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个股公告正文

粤电力B:2019年半年度报告(英文版)

日期:2019-08-31附件下载

    GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
    
    The Semi-annual Report 2019
    
    August 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 ofdirectorabsent        Titleforabsentdirector      Reasonsforabsent           Attorney
              WenShufei                 Director            Duetobusiness            WangJin
             Wen Lianhe                 Director            Duetobusiness          ZhengYunpeng
              LiangPeilu                 Director            Duetobusiness          YinZhongyu
             MaoQinghan                Director            Duetobusiness            ShaQilin
             MaXiaoqian            IndependentDirector        Duetobusiness          ShenHongtao
    
    
    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.
    
    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
    
    Definition
    
              Termstobedefined          Refersto                     Definition
    Guangdong EnergyGroup               Refersto GuangdongEnergyGroupCo.,Ltd.
    Guangqian Company                  Refersto ShenzhenGuangqianElectricPowerCo.,Ltd.
    Bohe Company                      Refersto GuangdongYudeanBoheCoal&ElectricityCo.,Ltd
    Dapu Company                      Refersto GuangdongDapuPowerGenerationCo.,Ltd.
    Wind PowerCompany                 Refersto GuangdongWindPowerCo.,Ltd.
    Lincang Company                    Refersto LincangYudeanEnergyCo.,Ltd.
    Qujie WindPowerCompany             Refersto GuangdongYudeanQujieWindPowerGenerationCo.,Ltd.
    Electric PowerSalesCompany            Refersto GuangdongYudeanElectricPowerSalesCo.,Ltd.
    Anxin ElectricInspection&Installation      Refersto GuangdongYudeanAnxinElectricInspection&InstallationCo.,Ltd
    Company
    TongdaoWindPowerCompany           Refersto TongdaoYuexinWindPowerGenerationCo.,Ltd.
    Binhai BayCompany                  Refersto Guangdo9ngYudeanBinhaiBayEnergyCo.,Ltd.
    Zhongyue Compamy                  Refersto ZhanjiangZhongyueEnergyCo.,Ltd.
    YuejiangCompany                   Refersto GuangdongShaoguanYuejiangPowerGenerationCo.,Ltd.
    YonganNaturalGasCompany            Refersto GuangdongYudeanYonganNaturalGasThermalPowerCo.,Ltd.
    Leizhou WindPowerCompany           Refersto GuangdongYudeanLeizhouWindPowerGenerationCo.,Ltd.
    Zhanjiang Company                   Refersto ZhanjiangElectricPowerCo.,Ltd.
    Zhanjiang WindPowerCompany          Refersto GuangdongYudeanZhanjiangWindPowerCo.,Ltd.
    Huizhou NaturalGasCompany           Refersto GuangdongHuizhouNaturalGasPowerCo.,Ltd.
    Zhenneng Company                   Refersto MaomingZhennengThermalPowerCo.,Ltd.
    Jinghai Company                    Refersto GuangdongYudeanJinghaiPowerCo.,Ltd.
    Red BayCompany                    Refersto GuangdongRedBayPowerCo.,Ltd.
    Huadu NaturalGasCompany             Refersto GuangdongHuaduNaturalGasTThermalPowerCo.,Ltd.
    Humen PowerCompany                Refersto GuangdongYudeanHumenPowerCo.,Ltd.
    YuejiaCompany                     Refersto GuangdongYuejiaElectricPowerCo.,Ltd.
    Pinghai PowerPlant                   Refersto GuangdongHluizhouPinghaiPowerCo.,Ltd.
    Pingdian IntegratedEnergyCompany       Refersto HuizhouPingdianIntegratedEnergyCo.,Ltd.
    Zhencheng IntegratedEnergyCompany      Refersto GuangdongYudeanZhenchengIntegratedEnergyCo.,Ltd.
    Dianbai WindPowerCompany            Refersto GuangdongYudeanDianbaiWindPowerCo.,Ltd.
    YangjiangWindPowerCompany          Refersto GuangdongYudeanYangjiangOffshoreWindPowerCo.,Ltd.
    Heping WindPowerCompany            Refersto GuangdongYudeanHepingWindPowerCo.,Ltd.
    Pingyuan WindPowerCompany           Refersto GuangdongYudeanPingyuanWindPowerCo.,Ltd.
    Zhuhai WindPowerCompany            Refersto GuangdongYudeanZhuhaiOffshoreWindPowerCo.,Ltd.
    Wuxuan WindPowerCompany           Refersto GuangxiWuxuanYudeanNewEnergyCo.,Ltd.
    Xupu WindPowerCompany             Refersto HunanXupuYuefengNewEnergyCo.,Ltd.
    Shibeishan WindPower                Refersto GuangdongYudeanShibeishanWindEnergyDevelopmentCo.,Ltd.
    Huilai WindPowerCompany             Refersto HuilaiWindPowerGenerationCo.,Ltd.
    YudeanIndustryFuelCompany           Refersto GuangdongPowerIndustryFuelCo.,Ltd.
    YudeanInsuranceCaptiveCompany        Refersto GuangdongYudeanPropertyInsuranceCaptiveCo.,Ltd.
    Shanxi EnergyCompany                Refersto ShanxiYudeanEnergyCo.,Ltd.
    YudeanShippingCompany              Refersto GuangdongYudeanShippingCo.,Ltd.
    YudeanWesternInvestmentCompany       Refersto GuangdongYudeannHoldingsWesternInvestmentCo.,Ltd.
    YudeanFinanceCompany               Refersto GuangdongYudeanFinanceCo.,Ltd.
    Guohua TaishanCompany               Refersto GuangdongGuohuaYudeanTaishanPowerGenerationCo.,Ltd.
    Weixin EnergyCo.,Ltd.                Refersto YunnanYuntouWeixinEnergyCo.,Ltd.
    Zhongxinkeng hydropowerstation         Refersto YangshanZhongxinkengPowerCo.,Ltd.
    Jiangkeng hydropowerstation            Refersto YangshanJiangkenghydropowerstation
    Southern Offshorewindpower            Refersto SouthernOffshorewindpowerUnionDevelopmentCo.,Ltd.
    Sunshine Insurance                   Refersto SunshineInsuranceGroupCo.,Ltd.
    Shenzhen Capital                     Refersto ShenzhenCapitalGroupCo.,Ltd.
    GMG                             Refersto GMGInternationalTenderingCo.,Ltd.
    Shenzhen Energy                     Refersto ShenzhenEnergyGroupCo.,Ltd.
    Shenergy Company                   Refersto ShenergyCompanyLimited
    
    
    II. Corporate Profile and Key Financial Results
    
    I.Company information
    
    Stock abbreviation        YueDianLiA,YueDianLiB       Stockcode:           000539、200539
    Stock exchangeforlisting    ShenzhenStockExchange
    Name inChinese           广东电力发展股份有限公司
    Abbreviation ofRegistered
    Company Namein Chinese(If 粤电力
    any)
    English name(Ifany)      GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD
    English abbreviation(Ifany)  GED
    Legal Representative       WangJin
    
    
    Ⅱ.Contact person and contact manner
    
                              Boardsecretary                     SecuritiesaffairsRepresentative
    Name         LiuWei                               QinXiao
    Contact address  35F,SouthTower,YudeanPlaza,No.2  TianheRoad 36/F,SouthTower,YudeanPlaza,No.2  TianheRoad
                 East,Guangzhou,GuangdongProvince           East,Guangzhou,GuangdongProvince
    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.
    
    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 Annual Shareholders’ 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     Sameperiodoflastyear       YoY+/-(%)
    Operating income(yuan)                   12,874,181,250        13,894,985,179               -7.35%
    Net profitattributabletotheshareholders            581,569,383          448,833,518               29.57%
    of thelistedcompany(yuan)
    Net profitafterdeductingofnon-recurring
    gain/loss attributabletotheshareholdersof           588,588,917          413,141,718               42.47%
    listed company(yuan)
    Cash flowgeneratedbybusinessoperation,          3,803,441,801         3,795,532,708                0.21%
    net(yuan)
    Basic earningpershare(yuan/Share)                    0.1108              0.0855               29.59%
    Diluted gainspershare(yuan/Share)                    0.1108              0.0855               29.59%
    Weightedaverageincome/assetratio(%)               2.37%              1.88%                0.49%
                                    As attheendofthe    Asattheendoflastyear      YoY+/-(%)
                                     reporting period
    Gross assets(yuan)                       72,888,042,485        73,329,662,306               -0.60%
    Shareholders’equityattributableto               24,551,367,214        24,227,302,288                1.34%
    shareholders ofthelistedcompany(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
    
                                    Netprofitattributabletotheshareholders     NetAssetsattributabletothe
                                          of thelistedcompany         shareholdersofthelistedcompany
                                      Amountinthe     Amountinthe  Endofthereporting  Beginningofthe
                                     reporting period    previousperiod      period      reportingperiod
    According toCAS                         581,569,383     448,833,518   24,551,367,214   24,227,302,288
    Items andamountadjustedaccordingtoIAS
    The differencearisingfromrecognitionof
    goodwill aftermergerofenterprisesunderthe                                   64,623,000       64,623,000
    same control
    Difference arisingfromrecognitionofland           -315,000        -315,000      17,285,000       17,600,000
    use valueafterenterprisemerger
    Influence onminorityinterests                     27,060         27,060       4,837,279       4,810,219
    According toIAS                         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 assetdisposalgain/loss(includingthewrite-offpart              -13,971,117
    for whichassetsimpairmentprovisionismade)
    Govemment subsidyrecognizedincurrentgainand
    loss(excluding thosecloselyrelatedtotheCompany’sbusiness                1,721,047
    and grantedunderthestate’spolicies)
    According totax,accountingandotherlaws,regulations,the
    requirements ofthecurrentGain/lossforaone-timeadjustmentof              -250,472
    the impactofthecurrentGain/loss;
    Other non-businessincomeandexpendituresotherthantheabove               -719,920
    Less: Amountofinfluenceofincometax                              -3,243,410
      Influencedamountofminorshareholders’equity(aftertax)                -2,957,518
    Total                                                     -7,019,534           --
    
    
    For the Company’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.
    
    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 of
    
    13.18% 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 of 4.59% YOY, the total operating
    
    income was RMB 12,874.18 million, a decrease of RMB 1020.81 million and YoY drop of 7.35%
    
    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, the company’s fuel costs were 7828.39 million yuan, which accounted for 65.04% 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 of 29.57%; and the earnings per share was 0.1108 yuan.
    
    Ⅱ.Major Changes in Main Assets
    
    1.Major Changes in Main Assets
    
              Mainassets                                   Majorchanges
    Equity assets                   Nomajorchanges
    Fixed assets                    Nomajorchanges
    Intangible assets                 Nomajorchanges
    Construction inprocess            Nomajorchanges
    
    
    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 our company’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,
    
    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 about 15% (including
    
    natural gas power generation) to about 29% (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.
    
    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 of 6%, the growth rate dropped by 6% 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 of
    
    20.7%.Affected by the YOY growth of 20.7% from Western Power supply, the 28% 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 nearly 15%, the Company's
    
    on-grid power of the core-fired power units also fell by 13.65% YOY. In the first half of 2019, The Company
    
    completed the on-grid power supply of 31.523 billion kWh, down 13.18% 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 of 27% 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 about 30%; the annual long-term contracted was 35.66 billion kWh, accounting for about 50%; the
    
    rest was monthly bidding volume, accounting for about 20%. 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 of 0.6% from the beginning of the year, and the
    
    equity attributable to shareholders of the parent company was 24.551 billion yuan, an increase of 1.34% over the
    
    beginning of the year. The company achieved a consolidated statement operating income of 12.874 billion yuan,
    
    down 7.35% year-on-year; the net profit attributable to shareholders of the parent company was 582 million yuan,
    
    an increase of 29.57%; 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 was 55.92%.
    
    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 for 80.03%; the
    
    controllable installed capacity of gas-power was 3.72 million kilowatts, accounting for 17.37%; the controllable
    
    installed capacity of wind power, hydropower and other renewable energy power was 560,000 kilowatts,
    
    accounting for 2.60%.
    
    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 reportperiod   Sameperiodlastyear YOYchange(%)       Causechange
    Operating income          12,874,181,250      13,894,985,179       -7.35%
    Operating cost             11,024,143,476     12,200,856,427       -9.64%
                                                                 In ordertograsptheopportunityof
                                                                 power marketreform,thecompany
    Sale expenses                12,844,788        10,316,130       24.51%strengtheneditsinvestmentinthe
                                                                 power marketmarketingbusiness,so
                                                                 the salesexpensesincreased
                                                                 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 taxexpenses           309,835,930        307,767,578        0.67%
                                                                 Mainly ZhanjiangElectricPower,
       R&DInvestment             347,523         2,238,543       -84.48%ZhennengCompanyandShajiaoA
                                                                 Power Planthaveseenasignificant
                                                                 drop inR&Dinvestmentthisyear.
    Cash flowgeneratedby        3,803,441,801      3,795,532,708        0.21%
    business operation,net
    Net cashflowgenerated       -1,616,320,253      -1,699,538,040        -4.90%
    by investment
                                                                 Mainly duetotheyear-on-year
    Net cashflowgenerated                                             increaseof830millionyuanin
    by financing              -2,560,881,610      -1,163,991,471      120.01%repaymentofborrowings,andthe
                                                                 decrease inborrowingswas579
                                                                 million yuan.
    Net increasingofcash                                               Mainlyduetotherepaymentof
    and cashequivalents          -373,760,017        932,003,290      -140.10%borrowingsthisyear,thecashchanges
                                                                 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/decrease Increase/decrease Increase/decrease
                                                       ofreverseinthe   ofprincipal    ofgrossprofit
                   Operating    operatingcosts    Grossprofit    sameperiodof  businesscostover  rateoverthe
                    revenue                    rate(%)      theprevious   thesameperiod  sameperiodof
                                                         year(%)     ofpreviousyear thepreviousyear
                                                                       (%)          (%)
    Industry
    Electric power,
    Steam salesand    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 ofReportingperiod       Endofsameperiodoflastyear
                               Asapercentage              Asapercentage  Changein     Reasonfor
                     Amount        oftotal       Amount       oftotal    percentage(%) significantchange
                                 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
    
                    Amount atyear Gain/losson  Cumulativefair Impairme   Purchased    Sold   Amountatyear
          Items        beginning    fairvalue   valuechange     nt    amountinthe amountin     end
                               change inthe  recordedinto  provisions              the
                                 reporting      equity      inthe  reportingperiod reporting
                                  period               reporting              period
                                                       period
    Financial assets
    1. Tradablefinancial
    assets (excluding                    30,626                           6,577               37,203
    derivative financial
    assets)
    4.Investment inother  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
    
    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                   June30,2019          December31,2018
    Guangdong Shaoguan Yuejiang Power            2,070,813,700           2,151,963,439
    GenerationCo.,Ltd.
    Guangdong  Yudean  Leizhou  Power              236,829,612            236,829,612
    GenerationCo.,Ltd.
    Guangdong  Yudean  Zhanjiang  Wind              130,185,000            138,945,000
    PowerGenerationCo.,Ltd.
    Guangdong Yudean Xuwen Wind Power              164,714,222             74,798,535
    GenerationCo.,Ltd.
    Guangdong Yudean Qujie Wind Power            1,062,158,100            162,820,000
    GenerationCo.,Ltd.
                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                   June30,2019           December31,2018
    Guangdong Shaoguan Yuejiang Power              188,255,792            186,859,840
    GenerationCo.,ltd.
    Guangdong  Yudean  Leizhou  Power               1,597,115              1,597,115
    GenerationCo.,Ltd.
    Guangdong  Yudean  Zhanjiang  Wind              18,274,167             18,274,167
    PowerGenerationCo.,Ltd.
    Guangdong Yudean Xuwen Wind Power              18,355,494              6,527,993
    GenerationCo.,Ltd.
    Guangdong Yudean Qujie Wind Power               8,156,000
    GenerationCo.,Ltd.
                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
    RMB1,583,671,996(OriginalvalueRMB3,021,850,800)
    
    
    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 );
    
    ②AsatJune30,2019,ThebookvalueoffixedassetsleasedbyGuangdongShaoguanYuejiangPowerGeneration
    Co.,Ltd.throughfinanceleasingisaboutRMB 814,420,533(OriginalvalueRMB1,121,850,800);
    ③AsatJune30,2019,ThebookvalueoffixedassetsleasedbyGuangdongYudeanJinghaiPowerGenerationCo.,
    Ltd.throughfinanceleasingisaboutRMB200,416,667(OriginalvalueRMB1,000,000,000);
    
    
    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 oftheperiod        Investmentofsameperiodoflastyear           Scaleofchange
                         980,162,240                    546,000,000                        79.52%
    
    
    2.Condition of Acquiring Significant Share Right Investment during the Report Period
    
