2025 Annual Report

Guangdong Electric Power Development Co., Ltd.

2025 Annual Report

March 2026

2025 Annual ReportI. Important Notice, Table of Contents and DefinitionsThe Board of Directors ,Directors and Senior Executives of the Company hereby guarantees that there areno misstatement, misleading representation or important omissions in this Annual report and shall assume jointand several liability for the authenticity, accuracy and completeness of the contents hereof.Mr.Zheng Yunpeng, The Company leader, Mr. Liu Wei, Chief financial officer and the Mr.Meng Fei, theperson in charge of the accounting department (the person in charge of the accounting )hereby confirm theauthenticity and completeness of the financial report enclosed in this Annual report.Directors other than the following ones have attended the Board meeting to review the annual report.

The main business of the company is the investment, construction and operation management of powerprojects and new energy projects. For the risks and countermeasures that the company may face in its futuredevelopment, please refer to "11. Company" in "Section III Management Discussion and Analysis" Prospectsfor Future Development" section.The preplan profit distribution of the Company deliberated and approved by the Board is: Total share of5,250,283,986 for Base on the Company‘s total share capital ,the Company would distribute cash dividend toall the shareholders at the rate of CNY 0.2 for every 10 shares (with tax inclusive), with 0 bonus shares（including tax）, and not converting capital reserve into share capital.

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Table of Contents

I.Important Notice, Table of contents and DefinitionsII. Company Profile & Financial Highlights.III. Management Discussion & AnalysisIV. Corporate Governance, Environmental and Social ResponsibilityV. Important EventsVI. Change of share capital and shareholding of Principal ShareholdersVII. Corporate BondVIII. Financial Report

2025 Annual ReportDocuments available for inspection

1.Financial statements bearing the seal and signature of legal representative, financial controller and theperson in charge of the accounting organ;

2. Original audit report seal with accounting firms and signature and seal from CPA;

3.All original copies of official documents and notices, which were disclosed in Securities Times, ChinaSecurities, Securities Daily and Hong Kong Commercial Daily (Both English and Chinese version);

4.Chinese version of the Annual report.

The documents mentioned above are kept in office, and are ready for reference at any time (except publicholidays, Saturday and Sunday).

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Definition

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2025 Annual ReportII. Company Profile & Financial Highlights.

1.Company Profile

2. Contact person and contact manner

3. Information disclosure and placed

4.Changes in Registration

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5. Other Relevant Information

CPAs engaged

The sponsor performing persist ant supervision duties engaged by the Company in the reporting period.

□Applicable √Not Applicable

The Financial advisor performing persist ant supervision duties engaged by the Company in the reportingperiod

□Applicable √Not Applicable

6.Summary of Accounting data and Financial index

Whether it has retroactive adjustment or re-statement on previous accounting data

□Yes√ No

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The lower of the company’s net profit before and after the deduction of non-recurring gains and losses inthe last three fiscal years is negative, and the auditor's report of the previous year shows that the Company’sgoing concern ability is uncertain.

□ Yes √No

The lower of the Company's total profit, net profit, and net profit after deducting non-recurring gains and losses,as audited for the reporting period, was negative

□ Yes √No

Companies with equity incentives and employee stock ownership plans can disclose net profit after deductingthe impact of share-based payments.

7.The differences between domestic and international accounting standards1）Simultaneously pursuant to both Chinese accounting standards and international accountingstandards disclosed in the financial reports of differences in net income and net assets.

□ Applicable□√ Not applicable

None2） Differences of net profit and net assets disclosed in financial reports prepared under overseas andChinese accounting standards.

□ Applicable √Not applicable

None

8.Main Financial Index by Quarters

In RMB

Whether significant variances exist between the above financial index or the index with its sum and thefinancial index of the quarterly report as well as semi-annual report index disclosed by the Company.

□Yes ?No

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9.Items and amount of non-current gains and losses

√Applicable □Not applicable

In RMB

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Details of other profit and loss items that meet the non-recurring profit and loss definition

□ Applicable√ Not applicable

NoneFor the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 oninformation disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Lossesand its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on informationDisclosure for Companies offering their securities to the public-non-recurring Gains and losses which have beendefined as recurring gains and losses, it is necessary to explain the reason.

√ Applicable □ Not applicable

2025 Annual ReportIII. Management Discussion & AnalysisI.Main Business the Company is Engaged in During the Report PeriodThe Company shall comply with the disclosure requirements of power-related industries in the GuidelineNo.3 for Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information Disclosure.The Company mainly engages in the investment, construction and operation management of powerprojects, and the production and sales of electric power. It belongs to the power, heat production and supplyindustry classified in the “Guidelines for the Industry Classification of Listed Companies” by the ChinaSecurities Regulatory Commission. Since its foundation, the Company has always adhered to the business tenetof “Capitalfrom the people, using it for electricity, and benefiting the public” and adheres to the business policyof “Centering on the main business of electricity, with diversified development”, focusing on the main businessof powerand making the power structure go diversified.In addition to the development, construction andoperation 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 throughthe grid company.As of the end of 2025, the company has controllable installed capacity of 46.6831 million kilowatts,including holding installed capacity of 43.9593 million kilowatts and equity participation installed capacity of

2.7238 million kilowatts. Including: The holding installed capacity for coal-fired power generation was 23.01million kilowatts, accounting for 52.34%; the holding installed capacity for gas and electricity of 11.847 millionkilowatts, accounting for 26.95%；wind power holding installed capacity of 3.995 million kilowatts, accountingfor 9.09%; photovoltaic holding installed capacity of 4.8745 million kilowatts, accounting for 11.09%；hydropower ,Photovoltaic and biomass of 132,800 kilowatts; Biomass holding installed capacity of 100,000kilowatts; the above wind power, hydropower, photovoltaic, biomass and other renewable energy powergeneration holding installed capacity of 9.1023 million kilowatts,accounting for20.71%..In addition, the companyis entrusted with managing the installed capacity of 8.954 millionkilowatts . The above controllable installedcapacity and entrusted management installed capacity totaled 55.3251 million kilowatts.Income source is primarily contributed by power production and sales, and main business income isderived from Guangdong Province. The company electricity sales price is subject to the benchmark priceverified 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 perGuangdong ElectricityMarket Trade Basic Rules and supporting files. In the reporting period, the electricity sold is 121.213 billionkWh,an increase of 1.56% YOY; average price stated in the consolidated statements is 471.30Yuan/ thousandskWh(tax included ,the same below ), a decrease of 61.86 yuan/ thousandskilowatt-hours or a decrease of 11.6%YOY;the total operating income was RMB 51,541.18 million, a decrease of RMB 5,617.89 million or adecrease of 9.53% YOY.Since the Company's main business is thermal power, and the fuel cost accounts for a relatively large partof the operating cost, the fluctuation of coal and natural gas prices has a great impact on the Company'soperating performance. During the reporting period, the Company's fuel cost was RMB 33,713.81 million,accounting for 73.75% of the operating cost, which benefited from the decline of fuel price. The fuel costdecreased by RMB 3,827.46 million. In 2025, the Company achieved a net profit attributable to the parentcompany of RMB 599.94 million, with a slight year-on-year decrease of 37.78%, where, the Company's coal-fired power business achieved a net profit attributable to the parent company of RMB 482.83 million; Its gasand electricity business achieved a net profit attributable to the parent company of RMB-21.55 million; Its

2025 Annual Reporthydropower business achieved a net profit attributable to the parent company or RMB 12.66 million; Its newenergy business achieved a net profit attributable to the parent company of RMB 20.04 million; The Company'smain investment business achieved a net profit attributable to the parent company of RMB 163.72 million,while its biomass power generation and other businesses achieved a net profit attributable to the parentcompany of RMB -57.76 million.

Main Production and Operation Information

1)Operation Information of Coal - fired Power

(2) Operation Information of Gasl - fired Power

（3）Operation Information of wind power

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（4）Operation Information of photovoltaic business

（5）Operation Information of water power

（6）Operation Information of Biomass business

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Electricity sales business of the Company

√ Applicable □ Not applicable

Guangdong Yudean Electric Power Sales Co., Ltd. ("Sales Company"), a wholly-owned subsidiary of theCompany, founded in July 2015, is the first power sales company in Guangdong Province, and its power salesqualification code is SD01. Based on the business of purchasing and selling electricity, the company focuses onimproving electricity efficiency, It provides comprehensive energy services such as user green power and greencertificates, user-end energy storage, virtual power plants, and multi-energy complementarily in industrial parks,aiming to improve energy utilization efficiency and energy consumption levels for industrial and commercialusers, thereby adding value to customers' energy.In 2025, the Guangdong Power Sales Company’s proxyuser electricity consumption reached 67.567 billionkilowatt-hours, an increase of 9.46%YOY. The electricity volume of the holding subsidiary of the agencycompany is 62.658 billion kWh, accounting for 57.90% of the on-grid electricity volume of the holdingsubsidiary.Reasons for the significant changes in the relevant data

□ Applicable √Not applicable

Related new energy power generation businessBy the end of 2025, the Company has a total controlled installed capacity of 43.9593 million kilowatts.Among them: the controlled installed capacity of wind power is 3.995 million kilowatts, accounting for 9.09%;the controlled installed capacity of photovoltaic is 4.8745 million kilowatts, accounting for 11.09%; thecontrolled installed capacity of hydropower is 132,800 kilowatts; the controlled installed capacity of biomass is100,000 kilowatts. The total controlled installed capacity of the aforementioned renewable energy powergeneration including wind power, hydropower, photovoltaic, and biomass is 9,102,300 kilowatts, accounting for

20.71%. In the future, the Company will continue to actively seize the development trend of accelerating energytransformation under the goals of “carbon peak” and “carbon neutrality”,implement the specific “1310”deployment of the Guangdong Provincial Party Committee, further expand new energy project resources,vigorously promote leapfrog development in new energy, and build an ecologically civilized power generationenterprise.II. Industry information of the Company during the reporting periodThe Company shall comply with the disclosure requirements of power-related industries in the GuidelineNo.3 for Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information Disclosure.In 2025, the National Energy Administration issued the "Guiding Opinions on Energy Work in 2025,"

proposing goals such as continuously enhancing supply security capacity, the green and low-carbon transitioncontinuing to deepen,, and steadily improving development quality and efficiency. In addition, the NationalEnergy Administration issued the "Key Points of Energy Supervision Work in 2025," which focuses onstrengthening supervision of green energy development around the low-carbon transition; strengtheningelectricity market construction and supervision around top-level design; and strengthening electricity safety

2025 Annual Reportsupervision around risk prevention. Moreover, the National Development and Reform Commission and theNational Energy Administration jointly issued the "Notice on the Responsibility Weights for Renewable EnergyPower Consumption in 2025 and Relevant Matters," which clarifies the responsibility weights for renewableenergy power consumption in each province for 2025 and 2026. In conjunction with the demand for renewableenergy consumption, the supporting measures such as planning and construction of regulation capacity will bestrengthened, further improving the power system's consumption and regulation level, and actively coordinatingand implementing renewable energy power grid integration and cross-provincial and cross-regional transactions.It’s to promote the installed capacity growth and power consumption of new energy sources such as wind andsolar power and accelerates the transformation of the energy structure.In terms of power supply, with the deepening implementation of the "carbon peaking and carbon neutrality"target and the promotion of the new power system construction, investment in non fossil energy powergeneration has grown rapidly. The installed capacity of new energy power generation (including wind power,solar power, and biomass power) has reached 1.84 billion kilowatts, surpassing the installed capacity of thermalpower for the first time. By the end of 2025, the cumulative installed power generation capacity in China wasabout 3.89 billion kilowatts, with a year-on-year increase of 16.1%, The installed capacity of renewable energypower generation is 2.34 billion kilowatts, a YOY increase of 24%.By type, biomass power generation was

47.43 million kilowatts, nuclear power was 62.48 million kilowatts, hydropower was 450 million kilowatts,wind power was 640 million kilowatts, and solar power was 1.2 billion kilowatts. The installed capacity ofthermal power was 1.54 billion kilowatts, of which,The coal power is 1.259 billion kilowatts, accounting for

32.4% of the total installed power generation capacity, down about 7.5 percentage points YOY. By 2025, thecumulative installed capacity of wind and photovoltaic power has historically exceeded that of thermal power,exceeding about 300 million kilowatts by the end of December. Affected by factors such as resources, thegrowth rates of hydropower and wind power fluctuated greatly on a monthly basis. Coal-fired power fullyplayed its role in basic guarantee and system regulation.According to the statistics of the national power industry published by the National Energy Administration,the electricity consumption of the whole society in China in 2025 was 10.37 trillion kWh, with a year-on-yearincrease of 5.0%. The electricity consumption of the primary industry was 149.4 billion kWh, with a year-on-year increase of 9.9%; The electricity consumption of the secondary industry was 6.64 trillion kWh, with ayear-on-year increase of 3.7%; The electricity consumption of the tertiary industry was 1.99 trillion kWh, with ayear-on-year increase of 8.2%; The domestic electricity consumption of urban and rural residents was 1.59trillion kWh, with a year-on-year increase of 6.3%.According to the transaction results announced by Guangdong Power Exchange Center in December 2025,the average transaction price of bilateral negotiation transactions, annual listing transactions and annualcentralized competition transactions in the province in 2026 decreased year-on-year, of which the electricityvolume of bilateral negotiation transactions was 358.968 billion kWh, and the average transaction price wasRMB 372.14/thousand kWh (including tax, the same below), down RMB 19.73/thousand kWh from theprevious year. The decrease in medium and long-term market transaction tariff in Guangdong Province willhave a negative impact on the Company's operating income. The Company will continue to optimize itselectricity market trading strategy, focus on controlling fuel procurement costs, strictly control all costs andexpenses, and strive for its business goals to consolidate business results.III.Analysis On core Competitiveness

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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 ofmore than 186.034 billion，It is the largest listed company with state-owned assets in Guangdong Province. Asof December 31, 2025, the Company, as the largest listed power company in Guangdong Province, has a total of

36.0597 million kilowatts of market-oriented units in the province, accounting for 13.83% of the total market-oriented units in the province.

