Auditor’sReport
GuangdongElectricPowerDevelopmentCo.,Ltd.
Fortheyearended31December2025
[Englishtranslationforreferenceonly.ShouldtherebeanyinconsistencybetweentheChinese
andEnglishversions,theChineseversionshallprevail.]
GrantThorntonZhitongCertifiedPublicAccountantsLLP
CONTENTS
| Auditor’sReport | 1-7 |
| Consolidatedandcompanybalancesheets | 1-2 |
| Consolidatedandcompanyincomestatements | 3-4 |
| Consolidatedandcompanycashflowstatements | 5 |
| Consolidatedandcompanystatementsofchangesinshareholders’equity | 6-9 |
| Notestothefinancialstatements | 10-147 |
(EnglishTranslationforReferenceOnly)
Auditor'sReport
GTCNSZ(2026)NO.440A004592
TotheshareholdersofGuangdongElectricPowerDevelopmentCo.,Ltd.,I.OpinionWehaveauditedthefinancialstatementsofGuangdongElectricPowerDevelopmentCo.,Ltd.(hereinafter“GuangdongElectricPower”,“theCompany”),whichcomprisetheconsolidatedandcompanybalancesheetsasat31December2025,theconsolidatedandcompanyincomestatements,theconsolidatedandcompanycashflowstatements,theconsolidatedandcompanystatementsofchangesinshareholders’equityfortheyearthenended,andnotestothefinancialstatements.Inouropinion,theaccompanyingfinancialstatementspresentfairly,inallmaterialrespects,theconsolidatedandcompany’sfinancialpositionofGuangdongElectricPowerasat31December2025,aswellasthefinancialperformanceandcashflowsfortheyearthenendedinaccordancewiththerequirementsofAccountingStandardsforBusinessEnterprises(CASs).II.BasisforOpinionWeconductourauditinaccordancewithChinaStandardsonAuditing(CSAs).OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditor’sResponsibilitiesfortheAuditoftheFinancialStatementsSectionofourreport.WeareindependentoftheCompanyinaccordancewiththeCodeofEthicsforChineseCertifiedPublicAccountant(theEthicsCode)andtheIndependenceStandardsforCertifiedPublicAccountantsregardingindependencerequirementsforpublicinterestentities.WefulfillourotherethicalresponsibilitiesinaccordancewiththeserequirementsandtheEthicsCode.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforouropinion.
III.KeyAuditMatterKeyauditmattersarethematters,inourprofessionaljudgement,ofthemostsignificanceinourauditofthefinancialstatementsofthecurrentperiod.Thesemattersareaddressedinthecontextofourauditofthefinancialstatementsasawhole,andformingouropinionthereon,andwedonotprovideaseparateopiniononthesematters.(I)Impairmentofpowerrelatedproperty,plantandequipmentRefertoNoteIII.21,NoteIII.32(2)andNoteV.10intheNotestotheFinancialStatements.
1.DescriptionAsof31December2025,thecarryingamountofproperty,plantandequipment(PPE)inGuangdongElectricPower’sconsolidatedbalancesheetamountedtoRMB85.9billion.Fortheyearended31December2025,theCompanyrecordedanimpairmentlossonPPEofRMB229millioninitsconsolidatedincomestatement.TheCompanyassessesonthebalancesheetdatewhetherthereisanyindicationofimpairmentforPPE.Forthosewithimpairmentindicators,animpairmenttestisperformed.Iftheresultsoftheimpairmenttestshowthattherecoverableamountoftheassetorcash-generatingunit(CGU)islowerthanitscarryingamount,animpairmentlossisrecognizedforthedifference.In2025,certainsubsidiariesofGuangdongElectricPowerwereinastateofcontinuousoperatinglosses,indicatingimpairmentforthePPEofthesesubsidiaries.Inaccordancewiththeassetutilizationplan,themanagementteam(theManagement)determinedtherecoverableamountofanassetorCGUasthehigherofitsfairvaluelesscostsofdisposal,andthepresentvalueoftheexpectedfuturecashinflowsfromit.ThecalculationofthepresentvalueofthefuturenetcashflowsinvolvedtheManagement’ssignificantjudgementsandestimatesforthediscountrate,theon-gridelectricityprice,theelectricitysalevolumeandthefuelpriceforpowergeneration.BecausethecarryingamountofPPEwithindicationofimpairmentwassignificanttotheconsolidatedfinancialstatementsoftheCompany,andtheimpairmenttestingofelectricitygeneratingCGUsinvolvedtheManagement’ssignificantestimatesandjudgements,theimpairmentofPPErelatedtopowergenerationisidentifiedasakeyauditmatter.
2.HowourauditaddressedtheKeyAuditMatterOurauditproceduresfortheimpairmentofpowergenerationrelatedPPEmainlyincluded：
(1)Understanding,assessingandtestingtheinternalcontrolprocedurerelevanttothe
impairmenttestofPPEanditseffectivenessinoperation;
(2)Involvinginternalvaluationspecialiststoreviewthereasonablenessofthemethod
appliedbymanagementfortheimpairmenttest;
(3)Evaluatingthereasonablenessoftheestimatesofdiscountrate,on-gridelectricity
price,electricitysalevolumeandfuelpriceforpowergenerationappliedincalculatingthepresentvalueoffuturenetcashflowsofpowergenerationrelatedPPE,consideringthehistoricaloperatingresultsoftheassets,thesubsidiariesaswellastheindustry:
-Fortheestimationofthediscountrate,weinvolvedtheworkofinternalvaluationspecialiststoevaluateitsappropriateness;
-Fortheestimationoftheon-gridelectricitypriceandthefuelpriceforpowergeneration,wereferredtothehistoricalandindustrydata,aswellasmarkettrends;
-Fortheestimationoftheelectricitysalevolume,wereferredtothehistoricaldata,approvedbudgetsandbusinessplans,aswellasthecorrespondingsupportingdocuments;
(4)ObtaintheimpairmenttestschedulespreparedbymanagementrelatingtoPPEwith
impairmentindicators,verifyingtheinputdataandformulasusedinthecalculationofthepresentvalueoffuturecashflows,aswellastheaccuracyoftheresults;
(5)Comparingthekeyestimatesusedbymanagementastothepresentvalueoffuture
cashflowsinactualoperationofthecurrentyearwiththepredictedvaluesintheprioryear,assessingwhetherthereisanyindicationofmanagementbias;
(6)Conductingsensitivityanalysisonthediscountrateandotherkeyestimatesusedby
management,assessingwhetherchangesinkeyestimateswouldleadtodifferentconclusions,andtherebyassessingiftherewasanyindicationofmanagementbiasintheselectingestimates.
(II)RecognitionofdeferredtaxassetsrelatedtodeductiblelossesRefertoNoteV.16intheNotestotheFinancialStatements.
1.DescriptionAsat31December2025,GuangdongElectricPowerrecognizedRMB340millioninthedeferredtaxassetsaccountingfromthedeductiblelossesincurredbycertainsubsidiaries.Themanagementrecognizedthesedeferredtaxassetswithinthelimitsofthefuturetaxableincomethesesubsidiarieswerelikelytoobtainfromthedeductiblelosses,basingonthefinancialforecast.ThefinancialforecastofthesesubsidiariesinfutureperiodsinvolvedtheManagement'ssignificantjudgementsandestimatesforthediscountrate,theon-gridelectricityprice,theelectricitysalevolumeandthefuelpriceforpowergeneration.BecausethedeferredtaxassetsrelatedtodeductiblelossesweresignificanttotheconsolidatedfinancialstatementsofGuangdongElectricPower,andthefinancialforecastforfutureperiodsinvolvedmanagement’ssignificantjudgementsandestimates,thedeferredtaxassetsrelatedtodeductiblelossesareidentifiedasakeyauditmatter.
2.HowourauditaddressedtheKeyAuditMatterOurauditproceduresforrecognitionofdeferredtaxassetsrelatedtodeductiblelossesmainlyincluded:
(1)Understanding,assessingandtestingtheinternalcontrolprocedurerelevantto
thedeferredtaxassetsrelatedtodeductiblelossesanditseffectivenessinoperation;
(2)Inquiringwithmanagementabouttheapprovedfinancialforecastforfuture
periods,verifyingtheinputdataandformulasusedinthecalculationofthepresentvalueoffuturenetcashflows,aswellastheaccuracyoftheresults;
(3)Inquiringwithmanagementabouttheannualincometaxreturnfilesrelatedtothe
deductiblelosses,andverifyingtheaccuracyofthedeductiblelossesamountanditsperiod;
(4)Evaluatingthereasonablenessoftheestimatesofdiscountrate,on-grid
electricityprice,electricitysalevolumeandfuelpriceforpowergenerationappliedincalculatingtheexpectedtaxableincomeforfutureperiods,considering
thehistoricaloperatingresultsoftheassets,thesubsidiariesaswellastheindustry;
(5)Comparingthepredictedtaxableincomesof2025madein2024andtheactual
taxableincomeof2025,examiningtheaccuracyofthepredictionandreviewingforanyindicationofmanagementbias;
(6)Reviewingwhetherthedeferredtaxassetswererecognizedwithinthelimitsof
theestimatedfuturetaxableincomeexpectedtoberealizedduringthedeductibleperiod.IV.OtherInformationTheManagementofGuangdongElectricPowerisresponsiblefortheotherinformation.Theotherinformationcomprisesalltheinformationexcludingthefinancialstatementsandourauditor’sreport,in2025annualreportofGuangdongElectricPower.Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationandwedonotexpressanyformofassuranceconclusionthereon.Inconnectionwithourauditofthefinancialstatements,ourresponsibilityincludesreviewingtheotherinformationforanymaterialinconsistencywiththefinancialstatementsorourknowledgeobtainedintheaudit,orifthereisanymaterialmisstatement.Wearerequiredtoreportanymaterialmisstatementoftheotherinformation.Although,wehavenothingtoreportinthisregard,basedontheworkwehaveperformed.V.ResponsibilitiesofManagementandThoseChargedwiththeAuditandComplianceCommitteefor
theFinancialStatementsManagementofGuangdongElectricPowerisresponsibleforthepreparationandfairpresentationofthesefinancialstatementsinaccordancewiththeCASs,andforthedesign,performanceandmaintenanceofsuchinternalcontrol,enablingthatthefinancialstatementsarefreefrommaterialmisstatement,whetherduetofraudorerror.Inpreparingthesefinancialstatements,managementisresponsibleforassessingGuangdongElectricPower’sabilitytocontinueasagoingconcern,anddisclosing(ifapplicable)themattersrelatedtogoingconcern.ThemanagementiscompulsorytoimplythegoingconcernbasisofaccountingunlesstheyintendtoliquidateGuangdongElectricPowerortoceaseoperations,orhasnorealisticalternativebuttodoso.
TheAuditandComplianceCommitteeisresponsibleforoverseeingGuangdongElectricPower’sfinancialreportingprocess.VI.Auditor’sResponsibilitiesfortheAuditoftheFinancialStatementsOurobjectivesaretoobtainreasonableassuranceaboutwhetherthesefinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewithCSAswillalwaysdetectanexistingmaterialmisstatement.Misstatementscanarisefromfraudorerror.Theyareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.AspartofanauditinaccordancewithCSAs,weexerciseprofessionaljudgementandmaintainprofessionalskepticismthroughouttheaudit,including:
(1)Identifyingandassessingtherisksofmaterialmisstatementofthefinancialstatements,
whetherduetofraudorerror,designingandperformingauditproceduresresponsivetothoserisks,andobtainingauditevidencethatissufficientandappropriatetoprovideabasisforouropinion;theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,intentionalomissions,misrepresentations,ortheoverrideofinternalcontrol;
(2)Obtaininganunderstandingofinternalcontrolrelevanttotheauditinordertodesignaudit
proceduresthatareappropriateinthecircumstances;
(3)Evaluatingtheappropriatenessofaccountingpoliciesusedandthereasonablenessof
accountingestimatesandrelateddisclosuresmadebytheManagement;
(4)ConcludingontheappropriatenessoftheManagement'suseofthegoingconcernbasisof
accountinganddeterminingbasedontheauditevidenceobtainedwhetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheCompany’sabilitytocontinueasagoingconcern;ifweconcludethatamaterialuncertaintyexists,wearerequiredtodrawattentioninourauditor’sreporttotherelateddisclosuresinthesefinancialstatementsor,ifsuchdisclosuresareinadequate,tomodifyouropinion;ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor’sreport,thoughfutureeventsorconditionsmaycausetheCompanytoceasetocontinueasagoingconcern;
(5)Evaluatingtheoverallpresentation,structureandcontentofthefinancialstatements,andwhetherthefinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation;
(6)ObtainingsufficientappropriateauditevidenceregardingthefinancialinformationoftheentitiesorbusinessactivitieswithinGuangdongElectricPowertoexpressanopiniononthefinancialstatements;weareresponsibleforthedirection,supervisionandperformanceofthegroupaudit;Weremainsolelyresponsibleforourauditopinion.WecommunicatewiththosechargedwiththeAuditandComplianceCommitteeregarding,amongothermatters,theplannedscopeandtimingoftheauditandsignificantauditfindings,includinganysignificantdeficiencyininternalcontrolthatweidentifiedduringouraudit.WealsoprovidethosechargedwiththeAuditandComplianceCommitteewithastatementthatwehavecompliedwithrelevantethicalrequirementsregardingindependence,andtocommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,relatedsafeguards.FromthematterscommunicatedwiththosechargedwiththeAuditandComplianceCommittee,wedeterminethosemattersthatwereofmostsignificanceintheauditofthefinancialstatementsofthecurrentperiodandarethereforethekeyauditmatters.Wedescribethesemattersinourauditor’sreportunlesslaworregulationprecludespublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminethatamattershouldnotbecommunicatedinourreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsofsuchcommunication.
| GrantThorntonZhitongCertifiedPublicAccountantsLLP | ChineseCertifiedPublicAccountant(EngagementPartner)ChineseCertifiedPublicAccountant | BitaoDengZeyuLi |
| Beijing,China | 27March2026 |
| ConsolidatedandCompanyBalanceSheet | |||||
| 31December2025 | |||||
| Preparedby:GuangdongElectricPowerDevelopmentCo.,Ltd. | ExpressedinRMB | ||||
| Item | NoteV. | Asat31/12/2025 | Asat31/12/2024 | ||
| Consolidated | Company | Consolidated | Company | ||
| Currentassets： | |||||
| Cashandbankbalances | 1 | 14,839,620,180 | 764,421,673 | 15,361,820,831 | 265,985,600 |
| Financialassetsheld-for-trading | |||||
| Notesreceivable | |||||
| Tradereceivables | 2 | 9,583,184,905 | 9,101,797,841 | ||
| Financingofreceivables | |||||
| Advancestosuppliers | 3 | 974,124,953 | 33,136,661 | 1,440,632,187 | 29,801,383 |
| Otherreceivables | 4 | 527,513,970 | 70,195,880 | 533,352,169 | 837,741,316 |
| Including:dividendsreceivable | |||||
| Inventories | 5 | 2,293,819,795 | 4,371,073 | 2,577,119,489 | 1,923,411 |
| Contractassets | 899,846 | 1,378,872 | |||
| Othercurrentassets | 6 | 2,428,213,159 | 2,183,422 | 1,971,269,586 | 2,704,808 |
| Totalcurrentassets | 30,647,376,808 | 874,308,709 | 30,987,370,975 | 1,138,156,518 | |
| Non-currentassets： | |||||
| Long-termreceivables | 195,555,835 | 930,000,000 | |||
| Long-termequityinvestments | 7 | 11,543,456,219 | 50,908,455,350 | 10,812,658,939 | 46,167,289,906 |
| Investmentsinotherequityinstruments | 8 | 3,009,689,888 | 3,009,428,066 | 2,650,289,873 | 2,649,489,873 |
| Othernon-currentfinancialassets | 1,000,000 | ||||
| Investmentproperties | 9 | 323,777,484 | 3,211,856 | 336,493,586 | 3,847,454 |
| Property,plantandequipment | 10 | 85,896,557,515 | 155,838,530 | 73,628,798,655 | 179,180,382 |
| Constructioninprogress | 11 | 31,582,478,170 | 9,517,518 | 31,382,850,765 | |
| Right-of-useassets | 12 | 11,196,458,460 | 16,988,825 | 11,700,419,075 | 1,402,273 |
| Intangibleassets | 13 | 3,699,548,596 | 65,316,066 | 3,786,635,293 | 68,528,585 |
| Goodwill | 14 | 2,449,886 | 2,449,886 | ||
| Long-termprepaidexpenses | 15 | 62,228,755 | 859,478 | 55,505,161 | 844,193 |
| Deferredtaxassets | 16 | 959,061,443 | 1,099,214,779 | ||
| Othernon-currentassets | 17 | 7,111,168,050 | 615,758 | 8,711,545,949 | 616,089 |
| Totalnon-currentassets | 155,386,874,466 | 54,366,787,282 | 144,166,861,961 | 50,001,198,755 | |
| Totalassets | 186,034,251,274 | 55,241,095,991 | 175,154,232,936 | 51,139,355,273 | |
| ConsolidatedandCompanyBalanceSheet(Continued) | |||||
| 31December2025 | |||||
| Preparedby:GuangdongElectricPowerDevelopmentCo.,Ltd. | ExpressedinRMB | ||||
| Item | NoteV. | Asat31/12/2025 | Asat31/12/2024 | ||
| Consolidated | Company | Consolidated | Company | ||
| Currentliabilities: | |||||
| Short-termborrowings | 19 | 9,741,011,157 | 1,400,905,972 | 14,108,930,833 | 1,986,468,042 |
| Notespayable | 20 | 1,519,972,657 | 2,102,292,195 | ||
| Tradepayable | 21 | 4,294,766,903 | 1,695,429 | 4,279,045,681 | 1,643,506 |
| Advancesfromcustomers | 67,892,003 | ||||
| Contractliabilities | 22 | 77,103,302 | 104,963 | 38,459,828 | 33,846 |
| Employeebenefitspayable | 23 | 592,492,474 | 146,613,413 | 556,291,188 | 157,194,609 |
| Taxespayable | 24 | 311,343,314 | 9,202,636 | 303,440,015 | 3,979,960 |
| Otherpayables | 25 | 18,806,427,609 | 41,736,245 | 15,825,876,579 | 40,238,685 |
| Currentportionofnon-currentliabilities | 26 | 9,886,200,377 | 4,293,530,164 | 6,606,678,336 | 852,771,938 |
| Othercurrentliabilities | 27 | 520,439,919 | 528,095,817 | ||
| Totalcurrentliabilities | 45,817,649,715 | 5,893,788,822 | 44,349,110,472 | 3,042,330,586 | |
| Non-currentliabilities: | |||||
| Long-termborrowings | 28 | 71,609,414,544 | 9,818,725,300 | 69,541,559,406 | 10,853,100,000 |
| Debenturespayable | 29 | 12,382,296,595 | 11,782,624,637 | 11,107,429,258 | 10,507,849,644 |
| Leaseliabilities | 30 | 12,394,114,636 | 9,970,350 | 12,376,312,142 | |
| Long-termpayables | 31 | 1,109,330,338 | 696,347,824 | ||
| Long-termemployeebenefitspayable | 32 | 592,113,141 | 245,701,966 | 537,138,216 | 227,553,678 |
| Deferredincome | 33 | 141,794,312 | 1,310,410 | 113,262,526 | |
| Deferredtaxliabilities | 16 | 523,854,149 | 510,428,489 | 470,213,543 | 420,501,470 |
| Othernon-currentliabilities | 34 | 1,028,167 | 1,028,167 | ||
| Totalnon-currentliabilities | 98,753,945,882 | 22,368,761,152 | 94,843,291,082 | 22,009,004,792 | |
| Totalliabilities | 144,571,595,597 | 28,262,549,974 | 139,192,401,554 | 25,051,335,378 | |
| Shareholders’equity: | |||||
| Sharecapital | 35 | 5,250,283,986 | 5,250,283,986 | 5,250,283,986 | 5,250,283,986 |
| Capitalsurplus | 36 | 5,028,330,125 | 4,861,549,687 | 5,203,250,383 | 4,849,472,205 |
| Othercomprehensiveincome | 37 | 1,533,837,247 | 1,576,172,968 | 1,331,876,093 | 1,345,335,533 |
| Specificreserve | 38 | 90,467,033 | 48,826,625 | 62,769,166 | 38,111,254 |
| Surplusreserve | 39 | 8,903,515,135 | 8,903,515,135 | 8,903,515,135 | 8,903,515,135 |
| Undistributedprofits | 40 | 2,637,923,692 | 6,338,197,616 | 2,142,987,033 | 5,701,301,782 |
| TotalequityattributabletoshareholdersoftheCompany | 23,444,357,218 | 26,978,546,017 | 22,894,681,796 | 26,088,019,895 | |
| Non-controllinginterests | 18,018,298,459 | 13,067,149,586 | |||
| Totalshareholders’equity | 41,462,655,677 | 26,978,546,017 | 35,961,831,382 | 26,088,019,895 | |
| Totalliabilitiesandshareholders'equity | 186,034,251,274 | 55,241,095,991 | 175,154,232,936 | 51,139,355,273 | |
Legalrepresentative:
ZhengYunpeng
| Legalrepresentative:ZhengYunpeng | Principalinchargeofaccounting:LiuWei | Headofaccountingdepartment:MengFei |
| ConsolidatedandCompanyIncomeStatement | |||||
| Yearended31/12/2025 | |||||
| Preparedby:GuangdongElectricPowerDevelopmentCo.,Ltd. | ExpressedinRMB | ||||
| Item | NoteV. | Yearended31/12/2025 | Yearended31/12/2024 | ||
| Consolidated | Company | Consolidated | Company | ||
| I.Revenue | 41 | 51,541,178,630 | 56,107,489 | 57,159,067,233 | 36,422,477 |
| Less:Costofsales | 41 | 45,713,513,995 | 34,193,846 | 49,520,897,046 | 44,175,640 |
| Taxesandsurcharges | 42 | 383,910,501 | 8,340,424 | 375,186,682 | 8,500,625 |
| Sellingexpenses | 43 | 100,752,930 | 101,150,886 | ||
| Generalandadministrativeexpenses | 44 | 1,653,359,835 | 203,121,478 | 1,626,351,993 | 344,574,290 |
| Researchanddevelopmentexpenses | 45 | 567,198,811 | 2,327,637 | 1,286,783,600 | 1,995,667 |
| Financialexpenses | 46 | 2,185,982,384 | 646,825,972 | 2,285,029,760 | 644,118,641 |
| Including:Interestexpenses | 46 | 2,247,806,946 | 643,679,859 | 2,430,228,046 | 648,656,512 |
| Interestincome | 46 | 89,069,206 | 974,320 | 162,430,466 | 8,442,173 |
| Add:Otherincome | 47 | 49,513,576 | 916,380 | 77,958,729 | 400,411 |
| Investmentincome("-"forlosses) | 48 | 791,678,742 | 1,589,202,375 | 810,226,883 | 1,802,593,102 |
| Including:Shareofprofitofassociatesandjointventures | 48 | 675,523,147 | 600,202,060 | 697,637,165 | 626,894,645 |
| Gainsfromchangesinfairvalue("-"forlosses) | |||||
| Creditimpairment("-"forlosses) | 49 | -17,411,129 | -18,627 | -33,253,676 | 6,972 |
| Assetimpairmentlosses("-"forlosses) | 50 | -371,789,173 | -78,629,601 | -356,430,968 | -260,107,096 |
| Gainsondisposalsofassets("-"forlosses) | 51 | 20,344,472 | -24,892 | 98,655 | |
| II.Operatingprofit("-"forlosses) | 1,408,796,662 | 672,743,767 | 2,462,266,889 | 535,951,003 | |
| Add:Non-operatingincome | 52 | 255,499,453 | 69,129,852 | 418,066,514 | 31,954,863 |
| Less:Non-operatingexpenses | 23 | 152,889,860 | 29,634 | 425,704,912 | 212,422 |