    √Applicable □ Not applicable
    
    In RMB
    
                                                                                          Gain    or Whether
    Name of the   Main   Investme Investment  Share Capital            Investm Product Progress up to Anticip Less or the to      Dateof
    Company    Business ntWay   Amount  Proport Source  Partner      ent    Type   Balance   Sheet  ated  Current   Involve  Disclosure  DisclosureIndex(ifany)
    Invested                            ion%                   Horizon       Date         Income Investment in      (ifany)
                                                                                                   Lawsuit
                                                                        All 7wind                                  Announcement
    Guangdong Wind                                                        turbineshave                                No.:2018-46)Publishedin
    Wind Power Power    Capital   39,000,000  100%Self    No         Long-ter Electric beenhoistedand              --  No  August31, ChinaSecuritiesDaily,
    Generation  Generation increase                Funds                m   power  installed,waiting                     2018    SecuritiesTimes  and
    Co., Ltd.                                                              tobeconnected                              http//.www.cninfo.com.cn
                                                                        to thegrid.
                                                                        EPC general
                                                                        contract bidding
                                                                        is completed,and                             Announcement
    Guangdong Wind                                                        thepile                            January   No.:2019-05)Publishedin
    Wind Power Power    Capital  200,000,000  100%Self    No         Long-ter Electric foundation             -156,758  No  26,      ChinaSecuritiesDaily,
    Generation  Generation increase                Funds                m   power  constructionof                       2019    SecuritiesTimes  and
    Co., Ltd.                                                              onshore                                   http//.www.cninfo.com.cn
                                                                        centralized
                                                                        control centeris
                                                                        under process.
                                                                        As oftheendof
                                                                        the reporting
                                                                        period, the
                                                                        overall
    Guangdong                                                             construction                                Announcement
    Yudean    Coal-fired Capital                Self    Guangdong   Long-ter Electric progressofthe                       September No.:2018-49)Publishedin
    Bohe Coal  power    increase 603,000,000  67%Funds  EnergyGroup:  m   power  powerplant           -6,735,031  No  20,      ChinaSecuritiesDaily,
    Electric Co., generation                             33%                     projectis                           2018    SecuritiesTimes  and
    Ltd.                                                                  approximately                               http//.www.cninfo.com.cn
                                                                        79.4%, andthe
                                                                        overall
                                                                        construction
                                                                        progress ofthe
                                                                         portterminal
                                                                         projectis
                                                                         approximately
                                                                         57%.
    Guangdong                                                             Units#1and#2                              Announcement
    Yudean    Coal-fired                                                     hadbeenputinto                     October  No.:2012-45)Publishedin
    Dapu Power power    Capital   40,000,000  100%Self    No         Long-ter Electric productionin         -18,252,297  No  31,      ChinaSecuritiesDaily,
    Generation  generation increase                Funds                m   power  December2015                      2012    SecuritiesTimes  and
    Co., Ltd.                                                              andinJune2016                             http//.www.cninfo.com.cn
                                                                         respectively.
                                                                         TheXinliao
                                                                         Projectwas
    Guangdong                                                             approvedon
    Yudean                                                               December5,                                Announcement
    Qujie Wind Wind    Capital                Self               Long-ter Electric 2018.Thespecial                     October  No.:2018-54)Publishedin
    Power     Power    increase  20,000,000  100%Funds  No           m   power  compiling                  --  No  31,2018  ChinaSecuritiesDaily,
    Generation  Generation                                                    preparation                                 SecuritiesTimes  and
    Co., Ltd.                                                              requiredbefore                              http//.www.cninfo.com.cn
                                                                         thestartof
                                                                         constructionis
                                                                         beingcarriedout.
                                                 State-owned
                                                 assets
                                                 Supervision
                                                 and
    Shenzhen                                      Administration                                                      Announcement
    Capital             Capital                Self    Commissionof Long-ter Venture Innormal                          September No.:2018-50)Publishedin
    Group Co.,  Investment increase  78,162,240  3.67%Funds  Shenzhen       m   Capital operation                  --  No  20,2018  ChinaSecuritiesDaily,
    Ltd.                                          Municipal                                                         SecuritiesTimes  and
                                                 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
    
    4.Investment of Financial Asset
    
    (1)Securities investment
    
    √ Applicable □Not applicable
    
    In RMB
    
                                                  Book value                        Purchase  Sale             Bookvalue
      Security  Security    Stock   Initial     Modeof     balanceatthe Changes   in Cumulativefair  amount  amount  Gain/lossof balanceatthe Accounting Sourceof
      category   code  Abbreviation: investment  accounting    beginningof fair value of valuechangesin  inthe   inthe  thereporting  endofthe    items   theshares
                              cost      measurement  thereporting thethisperiod     equity      this    this     period     reporting
                                                    period                           period  period              period
    Domestic    Investment
    and foreign  000027 Shenzhen    15,890,628Fairvalue      66,150,000   11,970,000    62,229,372                  630,000  78,120,000inother   Selffunds
    stocks            Energy              measurement                                                                   equity
        instruments
    Domestic    Investment
    and foreign  600642 Shenergy    235,837,988Fairvalue     270,997,380   62,751,442     97,910,834                11,106,450 333,748,822inother   Selffunds
    stocks                               measurement                                                                   equity
        instruments
    Domestic    Investment
    and foreign  831039 NEEQ       3,600,000Fairvalue       3,618,000    1,962,000     1,980,000                  360,000   5,580,000inother   Selffunds
    stocks                               measurement                                                                   equity
        instruments
    Domestic    Financial
    and foreign  603863  SongYang      6,577Fairvalue            0      30,626       30,626   6,577               0     37,203assets     Selffunds
    stocks              Recycle           measurement                                                                   available
        forsales
    Total                       255,335,193     --      340,765,380   76,714,068    162,150,832   6,577      0  12,096,450 417,486,025    --       --
    Disclosure dateforthenoticeof     October31,2018
    approval bytheBoard(Ifany)
    Disclosure dateforthenoticeof
    approval byshareholders’Meeting(If
    any)
    
    
    (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 over 10% net profit influencing to the Company
    
    In RMB
    
           CompanyName        Company    Sectorsengagedin     Registered     Totalassets     Netassets      Turnover   Operatingprofit    NetProfit
                                type                         capital
    Guangdong HuizhouPinghaiPower          Powergenerationand
    Generation PlantCo.,Ltd.       Subsidiary   powerstation           1,370,000,000   5,654,076,507   2,121,408,065  1,493,690,021    280,041,530    208,701,960
                                      construction.
    Guangdong HuizhouNaturalgas            Powergenerationand
    Power GenerationCo.,Ltd.      Subsidiary   powerstation           1,455,893,000   4,098,332,907   1,843,306,509  1,803,498,057    132,299,520     99,075,750
                                      construction.
    Guangdong RedBayPower      Subsidiary   Powergenerationand      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.                    powerstation
                                      construction.
    Shenzhen GuangqianElectric              Powergenerationand
    Power Co.,Ltd.              Subsidiary   powerstation           1,030,292,500   1,623,236,503   1,392,592,886    664,476,433    88,505,051     64,871,883
                                      construction.
                                      Power generationand
    Zhanjiang ElectricPowerCo.,Ltd. Subsidiary   powerstation           2,875,440,000   4,466,327,667   4,111,030,557    838,699,914    175,009,973    145,678,540
                                      construction.
    GuangdongYudeanJinghaiPower           Powergenerationand
    Generation Co.,Ltd.           Subsidiary   powerstation           2,919,272,000   8,707,447,364   3,526,079,234  2,001,094,521    164,763,068    123,407,270
                                      construction.
    Guangdong GuohuaTaishanPower Sharing     Powergenerationand      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   powerstation
    Shanxi YudeanEnergyCo.,Ltd.   Sharing     CoalInvestment         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
    
    Company name                 WayofacquiringanddisposingofsubsidiaryImpact on the whole producing operation
                               corporations withinthereportingperiod     andperformance
    GuangdongYudeanBinhaiBayEnergy Invested                         During the reporting period, no actual
    Co., Ltd.                                                    operationshavebeencarriedout.
    
    
    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.VIII.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 about 45% 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
    
    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 as Yong’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 Energy Group’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.
    
    V. Important Events
    
    I. Annual General Meeting and Extraordinary Shareholders’ Meetings in the Reporting Period
    
    1.Annual General Meeting
    
                                Investor    Convened   Disclosure
         Meeting        Type    participation    date       date         Indextodisclosedinformation
                                 ratio
    First Provisional    Provisional                                  AnnouncementNo.:2019-10)..
    Shareholders’      Shareholders’      72.72%February21,  February22,  PublishedinChinaSecuritiesDaily,Securities
    general meetingof  general                2019       2019       Times andhttp//.www.cninfo.com.cn.
    2019           meeting
                   Annual                                    AnnouncementNo.:2019-25)..
    2018 Shareholders’  Shareholders’      73.26%May21,2019 May22,2019  PublishedinChinaSecuritiesDaily,Securities
    general meeting    General                                    Times andhttp//.www.cninfo.com.cn.
                   Meeting
    
    
    2. Preferred stockholders restored voting rights to request to convene Provisional Shareholders’ Meeting.
    
    □Applicable√Not applicable
    
    II. Proposal for profit distribution and converting capital Reserve into share actual for the reporting period
    
    □ Applicable √Not applicable
    
    For the reporting period, the Company plans not to distribute cash dividends or bonus shares or convert 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 “ Modified auditor’s” Issued
    
    by CPAs firm for the reporting period
    
    □ Applicable √ Not applicable
    
    VI. Explanations given by Board of Directors regarding “ Modified auditor’s Report” Issued for last year
    
    □ Applicable √ Not applicable
    
    VII. Bankruptcy and restructuring
    
    □ Applicable √ Not applicable
    
    No such cases in the reporting period.
    
    VIII. Legal matters
    
    Significant lawsuits or arbitrations
    
    √ Applicable □Not applicable
    
                               Lawsuit  Whether                         Situationof
                               amount  forminto  Processof   Trialresultsand  executionof Disclo  Disclosure
     Basicsituationoflawsuit(arbitration) (RMBTen estimated lawsuit(arbitr   influencesof   judgmentof  sure    index
                              thousands) liabilities    ation)   lawsuit(arbitration)   lawsuit    date
                                                                     (arbitration)
    On April1,2019,Guangdong
    Huizhou PinghaiPowerPlantCo.,
    Ltd., aholdingsubsidiarytothe
    Company,receivedasetoflegal
    documents includingthe“Noticeof
    Responding toaction”,“Subpoena”
    and “CivilIndictment”fromHuizhou
    Intermediate People'sCourtof                     Thetwo
    Guangdong Province,involvingthe                 pre-trial
    case ofcontractdisputeofChina                   preparation
    Energy ConstructionGroup                       meetingsfor
    GuangdongThermalPower                       thecasewere Thelawsuithasnot
    Engineering Co.,LtdsuingPinghai                  heldinthe   yetbeenheard.                  Announceme
    Power PlantonConstructionProject,                Intermediate Thereare                      nt
    with thecasenumberofNo.                      People's    uncertaintiesinthe                No.:2019-12)
    363-(2018) YueCivilAction.The                   Courtof    finaljudgmentand                Publishedin
    lawsuit claimsinclude:1.ThePinghai                HuizhouCity execution,soitis           April  China
    Power Plantisorderedtopaythe     23,845.74   No   Guangdong  temporarily         No    4,    Securities
    project amountofRMB165,978,408                Province    impossibletojudge          2019  Daily,
    (principal) andinterestofRMB                    respectively  theimpactonthe                 Securities
    72,478,979 (temporarilycalculatedas                onMay14,  company'sprofits                Times  and
    for theperiodfromMay1,2011to                  2019andJuly in2019and                    http//.www.c
    October 31,2018,withthefinal                    18,2019,the beyond.                       ninfo.com.cn
    interest calculatedasofthedateof                  courtsession
    actual paymentshallbecalculatedin                 timeisyetto
    accordance withthebenchmark                    be
    interest rateofsimilarloansofthe                  determined.
    people's bankofChinainthesame
    period) toGuangdongThermal
    Power; theaboveprincipaland
    interest amounttoRMB238,457,387;
    2. ThePinghaiPowerPlantisordered
    to bearallthelitigationcosts
    including theacceptancefeeandthe
    appraisal fee.
    
    
    Other lawsuits
    
    √ Applicable □Not applicable
    
                               Whether                                Situationof
                        Lawsuit   form                   Trialresultsand   executionof
        Basicsituationof     amount   into      Processof        influencesof    judgmentof Disclosure Disclosure
       lawsuit(arbitration)    (RMBTen estimate lawsuit(arbitration)   lawsuit(arbitration)   lawsuit    date     index
                       thousands)   d                                  (arbitration)
                               liabilities
    On January30,2019,the
    Company's holding                     Thecasewas      Thereareuncertainties
    subsidiary,Guangdong                  originallyscheduled tothefinaljudgment
    Huizhou PinghaiPower                  tobeheardby     resultandexecutionof
    Plant Co.,Ltd,receiveda                 HuidongCounty    thislawsuit,andit’s
    set oflegaldocuments                   People'sCourton   temporarilyimpossible
    including the“Subpoena”                March19,2019.On tojudgetheimpacton
    from theHuidongCounty                February2,2019,   theCompany'sprofitin
    People's Courtof                      PinghaiPowerPlant 2019andbeyond.
    Guangdong Province,                   submittedan      Theamountinvolved
    involving thecaseChina                 “Applicationfor    inthislawsuitis
    Energy ConstructionGroup               Jurisdiction
    GuangdongThermalPower               Objection”tothe   17,634,800yuan.Upon
    Engineering Co.,Ltdsuing                HuidongCounty    thenetprofitof474
    Pinghai PowerPlanton                  Court,requesting   millionyuan
    construction contract                   thatthecasebe     attributabletothe
    dispute ofthefluegas                   transferredtothe   pshaarerenhtoclodmerpsaonfytihnethe
    desulfurization projectof                 Huizhou
                         PinghaiPowerPlant,with   1,763.48  No   IntermediateCourt  (m2o0s1t8r)eocefnthteperiod      No
    the casenumberofNo.                  forjudge.The
    164-(2019) Yue1323Civil                HuidongCounty    Company,thenet
    Action. Thelitigation                   People'sCourtmade profitattributableto
    claims include:1.Pinghai                a"CivilRuling"on  shareholdersofthe
    Power Plantshallpaythe                 April17,2019,    parentcompany
    principal ofRMB                      dismissingPinghai  ianffveocltveeddbiyntthheeaamboovuent
    12,080,480 andinterestof                PowerCompany's   lawsuitis
    RMB 5,554,310forthe                  objectiontothe    approximately
    construction paymenttothe               jurisdictionofthe
    GuangdongThermalPower               case.Thecourt     7,935,700yuan,
    company,withatotal                   sessiontimeofthis  accountingfor1.67%
    principal andinterestof                  caseshallbe      oftheauditednetprofit
    RMB 17,634,790;2.                    determinedbythe   ofthemostrecent
    Pinghai PowerPlantshall                HuidongCounty    hpaevrieoda,swighniicfhicdaonetsnot
    bear alllitigationcosts                  People'sCourtin   impactonthe
    including theacceptance                 writingnotice.     Company.
    fee andtheappraisalfee
    incurred inthecase.
    
    
    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.
    
    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 the company’s 2018 annual general shareholder meeting
    
    for implementation.
    
    Website for temporary disclosure of the connected transaction
    
                  Announcement                   Dateofdisclosure           Websitefordisclosure
    Estimates announcementoftheDailyRelatedParty     January26,2019         http//www.cninfo.com.cn.
    Transactions of2019
    Announcement ontherelatedpartyTransactionsof
    Guangdong ElectricPowerDevelopmentCo.,Ltd.with  April12,2019           http//www.cninfo.com.cn.
    Guangdong YudeanFinanceCo.,Ltd.
    
    
    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.
    
    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 over 10% in total profit of the Company in reporting
    
    period
    
    □Applicable √ Not applicable
    
    No gains or losses to the Company from projects that reached over 10% 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 over 10% of total profits of the Company during the Reporting
    
    Period
    
    □ Applicable √ Not applicable
    
    There were no leases with a 10% or greater impact on the Company’s gross profit in the Reporting Period.
    