2. Strong background and resource advantages

Guangdong Energy Group, the controlling shareholder of the company, as a provincial key energy enterprise,has been actively supporting listed companies to become better and stronger by using the advantages of itsresources, technology and asset scale. As the only listed company and main force of Guangdong Energy Group,the company has always been subordinated to serving the overall situation of the reform and development ofGuangdong Province and Guangdong Energy Group. It has deeply cultivated the main power industry, activelyplayed the value discovery function and resource allocation function of the capital market, and assisted the reformand development of Guangdong Province's energy resources.

3. Comprehensive advantages of main business

During the "14th Five-Year Plan" period,Guided by the national energy development strategy, the Companyis implementing the "1310 strategy - to build a first-class green and low-carbon power listed company, coordinatesafety and development, optimize and strengthen coal, gas and biomass power generation services, and vigorouslydevelop new energy, energy storage, hydrogen energy and land park development. The Company has abundantproject reserves and broad development prospects; With clear main business, reasonable structure, outstandingindustrial position and market share, it has strong comprehensive strength and broad development prospects.

4. Competitive advantage in electricity market

The company's generator set has high parameters, large capacity, high operation efficiency, low coalconsumption, stable operation, superior environmental protection performance and strong market competitiveadvantage. In 2025, the company completed a total of 113.558 billion kilowatt-hoursof electricity in the market,and the scale of electricity sales continued to rank first in the province, with electricity sales prices superior to theprovince's average. The company gives full play to its three advantages of scale, brand and service. With itsmarketing service network all over the province and its technical accumulation and comprehensive resources inthe power industry, the company provides auxiliary value-added services such as peak regulation, frequencymodulation and backup for the power grid, and provides high-quality value-added services such as comprehensiveenergy saving and power consumption consultation for users, thus realizing the transformation from a powergeneration enterprise to an energy comprehensive service enterprise.

5. Advantage of financial resources

The Company's total assets exceeded 180 billion yuan. and the cash flow of its stock business is abundant,which provides a good support for the Company's sustainable development. The Company is in good financialcondition, with smooth financing channels such as bank credit, bonds and securities markets and diversifiedfinancing methods. The Company will make full use of internal and external financial resources to providestrong financial guarantee for the enterprise production and operation, key project construction and rapiddevelopment of new energy industries.

6. Regional development advantages

As the main energy source in Guangdong Province, the company shoulders the important task of helpingGuangdong Province to build a clean, low-carbon, safe and efficient modern energy system.The Company willactively integrate into the development of the Guangdong-Hong Kong-Macao Greater Bay Area, steadilypromote the construction of key energy projects and new energy development in the province, actively seek to

2025 Annual Reportexpand to regions with better resource conditions and higher power demand. Based on Guangdong, TheCompany will carry out the layout in the whole country, and help the implementation of the "30·60" goal.IV.Main business analysisⅠ.General

In 2025, the national economy rebounded to stimulate electricity consumption, and the demand forelectricity in Guangdong Province increased year-on-year, reaching 958.973 billion kWh, with a year-on-yearincrease of 4.93%., acccording to data released by Guangdong Power Grid. In terms of installed capacity,according to data released by the Guangdong Power Exchange, by the end of 2025, the installed capacity ofGuangdong was 260.8 million kW, with a year-on-year increase of 17.1%, of which,The installed capacity ofnew energy (wind power and photovoltaic) has reached 79.73 million kilowatts, surpassing coal power tobecome the largest power source type in the province.During the reporting period, the Company accumulated

121.213 billion kWh of on-grid electricity in consolidated statements, with a year-on-year increase of 1.56%, inwhich, the on-grid electricity of coal machine is 86.135 billion kWh, the on-grid electricity of gas machine is

24.627 billion kWh, and the on-grid electricity of hydropower, wind power and photovoltaic power is 10.451billion kWh.

During the reporting period, the Company vigorously advanced the completion and commissioning ofpower generation projects such as the Shache and Dapu Phase II projects in Xinjiang; coupled with furtherincreases in the generating capacity of certain coal-fired units, electricity supplied to the grid saw a year-on-yearincrease. The Company capitalised on the favourable window presented by falling fuel prices to continuedriving energy-saving and consumption-reduction upgrades for thermal power units and to strengthen controlover financing costs. However, due to a significant year-on-year decline in feed-in tariffs, which placedconsiderable pressure on the Company’s revenue, these measures were unable to offset the adverse impact ofreduced revenue on profits. Coupled with increased costs arising from the commissioning of new projects, theCompany’s average gross margin on power generation declined, During the reporting period, the Companyachieved consolidated revenue of RMB 51.541 billion, a year-on-year decrease of 9.83%; net profit attributableto shareholders was RMB 600 million, a year-on-year decrease of 38%. Against the backdrop of operationalpressures, the Company prioritised the prevention of debt risks, implemented comprehensive measures toincrease equity capital, and reasonably reduced the debt-to-equity ratio. At the end of the reporting period, theCompany’s total assets on a consolidated basis stood at RMB 186.0 billion, representing a year-on-year increaseof 6.21%; total liabilities on a consolidated basis amounted to RMB 144.6 billion, up 3.86% year-on-year; thedebt-to-asset ratio was 77.71%, a decrease of 1.76 percentage points year-on-year; and equity attributable toshareholders of the parent company was RMB 23.4 billion, up 2.40% year-on-year.

In 2025,The Company added 3 million kilowatts of coal-fired power generation capacity through self-construction and acquisitions, and added 993,600 kilowatts of photovoltaic capacity and 600,000 kilowatts ofwind power capacity. It also has increased capacity by 60,000 kilowatts through coal power technologicalupgrades. By the end of 2025, the Company hasthe controlled installed capacity of 20.9493 million kilowatts ofclean energy generation, including natural gaspower, wind power, hydropower, photovoltaics and biomass,accounting for 47.66%. In addition, the Company has actively promoted the construction of projects such as theDananhai gas power project, the Xinjiang Toksun wind power project, and the Yunfu natural gas cogenerationproject, continuously optimizing the power structure and promoting the Company's green and low-carbontransformation.

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2. Revenue and cost

(1)Component of Business Income

In RMB

(2)Situation of Industry, Product and District Occupying the Company’s Business Income and OperatingProfit with Profit over 10%

√ Applicable □Not applicable

The Company shall comply with the disclosure requirements of power-related industries in the GuidelineNo.3 for Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information Disclosure.

In RMB

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Reasons for great changes in related financial indicators

√ Applicable □ Not applicable

(1) During the reporting period, due to intensified competition in the electricity market and changes inrelevant policies, the Company's average on-grid electricity price decreased by 11.60% YOY, resulting in a

10.22% YOY decrease in electricity sales revenue. Because the unit price of coal decreased by 15.81% YOY,the Company's electricity sales business costs decreased by 8.08% YOY. Considering the afore-said factors, thegross profit margin of the power generation business decreased by 2.08% YOY.

(2) Affected by factors such as the commissioning of power generation units, the increased depreciationexpenses and labor costs YOY, the Company's renewable energy power generation business operating costsincreased by 11.75% YOY.

(3)Whether the Company’s Physical Sales Income Exceeded Service Income

√ Yes □ No

Explanation for a year-on –year change of over 30%

□ Applicable √Not applicable

(4) Performance of the major sales contract, major procurement contract signed by the Company till endof the Period

√ Applicable □Not applicable

Implementation of Signed Major Sales Contracts as of this Reporting Period

√ Applicable □Not applicable

In RMB10,000

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Implementation of Signed Major Purchase Contracts as of this Reporting Period

□ Applicable √Not applicable

(5)Component of business cost

Industry classification

In RMB

payback,lowrecoveryriskIndustry

NoteThe Company is in power sector and mainly engaged in power generation at present. The cost is composedof fuel cost, depreciation expenses, labour cost and other expenses. During the reporting period,Fuel costaccounts for about 73.75% of total cost.

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(6)Whether Changes Occurred in Consolidation Scope in the Report Period

√Yes □No

(1) Addition of subsidiaries in this year:

(2) Reduction of subsidiaries in this year:

2025 Annual ReportIn the year, the Company's subsidiaries Guangdong Yudean Heping Wind Power Co., Ltd.,Laishui Yingyang NewEnergy Technology Co., Ltd., Nanjing Senhong New Energy Co., Ltd., Nanjing Linyuan SenhaiNew Energy Co.,Ltd., Taishan Dongrun Zhongneng New Energy Co., Ltd., Pingdu Lianyao New Energy Technology Co., Ltd,andTumushuke Yudean Changhe New Energy Co., Ltd.underwent liquidation and deregistration. The liquidation andderegistration of the above - mentioned companies will correspondingly change the scope of our company'sconsolidated financial statements. However, it will not have a significant impact on our company's existing businessoperations and operating performance, nor will it damage the interests of the company and its shareholders

(7)Relevant Situation of Significant Changes or Adjustment of the Business, Product or Service in theCompany’s Report Period

□ Applicable √Not applicable

(8)Situation of Main Customers and Main Supplier

Information of the Company’s sales customers

Information of the Company’s top 5 customers

Other explanation :

√Applicable □Not applicable

Guangdong Energy Group Co., Ltd. (hereinafter referred to as "Energy Group") is the controllingshareholder of the Company, and has an associated relationship with the Company. The amount of relatedsuppliers between the Company and Energy Group listed here covers all related transactions between theCompany and Energy Group and its subsidiaries.

Principal suppliers

Information about the top 5 suppliers

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Other explanation :

√ Applicable □Not applicable

Guangdong Energy Group Co., Ltd. (hereinafter referred to as "Energy Group") is the controllingshareholder of the Company, and has an associated relationship with the Company. The amount of relatedsuppliers between the Company and Energy Group listed here covers all related transactions between theCompany and Energy Group and its subsidiaries.During the reporting period, the Company's trading business revenue accounted for more than 10%of itsoperating revenue

□ Applicable √Not applicable

3.Expenses

In RMB

4.R& D Expenses

√ Applicable □Not applicable

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Company's research and development personnel situation

equipment, and therebypromote them incoastal power plantswithin the thermalpower sector.

The Company's R & D investment situation

Reasons and influence of significant changes in R&D personnel composition of the Company

□ Applicable √Not applicable

The Reason of the Prominent Change in Total Amount of Research and Development Input Occupying theBusiness Income Year on Year

□Applicable √ Not applicable

Reasons for the drastic change of capitalization rate of R&D investment and its rationality explanation

□ Applicable √Not applicable

5.Cash Flow

In RMB

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Notes to the year-on-year change of the relevant data

√Applicable □ Not applicable

(1) Net cash flow from operating activities decreased by 6.76% year-on-year, primarily due to a year-on-yeardecline in electricity prices, which resulted in a 10.22% year-on-year decrease in the Company’s powergeneration revenue.