| III.Profitbeforeincometax("-"forlosses) | 1,511,406,255 | 741,843,985 | 2,454,628,491 | 567,693,444 | |
| Less:Incometaxexpenses | 54 | 479,752,990 | -57,529 | 699,795,265 | -308,500 |
| IV.Netprofitfortheyear("-"forlosses) | 1,031,653,265 | 741,901,514 | 1,754,833,226 | 568,001,944 | |
| (I)Classifiedbycontinuityofoperations | |||||
| Including:Netprofitfromcontinuingoperations("-"fornetloss) | 1,031,653,265 | 741,901,514 | 1,754,833,226 | 568,001,944 | |
| Netprofitfromdiscontinuedoperations("-"fornetloss) | |||||
| (II)Classifiedbyownershipoftheequity | |||||
| Including:ShareholdersoftheCompany("-"fornetloss) | 599,942,339 | 741,901,514 | 964,242,757 | 568,001,944 | |
| non-controllinginterests(“-”fornetloss) | 431,710,926 | 790,590,469 | |||
| V.Othercomprehensiveincome,netoftax | 195,631,220 | 230,837,435 | -162,606,661 | -162,818,822 | |
| AttributabletoshareholdersoftheCompany | 201,961,154 | 230,837,435 | -163,361,597 | -162,818,822 | |
| (I)Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorloss | 202,607,477 | 231,483,758 | -163,894,627 | -163,351,852 | |
| 1.Changesarisingfromremeasurementofdefinedbenefitplans | -7,990,631 | -2,296,510 | 2,339,452 | 854,690 | |
| 2.Shareofothercomprehensiveincomeoftheinvesteeaccountedforusingequitymethodthatwillnotbereclassifiedtoprofitorloss | -59,081,066 | -36,173,377 | -4,191,199 | -2,163,662 | |
| 3.Changesinfairvalueofinvestmentsinotherequityinstruments | 269,679,174 | 269,953,645 | -162,042,880 | -162,042,880 | |
| (II)Othercomprehensiveincomethatwillbereclassifiedtoprofitorloss | -646,323 | -646,323 | 533,030 | 533,030 | |
| 1.Shareofothercomprehensiveincomeoftheinvesteeaccountedforusingequity | -646,323 | -646,323 | 533,030 | 533,030 | |
| ConsolidatedandCompanyIncomeStatement | |||||
| Yearended31/12/2025 | |||||
| Preparedby:GuangdongElectricPowerDevelopmentCo.,Ltd. | ExpressedinRMB | ||||
| Item | NoteV. | Yearended31/12/2025 | Yearended31/12/2024 | ||
| Consolidated | Company | Consolidated | Company | ||
| methodthatwillbereclassifiedtoprofitorloss | |||||
| Attributabletonon-controllinginterests | -6,329,934 | 754,936 | |||
| VI.Totalcomprehensiveincomefortheyear | 1,227,284,485 | 972,738,949 | 1,592,226,565 | 405,183,122 | |
| AttributabletoshareholdersoftheCompany | 801,903,493 | 972,738,949 | 800,881,160 | 405,183,122 | |
| Attributabletonon-controllinginterests | 425,380,992 | 791,345,405 | |||
| VII.Earningspershare | |||||
| (I)Basicearningspershare | 0.11 | 0.18 | |||
| (II)Dilutedearningspershare | 0.11 | 0.18 | |||
Legalrepresentative:
ZhengYunpeng
| Legalrepresentative:ZhengYunpeng | Principalinchargeofaccounting:LiuWei | Headofaccountingdepartment:MengFei |
| ConsolidatedandCompanyCashFlowStatement | ||||||
| Yearended31/12/2025 | ||||||
| Preparedby:GuangdongElectricPowerDevelopmentCo.,Ltd. | ExpressedinRMB | |||||
| Item | NoteV. | Yearended31/12/2025 | Yearended31/12/2024 | |||
| Consolidated | Company | Consolidated | Company | |||
| I.Cashflowsfromoperatingactivities | ||||||
| Cashreceivedfromsalesofgoodsorrenderingofservices | 58,028,650,269 | 45,439,733 | 64,370,307,829 | 39,635,455 | ||
| Refundoftaxesandsurcharges | 359,576,131 | 2,082,018 | 447,914,732 | |||
| Cashreceivedrelatingtootheroperatingactivities | 55 | 417,901,929 | 64,973,881 | 389,409,354 | 120,839,379 | |
| Sub-totalofcashinflows | 58,806,128,329 | 112,495,632 | 65,207,631,915 | 160,474,834 | ||
| Cashpaidforgoodsandservices | 41,560,276,405 | 9,686,873 | 46,258,982,941 | 9,776,689 | ||
| Cashpaidtoandonbehalfofemployees | 3,390,100,824 | 160,944,792 | 3,216,385,328 | 268,273,419 | ||
| Paymentsoftaxesandsurcharges | 2,149,439,720 | 8,561,051 | 3,013,049,926 | 14,669,205 | ||
| Cashpaidrelatingtootheroperatingactivities | 55 | 1,473,091,992 | 86,549,078 | 1,744,029,797 | 128,337,916 | |
| Sub-totalofcashoutflows | 48,572,908,941 | 265,741,794 | 54,232,447,992 | 421,057,229 | ||
| Netcashinflowsfromoperatingactivities | 10,233,219,388 | -153,246,162 | 10,975,183,923 | -260,582,395 | ||
| II.Cashflowsfrominvestingactivities | ||||||
| Cashreceivedfromdisposalsofinvestments | 3,072,438,925 | 1,286,750,000 | ||||
| Cashreceivedfromreturnsoninvestments | 344,118,042 | 1,379,281,404 | 369,217,899 | 1,398,587,081 | ||
| NetcashreceivedfromdisposalsofPPE,intangibleassetsandotherlong-termassets | 185,426,006 | 43,697,500 | 269,393,921 | 731,415 | ||
| Netproceedsfromdisposalsofsubsidiaries | ||||||
| Cashreceivedrelatingtootherinvestingactivities | 55 | 3,170,717,600 | 44,002,685 | 4,000,000,000 | 5,747,705 | |
| Sub-totalofcashinflows | 3,700,261,648 | 4,539,420,514 | 4,638,611,820 | 2,691,816,201 | ||
| CashpaidtoacquirePPE,intangibleassetsandotherlong-termassets | 12,355,060,130 | 8,619,829 | 15,161,861,723 | 26,261,422 | ||
| Cashpaidtoacquireinvestments | 327,000,000 | 6,210,248,800 | 436,802,500 | 2,976,736,406 | ||
| Netproceedsfromdisposalofsubsidiaries | 159,949,367 | |||||
| Cashreceivedfromotherinvestingactivities | 55 | 1,902,000,000 | 3,137,400,000 | |||
| Sub-totalofcashoutflows | 14,584,060,130 | 6,218,868,629 | 18,896,013,590 | 3,002,997,828 | ||
| Netcashflowsusedininvestingactivities | -10,883,798,482 | -1,679,448,115 | -14,257,401,770 | -311,181,627 | ||
| III.Cashflowsfromfinancingactivities | ||||||
| Cashreceivedfrominvestors | 4,876,841,600 | 988,015,495 | ||||
| Including:Proceedsfromnon-controllinginterestsofsubsidiaries | 4,876,841,600 | 988,015,495 | ||||
| Cashreceivedfromborrowings | 32,080,732,233 | 4,989,625,300 | 33,607,130,695 | 6,885,000,000 | ||
| Cashreceivedfromissuanceofdebentures | 3,499,747,917 | 3,499,747,917 | 8,399,704,415 | 8,399,704,415 | ||
| Cashreceivedfromotherfinancingactivities | 55 | |||||
| Sub-totalofcashinflows | 40,457,321,750 | 8,489,373,217 | 42,994,850,605 | 15,284,704,415 | ||
| Cashrepaymentsofborrowings | 33,349,142,543 | 5,414,202,540 | 35,368,302,890 | 14,285,350,000 | ||
| Cashpaymentsfordistributionofdividends,profitsorinterestexpenses | 3,394,046,310 | 733,088,356 | 3,349,754,074 | 799,943,022 | ||
| Including:dividendsandprofitsdistributedtonon-controllinginterestsofsubsidiaries | 446,617,376 | 544,111,743 | ||||
| Cashpaidforotherfinancingactivities | 55 | 2,552,655,369 | 10,958,945 | 1,117,158,870 | 2,047,722 | |
| Sub-totalofcashoutflows | 39,295,844,222 | 6,158,249,841 | 39,835,215,834 | 15,087,340,744 | ||
| Netcashinflowsfromfinancingactivities | 1,161,477,528 | 2,331,123,376 | 3,159,634,771 | 197,363,671 | ||
| IV.Effectofforeignexchangeratechangesoncashandcashequivalents | 11,589 | 11,605 | -79,156 | -79,188 | ||
| V.Net(decrease)/increaseincashandcashequivalents | 510,910,023 | 498,440,704 | -122,662,232 | -374,479,539 | ||
| Add:cashandcashequivalentsatthebeginningoftheyear | 11,831,504,924 | 265,969,222 | 11,954,167,156 | 640,448,761 | ||
| VI.Cashandcashequivalentsattheendoftheyear | 12,342,414,947 | 764,409,926 | 11,831,504,924 | 265,969,222 | ||
Legalrepresentative:
ZhengYunpeng
| Legalrepresentative:ZhengYunpeng | Principalinchargeofaccounting:LiuWei | Headofaccountingdepartment:MengFei |
| ConsolidatedStatementofChangesinShareholders'Equity | ||||||||
| Preparedby:GuangdongElectricPowerDevelopmentCo.,Ltd. | ExpressedinRMB | |||||||
| Item | Yearended31/12/2025 | |||||||
| AttributabletoshareholdersoftheCompany | non-controllinginterests | Totalshareholders’equity | ||||||
| Sharecapital | Capitalsurplus | Othercomprehensiveincome | Specificreserve | Surplusreserve | Undistributedprofits | |||
| I.Balanceattheendoflastyear | 5,250,283,986 | 5,203,250,383 | 1,331,876,093 | 62,769,166 | 8,903,515,135 | 2,142,987,033 | 13,067,149,586 | 35,961,831,382 |
| Add:changesinaccountingpolicies | ||||||||
| Correctionofpriorperioderrors | ||||||||
| Effectsofbusinesscombinationundercommoncontrol | ||||||||
| Others | ||||||||
| II.Balanceatthebeginningoftheyear | 5,250,283,986 | 5,203,250,383 | 1,331,876,093 | 62,769,166 | 8,903,515,135 | 2,142,987,033 | 13,067,149,586 | 35,961,831,382 |
| III.Changesinequityduringtheyear("-"fordecrease) | -174,920,258 | 201,961,154 | 27,697,867 | 494,936,659 | 4,951,148,873 | 5,500,824,295 | ||
| (I)Totalcomprehensiveincome | 201,961,154 | 599,942,339 | 425,380,992 | 1,227,284,485 | ||||
| (II)Shareholders'contributionsanddecreaseofcapital | -174,920,258 | 4,971,612,980 | 4,796,692,722 | |||||
| 1.Ordinarysharesinvestedbyshareholders | 4,788,400,247 | 4,788,400,247 | ||||||
| 2.Others | -174,920,265 | 183,212,733 | 8,292,468 | |||||
| (III)Profitdistribution | -105,005,680 | -448,271,906 | -553,277,586 | |||||
| 1.Appropriationtosurplusreserve | ||||||||
| 2.Distributiontoshareholders | -105,005,680 | -448,271,906 | -553,277,586 | |||||
| 3.Others | ||||||||
| (IV)Transferwithinequity | ||||||||
| 1.Capitalreserveconvertedintosharecapital | ||||||||
| 2.Surplusreserveconvertedintosharecapital | ||||||||
| 3.Surplusreserveformakinguplosses | ||||||||
| 4.Others | ||||||||
| (V)Specificreserve | 27,697,867 | 2,426,807 | 30,124,674 | |||||
| 1.Appropriationinthecurrentyear | 448,235,305 | 183,313,887 | 631,549,192 | |||||
| 2.Utilizationinthecurrentyear | -420,537,438 | -180,887,080 | -601,424,518 | |||||
| (VI)Others | ||||||||
| IV.Balanceattheendoftheyear | 5,250,283,986 | 5,028,330,125 | 1,533,837,247 | 90,467,033 | 8,903,515,135 | 2,637,923,692 | 18,018,298,459 | 41,462,655,677 |
Legalrepresentative:ZhengYunpeng
| Legalrepresentative:ZhengYunpeng | Principalinchargeofaccounting:LiuWei | Headofaccountingdepartment:MengFei |
| ConsolidatedStatementofChangesinShareholders'Equity | ||||||||
| Preparedby:GuangdongElectricPowerDevelopmentCo.,Ltd. | ExpressedinRMB | |||||||
| Item | Yearended31/12/2024 | |||||||
| AttributabletoshareholdersoftheCompany | Minorityinterests | Totalshareholders’equity | ||||||
| Sharecapital | Capitalsurplus | Othercomprehensiveincome | Specificreserve | Surplusreserve | Undistributedprofits | |||
| I.Balanceattheendoflastyear | 5,250,283,986 | 5,202,572,804 | 1,495,237,690 | 6,375,889 | 8,903,515,135 | 1,283,749,956 | 11,769,122,242 | 33,910,857,702 |
| Add:Changesinaccountingpolicies | ||||||||
| Correctionofpriorperioderrors | ||||||||
| Effectsofbusinesscombinationundercommoncontrol | ||||||||
| Others | ||||||||
| II.Balanceatthebeginningoftheyear | 5,250,283,986 | 5,202,572,804 | 1,495,237,690 | 6,375,889 | 8,903,515,135 | 1,283,749,956 | 11,769,122,242 | 33,910,857,702 |
| III.Changesinequityduringtheyear("-"fordecrease) | 677,579 | -163,361,597 | 56,393,277 | 859,237,077 | 1,298,027,344 | 2,050,973,680 | ||
| (I)Totalcomprehensiveincome | -163,361,597 | 964,242,757 | 791,345,405 | 1,592,226,565 | ||||
| (II)Shareholders'contributionsanddecreaseofcapital | 677,579 | 1,044,042,125 | 1,044,719,704 | |||||
| 1.Ordinarysharesinvestedbyshareholders | 1,038,015,495 | 1,038,015,495 | ||||||
| 2.Others | 677,579 | 6,026,630 | 6,704,209 | |||||
| (III)Profitdistribution | -105,005,680 | -547,580,179 | -652,585,859 | |||||
| 1.Appropriationtosurplusreserve | ||||||||
| 2.Distributiontoshareholders | -105,005,680 | -547,580,179 | -652,585,859 | |||||
| 3.Others | ||||||||
| (IV)Transferwithinequity | ||||||||
| 1.Capitalreserveconvertedintosharecapital | ||||||||
| 2.Surplusreserveconvertedintosharecapital | ||||||||
| 3.Surplusreserveformakinguplosses | ||||||||
| 4.Others | ||||||||
| (V)Specificreserve | 56,393,277 | 10,219,993 | 66,613,270 | |||||
| 1.Appropriationinthecurrentyear | 460,118,200 | 187,722,287 | 647,840,487 | |||||
| 2.Utilizationinthecurrentyear | -403,724,923 | -177,502,294 | -581,227,217 | |||||
| (VI)Others | ||||||||
| IV.Balanceattheendoftheyear | 5,250,283,986 | 5,203,250,383 | 1,331,876,093 | 62,769,166 | 8,903,515,135 | 2,142,987,033 | 13,067,149,586 | 35,961,831,382 |
Legalrepresentative:ZhengYunpeng
| Legalrepresentative:ZhengYunpeng | Principalinchargeofaccounting:LiuWei | Headofaccountingdepartment:MengFei |
| StatementofChangesinShareholders'Equity | |||||||
| Yearended31/12/2025 | |||||||
| Preparedby:GuangdongElectricPowerDevelopmentCo.,Ltd. | ExpressedinRMB | ||||||
| Item | Yearended31/12/2025 | ||||||
| Sharecapital | Capitalsurplus | Othercomprehensiveincome | Specificreserve | Surplusreserve | Undistributedprofits | Totalshareholders’equity | |
| I.Balanceattheendoflastyear | 5,250,283,986 | 4,849,472,205 | 1,345,335,533 | 38,111,254 | 8,903,515,135 | 5,701,301,782 | 26,088,019,895 |
| Add:Changesinaccountingpolicies | |||||||
| Correctionofpriorperioderrors | |||||||
| Effectsofbusinesscombinationundercommoncontrol | |||||||
| Others | |||||||
| II.Balanceatthebeginningoftheyear | 5,250,283,986 | 4,849,472,205 | 1,345,335,533 | 38,111,254 | 8,903,515,135 | 5,701,301,782 | 26,088,019,895 |
| III.Changesinequityduringtheyear("-"fordecrease) | 12,077,482 | 230,837,435 | 10,715,371 | 636,895,834 | 890,526,122 | ||
| (I)Totalcomprehensiveincome | 230,837,435 | 741,901,514 | 972,738,949 | ||||
| (II)Shareholders'contributionsanddecreaseofcapital | 12,077,482 | 12,077,482 | |||||
| 1.Ordinarysharesinvestedbyshareholders | |||||||
| 2.Others | 12,077,482 | 12,077,482 | |||||
| (III)Profitdistribution | -105,005,680 | -105,005,680 | |||||
| 1.Appropriationtosurplusreserve | |||||||
| 2.Distributiontoshareholders | -105,005,680 | -105,005,680 | |||||
| 3.Others | |||||||
| (IV)Transferwithinequity | |||||||
| 1.Capitalreserveconvertedintosharecapital | |||||||
| 2.Surplusreserveconvertedintosharecapital | |||||||
| 3.Surplusreserveformakinguplosses | |||||||
| 4.Others | |||||||
| (V)Specificreserve | 10,715,371 | 10,715,371 | |||||
| 1.Appropriationinthecurrentyear | 1,025,418 | 1,025,418 | |||||
| 2.Utilizationinthecurrentyear | -1,025,418 | -1,025,418 | |||||
| 3.Collectionfromsubsidiaries | 10,715,371 | 10,715,371 | |||||
| (VI)Others | |||||||
| IV.Balanceattheendoftheyear | 5,250,283,986 | 4,861,549,687 | 1,576,172,968 | 48,826,625 | 8,903,515,135 | 6,338,197,616 | 26,978,546,017 |
Legalrepresentative:ZhengYunpeng
| Legalrepresentative:ZhengYunpeng | Principalinchargeofaccounting:LiuWei | Headofaccountingdepartment:MengFei |
| StatementofChangesinShareholders'Equity | ||||||||
| Yearended31/12/2025 | ||||||||
| Preparedby:GuangdongElectricPowerDevelopmentCo.,Ltd. | ExpressedinRMB | |||||||
| Item | Yearended31/12/2024 | |||||||
| Sharecapital | Capitalsurplus | Othercomprehensiveincome | Specificreserve | Surplusreserve | Undistributedprofits | Totalshareholders’equity | ||
| I.Balanceattheendoflastyear | 5,250,283,986 | 4,842,767,997 | 1,508,154,355 | 8,903,515,135 | 5,238,305,518 | 25,743,026,991 | ||
| Add:Changesinaccountingpolicies | ||||||||
| Correctionofpriorperioderrors | ||||||||
| Effectsofbusinesscombinationundercommoncontrol | - | |||||||
| Others | ||||||||
| II.Balanceatthebeginningoftheyear | 5,250,283,986 | 4,842,767,997 | 1,508,154,355 | 8,903,515,135 | 5,238,305,518 | 25,743,026,991 | ||
| III.Changesinequityduringtheyear("-"fordecrease) | 6,704,208 | -162,818,822 | 38,111,254 | 462,996,264 | 344,992,904 | |||
| (I)Totalcomprehensiveincome | -162,818,822 | 568,001,944 | 405,183,122 | |||||
| (II)Shareholders'contributionsanddecreaseofcapital | 6,704,208 | 6,704,208 | ||||||
| 1.Ordinarysharesinvestedbyshareholders | ||||||||
| 2.Others | 6,704,208 | 6,704,208 | ||||||
| (III)Profitdistribution | -105,005,680 | -105,005,680 | ||||||
| 1.Appropriationtosurplusreserve | ||||||||
| 2.Distributiontoshareholders | -105,005,680 | -105,005,680 | ||||||
| 3.Others | ||||||||
| (IV)Transferwithinequity | ||||||||
| 1.Capitalreserveconvertedintosharecapital | ||||||||
| 2.Surplusreserveconvertedintosharecapital | ||||||||
| 3.Surplusreserveformakinguplosses | ||||||||
| 4.Others | ||||||||
| (V)Specificreserve | 38,111,254 | 38,111,254 | ||||||
| 1.Appropriationinthecurrentyear | 3,170,867 | 3,170,867 | ||||||
| 2.Utilizationinthecurrentyear | -3,170,867 | -3,170,867 | ||||||
| 3.Collectionfromsubsidiaries | 38,111,254 | 38,111,254 | ||||||
| (VI)Others | ||||||||
| IV.Balanceattheendoftheyear | 5,250,283,986 | 4,849,472,205 | 1,345,335,533 | 38,111,254 | 8,903,515,135 | 5,701,301,782 | 26,088,019,895 | |
Legalrepresentative:ZhengYunpeng
| Legalrepresentative:ZhengYunpeng | Principalinchargeofaccounting:LiuWei | Headofaccountingdepartment:MengFei |
Notestothefinancialstatements
I.BasicinformationoftheCompanyGuangdongElectricPowerDevelopmentCo.,Ltd.(hereinafter“GuangdongElectricPower”,“theCompany”)isalimitedliabilitycompanyjointlyestablishedbyGuangdongElectricPowerHoldingCompany,ChinaConstructionBank,GuangdongProvinceTrustInvestmentCompany,GuangdongPowerDevelopmentCo.,Ltd.,GuangdongInternationalTrust,andChinaGuangfaBank(currentlynamedasGuangdongGuangkongGroupCo.,Ltd.).TheaddressoftheCompany'sregisteredofficeandheadofficeisF33-F36SouthTowerBuildingofYuedianSquareon2ndTianheEastRoad,Guangzhou,GuangdongProvince,thePeople'sRepublicofChina(PRC).TheCompany'sparentcompanyisGuangdongEnergyGroupCo.,Ltd.(GEGC)anditsultimatecontrollingshareholderistheState-ownedAssetsSupervisionandAdministrationCommissionofthePeople'sGovernmentofGuangdongProvince.TheCompany’sRMBordinaryshares(A-share)anddomesticlistedforeignshares(B-share)issuedwerelistedfortransactionsinShenzhenStockExchangerespectivelyon26November1993and28June1995.Asat31December2025,thetotalsharecapitaloftheCompanywasRMB5,250,283,986withfacevalueofRMB1pershare.TheCompanyanditssubsidiaries(collectivelyreferredtoas“theGroup”)areprincipallyengagedinthebusinessesofdevelopingandoperatingelectricpowerprojectsinGuangdongProvince,YunnanProvince,XinjiangUygurAutonomousRegion,HunanProvince,GuangxiZhuangAutonomousRegionandInnerMongoliaAutonomousRegionofthePRC.ForthedetailsoftheCompany'smajorsubsidiariesincludedintheconsolidationscopeinthecurrentyear,pleaserefertoNoteVI.1.Thesefinancialstatementswereauthorizedforissuebythe10rdmeetingofthe11thCompany'sBoardofDirectorson27March2026.II.Basisforpreparingfinancialstatements
ThefinancialstatementsarepreparedinaccordancewiththeAccountingStandardsforBusinessEnterprisesandcorrespondingapplicationguidance,interpretationsandotherrelatedprovisionsissuedbytheMinistryofFinance(collectively,AccountingStandardsforBusinessEnterprises).Inaddition,theCompanyalsodisclosedtherelevantfinancialinformationinaccordancewiththeExplanatoryAnnouncementNo.15onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic—GeneralRequirementsforFinancialReporting(2023version)issuedbytheChinaSecuritiesRegulatoryCommission.Thefinancialstatementsarepreparedonagoingconcernbasis.TheCompanyadoptstheaccrualbasisofaccounting.Exceptforcertainfinancialinstruments,thefinancialstatementsarepreparedunderthehistoricalcost.Intheeventthatimpairmentofassetsoccurs,alossallowanceismadeaccordinglyinaccordancewiththerelevantregulations.III.SignificantaccountingpoliciesandaccountingestimatesTheCompanydeterminesspecificaccountingpoliciesandaccountingestimatesbasedonthecharacteristicsofproductionandoperation,whicharemainlyreflectedinthemeasurementofexpectedcreditlosses(ECL)ofreceivablesandcontractassets,costingofinventory,depreciationofPPE,
amortizationofintangibleassetsandright-of-useassets,impairmentoflong-termassets,timingofrevenuerecognition,anddeferredtaxassetsanddeferredtaxliabilities.SpecificaccountingpoliciesaredetailedinNotesIII.11,NotesIII.13,NotesIII.16,NotesIII.20,NotesIII.21,NotesIII.25,NotesIII.28,andNotesIII.30.DetailsoftheGroup’scriticaljudgements,criticalaccountingestimatesandkeyassumptionsusedindeterminingsignificantaccountingpoliciesaresetforthinNoteIII.32.
1.StatementofcompliancewiththeAccountingStandardforBusinessEnterprises
ThefinancialstatementsoftheCompanyfortheyearended31December2025areincompliancewiththeAccountingStandardsforBusinessEnterprises,andtrulyandcompletelypresenttheconsolidatedandtheCompany’sfinancialpositionoftheGroupandtheCompanyasat31December2025andtheirfinancialperformance,cashflowsandotherinformationfortheyearthenended.
2.Accountingyear
TheCompany’saccountingyearstartson1Januaryandendson31December.
3.BusinessCycleThebusinesscycleoftheCompanyis12months.