    2.Guarantees
    
    √Applicable □ Not applicable
    
    (1)Guarantees
    
    Ten thousands yuan
    
                              ExternalGuarantee(Excludecontrolledsubsidiaries)
                       Relevant             Dateof                             Complete Guarantee
                      disclosure    Amount  happening(Date  Actual   Guarantee  Guarantee implemen   for
     NameoftheCompany date/No.ofthe    of      ofsigning    mountof    type      term   tationor associated
                      guaranteed  Guarantee   agreement)   guarantee                     not    parties
                       amount                                                       (Yesorno)
    YunnanBaoshan                                           Guaranteeing
    Binlangjiang        May24,2007     4,350December19,      2,030ofjoint      15years    No      No
    Hydroelectricity                        2007                liabilities.
    Development Co.,Ltd.
    YunnanBaoshan                                           Guaranteeing
    Binlangjiang        December19,     4,350November30,       319ofjoint      15years    No      No
    Hydroelectricity      2007               2007                liabilities.
    Development Co.,Ltd.
    YunnanBaoshan                                           Guaranteeing
    Binlangjiang        May27,2009     9,367June22,2009       5,307ofjoint      18years    No      No
    Hydroelectricity                                            liabilities.
    Development Co.,Ltd.
    YunnanBaoshan                                           Guaranteeing
    Binlangjiang        May27,2009     7,250May27,2009       1,450ofjoint      14years    No      No
    Hydroelectricity                                            liabilities.
    Development Co.,Ltd.
      Total amountofapprovedexternal                      Totalactuallyamountof
      guarantee inthereportperiod(A1)                      externalguaranteeinthe                    -725
                                                      reportperiod(A2)
      Total amountofapprovedexternal                      Totalactuallyamountof
       guaranteeattheendofthereport                 190,835 externalguaranteeatthe                    9,106
              period(A3)                                 endofthereport
                                                        period(A4)
                                 Guaranteeofthecompanyforitssubsidiaries
                       Related               Dateof    Actually                  Complete Guarantee
     Nameofthecompany announcement Amountof happening(date guarantee  Guarantee  Guarantee implemen forrelated
         guaranteed     dateandno.   guarantee   ofsigning   amount     type      term   tationor   party
                                          agreement)                             not   (yesorno)
    Zhanjiang WindPower                     October9,            Guaranteeing
    Generation Co.,Ltd.   April29,2009    18,571.72010           7,152ofjoint      18years    No      No
                                                           liabilities.
    Guangdong Shaoguan  November16,          January28,           Guaranteeing
    YuejiangPower      2013            9,0002014           1,350ofjoint      7years    No      No
    Generation Co.,Ltd.                                         liabilities.
    Guangdong Shaoguan  November16,          January29,           Guaranteeing
    YuejiangPower      2013            8,1002014            450ofjoint      7years    No      No
    Generation Co.,Ltd                                         liabilities.
      Total ofguaranteeforsubsidiaries                      Totalofactualguarantee
         approvedintheperiod(B1)                        forsubsidiariesinthe                    -2,488.3
                                                   period(B2)
    Total ofguaranteeforsubsidiaries                        Totalofactualguarantee
    approved atperiod-end(B3)                       141,536forsubsidiariesat                      8,951.55
                                                   period-end(B4)
                            Guaranteeofthesubsidiariesforthecontrollingsubsidiaries
       Nameofthe   Relevantdisclosure Amountof Dateofhappening  Actual  Guarantee Guarantee Complete Guarantee
       Company      date/No.ofthe   guarantee  (Dateosigning  mountof    type    term   implemen   for
       guaranteed    guaranteedamount            agreement)   guarantee                  tation  associated
                                                                              ornot   parties
                                                                                   (Yes orno)
    The Company’stotalguarantee(i.e.totalofthefirstthreemainitems)
    Total guaranteequotaapproved                     Totalamountofguarantee
    in thereportingperiod                           actuallyincurredinthe                        -3,213.3
    (A1+B1+C1)                               reportingperiod(A2+B2+C2)
    Total guaranteequotaalready                       Totalbalanceoftheactual
      approvedattheendofthe                 332,371guaranteeattheendofthe                     18,057.55
      reportingperiod(A3+B3+C3)                   reportingperiod(A4+B4+C4)
    The proportionofthetotalamountofactuallyguaranteeinthe                                         0.74%
    net assetsoftheCompany(thatisA4+B4+C4)%
    Including:
    The debtsguaranteeamountprovidedforthe
    Guaranteed partieswhoseassets-liabilityratioexceed                                               10,906
    70% directlyorindirectly(E)
    Total guaranteeAmountoftheabovementionedguarantees                                           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
      Companyor  pollutant         Emission Emission    Emission                   Total  Verified Excessive
       subsidiary  and    Emission  port    port      concentrationImplementedpollutant emission total    emission
                specific  way            distribution        3)   emissionstandards         emissionnamenumber           (mg/Nm                   (Tons)        condition
                pollutant                condition                                  (Tons)
                name
                       Concentrat                          EmissionStandardof
    Shajiao Apower        edemission        Withinthe           AirPollutantsfor
    plant         Smoke  through      2     factory        1.73 ThermalPowerPlants    20.05   20.05   No
                       chimney                           (GB13223-2011)
                                                        specialemissionlimit
                       Concentrat                          EmissionStandardof
    Shajiao Apower        edemission        Withinthe           AirPollutantsfor
    plant         SO2    through      2     factory       16.20ThermalPowerPlants   187.75  187.75   No
                       chimney                           (GB13223-2011)
                                                        specialemissionlimit
    Shajiao Apower NOX   Concentrat    2    Withinthe      26.13EmissionStandardof   302.89  302.89   No
    plant                edemission         factory            AirPollutantsfor
                       through                            ThermalPowerPlants
                       chimney                           (GB13223-2011)
                                                        specialemissionlimit
                       Concentrat                          EmissionStandardof
    Guangdong           edemission        Withinthe           AirPollutantsfor
    YudeanDapu   Smoke  through      2     factory        1.51 ThermalPowerPlants   13.776    593   No
    Power Plant           chimney                           (GB13223-2011)
                                                        specialemissionlimit
                       Concentrat                          EmissionStandardof
    Guangdong           edemission        Withinthe           AirPollutantsfor
    YudeanDapu   SO2    through      2     factory        8.45 ThermalPowerPlants   77.257   1447   No
    Power Plant           chimney                           (GB13223-2011)
                                                        specialemissionlimit
                       Concentrat                          EmissionStandardof
    Guangdong           edemission        Withinthe           AirPollutantsfor
    YudeanDapu   NOX   through      2     factory       24.75ThermalPowerPlants  226.303   1502   No
    Power Plant           chimney                           (GB13223-2011)
                                                        specialemissionlimit
                       Concentrat                          EmissionStandardof
    Zhanjiang            edemission        Withinthe           AirPollutantsfor
    Zhongyue      Smoke  through      2     factory        1.38 ThermalPowerPlants    11.33    480   No
    EnergyCo.,Ltd.        chimney                           (GB13223-2011)
                                                        specialemissionlimit
                       Concentrat                          EmissionStandardof
    Zhanjiang            edemission        Withinthe           AirPollutantsfor
    Zhongyue      SO2    through      2     factory       13.10ThermalPowerPlants   107.92   1200   No
    EnergyCo.,Ltd.        chimney                           (GB13223-2011)
                                                        specialemissionlimit
                       Concentrat                          EmissionStandardof
    Zhanjiang            edemission        Withinthe           AirPollutantsfor
    Zhongyue      NOX   through      2     factory       25.07ThermalPowerPlants   206.53   1587   No
    EnergyCo.,Ltd.        chimney                           (GB13223-2011)
                                                        specialemissionlimit
    Guangdong           Concentrat                330MW:    EmissionStandardof
    Shaoguan            edemission        Withinthe 6.35       AirPollutantsfor
    YujiangPower  Smoke  through      2     factory  600MW:    ThermalPowerPlants    28.18  358.89   No
    Generation Co.,        chimney                  1.16       (GB13223-2011)
    Ltd.                                                 specialemissionlimit
    Guangdong           Concentrat                330MW:    EmissionStandardof
    Shaoguan            edemission        Withinthe 80.84      AirPollutantsfor
    YujiangPower  SO2    through      2     factory  600MW:    ThermalPowerPlants   355.70 1151.78   No
    Generation Co.,        chimney                  12.22      (GB13223-2011)
    Ltd.                                                 specialemissionlimit
    Guangdong           Concentrat                330MW:    EmissionStandardof
    Shaoguan            edemission        Withinthe 93.46      AirPollutantsfor
    YujiangPower  NOX   through      2     factory  600MW:    ThermalPowerPlants   499.12  1404.5   No
    Generation Co.,        chimney                  25.42      (GB13223-2011)
    Ltd.                                                 specialemissionlimit
                       Concentrat                          EmissionStandardof
    Zhanjiang            edemission        Withinthe           AirPollutantsfor               Not
    Electric Power  Smoke  through      2     factory          1 ThermalPowerPlants    14.40approved   No
    Co., Ltd.             chimney                           (GB13223-2011)
                                                        specialemissionlimit
    Zhanjiang            Concentrat                          EmissionStandardof
    Electric Power  SO2    edemission   2    Withinthe        13AirPollutantsfor      141.14    Not   No
    Co., Ltd.             through            factory            ThermalPowerPlants        approved
                       chimney                           (GB13223-2011)
                                                        specialemissionlimit
                       Concentrat                          EmissionStandardof
    Zhanjiang            edemission        Withinthe           AirPollutantsfor               Not
    Electric Power  NOX   through      2     factory          28ThermalPowerPlants   298.65approved   No
    Co., Ltd.             chimney                           (GB13223-2011)
                                                        specialemissionlimit
    Guangdong           Concentrat                          EmissionStandardof
    YudeanJinghai         edemission        Withinthe           AirPollutantsfor
    Power General  Smoke  through      2     factory        1.99 ThermalPowerPlants    46.08   1770   No
    Co., Ltd.             chimney                           (GB13223-2011)
                                                        specialemissionlimit
    Guangdong           Concentrat                          EmissionStandardof
    YudeanJinghai         edemission        Withinthe           AirPollutantsfor
    Power General  SO2    through      2     factory       17.54ThermalPowerPlants   405.84   6502   No
    Co., Ltd.             chimney                           (GB13223-2011)
                                                        specialemissionlimit
    Guangdong           Concentrat                          EmissionStandardof
    YudeanJinghai         edemission        Withinthe           AirPollutantsfor
    Power General  NOX   through      2     factory       32.86ThermalPowerPlants   760.13   4687   No
    Co., Ltd.             chimney                           (GB13223-2011)
                                                        specialemissionlimit
                       Concentrat                          EmissionStandardof
    GuangdongRed        edemission        Withinthe           AirPollutantsfor               Not
    Bay Power     Smoke  through      4     factory        3.12 ThermalPowerPlants    52.35approved   No
    General Co.,ltd.        chimney                           (GB13223-2011)
                                                        specialemissionlimit
                       Concentrat                          EmissionStandardof
    GuangdongRed        edemission        Withinthe           AirPollutantsfor               Not
    Bay Power     SO2    through      4     factory        9.10 ThermalPowerPlants   163.18approved   No
    General Co.,ltd.        chimney                           (GB13223-2011)
                                                        specialemissionlimit
                       Concentrat                          EmissionStandardof
    GuangdongRed        edemission        Withinthe           AirPollutantsfor               Not
    Bay Power     NOX   through      4     factory       23.88ThermalPowerPlants   421.55approved   No
    General Co.,ltd.        chimney                           (GB13223-2011)
                                                        specialemissionlimit
    Maoming            Concentrat                          EmissionStandardof
    Zhenneng            edemission        Withinthe           AirPollutantsfor
    Thermal power  Smoke  through      2     factory        1.69 ThermalPowerPlants    11.06  168.12   No
    Co., Ltd.             chimney                           (GB13223-2011)
                                                        specialemissionlimit
    Maoming            Concentrat                          EmissionStandardof
    Zhenneng            edemission        Withinthe           AirPollutantsfor
    Thermal power  SO2    through      2     factory       12.35ThermalPowerPlants    88.72  385.51   No
    Co., Ltd.             chimney                           (GB13223-2011)
                                                        specialemissionlimit
    Maoming            Concentrat                          EmissionStandardof
    Zhenneng            edemission        Withinthe           AirPollutantsfor
    Thermal power  NOX   through      2     factory       35.85ThermalPowerPlants   214.58  689.58   No
    Co., Ltd.             chimney                           (GB13223-2011)
                                                        specialemissionlimit
    Guangdong           Concentrat                          EmissionStandardof
    Huizhou Pinghai        edemission        Withinthe           AirPollutantsfor
    Power PlantCo., Smoke  through      2     factory        2.54 ThermalPowerPlants    16.59    700   No
    Ltd.                chimney                           (GB13223-2011)
                                                        specialemissionlimit
    Guangdong     SO2    Concentrat    2    Withinthe      25.16EmissionStandardof   317.55   3500   No
    Huizhou Pinghai        edemission         factory            AirPollutantsfor
    Power PlantCo.,        through                            ThermalPowerPlants
    Ltd.                chimney                           (GB13223-2011)
                                                        specialemissionlimit
    Guangdong           Concentrat                          EmissionStandardof
    Huizhou Pinghai        edemission        Withinthe           AirPollutantsfor
    Power PlantCo., NOX   through      2     factory       38.46ThermalPowerPlants   476.21   1750   No
    Ltd.                chimney                           (GB13223-2011)
                                                        specialemissionlimit
    Guangdong           Concentrat                          EmissionStandardof
    Guohua Yudean        edemission        Withinthe           AirPollutantsfor               Not
    Taishan Power  Smoke  through      6     factory        2.17 ThermalPowerPlants    60.26approved   No
    Generation Co.,        chimney                           (GB13223-2011)
    Ltd.                                                 specialemissionlimit
    Guangdong           Concentrat                          EmissionStandardof
    Guohua Yudean        edemission        Withinthe           AirPollutantsfor               Not
    Taishan Power  SO2    through      6     factory       14.05ThermalPowerPlants   390.45approved   No
    Generation Co.,        chimney                           (GB13223-2011)
    Ltd.                                                 specialemissionlimit
    Guangdong           Concentrat                          EmissionStandardof
    Guohua Yudean        edemission        Withinthe           AirPollutantsfor               Not
    Taishan Power  NOX   through      6     factory       27.61ThermalPowerPlants   767.16approved   No
    Generation Co.,        chimney                           (GB13223-2011)
    Ltd.                                                 specialemissionlimit
                       Concentrat                          EmissionStandardof
    Qianwan LNG         edemission        Withinthe           AirPollutantsfor
    power plant    NOX   through      3     factory       15.42ThermalPowerPlants   100.77  1312.5   No
                       chimney                           (GB13223-2011)
                                                        specialemissionlimit
                       Concentrat                          EmissionStandardof
    Huizhou LNG         edemission        Withinthe           AirPollutantsfor
    power plant    NOX   through      6     factory       28.69 ThermalPowerPlants    636.5   2033   No
                       chimney                           (GB13223-2011)
                                                        specialemissionlimit
    
    
    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
    
    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, the company’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, the company’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 reached 100%.
    
    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 the village’s collective economic
    
    strength, developing the environment and society and people’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
    
    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
    
    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.
    
    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 a 10% guaranteed bonus every year. The
    
    revenue of OCT Luoxigu tourism project is 500,000 yuan, with a 10% 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.
    
    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
    
    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 for 93.7% of the
    
    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 reached 100%. 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 for
    
    91.58% 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
    
                           Index                       Measurement          Quantity/Status
                                                     unit
    I. Generalsituation                                         ——                ——
    Thereinto:  1.Capital                                  Tenthousands                      243.65
            2. Cashsupplies                               Tenthousands                        4.82
      3.Ecologicalprotectiontopovertyalleviation                     Person                          1,028
    II.Breakdown Input                                        ——                ——
    1. Povertyalleviationbyindustrialdevelopment                      ——                ——
                                                                 Poverty Alleviationbyagricultureand
    Among them:1.1Projecttypeofpovertyalleviationbyindustrial          ——     forestry;povertyalleviationthrough
    development                                                     tourism;povertyalleviationfromasset
                                                                 income
    1.2 Numberofpovertyalleviationprojectsinindustrialdevelopment        Person                            4
    1.3 Investment amount of industrial development poverty alleviation Tenthousands                         19
    project
    1.4 The number of povertypopulation who had been helped to create a    Person                           195
    file
    2. Povertyalleviationbytransferemployment                       ——                ——
    Among them:2.1Investmentamountofvocationalskilltraining        Tenthousands                         0.5
    2.2 Numberofpeopleofvocationalskilltraining                     Person                            45
    2.3 Quantityofemploymentofpovertypopulationwho hadbeenhelped    Person                            36
    create afile
    3. Povertyalleviationbyrelocation                              ——                ——
    4. Educationalpovertyalleviation                               ——                ——
    Among them:4.1Investmentamountofsubsidizingpovertystudents     Tenthousands                       10.21
    4.2 Numberofsubsidizedpovertystudents                         Person                            51
           4.3Improvingtheinvestmentamountforeducationinpoor     Tenthousands                         0.3
    areas
    5. Healthpovertyalleviation                                  ——                ——
    Among them:5.1Investmentamountformedicalandhealthresourcesin  Tenthousands                        1.44
    poor areas
    6. Ecologicalprotectionpovertyalleviation                         ——                ——
    Among them:6.1Projecttype                                  ——     Wewillcarryoutecological
                                                                 protection anddevelopment
             6.2Investmentamount                           Tenthousands                        6.27
    7. Guaranteeofallthedetails                                  ——                ——
    8. Socialpovertyalleviation                                   ——                ——
    9. Otherprojects                                          ——                ——
    Among them:9.1Numberofproject                              a                              9
    9.2 Investmentamount                                   Tenthousands                      126.75
    9.3 Numberofpovertypopulationwhohadbeenhelpedtocreateafile      Person                           563
    III. Awards(Contentandlevel)                                 ——                ——
    
    
    (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
    
                  Summaryofimportantmatters                      Name          Dateof    Websitefor
                                                                         disclosure   disclosure
    Since January1,2019,thecompanyhasadjustedthedepreciation
    period offixedassetsofShajiaoAPowerPlant.Thenetprofit       Announcement   of   the
    attributabletotheparentcompanyisexpectedtodecreasebyabout174 adjustment of  depreciationJanuary    http//.www.cni
    million yuanin2019,and49millionyuanannuallyfrom2020to2023, period of fixed assets in26,2019    nfo.com.cn
    and theowners'equityattributabletotheparentcompanyisexpectedto ShajiaoAPowerplant
    decreasebyabout174millionyuanin2019and49millionyuan
    annuallyfrom2020to2023.
    In ordertofurtherpromotetheCompany'slarge-scaledevelopmentof    Announcement     on
    offshorewindpowerinGuangdongProvinceandinthesoutheastcoast,   Investment       andJanuary    http//.www.cni
    the BoardofdirectorsagreedtoinvestinZhuhaiJinwanoffshorewind    Construction of Zhuhai26,2019    nfo.com.cn
    farm project(300,000kilowatts),withatotaldynamicinvestmentof     Jinwan  Offshore Wind
    RMB 5643.17million-ofwhichthecapitalisRMB1128.634          PowerProject
    million-accounttingfor20%ofthetotaldynamicinvestment-thatshall
    be appropriatedbytheCompany.
    The Company's2019dailyrelatedpartytransactionsareapprovedand  Estimates announcement of
    implemented bythe2019firstextraordinaryshareholders'meetingheld the  Daily  Related  Party2   Januaryhttp//.www.cni
    on February21,2019.                                 Transactionsof2019      26,2019    nfo.com.cn
    The controlling shareholder-Guangdong GuangDong Energy Group
    Co., Ltd. has been changed to “Guangdong Energy Group Co., Ltd”
    from the date ofFebruary18,2019.Exceptforthe abovechange,otherAnnouncementonChangeof
    business registrationitemsremainedunchanged.TheabovematterdoesControlling    ShareholderFebruary   http//.www.cni
    not involve changes in the shareholdingof the controllingshareholderName                18,2019    nfo.com.cn
    and does not affectthe Company's business activities. The controlling
    shareholder and the actual controller of the Company remain
    unchanged.
    Mr.ZhouXi'an,theformerdirectorofthecompany,ceasedtoholdthe Announcement        of
    post ofdirectorofthecompanyduetojobchanges.Aftertheelectionof Resolutions  of  the  First
    the firstextraordinaryshareholders'meetingin2019heldonFebruary  provisional   shareholders'February   http//.www.cni
    21, 2019,Mr.YanMingservedasadirectoroftheCompany.       general    meeting    of22,2019    nfo.com.cn
                                                    Guangdong Electric Power
                                                    Development Co., Ltd. of
                                                    2019
    The companybonds-"12YudeanBonds",completedtheannualinterestAnnouncement        of
    payment for2019onMarch18,2019.                       Concerning  Payment  ofMarch12,  http//.www.cni
                                                    Corporate   “12   Yudean2019      nfo.com.cn
                                                    Bonds”
                                                    Interestof2019
    On April1,2019,Thecontrollingsubsidiary-GuangdongHuizhou
    Pinghai PowerGenerationPlantCo.,Ltd.thatitreceivedasetoflegal
    documentssuchasNoticeofAppearance,SummonandComplaintfor     Announcementonconc
    CivilAction,issuedbyIntermediatePeople'sCourtofHuizhouCity,   erningsubsidiariesinvolvediApril4,    http//.www.cni
    GuangdongProvince,concerningGuangdongThermalPower       nmajorLitigation        2019      nfo.com.cn
    EngineeringCo.,Ltd.ofChinaEnergyEngineeringCorporationsuing
    Pinghai PowerPlantforadisputeoveraconstructioncontract.
    According totheMinistryofFinance'sNoticeonRevisingandIssuing
    the FormatofFinancialStatementsforGeneralEnterprisesin2018(CK AnnouncementonchangesinApril      http//.www.cni
    [2018] No.15)andnoticesontherelevantaccountingstandardsfornew AccountingPolicy       12,2019    nfo.com.cn
    financial instruments,thecompany'saccountingpolicieswillbe
    changed.
    In ordertoactivelyimplementthedecision-makingarrangementsof
    “promoting thedecommissioningofShajiaoPowerPlantUnitson
    schedule, doingagoodjobintheconstructionofalternativepower
    supply ofnaturalgaspowerandsoon”bytheGuangdongProvincial
    Party Committeeandtheprovincialgovernment,andforaccelerating  AnnouncementontheExternal
    the workrelatedtothealternativepowersupplyprojectinDongguan  InvestmentoftheCompanyto         http//.www.cni
    Ningzhousite,ThecompanyhasestablishedtheNingzhousite       Establish  the   DongguanJune12,2019nfo.com.cn
    alternative powersupplyprojectcompanyinDongguanina        Ningzhou  Site  Alternative
    wholly-ownedmanner,withitsregisteredplaceinHumenTownof    PowerProjectCompany
    Dongguan City,anditsinitialregisteredcapitalis30millionyuan.The
    project companywillcarryoutthepreliminaryworkoftheNingzhou
    project accordingtotherequirementsapprovedbytheproject,andthe
    cost willbecontrolledat19.6millionyuan.
    