(2) Cash inflows from investing activities decreased by 20.23% year-on-year, mainly attributable to a year-on-year reduction in the recovery of maturing time deposits by the Company’s subsidiary, Guangdong Wind PowerCompany; Cash outflows from investing activities decreased by 22.82% year-on-year, primarily due to thecompletion and commissioning of projects, a reduction in cash paid for the acquisition of fixed assets,intangible assets and other long-term assets, as well as a decrease in new fixed-term deposit investments.Taking these factors into account, net cash flow from investing activities for the year increased by 23.66% year-on-year.

(3) Net cash inflow from financing activities decreased by 63.24% year-on-year, primarily due to a reduction inthe Company’s financing scale, the continued optimisation of its financing structure (with the proportion ofmedium- and long-term financing steadily increasing), and a year-on-year decrease in the scale of maturing debt.Taking all the above factors into account, the Company’s net increase in cash and cash equivalents for the 2025financial year increased by 516.52% year-on-year.

Reasons for the significant difference between the net cash flow generated by the Company's operatingactivities during the reporting period and the net profit of this year

□ Applicable √Not applicable

V. Analysis of Non-core Business

□Applicable√Not applicable

VI. Condition of Asset and Liabilities

1.Condition of Asset Causing Significant Change

In RMB

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Overseas assets account for a relatively high proportion.

□ Applicable √ Not applicable

2.Asset and Liabilities Measured by Fair Value

√Applicable □ Not applicable

In RMB

Other changesNoneWhether the measurement attribute of the company's main assets has changed significantly during the reportingperiod

□ Yes √ No

3. Restricted asset rights as of the end of this Reporting Period

On December 31, 2025, individual subsidiaries of the Group pledged the right to impose electricity charges tobanks to obtain long-term loans of 3,935,009,425yuan which: the balance of long-term loans due within one year

2025 Annual Reportwas456,142,964 yuan (as of December 31, 2024:5,171,411,604 yuan). including: the long-term borrowings duewithin one year amounted to 451,067,263yuan .VII. Investment situation

1. General

√ Applicable □ Not applicable

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2.Condition of Acquiring Significant Share Right Investment during the Report Period

√Applicable □ Not applicable

In RMB

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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

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（2）Investment in Derivatives

□ Applicable √ Not applicable

The Company had no investment in derivatives in the reporting period.VIII. Sales of major assets and equity

1.Situation of Significant Asset Sale

□ Applicable √ Not applicable

None

2.Sales of major equity

① □ Applicable √ Not applicable

IX. 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

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2025 Annual ReportAcquirement and disposal of subsidiaries in the Reporting period

√ Applicable □ Not applicable

Note

(1) During the reporting period, due to a year-on-year decrease in tariff, the operating performance of theCompany's subsidiary thermal power plants declined;

(2) Affected by the decline in coal prices, the Company's investment income in Shanxi Energy has decreasedyear-on-year;

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（3） During the reporting period, affected by factors such as changes in electricity market policies, decliningmarket tariff, and asset impairment provisions, the net profit of the Company's subsidiary, Guangdong WindPower Company, decreased by 45% year-on-year.X．Structured vehicle controlled by the Company

√Applicable □ Not applicable

GF Securities issued the Guangdong Wind Power Company New Energy Infrastructure Investment GreenCarbon Neutral Asset-Backed Special Plan in 2024, using the wind farm projects held by the Company'ssubsidiaries Pingyuan Wind Power and Herun New Energy as underlying assets. CSC issued the GuangdongElectric Power - Binhai Bay Energy Infrastructure Investment Asset-Backed Special Plan in this reportingperiod, using the natural gas power plant project held by the Company's subsidiary Binhai Bay Company asunderlying assets. In accordance with the provisions of Accounting Standards for Business Enterprises No. 33 -Consolidated Financial Statements, the Company included 2 structured entities that meet the definition of"control" in the scope of consolidated statement (as of December 31, 2024: 1 structured entity).As of December31, 2025, the equity of the aforementioned structured entity attributable to the Group was RMB1,234,284,365 ,and the equity attributable to other equity holders was presented as minority shareholders' equity in theconsolidated statements, which the total amount was RMB4,739,312,244.

XI. Prospect for future development of the Company(I) The Development Trend of the IndustryIn 2025, institutional reforms in the electricity sector continued to deepen. The National EnergyAdministration set out objectives including the continuous enhancement of supply security, the deepening of thegreen and low-carbon transition, and the steady improvement in the quality and efficiency of development. Itplaced particular emphasis on strengthening the regulation of green energy development in support of the low-carbon transition; strengthening the development and regulation of the electricity market in line with top-leveldesign; and strengthening electricity safety regulation to prevent risks. Concurrently, the National Developmentand Reform Commission and the National Energy Administration have defined the renewable energyconsumption responsibility weights for each province for 2025 and 2026. In line with the demand for renewableenergy integration, they are simultaneously strengthening supporting measures such as the planning andconstruction of balancing capacity to further enhance the power system’s integration and control capabilities,whilst actively coordinating the implementation of grid integration and consumption of renewable energy, as wellas inter-provincial and inter-regional trading. This aims to promote the growth of installed capacity and powerconsumption for new energy sources such as wind and solar power, thereby accelerating the transformation of theenergy structure. In-depth research and planning will be conducted on strategies and measures to reduce carbonemissions from coal-fired power generation, and a special campaign for the upgrading of next-generation coal-fired power plants will be implemented in phases and in a step-by-step manner.(II) Corporate development strategy

In the future, the Company will focus on energy production and supply, take into account comprehensiveenergy services, focus on the goals of carbon peaking and carbon neutrality, implement the "1310" deploymentof the provincial party committee based in Guangdong and facing the whole country, and build a first-classgreen low-carbon power listed company, It will grasp the window phase of thermal power development and

2025 Annual Reportaccelerate the development and construction of key projects; steadily promote the high-quality development ofnew energy, increase the proportion of new energy, and accelerate the green and low-carbon transformation.

(III) Production and operation plansIn 2026, the budgeted target for electricity supplied to the grid under the consolidated financial statementsis 136.87 billion kilowatt-hours, representing an increase of 15.657 billion kilowatt-hours compared with theactual electricity supplied to the grid in 2025 of 121.213 billion kilowatt-hours; The budgeted target foroperating revenue is 52.882 billion yuan, an increase of 1.614 billion yuan compared to the actual operatingrevenue of 51.268 billion yuan in 2025. Based on the actual progress of power generation projects and in linewith project milestones, the Company plans to invest RMB 10.333 billion in 2026 (of which approximatelyRMB 580 million will be contributed as equity capital), primarily for thermal power, new energy, technicalupgrades and technological development, capital injections into equity-held entities, and project acquisitions.(IV) Possible risks and countermeasures

1. Work safety risks:

First, extreme weather events are becoming increasingly frequent, posing certain adverse effects on the normalproduction and operation of the enterprise. Second, there will be many unit maintenance tasks in 2026, makingsafety risk management and control difficult. Third, a number of newly constructed units are successivelyentering the trial production period, and equipment systems require running-in.Countermeasures: First, closely monitor rainfall and flood conditions, urge all units to strictly follow the flood,wind, and drought prevention early warning information and emergency response situations issued by localgovernments, strengthen consultation, judgment, and emergency duty, promptly initiate emergency responsesaccording to plan requirements, and strictly implement emergency response measures; Second, strengthenproduction safety management, enhance operational safety control, and increase supervision intensity over keylinks and processes through methods such as expert guidance and regular inspections to ensure constructionoperation safety. Third, strengthen the safety management and control of newly commissioned units, enhanceequipment O&M management, strictly control production process management, and ensure the stable operationof units.

2. Competition risk in electricity market:

According to the trading results published by the Guangdong Power Trading Centre in December 2025, theaverage transaction prices for the province’s 2026 annual bilateral negotiated trading, annual listed trading andannual centralised competitive trading all fell year-on-year. The significant reduction in electricity prices for ahigh proportion of long-term contracts has placed considerable pressure on power plants’ revenue and profits. Atthe same time, as the penetration rate of renewable energy continues to rise and new coal-fired, gas-fired andnuclear power plants reach a peak in commissioning, traditional power generation companies are facingincreasingly fierce market competition.Countermeasures: First, deepen the analysis and judgment of the electricity market, dynamically optimize biddingstrategies, improve the electricity marketing system, and accurately grasp market opportunities; continuouslyimprove the spot market coordination mechanism, scientifically formulate trading plans, and enhance marketprofitability. Second, focus on cost control, meticulously manage fuel, power generation, and operating costs, andeffectively enhance the Company's core competitiveness.

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3. Risk of power supply structure adjustment:

Against the backdrop of the ‘30?60’ targets for carbon peaking and carbon neutrality, the transition towardslow-carbon energy production and consumption is accelerating. In accordance with national requirements tooptimise the energy structure, coal-fired power generation will be transitioned from a base-load power source toa supporting and regulating power source, whilst the growth in installed capacity and electricity generation fromnew energy sources such as wind and solar power will further squeeze the generation capacity of traditionalenergy units. As of the end of December 2025, the proportion of the Company’s coal-fired power generationcapacity under its control stood at 52.34%, which is relatively high, resulting in significant pressure to transitiontowards cleaner and lower-carbon power generation.Countermeasures: Firstly, steadily promote the transformation and upgrading of the power supply structure,strive to achieve greater breakthroughs in structural adjustment, accelerate the progress of key energy projects,and solidly promote projects such as the Dahuanghai gas power, Yunfu natural gas cogeneration projects andPingyuan Wind Power to ensure that project investment and construction plans are completed on schedule.Secondly, continuously enrich the reserve of new energy projects, actively explore the development space ofnew energy in other provinces and regions in China, and increase the development of wind and photovoltaicpower projects in the central and eastern regions in China with good utilization conditions and relativelydeveloped economy.XII.Particulars about researches, visits and interviews received in this reporting period

√ Applicable □Not applicable

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XIII. Formulation and implementation of market value management system and valuation boost planWhether the Company has established a market value management system?Yes □NoWhether the Company has disclosed plans for valuation boost.

□Yes?No

In accordance with The Company Law of the People's Republic of China, The Securities Law of the People's

Republic of China, the Rules for the Listing of Stocks on the Shenzhen Stock Exchange, the RegulatoryGuidelines for Listed Companies No. 10 - Market Value Management and other relevant laws and regulationsand the articles of association of the Company, the Company formulates the Market Value Management Systemof Guangdong Electric Power Development Co., Ltd. The Company will firmly establish a sense of returning

2025 Annual Reportshareholders, take measures to protect the interests of investors, especially small and medium-sized investors,be honest and trustworthy, standardize operations, focus on the main business, operate steadily, promote theimprovement of business level and development quality with the cultivation and application of new qualityproductivity, and on this basis, do a good job in investor relations management, enhance the quality andtransparency of information disclosure, and actively take measures to boost investor confidence when necessary,and promote the Company's investment value to reasonably reflect the Company's quality.XIV. The implementation of the action plan of "Double improvement of quality and return".Whether the Company has disclosed the action plan of "Double improvement of quality and return".

?Yes □No

1.Focus on the main responsibility and main business, and build a first-class green and low-carbon power listedcompany. Since its establishment, the Company has always adhered to the business philosophy of "drawingcapital from the people, using capital for electricity, and benefiting the public" and the business policy of"focusing on electricity, with diversified development", focusing on the main business of electricity. It hasdiversified power structure and various energy projects such as large-scale coal-fired power generation, naturalgas power generation, biomass power generation, wind power generation, solar power generation, andhydropower generation, to provide reliable and clean energy to users through the power grid company. As ofDecember 31, 2025, the Company has a controllable installed capacity of 46.6831 million kilowatts,Amongwhich, the installed capacity under the Company's control is 43.9593 millionkilowatts , and the equity interestin installed capacity of associates is 2.7238 millionkilowatts . Of which: the controlled installed capacity ofcoal-fired power is 23.01 million kilowatts; that of gas power is 11.847 million kilowatts; that of wind power is

3.995 million kilowatts ; that of photovoltaic power is 4.8745 million kilowatts; that of hydropower is 132,800kilowatts ; that of biomass power is 100,000 kilowatts ; the total controlled installed capacity of the aboverenewable energy power generation including wind power, hydropower, photovoltaic, biomass, etc. is

9.1023million kilowatts .

2. Strengthen technological leadership, actively cultivate and develop new productive forces. TheCompany actively implements the strategy driven by scientific and technological innovation, and orderlyconstructs a deep integration system of "Industry-University-Research Institution Cooperation". The Companyactively implements the strategy driven by scientific and technological innovation, and orderly constructs adeep integration system of "Industry-University-Research Institution Cooperation". Since 2023, the Companyhas added one provincial-level certified R&D platform and three municipal level certified R&D platforms,undertaken one national key R&D project and three provincial key R&D projects; In 2025, it applied for 25 newnational industry R&D achievements, and added 97 new authorized utility model patents and 22 inventionpatents.