4.RecordingcurrencyTheCompanyanddomesticsubsidiariesuseRenminbi(RMB)astheirrecordingcurrency.ThecurrencyusedbytheCompanyinpreparingthesefinancialstatementsisRMB.
5.Methodfordeterminingimportancecriteriaandbasisforselection
| Item | Importancecriteria |
| Significantlong-termequityinvestment | TheCompanydeterminessignificantlong-termequityinvestmentsbasedonacomprehensiveconsiderationoffactorssuchasthebookvalueofjointventuresandassociatedenterprises,andtheproportionoflong-termequityinvestmentincomeaccountedforbytheequitymethodintheCompany'sconsolidatednetprofit. |
| Significantproperty,plantandequipment(PPE) | TheCompanyrecognizesPPEprojectswithsignsofimpairmentandassetbalancesexceedingRMB500millionassignificantPPEprojects. |
| Significantconstructioninprogress | TheCompanydeterminessignificantprojectsconstructioninprogressbasedontheproportionofprojectsconstructioninprogressintheCompany'stotalprojectsunderconstruction. |
| Subsidiarieswithsignificantminorityshareholders'interests | TheCompanydeterminessubsidiarieswithsignificantnon-controllinginterestsbasedontheproportionofthenon-controllinginterestsofthesesubsidiariestothetotalnon-controllinginterestsoftheCompany. |
| Basicinformationofsignificantjointventuresandassociatedenterprises | TheCompanydeterminessignificantjointventuresandassociatedenterprisesbasedonacomprehensiveconsiderationoffactorssuchasthebookvalueoftheseenterprises,theproportionoflong-termequityinvestmentincomeaccountedforbytheequitymethodintheCompany'sconsolidatednetprofit,andotherrelevantfactors. |
6.Accountingtreatmentmethodsforbusinesscombinationsundercommoncontrolandnotunder
commoncontrol
(1)BusinesscombinationsinvolvingenterprisesundercommoncontrolTheconsiderationpaidandnetassetsobtainedbytheCompanyinabusinesscombinationaremeasuredatthecarryingamount.Iftheacquireeisacquiredfromathirdpartybytheultimatecontrollingpartyinaprioryear,theconsiderationpaidandnetassetsobtainedbytheCompanyaremeasuredbasedonthecarryingamountsoftheacquiree’sassetsandliabilities(includingthegoodwillarisingfromtheacquisitionoftheacquireebytheultimatecontrollingparty)presentedintheconsolidatedfinancialstatementsoftheultimatecontrollingparty.Thedifferencebetweenthecarryingamountofthenetassetsobtainedfromthecombinationandthecarryingamountoftheconsiderationpaidforthecombinationistreatedasanadjustmenttocapitalsurplus(sharepremium).Ifthecapitalsurplus(sharepremium)isnotsufficienttoabsorbthedifference,theremainingbalanceisadjustedagainstretainedearningsRealizebusinesscombinationsunderthesamecontrolthroughmultipletransactionsinstagesTheassetsandliabilitiesacquiredbytheacquirerfromtheacquireeinthemergeraremeasuredatthebookvalueintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyonthemergerdate.Thedifferencebetweenthesumofthebookvalueoftheinvestmentsheldbeforethemergerandthebookvalueofthenewlypaidconsiderationonthemergerdate,andthebookvalueofthenetassetsacquiredinthemerger,isadjustedtothecapitalreserves.Ifthecapitalreservesareinsufficienttooffset,theretainedearningsareadjusted.Forlong-termequityinvestmentsheldbytheacquirerbeforeobtainingcontroloftheacquiree,therelatedprofitsandlosses,othercomprehensiveincome,andotherchangesinowner'sequityrecognizedbetweenthedateofacquiringtheoriginalequityandthelaterofthedateswhenboththeacquirerandtheacquireeareunderthesameultimatecontrol,anduptothemergerdate,shouldbeoffsetagainstthebeginningretainedearningsorcurrentprofitsandlossesduringthecomparativereportingperiod.
(2)BusinesscombinationsinvolvingenterprisesnotundercommoncontrolForbusinesscombinationsinvolvingenterprisesnotundercommoncontrol,theCompanyadoptsconcentrationtesttojudgewhethertheacquiredproductionandoperationactivitiesorassetgroupsconstituteabusiness.Iftheconcentrationtestispassed,theCompanyconductsaccountingtreatmentaccordingtotherelevantassetpurchaseprinciple;iftheconcentrationtestfails,theCompanywillfurtherjudgewhetheritconstitutesabusinessbasedonwhethertherelevantgroupsobtainedinthemergerhaveatleastoneinputandonesubstantiveprocessingprocess,andthecombinationofthetwohasasignificantcontributiontotheoutputcapacity.ThecostofcombinationandidentifiablenetassetsobtainedbytheGroupinabusinesscombinationaremeasuredatfairvalueattheacquisitiondate.WherethecostofthecombinationexceedstheGroup’sinterestinthefairvalueoftheacquiree’sidentifiablenetassets,thedifferenceisrecognizedasgoodwill;wherethecostofcombinationislowerthantheGroup’sinterestinthefairvalueoftheacquiree’sidentifiablenetassets,thedifferenceisrecognizedinprofitorlossforthecurrentperiod.RealizebusinesscombinationsnotundercommoncontrolthroughmultipletransactionsandstepsThecostofcombinationisthesumoftheconsiderationpaidontheacquisitiondateandthefairvalueoftheequityalreadyheldbytheacquirerintheacquireeontheacquisitiondate.Fortheequityalreadyheldbytheacquirerintheacquireebeforetheacquisitiondate,itisremeasuredatitsfairvalueonthe
acquisitiondate,andthedifferencebetweenthefairvalueanditsbookvalueisrecognizedinthecurrentinvestmentincome.Theequityalreadyheldbytheacquirerintheacquireebeforetheacquisitiondateinvolvingothercomprehensiveincomeandotherchangesinowner'sequityistransferredtothecurrentincomeontheacquisitiondate,exceptforothercomprehensiveincomearisingfromtheremeasurementofnetliabilitiesornetassetsofthedefinedbenefitplanbytheinvesteeandothercomprehensiveincomerelatedtonon-tradingequityinstrumentinvestmentsoriginallydesignatedtobemeasuredatfairvaluewithchangesrecognizedinothercomprehensiveincome.
(3)HandlingoftransactioncostsinbusinesscombinationsTheintermediaryfeesincurredforauditing,legalservices,evaluationandconsultation,aswellasotherrelatedmanagementexpensesforthepurposeofcorporatemergers,arerecordedprofitorlossprofitorlossforthecurrentperiod.Whentheyareincurred.Thetransactioncostsofequitysecuritiesordebtsecuritiesissuedasmergerconsiderationareincludedintheinitialrecognitionamountoftheequitysecuritiesordebtsecurities.
7.Judgmentcriteriaforcontrolandmethodforpreparingconsolidatedfinancialstatements
(1)JudgmentcriteriaforcontrolThescopeofconsolidationforconsolidatedfinancialstatementsisdeterminedonacontrolbasis.ControlreferstothepowerthattheCompanyhasovertheinvestedentity,thevariablereturnsitenjoysthroughparticipatingintherelevantactivitiesoftheinvestedentity,andtheabilitytouseitspowerovertheinvestedentitytoaffectitsreturnamount.Whenchangesinrelevantfactsandcircumstancesleadtochangesintherelevantelementsinvolvedinthedefinitionofcontrol,theCompanywillconductareassessment.
(2)PreparationofconsolidatedfinancialstatementsTheconsolidatedfinancialstatementsarepreparedbytheCompanybasedonthefinancialstatementsoftheCompanyanditssubsidiariesandotherrelevantinformation.Whenpreparingtheconsolidatedfinancialstatements,theaccountingpoliciesandaccountingperiodsofthesubsidiariesshallbeconsistentwiththoseestablishedbytheCompany.Allsignificantintra-companybalancesandtransactionsshallbeeliminated.Whereasubsidiaryorbusinesswasacquiredduringthereportingperiod,throughabusinesscombinationinvolvingentitiesundercommoncontrol,thefinancialperformanceandthecashflowsofthesubsidiaryareincludedintheconsolidatedincomestatementandconsolidatedcashflowstatementoftheCompanyasifthecombinationhadoccurredatthedatethattheultimatecontrollingpartyfirstobtainedcontrol.Whereasubsidiaryorbusinesswasacquiredduringthereportingperiod,throughabusinesscombinationinvolvingentitiesnotundercommoncontrol,itsrevenue,expensesandprofitfromtheacquisitiondatetotheendofthereportingperiodareincludedintheconsolidatedincomestatementanditscashflowsareincludedintheconsolidatedcashflowstatement.non-controllinginterestsofthesubsidiarythatisnotattributabletotheCompanyarepresentedseparatelyintheshareholders’equitysectionwithintheconsolidatedbalancesheet.Netprofitorlossattributabletonon-controllingshareholdersispresentedseparatelyasnon-controllinginterestsbelowthenetprofitwithintheconsolidatedincomestatement.Whentheamountoflossforthecurrentperiodattributabletothenon-controllingshareholdersofasubsidiaryexceedsthenon-controllingshareholders’
shareoftheopeningowners’equityofthesubsidiary,theexcessisadjustedtonon-controllinginterests.
(3)Acquirethesubsidiaries’non-controllinginterestsWheretheCompanyacquiresanon-controllinginterestfromasubsidiary’snon-controllingshareholdersordisposesofaportionofaninterestinasubsidiarywithoutachangeincontrol,thedifferencebetweentheproportioninterestsofthesubsidiary’snetassetsbeingacquiredordisposedandtheamountoftheconsiderationpaidorreceivedisadjustedtothecapitalreserveintheconsolidatedbalancesheet,withanyexcessadjustedtoretainedearnings.
(4)HandlingoflosingcontroloverasubsidiaryWhentheCompanylosescontroloverasubsidiaryduetopartialdisposalofequityinvestmentorotherreasons,theremainingequityinterestsisre-measuredatitsfairvalueatthedatewhenthecontrolislost.Theresultinggainorlossisthetotalofconsiderationreceivedfromthedisposalofequityinvestmentandtheremainingequityinvestmentatitsfairvalue,deductedthetotalofproportioninterestsofthesubsidiary’snetassetandgoodwillcalculatedbasedontheoriginalshareholdingratiosincetheacquisitiondate.Anyresultinggainorlossisrecognizedasinvestmentincomeforthecurrentperiod.Othercomprehensiveincomerelatedtotheequityinvestmentintheoriginalsubsidiaryisaccountedforonthesamebasisasthedirectdisposalofrelatedassetsorliabilitiesbytheoriginalsubsidiaryuponthelossofcontrol.Allotherchangesinowner'sequityrelatedtotheoriginalsubsidiaryandaccountedforusingtheequitymethodaretransferredtothecurrentperiodprofitorlossuponthelossofcontrol.
8.ClassificationandAccountingTreatmentforJointArrangementAjointarrangementisanarrangementofwhichtwoormorepartieshavejointcontrol.TheCompanyclassifiesjointarrangementsintojointoperationsandjointventures.
(1)JointoperationAjointoperationisajointarrangementwherebytheCompanyhasrightstotheassets,andobligationsfortheliabilities,relatingtothearrangement.TheCompanyisnotinvolvedinjointoperations.
(2)JointventureAjointventureisajointarrangementwherebytheCompanyhasrightstothenetassetsofthearrangement.TheCompanyadoptsequitymethodoflong-termequityinvestmenttoaccountforitsinvestmentinjointventure.
9.Cashandcashequivalents
Cashandcashequivalentscomprisecashonhand,depositsthatcanbereadilydrawnondemand,andshort-termandhighlyliquidinvestmentsthatarereadilyconvertibletoknownamountsofcashandwhicharesubjecttoaninsignificantriskofchangesinvalue.
10.ForeigncurrencytransactionsForeigncurrencytransactionsaretranslatedtothefunctionalcurrencyoftheCompanyatthespotexchangeratesonthedatesofthetransactions.
Monetaryitemsdenominatedinforeigncurrenciesaretranslatedatthespotexchangerateatthebalancesheetdate.Theresultingexchangedifferencesbetweenthespotexchangerateatbalancesheetdateandthespotexchangerateatinitialrecognitionoratthepreviousbalancesheetdatearerecognizedinprofitorloss.Non-monetaryitemsthataremeasuredathistoricalcostinforeigncurrenciesaretranslatedtofunctionalcurrencyusingthespotexchangerateatthetransactiondate.Non-monetaryitemsthataremeasuredatfairvalueinforeigncurrenciesaretranslatedusingthespotexchangerateatthedatewhenthefairvalueisdetermined.Theresultingexchangedifferencesarerecognizedinprofitorlossorothercomprehensiveincomeaccordingtothenatureofthenon-monetaryitems.
11.Financialinstruments
Afinancialinstrumentisanycontractthatgivesrisetoafinancialassetofoneentityandafinancialliabilityoranequityinstrumentofanotherentity.
(1)RecognitionandderecognitionoffinancialinstrumentsAfinancialassetorafinancialliabilityisrecognizedwhentheCompanybecomesapartytothecontractualprovisionsofafinancialinstrument.Afinancialassetisderecognizedwhenoneofthefollowingcriteriaismet:
1Thecontractualrightstothecashflowsfromthefinancialassetexpire;or2Thefinancialassethasbeentransferredandmetthefollowingconditionsforderecognition.Afinancialliability(orpartially)isderecognizedwhenitscontractualobligation(orpartially)isceased.WhentheCompany(debtor)entersintoanagreementwiththecreditortoreplacetheexistingfinancialliabilitywithanewassumedfinancialliability,andcontractualtermsaredifferentinsubstance,theexistingfinancialliabilityisderecognizedwhileanewfinancialliabilityisrecognized.Conventionallytradedfinancialassetsarerecognizedandderecognizedatthetransactiondate.
(2)ClassificationandmeasurementoffinancialassetsBasedontheCompany’sbusinessmodelformanagingthefinancialassetsandthecontractualcashflowcharacteristicsofthefinancialassets,financialassetsareclassifiedas:financialassetsmeasuredatamortizedcost,financialassetsmeasuredatfairvaluethroughothercomprehensiveincomeandfinancialassetsmeasuredatfairvaluethroughprofitorloss.Atinitialrecognition,thefinancialassetsaremeasuredatfairvalue.Forfinancialassetsmeasuredatfairvaluethroughprofitorloss,thetransactioncostsareexpensedinprofitorlossforthecurrentperiod.Forothertypesoffinancialassets,thetransactioncostsareincludedintheinitiallyrecognizedamounts.Tradereceivablesarisingfromsaleofproductsorrenderingofservices(excludingorwithoutregardtosignificantfinancingcomponents),theCompanyrecognizestheamountofconsiderationthatitisexpectedtobeentitledtoreceiveastheinitiallyrecognizedamounts.FinancialassetsmeasuredatamortizedcostTheCompanyclassifiesfinancialassetsthatmeetallofthefollowingconditionsandarenotdesignatedasfinancialassetsatfairvaluethroughprofitorlossasfinancialassetsmeasuredatamortizedcost:
?TheobjectiveoftheCompany’sbusinessmodelistoholdthefinancialassetstocollectthe
contractualcashflows;?Thecontractualtermsofthefinancialassetstipulatethatthecashflowsgeneratedonspecific
datesaresolelypaymentsontheprincipalandinterestbasedontheoutstandingprincipalamount.Afterinitialrecognition,suchfinancialassetsaremeasuredatamortizedcostusingtheeffectiveinterestmethod.Gainsorlossesarisingfromfinancialassetsmeasuredatamortizedcostthatarenotpartofanyhedgingrelationshiparerecognizedinthecurrentperiodprofitorlosswhentheyarederecognized,amortizedusingtheeffectiveinterestmethod,orrecognizedasimpaired.FinancialassetsmeasuredatfairvaluethroughothercomprehensiveincomeTheCompanyclassifiesfinancialassetsthatmeetallofthefollowingconditionsandarenotdesignatedasfinancialassetsmeasuredatfairvaluethroughprofitorloss,asfinancialassetsmeasuredatfairvaluethroughinothercomprehensiveincome:
?Thebusinessmodelofourcompanyformanagingthisfinancialassetaimsbothatcollecting
contractualcashflowsandatsellingthefinancialasset;?Thecontractualtermsofthefinancialassetstipulatethatthecashflowsgeneratedonspecific
datesaresolelypaymentsontheprincipalandinterestbasedontheoutstandingprincipalamount.Afterinitialrecognition,subsequentmeasurementsofsuchfinancialassetsaremeasuredatfairvalue.Interestscalculatedusingtheeffectiveinterestmethod,impairmentlossesorgains,andexchangegainsorlossesarerecognizedinthecurrentperiodprofitorloss,whileothergainsorlossesarerecordedinothercomprehensiveincome.Uponderecognition,thecumulativegainsorlossespreviouslyrecordedinothercomprehensiveincomearetransferredoutofothercomprehensiveincomeandrecognizedinthecurrentperiodprofitorloss.FinancialassetsmeasuredatfairvaluethroughprofitorlossInadditiontothefinancialassetsatamortizedcostandthosemeasuredatfairvaluethroughothercomprehensiveincomeasmentionedabove,theCompanycategorizesallotherfinancialassetsasthosemeasuredatfairvaluethroughprofitorloss.Uponinitialrecognition,inordertoeliminateorsignificantlyreduceaccountingmismatches,theCompanyirrevocablydesignatessomefinancialassetsthatshouldbemeasuredatamortizedcostoratfairvaluethroughinothercomprehensiveincomeasfinancialassetsmeasuredatfairvaluethroughprofitorloss.Afterinitialrecognition,subsequentmeasurementsofsuchfinancialassetsaremeasuredatfairvalue,andanygainsorlosses(includinginterestanddividendincome)arisingtherefromarerecordedinthecurrentperiodprofitorloss,unlessthefinancialassetispartofahedgingrelationship.However,fornon-tradingequityinstrumentinvestments,theCompanyirrevocablydesignatesthemasfinancialassetsmeasuredatfairvaluethroughothercomprehensiveincomeuponinitialrecognition.Thisdesignationismadeonanindividualinvestmentbasis,andtherelevantinvestmentsmeetthedefinitionofequityinstrumentsfromtheperspectiveoftheissuer.Afterinitialrecognition,subsequentmeasurementsofsuchfinancialassetsaremeasuredatfairvalue.Dividendincomethatmeetsthecriteriaisrecordedinprofitorloss,whileothergainsorlossesandchangesinfairvaluearerecordedinothercomprehensiveincome.Uponderecognition,thecumulativegainsorlossespreviouslyrecordedinothercomprehensiveincomearetransferredoutofother
comprehensiveincomeandrecordedinretainedearnings.ThebusinessmodelformanagingfinancialassetsreferstohowtheCompanymanagesitsfinancialassetstogeneratecashflows.ThebusinessmodeldetermineswhetherthesourceofcashflowsfromthefinancialassetsmanagedbytheCompanyisfromthecollectionofcontractualcashflows,thesaleoffinancialassets,oracombinationofboth.TheCompanydeterminesitsbusinessmodelformanagingfinancialassetsbasedonobjectivefactsandthespecificbusinessobjectivesformanagingfinancialassetsdeterminedbykeymanagementpersonnel.TheCompanyevaluatesthecontractualcashflowcharacteristicsoffinancialassetstodeterminewhetherthecontractualcashflowsgeneratedbytherelevantfinancialassetsonaspecificdatearesolelypaymentsofprincipalandinterestbasedontheoutstandingprincipalamount.Theprincipalreferstothefairvalueofthefinancialassetatinitialrecognition;interestincludesconsiderationforthetimevalueofmoney,creditriskassociatedwiththeoutstandingprincipalamountduringaspecificperiod,aswellasotherbasicborrowingrisks,costs,andprofits.Inaddition,theCompanyevaluatescontracttermsthatmayleadtochangesinthetimedistributionoramountofcontractualcashflowsoffinancialassetstodeterminewhethertheymeettherequirementsoftheaforementionedcontractualcashflowcharacteristics.OnlywhentheCompanychangesitsbusinessmodelformanagingfinancialassets,allaffectedrelevantfinancialassetswillbereclassifiedonthefirstdayofthefirstreportingperiodfollowingthechangeinbusinessmodel.Otherwise,financialassetsshallnotbereclassifiedafterinitialrecognition.
(3)ClassificationandmeasurementoffinancialliabilitiesThefinancialliabilitiesoftheCompanyareclassifiedatinitialrecognitionaseitherfinancialliabilitiesmeasuredatfairvaluethroughprofitorloss,orfinancialliabilitiesmeasuredatamortizedcost.Forfinancialliabilitiesnotclassifiedasmeasuredatfairvaluethroughprofitorloss,thetransactioncostsareincludedintheirinitiallyrecognizedamounts.FinancialliabilitiesmeasuredatfairvaluethroughprofitorlossFinancialliabilitiesmeasuredatfairvaluethroughprofitorlossincludetradingfinancialliabilitiesandfinancialliabilitiesdesignatedatinitialrecognitionasmeasuredatfairvaluethroughprofitorloss.Forsuchfinancialliabilities,subsequentlymeasuredatfairvalue,andgainsorlossesarisingfromchangesinfairvalue,aswellasdividendandinterestexpensesrelatedtothesefinancialliabilities,arerecognizedincurrentprofitorloss.FinancialliabilitiesmeasuredatamortizedcostOtherfinancialliabilitiesaresubsequentlymeasuredatamortizedcostusingtheeffectiveinterestmethod,andgainsorlossesarisingfromderecognitionoramortizationarerecognizedinthecurrentperiodprofitorloss.DistinctionbetweenfinancialliabilitiesandequityinstrumentsAfinancialliabilityisrecognizedifoneofthefollowingconditionsissatisfied::
1Acontractualobligationtodelivercashoranotherfinancialassettoanotherentity;2Acontractualobligationtoexchangefinancialassetsorfinancialliabilitieswithanotherentityunder
potentiallyunfavorableconditions;
Anon-derivativeinstrumentcontractthatwillormaybesettledintheCompany’sownequityinstrumentsandtheCompanyisobligedtodeliveravariablenumberoftheCompany’sownequityinstruments;4AderivativeinstrumentcontractthatwillormaybesettledintheCompany’sownequity
instrumentsinthefuture,exceptforaderivativeinstrumentcontractthatissettledbytheexchangeofafixednumberoftheCompany’sownequityinstrumentsforafixedamountofcashorotherfinancialassets.AnequityinstrumentisacontractthatevidencesaresidualinterestintheassetsoftheCompanyafterdeductingallofitsliabilities.IftheCompanydoesnothaveanunconditionalrighttoavoiddeliveringcashoranotherfinancialassettosettleacontractualobligation,theobligationmeetsthedefinitionofafinancialliability.IfafinancialinstrumentwillormaybesettledbytheCompany’sownequityinstruments,classificationoftheinstrumentdependsonwhethertheCompany’sownequityinstrumentsworkasthereplacementofcashorotherfinancialinstrument,orrepresenttheinvestor’sresidualinterestintheCompany’sassetsafterdeductingallitsliabilities.Intheformercase,theinstrumentisclassifiedasafinancialliability;inthelattercase,theinstrumentisclassifiedasanequityinstrument.
(4)FairvalueoffinancialinstrumentsForthedeterminationoffairvalueoffinancialassetsandfinancialliabilities,pleaserefertoNoteIII.12.
(5)ImpairmentoffinancialassetsBasedonECL,theCompanyperformsimpairmentaccountingtreatmentonthefollowingitemsandrecognizeslossprovisions:
Financialassetsmeasuredatamortizedcost;Receivablesanddebtinstrumentinvestmentsmeasuredatfairvaluethroughothercomprehensiveincome;ContractassetsasdefinedinAccountingStandardsforBusinessEnterprisesNo.14-Revenue;Leasereceivables;Financialguaranteecontract(exceptforthosemeasuredatfairvaluethroughprofitandloss,thetransferoffinancialassetsdoesnotmeettheconditionsforderecognitionorcontinuetoinvolveinthetransferredfinancialassets)MeasurementofexpectedcreditlossesExpectedcreditlosses(ECL)referstotheweightedaverageofcreditlossesforfinancialinstruments,calculatedbyweightingtheriskofdefaultoccurring.Creditlossisdefinedasthedifferencebetweenallcontractualcashflowsreceivablebytheentityundertheagreementandallexpectedcashflowstobecollected,discountedattheoriginaleffectiveinterestrate.Thisrepresentsthepresentvalueofallcashshortfalls.TheCompanymeasurestheECLoffinancialinstrumentsatdifferentstagesseparately.Thefinancialinstrumentisatthefirststagewhenthereisnosignificantincreaseincreditrisksinceinitialrecognition.