    
    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 for 2.39% 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 the respondent’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
    
    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 about 0.7% 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.
    
    VI. Change of share capital and shareholding of Principal
    
    Shareholders
    
    I. Changes in share capital
    
    1. Changes in share capital
    
    In shares
    
                            Before thechange         Increase/decrease(+,-)         AftertheChange
                            Amount   Proportion            Capitaliz
                                             Share  Bonus ationof
                                            allotment shares common Other Subtotal   Quantity   Proportion
                                                        reserve
                                                         fund
    I. Sharewithconditional      1,897,968,946  36.15%                              1,897,968,946  36.15%
    subscription
    2. State-ownedlegalperson    1,893,342,621  36.06%                              1,893,342,621  36.06%
    shares
    3.Other domesticshares         4,626,325   0.09%                                 4,626,325   0.09%
    Of which:Domesticlegal       4,620,666   0.09%                                 4,620,666   0.09%
    person shares
    Domestic naturalperson            5,659     0%                                    5,659     0%
    shares
    II. Shareswithunconditional   3,352,315,040  63.85%                              3,352,315,040  63.85%
    subscription
    1.Common sharesinRMB    2,553,907,040  48.64%                              2,553,907,040  48.64%
    2.Foreign sharesindomestic    798,408,000  15.21%                                798,408,000  15.21%
    market
    III. Totalofcapitalshares     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
    
    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 numberofcommon                   Totalnumberofpreferred
    shareholders attheendofthe            98,303shareholdersthathadrestoredthevotingrightatthe                0
    reporting period                         endofthereportingperiod(ifany)(note8)
                      Particularsaboutsharesheldabove5%byshareholdersortoptenshareholders
                                 Proportion  Numberof   Changes  Amountof   Amountof  Numberofshare
        Shareholders       Natureof    ofshares  sharesheldat    in     restricted   un-restricted  pledged/frozen
                       shareholder  held(%)  period-end  reporting  sharesheld   sharesheld  Stateof Amount
                                                     period                       share
    Guangdong Energy    State-owned      67.39% 3,538,005,285        1,893,342,6211,644,662,664
    Group Co.,Ltd.      legalperson
    China Securities      State-owned       2.84%  148,862,420
     Finance Co.,Ltd.    legalperson
    Shenzhen Guangfa    State-owned
    Electric Power       legalperson       2.22%  116,693,602
    Investment Co.,Ltd.
    Guangdong Electric   State-owned
    Power Development   legalperson       1.80%   94,367,341
    Corporation
    Li Zhuo           Domestic         0.61%   31,932,923  390,600
                     Naturalperson
    Zheng Jianxiang      Domestic         0.43%   22,625,098   57,400
                     Naturalperson
    Harbin HaliIndustry   Domestic
    Co., Ltd.           Non-Stateowned    0.41%   21,758,045  815,400
                     legalperson
    National SocialSecurity Domestic
    Fund 103portfolio    Non-Stateowned    0.36%   18,994,982 -6,000,000
                     legalperson
    CHINA INT'L
    CAPITALCORP     OverseasLegal     0.29%   15,316,066
    HONG KONG       person
    SECURITIES LTD
    Harbin DaoliDistrict   Domestic
    Charity Foundation    Non-Stateowned    0.26%   13,730,793    7,900
                     legalperson
                                 The fourthlargestshareholderGuangdongElectricPowerDevelopmentCorporationis
    Explanation onassociatedrelationship   thewholly-ownedsubsidiariesofthelargestshareholderEnergyGroup.Thesetwo
    among theaforesaidshareholders       companieshaverelationships;whethertheothershareholdershaverelationshipsor
                                 unanimousactingwasunknown
                            Shareholding oftop10shareholdersofunrestrictedshares
          Nameoftheshareholder      Quantityofunrestrictedsharesheldattheend           Sharetype
                                        ofthereportingperiod             Sharetype        Quantity
    Guangdong EnergyGroupCo.,Ltd.                          1,644,662,664RMBCommonshares
    China SecuritiesFinanceCo.,Ltd.                            148,862,420RMBCommonshares
    Shenzhen  Guangfa  Electric  Power                       116,693,602RMBCommonshares
    Investment Co.,Ltd.
    Guangdong ElectricPowerDevelopment                        94,367,341RMBCommonshares
    Corporation
    Li Zhuo                                              31,932,923RMBCommonshares
    Zheng Jianxiang                                        22,625,098 Foreignsharesplaced
                                                                indomesticexchange
    Harbin HaliIndustryCo.,Ltd.                               21,758,045RMBCommonshares
    National SocialSecurityFund103                            18,994,982RMBCommonshares
    portfolio
    CHINA INT'LCAPITALCORPHONG                         15,316,066 Foreignsharesplaced
    KONG SECURITIESLTD                                         indomesticexchange
    Harbin DaoliDistrictCharity                                13,730,793 RMBCommonshares
    Foundation
    Explanation onassociatedrelationship
    or consistentactionamongthetop10   ThefourthlargestshareholderGuangdongElectricPowerDevelopmentCorporationis
    shareholders ofnon-restrictednegotiable thewholly-ownedsubsidiariesofthelargestshareholderEnergyGroup.Thesetwo
    shares andthatbetweenthetop10     companieshaverelationships;whethertheothershareholdershaverelationshipsor
    shareholders ofnon-restrictednegotiable unanimousactingwasunknown.
    shares andtop10shareholders
                                TheFifthlargestshareholderLiZhuoholds425,600AsharesoftheCompanythroughA
                                sharesordinarystockaccount,andholds31,507,323AsharesoftheCompanythrough
                                stockaccountwithcredittransactionandguarantee,hold31,932,923sharesofthe
                                Company'sstocktotally.
    Explanation onshareholders         TheseventhlargestshareholderHarbinHaliIndustryCo.,Ltd.holds815,400Asharesof
    participating inthemargintrading     theCompanythroughAsharesordinarystockaccount,andholds20,942,645Asharesof
    business(if any)(SeeNotes4)        theCompanythroughstockaccountwithcredittransactionandguarantee,
                                hold21,758,045sharesoftheCompany'sstocktotally.
                                 TheTenthlargestshareholderHarbinDaoliDistrictCharityFoundationholds80,187A
                                sharesoftheCompanythroughAsharesordinarystockaccount,andholds13,650,606A
                                sharesoftheCompanythroughstockaccountwithcredittransactionandguarantee,hold
                                13,730,793sharesoftheCompany'sstocktotally.
    
    
    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.
    
    VII. Situation of the Preferred Shares
    
    □Applicable √Not applicable
    
    The Company had no preferred shares in the reporting period
    
    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
                                                        ElectedasDirectoroftheNinthBoardofdirectors
       YanMing      Director       Elected    February21,2019    oftheCompanybytheFirstProvisionalGeneral
                                                        shareholder’sMeetingof2019
       ZhouXian      Director      Dismissal   February21,2019    Jobchanges
    
    
    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
    
        Bondname    Bondshort Bondcode Issueday  Dueday  Bondbalance  Interest       Servicingway
                     name                          (Tenthousand)  rate
                                                                    Using simpleinterestrateona
    2012 Corporate                                                      yearlybasis,regardlessof
    bonds ofGuangdong 12Yudean         March    March                     compoundinterest.Duepayments
    Electric Power     Bond    112162.SZ 18,2013   17,2020       4,030.65  4.95%onceayear,maturingdebtata
    Development Co.,                                                    time.Inthefinalphase,interestis
    Ltd..                                                             paidtogetherwiththeprincipal
                                                                    redemption.
    Corporate bondslistedortrading ShenzhenStockExchange
    places
    Investor ProperArrangement    Notapplicable
    During thereportingperiod,    OnMarch19,2019,thecompanypaidthebondinterestforthecurrentyeartoallthecurrent
    interest paymentsituationofthe  bondholderswhohaveregisteredinChinaSecuritiesDepositoryandClearingCo.,Ltd.
    company bonds            ShenzhenBranchbytheclosingofShenzhenStockExchangeontheafternoonofMarch15,
                           2019.
    If thecorporatebondsattachedto
    special clausestotheissuerorthe Thetermofthecurrentbondsis7years,attachingtheoptionthattheissuerwillredeematthe
    investors suchasoptionclause   endofthefifthyear,theoptionthattheissuerraisesthecouponrateandtheoptionthatthe
    and exchangeableclause,please  investorswillputback. Theabovetermsandconditionshavebeenimplementedin2018.For
    specify theimplementationstatus details,pleaserefertothecompany's"2018AnnualReport".
    of thecorrespondingclauses.
    (When applicable)
    
    
    2. Bond trustee and the credit rating agency information
    
    Bond trustee:
               CITIC             22/F,CITICSecurities
    Name       SecuritiesCo., Office  Building,No.48.        Contact    SongYilan, Tel         010-60838888
               Ltd.              LiangmaqiaoRoad,                YangXin
                                ChaoyangDistrict,Beijing
    The creditratingagencieswhichfollowandratethecorporatebondduringthereportingperiod
    Name       CCXR                            Officeaddress 8/F,AnjiBuilding,No.760,TibetSouthRoad,
                                                           HuangpuDistrict,Shanghai.
    
    
    III. The usage of corporate bonds to raise money
    
                                 According totherelevantcontentsintheProspectusoftheIssuanceofBonds
    The usageandperformanceofraisedfunds announcedonMarch14,2013,thecompanyplannedtouseRMB820millionofthe
    from Corporatebonds              raisedfundstorepaytheloans,thustoadjustthedebtstructure;theremainingRMB
                                 380 millionoftheraisedfundsplannedforsupplementingthecompany’sliquidity,so
                                 as toimprovethecompany’sfundsstatus.
    At theendofbalance(Tenthousand)                                                             0
    Special fundraisingaccountoperation    Thenetamountofthefundsraisedbythebondshadbeenremittedtothecompany’s
                                 designated bankaccountonMarch20,2013,ofwhichtheamountofRMB820million
                                 of theraisedfundshadbeenusedforrepayingtheloans,soastoadjustthedebt
                                 structure; theremainingRMB380millionoftheraisedfundsusedforsupplementing
                                 the company’sliquidity,soastoimprovethecompany’sfundsstatus.
    Whether theusageoftheraisedmoney
    corresponding tothepurposesofpromise, Yes
    use plans,andotheragreement
    
    
    IV.Corporate bond rating information
    
    On May 14, 2019, CCXR traced and analyzed the credit status of the company and the company’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 the company’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 full year’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 the investor’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 full year’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.
    
    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
    
    The company’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 the company’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          Atthesametimerateofchange
    Current ratio                             60.28%                 62.89%                 -2.61%
    Debt ratio                               55.92%                 57.02%                 -1.10%
    Quick ratio                              46.63%                 47.35%                 -0.72%
                               Reportingperiod       Thesameperiodoflastyear  Atthesametimerateofchange
    EBITDAinterestcoverageratio                   2.41                   2.56                 -5.86%
    Loans repaymentrate                         100%                  100%                   0%
    Interest paymentrate                         100%                  100%                   0%
    
    
    The material reasons for the changed ratio of the accounting data or financial indicators exceeds 30% 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 of 5+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.
    
    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
    
    Prepared by:Guangdong Electric Power Development Co., Ltd.
    
    In RMB
    
                Items                      June30,2019                   December31,2018
    Current asset:
             Monetaryfund                             5,199,734,595                     5,574,382,892
           Settlementprovision
    Outgoing callloan
    Transactional financialassets                                 37,203
      Financialassetsmeasuredatfair
    value withvariationsaccountedinto
    current incomeaccount
      Derivativefinancialassets
      Notesreceivable
        Accountreceivable                               3,264,118,313                    3,358,331,949
        Financingofreceivables
             Prepayments                               844,155,255                      906,261,046
           Insurancereceivable
          Reinsurancereceivable
      ProvisionsofReinsurancecontracts
              receivable
        Otheraccountreceivable                             298,620,587                      222,976,826
        Including:Interestreceivable                          23,038,895                       18,856,569
            Dividend receivable
        Repurchasingoffinancialassets
        Inventories                                    1,812,173,995                     1,481,817,270
        Contractassets
        Assetsheldforsales
    Non-current assetduewithin1year
        Othercurrentasset                                 309,914,282                      617,853,476
          Total ofcurrentassets                          11,728,754,230                    12,161,623,459
           Non-currentassets:
     Loans andpaymentonother’sbehalf
              disbursed
    Debt investment
      Availableforsaleoffinancialassets                                                    1,565,806,331
        Otherinvestmentonbonds
      Expiredinvestmentinpossess
      Long-termreceivable                                 90,938,922                       89,762,071
      Longtermshareequityinvestment                       6,495,819,304                     6,395,134,754
    Other equityinstrumentsinvestment                       1,720,652,013
    Other non-currentfinancialassets
      Propertyinvestment                                  10,097,905                       10,810,722
        Fixedassets                                   40,097,107,758                    41,157,594,848
    Construction inprogress                               8,373,522,376                     7,740,754,343
        Productionphysicalassets
        Oil&gasassets
        Userightassets
        Intangibleassets                                 1,845,115,425                    1,863,588,771
      Developmentexpenses
        Goodwill                                        2,449,886                       2,449,886
      Long-germexpensestobeamortized                       20,482,276                       22,089,179
      Deferredincometaxasset                              456,618,087                      448,431,684
      Othernon-currentasset                              2,046,484,303                     1,871,616,258
    Total ofnon-currentassets                             61,159,288,255                    61,168,038,847
    Total ofassets                                     72,888,042,485                    73,329,662,306
    Current liabilities
      Short-termloans                                  6,916,200,000                     7,526,000,000
     LoanfromCentralBank
      Borrowingfunds
        Transactionalfinancialliabilities
    Financial liabilitiesmeasuredatfair
    value withvariationsaccountedinto
    current incomeaccount
         Derivativefinancialliabilities
         Notes payable                                 1,247,696,862                      941,161,107
        Accountpayable                                 2,251,908,661                     2,196,600,415
        Advancereceipts                                    292,713                         343,894
     Sellingofrepurchasedfinancialassets
        Deposittakingandinterbank
    deposit
     Entrustedtradingofsecurities
    Entrusted sellingofsecurities
     Employees’wagepayable                              251,270,338                      235,741,179
     Taxpayable                                       489,590,123                      397,001,706
         Other accountpayable                           3,842,521,518                     4,152,518,495
        Including:Interestpayable                           147,098,684                       59,316,077
            Dividend payable                              9,796,594                       9,703,930
        Feesandcommissionspayable
        Reinsurancefeepayable
    Contract Liabilities
        Liabilitiesheldforsales
      Non-currentliabilityduewithin1                       3,249,068,381                     2,779,347,654
    year
    Other currentliability                                 1,207,789,479                     1,107,904,110
    Total ofcurrentliability                               19,456,338,075                    19,336,618,560
    Non-current liabilities:
        Reservefundforinsurance
    contracts
      Long-termloan                                  17,660,996,020                    18,802,292,664
     Bondpayable                                      798,457,333                      838,326,742
      Including:preferredstock
      Sustainabledebt
         Lease liability
            Long-term payable                          2,267,578,098                     2,311,513,249
      Long-termremunerationpayableto                       107,427,012                      122,913,388
    staff
     Expectedliabilities
        Deferredincome                                  132,740,704                      133,043,646
      Deferredincometaxliability                            167,777,137                      100,726,841
    Other non-currentliabilities                              166,405,569                      166,405,569
    Total non-currentliabilities                            21,301,381,873                    22,475,222,099
    Total ofliability                                    40,757,719,948                    41,811,840,659
    Owners’equity
      Sharecapital                                     5,250,283,986                     5,250,283,986
      Otherequityinstruments
      Including:preferredstock
      Sustainabledebt
     Capitalreserves                                    5,102,846,886                     5,102,846,886
      Less:Sharesinstock
    Other comprehensiveincome                             607,522,715                      550,010,133
        Specialreserve
      Surplusreserves                                   8,245,767,593                     7,834,155,143
    Common riskprovision
    Retained profit                                     5,344,946,034                     5,490,006,140
    Total ofowner’sequitybelongtothe                      24,551,367,214                    24,227,302,288
    parent company
    Minority shareholders’equity                            7,578,955,323                     7,290,519,359
    Total ofowners’equity                               32,130,322,537                    31,517,821,647
    Total ofliabilitiesandowners’equity                      72,888,042,485                    73,329,662,306
    