3. Value shareholder returns, stabilize dividends, and share the fruits of business development. TheCompany attaches great importance to protecting the rights and interests of investors and adheres to theprinciple of "Any profit must be distributed". It has been insisting on distributing dividends and cash to itsshareholders, except for occasional losses incurred in fulfilling its power energy security responsibilities in2021-2022.The Company's cash dividend policy goal is normal dividends plus additional dividends. TheCompany's annual cash distribution shall be not less than 10% of the distributable profit realized in the year,and the cumulative profit distributed in cash in the last three years shall be not less than 30% of the averageannual distributable profit realized in the last three years. When the Company distributes profits, the proportion

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of cash dividends in the profit distribution shall reach a minimum of 20%. Since its listing in 1993, it hasdistributed a total of 13.271 billion yuan in cash to shareholders, which fully reflects the Company's goodoperating performance and sincere returns to investors.

4. Standardize information disclosure and strengthen investor relation management. The Company strictlyadheres to the provisions of laws and regulations such as the Company Law and the Management Measures forInformation Disclosure of Listed Companies, and follows the principles of "truthfulness, accuracy,completeness, timeliness, and fairness" to fulfill its information disclosure obligations in accordance with thelaw. Its information disclosure has been rated "A" by the Shenzhen Stock Exchange for eleven consecutiveyears. The Company will continue to focus on improving transparency and lead by investor demand, andenhance the pertinence and effectiveness of information disclosure through voluntary release of disclosureannouncement on quarterly power generation completion information and other measures; At the same time, itwill continue to strengthen investor relation management, establish a multi-channel and multi-level investorcommunication system through on-site investor research, investor hotlines, emails, the Shenzhen StockExchange's platform (irm.cninfo.com.cn), performance briefings, and other forms, increase investors'(especially the medium and small investors') understanding of the Company's production and operation, andbuild a positive interactive investor relationship, to provide investors with a real, transparent, and compliantGuangdong Electric Power.

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IV Corporate Governance, Enviornmental and Social ResponsibilityI. General situationThe company is strictly in accordance with “Company Law”, “Securities Law”, “Governance Standards ofListed Company”, “Listing Rules of Stocks” and other laws and regulations requirements, constantly perfects thecorporate governance structure, standardizes corporate operations and further enhances the level of corporategovernance. The company has established the corporate “Articles of Association”, the rules of procedure of threemeetings’ operation, the working rules of the board of directors special committee, the working rules of thegeneral manager of company and working conditions and internal control system which basically covers allaspects of the operation management like financial management, investment management, information disclosure,associated trade, external guarantees and fund-raising. These systems are implemented better. During thereporting period, the company has amended part of the clauses in “Inside Information Management System” basedon the original systems and the requirements of the CSRC.In 2025, the Company implemented the Guidelines for Corporate Governance of Listed Companies and therelevant requirements of China Securities Regulatory Commission on improving the quality of listed companies,and earnestly achieved a steady and prudent management, abided by laws and regulations, highlighted andrefined its main business, respected investors, and constantly improved the corporate governance level and thedevelopment quality of listed companies. The Board of Directors organized 7 on-site meetings and 3communication meetings, and completed the examination and approval of 45 proposals of the Board ofDirectors, including regular reports, internal control evaluation, comprehensive risk management, profitdistribution plan, major investment and financing, major related party transactions, etc., all of which werepassed and effectively implemented. The Board of Directors also convened 3 general meeting of shareholders,and all 15 proposals submitted at the general meeting of shareholders were passed and effectively implemented.The Company successfully completed the preparation and disclosure of regular reports and temporaryannouncements, and issued 110 announcements throughout the year. The information disclosure has beenassessed as "A" by Shenzhen Stock Exchange for eight consecutive years.Does there exist any difference in compliance with the corporate governance , the PRC Company Law and therelevant provisions of CSRC,

□ Yes √ No

There exist no difference in compliance with the corporate governance , the PRC Company Law and therelevant provisions of CSRC.II. Independence and Completeness in business, personnel , assets, organization and financeThe company has implemented separation of operation, separation of human resource, separation of assets,

separate ion of organization and financial independence between controlling shareholder. And it has a completebusiness and operations management ability. 1. Separation of operation: the Company is principally engaged inthe electricity generation and sales to Guangdong Electric Power Holding Co.(“GPHC”) directly. The Companyhas subcontracted the subsidiary of Yudean, the holding company, to purchase the fuels, which is solely for thepurpose of better utilization of large-scale purchase and cost control. 2. Separation of human resource: the GeneralManager and all his subordinates, Secretary to the Board of Directors, Financial Manager are paid by theCompany and take no position in the holding company. 3. Separation of assets: the Company has independentproduction system, supporting system and other facilities. The Company owns its intangible assets such asintellectual property rights, trademarks and non-patent technology; 4. Separation of organization: the Company

2025 Annual Reporthas established integrated operating institution of its own.5.. Financial independence: the Company has anindependent financial department and has established independent accounting system and financial managementsystem. It opened independent bank accounts for its own operation.III. Competition situations of the industry

√Applicable □ Not Applicable

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IV. Information about Directors and Senior Executives

1.Basic situation

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2025 Annual ReportIndicate whether any director, supervisor or senior management resigned before the expiry of their tenureduring the Reporting Period

√Yes □ No

Mr. Liang Chao, former Vice Chairman and General Manager, left his position due to work reassignment.Changes of directors and senior executives

√ Applicable □ Not applicable

2.Posts holding

Work Experience in the past five years of Directors, supervisors and senior Executives in Current officeMr. Zheng Yunpeng, born in October 1968, Bachelor of South China University of Technology and MBA ofJinan University, is a senior engineer. Currently, he is the general manager of Guangdong Electric PowerDevelopment Co., Ltd. He had served as Deputy Minister of Strategy Development Department of GuangdongYudean Asset Management Co., Ltd., Deputy Minister of Strategy Development Department of GuangdongEnergy Group Co., Ltd., Minister of Strategy Development Department of Guangdong Energy Group Co., Ltd.,Secretary of the Party Branch and General Manager of Branch Company of Guangdong Yudean EnvironmentalProtection Engineering Management Company, Factory Director and Secretary of the Party Committee ofHuangpu Power Plant, General Manager of Yuehua Power Generation Company, General Manager and Secretaryof the Party Branch of Guangdong Yudean Natural Gas Co., Ltd. ,and the Deputy Secretary of the PartyCommittee and Vice chairman of Guangdong Electric Power Development Co., Ltd.

Mr. Li Fangji, born in November 1967, is a senior engineer. He holds a bachelor degree from BeijingInstitute of Water Resources and Electric Power Economics and Management and a master degree inengineering from Tianjin University. He currently serves as Deputy Chief Engineer of Guangdong EnergyGroup Co., Ltd. and concurrently serves as Minister of Strategy Development Department and Secretary ofParty Branch of Energy Group Corporation. He had served as Engineer of Shenzhen Energy Corporation,Assistant to General Manager and Deputy General Manager of Shenzhen Qianwan Electric Power DevelopmentCo., Ltd., Assistant to General Manager, Chairman of the Labor Union, Deputy General Manager, GeneralManager, and Secretary of the Party Committee of Shenzhen Guangqian Electric Power Co., Ltd., Secretary ofParty Committee and General Manager of Guangdong YudeanJinghai Power Generation Co., Ltd.，Minister ofstrategy Development Dept and party branch secretary of Energy Group.

2025 Annual ReportMr. Li Baobing, born in September 1974, graduated from Xi'an Jiaotong University with a master degree, isa senior economist. Currently he is the Minister of Finance Department and Secretary of the Party Branch ofGuangdong Energy Group Co., Ltd.,He served as Assistant to General Manager of Budget and FinanceDepartment and Director of Asset Management Department of Guangzhou Lingnan International EnterpriseGroup Co., Ltd., Manager of Investment Department and Deputy General Manager of Guangdong YudeanFinance Co., Ltd., and had concurrently served as General Manager of Shenzhen Tianxin Insurance Brokers Co.,Ltd.andVice Minister，Minister and Secretary of the Party Branch of Finance Department of Guangdong EnergyGroup Co., Ltd.Mr. He Ruxin, born in July 1976, holds a bachelor's degree in law from Fudan University, a master's degreein business administration from South China University of Technology, and is a senior economist. He is currentlythe Deputy General Counsel and Deputy General Manager of the Legal Practice and Capital OperationDepartment of Guangdong Energy Group Co., Ltd. He used to be the specialist and office secretary of thepersonnel section of Shanwei Electric Power Industry Bureau, and the deputy director and legal affairs supervisorof the office of Shanwei Power Supply Branch ofGuangdong PowerGrid Group; Specialist and Head ofComprehensive Department of Shanwei Power Plant Preparation Group; Minister of the ComprehensiveDepartment and Human Resources Department of Guangdong Red Bay Power Generation Co., Ltd., Minister ofthe Comprehensive Department and Secretary of the Board of Directors, Minister of the Human ResourcesDepartment and Secretary of the Board of Directors, Minister of the Production and Operation Department ofGuangdong Red Bay Power Generation Co., Ltd., and served as the Manager of the Board of Directors WorkDivision, Manager of the Capital Operation Division, Deputy Minister of the LegalAffairs and Capital OperationDepartment of Guangdong Yudean Group Co., Ltd.

Mr. Chen Yanzhi, born in July 1975, graduated from Guangdong University of Technology with a bachelor'sdegree, Senior Political Engineer. He is currently the Deputy Secretary of the Party Committee and Chairman ofthe Trade Union of Guangdong Electric Power Development Co., Ltd. He used to be the Assistant Engineer of theTechnical Improvement Company of Guangdong Electric Power Industry Bureau, the special person in charge ofthe Labor and Wage Division, the special person in charge of the personnel of Tianshengqiao First-classHydropower Development Co., Ltd., the special person in charge of the Human Resources Department and theManager and Deputy Head of the Personnel Division of Guangdong Yudean Group Co., Ltd. ,Deputy PartySecretary and Chairman of the Trade Union of Guangdong Electric Power Development Co., Ltd.Mr. Zhang Cunsheng, born in March 1968, holds a bachelor's degree in engineering from Xi'an JiaotongUniversity and a master's degree in engineering from Huazhong University of Science and Technology, SeniorEngineer. He is currently the Party Secretary, Chairman and General Manager of Guangzhou DevelopmentElectric Power Group Co.,Ltd. He is also the vice chairman of Foshan Hengyi Thermal Power Co., Ltd., the vicechairman of Guangzhou Hengyun Enterprises Holdings Limited and the director of Guangdong Electric PowerDevelopment Co.,Ltd. He used to be the manager of the Production Management Department, the manager of theMaintenance Department, the manager of the SHE Department, the deputy factory director, and the factorydirector of the Guangzhou Zhujiang Power Plant, the general manager of Guangzhou Development NanshaPower Co., Ltd., the vice president and president of the power business of Guangzhou Holdings, the deputygeneral manager and the deputy secretary of the party committee of Guangzhou Development Power Group Co.,Ltd.Ms. Zhang Hanyu was born in January 1965, with a Doctor of Philosophy from Renmin University of China.She is currently the vice chairman of Shenzhen Hualing Derui Equity Investment Fund Management Company,and concurrently holds an independent director of JSTI Group Co., Ltd. She used to serve asLecturer at Capital