TheCompanymeasuresthelossallowanceaccordingtotheECLinthenext12months.Thefinancialinstrumentisatthesecondstagewhenthereissignificantincreaseincreditrisksinceinitialrecognitionandcreditlossisnotyetoccurred.TheCompanythenmeasuresthelossallowanceaccordingtoECLoverthelifetimeofafinancialinstrument.Thefinancialinstrumentisatthethirdstagewhenthereissignificantincreaseincreditrisksinceinitialrecognitionandcreditlossoccurred.TheCompanythenmeasuresthelossallowanceaccordingtoECLoverthelifetimeofafinancialinstrument.Forfinancialinstrumentthathaslowcreditriskatthebalancesheetdate,theCompanyassumesthereisnosignificantincreaseinitscreditrisksinceinitialrecognition.TheCompanymeasuresthelossallowanceaccordingtotheECLinthenext12months.LifetimeECLaretheECLthatresultfromallpossibledefaulteventsovertheexpectedlifeofafinancialinstrument.TheECLinthenext12monthsaretheportionofexpectedlossesthatresultfromdefaulteventsthatarepossiblewithinthe12monthsafterthebalancesheetdate(orashorterperiodiftheexpectedlifeoftheinstrumentislessthan12months).ThemaximumperiodconsideredwhenestimatingECListhemaximumcontractualperiod(includingextensionoptions)overwhichtheCompanyisexposedtocreditrisk.Forthefinancialinstrumentsatthefirstandsecondstageaswellasfinancialinstrumentsthathavelowcreditrisk,theCompanycalculatestheinterestincomebasedonthebookvaluewithoutlossallowancedeductedandeffectiveinterestrate.Whileforthefinancialinstrumentsatthethirdstage,theCompanycalculatestheinterestincomebasedontheamortizedcostofthebookvaluelesslossallowanceandeffectiveinterestrate.Fortotalreceivablessuchasnotesreceivable,tradereceivables,financingofreceivables,otherreceivables,andcontractassets,ifthecreditriskcharacteristicsofaparticularcustomeraresignificantlydifferentfromthoseofothercustomersinthegroup,orifthereisasignificantchangeinthecreditriskcharacteristicsofthatcustomer,theCompanywillindividuallyaccruebaddebtreservesforthattreceivable.Apartfromthetradereceivablesforwhichbaddebtreservesareindividuallyaccrued,theCompanydividesreceivablesintogroupsbasedoncreditriskcharacteristicsandcalculatesbaddebtreservesonagroupbasis.Notesreceivable,tradereceivables,contractassets,andotherreceivablesFornotesreceivable,tradereceivables,andcontractassets,regardlessofwhetherthereisasignificantfinancingcomponent,theCompanyconsistentlymeasurestheirlossprovisionsatanamountequivalenttotheECLovertheentireduration.ForvariousfinancialassetswhoseECLarecalculatedonanindividualbasis,theircreditriskcharacteristicsaresignificantlydifferentfromthoseofotherfinancialassetswithinthesamecategory.WhenitisnotpossibletoassesstheECLofanindividualfinancialassetatareasonablecost,theCompanycategorizestotalreceivablesintoseveralgroupsbasedoncreditriskcharacteristics.TheECLarecalculatedonagroupbasis,andthebasisandmethodfordeterminingthegroupareasfollows:
| Combination | Combinationname |
| Group1ofnotesreceivable | Notesreceivable |
| Group1oftradereceivables | Receivablesfromsaleofelectricity |
| Group2oftradereceivables | Receivableforrenewableenergysubsidies |
| Group3oftradereceivables | Receivablesfromrelatedparties |
| Combination | Combinationname |
| Group4oftradereceivables | Receivablesfromsteamsalesandothers |
| Group1ofcontractassets | Receivablesfromrelatedparties |
| Group2ofcontractassets | Othercontractassets |
| Group1ofotherreceivables | Receivablesfrombusinessunits,reservesreceivableandotherreceivables |
Fornotesreceivableandcontractassetsclassifiedasgroups,theCompanycalculatesECLbyreferencinghistoricalcreditlossexperience,consideringcurrentconditions,andforecastingfutureeconomicconditions,basedontheexposuretodefaultriskandtheexpectedcreditlossrateovertheentireduration.Fortradereceivablesclassifiedintogroups,theCompanycalculatesECLbyreferringtohistoricalcreditlossexperience,combiningcurrentconditionswithpredictionsoffutureeconomicconditions,andusingdefaultriskexposureandexpectedcreditlossrateovertheentireduration.Forotherreceivablesclassifiedintoportfolios,theCompanycalculatesECLbyreferringtohistoricalcreditlossexperience,combiningcurrentconditionswithpredictionsoffutureeconomicconditions,andusingdefaultriskexposureandexpectedcreditlossratewithinthenext12monthsorovertheentireduration.TheCompanyrecognizesthelossprovisionmadeorreversedintoprofitorlossforthecurrentperiod.Debtinvestment,otherdebtinvestmentsFordebtinvestmentsandotherdebtinvestments,theCompanycalculatesECLbasedonthenatureoftheinvestment,varioustypesofcounterpartiesandriskexposures,throughdefaultriskexposuresandexpectedcreditlossrateswithinthenext12monthsorthroughouttheentireduration.AssessmentofsignificantincreaseincreditriskInassessingwhetherthecreditriskofafinancialinstrumenthasincreasedsignificantlysinceinitialrecognition,theCompanycomparestheriskofdefaultoccurringonthefinancialinstrumentassessedatthebalancesheetdatewiththatassessedatthedateofinitialrecognition.Whendeterminingwhetherthecreditriskhasincreasedsignificantlysinceinitialrecognition,theCompanyconsidersthereasonableandsupportableinformationthatisavailablewithoutunduecostoreffort,includingforward-lookinginformation.Inparticular,thefollowinginformationistakenintoaccount:
?Debtorsfailtomakepaymentsofprincipalorinterestontheircontractuallyduedates;?Anactualorexpectedsignificantdeteriorationinafinancialinstrument’sexternalorinternalcreditrating(ifavailable);?Anactualorexpectedsignificantdeteriorationintheoperatingresultsofthedebtor;and?Existingoranticipatedchangesinthetechnological,market,economicorlegalenvironmentthathaveasignificantadverseeffectonthedebtor’sabilitytomeetitsobligationtotheCompany.Dependingonthenatureofthefinancialinstruments,theCompanyassesseswhetherthereisasignificantincreaseincreditriskoneitheranindividualbasisoracollectivebasis.Whentheassessmentisperformedonacollectivebasis,thefinancialinstrumentsareclassifiedintogroupsbasedonsharedcreditriskcharacteristics,suchaspastduestatusandcreditriskratings.
Iftheoverdueperiodexceeds30days,theCompanydeterminesthatthecreditriskofthefinancialinstrumenthassignificantlyincreased.Credit-impairedfinancialassetsAteachbalancesheetdate,theCompanyassesseswhetherfinancialassetsmeasuredatamortizedcostanddebtinvestmentsmeasuredatfairvaluethroughothercomprehensiveincomearecredit-impaired.Afinancialassetiscredit-impairedwhenoneormoreeventsthathaveadverseimpactontheexpectedfuturecashflowsoffinancialassethaveoccurred.Evidencethatafinancialassetiscredit-impairedincludesthefollowingobservableinformation:
?Significantfinancialdifficultyofthedebtororissuer;?Abreachofcontractbythedebtor,suchasdefaultoroverdueininterestorprincipalpayments;?Foreconomicorcontractualreasonsrelatingtothedebtor’sfinancialdifficulty,theCompanyhaving
grantedtothedebtoraconcessionsthatwouldnototherwiseconsider;?Itisprobablethatthedebtorwillenterintobankruptcyorotherfinancialrestructuring;?Thedisappearanceofanactivemarketforthatfinancialassetbecauseofissuer’sordebtor’sfinancialdifficulties.PresentationofallowanceforexpectedcreditlossesInordertoreflectthechangeofthecreditriskoffinancialinstrumentssincetheinitialrecognition,theCompanyre-measurestheECLateachbalancesheetdate.Anyincreaseorrecoveredamountofthelossallowancewhichgeneratedshallberecognizedaslossallowanceorgainintheprofitorlossforthecurrentperiod.Forfinancialassetmeasuredatamortizedcost,thelossallowanceshalloffsetagainstthecarryingamountofthefinancialassetasstatedinthebalancesheet;forthedebtinvestmentmeasuredatfairvaluethroughothercomprehensiveincome,theCompanyrecognizesitslossallowanceinothercomprehensiveincomeanddoesnotoffsetagainstthecarryingamountofthefinancialasset.Write-offThegrosscarryingamountofafinancialassetiswrittenoff(eitherpartiallyorentirely)totheextentthatthereisnorealisticprospectofrecoveryofthecontractualcashflows.Awrite-offconstitutesaderecognitionevent.ThisisgenerallythecasewhentheCompanydeterminesthatthedebtordoesnothaveassetsorsourcesofincomethatcouldgeneratesufficientcashflowstorepaytheamountssubjecttothewrite-off.However,financialassetsthatarewrittenoffcouldstillbesubjecttoenforcementactivitiesinordertocomplywiththeCompany’sproceduresforrecoveryofamountsdue.Subsequentrecoveriesofanassetthatwaspreviouslywrittenoffarerecognizedasareversalofimpairmentinprofitorlossintheperiodwhentherecoveryoccurs.
(6)TransferoffinancialassetsTransferoffinancialassetsisthetransferordeliveryoffinancialassetstoanotherparty(thetransferee)otherthantheissueroffinancialassets.AfinancialassetisderecognizediftheCompanytransferssubstantiallyalltherisksandrewardsofownershipofthefinancialassettothetransferee.AfinancialassetisnotderecognizediftheCompany
retainssubstantiallyalltherisksandrewardsofownershipofthefinancialasset.TheCompanyneithertransfersnorretainssubstantiallyalltherisksandrewardsofownershipofthefinancialasset,theaccountingtreatmentsareasfollowing:ifcontroloverthefinancialassetsissurrendered,theCompanyderecognizesthefinancialassetsandrecognizesanyassetsandliabilitiesarose;iftheCompanyretainsthecontrolofthefinancialassets,financialassetstotheextentofthecontinuinginvolvementinthetransferredfinancialassetsbytheCompanyaswellasanyrelatingliability.
(7)OffsetbetweenfinancialassetsandfinancialliabilitiesWhentheCompanyhasanenforceablelegalrighttooffsettherecognizedfinancialassetsagainstthefinancialliabilities,andtheCompanyplanstosettlebynetamountorrealizethefinancialassetsandsettlethefinancialliabilities,theamountafterbeingoffsetwillbepresentedinthebalancesheet.Otherwise,financialassetsandfinancialliabilitiesarepresentedseparatelyinthebalancesheetandnotallowedtooffsetagainsteachother.
12.FairvaluemeasurementFairvalueisthepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionbetweenmarketparticipantsatthemeasurementdate.TheCompanymeasuresrelatedassetsorliabilitiesatfairvalueassumingtheassetsorliabilitiesaretransferredinanorderlytransactionintheirprincipalmarket.Intheabsenceofaprincipalmarket,theCompanyassumesthatthetransactionisoccurredinthemostadvantageousmarketfortheunderlyingassetorliability.Principalmarket(orthemostadvantageousmarket)isthetradingmarketthattheCompanycannormallyenterintoatransactionatthemeasurementdate.TheCompanyadoptstheassumptionsthatwouldbeusedbymarketparticipantsinachievingthemaximizedeconomicbenefitwhenpricingtheassetsorliabilities.Forfinancialassetsorfinancialliabilitiesthathaveanactivemarket,theCompanyusesthequotedpricesintheactivemarketastheirfairvalue.Otherwise,theCompanyusesthevaluationtechniquetodeterminetheirfairvalue.Thefairvalueofafinancialinstrumentthatistradedinanactivemarketisdeterminedatthequotedpriceintheactivemarket.ThefairvalueofafinancialinstrumentthatisnottradedinanactivemarketisdeterminedbyusingavaluationtechniqueTheCompanyusesvaluationtechniquesthatareappropriateinthecurrentcircumstancesandtherearesufficientdataandotherinformationareavailableformeasuringthefairvalue.TheCompanyusestherelevantobservableinputsformeasurementandonlyuseunobservableinputwhentheobservableinputsareunavailableorimpracticaltoobtain.Forassetsandliabilitiesmeasuredordisclosedatfairvalueinthefinancialstatements,theleveloffairvalueisdeterminedbythesignificantlowestlevelinputtotheentirefairvaluemeasurement:Level1inputsaretheunadjustedquotedpricesintheactivemarketsforidenticalassetsorliabilitiesthatcanbeobtainedatthemeasurementdate;Level2inputsarethedirectorindirectobservableinputsofrelatedassetsorliabilitiesotherthanquotedpricesinLevel1;Level3inputsaretheunobservableinputsfortheassetsorliabilities.Ateachbalancesheetdate,theCompanyrevaluesassetsandliabilitiesbeingmeasuredatfairvaluecontinuouslyinthefinancialstatementstodeterminewhetheranychangebetweenthelevelsoffair
valuemeasurement.
13.Inventories
(1)ClassificationofinventoriesInventoriesintheCompanymainlycomprisefuelandspareparts
(2)ValuationofinventoriesTheinventoryoftheCompanyispricedatactualcostuponacquisition.Costoffueliscalculatedusingtheweightedaveragemethod.Sparepartsareamortizedinfullamountwhenissuedforuse.
(3)BasisfordeterminingandmethodofcalculatinginventoryreservesOnthebalancesheetdate,inventoryismeasuredatthelowerofcostandnetrealizablevalue.Whenthenetrealizablevalueislowerthanthecost,aninventoryreserveisaccrued.Netrealizablevalueisdeterminedbasedontheestimatedsellingpriceintheordinarycourseofbusiness,lesstheestimatedcostsnecessarytomakethesaleandrelatedtaxes.Whendeterminingthenetrealizablevalueofinventory,itisbasedonconclusiveevidenceobtained,whileconsideringthepurposeofholdinginventoryandtheimpactofeventsafterthebalancesheetdate.Amongthem,sparepartsarerecognizedprovisionfordeclineinthevalueofinventoriesbasedonfactorssuchasinventoryageandstoragestatusForinventorieswithalargequantityandlowunitprice,theCompanyaccruesinventoryreservesbasedoninventorycategories.Onthebalancesheetdate,ifthefactorsthatpreviouslycausedthewrite-downofinventoryvaluehavedisappeared,theinventoryreservesshallbereversedwithintheoriginallyaccruedamount.
(4)InventorysystemTheinventorysystemoftheCompanyadoptstheperpetualinventorysystem.
(5)Amortizationmethodoflow-valueconsumablesLowvalueconsumablesareamortizedinfullamount
14.Long-termequityinvestmentsLong-termequityinvestmentscomprisetheCompany’slong-termequityinvestmentsinitssubsidiaries,andtheCompany’slong-termequityinvestmentsinitsjointventuresandassociates.IftheCompanyisabletoexertsignificantinfluenceovertheinvestedentity,itisconsideredastheCompany'sassociatedenterprise.
(1)DeterminationofinitialinvestmentcostForlong-termequityinvestmentsacquiredthroughabusinesscombinationinvolvingenterprisesundercommoncontrol,theinvestmentcostshallbetheabsorbingparty’sshareofthecarryingamountofowners’equityofthepartybeingabsorbedintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyatthecombinationdate;forlong-termequityinvestmentsacquiredthroughabusinesscombinationinvolvingenterprisesnotundercommoncontrol,theinvestmentcostshallbethe
combinationcost.Forlong-termequityinvestmentsacquirednotthroughabusinesscombination:forlong-termequityinvestmentsacquiredbypaymentincash,theinitialinvestmentcostshallbethepurchasepriceactuallypaid;forlong-termequityinvestmentsacquiredbyissuingequitysecurities,theinitialinvestmentcostshallbethefairvalueoftheequitysecuritiesissued.
(2)SubsequentmeasurementandrecognitionofprofitorlossInvestmentsinsubsidiariesareaccountedforusingthecostmethod,unlesstheinvestmentmeetstheconditionsforheld-for-sale;investmentsinassociatesandjointventuresareaccountedforusingtheequitymethod.Forlong-termequityinvestmentsaccountedforusingthecostmethod,exceptfortheactualpaymentmadeatthetimeofinvestmentorthecashdividendsorprofitsincludedintheconsiderationthathavebeendeclaredbutnotyetdistributed,thecashdividendsorprofitsdeclaredanddistributedbytheinvesteearerecognizedasinvestmentincomeinprofitorlossforthecurrentperiod.Forlong-termequityinvestmentsaccountedforusingtheequitymethod,wheretheinitialinvestmentcostexceedstheCompany’sshareofthefairvalueoftheinvestee’sidentifiablenetassetsatthetimeofacquisition,theinvestmentsisinitiallymeasuredatthatcost;wheretheinitialinvestmentcostislessthantheCompany’sshareofthefairvalueoftheinvestee’sidentifiablenetassetsatthetimeofacquisition,thedifferenceisincludedinprofitorlossforthecurrentperiodandthecostofthelong-termequityinvestmentisadjustedupwardsaccordinglyWhenaccountingusingtheequitymethod,investmentincomeandothercomprehensiveincomearerecognizedbasedontheshareofnetprofitorlossandothercomprehensiveincomerealizedbytheinvestedentitythatshouldbeenjoyedorshared,andthebookvalueofthelong-termequityinvestmentsisadjustedaccordingly.Theportionofprofitsorcashdividendsdeclaredanddistributedbytheinvestedentitythatshouldbeenjoyediscalculated,andthebookvalueofthelong-termequityinvestmentsiscorrespondinglyreduced.Forotherchangesintheowner'sequityoftheinvestedentityotherthannetprofitorloss,othercomprehensiveincome,andprofitdistribution,thebookvalueofthelong-termequityinvestmentisadjustedandincludedincapitalreserves(othercapitalreserves).Whenrecognizingtheshareofnetprofitorlossoftheinvestedentitythatshouldbeenjoyed,thefairvalueoftheidentifiableassetsandotheritemsoftheinvestedentityatthetimeofinvestmentacquisitionisusedasthebasis,andthenetprofitoftheinvestedentityisadjustedaccordingtotheaccountingpoliciesandaccountingperiodsoftheCompanybeforerecognition.If,duetoreasonssuchasadditionalinvestments,theinvestorisabletoexertsignificantinfluenceorjointcontrolovertheinvesteebutdoesnotconstitutecontrol,onthetransitiondate,thesumofthefairvalueoftheoriginalequityandthenewlyaddedinvestmentcostshallberegardedastheinitialinvestmentcostaccountedforusingtheequitymethod.Iftheoriginalequityisclassifiedasanon-tradingequityinstrumentinvestmentmeasuredatfairvaluewithchangesrecognizedinothercomprehensiveincome,thecumulativefairvaluechangespreviouslyrecognizedinothercomprehensiveincomerelatedtoitshallbetransferredtoretainedearningswhenaccountingforitusingtheequitymethod.Ifjointcontrolorsignificantinfluenceovertheinvesteeislostduetoreasonssuchasthedisposalofaportionofequityinvestment,theremainingequityafterdisposalshallbeaccountedforinaccordancewithAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstrumentsonthedatewhenjointcontrolorsignificantinfluenceislost.Thedifferencebetweenfair
valueandbookvalueshallberecordedintheprofitorlossforthecurrentperiod.Forothercomprehensiveincomerecognizedfromtheoriginalequityinvestmentaccountedforusingtheequitymethod,accountingtreatmentshallbeconductedonthesamebasisasthedirectdisposalofrelatedassetsorliabilitiesbytheinvesteewhentheequitymethodisnolongerusedforaccounting.Allotherchangesinowner'sequityrelatedtotheoriginalequityinvestmentshallbetransferredtotheprofitorlossforthecurrentperiod.Ifcontrolovertheinvestedentityislostduetoreasonssuchasthedisposalofaportionofequityinvestment,andtheremainingequityafterdisposalcanjointlycontrolorexertsignificantinfluenceovertheinvestedentity,theequitymethodshallbeadoptedforaccounting,andtheremainingequityshallbeadjustedasifithadbeenaccountedforusingtheequitymethodfromthetimeofacquisition.Iftheremainingequityafterdisposalcannotjointlycontrolorexertsignificantinfluenceovertheinvestedentity,accountingtreatmentshallbeconductedinaccordancewiththerelevantprovisionsofAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments,andthedifferencebetweenitsfairvalueandbookvalueatthedateoflossofcontrolshallberecognizedinprofitorlossforthecurrentperiod..IftheCompany'sshareholdingratiodecreasesduetocapitalincreasesbyotherinvestors,resultinginthelossofcontrolbutstillenablingjointcontrolorsignificantinfluenceovertheinvestedentity,theCompanyshallrecognizeitsshareofthenetassetsincreasedbytheinvestedentityduetothecapitalincreasebasedonthenewshareholdingratio.Thedifferencebetweenthisshareandtheoriginalbookvalueofthelong-termequityinvestmentcorrespondingtothedecreasedshareholdingratioshallberecordedinprofitorlossforthecurrentperiod.Subsequently,adjustmentsshallbemadeusingtheequitymethodasifthenewshareholdingratiohadbeenappliedfromthetimeofinvestmentacquisition.TheunrealizedinternaltransactionlossesandgainsbetweentheCompanyanditsassociatedenterprisesandjointventuresarecalculatedbasedontheshareholdingratioandattributedtotheCompany.Theinvestmentlossesandgainsarerecognizedonanoffsetbasis.AnylossesresultingfromtransactionsbetweentheCompanyanditsinvestees,whichareattributabletoassetimpairmentlossesarenoteliminated.
(3)Basisfordeterminingexistenceofcontrol,jointcontrolorsignificantinfluenceoverinvesteesJointcontrolistheagreedsharingofcontroloveranarrangement,andthedecisionofactivitiesrelatingtosucharrangementrequirestheunanimousconsentoftheCompanyandotherpartiessharingcontrol.Indeterminingwhetherjointcontrolexists,thefirststepistoassesswhetherallparticipatingpartiesoracombinationofparticipatingpartiescollectivelycontrolthearrangement.Thesecondstepistodeterminewhetherdecisionsregardingtherelevantactivitiesofthearrangementmustbeunanimouslyagreeduponbythesecollectivelycontrollingparties.Ifallparticipatingpartiesoragroupofparticipatingpartiesmustactinunisontodecideontherelevantactivitiesofanarrangement,itisconsideredthatallparticipatingpartiesoragroupofparticipatingpartiescollectivelycontrolthearrangement.Iftherearetwoormorecombinationsofparticipatingpartiescapableofcollectivelycontrollinganarrangement,itdoesnotconstitutejointcontrol.Whendeterminingwhetherjointcontrolexists,protectiverightsenjoyedarenotconsidered.Significantinfluenceisthepowertoparticipateinmakingthedecisionsonfinancialandoperatingpoliciesoftheinvestee,butisnotcontrolorjointcontrolovermakingthosepolicies.Whendeterminingwhethertheinvestorcanexertsignificantinfluenceontheinvestedentity,theconsiderationincludesthevotingsharesdirectlyorindirectlyheldbytheinvestorintheinvestedentity,aswellastheimpactofthecurrentexecutablepotentialvotingrightsheldbytheinvestorandotherpartiesafterassumingthattheyareconvertedintoequityintheinvestedentity,includingtheimpactofthecurrentconvertiblewarrants,
shareoptions,andconvertiblecorporatebondsissuedbytheinvestedentity.WhentheCompanydirectlyorindirectly,throughitssubsidiaries,holdsmorethan20%(inclusive)butlessthan50%ofthevotingsharesoftheinvestedentity,itisgenerallyconsideredtohavesignificantinfluenceovertheinvestedentity,unlessthereisclearevidenceindicatingthatitcannotparticipateintheproductionandoperationdecisionsoftheinvestedentityinsuchcircumstancesanddoesnotexertsignificantinfluence.WhentheCompanyholdslessthan20%(exclusive)ofthevotingsharesoftheinvestedentity,itisgenerallynotconsideredtohavesignificantinfluenceovertheinvestedentity,unlessthereisclearevidenceindicatingthatitcanparticipateintheproductionandoperationdecisionsoftheinvestedentityinsuchcircumstancesandexertsignificantinfluence.
(4)ImpairmenttestingmethodandimpairmentprovisionmethodThemethodforcalculatingassetimpairmentforinvestmentsinsubsidiaries,associates,andjointventuresisprovidedintheNoteIII.21.