    
    Legal representative :Wang Jin
    
    Person-in-charge of the accounting work:Liu Wei
    
    Person-in -charge of the accounting organ:Meng Fei
    
    2. Balance sheet of Parent Company
    
    In RMB
    
                Items                      June30,2019                   December31,2018
    Current asset:
    Monetary fund                                      438,191,159                      385,577,463
    Transactional financialassets                                 37,203
      Financialassetsmeasuredatfair
    value withvariationsaccountedinto
    current incomeaccount
      Derivativefinancialassets
        Notesreceivable
        Accountreceivable                                225,163,808                      264,537,475
    Financing ofreceivables
        Prepayments                                     47,036,819                       44,826,500
      Otheraccountreceivable                               94,567,387                      375,296,228
        Including:Interestreceivable                            700,566                       1,121,522
           Dividendreceivable                                                             447,956
        Inventories                                     159,909,737                      187,058,140
        Contractassets
        Assetsheldforsales
        Non-current asset due within 1
    year
        Othercurrentasset                                   199,679                         199,679
    Total ofcurrentassets                                  965,105,792                     1,257,495,485
    Non-current assets:
    Debt investment
      Availableforsaleoffinancialassets                                                    1,565,806,331
        Otherinvestmentonbonds
      Expiredinvestmentinpossess
      Long-termreceivable                                306,460,000                      306,460,000
      Longtermshareequityinvestment                      25,698,970,548                    24,699,820,321
    Other equityinstrumentsinvestment                       1,720,652,013
    Other non-currentfinancialassets
      Propertyinvestment                                   7,343,242                       7,661,041
      Fixedassets                                       842,115,992                      978,022,437
         Constructioninprogress                            12,665,153                       9,394,075
        Productionphysicalassets
        Oil&gasassets
        Userightassets
        Intangibleassets                                   84,959,102                       86,681,362
      Developmentexpenses
        Goodwill
      Long-germexpensestobeamortized
      Deferredincometaxasset
      Othernon-currentasset                               356,004,000                      356,004,000
    Total ofnon-currentassets                             29,029,170,050                    28,009,849,567
    Total ofassets                                     29,994,275,842                    29,267,345,052
    Current liabilities
        Short-termloans                                 1,500,000,000                     1,500,000,000
        Transactionalfinancialliabilities
    Financial liabilitiesmeasuredatfair
    value withvariationsaccountedinto
    current incomeaccount
         Derivativefinancialliabilities
        Notespayable
        Accountpayable                                  155,190,455                      223,827,319
      Advancereceipts
        ContractLiabilities
     Employees’wagepayable                               46,544,032                       53,346,100
     Taxpayable                                        46,340,743                       48,590,195
         Other accountpayable                             114,622,158                       98,528,954
        Including:Interestpayable                           31,200,062                       15,787,356
            Dividend payable                              9,796,594                       9,703,930
        Liabilitiesheldforsales
      Non-currentliabilityduewithin1                         40,284,563
    year
    Other currentliability                                 1,207,789,479                     1,107,904,110
    Total ofcurrentliability                               3,110,771,430                    3,032,196,678
    Non-current liabilities:
      Long-termloan                                   1,500,000,000                    1,500,000,000
     Bondpayable                                      798,457,333                      838,326,742
      Including:preferredstock
      Sustainabledebt
         Lease liability
        Long-termpayable                                  3,025,750                       4,340,898
      Long-termremunerationpayableto                        30,668,978                       32,170,769
    staff
     Expectedliabilities
        Deferredincome                                   48,362,943                       48,362,943
      Deferredincometaxliability                            166,511,917                       99,461,621
    Other non-currentliabilities
    Total non-currentliabilities                             2,547,026,921                    2,522,662,973
    Total ofliability                                    5,657,798,351                    5,554,859,651
    Owners’equity
      Sharecapital                                     5,250,283,986                    5,250,283,986
      Otherequityinstruments
      Including:preferredstock
      Sustainabledebt
      Capitalreserves                                   5,605,794,601                    5,605,794,601
      Less:Sharesinstock
    Other comprehensiveincome                             607,522,715                      550,010,133
        Specialreserve
      Surplusreserves                                   8,245,767,593                    7,834,155,143
        Retainedprofit                                  4,627,108,596                    4,472,241,538
    Total ofowners’equity                               24,336,477,491                    23,712,485,401
    Total ofliabilitiesandowners’equity                      29,994,275,842                    29,267,345,052
    
    
    3.Consolidated Income Statement
    
    In RMB
    
                 Item                    Semi-annualof2019                Semi-annualof2018
       I. Incomefromthekeybusiness                      12,874,181,250                   13,894,985,179
          Incl:Business income                         12,874,181,250                   13,894,985,179
             Interestincome
           Insurance feeearned
        Fee andcommissionreceived
           II.Totalbusinesscost                          12,036,981,919                   13,213,530,804
           Incl:Business cost                          11,024,143,476                   12,200,856,427
             Interestexpense
          Feeandcommissionpaid
        Insurance dischargepayment
          Net claimamountpaid
        Insurancepolicydividendpaid
        Insurancepolicydividendpaid
           Reinsuranceexpenses
         Businesstaxandsurcharge                           93,365,358                      99,532,565
             Sales expense                               12,844,788                      10,316,130
          Administrative expense                           270,884,804                     270,794,513
           R&Dexpense                                   347,523                        912,371
           Financialexpenses                             635,395,970                      631,118,798
        Including:Interestexpense                           664,009,453                     657,904,963
        Interestincome                                    31,661,505                      29,906,705
        Add:Otherincome                                 39,472,856                      17,030,759
    Investment gain(“-”forloss)                            304,451,356                     291,018,592
      Including:investmentgainsfrom                         273,618,214                     272,404,985
    affiliates
      Financialassetsmeasuredatamortized
    cost ceasetoberecognizedasincome
         Gains fromcurrencyexchange
        Netexposurehedgingincome
         Changingincomeoffairvalue                           30,626
         Credit impairmentloss                               -523,441
        Impairmentlossofassets
      Assetsdisposalincome                                                                388,507
    III. Operationalprofit(“-”forloss)                       1,180,630,728                     989,892,233
      Add :Non-operationalincome                           5,293,187                      52,608,901
      Less:Non-operatingexpense                            20,234,696                       1,814,323
    IV.Total  profit(“-”forloss)                            1,165,689,219                    1,040,686,811
      Less:Incometaxexpenses                             309,835,930                     307,767,578
    V.Netprofit                                        855,853,289                     732,919,233
      (I)Classificationbybusiness
    continuity
    1.Net continuingoperatingprofit                           855,853,289                     732,919,233
    2.Terminationofoperatingnetprofit
      (II)Classificationbyownership
    1.Net profit attributableto the owners of                     581,569,383                     448,833,518
    parent company
    2.Minority shareholders’equity                            274,283,906                     284,085,715
    VI. Netafter-taxofothercomprehensive                      57,512,582                      -46,851,817
    income
    Net ofprofitofothercomprehensiveinco                      57,512,582                      -46,851,817
    me attributabletoownersoftheparentco
    mpany.
    (I)Other comprehensiveincomeitems
    that willnotbereclassifiedinto                             57,512,582
    gains/losses inthesubsequentaccounting
    period
    1.Re-measurement ofdefinedbenefitpla
    ns ofchangesinnetdebtornetassets
    2.Other comprehensiveincomeunderthe
    equity methodinvesteecannotbereclass
    ified intoprofitorloss.
    3. Changesinthefairvalueof                              57,512,582
    investments inotherequityinstruments
    4. Changesinthefairvalueofthe
    company’screditrisks
            5.Other
      (II)
    Other comprehensiveincomethatwillbe                                                   -46,851,817
    reclassified intoprofitorloss.
    1.Other comprehensiveincomeunderthe
    equity methodinvesteecanbereclassifie
    d intoprofitorloss.
    2. Changesinthefairvalueof
    investments inotherdebtobligations
    3.Gains andlossesfromchangesinfairv                                                   -46,851,817
    alue availableforsalefinancialassets
    4. Othercomprehensiveincomearising
    from thereclassificationoffinancial
    assets
    5.Held-to-maturityinvestmentsreclassifi
    ed togainsandlossesofavailableforsal
    e financialassets
    6. Allowanceforcreditimpairmentsin
    investments inotherdebtobligations
    7. Reserveforcashflowhedges
    8.Translation differencesincurrencyfina
    ncial statements
            9.Other
    Net ofprofitofothercomprehensiveinco
    me attributabletoMinorityshareholders’
    equity
    VII. Totalcomprehensiveincome                          913,365,871                     686,067,416
    Total comprehensiveincomeattributable                      639,081,965                     401,981,701
    to theowneroftheparentcompany
     Totalcomprehensiveincome                             274,283,906                     284,085,715
    attributable minorityshareholders
    VIII. Earningspershare
    (I)Basic earningspershare                                0.1108                         0.0855
     (II)Dilutedearningspershare                                0.1108                         0.0855
    
    
    Legal representative :Wang Jin
    
    Person-in-charge of the accounting work:Liu Wei
    
    Person-in -charge of the accounting organ:Meng Fei
    
    4. Income statement of the Parent Company
    
    In RMB
    
                Items                   Semi-annualof2019                Semi-annualof2018
       I.Incomefromthekeybusiness                         984,909,082                     1,148,346,022
           Incl:Businesscost                             978,133,881                     1,083,181,215
         Businesstaxandsurcharge                            5,890,693                       4,615,124
             Salesexpense                                 675,889                         917,618
          Administrativeexpense                            36,863,889                       37,549,008
           R&Dexpense                                  269,693                         912,371
        Financialexpenses                                100,956,761                      100,072,564
         Including:Interestexpenses                        101,909,495                      100,909,911
                 Interest income                           2,477,731                       2,753,042
      Add:Otherincome                                     10,000                         284,896
      Investmentgain(“-”forloss)                         1,065,475,482                    1,075,719,889
    Including: investmentgainsfrom                          270,083,891                    270,075,688.23
    affiliates
      Financialassetsmeasuredat
    amortized costceasetoberecognized
    as income
         Net exposurehedgingincome
         Changingincomeoffairvalue                           30,626
         Credit impairmentloss                               -303,753
        Impairmentlossofassets
      Assetsdisposalincome                                 3,218,915                         -32,933
    II. Operationalprofit(“-”forloss)                        930,549,546                      997,069,974
        Add:Non-operationalincome                            7,842                         127,262
      Less:Non-operationalexpenses                          1,181,405                         676,668
    III. Total  profit(“-”forloss)                             929,375,983                      996,520,568
        Less:Incometaxexpenses                           47,879,436
    IV.Netprofit                                       881,496,547                      996,520,568
    1.Net continuingoperatingprofit                           881,496,547                      996,520,568
    2.Terminationofoperatingnetprofit
    V. Netafter-taxofothercomprehensive                       57,512,582                      -46,851,818
    income
    (I)Othercomprehensiveincomeitems
    that willnotbereclassifiedinto                            57,512,582
    gains/losses inthesubsequent
    accounting period
    1.Re-measurement ofdefinedbenefitpl
    ans ofchangesinnetdebtornetassets
    2.Other comprehensiveincomeunderth
    e equitymethodinvesteecannotberecl
    assified intoprofitorloss.
    3. Changesinthefairvalueof                             57,512,582
    investments inotherequityinstruments
    4. Changesinthefairvalueofthe
    company’screditrisks
            5.Other
    (II)
    Other comprehensiveincomethatwillb                                                    -46,851,818
    e reclassifiedintoprofitorloss.
    1.Other comprehensiveincomeunderth
    e equitymethodinvesteecanbereclassi
    fied intoprofitorloss.
    2. Changesinthefairvalueof
    investments inotherdebtobligations
    3.
    Gains andlossesfromchangesinfairv                                                     -46,851,818
    alue availableforsalefinancialassets
      4.Othercomprehensiveincome
    arising fromthereclassificationof
    financial assets
    5.Held-to-maturityinvestmentsreclassif
    ied togainsandlossesofavailablefors
    ale financialassets
      6.Allowanceforcreditimpairments
    in investmentsinotherdebtobligations
      7.Reserveforcashflowhedges
      8.
    Translation differencesincurrencyfina
    ncial statements
            9.Other
    VI. Totalcomprehensiveincome                           939,009,129                      949,668,750
    VII. Earningspershare
    (I)Basic earningspershare                                0.1680                         0.1898
     (II)Dilutedearningspershare                                0.1680                         0.1898
    
    
    5. Consolidated Cash flow statement
    
    In RMB
    
                Items                   Semi-annualof2019                Semi-annualof2018
     I.Cashflowsfromoperatingactivities
     Cash receivedfromsalesofgoodsor                     14,705,585,514                    16,141,817,697
           rending ofservices
        Netincreaseofcustomerdeposits
    and capitalkeptforbrothercompany
    Net increaseofloansfromcentralbank
    Net increaseofinter-bankloansfrom
    other financialbodies
    Cash receivedagainstoriginalinsurance
    contract
    Net cashreceivedfromreinsurance
    business
    Net increaseofclientdepositand
    investment
      Cashreceivedfrominterest,
    commission chargeandcommission
    Net increaseofinter-bankfundreceived
    Net increaseofrepurchasingbusiness
      Netcashreceivedbyagentin
    securities trading
       Taxreturned                                      40,296,334                       21,858,952
    Other cashreceivedfrombusiness                          162,228,929                      214,249,915
    operation
       Sub-totalofcashinflow                            14,908,110,777                    16,377,926,564
    Cash paidforpurchasingof                             9,504,880,179                    10,919,230,182
     merchandiseandservices
    Net increaseofclienttradeandadvance
    Net increaseofsavingsincentralbank
    and brothercompany
      Cashpaidfororiginalcontractclaim
      Netincreaseinfinancialassetsheld
    for tradingpurposes
      NetincreaseforOutgoingcallloan
     Cashpaidforinterest,processingfee
    and commission
     Cashpaidforpolicydividend
    Cash paidtostaffsorpaidforstaffs                         779,694,520                      729,285,216
     Taxespaid                                        468,777,176                      691,950,014
    Other cashpaidforbusinessactivities                       351,317,101                      241,928,444
    Sub-total ofcashoutflowfrombusiness                    11,104,668,976                    12,582,393,856
      activities
    Net cashgeneratedfrom/usedin                         3,803,441,801                     3,795,532,708
    operating activities
    II. Cashflowgeneratedbyinvesting
    Cash receivedfrominvestment
    retrieving
    Cash receivedasinvestmentgains                          197,809,412                      165,708,684
    Net cashretrievedfromdisposalof
    fixed assets,intangibleassets,andother                                                      2,295,896
    long-term assets
    Net cashreceivedfromdisposalof
    subsidiaries orotheroperationalunits
    Other investment-relatedcashreceived
    Sub-total ofcashinflowdueto                            197,809,412                      168,004,580
    investment activities
    Cash paidforconstructionoffixed
        assets,intangibleassetsandother                      1,735,190,767                     1,769,542,620
        long-termassets
    Cash paidasinvestment                                 78,938,898                       98,000,000
    Net increaseofloanagainstpledge
    Net cashreceivedfromsubsidiariesand
    other operationalunits
    Other cashpaidforinvestment
    activities
    Sub-total ofcashoutflowdueto                          1,814,129,665                    1,867,542,620
    investment activities
    Net cashflowgeneratedbyinvestment                     -1,616,320,253                    -1,699,538,040
    III.Cash flowgeneratedbyfinancing
    Cash receivedasinvestment                              297,000,000                       4,000,000
    Including: Cashreceivedasinvestment                      297,000,000                       4,000,000
    from minorshareholders
    Cash receivedasloans                                6,396,276,411                    7,575,961,501
    Cash receivedfrombondplacing
    Other financing–relatedcashreceived
    Sub-total ofcashinflowfromfinancing                     6,693,276,411                    7,579,961,501
    activities
    Cash torepaydebts                                  7,933,799,586                     7,102,027,135
    Cash paidasdividend,profit,or                          1,320,358,435                    1,505,845,837
    interests
    Including: Dividendandprofitpaidby                       282,847,942                      327,712,545
    subsidiaries tominorshareholders
    Other cashpaidforfinancingactivities                                                     136,080,000
    Sub-total ofcashoutflowdueto                          9,254,158,021                     8,743,952,972
    financing activities
    Net cashflowgeneratedbyfinancing                      -2,560,881,610                    -1,163,991,471
    IV.Influenceofexchangerate                                   45                            93
    alternation oncashandcashequivalents
    V.Netincreaseofcashandcash                           -373,760,017                      932,003,290
    equivalents
    Add: balanceofcashandcash                           5,570,382,892                    4,996,580,490
    equivalents atthebeginningofterm
    VI ..Balanceofcashandcash                            5,196,622,875                    5,928,583,780
    equivalents attheendofterm
    