2025 Annual ReportUniversity of Economics and Business, Section Chief of China Securities Regulatory Commission, AssistantGeneral Manager of China Securities Depository and Clearing Corporation, and Deputy General Manager ofPing An Securities.Mr. Wu Zhanchi was born in October 1975, with a Doctor of Management from Southwestern University ofFinance and Economics. He is a Professor and doctoral supervisor, and he is non-practicing member of ChineseInstitute of Certified Public Accountants. He is currently a professor of Jinan University, an expert of theGuangdong Provincial Department of Finance and the State-owned Assets Supervision and AdministrationCommission, an independent director of Jitai Co., Ltd, an independent director of Jiahe Intelligent Co., Ltd, anindependent director of Shenzhen Baiguoyuan Co., Ltd,.. He used to be the auditor of Hunan Yingte AccountingFirm and the executive director of the Accounting Master Education Center of Jinan University.Mr. Cai Guowei was born in November 1979, with a Doctor of Economics from Sun Yat-Sen University.He is professor and doctoral supervisor. He is currently a professor and doctoral supervisor of Lingnan Collegeof Sun Yat-sen University, and he is the head of the Institute of Digital Economy and Policy of Sun Yat-senUniversity. He is also the executive director of the China World Economics Association, the deputy secretary-general and director of the Guangdong Economic Association, the director of the China Institutional EconomicsForum,anIndependent director of Guangdong Electric Power Development Co., Ltd and An Independent directorof Guangzhou Guangri Co., LtdMr. Zhao Zengli, born in August 1972, holds a PhD in Engineering Thermophysics from the University ofScience and Technology of China, Researcher. Currently, he is the director of the Research Office of WasteTreatment and Resource Utilization of GuangZhou Institute of Energy Conversion, Chinese Academy ofSciences. He is also an independent director of Guangdong Electric Power Development Co., Ltd.Mr. Wang Peipei, born in October 1982, Bachelor of Engineering from Xi'an Jiaotong University and Masterof Engineering from South China University of Technology, Senior Engineer. Currently, he serves as a Memberof the Party Committee and Executive Deputy General Manager of Guangdong Electric Power DevelopmentCo., Ltd. He previously held positions including Head of the Equipment Department, Head of the Safety andProduction Department, and Deputy General Manager of Guangdong Red Bay Power Generation Co., Ltd.During this period, he was seconded to serve as Deputy Director of the Electricity Safety Supervision Divisionof the Southern Regulatory Bureau of the National Energy Administration. He also served as Party BranchSecretary and General Manager of the Tumushuke Branch of Guangdong Electric Power Development Co., Ltd.,Party Branch Secretary and General Manager of the Xinjiang Branch of Guangdong Electric PowerDevelopment Co., Ltd., concurrently serving as Chairman and General Manager of Tumushuke Thermal PowerCompany, Deputy Head of the Preparation Group for Guangdong Energy Group Xinjiang Co., Ltd., and DeputyParty Committee Secretary and General Manager of Guangdong Energy Group Xinjiang Co., Ltd.Mr. Guo Yongxiong, born in January 1974, Bachelor of Engineering from Hehai University, Master ofEngineering from South China University of Technology, is Senior Engineer. Currently, he is deputy generalmanager of Guangdong Electric Power Development Co., Ltd. He used to be in charge for the productionpreparation department of Zhuhai Guangzhu Power Generation Co., Ltd, specially in charge of EngineeringDepartment for steam turbines of Guangdong Zhuhai Power Generation Co., Ltd as a loaned staff borrowed byZhuhai Power Plant, and used to be team leader and planning supervisor of Zhuhai Power Plant MaintenanceDepartment, Engineer of Zhuhai Guangzhu Power Generation Co., Ltd, Planning Director of Planning andContract Department and Planning Director of Zhuhai Power Plant Unit 3 and 4 Extension Office,DeputyManager of Planning and Contract Department and Planning Director of Jinwan Power Generation Company,Manager of Human Resources Department, Manager of Equipment Department, Party Committee Member,

2025 Annual ReportChief Engineer of Guangdong Zhuhai Jinwan Power Generation Co., Ltd, and served as Deputy GeneralManager of Guangdong Red Bay Power Generation Co., Ltd.Mr. Liu Wei, born in April 1979, is Bachelor of finance from Zhongnan University of Economics and Law.He is an economist and currently serves as the Company’s deputy general manager, chief financial officer,secretary of the board of directors, had served as the specialist of the financial department of GuangdongElectric Power Group Co., Ltd, the specialist and the principal officer for the board affairs department , therepresentative of the company's securities affairs of Guangdong Yudean Group Co., Ltd, the manager of theboard affairs department.Ms. Qin Xiao, born in July 1983, holds a bachelor's degree in engineering and economics from WuhanUniversity and is an economist. She is currently the general counsel of Guangdong Electric Power DevelopmentCo., Ltd. and Guangdong Wind Power Generation Co., Ltd. She used to be the specialist of the human resourcesdepartment of Shajiao A Power Plant, the specialist of the planning and development department, thespecialist,department assistant, department head, and minister of the board of directors affairs department ofGuangdong Electric Power Development Co., Ltd., and the general counsel of Guangdong Electric PowerIndustrial Fuel Co., Ltd.Cases where the controlling shareholder or actual controller concurrently serves as both Chairman andGeneral Manager of the listed company

□Applicable?Not applicable

Office taking in shareholder companies

√Applicable □Not applicable

Offices taken in other organizations

√Applicable □Not applicable

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Punishments to the current and leaving board directors, supervisors and senior managers during the reportperiod by securities regulators in the recent three years

□ Applicable √Not applicable

3. Remuneration to directors, supervisors and senior executives

Decision-making procedures, basis for determination and actual payment of the remuneration to directors ,

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supervisors and senior executivesDirectors, supervisors and senior executives of the Company shall obtain labor remuneration and enjoycorresponding employee benefits according to their position and the Company's wage system. Except suchremuneration and benefits, no other remuneration and fringe benefits shall be additionally provided；Theallowance for the independent directors and independent supervisors of the Company shall be paid according tothe standards approved by the shareholders' general meeting.At the end of the report period, the directors, supervisors and senior executives received the actual remunerationbefore tax was total RMB 5.6429 million .

Remuneration to directors, supervisors and senior executives in the reporting period

In RMB10,000

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Other

□Applicable ?Not applicable

V. Performance of duties by directors during the reporting period

1. Attendance of directors at the board meetings and the general meeting of shareholders

Explanation of failure to attend the board meeting in person twice in a rowNone

2. Directors' objections to related matters of the Company

Whether the director raises any objection to the relevant matters of the Company

□ Yes √ No

During the reporting period, the directors did not raise any objection to the relevant matters of the Company.

3. Other descriptions of directors' performance of duties

Whether the directors' suggestions on the Company have been adopted

√ Yes □No

The director's statement on whether the relevant suggestions of the Company have been adopted or notIn 2025, the directors of the Company faithfully and diligently performed their corresponding duties in strict

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accordance with the Company Law, Securities Law, Listing Rules for Stocks of Shenzhen Stock Exchange andother relevant laws and regulations, as well as the Articles of Association and the Rules of Procedure of the Boardof Directors, paid close attention to the Company's standardized operation, production and management, carefullyreviewed the reports and related documents submitted by the Company, actively attended the Company's boardmeetings, special committee meetings and general meeting of shareholders, carefully considered all proposals,made professional, independent, objective and fair judgments, and put forward constructive opinions andsuggestions on the Company's development strategy, corporate governance and business decisions, which playedan important role in the Company's scientific decision-making and steady development. During the reportingperiod, the Company's directors performed their duties diligently, honestly and faithfully, ensured scientific,timely and efficient decision-making through continuous supervision and promotion of the implementation of theresolutions of the Board of Directors, and earnestly protected the overall interests of the Company and thelegitimate rights and interests of minority shareholders.VI. Situation of special committees under the Board of Directors during the reporting period

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VII.The working status of the board of supervisorsThe board of supervisors finds out whether the company has risks during the monitoring activities during the reporting period

□ Yes √ No

The Supervisory Committee has no objection to the supervision matters during the reporting period.VIII. Particulars about employees.

1.Number of staff, professional structure and educational background

Managementof theManagementofGuangdongElectricPowerDevelopmentCo., Ltd.、Number of in-service staff of the parent company（person）

2. Remuneration policies

The company’s staff received the salaries and enjoyed the benefits according to the relevant provisionsstipulated in the company’s Salary Management Approach. The salary of the company’s staff (Except themanagement staff who categorized in the annual salary system) basically constituted by the basic salary, postsalary, performance salary, allowance, overtime wages and special bounties and so on.

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3.Training plan

The company formulated the Temporary Provisions for the Management of Staff Education and Training.The staff training was adhered to the principle of learning integrated with application, learning by the needs andstressing of practical effect, focused on the main contents of the post and the practical operation skills. Thetraining contents included the new staff orientation training, post training, continuing education, overseas trainingand other trainings.

4. Outsourcing situation

□ Applicable √ Not applicable

IX. Specification of profit distribution and capitalizing of common reserves

Formulation, implementation or adjustment of the profit distribution policy, especially the cash dividendpolicy during the reporting period

√Applicable□ Not applicable

The profit distribution policy in the Articles of Association is as follows:

Article 168The company attaches great importance to providing reasonable investment returns to investors, especiallysmall and medium-sized investors. The company's dividend policy is as follows:

(1) The company's dividends are distributed according to the proportion of shares held by shareholders.

(2) The company may distribute dividends in cash, stocks, a combination of cash and stocks, or othermethods permitted by laws and regulations, and shall give priority to the profit distribution method of cashdividends. If conditions for cash dividends are met, cash dividends shall be adopted for profit distribution.

(3) When the net profit attributable to shareholders of the parent company realized by the company in thecurrent year is positive and the accumulated distributable profit at the end of the year is also positive, dividendscan be distributed.

(4) The company's cash dividend policy aims to provide both regular dividends and additional dividends.The company distributes no less than 10% of its distributable profits for the current year in cash each year, andthe cumulative profit distributed in cash over the past three years should not be less than 30% of the averageannual distributable profits achieved over the past three years. When distributing profits, the minimumproportion of cash dividends in the total profit distribution should reach 20%.

(5) The company may carry out interim profit distribution.

(6) When the company's asset-liability ratio at the end of the year is significantly higher than the industryaverage, profit distribution may be waived.

On May 28, 2025, the company's 2024 annual general meeting of shareholders passed the "Proposal onAmending the Company's Articles of Association, Rules of Procedure for Shareholders' Meetings, and Rules ofProcedure for Board Meetings" by special resolution, agreeing to revise the company's articles of associationand policies related to profit distribution in accordance with the latest requirements of the "Guidance on theArticles of Association of Listed Companies". During the reporting period, the company strictly implementedthe profit distribution policy in accordance with the relevant provisions of the "Articles of Association". In thefuture, the company will continue to maintain the continuity, rationality, and stability of cash dividends,actively returning value to shareholders.

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The Company was profitable during the reporting period and the parent company's profit available fordistribution to shareholders was positive but no cash dividend distribution proposal was made.

□Applicable √ Not applicable

Profit distribution and capitalization of capital reserve for the reporting period

?Applicable □Not applicable

X. Implementation Situation of Stock Incentive Plan of the Company, Employee Stock Ownership Planor Other Employee Incentive Measures

□Applicable √ Not applicable

None

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XI. Construction and implementation of internal control system during the reporting period

1. Construction and implementation of internal control

(I) Organization setup and operationThe Company has established a perfect organizational structure system, and its corporate governancestructure, internal organization design and operation mechanism meet the requirements of modern enterprisesystem. The Board of Directors of the Company shall bear the ultimate responsibility for the evaluation of internalcontrol; The Audit and Compliance Committee shall be responsible for organizing, leading and supervising theinternal control evaluation, reviewing the internal control evaluation report, and examining and approving therectification opinions of major and important defects in internal control. The management of the Company isresponsible for organizing the implementation of the internal control evaluation, proposing the business or mattersthat should be focused on in the internal control evaluation, and examining and approving the internal controlevaluation plan and the internal control evaluation report.As the centralized department of internal control management, the Board Affairs Department of theCompany is responsible for organizing the internal control self-inspection, testing and evaluation in the Company,proposing rectification schemes and specific rectification plans for the design and operation defects found,supervising the completion of rectification, and cooperating with the internal audit department and externalauditors to carry out internal control evaluation at the enterprise level.The Board of Directors, the Audit and Compliance Committee, the management and functional departmentsof the Company earnestly perform their duties of internal control and management. Every year, the Companyconducts a comprehensive self-evaluation on the effectiveness of the internal control system, timely corrects theinternal control defects, continuously optimizes the internal control system, and effectively improves theCompany's management level and risk prevention ability.(II) Establishment and implementation of internal control systemAccording to the Basic Standards for Internal Control of Enterprises and its supporting guidelines, GuidelineNo.1 for Self-discipline Supervision of Listed Companies of Shenzhen Stock Exchange -Standardized OperationofListed Companies on Main Board, Listing Rules for Stocks of Shenzhen Stock Exchange and relevant laws andregulations, combined with the actual situation of the Company, from the perspective of business management,function management and post management, the Company formulates basic management systems includingfinancial accounting system, procurement system, asset management system, engineering project managementsystem, human resource management system, administrative management system, internal audit system, guaranteemanagement system, related party transaction system, investment and financing management system, andsubsidiary management system, to make decisions and management on major issues of the Company.