15.Investmentproperties
Investmentpropertyreferstorealestateheldforthepurposeofgeneratingrentalsorcapitalappreciation,orboth.TheinvestmentpropertiesoftheCompanyincludelanduserightsthathavebeenleasedout,landuserightsheldfortransferafterappreciation,andbuildingsthathavebeenleasedout.TheinvestmentpropertiesoftheCompanyareinitiallymeasuredattheiracquisitioncostsandaresubjecttodepreciationoramortizationonaregularbasisinaccordancewiththerelevantprovisionsforproperty,plantandequipmentorintangibleassets.Theestimatedusefullives,thenetresidualvaluesthatareexpressedasapercentageofcostandtheannualdepreciation(amortization)ratesofinvestmentpropertiesareasfollows:
| Category | Estimatedusefullives | Estimatednetresidualvalues(%) | Annualdepreciation(amortization)rates(%) |
| Buildings | 20to40years | 5 | 4.75to2.38 |
| Land-userights | 50to60years | 0 | 2.00to1.67 |
Theinvestmentproperty’sestimatedusefullife,estimatednetresidualvalueanddepreciation(amortization)methodappliedarereviewedandadjustedasappropriateateachyear-end.Whenaninvestmentpropertyistransferredtoowner-occupiedproperty,itisreclassifiedtoPPEandintangibleassetswiththecarryingamountsdeterminedatthecarryingamountsoftheinvestmentpropertyatthedateofthetransfer.Aninvestmentpropertyisderecognizedondisposalorwhentheinvestmentpropertyispermanentlywithdrawnfromuseandnofutureeconomicbenefitsareexpectedfromitsdisposal.Thenetamountofproceedsfromsale,transfer,retirementordamageofaninvestmentpropertyafteritscarryingamountandrelatedtaxesandexpensesisrecognizedinprofitorlossforthecurrentperiod.Forinvestmentpropertiesmeasuredusingthecostmodel,themethodforcalculatingassetimpairmentisprovidedinNotesIII.21.
16.Property,plantandequipment(PPE)
(1)RecognitionandinitialmeasurementofPPEThePPEoftheCompanyrefertotangibleassetsheldforthepurposeofproducinggoods,providing
services,leasing,orbusinessmanagement,withaservicelifeexceedingoneaccountingyear,includingbuildings,powergenerationequipment,motorvehicles,andotherequipment.PPEarerecognizedwhenitisprobablethattherelatedeconomicbenefitswillflowintotheGroupandthecostscanbereliablymeasured.PPEpurchasedorconstructedbytheGroupareinitiallymeasuredatcostatthetimeofacquisition.ThePPEcontributedbytheStateshareholdersatthereorganizationoftheCompanyintoacorporationentityarerecognizedbasedontheevaluatedamountsapprovedbythestate-ownedassetsadministrationdepartment.SubsequentexpendituresincurredforaPPEareincludedinthecostofthePPEwhenitisprobablethattheassociatedeconomicbenefitswillflowtotheGroupandtherelatedcostcanbereliablymeasured.Thecarryingamountofthereplacedpartisderecognized.Alltheothersubsequentexpendituresarerecognizedinprofitorlossfortheperiodinwhichtheyareincurred.
(2)DepreciationmethodsforPPETheCompanyadoptsthestraight-linemethodfordepreciationaccrual.DepreciationisaccruedforPPEfromthetimetheyreachtheirintendedusableconditionandceaseswhentheyarederecognizedorclassifiedasnon-currentassetsheldforsale.Withoutconsideringimpairmentprovision,theCompanydeterminestheannualdepreciationrateforvarioustypesofPPEbasedontheircategory,estimatedusefullives,andexpectednetresidualvalueasfollows:
| Category | Estimatedusefullives | Estimatednetresidualvalue | Annualdepreciationrate |
| Buildings | 10to50years | 5% | 9.50%to1.90% |
| Powergenerationequipment | 5to30years | 0%to5% | 20.00%to3.17% |
| Motorvehicles | 5to10years | 0%to5% | 20:00%to9:50% |
| Otherequipment | 5to22years | 0%to5% | 20.00%to4.32% |
ExceptforPPEpurchasedusingworksafetyfunds,otherPPEaredepreciatedusingthestraight-linemethodtoallocatethecostoftheassetstotheirestimatednetresidualvaluesovertheirestimatedusefullives.ForthePPEthathavebeenprovidedforimpairmentloss,therelateddepreciationchargeisprospectivelydeterminedbasedupontheadjustedcarryingamountsovertheirremainingusefullives.
(3)TheimpairmenttestmethodandimpairmentprovisionmethodforPPEaredescribedinNoteIII.21.
(4)Attheendofeachyear,theCompanyreviewstheusefullife,estimatednetresidualvalue,anddepreciationmethodofitsPPE.Ifthereisadiscrepancybetweentheestimatedusefullivesandtheoriginalestimate,theusefullivesofthePPEshouldbeadjusted;ifthereisadiscrepancybetweentheestimatednetresidualvalueandtheoriginalestimate,theestimatednetresidualvalueshouldbeadjusted.
(5)DisposalsofPPEAPPEisderecognizedondisposalorwhennofutureeconomicbenefitsareexpectedfromitsuseordisposal.Theamountofproceedsfromdisposalsonsale,transfer,retirementordamageofaPPEnetofitscarryingamountandrelatedtaxesandexpensesisrecognizedinprofitorlossforthecurrentperiod.
17.Constructioninprogress
Constructioninprogressismeasuredatactualcost,includingvariousnecessaryengineeringexpendituresincurredduringtheconstructionperiod,borrowingcoststhatshouldbecapitalizedbeforetheprojectreachesitsintendedusablestate,andotherrelatedexpenses.ConstructioninprogressistransferredtoPPEwhentheassetisreadyforitsintendeduse,anddepreciationischargedstartingfromthefollowingmonth.Whentheconstructioninprogresscompletesitstrialoperationperiodandmeetsthecontractdesignobjectivesandcomprehensivequalityindicatorsthatcomplywithindustrytechnicalstandards,theCompanydeemsittohavereacheditsintendedoperationalcondition.ThemethodforcalculatingassetimpairmentforconstructioninprogressisprovidedinNoteIII.21.
18.ConstructionmaterialsTheengineeringmaterialsoftheCompanyrefertovariousmaterialspreparedforongoingprojects,includingengineeringmaterials,equipmentnotyetinstalled,andtoolsandinstrumentspreparedforproduction.Engineeringmaterialspurchasedaremeasuredatcost.Whenengineeringmaterialsarerequisitioned,theyaretransferredtoprojectsinprogress.Uponcompletionoftheproject,anyremainingengineeringmaterialsaretransferredtoinventory.ThemethodforcalculatingassetimpairmentforconstructionmaterialisprovidedinNoteIII.21.Inthebalancesheet,theendingbalanceofconstructionmaterialispresentedundertheitemConstructioninProgress.
19.Borrowingcosts
(1)RecognitionprincipleforcapitalizationofborrowingcostsTheborrowingcostsincurredbytheCompany,whichcanbedirectlyattributedtotheacquisition,construction,orproductionofassetseligibleforcapitalization,shallbecapitalizedandincludedinthecostoftherelevantassets.Otherborrowingcostsshallberecognizedasexpensesbasedontheiractualamountatthetimeofoccurrenceandincludedinprofitorlossforthecurrentperiod.Borrowingcoststhatmeetthefollowingconditionsshallcommencecapitalization:
1Assetexpenditurehasalreadyoccurred,whichincludesexpenditureincurredintheformofcash
payments,transfersofnon-cashassets,ortheassumptionofinterest-bearingdebtsfortheacquisition,construction,orproductionofassetseligibleforcapitalization;
2Theborrowingcostshavealreadybeenincurred;3Theacquisition,construction,orproductionactivitiesnecessarytopreparetheassetforits
intendeduseorsalehavecommenced.
(2)CapitalizationperiodofborrowingcostsWhentheassetseligibleforcapitalizationacquired,constructed,orproducedbytheCompanyreachtheexpectedusableormarketablestate,thecapitalizationofborrowingcostsceases.Borrowingcosts
incurredaftertheassetseligibleforcapitalizationreachtheexpectedusableormarketablestatearerecognizedasexpensesbasedontheiractualamountatthetimeofoccurrenceandrecordedprofitorlossforthecurrentperiod.Capitalizationofborrowingcostsissuspendedduringperiodsinwhichtheacquisitionorconstructionofanassetisinterruptedabnormallyandtheinterruptionlastsformorethan3months,untiltheacquisitionorconstructionisresumed;borrowingcostsincurredduringnormalinterruptionsshallcontinuetobecapitalized.
(3)CalculationmethodforcapitalizationrateandcapitalizationamountofborrowingcostsTheamountofinterestexpensesactuallyincurredonspecialborrowingsinthecurrentperiod,afterdeductingtheinterestincomeearnedontheunusedborrowingfundsdepositedinthebankortheinvestmentincomeearnedfromtemporaryinvestments,shallbecapitalized.Forgeneralborrowings,thecapitalizationamountshallbedeterminedbymultiplyingtheweightedaverageofassetexpendituresexceedingthespecialborrowingsbythecapitalizationrateofthegeneralborrowingsused.Thecapitalizationrateshallbecalculatedanddeterminedbasedontheweightedaverageinterestrateofthegeneralborrowings.Duringthecapitalizationperiod,theexchangedifferencesonforeigncurrencyspecificborrowingsarefullycapitalized;theexchangedifferencesonforeigncurrencygeneralborrowingsarerecordedprofitorlossforthecurrentperiod.Duringthecapitalizationperiod,theexchangedifferencesonforeigncurrencyspecificborrowingsarefullycapitalized;theexchangedifferencesonforeigncurrencygeneralborrowingsarerecordedprofitorlossforthecurrentperiod.
20.Intangibleassets
TheintangibleassetsoftheCompanyprimarilycompriselanduserights,seaareauserights,rightstousesupportingpowertransmissionandtransformationprojects,software,non-patentedtechnology,andothers.Intangibleassetsareinitiallymeasuredatcost,andtheirusefullivesareassesseduponacquisition.Iftheusefullifeisfinite,anamortizationmethodthatreflectstheexpectedrealizationofeconomicbenefitsrelatedtotheassetisadopted,startingfromthepointwhentheintangibleassetisreadyforuse,andamortizationiscarriedoutovertheexpectedusefullife.Iftheexpectedrealizationmethodcannotbereliablydetermined,thestraight-linemethodisusedforamortization.Intangibleassetswithanuncertainusefullifearenotamortized.Theamortizationmethodforintangibleassetswithlimitedservicelifeisasfollows:
| Category | Expectedusefullives(years) | Amortizationmethod | Notes |
| Land-userights | 20to70 | Straightlinemethod | Ifthecostofpurchasinglandandbuildingscannotbereasonablyallocatedbetweenthelanduserightsandthebuildings,theentireamountshallbetreatedasPPE.Forallocatedlandwithanuncertainusefullife,noamortizationshallbeaccrued. |
| Seauserights | 25to50 | Straightlinemethod | |
| Otherintangibleassets | 2to60 | Straightlinemethod |
Attheendofeachyear,theCompanyreviewstheusefullifeandamortizationmethodofintangibleassetswithalimitedusefullife.Ifthereviewresultsinadifferencefrompreviousestimates,theoriginalestimatesareadjustedandtreatedasachangeinaccountingestimates.Ifitisestimatedonthebalancesheetdatethatanintangibleassetcannolongerbringfutureeconomicbenefitstotheenterprise,theentirebookvalueoftheintangibleassetshallbetransferredtoprofitorlossforthecurrentperiod.ThemethodforcalculatingassetimpairmentforintangibleassetsisprovidedinNoteIII.21.
21.ImpairmentofassetsTheimpairmentofassetssuchaslong-termequityinvestmentsinsubsidiaries,associates,andjointventures,investmentpropertiesmeasuredusingthecostmodel,PPE,constructioninprogress,right-of-useassets,intangibleassets,goodwill,etc.(excludinginventories,deferredtaxassets,andfinancialassets)shallbedeterminedaccordingtothefollowingmethods:
Onthebalancesheetdate,weassesswhetherthereareanyindicationsthatassetsmaybeimpaired.Iftherearesuchindications,theCompanywillestimatetheirrecoverableamountsandconductanimpairmenttest.Impairmenttestsareconductedannuallyforgoodwillformedthroughbusinesscombinations,intangibleassetswithuncertainusefullives,andintangibleassetsthathavenotyetreachedtheirintendeduse,regardlessofwhetherthereareanyindicationsofimpairment.Therecoverableamountisdeterminedbasedonthehigherofthenetamountafterdeductingdisposalexpensesfromthefairvalueoftheassetandthepresentvalueoftheexpectedfuturecashflowsoftheasset.TheCompanyestimatestherecoverableamountofanindividualasset;ifitisdifficulttoestimatetherecoverableamountofanindividualasset,therecoverableamountoftheassetgrouptowhichtheassetbelongsisdetermined.Theidentificationofanassetgroupisbasedonwhetherthemaincashinflowsgeneratedbytheassetgroupareindependentofthecashinflowsofotherassetsorassetgroups.Whentherecoverableamountofanassetorassetgroupislowerthanitscarryingamount,theCompanywillreduceitscarryingamounttotherecoverableamount,andthereducedamountwillberecordedprofitorlossforthecurrentperiod.Atthesametime,acorrespondingprovisionforassetimpairmentwillbemade.Regardingtheimpairmenttestofgoodwill,thecarryingvalueofgoodwillformedthroughbusinesscombinationsisamortizedtotherelevantassetgroupsusingareasonablemethodfromtheacquisitiondate.Ifitisdifficulttoallocatetotherelevantassetgroups,itisamortizedtotherelevantcombinationsofassetgroups.TherelevantassetgroupsorcombinationsofassetgroupsarethosethatcanbenefitfromthesynergisticeffectsofbusinesscombinationsandarenotlargerthanthereportingsegmentsdeterminedbytheCompany.Duringimpairmenttesting,iftherearesignsofimpairmentintheassetgrouporcombinationofassetgroupsrelatedtogoodwill,theimpairmenttestisfirstconductedontheassetgrouporcombinationofassetgroupsexcludinggoodwill.Therecoverableamountiscalculated,andthecorrespondingimpairmentlossisrecognized.Then,theimpairmenttestisconductedontheassetgrouporcombinationofassetgroupsincludinggoodwill.Thebookvalueiscomparedwiththerecoverableamount.Iftherecoverableamountislowerthanthebookvalue,theimpairmentlossofgoodwillisrecognized.
Oncetheassetimpairmentlossisrecognized,itwillnotbereversedinsubsequentaccountingperiods.
22.Long-termprepaidexpenses
Thelong-termdeferredexpensesincurredbytheCompanyarepricedatactualcostandamortizedevenlyovertheexpectedbenefitperiod.Forlong-termdeferredexpenseitemsthatdonotbenefitfutureaccountingperiods,theiramortizedvalueisfullyrecordedinprofitorlossforthecurrentperiod.
23.Employeebenefits
(1)ScopeofemployeebenefitsEmployeebenefitsreferstovariousformsofremunerationorcompensationgivenbyenterprisestoobtainservicesprovidedbyemployeesorterminatelaborrelations.EmployeebenefitsrefertoallformsofconsiderationorcompensationgivenbytheCompanyinexchangeforservicerenderedbyemployeesorforterminationofemploymentrelationship,whichincludeshort-termemployeebenefits,post-employmentbenefits,terminationbenefitsandotherlong-termemployeebenefits.Thebenefitsprovidedbyenterprisestoemployees'spouses,children,dependents,survivorsofdeceasedemployees,andotherbeneficiariesalsobelongtoemployeebenefits.Basedonliquidity,employeebenefitsisseparatelypresentedintheEmployeebenefitspayableandLong-termemployeebenefitspayableitemsonthebalancesheet.
(2)Short-termemployeebenefitsShort-termemployeebenefitsincludewagesorsalaries,bonus,allowancesandsubsidies,staffwelfare,premiumsorcontributionsonmedicalinsurance,workinjuryinsuranceandmaternityinsurance,housingfunds,unionrunningcostsandemployeeeducationcostsandshort-termpaidabsences.Theshort-termemployeebenefitsactuallyoccurredarerecognizedasaliabilityintheaccountingperiodinwhichtheserviceisrenderedbytheemployees,withacorrespondingchargetotheprofitorlossforthecurrentperiodorthecostofrelevantassets.
(3)Post-employmentbenefitsTheCompanyclassifiespost-employmentbenefitplansaseitherdefinedcontributionplansordefinedbenefitplans.Definedcontributionplansarepost-employmentbenefitplansunderwhichtheCompanypaysfixedcontributionsintoaseparatefundandwillhavenoobligationtopayfurthercontributions;anddefinedbenefitplansarepost-employmentbenefitplansotherthandefinedcontributionplans.Duringthereportingperiod,theCompany’spost-employmentbenefitsmainlyincludebasicpensions,unemploymentinsuranceandsupplementarypensions,andallofthembelongtothedefinedcontributionplans;non-plannedexpensesprovidedtoretiredemployeesfallunderdefinedbenefitplans.BasicpensionsTheGroup’semployeesparticipateinthebasicpensionplansetupandadministeredbylocalauthoritiesofMinistryofHumanResourceandSocialSecurity.Monthlypaymentsofpremiumsonthebasicpensionsarecalculatedaccordingtothebasesandpercentageprescribedbytherelevantlocalauthorities.Whenemployeesretire,therelevantlocalauthoritiesareobligedtopaythebasicpensionstothemSupplementarypensions
TheCompanypurchasessupplementarypensionsforemployees,andpaysinsurancepremiumaccordingtothepoliciesoftheparentcompany,GuangdongEnergyGroup.Theamountsbasedontheabovecalculationsarerecognizedasliabilitiesintheaccountingperiodinwhichtheservicehasbeenrenderedbytheemployees,withacorrespondingchargetotheprofitorlossforthecurrentperiodorthecostofrelevantassets.DefinedbenefitplanFordefinedbenefitplan,theCompanyusestheprojectedunitcreditmethodandincludestheobligationofthedefinedbenefitplanintheaccountingperiodinwhichtheservicehasbeenrenderedbytheemployees,withacorrespondingchargetotheprofitorlossfortheperiod.Thecostofemployeebenefitsarisingfromdefinedbenefitplansareclassifiedintothefollowingparts:
Servicecosts(includingcurrentservicecostsandsettlementgainsandlosses);Netinterestonnetliabilitiesofdefinedbenefitplans(includinginterestexpensesondefinedbenefitplanobligations);aswellasremeasurethechangesarisingfromthenetliabilityofthedefinedbenefitplan.Servicecostsandnetinterestonnetliabilitiesofdefinedbenefitplansarerecordedinprofitorlossforthecurrentperiod.Changesarisingfromtheremeasurementofnetliabilitiesofdefinedbenefitplans,includingactuarialgainsorlosses,arerecordedinothercomprehensiveincome.
(4)TerminationbenefitsTheCompanyrecognizesaliabilityarisingfromcompensationforterminationoftheemploymentrelationshipwithemployees,withacorrespondingchargetoprofitorlossforthecurrentperiodattheearlierofthefollowingdates:whentheCompanycannotunilaterallywithdrawanemploymentterminationplanoracurtailmentproposal;orwhentheCompanyrecognizescostsorexpensesforarestructuringthatinvolvesthepaymentofterminationbenefits.Fortheimplementationofinternalemployeeretirementplans,theeconomiccompensationbeforetheofficialretirementdateisconsideredasadismissalbenefit.Fromthedatewhentheemployeeceasestoprovideservicesuntilthenormalretirementdate,theproposedpaymentofwagesforearlyretiredemployeesandsocialinsurancepremiumsareincludedinprofitorlossforthecurrentperiodonaone-timebasis.Theeconomiccompensationaftertheofficialretirementdate(suchasnormalpensionbenefits)istreatedaspost-employmentbenefits.
(5)Otherlong-termbenefitsEarlyretirementbenefits:
TheCompanyoffersearlyretirementbenefitstothoseemployeeswhoacceptearlyretirementarrangements.TheearlyretirementbenefitsrefertothesalariesandsocialsecuritycontributionstobepaidtoandfortheemployeeswhoacceptvoluntaryretirementbeforethenormalretirementdateprescribedbytheState,asapprovedbytheManagement.TheGrouppaysearlyretirementbenefitstothoseearlyretiredemployeesfromtheearlyretirementdateuntilthenormalretirementdate.TheGroupaccountsfortheearlyretirementbenefitsinaccordancewiththetreatmentforterminationbenefits,inwhichthesalariesandsocialsecuritycontributionstobepaidtoandfortheearlyretiredemployeesfromtheoff-dutydatetothenormalretirementdatearerecognizedasliabilitieswithacorrespondingchargetotheprofitorlossforthecurrentperiod.Thedifferencesarisingfromthechangesintherespectiveactuarialassumptionsoftheearlyretirementbenefitsandtheadjustmentsof
benefitstandardsarerecognizedinprofitorlossintheperiodinwhichtheyoccur.TheterminationbenefitsexpectedtobepaidwithinoneyearfromthebalancesheetdatearepresentedasEmployeebenefitspayable.24．ProvisionsIftheobligationsrelatedtocontingenciessimultaneouslymeetthefollowingconditions,theCompanywillrecognizethemasprovisions：
(1)ThisobligationisapresentobligationundertakenbytheCompany;
(2)Itisprobablethatanoutflowofeconomicbenefitswillberequiredtosettletheobligation;
(3)Theamountoftheobligationcanbereliablymeasured.Aprovisionisinitiallymeasuredatthebestestimateoftheexpenditurerequiredtosettletherelatedpresentobligation.Factorssurroundingacontingency,suchastherisks,uncertaintiesandthetimevalueofmoney,aretakenintoaccountasawholeinreachingthebestestimateofaprovision.Wheretheeffectofthetimevalueofmoneyismaterial,thebestestimateisdeterminedbydiscountingtherelatedfuturecashoutflows.Thecarryingamountofprovisionsisreviewedateachbalancesheetdateandadjustedtoreflectthecurrentbestestimate.Iftheexpenditurerequiredtosettletheconfirmedprovisionsisexpectedtobefullyorpartiallycompensatedbyathirdpartyorotherparties,thecompensationamountcanonlybeseparatelyrecognizedasanassetwhenitisvirtuallycertainthatitwillbereceived.Therecognizedcompensationamountshallnotexceedthebookvalueoftheconfirmedliability.
25.Revenue
(1)GeneralprinciplesTheCompanyrecognizesrevenuewhenithasfulfilleditsperformanceobligationsunderthecontract,thatis,whenthecustomerobtainscontrolovertherelevantgoodsorservices.Ifacontractcontainstwoormoreperformanceobligations,theCompany,onthecontractstartdate,allocatesthetransactionpricetoeachindividualperformanceobligationbasedontherelativeproportionoftheseparatesellingpricesofthegoodsorservicespromisedundereachindividualperformanceobligation,andmeasuresrevenuebasedonthetransactionpriceallocatedtoeachindividualperformanceobligation.Whenoneofthefollowingconditionsismet,itisconsideredfulfillingtheperformanceobligationwithinacertaintimeperiod;otherwise,itisconsideredfulfillingtheperformanceobligationatacertainpointintime:
CustomersobtainandconsumetheeconomicbenefitsbroughtbytheCompany'sperformancewhiletheCompanyisfulfillingitscontract.2CustomershavetheabilitytocontrolthegoodsthatareinprogressduringtheCompany's
fulfillmentprocess.
3ThegoodsproducedbytheCompanyduringtheperformanceofthecontracthaveirreplaceable
uses,andtheCompanyhastherighttocollectpaymentsfortheaccumulatedperformancecompletedtodatethroughoutthecontractperiod.Forperformanceobligationsthatarefulfilledwithinacertainperiod,theCompanyrecognizesrevenuebasedontheprogressoffulfillmentduringthatperiod.Whentheprogressoffulfillmentcannotbereasonablydetermined,ifthecostsalreadyincurredbytheCompanyareexpectedtobecompensated,revenueisrecognizedattheamountofthecostsalreadyincurreduntiltheprogressoffulfillmentcanbereasonablydetermined.Forperformanceobligationsthatarefulfilledatacertainpointintime,theCompanyrecognizesrevenueatthepointwhenthecustomerobtainscontrolovertherelevantgoodsorservices.Indeterminingwhetherthecustomerhasobtainedcontroloverthegoodsorservices,theCompanyconsidersthefollowingindicators:
TheCompanyhasacurrentrighttoreceivepaymentforthegoodsorservices,whichmeansthecustomerhasacurrentobligationtopayforthegoods.
TheCompanyhastransferredthelegalownershipoftheproducttothecustomer,meaningthatthecustomernowholdsthelegalownershipoftheproduct.
3TheCompanyhastransferredthephysicalpossessionoftheproducttothecustomer,meaningthatthecustomerhasphysicallytakenpossessionoftheproduct.
4TheCompanyhastransferredthesignificantrisksandrewardsofownershipofthegoodstothe
customer,meaningthatthecustomerhasassumedthesignificantrisksandrewardsofownershipofthegoods.
5Thecustomerhasacceptedtheproductorservice.
Othersignsindicatingthatthecustomerhasobtainedcontroloverthegoods.
(2)SpecificmethodsWhenthecustomerobtainscontrolovertherelevantgoodsorservices,theCompanyrecognizesrevenuebasedontheexpectedamountofconsiderationitisentitledtoreceive.