    
    6. Cash flow statement of the Parent Company
    
    In RMB
    
                Items                   Semi-annualof2019                Semi-annualof2018
    I.Cash flowsfromoperatingactivities
    Cash received from sales of goods or                     1,136,209,449                     1,280,393,400
    rending ofservices
     Taxreturned
    Other cashreceivedfrombusiness                          26,129,308                       30,151,895
    operation
    Sub-total ofcashinflow                               1,162,338,757                    1,310,545,295
    Cash paidforpurchasingof                              881,437,635                     1,071,447,386
    merchandise andservices
    Cash paidtostaffsorpaidforstaffs                         139,542,668                      142,438,363
    Taxes paid                                          40,999,760                       30,081,576
    Other cashpaidforbusinessactivities                        26,198,514                       34,140,083
    Sub-total ofcashoutflowfrombusiness                     1,088,178,577                     1,278,107,408
      activities
    Net cashgeneratedfrom/usedin                            74,160,180                       32,437,887
    operating activities
    II. Cashflowgeneratedbyinvesting
    Cash receivedfrominvestment                            300,209,927                      187,920,000
    retrieving
    Cash receivedasinvestmentgains                          969,950,713                      959,750,429
    Net cashretrievedfromdisposalof
    fixed assets,intangibleassets,andother                        3,808,750                         19,137
    long-term assets
    Net cashreceivedfromdisposalof
    subsidiaries orotheroperationalunits
    Other investment-relatedcashreceived
     Sub-totalofcashinflowdueto                          1,273,969,390                     1,147,689,566
    investment activities
    Cash paidforconstructionoffixed
        assets,intangibleassetsandother                        11,242,719                       57,108,206
        long-termassets
        Cashpaidasinvestment                             980,554,158                      546,000,000
    Net cashreceivedfromsubsidiariesand
    other operationalunits
    Other cashpaidforinvestment
    activities
    Sub-total ofcashoutflow  dueto                          991,796,877                      603,108,206
    investment activities
    Net cashflowgeneratedbyinvestment                       282,172,513                      544,581,360
    III. Cashflowgeneratedbyfinancing
      Cashreceivedasinvestment
        Cashreceivedasloans                             1,499,400,000                     3,030,805,608
     Cashreceivedfrombondplacing
    Other financing–relatedashreceived
     Sub-totalofcashinflowfrom                           1,499,400,000                     3,030,805,608
    financing activities
      Cashtorepaydebts                                 1,401,515,857                    3,059,693,500
    Cash paidasdividend,profit,or                           401,603,186                      567,661,585
    interests
    Other cashpaidforfinancingactivities
     Sub-totalofcashoutflowdueto                         1,803,119,043                    3,627,355,085
    financing activities
    Net cashflowgeneratedbyfinancing                       -303,719,043                     -596,549,477
    IV.Influenceofexchangerate                                   45                            93
    alternation oncashandcashequivalents
    V.Netincreaseofcashandcash                            52,613,695                      -19,530,137
    equivalents
    Add: balanceofcashandcash                            385,577,463                      429,724,538
    equivalents atthebeginningofterm
    VI ..Balanceofcashandcash                             438,191,158                      410,194,401
    equivalents attheendofterm
    
    
    7. Consolidated Statement on Change in Owners’ Equity
    
    Amount in this period
    
    In RMB
    
                                                                    Semi-annual of2019
                                               Owner’sequityAttributabletotheParentCompany
                              OtherEquity
                               instrument                          Spec           Com
         Items                                      Less:   Other   ializ           mon                               Minor    Totalofowners’
                    shareCapita prefe Sust      Capital   Share Comprehens ed    Surplus   risk Retainedprofit Other   Subtotal    shareeqhuoiltdyers’ equity
                             rred  aina Oth   reserves    sin  iveIncome reser   reserves   provi
                             stock ble  er            stock           ve            sion
                                 debt
    I.Balance attheend  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 lastyear
    Add: Changeof
       accounting
       policy
    Correcting of
    previous errors
    Merger ofentities
    under common
    control
         Other
    II.Balance atthe
    beginning ofcurrent 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.Changedinthe                                        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)Investmentor
    decreasing ofcapital                                                                                               297,000,000   297,000,000
    by owners
    1.OrdinarySharesi                                                                                              297,000,000   297,000,000
    nvested bysharehold
    ers
    2.Holdersofother
    equity instrumentsin
    vested capital
    3.Amountofshares
    paid andaccounted
    as owners’equity
    4.Other
    (III)Profit                                                         411,612,450      -726,629,489       -315,017,039   -282,847,942   -597,864,981
    allotment
    1.Providingof                                                        411,612,450       -411,612,450
    surplus reserves
     2.Providingof
    commonrisk
    provisions
    3.Allotmenttothe
    owners (or                                                                         -315,017,039       -315,017,039   -282,847,942   -597,864,981
    shareholders)
    4.Other
    (IV) Internal
    transferringof
    owners’equity
    1. Capitalizingof
    capital reserves(or
    to capitalshares)
    2. Capitalizingof
    surplus reserves(or
    to capitalshares)
    3.Makinguplosses
    by surplusreserves.
    4.Change amountof
    defined benefitplans
    that carryforward
    Retained earnings
    5.Other
    comprehensive
    income carry-over
    retained earnings
    6.Other
    (V). Specialreserves
    1. Providedthisyear
    2.Used thisterm
      (VI)Other
    IV.Balanceatthe   5,250,283,986            5,102,846,886     607,522,715     8,245,767,593      5,344,946,034      24,551,367,214  7,578,955,323 32,130,322,537
    end ofthisterm
    
    
    Amount in last year
    
    In RMB
    
                                                                      Semi-annual of2018
                                                 Owner’s equityAttributabletotheParentCompany
                                Other Equity
                                 instrument
          Items                                       Less:   Other   Speci           Comm                              Minor      Totalof
                     share Capita  prefe Sust Othe   rCesaeprivtaelsSshianreComprehens arleizseerdrSeuserprvluesspornorviisskiRpetraoifnitedOther   Subtotal    shareeqhuoiltdyers’owners’equity
                               rred  aina  r            stock iveIncome  ve              on
                               stock ble
                                   debt
    I.Balance attheendof  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 ofprevious
    errors
    Merger ofentities
    under commoncontrol
         Other
    II.Balance atthe
    beginning ofcurrent   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 inthe                                          -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
    comprehensiveincome
    (II)Investmentor
    decreasing ofcapitalby                                                                        -36,857           -36,857  -132,080,000  -132,116,857
    owners
    1.OrdinarySharesinv                                                                                                4,000,000    4,000,000
    ested byshareholders
    2.Holders ofothereq
    uity instrumentsinveste
    d capital
    3.Amountofshares
    paid andaccountedas
    owners’equity
    4.Other                                                                                 -36,857           -36,857  -136,080,000  -136,116,857
    (III)Profitallotment                                                     243,791,419       -663,814,138       -420,022,719  -327,712,545  -747,735,264
    1.Providingofsurplus                                                      243,791,419       -243,791,419
    reserves
     2.Providing      of
    common        risk
    provisions
    3.Allotmenttothe
    owners (or                                                                            -420,022,719       -420,022,719  -327,712,545  -747,735,264
    shareholders)
       4.Other
    (IV) Internal
    transferringofowners’
    equity
    1. Capitalizingof
    capital reserves(orto
    capital shares)
    2. Capitalizingof
    surplus reserves(orto
    capital shares)
    3.Makinguplossesby
    surplus reserves.
    4.Change amountof
    defined benefitplans
    that carryforward
    Retainedearnings
    5.Other
    comprehensiveincome
    carry-over retained
    earnings
    6.Other
    (V). Specialreserves
    1. Providedthisyear
    2.Used thisterm
      (VI)Other
    IV.Balanceattheend  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 thisterm
    
    
    8. Statement of change in owner’s Equity of the Parent Company
    
    Amount in this period
    
    In RMB
    
                                                                             Semi-annual of2019
                                                OtherEquityinstrument                             Speci
                  Items                Sharecapital  preferre Sustain      Capitalreserves SLheasrse:sComOprtheherensivalized   Surplus   Retainedprofit Oth Totalofowners’
                                                d stock  able  Other            instock   eIncome   reser   reserves              er     equity
                                                       debt                                    ve
    I.Balance attheendoflastyear             5,250,283,986                   5,605,794,601        550,010,133      7,834,155,143 4,472,241,538    23,712,485,401
    Add: Changeofaccountingpolicy
    Correcting ofpreviouserrors
         Other
    II.Balance atthebeginningofcurrentyear      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 inthecurrentyear                                                            57,512,582       411,612,450  154,867,058      623,992,090
    (I)Totalcomprehensiveincome                                                          57,512,582                 881,496,547      939,009,129
    (II) Investmentordecreasingofcapitalby
    owners
    1.Ordinary Sharesinvestedbyshareholders
    2 .Holdersofotherequityinstrumentsinveste
    d capital
    3.Amount ofsharespaidandaccountedas
    owners’equity
    4.Other
    (III)Profit allotment                                                                               411,612,450  -726,629,489      -315,017,039
    1.Providing ofsurplusreserves                                                                          411,612,450  -411,612,450
    2.Allotment totheowners(orshareholders)                                                                           -315,017,039      -315,017,039
    3.Other
    (IV) Internaltransferringofowners’equity
    1. Capitalizingofcapitalreserves(ortocapital
    shares)
    2. Capitalizingofsurplusreserves(ortocapital
    shares)
    3.Making uplossesbysurplusreserves.
    4.Change amountofdefinedbenefitplansthat
    carry forward
    Retained earnings
    5.Other comprehensiveincomecarry-over
    retained earnings
    6.Other
    (V) Specialreserves
    1. Providedthisyear
    2.Used thisterm
    (VI)Other
    IV.Balanceattheendofthisterm           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 of2018
                                                OtherEquityinstrument
                  Items                ShareCapital  preferr Sustaina         Capital    SLheasrse:sComOptrheehrensiSpizeecdialSurplus     Retained   Other   Totalof
                                                 ed   bledebt Other   reserves   instock  veIncome  reserve   reserves      profit        owners’equity
                                                stock
    I.Balance attheendoflastyear             5,250,283,986                  5,605,794,601        137,001,523      7,590,363,724 3,960,056,960     22,543,500,794
    Add: Changeofaccountingpolicy
    Correcting ofpreviouserrors
         Other
    II.Balance atthebeginningofcurrentyear      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 inthecurrentyear                                                          -46,851,817        243,791,419  332,669,573       529,609,175
    (I)Totalcomprehensiveincome                                                        -46,851,817                  996,520,568       949,668,751
    (II) Investmentordecreasingofcapitalby                                                                                -36,857          -36,857
    owners
    1.Ordinary Sharesinvestedbyshareholders
    2 .Holdersofotherequityinstrumentsinveste
    d capital
    3.Amount ofsharespaidandaccountedas
    owners’equity
    4.Other    -36,857          -36,857
    (III)Profit allotment                                                                               243,791,419 -663,814,138       -420,022,719
    1.Providing ofsurplusreserves                                                                          243,791,419 -243,791,419
    2.Allotment totheowners(orshareholders)                                                                          -420,022,719       -420,022,719
    3.Other
    (IV) Internaltransferringofowners’equity
    1. Capitalizingofcapitalreserves(ortocapital
    shares)
    2. Capitalizingofsurplusreserves(ortocapital
    shares)
    3.Making uplossesbysurplusreserves.
    4.Change amountofdefinedbenefitplansthat
    carry forwardRetainedearnings
    5.Other comprehensiveincomecarry-over
    retained earnings
    6.Other
    (V) Specialreserves
    1. Providedthisyear
    2.Used thisterm
    (VI)Other
    IV.Balanceattheendofthisterm           5,250,283,986                  5,605,794,601         90,149,706      7,834,155,143 4,292,726,533     23,073,109,969
    
    
    III.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 the Company’s
    
    registered office and head office is F33~F36 South Tower Building of Yudean Square on 2nd Tianhe East Road,
    
    Guangzhou City, Guangdong Province, the People’s Republic of China. The Company’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 the People’s Government of Guangdong Province.
    
    The Company’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 the Company’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
    
    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 if there’s indications that the assets may be impaired the balance sheet date.
    
    When assessing whether there’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 the management’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.
    
    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
    
    The Company’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
    
    The Company’s functional currency is Renminbi and these financial statements are presented in Renminbi.
    
    5. Accounting process method of enterprise consolidation under same and different controlling.
    
    (1) Business combinations involving enterprises under common control
    
    The consideration the combining party paid for the combination and the carrying amount of the net 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
    
    The acquirer’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
    
    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 the Company’s policies and accounting period. For business combination not obtained under common control,
    
    the financial statements have been adjusted based on the fair value of net recognisable asset on the acquisition
    
    date.
    
    All significant intra-group balances, transactions and unrealised profits are eliminated in the consolidated financial
    
    statements. The portion of subsidiaries’ owners’ equity and the portion of subsidiaries’ 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 under owners’ 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 the Company’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
    
    parent company’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;
    
    (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
    
    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.
    
    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 in owners’ 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
    
    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..
    
    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 the Company’s long-term equity investments in its subsidiaries and the
    
    Group’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 the Company’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 absorbing party’s share of the carrying amount of owners’ equity of the party being absorbed at the
    
    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
    
    the Group’s share of the fair value of the investee’s identifiable net assets at the time of acquisition, the investment
    
    is initially measured at cost. Where the initial investment cost is less than the Group’s share of the fair value of the
    
    investee’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 the investor’s net investment in the investee are reduced to zero.
    
    However, if the Group has obligations for additional losses and the criteria with respect to recognition 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 in shareholders’ equity of the investee (other than net profits or losses), and include the
    
    corresponding adjustment in shareholders’ equity. The carrying amount of the investment is reduced by the
    
    Group’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 the
    
    Group’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 an investee’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
    
    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 investment property’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
    
          Category         Themethodfor      Expectedusefullife   Estimatedresidualvalue     Depreciation
                          depreciation          (Year)
    House andbuilding      Straight-linemethod  6-50years          5%               1.90%-15.83%
    Generation equipment    Straight-linemethod  3-31years          0%-5%            3.06%-33.33%
    Transportation          Straight-linemethod  5-15years          0%-5%            6.33%-20%
    equipment
    Other equipment        Straight-linemethod  3-22years          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.
    
    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.
    
    (2)Accounting policies for the internal research and development expenditure
    
    The internal R&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
    
    the R&D activities.
    
    The expenditure for the planned survey, evaluation and selection phases for the R&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 the R&D projects is that for the development phase, among
    
    which, that complied with the following conditions will be capitalized:
    
    The development of R&D projects has been demonstrated sufficiently by the technology team;
    
    The Management Layer has already approved the budget for the development of R&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 the asset’s carrying amount exceeds its recoverable
    
    amount. The recoverable amount is the higher of an asset’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.
    
    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
    
    The Company’s post-employment benefits scheme includes both Defined Contribution Plan (DCP) and Defined
    
    Benefit Plan (DBP). A DCP is a pension plan under which the Company pays fixed contributions into a 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, the Company’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
    
    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 the Group’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
    
    the Group’s subsidiaries, if an employee’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
    
    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 the Group’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 are met:
    
    (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
    
    the customer’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
    
    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
    
    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 if there’s indications that the assets may be impaired at the balance sheet date. When assessing
    
    whether there’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 the Group’s net profit
    
    (c) Income taxes
    
    The Group is subject to income taxes in numerous jurisdictions. There are some transactions and events for which
    
    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 contentandreasonforchangeofaccountingpolicy               Appovalprocess           Remark
    According to the requirementsof the Ministry of Finance's AccountingOn March20,2019,the FifthMeetingof
    Standards for Business Enterprises No.22, Accounting Standards for the Audit Committeeof the Ninth Board
    Business  Enterprises No.23, Accounting Standards for Businessof Directors of the Companydeliberated
    Enterprises No.24revisedandissuedonMarch31,2017andAccountingand passed the Proposal on Changes in
    Standards for Business EnterprisesNo.37revised and issued on May 2, AccountingPoliciesandagreedtosubmit
    2017 (hereinafter referred to as "New Financial Instrument Standard")the proposalto the BoardofDirectorsof
    and theNoticeonRevisingandIssuingtheFormatofGeneralEnterprisethe Company for deliberation. On April
    Financial Statementsfor2019(CK[2019]No.6)onApril30,2019,based11,2018,the eighth meetingofthe ninth
    on the Group's business model of managing financial assets and theBoard of Directors of the Company
    contractual cash flow characteristicsof financial assets, the investmentsdeliberated 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 financialassetsaccountedfor byfair valueand theirchangessupervisors of the company respectively
    are includedinothercomprehensiveincome,andreportedinotherequity expressedindependentopinionsandaudit
    instruments.                                         opinionsonthismatter.
    
    
    (2) Change of main accounting estimations
    
    √ Applicable □ Not applicable
    
    Content of and Reasons for the Changes in AccountingApprovalprocess                    Applicable   Remark
    Estimates                                                                 starttime
    According tothe NoticeofGuangdongDevelopmentand On December 27, 2018, the Audit Committee
    Reform Commissionon ShuttingdownUnit1 ofShajiaoof the Ninth Board of Directors of the January1,
    A Power Plant and Unit 2 of Shajiao B Power PlantCompanyhelditsfourthmeeting,reviewedthe 2019
    (GFGNDH  [2018] No 5354) and the Request ofProposal on Adjusting Depreciation Years of
    Guangdong Development and Reform Commission on Fixed Assets in Shajiao A Power Plant and
    Decommissioning  of  Shajiao  Power  Plant  and agreedtosubmitittotheBoardofDirectorsof
    Construction of Alternative Power Sources (YFGNDthe Companyfor deliberation. On January 25,
    [2018] No361),unit1ofShajiaoAPowerPlant,abranch2019, the seventh meeting of the ninth Board
    of the company,has beenshut down in November2018, of Directors of the Company deliberated and
    units 2and3 are expectedtobeshut downbythe end of passed  the  Proposal  on  Adjusting  the
    2019, and units4 and 5 are expectedto beshut down by DepreciationPeriodofFixedAssetsofShajiao
    the end of 2023. Accordingto the currentunit shutdownAPower Plant. The independent directors and
    plan ofShajiaoAPowerPlant,theCompanyexpectsthat the board of supervisors of the company
    the servicelife ofsome ofits fixedassetswill be greatlyrespectively expressed independent opinions
    shortened.  According to Article 19 of Accountingand verification opinions on this matter.
    Standards forBusinessEnterprisesNo.4-FixedAssets,the According to the relevant provisions of the
    Company plans to adjustthe depreciationperiodoffixedShenzhen Stock Exchange Listing Rules and
    assets relatedtoShajiaoAPowerPlanttomakeitmorein the Guidelines for the StandardizedOperation
    line withtheactualuseoffixedassets.              of Listed Companies on the Main Board of
                                           Shenzhen Stock Exchange (Revised in 2015),
                                           this adjustment of fixed asset depreciation
                                           period of Shajiao A Power Plant need not be
                                           submitted to the shareholders' meeting for
                                           deliberation.
    