(III) Overall evaluationIn 2025, the Company conscientiously implemented the latest regulatory standards and normativerequirements in terms of national and industry laws and regulations, state-owned assets supervision, etc.,continuously improved the compliance of the standard system, did a good job in revising, improving and elevatingthe internal control system, strictly implemented the internal management system, and standardized majordecision-making behaviors, effectively prevented decision-making risks, enhanced scientific decision-making andavoided decision-making mistakes; carried out in-depth internal control self-evaluation, continuously strengthenedthe rectification of internal control defects, formed an effective internal control management closed loop of"control-evaluation-improvement-control", continuously and dynamically improved the internal control

2025 Annual Reportmanagement system, and ensured that the Company maintained effective internal control in all major aspectsaccording to the requirements of the enterprise internal control standard system and relevant regulations, and nofactors that affect the evaluation conclusion of internal control effectiveness would occur.

2.Details of major internal control defects found during the reporting period

□ Yes √ No

XII. Management and control of the Company's subsidiaries during the reporting period

Anomalies in the management and control of subsidiaries

□Yes?No

XIII.Internal control self-evaluation report or internal control audit report

1.Self-evaluation report on internal control

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2. Internal Control audit report

√ Applicable □Not applicable

Whether the accounting firm has issued a non-standard opinion on the internal control audit report

□Yes?No

Whether the opinion in the internal control audit report issued by the accounting firm is consistent with that inthe Board of Directors' self-evaluation report?Yes □NoWhether a non-standard internal control audit opinion was issued for the reporting period or the previous year

□Yes ?No

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XIV. Rectification of issues identified in the self-inspection of the special actionon corporate governanceof listed companiesNoneXV.Environmental information disclosure situationWhether the listed companies and their main subsidiaries are included in the list of enterprises that discloseenvironmental information according to law?Yes □No

The Company shall comply with the disclosure requirements of power-related industries in the Guideline No.3for Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information Disclosure.

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1. The Company strictly abides by the Environmental Protection Law of the People's Republic of China, AirPollution Prevention Law of the People's Republic of China, Water Pollution Prevention Law of the People'sRepublic of China and Law of the People's Republic of China on Prevention and Control of EnvironmentalPollution by Solid Waste, and the current environmental protection policies and regulations have no impact on theCompany. In 2025, the operating expenses required by the Company's thermal power plants to implementenvironmental protection policies and regulations are mainly to purchase limestone and denitration materials,totaling about RMB 277.49 million, the company paid environmental protection tax amounting to 24.1675 millionyuan

2. In 2025, according to the standard, the coal consumption for comprehensive power supply of theCompany's thermal power plants is 291.45 g/kWh of coal, the sulfur dioxide emission performance value is

0.052g/kWh, nitrogen oxide emission performance value is 0.122g/kWh, and soot emission performance value is

0.008g/kWh. Where, the commissioning rate of desulfurization device is 100%, and the average desulfurizationefficiency is 98.97%; The average operation rate of denitration device is 99.94%, and the average denitrationefficiency is 88.12; The average operation rate of wet electric dust removal is 99.99%, and the average dustremoval efficiency is 99.87%.

3.In 2025, the Company coordinated the promotion of the "three transformations" for coal-fired power units andthe decommissioning arrangement for Shajiao C Power Plant after its service life expired, enhancing regulationperformance and reducing energy consumption. In 2025, the net coal consumption rate for production powersupply of coal-fired power units decreased by 2.37 g/kWh year-on-year.

4.The Company accelerated the comprehensive management of carbon assets, with enterprises subject toemissions control fully completing the quota settlement for the second compliance period of the nationalcarbon Information related to environmental accidents of the listed company

In 2025, there were no environmental accidents in the Company.XVI. Social responsibilitiesFor details of the Company's social responsibility report, please refer to the Social Responsibility Report2025 published by the Company on CNINF (http://www.cninfo.com.cn)XVII. Consolidate and expand the achievements of poverty alleviation and rural revitalization

1. Dapu Power Generation Company’s Targeted Assistance to Lianjiangkou Town, Yingde CityIn 2025, Dapu Power Generation Company actively participated in the local ‘Hundred, Thousand and TenThousand Project’ initiative, contributing to rural revitalisation. Firstly, the company implementedconsumption-based poverty alleviation by purchasing agricultural products from assisted producers for itsemployees; secondly, it distributed trade union vouchers for the purchase of food, household goods and dailynecessities featuring Guangdong’s renowned specialities and premium products, thereby contributing the tradeunion’s strength to rural revitalisation; Thirdly, the company organised all Party members to donate to the 2025“30 June” Rural Revitalisation Campaign, raising a total of 61,800 yuan, thereby leveraging Party-buildinginitiatives to drive rural revitalisation.

2. Yunhe Power Generation Company’s Targeted Assistance to Yaogu Town, Lianyun District

2025 Annual ReportIn 2025, Yunhe Power Generation Company resolutely implemented the “Hundred, Thousand, TenThousand Project” and remained committed to its town-based rural revitalisation assistance work. Firstly, fivenew energy charging station projects were constructed in Shuidong Village and other locations within YaoguTown, with an investment of 180,000 yuan, identifying new growth points for the village’s collective economicdevelopment; secondly, a total of 259,000 yuan worth of agricultural products was procured through the YaoguTown resident work team and the Group’s designated assistance points; thirdly, an application was made toallocate 150,000 yuan in assistance funds for the optimisation and upgrading project of the Party-Mass ServiceCentre in Shuidong Village, Yaogu Town, Yuncheng District.

3. Shaoguan Power Plant’s Targeted Assistance to Dongping Town, Ruyuan Yao AutonomousCountyIn 2025, upholding the sense of responsibility expected of a state-owned enterprise, Shaoguan Power Plantestablished a comprehensive consumption-based assistance system tailored to the actual needs of DongpingTown, Ruyuan Yao Autonomous County, utilising multiple platforms and channels to help open up saleschannels for the town’s agricultural products. The company’s trade union established a regular procurementmechanism, purchasing 149,200 yuan worth of agricultural products—including tea, ginger and citrus fruits—from Dongping Town in 2025, benefiting over 120 farming households. Whilst providing industrial support, thecompany continued to focus on improving people’s livelihoods, implementing multiple measures to consolidatethe achievements of the poverty alleviation campaign. Throughout the year, the work team visited and offeredcondolences to 252 households that had been lifted out of poverty and families in need, distributing 80,400 yuanin relief funds and supplies.

4. Zhongyue Energy Company’s Targeted Assistance to Jijia Town, Leizhou City

In 2025, Zhongyue Energy Company actively implemented the deployment of the ‘Hundred, Thousand andTen Thousand Project’, adhering to its commitment to rural revitalisation through town-based assistance andvillage support. It organised a themed fundraising campaign titled ‘Great Love Assistance, Energy Blessing forthe Town’, raising 11,700 yuan, and paid 8,400 yuan in special trade union fees, all of which were allocated tosupporting road construction, rural greening and providing relief to local residents in need in Jijia Town,Leizhou City. The company completed the paving of a 160-metre-long, 4-metre-wide road and the constructionof a 380-metre-long, 4-metre-wide agricultural access road, thereby eliminating hazards such as roadsubsidence and waterlogging. These projects improved travel conditions for local villagers, enhancedagricultural transport infrastructure, and provided a solid foundation for the development of the agriculturalindustry.

5. Honghaiwan Power Generation Company’s Targeted Assistance to Ba Wan Town, Lufeng City

In 2025, Honghaiwan Power Generation Company focused its rural revitalisation efforts on the five keyareas of industry, talent, culture, ecology and organisation in Jishui Village, Ba Wan Town, Lufeng City, thevillage designated for its targeted assistance. The company made every effort to advance the development andconstruction of key power generation projects, integrating these into the county’s high-quality developmentstrategy. The total investment in the construction of Units 5 and 6 of the Honghaiwan Power GenerationCompany’s Phase II clean coal-fired power expansion project amounts to 7.94 billion yuan. Uponcommissioning, the project is expected to generate an additional average annual tax revenue of approximately

2025 Annual Report200 million yuan. During the construction phase, it will provide around 1,400 job opportunities annually, whilstsimultaneously boosting rental income for properties in surrounding rural areas.

6. Huizhou Natural Gas’s Targeted Assistance to Lianping County, Heyuan CityIn 2025, to further advance the vertical assistance to Lianping County under the ‘Hundred-Thousand-Million Project’, Huizhou Natural Gas Power Generation Company organised a voluntary tree-planting eventfor the 2025 ‘Comprehensive Assistance Forest’ in the ‘Lantern Dance and Rural Charm’ rural revitalisationdemonstration zone. By coordinating the efforts of all assisting units, the initiative added fresh greenery to thegreen and beautiful landscape of Lianping. To help establish the distinctive brand of Lianping’s Eagle-BeakPeaches, boost the income of fruit farmers and village collectives, advance the “Hundred-Thousand-MillionProject” in a more substantive manner, and fully leverage the positive role of young people in assisting andrevitalising agriculture, the company also organised four Youth League members to participate in the second“Youth Cultivating Lianping” public welfare live-streaming event to promote Lianping’s Eagle-Beak Peachesand help farmers increase their income.

2025 Annual ReportV. Important EventsI. Commitments to fulfill the situation

1.The fulfilled commitments in the reporting period and under-fulfillment commitments by the endof the reporting period made by the company, shareholder, actual controller, acquirer, director,supervisor, senior management personnel and other related parities.

□ Applicable √Not applicable

There is no commitment that has not been fulfilled by actual controller, shareholders, related parties,acquirers of the Company

2.The existence of the company's assets or projects earnings forecasts and earnings reporting periodis still in the forecast period, the company has assets or projects meet the original profit forecast madeand the reasons explained

□ Applicable √ Not applicable

3. The Company's performance commitments

□ Applicable √ Not applicable

II. Particulars about the non-operating occupation of funds by the controlling shareholder

□ Applicable √ Not applicable

No such cases in the reporting period.III. Illegal provision of guarantees for external parties

□ Applicable √ Not applicable

No such cases in the reporting period.IV. Explanation of the Board of Directors on the latest "Non-standard Audit Report"

□ Applicable √ Not applicable

V. Notes for “non-standard audit report” of CPAs firm during the Reporting Period by board ofdirectors and supervisory board

□ Applicable √ Not applicable

VI. Explain change of the accounting policy, accounting estimate and measurement methods as comparedwith the financial reporting of last year.

□ Applicable √ Not applicable

No such cases in the reporting period.

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VII.Explain change of the consolidation scope as compared with the financial reporting of last year.

√ Applicable □ Not applicable

(1) Addition of subsidiaries in this year:

(2) Reduction of subsidiaries in this year:

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In the year, the Company's subsidiaries Guangdong Yudean Heping Wind Power Co., Ltd.,LaishuiYingyang NewEnergy Technology Co., Ltd., Nanjing Senhong New Energy Co., Ltd., Nanjing Linyuan Senhai New Energy Co.,Ltd., Taishan Dongrun Zhongneng New Energy Co., Ltd., Pingdu Lianyao New Energy Technology Co., Ltd,andTumushuke Yudean Changhe New Energy Co., Ltd.underwent liquidation and deregistration. The liquidation andderegistration of the above - mentioned companies will correspondingly change the scope of our company'sconsolidated financial statements. However, it will not have a significant impact on our company's existing businessoperations and operating performance, nor will it damage the interests of the company and its shareholdersVIII. Engagement/Disengagement of CPAsCPAs currently engaged

Has the CPAs been changed in the current period

□Yes ?No

Description of the CPAs, financial advisers or sponsors engaged for internal control auditing

□Applicable √ Not applicable

IX. Situation of Facing Listing Suspension and Listing Termination after the Disclosure of the YearlyReport

□Applicable √ Not applicable

X. Relevant Matters of Bankruptcy Reorganization

□Applicable √ Not applicable

No such cases in the reporting period.XI. Matters of Important Lawsuit and Arbitration

□Applicable √ Not applicable

No such cases in the reporting period.

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XII. Situation of Punishment and Rectification

√Applicable ? Not applicable

For details of the related-party transactions related to the daily operations of the company during thereporting period, please refer to "7. Other significant related-party transactions".XIII. Credit Condition of the Company and its Controlling Shareholders and Actual Controllers

□Applicable √ Not applicable

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XIV. Material related transactions

1. Related transactions in connection with daily operation

√Applicable ? Not applicable

For details of related-party transactions occurring during the reporting period that are related to the Company’sday-to-day operations, please refer to “7. Other Significant Related-Party Transactions”.

