruction.Inthefuture,theCompanywillcontinuetoactivelygraspthegeneraldevelopmenttrendofacceleratingenergytransformationunderthegoalsof"carbonpeaking"and"carbonneutrality",implementthespecificdeploymentof"1310"bytheGuangdongProvincialCommitteeoftheCommunistPartyofChina,furtherexpandhigh-qualitynewenergyprojectresources,andbuildanecologicallycivilizedpowergenerationenterprise.