    
    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                   December31,2018      January1,2019     Adjustmentamount
    Current asset:
                 Monetary fund                     5,574,382,892        5,574,382,892
               Settlement provision
    Outgoing callloan
    Transactional financialassets
      Financialassetsmeasuredatfairvaluewith
    variations accountedintocurrentincomeaccount
      Derivativefinancialassets
      Notesreceivable
        Accountreceivable                            3,358,331,949        3,358,331,949
        Financingofreceivables
                  Prepayments                       906,261,046         906,261,046
               Insurance receivable
               Reinsurancereceivable
       ProvisionsofReinsurancecontractsreceivable
        Otheraccountreceivable                          222,976,826         222,976,826
        Including:Interestreceivable                       18,856,569          18,856,569
            Dividend receivable
        Repurchasingoffinancialassets
        Inventories                                 1,481,817,270        1,481,817,270
        Contractassets
        Assetsheldforsales
    Non-current assetduewithin1year
        Othercurrentasset                              617,853,476         617,853,476
               Totalofcurrentassets                  12,161,623,459       12,161,623,459
               Non-current assets:
       Loansandpaymentonother’sbehalfdisbursed
    Debt investment
      Availableforsaleoffinancialassets                   1,565,806,331                       -1,565,806,331
        Otherinvestmentonbonds
      Expiredinvestmentinpossess
      Long-termreceivable                              89,762,071          89,762,071
      Longtermshareequityinvestment                    6,395,134,754        6,395,134,754
    Other equityinstrumentsinvestment                                     1,565,806,331      1,565,806,331
    Other non-currentfinancialassets
      Propertyinvestment                               10,810,722          10,810,722
        Fixedassets                                41,157,594,848       41,157,594,848
    Construction inprogress                            7,740,754,343        7,740,754,343
        Productionphysicalassets
        Oil&gasassets
        Userightassets
        Intangibleassets                              1,863,588,771        1,863,588,771
      Developmentexpenses
        Goodwill                                     2,449,886           2,449,886
      Long-germexpensestobeamortized                    22,089,179          22,089,179
      Deferredincometaxasset                           448,431,684         448,431,684
      Othernon-currentasset                           1,871,616,258        1,871,616,258
    Total ofnon-currentassets                          61,168,038,847       61,168,038,847
    Total ofassets                                  73,329,662,306       73,329,662,306
    Current liabilities
      Short-termloans                                7,526,000,000        7,526,000,000
     LoanfromCentralBank
      Borrowingfunds
        Transactionalfinancialliabilities
    Financial liabilitiesmeasuredatfairvaluewith
    variations accountedintocurrentincomeaccount
         Derivativefinancialliabilities
         Notes payable                               941,161,107         941,161,107
        Accountpayable                              2,196,600,415        2,196,600,415
        Advancereceipts                                  343,894            343,894
     Sellingofrepurchasedfinancialassets
        Deposittakingandinterbankdeposit
     Entrustedtradingofsecurities
    Entrusted sellingofsecurities
     Employees’wagepayable                           235,741,179         235,741,179
     Taxpayable                                     397,001,706         397,001,706
         Other accountpayable                        4,152,518,495        4,152,518,495
        Including:Interestpayable                         59,316,077          59,316,077
            Dividend payable                           9,703,930           9,703,930
        Feesandcommissionspayable
        Reinsurancefeepayable
    Contract Liabilities
        Liabilitiesheldforsales
      Non-currentliabilityduewithin1year                 2,779,347,654        2,779,347,654
    Other currentliability                              1,107,904,110        1,107,904,110
    Total ofcurrentliability                            19,336,618,560       19,336,618,560
    Non-current liabilities:
        Reservefundforinsurancecontracts
      Long-termloan                               18,802,292,664       18,802,292,664
     Bondpayable                                   838,326,742         838,326,742
      Including:preferredstock
      Sustainabledebt
         Lease liability
            Long-term payable                       2,311,513,249        2,311,513,249
      Long-termremunerationpayabletostaff                 122,913,388         122,913,388
     Expectedliabilities
        Deferredincome                               133,043,646         133,043,646
      Deferredincometaxliability                         100,726,841         100,726,841
    Other non-currentliabilities                           166,405,569         166,405,569
    Total non-currentliabilities                         22,475,222,099       22,475,222,099
    Total ofliability                                 41,811,840,659       41,811,840,659
    Owners’equity
      Sharecapital                                  5,250,283,986        5,250,283,986
      Otherequityinstruments
      Including:preferredstock
      Sustainabledebt
     Capitalreserves                                 5,102,846,886        5,102,846,886
      Less:Sharesinstock
    Other comprehensiveincome                          550,010,133         550,010,133
        Specialreserve
      Surplusreserves                                7,834,155,143        7,834,155,143
    Common riskprovision
    Retained profit                                  5,490,006,140        5,490,006,140
    Total ofowner’sequitybelongtotheparentcompany        24,227,302,288       24,227,302,288
    Minority shareholders’equity                         7,290,519,359        7,290,519,359
    Total ofowners’equity                            31,517,821,647       31,517,821,647
    Total ofliabilitiesandowners’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,
    
    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                   December31,2018      January1,2019     Adjustmentamount
    Current asset:
    Monetary fund                                    385,577,463         385,577,463
    Transactional financialassets
      Financialassetsmeasuredatfairvaluewith
    variations accountedintocurrentincomeaccount
      Derivativefinancialassets
        Notesreceivable
        Accountreceivable                             264,537,475         264,537,475
    Financing ofreceivables
        Prepayments                                  44,826,500          44,826,500
      Otheraccountreceivable                           375,296,228         375,296,228
        Including:Interestreceivable                        1,121,522           1,121,522
           Dividendreceivable                            447,956            447,956
        Inventories                                  187,058,140         187,058,140
        Contractassets
        Assetsheldforsales
        Non-currentassetduewithin1year
        Othercurrentasset                                 199,679            199,679
    Total ofcurrentassets                              1,257,495,485        1,257,495,485
    Non-current assets:
    Debt investment
      Availableforsaleoffinancialassets                   1,565,806,331                       -1,565,806,331
        Otherinvestmentonbonds
      Expiredinvestmentinpossess
      Long-termreceivable                              306,460,000         306,460,000
      Longtermshareequityinvestment                   24,699,820,321       24,699,820,321
    Other equityinstrumentsinvestment                                     1,565,806,331      1,565,806,331
    Other non-currentfinancialassets
      Propertyinvestment                                7,661,041           7,661,041
      Fixedassets                                    978,022,437         978,022,437
         Constructioninprogress                          9,394,075           9,394,075
        Productionphysicalassets
        Oil&gasassets
        Userightassets
        Intangibleassets                                86,681,362          86,681,362
      Developmentexpenses
        Goodwill
      Long-germexpensestobeamortized
      Deferredincometaxasset
      Othernon-currentasset                            356,004,000         356,004,000
    Total ofnon-currentassets                          28,009,849,567       28,009,849,567
    Total ofassets                                  29,267,345,052       29,267,345,052
    Current liabilities
        Short-termloans                              1,500,000,000        1,500,000,000
        Transactionalfinancialliabilities
    Financial liabilitiesmeasuredatfairvaluewith
    variations accountedintocurrentincomeaccount
         Derivativefinancialliabilities
        Notespayable
        Accountpayable                               223,827,319         223,827,319
      Advancereceipts
        ContractLiabilities
     Employees’wagepayable                            53,346,100          53,346,100
     Taxpayable                                     48,590,195          48,590,195
         Other accountpayable                           98,528,954          98,528,954
        Including:Interestpayable                         15,787,356          15,787,356
            Dividend payable                           9,703,930           9,703,930
        Liabilitiesheldforsales
      Non-currentliabilityduewithin1year
    Other currentliability                              1,107,904,110        1,107,904,110
    Total ofcurrentliability                            3,032,196,678        3,032,196,678
    Non-current liabilities:
      Long-termloan                                1,500,000,000        1,500,000,000
     Bondpayable                                   838,326,742         838,326,742
      Including:preferredstock
      Sustainabledebt
         Lease liability
        Long-termpayable                               4,340,898           4,340,898
      Long-termremunerationpayabletostaff                  32,170,769          32,170,769
     Expectedliabilities
        Deferredincome                                48,362,943          48,362,943
      Deferredincometaxliability                          99,461,621          99,461,621
    Other non-currentliabilities
    Total non-currentliabilities                          2,522,662,973        2,522,662,973
    Total ofliability                                 5,554,859,651        5,554,859,651
    Owners’equity
      Sharecapital                                  5,250,283,986        5,250,283,986
      Otherequityinstruments
      Including:preferredstock
      Sustainabledebt
      Capitalreserves                                5,605,794,601        5,605,794,601
      Less:Sharesinstock
    Other comprehensiveincome                          550,010,133         550,010,133
        Specialreserve
      Surplusreserves                                7,834,155,143        7,834,155,143
        Retainedprofit                               4,472,241,538        4,472,241,538
    Total ofowners’equity                            23,712,485,401       23,712,485,401
    Total ofliabilitiesandowners’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 oftax                  Taxbasis                              Taxrate
                                                       3%,6%,9%,10%,13%and16%(Accordingtothe
                                                       “NoticeoftheMinistryofFinanceandtheState
                    Taxablevalueaddedamount(Taxpayableis     AdministrationofTaxationonAdjustingthe
    VAT             calculatedusingthetaxablesalesamount       Value-AddedTaxRate”(CaiShui[2019]No.39)and
                    multiplied bytheapplicabletaxratelessdeductible relatedregulations,sinceApril1,2019thetaxrates
                    VATinputofcurrentperiod)                forthegroup'soriginalbusinesswhichwereapplicable
                                                       to16%and10%willbeadjustedto13%and9%
                                                       respectively)
    City maintenanceand  AmountofVAT,businesstaxandconsumptiontax 5%and7%
    construction tax     paid
    Corporate incometax  Taxableincome                        0%,12.5%,15%,20%and25%
    Education surcharges  BasedonVATpaid                      3%
    Local education     BasedonVATpaid                      2%
    surcharges
    House propertytax   Therentalincomeorresidualvalueoftheproperty 12%and1.2%
    
    
    In case there exist any taxpayer paying corporate income tax at different tax rates, disclose the information
    
                    Nameoftaxpayer                                Incometaxrates
    Dianbai Windpower                              12.50%
    Qujie WindPower                               12.50%
    Leizhou WindPower                              0%
    Zhanjiang ElectricPowerCo.,Ltd.                    15%
    Zhanjiang YuhengElectricPowerMaintenanceandInstallation  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 are 12.5%,12.5% and 0%
    
    in 2019 (2018:0%, 0% and 0%) 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 the People’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 is 15% (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 to 50% of its income and was subject to enterprise income tax at the tax rate of 20%.
    
    Therefore, the applicable enterprise income tax rate for Yuheng Electric is 20% (2018: 20%).
    
    3.Other
    
    VII. Notes on major items in consolidated financial statements
    
    1. Monetary funds
    
    In RMB
    
                 Items                      Closingbalance                  Openingbalance
    Cash onhand                                            42,282                        31,413
    Cash atbank                                        5,196,580,593                   5,570,351,479
    Other cashbalance                                       3,111,720                      4,000,000
    Total                                             5,199,734,595                   5,574,382,892
    
    
    Other notes
    
    1.As of June 30,2019,The company’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                         Closingbalance             Openingbalance
    Financial assetsmeasuredatfairvaluethroughprofitor                     37,203
    loss
      Ofwhich :
      Ofwhich:
    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
    
                              Closingbalance                             Openingbalance
                   Book balance       Baddebt                  Bookbalance       Baddebt
       Category                      provision                                  provision
                           Proport       Propo  Bookvalue              Proport       Propor  Bookvalue
                  Amount    ion% Amount rtion               Amount    ion% Amount tion%
                                         %
    Of which:
    Accrual ofbad   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
    by portfolio
    Of which:
    Low risk       3,255,023,49999.72%      0  0%  3,255,023,499  3,345,279,051 99.61%     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
    
                          Bookbalance                       Daddebtreserves
                   Amount                  Expected credit loss for the  Amount
                                           entireduration
     Lowriskportfolio              33,255,023,499                  0.00%                     -
     Otherportfolio                   9,274,969                  1.94%                180,155
                               3,264,298,468                                       180,155
    
    
    Disclosure by aging
    
    In RMB
    
                   Aging                           Closingbalance
    Within 1year(Including1year)                                    3,264,118,313
    Within 1year                                                  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 debt provision:
    
    In RMB
    
                                          Amountofchangeinthecurrentperiod
        Category      Openingbalance      Accrual        Reversedor       Write-off      Closingbalance
                                                 collectedamount
    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
    
    (3)Top 5 of the closing balance of the accounts receivable collected according to the arrears party
    
            Debtor               Bookamount          Provisionforbaddebts           Proportion%
     GPGC                            2,963,751,203                     -                   90.79%
     Shenzhen  Powersupply
     Bureau                             248,592,385                     -                    7.62%
     GPGC,ZhanjiangPower
     supplyBureau                         17,543,877                     -                    0.54%
     GPGC,MaomingPower
     supplyBureau                         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
    
           Aging                  Closingbalance                        Openingbalance
                           Amount           Proportion%          Amount          Proportion%
    Within 1year                 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 3years                    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
    
                  Name               Relationshipwiththe    Amount       Proportion%       Reason
                                         company
                                      The jointventure
     GuangdongPowerIndustryFuelCo.,Ltd.      withGuangdong     523,735,826           62.02%
                                       group control
     GuangdongZhutou Electric Power fuel Co.,     Thirdparty       126,998,446           15.04%
     Ltd.
     GuangdongYudeanNaturalgasCo.,Ltd.       Relatedparty       44,552,246            5.28%
     GuangzhouPortCo.,Ltd.RailwayBranch       Thirdparty        37,503,567            4.44%
     Guangzhu Railway Co., Ltd. Gaolanjian     Thirdparty        22,950,521            2.72%
     StationSpecialincomeaccount
                  Total                                 755,740,606           89.49%
    
    
    Other notes
    
    8. Other accounts receivable
    
    In RMB
    
                 Items                      Closingbalance                  Openingbalance
    Interest receivable                                      23,038,895                      18,856,569
    Other accountsreceivable                                275,581,692                     204,120,257
    Total                                              298,620,587                     222,976,826
    
    
    (1)Interest receivable
    
    1) Category of interest receivable
    
    In RMB
    
                 Items                      Closingbalance                  Openingbalance
    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                    Closingbookbalance               Openingbookbalance
    Supplementarymedicalinsurancefund                        81,803,575                      74,967,255
    receivable
    Sales ofby-productsreceivable                             106,675,936                      61,562,471
    Land receivabledeposit                                  23,446,000                      23,446,000
    Receivable pettycash                                    13,373,636                      8,207,879
    Advances receivable                                    13,569,871                      5,423,464
    Government subsidyreceivable                              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 DebtReserves          Stage1            Stage2             Stage3           Total
                          Expectedcreditlosses  Expectedcreditlossover Expectedcreditlossesfor
                            overthenext12   life(nocreditimpairment) theentireduration(credit
                              months                          impairmentoccurred)
    Balance asatJanuary1,2019          2,437,143                              7,007,712       9,444,855
    Balance asatJanuary1,2019       ——              ——               ——            ——
    in current
    Accrual inthecurrentperiod            500,995                                             500,995
    Balance asatJune30,2019            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                                    Closingbalance
    Within 1year(Including1year)                                                        234,638,906
    Within 1year                                                                     234,638,906
    1-2 years                                                                         39,552,832
    2-3 years                                                                            20,259
    Over 3years                                                                        1,369,695
      3-4years                                                                         315,000
      Over5years                                                                      1,054,695
    Total                                                                           275,581,692
    
    
    3) Accounts receivable withdraw, reversed or collected during the reporting period
    
    The withdrawal amount of the bad debt provision:
    
    In RMB
    
                                           Amount ofchangeinthecurrentperiod
          Category         Openingbalance         Accrual        Reversedorcollected     Closingbalance
                                                              amount
    Other accountreceivable           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     ExpectedcreditLossrate   Provisionforbaddebts       Reason
                                          for thenext12months
     Lowriskportfolio             215,835,109                 0.00%                 -   Expectedcredit
                                                                               Loss method
     Otherportfolio                62,684,721                 4.69%           2,938,138   Expectedcredit
                                                                               Loss 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
    
                   Book balance    Expectedcreditlossrateoverthe  Provision for bad        Reason
                                        entire life          debts
     Accrualby           7,007,712                   100.00%        7,007,712   Unexpectedtorecover
     singleitem
    
    
    Of which the significant amount of the reversed or collected part during the reporting period
    
    Not applicable
    
    4) Top 5 of the closing balance of the other accounts receivable collected according to the arrears party
    
    In RMB
    
                                                                    Proportionofthe    Closing
               Name                 Nature         Closing     Aging   totalyearendbalance balanceofbad
                                                 balance              oftheaccounts   debtprovision
                                                                      receivable
    GuangdongYudeanEnvironmental  Salesofby-products     94,790,847  Within1           33.20%         0
    Protection Co.,Ltd.            receivable                        year
    TaikangEndowmentInsuranceCo.,  Supplementarymedical             Within1
    Ltd. GuangdongBranch         insurancefundsshallbe    81,803,575   year             28.65%         0
                              receivable
    Maoming BoheXingangDistrict    Landreceivabledeposit    23,446,000  1-2years            8.21%         0
    Construction CommandOffice
    Maoming PetrochemicalShengli    Salesofby-products       4,270,034  Within1            1.50%         0
    cement Co.,Ltd.              receivable                        year
    Huilai CountyTaxationBureau     Governmentsubsidy       3,490,978  1-2years            1.22%         0
                              receivable
    Total                              --          207,801,434    --              72.78%         0
    
    
    (5) Account receivables with government subsidies involved
    
    In RMB
    
           Name           Projectname      Amountinyear-end    Attheendofaging   Estimatedtime,amount
                                                                               and basis
    Huilai StateTaxation   VATisrefunded                 3,490,978      1-2years      Expectedtoberecovered
    Bureau             immediately                                            thefollowingyear
    Xuwen StateTaxation   VimAmTeidsiraetfeulynded          418,619      1-2years      Expectedtoberecovered
    Bureau                                                                 thefollowingyear
    
    
    9. Inventories
    
    Whether implemented new revenue guidelines?
    