2. Related-party transactions arising from asset acquisition or sale

□Applicable √ Not applicable

No such cases in the reporting period.

3.Related party transactions of joint outbound investment

□Applicable √ Not applicable

For details of related-party transactions occurring during the reporting period that are related to the Company’sday-to-day operations, please refer to “7. Other Significant Related-Party Transactions”.

4. Credits and liabilities with related parties

□Applicable √ Not applicable

No such cases in the reporting period.

5. Transactions with related finance company, especially one that is controlled by the Company

√ Applicable □Not applicable

Deposit business

Loan business

Credit extension or other financial services

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6. Transactions between the financial company controlled by the Company and related parties

□ Applicable √Not applicable

There is no deposit, loan, credit or other financial business between the financial company controlled by theCompany and related parties.

7. Other significant related-party transactions

√ Applicable □Not applicable

（1）2025 daily related transactions were carried out after examination and approval by 2025 first provisionalshareholders' general meeting. Refer to (5) Related transactions of XIV. Relationship between related parties andthe transactions between them of the Financial Report of this report for details.

（2）On January 20,2025, the 2nd meeting of the 11th Board of Directors of the company reviewed and passed

the "Proposal on Daily Connected Transactions between the Company and Guangdong Energy Group Co., Ltd. in2025", and this connected transaction matter was reviewed and approved for implementation by the company'sfirst extraordinary general meeting of shareholders in 2025.

（3）On May 28, 2025, the 5th meeting of the 11th Board of Directors of the company reviewed and passed the

"Proposal on Capital Increase of Guangdong Provincial Electric Power Industry Fuel Co., Ltd." In order to improvethe resilience and safety of the supply chain of Guangdong Electric Power Industry Chain, the board of directors agreed thatthe Company and Guangdong Energy Group Co., Ltd. (hereinafter referred to as "Guangdong Energy Group") willsimultaneously increase the capital to Guangdong Electric Power Industry Fuel Co., Ltd. (hereinafter referred to as "FuelCompany") by 600 million yuan in accordance with the equity ratio for the establishment of Guangdong Energy Bohe FuelSupply Chain Co., Ltd. Among them, the Company shall increase the capital by 300 million yuan according to the 50% equityratio.

Website for temporary disclosure of the connected transaction

XV. Significant contracts and execution

1.Entrustments, contracting and leasing

（1）Entrustment

√ Applicable □ Not applicable

Statement of Trusteeship Situation

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According to the statement of Guangdong Energy Group on fulfilling relevant matters, and to avoid thehorizontal competition and fulfill the relevant commitment of the horizontal competition, the Company signedStock Trusteeship Agreementwith Guangdong Energy Group, wherein the shareholder's rights within thetrusteeship range, except the ownership, right of earning and right of disposition, will be trusted to the Company,The custody fee collected from each company directly holding the first-class target of Guangdong Energy Groupis RMB 100,000/year; The custody fee collected from each company indirectly holding the secondary target isRMB 50,000/year.published by the Company in China Securities Daily, Securities Times andhttp://www.cninfo.com.cnon January 13, 2018(Announcement No.2018-04). the custody fee actually collectedby the Company was RMB 1.6981 million in 2025.Gains/losses to the Company from projects that reached over 10% in total profit of the Company in reportingperiod

□Applicable √ Not applicable

No gains or losses to the Company from projects that reached over 10% in total profit of the Company inreporting period

(2) Contract

□ Applicable √ Not applicable

No any contract for the Company in the reporting period.

(3) Lease

√Applicable □ Not applicable

Note

As the lessee, the company has incurred a rental fee of RMB 29.69 million in this year.

Project which generates profit or loss reaching over 10% of total profits of the Company during theReporting Period

□ Applicable √ Not applicable

There were no leases with a 10% or greater impact on the Company’s gross profit in the Reporting Period.

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2.Significant Guarantees

√Applicable □ Not applicable

In RMB 10,000

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Explanation on guarantee with composite way:

None

3. Finance management on commission

(1)Situation of Entrusted Finance

□ Applicable √ Not applicable

No any Entrusted Finance for the Company in the reporting period..

（2）Situation of Entrusted Loans

□ Applicable √ Not applicable

No any Entrusted loans for the Company in the reporting period..

4. Other significant contract

□ Applicable √ Not applicable

No other significant contracts for the Company in reporting period.XVI. Use of Raised Funds

□Applicable √ Not applicable

No such cases in the reporting period.XVII. Explanation on other significant events

?Applicable □Not applicable

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The Sixth Meeting of the Eleventh Board of Directors of Guangdong Power DevelopmentCo., Ltd. considered and approved the ‘Proposal on Applying for the Issuance of an EnergyInfrastructure Investment Asset-Backed Special Plan (REITs-style)’. To effectively utiliseexisting assets, improve the capital structure and ensure safe and sustainable development,the Board agreed and approved that Guangdong Power Development Co., Ltd. should issuean asset-backed special plan (REITs-like) with a total scale not exceeding RMB 3.801 billionand a term not exceeding 30 years, using the Dongguan Ningzhou Site Replacement PowerProject held by its wholly-owned subsidiary, Guangdong Yuedian Binhaiwan Energy Co.,Ltd., as the underlying assets. The Company will subscribe to subordinated asset-backedsecurities with a holding amount not exceeding RMB 1 million. The specific implementationplan and product terms are subject to final confirmation by the relevant regulatoryauthorities.

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XVIII. Significant event of subsidiary of the Company

□ Applicable ?Not applicable

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VI. Change of share capital and shareholding of Principal ShareholdersI. Changes in share capital

1. Changes in share capital

In shares

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Reasons for share changed

√ Applicable □ Not applicable

Due to the completion of the share-trading reform, certain corporate shareholders have completed the proceduresfor lifting the trading restrictions on their shares. As a result, 1,474,200 A-shares of the company, which werepreviously subject to trading restrictions, were released from their trading restrictions and became tradable onOctober 29, 2025. Consequently, the number of shares with trading restrictions in the company decreased, whilethe number of shares without trading restrictions increased. For detailed information, please refer to the"Announcement on the Listing and Trading of Shares Subject to Share-trading Reform" (Announcement No.2025-45) disclosed by the company on October 25, 2025.Approval of Change of Shares

□Applicable √Not applicable

Ownership transfer of share changes

□Applicable √Not applicable

Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable tocommon 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 securityregulators

□ Applicable √Not applicable

2. Change of shares with limited sales condition

√ Applicable □ Not applicable

In Shares

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Ⅱ. Issuing and listing

1.Explanation of the Situation of the Security Issue(No Preferred Shares) in the Report Period

□Applicable √Not applicable

2.Change of asset and liability structure caused by change of total capital shares and structure

□Applicable √Not applicable

3.About the existing employees’ shares

□Applicable √Not applicable

Ⅲ.Shareholders and actual controlling shareholder

1. Number of shareholders and shareholding

In Shares

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Information of shareholders holding more than 5% of the shares, the top 10 shareholders and the top 10shareholders of unrestricted tradable shares participating in the lending of shares in securities lending andborrowing business

□Applicable ?Not applicable

The top 10 shareholders and the top 10 shareholders of unrestricted tradable shares have changed compared withthe previous period due to the securities lending/returning,

□ Applicable √ Not applicable

Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a buy-

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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 Companyhave no buy –back agreement dealing in reporting period.

2.Controlling shareholder

Nature of Controlling Shareholders: Local state holdingType of Controlling Shareholders: Legal person

Change of the actual controller in the reporting period

□Applicable √Not applicable

No such cases in the Reporting Period.3．Information about the controlling shareholder of the CompanyActual controller nature：Local state owned assets managementActual controller type：Legal person

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Changes of the actual controller in the reporting period

□Applicable √Not applicable

No Changes of the actual controller in the reporting periodBlock Diagram of the ownership and control relations between the company and the actual controller

The actual controller controls the company by means of trust or managing the assets in other way

□Applicable √Not applicable

4.The cumulative number of shares pledged by the controlling shareholder or the largest shareholder of thecompany and its person acting in concert accounts for 80% of the number of shares held by the company

□Applicable √Not applicable

5.Particulars about other legal person shareholders with over 10% share held

□Applicable √Not applicable

6.Situation of Share Limitation Reduction of Controlling Shareholders, Actual Controllers, RestructuringParty and Other Commitment Subjects

□Applicable √Not applicable

IV. Specific implementation of share repurchase during the reporting periodProgress in implementation of share repurchase

□ Applicable √Not applicable

Implementation progress of reducing repurchased shares by centralized bidding

□ Applicable √Not applicable

V. Preferred stock

□Applicable?Not applicable

The Company had no preferred stock in the Period.

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VII.Corporate Bond

√ Applicable □ Not applicable

I. Enterprise bond

□ Applicable √ Not applicable

No such cases in the reporting period.II. Corporate bond

√ Applicable □ Not applicable

1. Basic information of corporate bonds

In RMB 10,000

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Overdue and outstanding bonds

□ Applicable √ Not applicable

2.Trigger and implementation of option clauses and investor protection clauses of the issuer or investor

√ Applicable □ Not applicable

1. Some bonds of the Company have option clauses, as follows:

Bond codes: 149418.SZ,115042.SHBond abbreviation: 21Yudean 02, G23 Yuefeng 2Types of terms included in bonds: adjustment of coupon rate option and resale optionTrigger and implementation of option clause:

During the reporting period, 21Yudean 02 triggered the option clause. G23 Yuefeng 2 triggers theprovisions for the option to adjust the coupon rate and the put optionclause. Guangdong Wind Power Co., Ltd.issued a coupon rate adjustment announcement on February 11, 2026. It will reduce the coupon rate to 1.405%.From February 11, 2026 to February 26, 2026, the Company issued three suggestive announcements on theimplementation measures of coupon rate non-adjustment and investors' resale.After Guangdong Wind Power Co., Ltd. issued the coupon rate adjustment announcement, the investorsexercised the put option, with a put registration scale of 600 million yuan, leaving a balance of 0.00 billion yuanfor G23 Yuefeng 2 after the put.Some bonds of the Company have investor protection clauses, as follows:

Bond code: 149711.SZ

Bond abbreviation: 21 Yudean 03

Types of terms included in bonds: the issuer's commitment to debt repayment safeguards and remedies fornegative matters

Trigger and implementation of investor protection clauses: The trigger and implementation of investorprotection clauses were not involved in the reporting period.

3.Information of intermediary agency

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Whether the above agency changes during the reporting period

□Yes?No

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4. Use of raised funds

In RMB10,000

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The raised funds are used for construction projects?Applicable □ Not applicable

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During the reporting period, the Company changed the use of funds raised from the above bonds

□ Applicable √ Not applicable

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5.Adjustment of credit rating results during the reporting period

□ Applicable √ Not applicable

6．The implementation and changes of guarantee, debt repayment plan and other debt repaymentguarantee measures during the reporting period and their impact on the rights and interests of bondinvestors

√ Applicable □ Not applicable

(1) Credit enhancement mechanism: 21 Yudean 02 and 21 Yudean 03 are not guaranteed.G23 Yuefeng 2 set upcredit enhancement measures, and Guangdong Electric Power Development Co., Ltd. provided full andunconditional irrevocable joint liability guarantee.

(2) Debt repayment plan and other debt repayment guarantee measures: 21 Yudean 02, 21 Yudean 03 and G3Yuefeng2 debt repayment plans and other debt repayment guarantee measures have not changed during thereporting period, and the payment of their principal and interest will be handled by the bond registrationinstitution and relevant institutions. The specific matters of payment will be elaborated in the announcementdisclosed by the issuer in the media specified by China Securities Regulatory Commission, Shenzhen StockExchange, Shanghai Stock Exchange and China Securities Industry Association in accordance with relevantregulations.III. Debt financing instruments of non-financial enterprises

√ Applicable □ Not applicable

1. Debt financing instruments of non-financial enterprises

In RMB10,000

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Overdue and unpaid bonds

□ Applicable √ Not applicable

2. Trigger and implementation of option clauses and investor protection clauses of the issuer or investor

□ Applicable √ Not applicable

3.Information of intermediary agency

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Whether the above agency changes during the reporting period

□Yes?No

4. Use of raised funds

In RMB10,000

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It intends touse RMB700 millionto repaymatured debtfinancinginstrumentsand RMB300 millionto repayloans fromfinancialinstitutions.

It intends touse RMB 1.5billion torepaymatured debtfinancinginstrumentsand RMB300 millionto repayloans fromfinancialinstitutions.