1Revenuefromsaleofelectricityandheatenergy
Revenueisrecognizedwhenelectricityandheatenergyaresuppliedtogridcompaniesorcustomers,andtheyobtaincontroloverelectricity.2Revenuefromsaleofby-productsRevenuefromthesaleofgoodsisrecognizedwhentheCompanytransfersby-products(suchascoalash)producedbypowergenerationstothedesignateddeliveryplacepursuanttothecontractoragreement,theresourceutilizationenterpriseconfirmsreceiptandobtainscontrolovertheby-products.3ProvisionofelectricpowertransactionserviceFortheelectricpowertransactionserviceprovidedbytheCompanytoexternalparties,uponthereceiptoftheservice,revenueisrecognizedbasedonthedifferencebetweenthepurchasepriceandthesellingpriceofelectricity
RenderingofservicesTheCompanyprovidesmaintenanceservicestoexternalclients,andrecognizesrevenueoveraperiodoftimebasedontheprogressoftheservicescompleted.Theprogressofthecompletedservicesisdeterminedbytheproportionofincurredcoststotheestimatedtotalcosts.Onthebalancesheetdate,theCompanyre-estimatestheprogressofthecompletedservicestoreflectchangesinperformance.Whenrecognizingrevenuebasedontheprogressofcompletedlaborservices,theCompanyrecognizestheportionforwhichithasobtainedunconditionalrightstoreceivepaymentastradereceivables,andtheremainingportionascontractassets.LossprovisionsarerecognizedfortradereceivablesandcontractassetsbasedonECL,fordetails,pleasereferto(NoteV5(11)).IfthecontractpricereceivedorreceivablebytheCompanyexceedsthelaborservicescompleted,theexcessisrecognizedascontractliabilities.TheCompanypresentscontractassetsandcontractliabilitiesunderthesamecontractonanetbasis.Contractcostsincludecontractperformancecostsandcontractacquisitioncosts.ThecostsincurredbytheCompanyforprovidingmaintenanceservicesarerecognizedascontractperformancecosts,andarecarriedforwardandincludedinthemainbusinesscostsbasedontheprogressofthecompletedserviceswhenrevenueisrecognized.
26.ContractCostsContractcostsincludeincrementalcostsincurredforobtainingthecontractandcontractperformancecosts.IncrementalcostsincurredtoobtainacontractrefertocoststhatwouldnothavebeenincurrediftheCompanydidnotobtainthecontract(suchassalescommissions).Ifsuchcostsareexpectedtoberecoverable,theCompanyrecognizesthemascontractacquisitioncostsandrecognizesthemasanasset.OtherexpensesincurredbytheCompanytoobtainacontract,otherthantheincrementalcostsexpectedtoberecoverable,arerecognizedinprofitorlossfortheperiodwhentheyareincurred.Forcostsincurredintheperformanceofacontract,iftheydonotfallwithinthescopeofotherenterpriseaccountingstandardssuchasinventoriesandsimultaneouslymeetthefollowingconditions,theCompanyrecognizesthemascontractperformancecostsandrecognizesthemasanasset:
Thecostsaredirectlyattributabletoacontractorananticipatedcontract,includingdirectlabor,
directmaterials,overheads(orsimilarexpenses),coststhatareexplicitlychargeabletothe
customer,andothercoststhatareincurredsolelyinconnectionwiththecontract;
ThecostsenhancetheCompany'sfutureresourcesforfulfillingitsperformanceobligations;
Thecostsareexpectedtoberecovered.Assetsrecognizedforcostsofobtainingacontractorcoststofulfilacontract(hereinafterreferredtoasassetsrelatedtocontractcost)shallbeamortizedonthesamebasisasrevenuerecognitionofgoodsorservicesrelatedtosuchassetsandrecognizedintoprofitorlossforthecurrentperiodwhenincurred.Whenthecarryingamountofanassetrelatedtocontractcostsexceedsthedifferencebetweenthefollowingtwoitems,theCompanymakesanimpairmentprovisionfortheexcessandrecognizesitasanassetimpairmentloss:
1TheremainingconsiderationthattheCompanyexpectstoreceiveinexchangeforthegoodsor
servicestowhichtheassetrelates;
2Thecoststobeincurredforthetransferoftherelevantgoodsorservices.
27.Governmentgrants
Governmentsubsidiesarerecognizedwhentheconditionsattachedtothesubsidiesaremetandthesubsidiescanbereceived.Forgovernmentsubsidiesformonetaryassets,theyaremeasuredatthereceivedorreceivableamount.Forgovernmentsubsidiesfornon-monetaryassets,theyaremeasuredatfairvalue;ifthefairvaluecannotbereliablyobtained,theyaremeasuredatanominalamountof1yuan.GovernmentsubsidiesrelatedtoassetsrefertothoseobtainedbytheCompanyandusedfortheacquisition,construction,orformationoflong-termassetsthroughothermeans;otherwise,theyareconsideredgovernmentsubsidiesrelatedtoincome.Forgovernmentdocumentsthatdonotexplicitlyspecifytherecipientsofsubsidies,ifthesubsidycanformlong-termassets,theportionofthegovernmentsubsidycorrespondingtotheassetvalueshallberegardedasgovernmentsubsidiesrelatedtoassets,andtheremainingportionshallberegardedasgovernmentsubsidiesrelatedtoincome;ifitisdifficulttodistinguish,theentiregovernmentsubsidyshallberegardedasgovernmentsubsidiesrelatedtoincome.Governmentsubsidiesrelatedtoassetsarerecognizedasdeferredincomeandarerecordedinprofitorlossovertheusefullifeoftherelevantassetsusingareasonableandsystematicmethod.Governmentsubsidiesrelatedtoincome,whichareusedtocompensateforrelatedcostsorlossesalreadyincurred,arerecordedinthecurrentprofitorloss.Thoseusedtocompensateforrelatedcostsorlossesinfutureperiodsarerecordedindeferredincomeandarerecordedinthecurrentprofitorlossduringtheperiodwhentherelatedcostsorlossesarerecognized.Governmentsubsidiesmeasuredattheirnominalamountsaredirectlyrecordedinthecurrentprofitorloss.TheCompanyadoptsaconsistentapproachtohandlingthesameorsimilargovernmentsubsidytransactions.Governmentsubsidiesrelatedtodailyactivitiesarerecordedinotherincomebasedonthesubstanceoftheeconomictransaction.Governmentsubsidiesunrelatedtodailyactivitiesarerecordedinnon-operatingincome.Whenconfirmedgovernmentsubsidiesneedtobereturned,ifthebookvalueoftherelevantassetswasoffsetduringinitialrecognition,thebookvalueoftheassetsshouldbeadjusted.Ifthereisabalanceofrelateddeferredincome,thebookbalanceoftherelateddeferredincomeshouldbeoffset,andtheexcessshouldberecordedinprofitorlossforthecurrentperiod.Inothercases,itshouldbedirectlyrecordedintprofitorlossforthecurrentperiod.
28.Deferredtaxassetsanddeferredtaxliabilities
Incometaxcomprisescurrentincometaxanddeferredincometax.Exceptfortheadjustedgoodwillarisingfrombusinesscombinationsorthedeferredincometaxrelatedtotransactionsoreventsdirectlyrecognizedinowner'sequity,whichisrecordedinowner'sequity,allotherincometaxesarerecognizedasincometaxexpensesandrecordedinprofitorlossforthecurrentperiod.TheCompanyrecognizesdeferredincometaxusingthebalancesheetliabilitymethodbasedonthetemporarydifferencesbetweenthecarryingamountofassetsandliabilitiesatthebalancesheetdateandtheirtaxbases.
Thedeferredincometaxliabilitiesarerecognizedforalltaxabletemporarydifferences,unlessthetaxabletemporarydifferencearisesfromthefollowingtransactions:
(1)Initialrecognitionofgoodwill,orinitialrecognitionofassetsorliabilitiesarisingfromtransactionsthatmeetthefollowingcriteria:thetransactionisnotabusinesscombination,andatthetimeofoccurrence,itneitheraffectsaccountingprofitnoraffectstaxableincome(exceptforindividualtransactionswheretheinitiallyrecognizedassetsandliabilitiesresultinequalamountsoftaxabletemporarydifferencesanddeductibletemporarydifferences);
(2)Fortaxabletemporarydifferencesrelatedtoinvestmentsinsubsidiaries,jointventures,andassociatedenterprises,thetimingofthereversalofsuchtemporarydifferencescanbecontrolled,anditislikelythatsuchtemporarydifferenceswillnotreverseintheforeseeablefuture.Fordeductibletemporarydifferences,deductiblelossesthatcanbecarriedforwardtofutureyears,andtaxcredits,theCompanyrecognizestheresultingdeferredtaxassetstotheextentthatitislikelytoobtainfuturetaxableincomethatcanbeusedtooffsetthedeductibletemporarydifferences,deductiblelosses,andtaxcredits,unlessthedeductibletemporarydifferencesarisefromthefollowingtransactions:
(1)Thetransactionisnotabusinesscombination,andatthetimeoftransaction,itneitheraffectsaccountingprofitnoraffectstaxableincome(exceptforindividualtransactionswheretheinitialrecognitionofassetsandliabilitiesresultsinequalamountsoftaxabletemporarydifferencesanddeductibletemporarydifferences);
(2)Fordeductibletemporarydifferencesrelatedtoinvestmentsinsubsidiaries,jointventures,andassociatedenterprises,correspondingdeferredtaxassetsarerecognizedwhenbothofthefollowingconditionsaremet:thetemporarydifferencesarelikelytobereversedintheforeseeablefuture,anditislikelythatfuturetaxableincomewillbeavailabletooffsetthedeductibletemporarydifferences.Onthebalancesheetdate,theCompanymeasuresdeferredtaxassetsanddeferredtaxliabilitiesatthetaxrateapplicableduringtheexpectedperiodofassetrecoveryorliabilitysettlement,andreflectstheincometaximpactoftheexpectedassetrecoveryorliabilitysettlementmethodonthebalancesheetdate.Onthebalancesheetdate,theCompanyreviewsthecarryingamountofdeferredtaxassets.Ifitislikelythatsufficienttaxableincomewillnotbeavailableinfutureperiodstooffsetthebenefitofthedeferredtaxasset,thecarryingamountofthedeferredtaxassetisreduced.Whensufficienttaxableincomeislikelytobeavailable,thereducedamountisreversed.Onthebalancesheetdate,deferredtaxassetsanddeferredtaxliabilitiesarepresentedatthenetamountafteroffsettingwhenbothofthefollowingconditionsaremet:
(1)ThetaxableentitywithintheCompanyhasthestatutoryrighttosettlecurrentincometaxassetsandcurrentincometaxliabilitiesonanetbasis;
(2)DeferredtaxassetsanddeferredtaxliabilitiesarerelatedtoincometaxesleviedbythesametaxauthorityonthesametaxableentitywithintheCompany.
29.Leases
(1)IdentificationofleasesOnthecommencementdateofthecontract,theCompany,asthelesseeorlessor,evaluateswhetherthecustomerinthecontractisentitledtoalmostalleconomicbenefitsarisingfromtheuseoftheidentifiedassetduringtheusageperiod,andhastherighttodominatetheuseoftheidentifiedassetduringthatperiod.Ifonepartyinthecontractrelinquishestherighttocontroltheuseofoneormoreidentifiedassetsforacertainperiodinexchangeforconsideration,theCompanydeemsthecontractasaleaseorcontainsalease.
(2)TheGroupasthelesseeAttheleasecommencementdate,theCompanyrecognizestheright-of-useassetandmeasurestheleaseliabilityatthepresentvalueoftheleasepaymentsthatarenotpaidatthatdate.Leasepaymentsincludefixedpayments,theexercisepriceofapurchaseoptionorterminationpenaltyifthelesseeisreasonablycertaintoexercisethatoptionetc.Variableleasepaymentsinproportiontosalesareexcludedfromleasepaymentsandrecognizedinprofitorlossasincurred.Leaseliabilitiesthatareduewithinoneyear(inclusive)asfromthebalancesheetdateareincludedinthecurrentportionofnon-currentliabilities.Right-of-useassetsoftheGroupcompriseleasedlanduserights,buildings,machineryandequipment,andmotorvehicles.Right-of-useassetsaremeasuredinitiallyatcostwhichcomprisestheamountoftheinitialmeasurementofleaseliabilities,anyleasepaymentsmadeatorbeforethecommencementdateandanyinitialdirectcosts,lessanyleaseincentivesreceived.IfthereisreasonablecertaintythattheGroupwillobtainownershipoftheunderlyingassetbytheendoftheleaseterm,theassetisdepreciatedoveritsremainingusefullife;otherwise,theassetisdepreciatedovertheshorteroftheleasetermanditsremainingusefullife.Thecarryingamountoftheright-of-useassetisreducedtotherecoverableamountwhentherecoverableamountisbelowthecarryingamount..Fordetails，pleaserefertoNoteIII.30.Forshort-termleaseswithatermof12monthsorlessandleasesofanindividualasset(whennew)oflowvalue,theCompanychoosestoincludetheleasepaymentsinthecostoftheunderlyingassetsorintheprofitorlossforthecurrentperiodonastraight-linebasisovertheleaseterm,insteadofrecognizingright-of-useassetsandleaseliabilities.TheGroupaccountsforaleasemodificationasaseparateleaseifboth:
Themodificationincreasesthescopeoftheleasebyaddingtherighttouseoneormoreunderlyingassets;
Theconsiderationfortheleaseincreasesbyanamountcommensuratewiththestand-alonepricefortheincreaseinscopeandanyappropriateadjustmentstothatstand-alonepricetoreflectthecircumstancesofthecontract.Whenleasemodificationsarenotaccountedforasaseparatelease,exceptforcontractmodificationsthatcanadoptasimplifiedmethodasstipulatedbytheMinistryofFinance,theCompanyredeterminestheleasetermontheeffectivedateoftheleasemodification,andusesthereviseddiscountratetodiscounttheleasepaymentamountaftermodification,therebyremeasuringtheleaseliability.Iftheleasemodificationresultsinareductioninthescopeoftheleaseorashortenedleaseterm,theCompanycorrespondinglyreducesthebookvalueoftheright-to-useassetandincludestherelated
gainsorlossesfrompartialorcompleteterminationoftheleaseinprofitorlossforthecurrentperiod.Forotherleasemodificationsthatresultinaremeasurementoftheleaseliability,theCompanycorrespondinglyadjuststhebookvalueoftheright-to-useasset.Foreligiblerentreductionsagreeduponinexistingleasecontracts,theCompanyoptstoadoptasimplifiedapproach.Uponreachinganagreementtoterminatetheoriginalpaymentobligation,theundiscountedamountofthereductionisrecordedinprofitorlossforthecurrentperiod,andtheleaseliabilityisadjustedaccordingly.
(3)TheGroupasthelessorLeasesthathaveessentiallytransferredalmostallrisksandrewardsrelatedtotheownershipoftheleasedassetareclassifiedasfinancialleases.Otherleasesareclassifiedasoperatingleases.OperatingleasesWheretheCompanyleasesoutself-ownedbuildingsandlanduserightsunderoperatingleases,rentalincometherefromisrecognizedonastraight-linebasisovertheleaseterm.Variablerentalthatislinkedtoacertainpercentageofsalesisrecognizedinrentalincomeasincurred.Forthequalifiedrentconcessionsagreedonexistingleasecontracts,theCompanyappliesthepracticalexpedienttoaccountfortheconcessionsasvariableleasepaymentsandrecordtheconcessionsinprofitorlossduringthewaivingperiodExceptthattheabovechangesinqualifiedcontractwhichareaccountedforbyapplyingthepracticalexpedient,foraleasemodification,theCompanyaccountsforitasanewleasefromtheeffectivedateofthemodification,andconsidersanyleasepaymentsreceivedinadvanceandreceivablerelatingtotheleasebeforemodificationasreceivablesofthenewlease.
30.Right-of-useassets
(1)Criteriafortherecognitionofright-of-useassetsTheCompany'sright-of-useassetsrefertotheCompany'srighttousetheleasedassetsduringtheleasetermasthelessee.Onthecommencementdate,theright-of-useassetsshallbeinitiallymeasuredatcost.Thecostincludes:theinitialmeasurementoftheleaseliability;theamountofleasepaymentspaidonorbeforethecommencementdateoftheleaseterm,therelevantbenefitedamountofleaseincentiveisdeductedifthereisaleaseincentive;initialdirectcostsincurredbytheCompanyasthelessee;thecostswhichtheCompany,asthelessee,expectstoincurindismantlingandremovingtheleasedassets,restoringthepremisesonwhichtheleasedassetsarelocatedorrestoringtheleasedassetstotheagreedleaseterms.TheCompany,asthelessee,shallrecognizeandmeasurethecostsofdemolitionandrestorationinaccordancewiththeAccountingStandardsforBusinessEnterprisesNo.13–Contingencies.Subsequentadjustmentsforanyremeasurementofleaseliabilitiesarerecorded.
(2)Depreciationmethodforright-of-useassetsTheCompanyadoptsthestraight-linemethodfordepreciation.IftheCompany,asthelessee,canreasonablydeterminethatitwillobtainownershipoftheleasedassetupontheexpirationoftheleaseterm,depreciationwillbeaccruedovertheremainingusefullifeoftheleasedasset.Ifitisnotreasonablycertainthatownershipoftheleasedassetwillbeobtainedupontheexpirationofthelease
term,depreciationwillbeaccruedovertheshorteroftheleasetermortheremainingusefullifeoftheleasedasset.
(3)Theimpairmenttestmethodandimpairmentprovisionmethodforright-to-useassetsaredescribed
inNotesIII.21.
31.Worksafetyfunds
Inaccordancewithrelevantregulations,theCompanyallocatesworksafetyfundsinaccordancewiththeAdministrativeMeasuresfortheAllocationandUseofWorkSafetyExpensesinEnterprises(CaiZi[2022]No.136).Subsidiariesengagedinpowergenerationbusinessshallappropriateworksafetyfundsbasedontheactualrevenueinthepreviousyearandatthefollowingpercentages:
?3%fortheproportionofrevenueuptoRMB10millioninthepreviousyear;?1.5%fortheproportionofrevenuebetweenRMB10millionandRMB100millioninthepreviousyear;?1%fortheproportionofrevenuebetweenRMB100millionandRMB1billioninthepreviousyear;?0.8%fortheproportionofrevenuebetweenRMB1billionandRMB5billioninthepreviousyear;?0.6%fortheproportionofrevenuebetweenRMB5billionandRMB10billioninthepreviousyear;?0.2%fortheproportionofrevenueexceedingRMB10billioninthepreviousyear.WorksafetyfundsarerecognizedinprofitorlossastheSpecificreserveitemforthecurrentperiodwhenappropriated.Whenusingthespecialreserve,iftheexpendituresareexpensesinnature,theexpensesincurredareoffsetagainstthespecificreservedirectlywhenincurred.IftheyresultintheformationofPPE,theincurredexpendituresshallfirstbecollectedundertheConstructioninProgressaccount.Oncethesafetyprojectiscompletedandreachesitsintendedusablestate,thePPEshallberecognized.Simultaneously,thespecialreservesshallbeoffsetagainstthecostofformingthePPE,andtheaccumulateddepreciationofthesameamountshallberecognized.NofurtherdepreciationshallbeaccruedforthisPPEinsubsequentperiods.
32.Criticalaccountingestimatesandjudgements
TheCompanycontinuallyevaluatesthecriticalaccountingestimatesandkeyjudgementsappliedbasedonhistoricalexperienceandotherfactors,includingexpectationsoffutureeventsthatarebelievedtobereasonableunderthecircumstances.
(1)Criticaljudgementsinapplyingtheaccountingpolicies
①ClassificationoffinancialassetsSignificantjudgementsmadebytheCompanyintheclassificationoffinancialassetsincludeanalysisonbusinessmodelsandcontractualcashflowcharacteristics.TheCompanydeterminesthebusinessmodelformanagingfinancialassetsattheportfoliolevel,takingintoaccountfactorssuchasthemethodsforevaluatingandreportingfinancialassetperformancetokeymanagementpersonnel,therisksaffectingfinancialassetperformanceandtheirmanagementmethods,aswellasthemethodsforcompensatingrelevantbusinessmanagementpersonnel.
Whenassessingwhetherthecontractualcashflowsoffinancialassetsareconsistentwiththeunderlyingborrowingarrangements,theCompanymakesthefollowingkeyjudgments:whetherthetimedistributionoramountofprincipalmaychangeduringthetermduetoreasonssuchasearlyrepayment;whethertheinterestsolelycomprisesthetimevalueofmoney,creditrisk,otherfundamentalborrowingrisks,aswellastheconsiderationforcostsandprofits.Forinstance,whethertheamountofearlyrepaymentsolelyreflectstheprincipalthathasnotyetbeenpaidandtheinterestbasedontheoutstandingprincipal,aswellasreasonablecompensationpaidduetoearlyterminationofthecontract.
②DeterminationofsignificantincreaseincreditriskWhendistinguishingthedifferentstagesoffinancialinstruments,theCompany'sjudgmentonsignificantincreaseincreditriskandcreditimpairmentthathasoccurredisasfollows:
ThemaincriteriafortheCompanytodetermineasignificantincreaseincreditriskaresignificantchangesinoneormoreofthefollowingindicators:thedebtor'soperatingenvironment,internalandexternalcreditratings,significantchangesinactualorexpectedoperatingresults,significantdeclineinthevalueofcollateralorthecreditratingoftheguarantor,etc.ThemaincriteriafortheCompanytodeterminewhethercreditimpairmenthasoccurredaremeetingoneormoreofthefollowingconditions:thedebtorexperiencessignificantfinancialdifficulties,engagesinotherdebtrestructurings,orislikelytogobankrupt.③TimingofrevenuerecognitionWithregardtosaleofelectricitytogridcompanies,theGroupsupplieselectricitytogridcompaniesinaccordancewiththecontract.Thereafter,thegridcompanieshavetherighttosellelectricityandthediscretioninpricing,andtaketherisksofanypricefluctuationorlossoftheproducts.TheGroupbelievesthatthegridcompaniesobtaincontroloverelectricpoweruponthereceivingoftheelectricpower.Therefore,revenueisrecognizeduponthereceivingoftheelectricpowerofgridcompanies.
(2)Criticalaccountingestimatesandkeyassumptions
Thecriticalaccountingestimatesandkeyassumptionsthathaveasignificantriskofcausingamaterialadjustmenttothecarryingamountsofassetsandliabilitieswithinthenextaccountingyearareoutlinedbelow:
AccountingestimatesonimpairmentofPPEProperty,plantandequipmentaretestedforimpairmentbytheGroupifthereisanyindicationthattheymaybeimpairedatthebalancesheetdatebycalculatingandcomparingtherecoverableamountsofthePPEwiththeircarryingamounttocheckthedifference.Iftheresultoftheimpairmenttestindicatesthattherecoverableamountoftherelevantassetislessthanitscarryingamount,aprovisionforimpairmentandanassetimpairmentlossarerecognizedfortheamountbywhichtheasset’scarryingamountexceedsitsrecoverableamount.Therecoverableamountisthehigherofanasset’sfairvaluelesscoststosellandthepresentvalueofthefuturecashflowsexpectedtobederivedfromtheasset.Thedeterminationoftherecoverableamountinvolvesaccountingestimates.Whenassessingwhethertheaforementionedassetsareimpaired,theManagementprimarilyevaluatesandanalyzesfromthefollowingaspects:(i)whethereventsaffectingassetimpairmenthaveoccurred;(ii)whethertheexpectedpresentvalueofcashflowsfromthecontinueduseordisposaloftheassetislowerthanitscarryingamount;and(iii)whethertheassumptionsusedinestimatingthe
presentvalueoffuturecashflowsareappropriate.Thecalculationofthepresentvalueoffuturecashflowsinvolvessignificantestimatesandjudgmentsbymanagement,includingthediscountrate,expectedon-gridelectricityprices,expectedelectricitysalevolume,andexpectedfuelpricesforpowergeneration.ChangesintheseassumptionsmayhaveasignificantimpactonthepresentvalueusedinimpairmenttestingandresultintheimpairmentoftheCompany'saforementionedlong-termassets.
2MeasurementofECL
TheGroupcalculatesECLthroughexposureatdefaultandECLrates,anddeterminestheECLratesbasedonprobabilityofdefaultandlossgivendefaultorageingmatrix.IndeterminingtheECLrates,theGroupusesdatasuchasinternalhistoricalcreditlossexperience,etc.,andadjustshistoricaldatabasedoncurrentconditionsandforward-lookinginformation.Whenconsideringforward-lookinginformation,theGroupconsidereddifferentmacroeconomicscenarios.SignificantmacroeconomicassumptionsandparametersrelatedtotheestimationofECLincludetheriskofeconomicdownturn,externalmarketenvironment,technologicalenvironment,changesincustomerconditions,GrossDomesticProduct(GDP)andConsumerPriceIndex(CPI).TheGroupregularlymonitorsandreviewsassumptionsandparametersrelatedtothecalculationofECL.In2023,theGroupconsideredtheuncertaintyunderdifferentmacroeconomicscenariosandupdatedtherelevantassumptionsandparameters.