    □ Yes √No
    
    (1)Category of Inventory
    
    In RMB
    
                            Closingbookbalance                       Openingbookbalance
        Items      Bookbalance    PrionvviesniotonryforBookvalue    Bookbalance    PrionvviesniotonryforBookvalue
                               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
    
    No
    
    (2) Inventory depreciation reserve
    
    In RMB
    
        Items       Beginningof      Increasedincurrentperiod       Decreasedincurrentperiod      Endofterm
                     term        Provision       Other     Transferredback     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 of 250#
    
    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
    
                 Items                     Year-endbalance                Year-beginningbalance
    Deductible VAT                                      306,883,288                     613,635,937
    Pending disposalofothercurrentassets                           24,272                        35,828
    Prepayment ofincometax                                  3,006,722                      4,181,711
    Total                                              309,914,282                     617,853,476
    
    
    14.Creditor's rights investment
    
    Not applicable
    
    15.Other creditor's rights investment
    
    Not applicable
    
    16. Long-term accounts receivable
    
    (1) List of long-term accounts receivable
    
    In RMB
    
                           Closing balance                     Openingbalance
         Items                Provisionfor                       Provisionfor            Discountrate
                  Bookbalance   inventory    Bookvalue  Bookbalance   inventory    Bookvalue    interval
                             impairment                        impairment
    After-sale         90,938,922          0   90,938,922   89,762,071          0   89,762,0715.40%-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
    
                             Stage1          Stage2             Stage3
        Bad DebtReserves      EloxspseecsteodvecrrethdeitExpecltiefde(cnreodcirteldoistsover Ethxepeencttierdecdruerdaittiolonss(cersefdoirtTotal
                           next12months      impairment)       impairmentoccurred)
    Balance asatJanuary1,2019             0                 0                  0                0
    Balance asatJanuary1,2019      ——            ——               ——              ——
    in currentperiod
    Balance asatJune30,2019               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
                                  Profits and   Other                Wraiwthadl              Closing
               Opening  Additi Decre   losseson        Chan Cashbonusor  of                  balanceofInvestees
               balance    onal  asein  investments  choemnspirvegesin   profits   impair Oth Closingbalance impairment
                       invest invest  Recognized       other announcedto       erement                 provision
                       ment  ment   underthe   income equity    issue    provis
                                 equity method                      ion
    I. Jointventures
    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
    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                      Closingbalance                  Openingbalance
    Shenzhen CapitalGroupCo.,Ltd.                           877,203,191                     799,040,951
    Sunshine InsuranceGroupCo.,Ltd.                          356,000,000                     356,000,000
    Shanghai ShenergyGroup                                333,748,822                     270,997,380
    Shenzhen EnergyCo.,Ltd.                                78,120,000                      66,150,000
    Southern OffshorewindpowerUnion                         70,000,000                      70,000,000
    Development Co.,Ltd
    GMG InternationalTenderingCo.,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
    
                                               Amountof                         Reasonsforother
                    Recognized            Accum    other     Reasonsforbeingmeasuredat   comprehensive
         Name        dividend   Accumulating ulating comprehensive fairvalueandwhosechangesare    income
                      income      gains    losses    income    includedinothercomprehensive  transferredto
                                              transferredto          income         retainedearnings
                                             retainedearning
                                                        The assetheldbythecompany
                                                        is neitherforsalenorfor
    Shenzhen Capital      18,483,929  618,905,751                 obtainingthecontractcashflow,
    Group Co.,Ltd.                                         andthechangesinitsfairvalue
                                                        will notaffecttheprofitandloss,
                                                        so itisplacedinthisaccount.
    Shanghai Shenergy     11,106,450  97,910,835                 Theassetheldbythecompany
    Group                                                isneitherforsalenorfor
                                                        obtaining thecontractcashflow,
                                                        and thechangesinitsfairvalue
                                                        will notaffecttheprofitandloss,
                                                        so itisplacedinthisaccount.
                                                        The assetheldbythecompany
                                                        is neitherforsalenorfor
    Shenzhen Energy        630,000   62,229,373                 obtainingthecontractcashflow,
    Co., Ltd.                                              andthechangesinitsfairvalue
                                                        will notaffecttheprofitandloss,
                                                        so itisplacedinthisaccount.
                                                        The assetheldbythecompany
                                                        is neitherforsalenorfor
    GMG International       360,000   1,980,000                 obtainingthecontractcashflow,
    TenderingCo.,Ltd.                                       andthechangesinitsfairvalue
                                                        will notaffecttheprofitandloss,
                                                        so itisplacedinthisaccount.
                                                        The assetheldbythecompany
                                                        is neitherforsalenorfor
    Sunshine Insurance                                       obtainingthecontractcashflow,
    Group Co.,Ltd.                                         andthechangesinitsfairvalue
                                                        will notaffecttheprofitandloss,
                                                        so itisplacedinthisaccount.
                                                        The assetheldbythecompany
    Southern Offshore                                        isneitherforsalenorfor
    wind powerUnion                                        obtainingthecontractcashflow,
    Development Co.,                                        andthechangesinitsfairvalue
    Ltd                                                  willnotaffecttheprofitandloss,
                                                        so itisplacedinthisaccount.
    
    
    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       Landuseright     Constructioninprocess        Total
    I. Originalprice
    1. Balanceat                   23,350,683                                            23,350,683
    period-beginning
    2.Increase inthecurrent
    period
      (1)Purchase
    (2)Inventory\Fixed
    assets\  Transferredfromc
    onstruction inprogress
      (3)Increasedof
    Enterprise Combination
    3.Decreased amountofthe
    period
        (1)Dispose
        (2)Otherout
    4. Balanceatperiod-end           23,350,683                                            23,350,683
    II.Accumulated
    amortization
      1.Openingbalance             12,539,961                                            12,539,961
    2.Increased amountofthe            712,817                                              712,817
     period
        (1)Withdrawal                712,817                                              712,817
    3.Decreased amountofthe
    period
        (1)Dispose
        (2)Otherout
      4.Balanceatperiod-end          13,252,778                                            13,252,778
    III. Impairmentprovision
    1. Balanceat
    period-beginning
      2.Increasedamountof
    the period
        (1)Withdrawal
    3.Decreased amountofthe
    period
        (1)Dispose
         (2)Other out
    4. Balanceatperiod-end
    IV.Bookvalue
    1.Book valueatperiod             10,097,905                                            10,097,905
    -end
      2.Bookvalueat                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                      Closingbalance                  Openingbalance
    Fixed assets                                       40,070,396,463                   41,146,148,282
    Disposal offixedassets                                   26,711,295                      11,446,566
    Total                                            40,097,107,758                   41,157,594,848
    
    
    (1) List of long-term accounts receivable
    
    In RMB
    
    Items           House,building       Machinery      Transportations    Otherequipment       Total
                                     equipment
    I. Originalprice
    1. Balanceat          18,598,681,407    58,157,094,942      601,983,027     1,313,127,190    78,670,886,566
    period-beginning
    2.Increase inthe           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) Transferredfr        2,075,990      765,237,427                      1,172,272      768,485,689
    om constructioninp
    rogress
      (3)Increasedof
    Enterprise
    Combination
    3.Decreased amount        26,229,160      178,806,243        9,003,281       10,912,394      224,951,078
    of theperiod
      (1)Disposal         26,229,160      178,806,243        9,003,281       10,912,394      224,951,078
    4. Balanceat          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
     oftheperiod
        (1)Withdrawal       233,021,737     1,525,292,052        8,871,066       93,700,948     1,860,885,803
      3.Decreaseinthe        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 inthe
     reportingperiod
    (1)Withdrawal
    3.Decrease in                          157,676,207                                   157,676,207
     thereportingperiod
    (1)Disposal                         157,676,207                                   157,676,207
    4. Closingbalance        137,793,202      675,903,004        1,656,135        4,003,914      819,356,255
    IV.Bookvalue
    1.Book valueofthe     11,699,200,233    27,888,271,188      148,374,121      334,550,921    40,070,396,463
     period-end
    2.Book valueofthe     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
    
    (3) Fixed assets leased in from financing lease
    
    In RMB
    
           Items         Originalbookvalue      Accumulated      Impairmentprovision      Bookvalue
                                           depreciation
    Jinghai financingleasing        1,000,000,000         799,583,333                           200,416,667
    assets
    Zhongyue financing             900,000,000         331,165,204                           568,834,796
    leasing assets
    Yuejiangfinancing            1,121,850,800         307,430,267                           814,420,533
    leasing assets
    
    
    (4) Fixed assets leased in the operating leases
    
    In RMB
    
                        Items                                    Endbookvalue
    House andBuilding                                                                   1,240,810
    
    
    (5) Fixed assets without certificate of title completed
    
    In RMB
    
                 Items                       Bookvalue                       Reason
    House andBuilding                                    174,479,826Temporarilyinthegovernmentapproved
                                                              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                      Closingbalance                  Openingbalance
    Parts ofpowergenerationequipmenthave                      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                      Closingbalance                  Openingbalance
    Construction inprogress                                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
    
                                     Closingbalance                       Openingbalance
             Items          Bookbalance  Provisionfor   Bookvalue   Bookbalance  Provisionfor   Bookvalue
                                      impairment                          impairment
    Bohe Coalintegrationproject    5,589,561,855             5,589,561,855  5,412,887,911            5,412,887,911
    Qujie Wailuooffshorewind     1,276,013,697             1,276,013,697   543,716,851              543,716,851
    power project
    YangjiangShapaoffshorewind    232,363,528              232,363,528   232,363,528              232,363,528
    power project
    Zhuhai JinwanElectricoffshore    43,915,032               43,915,032    43,915,032              43,915,032
    wind powerproject
    Humen Electric2*1000MW      137,373,040  137,373,040           0   137,373,040 137,373,040           0
    project
    Huadu thermalandpower       106,288,566              106,288,566    89,786,127              89,786,127
    cogeneration project
    Huizhou NaturalGasthermal
    and powercogeneration         13,756,102               13,756,102   554,922,342              554,922,342
    expansion project
    Red BayNo.5&6generator       26,446,446               26,446,446    26,446,446              26,446,446
    units
    Other technologyimprovement    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
    constructionprojects
    Total                    8,537,916,459  166,095,693  8,371,820,766  7,905,404,479 166,095,693   7,739,308,786
    
    
    (2) Changes of significant construction in progress
    
    In RMB
    
                            Amount at             Transferred                                   Capitalisatio  Including:  Capitalisatio
        Name       Budget       year     Increaseat    tofixed    Other  Balancein    Proportion Progress  nofinterest Currentamount nofinterest   Sourceof
                             beginning   thisperiod    assets    decrease year-end       (%)    ofwork  accumulated ofcapitalization  ratio(%)     funds
                                                                                             balance     ofinterest
    Bohe Coal    Loansfrom
    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 thermaland    Loansfrom
    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
    expansionproject
    Qujie Wailuo    Loansfrom
    offshorewind    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 BayNo.5&6  7,714,370,000   26,446,446                               26,446,446    0.30%   0.30%                               Other
    generator units
    YangjiangShapa    Loansfrom
    offshorewind    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         43,418,720,0007,739,308,786 1,447,083,156 768,485,689 46,085,487 8,371,820,766    --       --    724,113,963    51,574,753              --
    
    
    (3) List of the withdrawal of the impairment provision of the construction in progress
    
    Not applicable
    
    (4)Engineering material
    
    In RMB
    
                                     Endofterm                        Beginningofterm
            Items         Bookbalance   Provisionfor   Bookvalue   Bookbalance  Provisionfor   Bookvalue
                                      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
    
    26. Intangible assets
    
    (1) Information
    
    In RMB
    
                                                                       Electric
                 Landuse      Non-patent        Franchise Seause Transportationtransmission
        Items       right   Patent Technology Software   right    right     project   projectand  Other    Total
                                                                      microwave
                                                                       project
    I. Originalprice
       1.Opening  2,111,186,109        881,063 116,800,217 13,720,736 129,906,544    22,468,672  442,517,684 2,148,357 2,839,629,382
    balance
       2.Increased
     amountofthe                         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 ofthe                           540,902                                  2,765,281   3,306,183
    period
    (1)Disposal                          540,902                                  2,765,281   3,306,183
    4. Balanceat    2,111,186,109        881,063 121,807,984 13,720,736 129,906,544    22,468,672  442,517,684 8,312,000 2,850,800,792
    period-end
    II.Accumulated
    amortization
    1. Balanceat    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. Increaseinthe  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 ofthe                           455,347                                           455,347
    period
      (1)Disposal                        455,347                                           455,347
    4. Balanceat     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. Balanceat     56,502,373                                       1,021,604   33,189,374        90,713,351
    period-beginning
    2. Increaseinthe
    current period
    (1) Withdrawal
    3.Decreased
    amount ofthe
    period
    (1)Disposal
    4. Balanceat     56,502,373                                       1,021,604   33,189,374        90,713,351
    period-end
    4. Bookvalue
    1.Book valueat  1,695,217,623        559,220 32,187,617 3,386,818 105,768,426                   7,995,721 1,845,115,425
    period -end
    2.Book valueat  1,718,624,615        628,618 32,068,379 3,527,889 106,802,652                   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                       Bookvalue                       Reason
    Land useright                                         33,714,612Landuseapprovalprocedureinprogress
    
    
    27. Development expenditure
    
    Not applicable
    
    28. Goodwill
    
    (1) Original book value of goodwill
    
    In RMB
    
       Nameoftheinvesteesortheevents     Openingbalance       Increase          Decrease     Closingbalance
             formedgoodwill
    Province WindPower                      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
    
       Nameofthe
      investeesorthe  Openingbalance          Increase                  Decrease          Closingbalance
      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
    
         Items         Balancein      Increaseatthis     Amortization     Otherdecrease   Balanceinyear-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 inyear-end                     Balanceinyear-begin
           Items        Deductibletemporary   Deferredincometax   Deductibletemporary   Deferredincometax
                           difference            assets            difference            assets
    Provision forasset              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 incomefromtestrun
    included inconstruction          169,034,589          39,513,222         169,034,589          39,513,222
    in progress
    Employee benefits               98,124,525          22,227,221          98,124,525          22,227,221
    payable
    Depreciation offixed             77,115,313          19,278,829          77,115,313          19,278,829
    assets
    Capital governmentgrant          78,570,400          19,642,600          78,570,400          19,642,600
    Amortisation oflanduse           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
    
           Items                  Balanceinyear-end                     Balanceinyear-begin
                      TemporarilyDeductable  DeferredIncomeTax  TemporarilyDeductable  DeferredIncomeTax
                       orTaxableDifference       liabilities       orTaxableDifference       liabilities
    Changes infairvalueof
    available-for-sale
    financial assetsincluded          759,500,054         189,875,013         704,342,515         176,085,629
    in othercomprehensive
    income
    Net expensesintestrun
    included inconstruction           52,176,856          13,044,215          52,176,856          13,044,215
    in progress
    Amortisation oflanduse           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-offbetweenthe  Endbalanceofdeferred  Trade-offbetweenthe    Openingbalanceof
           Items         deferredincometax    incometaxassetsor    deferredincometax    deferredincometax
                        assetsandliabilities    liabilitiesafteroff-set   assetsandliabilitiesat  assetsorliabilitiesafter
                                                             period-begin           off-set
    Deferred  income  tax         -39,350,846         456,618,087         -92,611,758         448,431,684
    assets
    Deferred      income         -39,350,846         167,777,137         -92,611,758         100,726,841
    liabilities
    
    
    (4)Details of income tax assets not recognized
    
    In RMB
    
                 Items                    Balanceinyear-end               Balanceinyear-begin
    Deductible temporarydifference                            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              Balanceinyear-end        Balanceinyear-begin            Remark
    2019                                 3,341,528               3,341,528
    2020                                   172,104                172,104
    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                      Closingbalance                  Openingbalance
    Prepayments forequipmentfund                            588,980,888                     482,385,711
    Prepayments forconstructionfund                           444,656,343                     462,720,385
    Unrealised lossesonsaleandleaseback                       330,906,435                     340,505,389
    VATinputtobeoffset                                   677,697,588                     581,667,123
    Prepayment forlanduserights                               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                      Closingbalance                  Openingbalance
    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                      Closingbalance                  Openingbalance
    Commercial acceptance                                  353,460,212                     386,161,107
    Bank acceptancebills                                   894,236,650                     555,000,000
    Total                                             1,247,696,862                     941,161,107
    
    
    Amount due in next fiscal period is RMB0.00.
    
    36. Accounts payable
    
    (1) List of accounts payable
    
    In RMB
    
                 Items                      Closingbalance                  Openingbalance
    Fuel payable                                        1,814,337,311                   1,671,130,460
    Materials andsparepartspayable                           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                    Balanceinyear-end       Thereasonfornotrepaidorcarriedforward
    Materials andsparepartspayable                           33,747,988Afterbothpartiestoconfirmtheamountpaid
    Other                                              1,909,800Afterbothpartiestoconfirmtheamountpaid
    Total                                              35,657,788               --
    
    
    37. Advance from customers
    
    Whether implemented new revenue guidelines?
    
    □ Yes √No
    
    (1) List of advance from customers
    
    In RMB
    
                 Items                      Closingbalance                  Openingbalance
    Advances forgridpayment                                  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
    
       &ens