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The raised funds are used for construction projects

□ Applicable √ Not applicable

During the reporting period, the Company changed the use of funds raised from the above bonds

□ Applicable √ Not applicable

5.Adjustment of credit rating results during the reporting period

□ Applicable √ Not applicable

6 The implementation and changes of guarantee, debt repayment plan and other debt repaymentguarantee measures during the reporting period and their impact on the rights and interests of bondinvestors

√ Applicable □Not applicable

1.Guarantee：22Yudean Fa MTN001, 23Yudean FAMTN001,24 Yudean Fa MTN001, 24 Yudean Fa MTN002,24 Yudean Fa MTN003, 24 Yudean Fa MTN004A, 24 Yudean Fa MTN004B, 24 Yudean FA MTN005,24YudeanFa MTN006A,24 Yudean Fa 006B, 25 Yudean Fa SCP001,25Yudean Fa MTN 002 and 25 Yudean Fa MTN003

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are not guaranteed.

2. Debt repayment plan and other debt repayment safeguards: The debt repayment plan of the above-mentioneddebt financing instruments and other debt repayment guarantee measures of the Company have not changedduring the reporting period.IV. Convertible bond

□ Applicable √ Not applicable

No such cases in the reporting period.V. The loss within the scope of consolidated statements in the reporting period exceeded 10% of the netassets at the end of the previous year

□ Applicable √ Not applicable

VI.Overdue interest-bearing debts except bonds at the end of the reporting period

□ Applicable √ Not applicable

VII.Whether there are any violations of rules and regulations during the reporting period

□ Yes √ No

VIII. Main accounting data and financial indicators of the Company in recent two years by the end of thereporting period

In RMB10,000

VIII. Financial Report

Auditor’s Report

Guangdong Electric Power Development Co., Ltd.

For the year ended 31 December 2025

[English translation for reference only. Should there be any inconsistency between the Chinese and

English versions, the Chinese version shall prevail.]

Grant Thornton Zhitong

Certified Public Accountants LLP

CONTENTS

(English Translation for Reference Only)

Auditor's Report

GTCNSZ (2026) NO. 440A004592

To the shareholders of Guangdong Electric Power Development Co., Ltd.,I. OpinionWe have audited the financial statements of Guangdong Electric Power Development Co., Ltd.(hereinafter “Guangdong Electric Power”, “the Company”), which comprise the consolidated andcompany balance sheets as at 31 December 2025, the consolidated and company incomestatements, the consolidated and company cash flow statements, the consolidated and companystatements of changes in shareholders’ equity for the year then ended, and notes to the financialstatements.In our opinion, the accompanying financial statements present fairly, in all material respects, theconsolidated and company’s financial position of Guangdong Electric Power as at 31 December2025, as well as the financial performance and cash flows for the year then ended in accordancewith the requirements of Accounting Standards for Business Enterprises (CASs).II. Basis for OpinionWe conduct our audit in accordance with China Standards on Auditing (CSAs). Our responsibilitiesunder those standards are further described in the Auditor’s Responsibilities for the Audit of theFinancial Statements Section of our report. We are independent of the Company in accordance withthe Code of Ethics for Chinese Certified Public Accountant (the Ethics Code) and the IndependenceStandards for Certified Public Accountants regarding independence requirements for public interestentities. We fulfill our other ethical responsibilities in accordance with these requirements and theEthics Code. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our opinion.

III. Key Audit MatterKey audit matters are the matters, in our professional judgement, of the most significance in ouraudit of the financial statements of the current period. These matters are addressed in the contextof our audit of the financial statements as a whole, and forming our opinion thereon, and we do notprovide a separate opinion on these matters.(I) Impairment of power related property, plant and equipmentRefer to Note III.21, Note III.32 (2) and Note V. 10 in the Notes to the Financial Statements.

1. Description

As of 31 December 2025, the carrying amount of property, plant and equipment (PPE) inGuangdong Electric Power’s consolidated balance sheet amounted to RMB 85.9 billion. For theyear ended 31 December 2025, the Company recorded an impairment loss on PPE of RMB 229million in its consolidated income statement.The Company assesses on the balance sheet date whether there is any indication of impairment forPPE. For those with impairment indicators, an impairment test is performed. If the results of theimpairment test show that the recoverable amount of the asset or cash-generating unit (CGU) islower than its carrying amount, an impairment loss is recognized for the difference.In 2025, certain subsidiaries of Guangdong Electric Power were in a state of continuous operatinglosses, indicating impairment for the PPE of these subsidiaries. In accordance with the assetutilization plan, the management team (the Management) determined the recoverable amount of anasset or CGU as the higher of its fair value less costs of disposal, and the present value of theexpected future cash inflows from it. The calculation of the present value of the future net cashflows involved the Management’s significant judgements and estimates for the discount rate, theon-grid electricity price, the electricity sale volume and the fuel price for power generation.Because the carrying amount of PPE with indication of impairment was significant to theconsolidated financial statements of the Company, and the impairment testing of electricitygenerating CGUs involved the Management’s significant estimates and judgements, the impairmentof PPE related to power generation is identified as a key audit matter.

2. How our audit addressed the Key Audit Matter

Our audit procedures for the impairment of power generation related PPE mainly included：

(1) Understanding, assessing and testing the internal control procedure relevant to the

impairment test of PPE and its effectiveness in operation;

(2) Involving internal valuation specialists to review the reasonableness of the method applied

by management for the impairment test;

(3) Evaluating the reasonableness of the estimates of discount rate, on-grid electricity price,

electricity sale volume and fuel price for power generation applied in calculating thepresent value of future net cash flows of power generation related PPE, consideringthe historical operating results of the assets, the subsidiaries as well as the industry:

- For the estimation of the discount rate, we involved the work of internal valuationspecialists to evaluate its appropriateness;- For the estimation of the on-grid electricity price and the fuel price for powergeneration, we referred to the historical and industry data, as well as market trends;

- For the estimation of the electricity sale volume, we referred to the historical data,approved budgets and business plans, as well as the corresponding supportingdocuments;

(4) Obtain the impairment test schedules prepared by management relating to PPE with

impairment indicators, verifying the input data and formulas used in the calculation ofthe present value of future cash flows, as well as the accuracy of the results;

(5) Comparing the key estimates used by management as to the present value of future cash

flows in actual operation of the current year with the predicted values in the prior year,assessing whether there is any indication of management bias;

(6) Conducting sensitivity analysis on the discount rate and other key estimates used by

management, assessing whether changes in key estimates would lead to differentconclusions, and thereby assessing if there was any indication of management bias inthe selecting estimates.(II) Recognition of deferred tax assets related to deductible lossesRefer to Note V.16 in the Notes to the Financial Statements.

1. Description

As at 31 December 2025, Guangdong Electric Power recognized RMB 340 million in the deferred

tax assets accounting from the deductible losses incurred by certain subsidiaries. The managementrecognized these deferred tax assets within the limits of the future taxable income thesesubsidiaries were likely to obtain from the deductible losses, basing on the financial forecast. Thefinancial forecast of these subsidiaries in future periods involved the Management's significantjudgements and estimates for the discount rate, the on-grid electricity price, the electricity salevolume and the fuel price for power generation.

Because the deferred tax assets related to deductible losses were significant to theconsolidated financial statements of Guangdong Electric Power, and the financial forecastfor future periods involved management’s significant judgements and estimates, thedeferred tax assets related to deductible losses are identified as a key audit matter.

2. How our audit addressed the Key Audit Matter

Our audit procedures for recognition of deferred tax assets related to deductible losses mainlyincluded:

(1) Understanding, assessing and testing the internal control procedure relevant to the

deferred tax assets related to deductible losses and its effectiveness in operation;

(2) Inquiring with management about the approved financial forecast for future periods,

verifying the input data and formulas used in the calculation of the present valueof future net cash flows, as well as the accuracy of the results;

(3) Inquiring with management about the annual income tax return files related to the

deductible losses, and verifying the accuracy of the deductible losses amount andits period;

(4) Evaluating the reasonableness of the estimates of discount rate, on-grid electricity

price, electricity sale volume and fuel price for power generation applied incalculating the expected taxable income for future periods, considering thehistorical operating results of the assets, the subsidiaries as well as the industry;

(5) Comparing the predicted taxable incomes of 2025 made in 2024 and the actual

taxable income of 2025, examining the accuracy of the prediction and reviewingfor any indication of management bias;

(6) Reviewing whether the deferred tax assets were recognized within the limits of the

estimated future taxable income expected to be realized during the deductibleperiod.

IV. Other InformationThe Management of Guangdong Electric Power is responsible for the other information. The otherinformation comprises all the information excluding the financial statements and our auditor’s report,in 2025 annual report of Guangdong Electric Power.Our opinion on the financial statements does not cover the other information and we do not expressany form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility includes reviewing theother information for any material inconsistency with the financial statements or our knowledgeobtained in the audit, or if there is any material misstatement.We are required to report any material misstatement of the other information. Although, we havenothing to report in this regard, based on the work we have performed.V. Responsibilities of Management and Those Charged with the Audit and Compliance

Committee for the Financial StatementsManagement of Guangdong Electric Power is responsible for the preparation and fair presentationof these financial statements in accordance with the CASs, and for the design, performance andmaintenance of such internal control, enabling that the financial statements are free from materialmisstatement, whether due to fraud or error.In preparing these financial statements, management is responsible for assessing GuangdongElectric Power’s ability to continue as a going concern, and disclosing (if applicable) the mattersrelated to going concern. The management is compulsory to imply the going concern basis ofaccounting unless they intend to liquidate Guangdong Electric Power or to cease operations, or hasno realistic alternative but to do so.The Audit and Compliance Committee is responsible for overseeing Guangdong Electric Power’sfinancial reporting process.VI. Auditor’s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether these financial statements as awhole are free from material misstatement, whether due to fraud or error, and to issue an auditor’sreport that includes our opinion. Reasonable assurance is a high level of assurance, but is not aguarantee that an audit conducted in accordance with CSAs will always detect an existing materialmisstatement. Misstatements can arise from fraud or error. They are considered material if,

individually or in the aggregate, they could reasonably be expected to influence the economicdecisions of users taken on the basis of these financial statements.As part of an audit in accordance with CSAs, we exercise professional judgement and maintainprofessional skepticism throughout the audit, including:

(1) Identifying and assessing the risks of material misstatement of the financial statements,whether due to fraud or error, designing and performing audit procedures responsive to thoserisks, and obtaining audit evidence that is sufficient and appropriate to provide a basis for ouropinion; the risk of not detecting a material misstatement resulting from fraud is higher than forone resulting from error, as fraud may involve collusion, forgery, intentional omissions,misrepresentations, or the override of internal control;

(2) Obtaining an understanding of internal control relevant to the audit in order to design audit

procedures that are appropriate in the circumstances;

(3) Evaluating the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by the Management;

(4) Concluding on the appropriateness of the Management's use of the going concern basis ofaccounting and determining based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany’s ability to continue as a going concern; if we conclude that a material uncertaintyexists, we are required to draw attention in our auditor’s report to the related disclosures inthese financial statements or, if such disclosures are inadequate, to modify our opinion; ourconclusions are based on the audit evidence obtained up to the date of our auditor’s report,though future events or conditions may cause the Company to cease to continue as a goingconcern;

(5) Evaluating the overall presentation, structure and content of the financial statements, and

whether the financial statements represent the underlying transactions and events in a mannerthat achieves fair presentation;

(6) Obtaining sufficient appropriate audit evidence regarding the financial information of theentities or business activities within Guangdong Electric Power to express an opinion on thefinancial statements; we are responsible for the direction, supervision and performance of thegroup audit; We remain solely responsible for our audit opinion.We communicate with those charged with the Audit and Compliance Committee regarding, amongother matters, the planned scope and timing of the audit and significant audit findings, including any

significant deficiency in internal control that we identified during our audit.We also provide those charged with the Audit and Compliance Committee with a statement that wehave complied with relevant ethical requirements regarding independence, and to communicatewith them all relationships and other matters that may reasonably be thought to bear on ourindependence, and where applicable, related safeguards.From the matters communicated with those charged with the Audit and Compliance Committee, wedetermine those matters that were of most significance in the audit of the financial statements ofthe current period and are therefore the key audit matters. We describe these matters in ourauditor’s report unless law or regulation precludes public disclosure about the matter or when, inextremely rare circumstances, we determine that a matter should not be communicated in ourreport because the adverse consequences of doing so would reasonably be expected to outweighthe public interest benefits of such communication.