3AccountingestimatesonimpairmentofgoodwillTheGrouptestswhethergoodwillhassufferedanyimpairmentatleastannually.Therecoverableamountofassetgrouporgroupofassetgroupsisthehigheroffairvaluelessthecostofdisposalandthepresentvalueofthefuturecashflowsexpectedtobederivedfromthem.Thesecalculationsrequiretheuseofestimates.4IncometaxanddeferredincometaxesTheCompanyissubjecttoincometaxesinnumerousjurisdictions.Therearesometransactionsandeventsforwhichtheultimatetaxdeterminationisuncertainduringtheordinarycourseofbusiness.SignificantjudgementisrequiredfromtheCompanyindeterminingtheprovisionforincometaxineachofthesejurisdictions.Wherethefinaltaxoutcomesofthesemattersaredifferentfromtheamountsthatwereinitiallyrecorded,suchdifferenceswillimpacttheincometaxanddeferredincometaxprovisionsintheperiodinwhichsuchdeterminationismade.AsstatedinNoteIV,certainsubsidiariesoftheCompanyarehigh-techenterprises.Thequalificationofhigh-techenterprisesisvalidforthreeyears,anduponexpiration,anewapplicationforhigh-techenterpriserecognitionmustbesubmittedtotherelevantgovernmentdepartments.Basedonhistoricalexperienceofre-recognitionofhigh-techenterprisesuponexpirationinpreviousyearsandtheactualsituationofthesesubsidiaries,theCompanybelievesthatthesesubsidiarieswillcontinuetoobtainhigh-techenterpriserecognitioninfutureyears,andthuscalculatetheircorrespondingdeferredincometaxatapreferentialtaxrateof15%.Ifcertainsubsidiariesfailtoobtainre-recognitionuponexpirationoftheirhigh-techenterprisequalificationinthefuture,incometaxwillneedtobecalculatedatthestatutorytaxrateof25%,whichwillaffecttherecognizeddeferredincometaxassets,deferredincometaxliabilities,andincometaxexpenses.Fordeductiblelossesthatcanbecarriedforwardtofutureyears,theCompanyrecognizes
correspondingdeferredtaxassetstotheextentthatitislikelytoobtaintaxableincomeinfutureperiodsthatcanbeusedtooffsetthedeductiblelosses.ThetaxableincomeobtainedinfutureperiodsincludesthetaxableincomethattheCompanycanachievethroughnormalproductionandoperationactivities,aswellasthetaxableincomethatwillincreasewhenthetaxabletemporarydifferencesarisinginpreviousperiodsarereversedinfutureperiods.TheCompanydeterminesthetaxableincomeinfutureperiodsbasedonfinancialforecasts,whichinvolvesignificantestimatesandjudgmentsbymanagement,includingexpectedelectricitysalevolume,expectedon-gridelectricityprices,expectedfuelpricesforpowergeneration,andotheroperatingexpenses.Anydiscrepanciesbetweenactualconditionsandestimatesmayresultinadjustmentstothecarryingamountofthedeferredtaxassets.
33.Significantchangesinaccountingpoliciesandaccountingestimates
(1)SignificantchangesinaccountingpoliciesTherewasnochangeinsignificantaccountingpoliciesduringthereportingperiod.
(2)SignificantchangesinaccountingestimatesTherewasnochangeinsignificantaccountingestimatesduringthereportingperiod.IV.Taxation
1.Maintypeoftaxesandcorrespondingtaxrates
| Taxtype | Taxbasis | Taxrate |
| Value-addedtax(VAT) | Taxablevalue-addedamount(TaxpayableiscalculatedusingthetaxablesaleamountmultipliedbytheapplicabletaxratelessdeductibleinputVATofthecurrentperiod)andtaxablevalue-addedamountofhydroelectricgeneration | 3%,5%,6%,9%and13% |
| Citymaintenanceandconstructiontax | AmountofVATpaid | From5%to7% |
| Corporateincometax | Taxableincome | 12.5%,15%,20%,and25% |
| Educationalsurcharge | AmountofVATpaid | 3% |
| Localeducationalsurcharge | AmountofVATpaid | 2% |
| Propertytax | Realestate’srentalincomeortheresidualvaluefromoriginalvaluelessthedeductingproportion | 12%and1.2% |
| Environmentalprotectiontax | Calculatedandpaidbasedonthepollutionequivalentvaluesorthedischargeoftaxablepollutantsmultipliedbytheapplicabletaxamounts | Thetaxshallbecalculatedandpaidaccordingtothespecifictaxratesapplicabletodifferentpollutants |
Subjectoftaxation
| Subjectoftaxation | Incometaxrate |
| GuangdongYuedianZhanjiangBiomassPowerGenerationCo.,Ltd.(BiomassPowerGeneration), | 15% |
| GuangdongWindPowerGenerationCo.,Ltd.(GuangdongWindPower) | 15% |
ExceptforBiomassPowerGenerationandGuangdongWindPower,whicharehigh-techenterprisesandaresubjecttoastatutorytaxrateof15%,certainsubsidiariesexperiencedareductionorexemptionintheirincometaxratesduetoothertaxpreference.Fordetails,refertoNoteIV.2.Apartfromthese
companies,allotherentitiesoftheCompanyaresubjecttoastatutoryincometaxrateof25%.
2.Taxpreference
(1)CorporateincometaxincentivesPursuanttotheapprovaldocuments(CaiShui[2008]No.46andGuoShuiFa[2009]No.80),theCompanyandseveralsubsidiariesareapprovedtoengageinwindpowerprojectsandphotovoltaicprojectsfrom1January2008andareexemptedfromenterpriseincometaxinthefirstthreeyearsfromtheyearwhentheCompanygeneratesrevenuefromoperationsofthoseprojects,andcanenjoy50%discountintaxrateinthefollowingthreeyears(Three-yearExemptionsandThree-yearHalves,3E3H).PursuanttotheSupplementaryNoticeonIssuesConcerningthePreferentialEnterpriseIncomeTaxPoliciesforPublicInfrastructureProjects(CaiShui[2014]No.55),enterprisesinvestandoperatepublicinfrastructureprojectsincompliancewiththeListofPublicInfrastructureProjectsEnjoyingEnterpriseIncomeTaxPreferential,thosewhichadoptone-offapprovalandaresubjecttoconstructioninbatches(suchasterminals,berths,airportterminals,runways,sections,generatorunits,etc.)aresubjecttoincometaxcalculatedinunitsofeachbatchandenjoythetaxpreferentialpolicyof“3E3H”whenthefollowingconditionsaresatisfied:(i)differentbatchesarespace-independent;(ii)eachbatchhasitsownrevenuefunction;(iii)theyareaccountedforinunitsofeachbatchandaresubjecttoincometaxindividually,whiletheperiodexpensesareallocatedrationally.Thesubsidiarieswhichenjoythistaxpreferenceaslistedasbelow.
| Corporatename | Projectname | Thefirstyearofgeneratingoperatingincome |
| GuangdongYuedianQujieWindPowerCo.,Ltd. | QujieWailuoOffshoreWindPowerProjectPhaseII | 2021 |
| GuangdongYuedianQujieWindPowerCo.,Ltd. | XinliaoOffshoreWindPowerProject | 2021 |
| GuangdongYuedianPingyuanWindPowerCo.,Ltd. | PingyuanMaopingProject | 2020 |
| GuangdongYuedianPingyuanWindPowerCo.,Ltd. | PingyuanSishuiProject | 2021 |
| GuangdongYuedianZhanjiangWindPowerCo.,Ltd. | ZhanjiangLinfenHongdongPhotovoltaicProject | 2023 |
| LaishuiLinengNewEnergyTechnologyCo.,Ltd. | Laishui80MWPhotovoltaicPowerProject | 2024 |
| LanshanYuefengNewEnergyCo.,Ltd. | LanshannanAgricultural-PhotovoltaicComplementaryPhotovoltaicProject | 2024 |
| XiangzhouYunjiangNewEnergyCo.,Ltd. | XiangzhouYunjiangWind-Solar-StorageIntegratedProjectPhaseIII | 2025 |
| XiangzhouHangjingNewEnergyCo.,Ltd. | XiangzhouHangjingPhotovoltaicIntegratedProjectPhaseIl | 2025 |
| GuangnengToksunNewEnergyPowerCo.,Ltd. | GuangdongEnergyToksunCounty1,000MWWindPowerProject | 2025 |
In2022,theGroup'ssubsidiaries,BiomassPowerGeneration,obtainedtheHigh-techEnterpriseCertificate(certificatenumbersGR202244008597)issuedbytheGuangdongProvincialDepartmentofScienceandTechnology,theGuangdongProvincialDepartmentofFinance,andtheGuangdongTaxServiceundertheStateTaxationAdministration.Thecertificateisvalidfor3yearsandwasissuedonDecember22,2022.OnDecember19,2025,BiomassPowerGenerationreneweditsHigh-techEnterpriseCertificate(certificatenumbersGR202544009668),whichwasvalidforthreeyearsfromthedateofissue.AccordingtoArticle28oftheEnterpriseIncomeTaxLawofthePeople'sRepublicof
China,theapplicableenterpriseincometaxrateforBiomassPowerGenerationin2025is15%.In2024,theGroup'ssubsidiary,GuangdongWindPower,obtainedtheHigh-techEnterpriseCertificate(CertificateNo.GR202444008116)jointlyissuedbytheGuangdongProvincialDepartmentofScienceandTechnology,theGuangdongProvincialDepartmentofFinance,andtheGuangdongProvincialTaxServiceoftheStateTaxationAdministration.Thecertificateisvalidfor3yearsandwasissuedonDecember11,2024.AccordingtoArticle28oftheEnterpriseIncomeTaxLawofthePeople'sRepublicofChina,theapplicableenterpriseincometaxrateforGuangdongWindPowerin2025is15%.AccordingtotheNoticeoftheStateTaxationAdministrationGuangxiZhuangAutonomousRegionTaxBureauonClarifyingtheExemptionPolicyfortheLocalSharingPartofEnterpriseIncomeTaxunderCertainCircumstances(CaiShui[2023]No.5),forenterprisesnewlyestablishedintheBeibuGulfEconomicZonefrom2014to2020,andthosenewlyestablishedinthePearlRiver-XijiangEconomicBelt(Guangxi)from2016to2020,whichhavenotpreviouslyappliedfortheexemptionofthelocalsharingpartofenterpriseincometax,thefollowingexemptionpolicyforthelocalsharingpartofenterpriseincometaxshallbeimplemented:Forenterprisesthatmeettheconditionsforthepreferentialtaxpolicyforenterpriseincometaxunderthenationalwesterndevelopmentprogramduringtheperiodfrom2021to2025,theyshallbeexemptfromthelocalsharingpartofenterpriseincometaxforfiveconsecutiveyearsstartingfromthetaxyearinwhichtheyfirstmeettheconditionsforthepreferentialtaxpolicyforenterpriseincometaxunderthewesterndevelopmentprogram.Thesubsidiariesofourcompany,GuangxiWuxuanYuefengNewEnergyCo.,Ltd.,GuangxiHangnengNewEnergyCo.,Ltd.,XiangzhouYunjiangNewEnergyCo.,Ltd.enjoytheabovetaxbenefitsin2025.AccordingtotheapprovalprovidedinAnnouncementNo.6of2023bytheStateTaxationAdministration,AnnouncementoftheMinistryofFinanceandtheStateTaxationAdministrationonPreferentialIncomeTaxPoliciesforSmallandMicroEnterprisesandSelf-EmployedIndividuals,forsmallandmicro-profitenterpriseswithannualtaxableincomenotexceeding1millionyuan,thetaxableincomeshallbecalculatedatareducedrateof25%,andtheenterpriseincometaxshallbepaidatarateof20%.Theaforementionedsmallandmicroenterprisesrefertothoseengagedinindustriesnotrestrictedorprohibitedbythestate,andsimultaneouslymeetingthreeconditions:(1)annualtaxableamountdonotexceedRMB3million,(2)numberofemployeesdonotexceed300staffs,and(3)totalassetsdonotexceedRMB50million.CertainsubsidiariesoftheCompanyenjoytheabovetaxbenefitsin2025.AccordingtotheNoticeonIssuesConcerningtheImplementationofthePreferentialIncomeTaxCatalogueforEnterprisesEngagedinComprehensiveResourceUtilization(CaiShui[2008]No.47),fromJanuary1,2008,enterprisesthatuseresourceslistedinthePreferentialIncomeTaxCatalogueforEnterprisesEngagedinComprehensiveResourceUtilization(2008Edition)astheirmainrawmaterialstoproduceproductsthatmeetrelevantnationalorindustrystandardswithintheaforementionedcataloguewillhavetheirincomecalculatedatareducedrateof90%forthetotalincomeoftheenterpriseforthecurrentyear.Thesubsidiariesofourgroup,ZhanjiangElectricPowerCo.,Ltd.andGuangdongHuizhouPinghaiPowerGenerationCo.,Ltd.,useflyashtoproducecommercialflyash,whichmeetstheaforementionedpreferentialincometaxconditionsforcomprehensiveresourceutilizationandwillenjoytheaforementionedtaxbenefitsin2025.AccordingtotheNoticeoftheMinistryofFinanceandtheStateAdministrationofTaxationonIssuesConcerningtheImplementationofthePreferentialIncomeTaxCatalogueforEnterprisesUsingSpecializedEquipmentforEnvironmentalProtection,thePreferentialIncomeTaxCatalogueforEnterprisesUsingSpecializedEquipmentforEnergyandWaterConservation,andthePreferentialIncomeTaxCatalogueforEnterprisesUsingSpecializedEquipmentforSafeProduction(CaiShui[2008]No.48),enterprisesthatpurchaseandactuallyusespecializedequipmentforenvironmentalprotection,
,andHainanzhouLongyueNewEnergyCo.,Ltd.删除[CedricLi]:
energyandwaterconservation,andsafeproductionwithinthescopeofthePreferentialIncomeTaxCatalogueforEnterprisesUsingSpecialEquipmentforEnvironmentalProtection,thePreferentialIncomeTaxCatalogueforEnterprisesUsingSpecialEquipmentforEnergyandWaterConservation,andthePreferentialIncomeTaxCatalogueforEnterprisesUsingSpecializedEquipmentforSafeProductionfromJanuary1,2008,canoffset10%oftheinvestmentamountinspecializedequipmentagainstthecurrentyear'senterpriseincometaxpayable.Ifthecurrentyear'senterpriseincometaxpayableislessthan10%oftheinvestmentamount,itcanbecarriedforwardtofutureyearsbutthecarry-forwardperiodshallnotexceedfivetaxableyears.Certainsubsidiariesofthegroupenjoytheabovetaxbenefitsin2025.
(2)Value-addedtax(VAT)incentivesAccordingtotheNoticeontheCatalogueofProductsandServicesforComprehensiveResourceUtilizationEligibleforValue-AddedTaxPreferences(CaiShui[2015]No.78),taxpayerswhosellself-producedproductsforcomprehensiveresourceutilizationandprovideservicesforcomprehensiveresourceutilizationcanenjoytheimmediaterefundpolicyforVAT.In2025,thesubsidiariesoftheGroupincludesGuangdongHuizhouPinghaiPowerCo.,Ltd.,GuangdongYuedianYunhePowerCo.,Ltd.,GuangdongEnergyMaomingThermalPowerPlantCo.,Ltd.,GuangdongYuedianZhanjiangBiomassPowerGenerationCo.,Ltd.,andGuangdongYuedianTechnologyEngineeringManagementCo.,Ltd.enjoyedtheimmediatetaxrefundpolicyforVAT.AccordingtotheVATPolicyforWindPowerGeneration(CaiShui[2015]No.74),apolicyofimmediaterefundof50%oftheVATleviedonthesaleofself-producedelectricityproductsgeneratedbywindpowerbytaxpayersisimplemented.ThesubsidiariesoftheGroup,includingGuangdongYuenengWindPowerCo.,Ltd.,GuangdongYuedianDianbaiWindPowerCo.,Ltd.,HuilaiWindPowerCo.,Ltd.,GuangdongYuedianShibeishanWindPowerCo.,Ltd.,GuangdongYuedianZhanjiangWindPowerGenerationCo.,Ltd.,GuangdongYuedianXuwenWindPowerElectricityCo.,Ltd.,andGuangdongYuedianLeizhouWindPowerCo.,Ltd.enjoytheaforementionedtaxbenefitsin2025.V.Notestotheconsolidatedfinancialstatements
1.Cashandbankbalances
| Item | 31/12/2025 | 31/12/2024 |
| Cashonhand | 36,244 | 34,030 |
| Cashatbank | 1,537,957,020 | 1,041,257,330 |
| EnergyGroupFinanceCompany | 13,275,888,592 | 14,286,603,574 |
| -Deposits | 13,254,660,382 | 14,240,813,564 |
| -Interestreceivable | 21,228,210 | 45,790,010 |
| Othercashbalances | 25,738,324 | 33,925,897 |
| Total | 14,839,620,180 | 15,361,820,831 |
| Including:totaloverseasdeposits |
Note1:Asat31December2025,there’snofundthatweremortgaged,pledged,frozen,ordepositedoffshorewithrestrictedrepatriation.Note2:InformationontimedepositsinEnergyGroupFinanceCompanyasat31December2025isasfollows:
| Item | 31/12/2025 | 31/12/2024 |
| Timedeposits | 2,450,238,699 | 3,450,600,000 |
Note3:DepositsinEnergyGroupFinanceCompanyrefertothedepositsinEnergyGroupFinanceCompany.EnergyGroupFinanceCompanyisafinancialinstitutionestablishedwiththeapprovalofthePeople’sBankofChina.BoththeCompanyandEnergyGroupFinanceCompanyarecontrolledbyGuangdongEnergyGroupCo.,Ltd.(GuangdongEnergyGroup,GEGC).Note4:Asat31December2025,othercashbalancesofRMB25,783,324(December31,2024:RMB33,925,897),mainlyrepresentedspecialfundsforpowertrading,ecologicalprotectionandguarantees.TherewerenoothercashbalancesdepositedinEnergyGroupFinanceCompany.(December31,2024:
RMB0).
2.Tradereceivables
(1)Disclosedbyaging
| Agingofaccounts | 31/12/2025 | 31/12/2024 |
| Within1year | 7,369,698,391 | 7,592,777,022 |
| 1to2years | 1,457,893,486 | 1,107,402,430 |
| 2to3years | 570,345,518 | 327,271,840 |
| Over3years | 228,531,999 | 110,384,075 |
| Subtotal | 9,626,469,394 | 9,137,835,367 |
| Less:Provisionforlossallowance | 43,284,489 | 36,037,526 |
| Total | 9,583,184,905 | 9,101,797,841 |
Note1:Ofthetotalbalance,Thetradereceivablesforoverthreeyearsarereceivablesfromrenewableenergysubsidies,andtheGroupaccruedtheprovisionforestimatedcreditlossovertheentirelifecycle.
(2)Disclosedbymethodoflossallowance
| Category | 31/12/2025 | ||||
| Bookbalance | Lossallowance | Bookvalue | |||
| Amount | Proportion(%) | Amount | Expectedcreditlossrate(%) | ||
| Provisionforlossallowanceonanindividualbasis | |||||
| Provisionforlossallowanceonacollectivebasis | 9,626,469,394 | 100.00 | 43,284,489 | 0.45 | 9,583,184,905 |
| Including: | |||||
| Tradereceivablesfromsaleofelectricity | 5,891,319,582 | 61.20 | 5,891,319,582 | ||
| Tradereceivablesfromrenewableenergysubsidies | 3,590,328,183 | 37.30 | 35,903,282 | 1.00 | 3,554,424,901 |
| Tradereceivablesfromrelatedparties | 48,322,028 | 0.50 | 48,322,028 | ||
| Tradereceivablesfromsaleofsteamandothers | 96,499,601 | 1.00 | 7,381,207 | 7.65 | 89,118,394 |
| Total | 9,626,469,394 | 100.00 | 43,284,489 | 0.45 | 9,583,184,905 |
Continued:
| Category | 31/12/2024 | ||||
| Bookbalance | Lossallowance | Bookvalue | |||
| Amount | Proportion(%) | Amount | Expectedcreditlossrate(%) | ||
| Provideforlossallowanceonanindividualbasis | - | ||||
| Provisionforlossallowanceonacollectivebasis | 9,137,835,367 | 100.00 | 36,037,526 | 0.39 | 9,101,797,841 |
| Including: | |||||
| Tradereceivablesfromsaleofelectricity | 5,900,005,438 | 64.57 | 5,900,005,438 | ||
| Tradereceivablesfromrenewableenergysubsidies | 3,098,637,451 | 33.91 | 30,986,374 | 1.00 | 3,067,651,077 |
| Tradereceivablesfromrelatedparties | 37,889,672 | 0.41 | 37,889,672 | ||
| Tradereceivablesfromsaleofsteamandothers | 101,302,806 | 1.11 | 5,051,152 | 4.99 | 96,251,654 |
| Total | 9,137,835,367 | 100.00 | 36,037,526 | 0.39 | 9,101,797,841 |
ProvisionforlossallowanceonacollectivebasisGroup1:ReceivablesfromsaleofelectricityAsat31December2025,theGroup’sreceivablesfromsaleofelectricity,otherthanreceivablesfromrenewableenergysubsidiesareasfollows.
| Item | 31/12/2025 | 31/12/2024 |
| ChinaSouthernPowerGridCo.,Ltd.anditssubsidiaries(collectivelyreferredtoasSouthernGrid) | 5,701,848,452 | 5,720,572,959 |
| StateGridCorporationofChinaanditssubsidiaries(collectivelyreferredtoasStateGrid) | 181,865,979 | 179,432,479 |
| InnerMongoliaElectricPower(Group)Co.,Ltd(IMGrid). | 7,605,151 | |
| Total | 5,891,319,582 | 5,900,005,438 |
Note1:ConsideringthefavorablecredibilityofSouthernGrid,StateGridandIMGrid,therewasnosignificantcreditriskarisingfromreceivablefromsaleofelectricity.SincethepossibilityofmateriallossesduetothedefaultbySouthernGrid,StateGridandIMGridwasextremelylow,thecorrespondingexpectedcreditlossamountisverysmallandhasaminimalimpactontheCompany'sfinancialpositionandoperatingresults.Therefore,theCompanydidnotprovideestimatedcreditlossforthereceivablesfromsaleofelectricity.
Group2:ReceivablesfromrenewableenergysubsidiesAsat31December2025,theGroup’sreceivablesfromrenewableenergysubsidiesareasfollows:
| Item | 31/12/2025 | 31/12/2024 | ||||
| Bookbalance | Lossallowance | Expectedcreditlossrate(%) | Bookbalance | Lossallowance | Expectedcreditlossrate(%) | |
| Renewableenergysubsidiesreceivable | 3,590,328,183 | 35,903,282 | 1.00 | 3,098,637,451 | 30,986,374 | 1.00 |
Asat31December2025,theCompanyusesanexternalevaluationmethod(referringtodatafrompeercompanies)indeterminingtheexpectedcreditlossrateforreceivablesofrenewableenergysubsidies.TheexpectedcreditlossrateofGroup2is1%.Group3:ReceivablesfromrelatedpartiesAsat31December2025,theGroup’sreceivablesfromrelatedpartiesareRMB48,322,028(December31,2024:RMB37,889,672),andthehistoricallossrateisextremelylow.Therefore,therewasnosignificantcreditriskarisingfromreceivablesfromrelatedparties.Sincethepossibilityofmateriallossesduetothedefaultbyrelatedpartieswasextremelylow,theGroupdidnotprovideestimatedcreditlossforthereceivablesfromrelatedparties(December31,2024:nil).Group4:Receivablesfromsaleofsteamandothers
| Item | 31/12/2025 | 31/12/2024 | ||||
| Bookbalance | Lossallowance | Expectedcreditlossrate(%) | Bookbalance | Lossallowance | Expectedcreditlossrate(%) | |
| Within1year | 79,445,355 | 602,998 | 0.76 | 93,120,216 | 1,240,536 | 1.33 |
| 1to2years | 9,765,806 | 2,687,295 | 27.52 | 8,182,590 | 3,810,616 | 46.57 |
| 2to3years | 7,288,440 | 4,090,914 | 56.13 | |||
| Morethan3years | ||||||
| Total | 96,499,601 | 7,381,207 | 7.65 | 101,302,806 | 5,051,152 | 4.99 |
Note:Asof31December2025,therighttocollectelectricchargesoftheGroup’scertainsubsidiaries,waspledgedtobankstoobtainlong-termborrowingswithaprincipalofRMB3,935,009,425,includingcurrentportionoflong-termborrowingswithaprincipalofRMB456,142,964(December31,2024:
long-termborrowingswithaprincipalofRMB5,171,411,604,includingcurrentportionoflong-termborrowingswithaprincipalofRMB451,067,263).
(3)Addition,recoveriesorreversalsoflossallowanceincurrentperiod
| Item | Lossallowance |
| Asat1/1/2025 | 36,037,526 |
| Additioninthecurrentperiod | 7,248,897 |
| Recoveriesorreversalsinthecurrentperiod | |
| Written-offinthecurrentperiod | 1,934 |
| Asat31/12/2025 | 43,284,489 |
(4)Tradereceivablessthatwerewrittenoffinthecurrentperiod
| Item | Amount |
| Writtenoffinthecurrentperiod | 1,934 |
(5)Asat31December2025,thetopfivelargesttradereceivablessandcontractassetsbydebtorsare
asfollows:
| Item | Tradereceivables_31/12/2025 | Contractasset_31/12/2025 | Provisionforlossallowance | Proportionoftotalbalance(%) |
| Totalamountofthetopfivelargesttradereceivables | 9,447,731,926 | 36,250,749 | 98.20% |
3.Advancestosuppliers
(1)Disclosedbyaging
| Aging | 31/12/2025 | 31/12/2024 | ||||
| Bookbalance | Lossallowance | Bookbalance | Lossallowance | |||
| Amount | Proportion(%) | Amount | Proportion(%) | |||
| Within1year | 938,091,782 | 96.29 | 1,433,330,668 | 99.48 | ||
| 1to2years | 32,732,201 | 3.36 | 3,926,780 | 0.27 | ||
| 2to3years | 1,864,092 | 0.19 | 2,833,371 | 0.20 | ||
| Morethan3years | 1,551,878 | 0.16 | 115,000 | 656,368 | 0.05 | 115,000 |
| Total | 974,239,953 | 100.00 | 115,000 | 1,440,747,187 | 100.00 | 115,000 |
Asat31December2025,advancestosupplierswithagingoveroneyearamountedtoRMB36,148,171(December31,2024:RMB7,416,519),mainlyincludingprepaymentsforfuels.
(2)Provisionforimpairmentinthecurrentperiod
| Item | 2025 | 2024 |
| Asat1/1/2025 | 115,000 | 115,000 |
| Provisionforthecurrentyear | ||
| Write-offinthecurrentperiod | ||
| Reversalinthecurrentperiod | ||
| Asat31/12/2025 | 115,000 | 115,000 |
(3)Asat31December2025,thefivelargestadvancestosuppliersbydebtorsareasfollows:
ThetotalamountofadvancestofivelargestdebtorsisRMB846,704,788,accountingfor86.91%oftotalbalance.
4.Otherreceivables
| Item | 31/12/2025 | 31/12/2024 |
| Interestreceivables |
| Item | 31/12/2025 | 31/12/2024 |
| Dividendsreceivable | ||
| Otherreceivables | 527,513,970 | 533,352,169 |
| Total | 527,513,970 | 533,352,169 |
(1)Otherreceivables1Disclosedbyaging
| Aging | 31/12/2025 | 31/12/2024 |
| Within1year | 208,124,629 | 218,929,350 |
| 1to2years | 72,391,679 | 50,821,608 |
| 2to3years | 34,402,258 | 31,300,019 |
| Morethan3years | 277,700,980 | 287,319,585 |
| Subtotals | 592,619,546 | 588,370,562 |
| Less:Provisionforlossallowance | 65,105,576 | 55,018,393 |
| Total | 527,513,970 | 533,352,169 |
Note:OtherreceivableswithagingformorethanthreeyearsmainlyincludeRMB59,898,988ofsupplementarymedicalinsurancereceivablefromTaikangPensionInsuranceCo.,Ltd.GuangdongBranch(TaikangPension).TaikangPensionmainlyprovidescustodyservicesfortheCompany’ssupplementarymedicalinsurancefund.Thehistoricallossrateis0%,andtheriskofestimatedcreditlossisextremelylow.Ontheotherhands,thereisRMB126,885,400oflandwithdrawalreceivablefromthePeople'sGovernmentofChengjiangTown,MeixianDistrict,MeizhouCity.Asthecounterpartyisagovernmentunit,theriskofestimatedcreditlossisextremelylow.2Disclosedbynatureofreceivable
| Item | 31/12/2025 | 31/12/2024 |
| Landwithdrawalreceivable | 129,994,352 | 143,994,333 |
| Supplementarymedicalinsurancefundreceivable | 107,422,266 | 104,146,571 |
| Receivablesfromsaleofby-products | 37,218,739 | 50,166,012 |
| Including:Receivablesfromrelatedparties | 36,357,610 | 44,546,617 |
| Receivablesfrombusinessunits | 72,689,023 | 86,772,626 |
| Currenttradereceivablessfromrelatedparties | 113,189,274 | 60,257,839 |
| Landdepositsreceivable | 27,178,680 | 24,007,176 |
| Compensationreceivableforelectricitychargesduringthedemolitionandconstructionperiod | 14,198,400 | 14,198,400 |
| Others | 90,728,812 | 104,827,605 |
| Subtotal | 592,619,546 | 588,370,562 |
| Less:Provisionforlossallowance | 65,105,576 | 55,018,393 |
| Total | 527,513,970 | 533,352,169 |
Provisionforlossallowance
| Category | 31/12/2025 | ||||
| Bookbalance | Provisionforlossallowance | Bookvalue | |||
| Amount | Proportion(%) | Amount | Estimatedcreditlossrate(%) | ||
| Provisionforlossallowanceonanindividualbasis | 487,881,382 | 82.33 | 40,803,734 | 8.36 | 447,077,648 |
| Provisionforlossallowanceonacollectivebasis | 104,738,164 | 17.67 | 24,301,842 | 23.20 | 80,436,322 |
| Total | 592,619,546 | 100.00 | 65,105,576 | 10.99 | 527,513,970 |
Continued:
| Category | 31/12/2024 | ||||
| Bookbalance | Provisionforlossallowance | Bookvalue | |||
| Amount | Proportion(%) | Amount | Estimatedcreditlossrate(%) | ||
| Provisionforlossallowancesonanindividualbasis | 420,615,810 | 71.49 | 28,597,585 | 6.80 | 392,018,225 |
| Provisionforlossallowanceonacollectivebasis | 167,754,752 | 28.51 | 26,420,808 | 15.75 | 141,333,944 |
| Total | 588,370,562 | 100.00 | 55,018,393 | 9.35 | 533,352,169 |
Asat31December2025,provisionforlossallowancesinStage1areanalyzedasfollows:
| Category | Bookbalance | Estimatedcreditlossrate(%)overthenext12months | Provisionforlossallowance | Bookvalue | Reason |
| Provideforlossallowancesonanindividualbasis | |||||
| Landwithdrawalreceivable | 129,994,352 | 129,994,352 | ThecounterpartyisagovernmentunitandtheriskofECLisextremelylow. | ||
| Receivablesfromrelatedparties | 149,546,884 | 149,546,884 | Thecounterpartyisarelatedparty,withahistoricallossrateof0;therefore,theriskofECLisextremelylow. | ||
| Supplementarymedicalinsurancefundreceivable | 107,422,266 | 107,422,266 | ThecounterpartyisTaikangPension,whichmainlyprovidescustodyservicesfortheGroup’ssupplementarymedicalinsurancefund.Thehistoricallossrateis0,andtheriskofECLisextremelylow. | ||
| Landdepositsreceivable | 27,178,680 | 27,178,680 | Thecounterpartyisagovernmentunit,withahistoricallossrateof0;therefore,theriskofECLisextremelylow. | ||
| Compensationreceivableforelectricitychargesduringthedemolitionandconstructionperiod | 14,198,400 | 14,198,400 |
Thedemolitionandconstructionprojectisinitiatedbythegovernment-ownedindustrialpark,whichpayscompensationexpenses,andtheriskofECLisextremelylow.
| Others | 18,737,066 | 18,737,066 | Thecounterpartyisagovernmentunit,withahistoricallossrateof0;therefore,therisk |
| Category | Bookbalance | Estimatedcreditlossrate(%)overthenext12months | Provisionforlossallowance | Bookvalue | Reason |
| ofECLisextremelylow | |||||
| Provisionforlossallowancesonacollectivebasis | |||||
| Otherreceivablesonacollectivebasis | 104,738,164 | 23.20 | 24,301,842 | 80,436,322 | |
| Total | 551,815,812 | 4.40 | 24,301,842 | 527,513,970 |
Asat31December2025,provisionforlossallowancesinStage2areanalyzedasfollows:
TheCompanydidnothaveinterestreceivable,dividendsreceivable,orotherreceivablesthatwereinStage2.Asat31December2025,provisionforlossallowancesinStage3areanalyzedasfollows:
| Category | Bookbalance | Estimatedcreditlossrate(%)overtheentireduration | Provisionforlossallowance | Bookvalue | Reason |
| Provideforlossallowancesonanindividualbasis | |||||
| Receivablesfrombusinessunits | 20,181,784 | 100.00 | 20,181,784 | Unrecoverablebyestimationsincethecounterpartyisfinanciallydifficult. | |
| Others | 20,621,950 | 100.00 | 20,621,950 | Unrecoverablebyestimationsincethecounterpartyisfinanciallydifficult. | |
| Total | 40,803,734 | 100.00 | 40,803,734 |
Asat31December2025,provisionforlossallowancesinStage1areanalyzedasfollows:
| Category | Bookbalance | Estimatedcreditlossrate(%)withinthenext12months | Provisionforlossallowance | Bookvalue | Reason |
| Provideforlossallowancesonanindividualbasis | |||||
| Landwithdrawalreceivable | 143,994,333 | 143,994,333 | ThecounterpartyisagovernmentunitandtheriskofECLisextremelylow. | ||
| Receivablesfromrelatedparties | 104,804,456 | 104,804,456 | Thecounterpartyisarelatedparty,withahistoricallossrateof0;therefore,theriskofECLisextremelylow. | ||
| Supplementarymedicalinsurancefundreceivable | 104,146,571 | 104,146,571 | ThecounterpartyisTaikangPension,whichmainlyprovidescustodyservicesfortheGroup’ssupplementarymedicalinsurancefund.Thehistoricallossrateis0,andtheriskofECLisextremelylow. | ||
| Landdepositsreceivable | 24,007,176 | 24,007,176 | Thecounterpartyisagovernmentunit,withahistoricallossrateof0;therefore,theriskofECLisextremelylow. | ||
| Insurancecompensationreceivable | |||||
| Compensationreceivableforelectricity | 14,198,400 | 14,198,400 | Thedemolitionandconstructionprojectisinitiatedbythegovernment-owned |
| Category | Bookbalance | Estimatedcreditlossrate(%)withinthenext12months | Provisionforlossallowance | Bookvalue | Reason |
| chargesduringthedemolitionandconstructionperiod | industrialpark,whichpayscompensationexpenses,andtheriskofECLisextremelylow. | ||||
| Others | 867,289 | 867,289 | Thecounterpartyisagovernmentunit,withahistoricallossrateof0;therefore,theriskofECLisextremelylow | ||
| Provisionforlossallowancesonacollectivebasis | |||||
| Otherreceivablesonacollectivebasis | 167,754,752 | 15.75 | 26,420,808 | 141,333,944 | |
| Total | 559,772,977 | 4.72 | 26,420,808 | 533,352,169 |
Asat31December2025,provisionforlossallowancesinStage2areanalyzedasfollows:
TheCompanydidnothaveinterestreceivable,dividendsreceivable,orotherreceivablesthatwereinStage2.Asat31December2025,provisionforlossallowancesinStage3areanalyzedasfollows:
| Category | Bookbalance | estimatedcreditlossrate(%)overtheentireduration | Provisionforlossallowance | Bookvalue | Reason |
| Provisionforlossallowancesonanindividualbasis | |||||
| Receivablesfrombusinessunits | 24,247,040 | 100.00 | 24,247,040 | Unrecoverablebyestimationsincethecounterpartyisfinanciallydifficult. | |
| Others | 4,350,545 | 100.00 | 4,350,545 | Unrecoverablebyestimationsincethecounterpartyisfinanciallydifficult. | |
| Total | 28,597,585 | 100.00 | 28,597,585 |
4Recognitionsorrecoveriesorreversalsoflossallowanceincurrentperiod
| Provisionforlossallowance | Stage1 | Stage2 | Stage3 | Amount |
| Estimatedcreditlossoverthenext12months | Estimatedcreditlossovertheentireduration(nocreditimpairmenthasoccurred) | Estimatedcreditlossovertheentireduration(creditimpairmenthasoccurred) | ||
| Asat1/1/2025 | 26,420,808 | 28,597,585 | 55,018,393 | |
| Movementinthecurrentperiod | ||||
| -Transfertothesecondstage | ||||
| -Transfertothethirdstage | -1,804,881 | 1,804,881 | ||
| -Reversedtothesecondstage | ||||
| -Reversedtothefirststage | ||||
| Additions | 770,984 | 10,401,268 | 11,172,252 | |
| Additionduetoconsolidation | ||||
| Reversals | -1,010,020 | -1,010,020 | ||
| Written-off | -75,049 | -75,049 |
| Provisionforlossallowance | Stage1 | Stage2 | Stage3 | Amount |
| Estimatedcreditlossoverthenext12months | Estimatedcreditlossovertheentireduration(nocreditimpairmenthasoccurred) | Estimatedcreditlossovertheentireduration(creditimpairmenthasoccurred) | ||
| Asat31/12/2025 | 24,301,842 | 40,803,734 | 65,105,576 |
Otherreceivablesthatwerewrittenoffinthecurrentperiod
| Item | Amount |
| Writtenoffinthecurrentperiod | 75,049 |
6Asat31December2025,topfivelargestotherreceivablesbydebtorsareasfollows:
| Debtor | Nature | Otherreceivablesasat31/12/2025 | Aging | Proportion(%)ofTotalBalance | Provisionforlossallowance |
| People’sGovernmentofChengjiangTown,MeixianDistrict,MeizhouCity | Landwithdrawalreceivable | 126,885,400 | Morethan3years | 21.41 | |
| TaikangPension | Supplementarymedicalinsurancefundreceivable | 104,699,135 | Within5years | 17.67 | |
| GuangdongElectricPowerIndustryFuelCo.,Ltd.(IndustryFuel) | Receivablesforcoalsettlement | 54,738,075 | Within3years | 9.24 | |
| GuangdongEnergyFinancialLeasingCo.,Ltd.(FinancialLeasing) | Receivablesfromrelatedpartytransactions | 33,507,710 | Within1year | 5.65 | |
| GuangdongYuedianEnvironmentalProtectionCo.,Ltd.(YuedianEnvironmental) | Receivablesfromrelatedpartiesforsaleofby-products | 26,637,552 | Within1year | 4.49 | |
| Total | 346,467,872 | -- | 58.46 |
5.Inventories
(1)Inventoriesbycategories
| Item | 31/12/2025 | 31/12/2024 | ||||
| Bookbalance | Provision | Bookvalue | Bookbalance | Provision | Bookvalue | |
| Fuel | 1,511,472,004 | 1,511,472,004 | 1,805,708,131 | 1,805,708,131 | ||
| Spareparts | 850,474,442 | 69,179,186 | 781,295,256 | 816,618,983 | 47,494,841 | 769,124,142 |
| Others | 1,052,535 | 1,052,535 | 2,287,216 | 2,287,216 | ||
| Total | 2,362,998,981 | 69,179,186 | 2,293,819,795 | 2,624,614,330 | 47,494,841 | 2,577,119,489 |
(2)Provisionforinventories
| Item | 31/12/2024 | Increase | Writtenoff | 31/12/2025 |
| Spareparts | 47,494,841 | 21,698,425 | 14,080 | 69,179,186 |
Provisionforinventories(Continued)
| Item | Basisfordeterminingnetrealizablevalue/remainingconsiderationandthecoststhatwillbeincurred | Reasonsforreversalorwrite-offinthecurrentperiod |
| Spareparts | Thecarryingamountishigherthantheamountofnetrealizablevalueofthedisposalproceedslesscoststosell. | Disposal/Use/Scrap |
6.Othercurrentassets
| Item | 31/12/2025 | 31/12/2024 |
| InputVATtobededucted/tobecertified | 2,354,384,466 | 1,817,634,077 |
| Prepaymentofincometax | 71,607,948 | 128,279,470 |
| Carbonemissionrightsassets | 2,218,624 | 17,781,065 |
| Others | 2,121 | 7,574,974 |
| Total | 2,428,213,159 | 1,971,269,586 |
7.Long-termequityinvestments
| Item | 31/12/2025 | 31/12/2024 |
| Jointventures | 1,580,711,135 | 1,211,503,389 |
| Associates | 10,106,178,517 | 9,744,588,983 |
| Subtotal | 11,686,889,652 | 10,956,092,372 |
| Less:Provisionforimpairmentoflong-termequityinvestments | 143,433,433 | 143,433,433 |
| Total | 11,543,456,219 | 10,812,658,939 |
| Investedentity | 31/12/2024 | Changesinincreaseordecreaseinthecurrentperiod | 31/12/2025 | |||||||||
| Bookvalue | Provisionforimpairment | Additionininvestment | Reductionininvestment | Investmentincomerecognizedbyequitymethod | Othercomprehensiveincome | Othermovements | Declaredcashdividendsorprofits | Provisionforimpairment | Others | Bookvalue | Provisionforimpairment | |
| ①Jointventures | ||||||||||||
| GuangdongElectricPowerIndustryFuelCo.,Ltd.(IndustrialFuel) | 1,040,305,944 | 300,000,000 | 85,682,458 | 2,015,435 | 1,873,717 | 23,282,400 | 1,406,595,154 | |||||
| ChinaAviationShenxinWindPowerCo.,Ltd.(ChinaAviationShenxin) | 168,647,135 | 4,161,732 | 172,808,867 | |||||||||
| ZhanjiangYuexinDistributedEnergyandTechniqueCo.,Ltd.(YuexinEnergy) | 2,550,310 | -1,243,196 | 1,307,114 | |||||||||
| Subtotals | 1,211,503,389 | 300,000,000 | 88,600,994 | 2,015,435 | 1,873,717 | 23,282,400 | 1,580,711,135 | |||||
| ②Associates | ||||||||||||
| ShanxiYuedianEnergyCo.,Ltd.(ShanxiYuedianEnergy) | 3,932,626,743 | 267,323,639 | 81,882 | 17,134,720 | 4,182,897,544 | |||||||
| GuonengYuedianTaishanPowerGenerationCo.,Ltd. | 2,064,860,619 | 89,704,315 | -17,207 | 5,115,535 | 86,021,794 | 2,073,641,468 | ||||||
| GuangdongEnergyGroupFinanceCo.,Ltd.(EnergyGroupFinanceCompany) | 1,791,874,724 | 158,010,247 | -61,087,170 | 10,363,962 | 92,152,103 | 1,807,009,660 | ||||||
| GuangdongEnergyFinanceLeasingCompany(EnergyFinanceLeasingCompany) | 823,842,858 | 21,124,420 | 844,967,278 | |||||||||
| Investedentity | 31/12/2024 | Changesinincreaseordecreaseinthecurrentperiod | 31/12/2025 | |||||||||
| Bookvalue | Provisionforimpairment | Additionininvestment | Reductionininvestment | Investmentincomerecognizedbyequitymethod | Othercomprehensiveincome | Othermovements | Declaredcashdividendsorprofits | Provisionforimpairment | Others | Bookvalue | Provisionforimpairment | |
| GuangdongEnergyPropertyInsuranceCaptiveCo.,Ltd. | 309,986,789 | 13,515,269 | 2,291,873 | 321,210,185 | ||||||||
| GuangdongYuedianShippingCo.,Ltd.(YuedianShipping) | 126,436,319 | 21,467,919 | -629,116 | -643,515 | 146,631,607 | |||||||
| GuizhouYueqianPowerCo.,Ltd.(YueqianPower) | 272,287,737 | 5,391,285 | -9,331 | -827,613 | 276,842,078 | |||||||
| YunnanEnergyInvestmentWeixinCo.,Ltd.(WeixinYuntou) | 122,614,153 | 122,614,153 | ||||||||||
| SouthernOffshorewindpowerUnionDevelopmentCo.,Ltd.(SouthernOffshoreWindPower) | 214,625,049 | 1,750,788 | 1,823,110 | 214,552,727 | ||||||||
| GuangdongEnergyGroupCorporateServicesCo.,Ltd.(EnergyCorporateServices) | 27,000,000 | 32,824 | 27,032,824 | |||||||||
| Others | 64,614,712 | 20,819,280 | 8,601,447 | 5,256,446 | 67,959,713 | 20,819,280 | ||||||
| Subtotals | 9,601,155,550 | 143,433,433 | 27,000,000 | 586,922,153 | -61,742,824 | 14,090,251 | 204,680,046 | 9,962,745,084 | 143,433,433 | |||
| Total | 10,812,658,939 | 143,433,433 | 327,000,000 | 675,523,147 | -59,727,389 | 15,963,968 | 227,962,446 | 11,543,456,219 | 143,433,433 | |||
Note1:Asat31December2025,theCompany’ssubsidiaryGuangdongWindPowerCompany(GuangdongWindPower),held51%sharesofChinaAviationShenxin.AccordingtothearticlesofassociationofChinaAviationShenxin,theresolutionoftheshareholders’meetingmustbeunanimouslyadoptedbyshareholdersrepresentingmorethan2/3ofthevotingrights.Therefore,ChinaAviationShenxinisjointlycontrolledbytheCompany’ssubsidiaryProvincialWindPowerandInnerMongoliaElectricPowerSurvey&DesignInstituteCo.,Ltd.,whichholds49%sharesofChinaAviationShenxin.Note2:TheCompanydeterminessignificantlong-termequityinvestmentsbasedonacomprehensiveconsiderationoffactorssuchasthebookvalueofjointventuresandassociatedenterprises,andtheproportionoflong-termequityinvestmentincomeaccountedforbytheequitymethodintheCompany'sconsolidatednetprofit.In2025,theCompanyhadnosignificantimpairmentoflong-termequityinvestments.Inthecurrentyear,thechangeinotherequityoflong-termequityinvestmentsinjointventuresamountedtoRMB1,873,717(2024:RMB549,222),whichwasrecordedincapitalreserves.Inthecurrentyear,thechangeinotherequityoflong-termequityinvestmentsinassociatedenterprisesrecordedincapitalreservesamountedtoRMB14,090,251(2024:RMB6,154,986).
8.Investmentsinotherequityinstruments
| Item | 31/12/2025 | 31/12/2024 |
| ShenergyCompanyLimited(Shenergy) | 432,040,906 | 527,001,051 |
| SunshineInsuranceGroupCompanyLimited(SunshineInsurance) | 1,226,572,760 | 884,831,222 |
| ShenzhenCapitalGroupCo.,Ltd.(SCG) | 1,232,000,000 | 1,124,000,000 |
| Others | 119,076,222 | 114,457,600 |
| Total | 3,009,689,888 | 2,650,289,873 |
Note:TheCompanydoesnotparticipateinorinfluencethefinancialandoperatingdecisionsoftheaboveinvesteesinanyways.Therefore,theCompanyhasnosignificantinfluenceontheaboveinvestees,andaccordinglytheyareaccountedforasinvestmentsinotherequityinstruments.Asat31December2025,theCompanyheld55,532,250tradableAsharesinShenergywithfairvalueofRMB432,040,906andtheinvestmentcostwasRMB235,837,988.Theinvestmentwasstatedatfairvaluewithreferencetothemarketprice.Duringtheyear,lossesatfairvalueamountedtoRMB94,960,145(2024:GainsofRMB170,484,007),andothercomprehensiveincomewasadjusteddownwardsaccordingly.Asat31December2025,theCompanyheld350,000,000sharesinSunshineInsurance,including238,000,000domesticsharesand112,000,000tradableHKshares.ThefairvaluewasRMB1,226,572,760,andtheinvestmentcostwasRMB356,000,000.Theinvestmentwasstatedatfairvaluewithreferencetothemarketprice.Duringtheyear,gainsatfairvalueamountedtoRMB341,741,538(2024:LossofRMB494,168,780),andothercomprehensiveincomewasadjustedupwardsaccordingly.Asat31December2025,thefairvalueoftheequitythattheCompanyheldinShenzhenCapitalGroup(SCG)amountedtoRMB1,232,000,000,andtheinvestmentcostwasRMB328,034,000.TheCompanyusedthediscountedcashflowmodelandthemarketcomparablecompanymodeltoestimatethevalueofthisinvestment.Duringthecurrentyear,gainsatfairvalueamountedtoRMB108,000,000
(2024:GainsofRMB110,000,000),andothercomprehensiveincomewasadjustedupwardsaccordingly.
| Item | Gainsandlossesrecognizedinothercomprehensiveincomeinthecurrentperiod | Gainsandlossesaccumulatedinothercomprehensiveincomeattheendoftheperiod | Dividendincomeforthecurrentperiod | Accumulatedgainsandlossestransferredtoretainedearningsduetoderecognition | Reasonforderecognition |
| ShenergyCompanyLimited | -94,960,145 | 196,202,918 | 24,989,512 | ||
| SunshineInsuranceGroupCompanyLimited | 341,741,538 | 870,572,760 | 66,500,000 | ||
| ShenzhenCapitalGroupCo.,Ltd. | 108,000,000 | 903,966,000 | 22,038,083 | ||
| Others | 4,618,622 | 96,785,594 | 2,628,000 |
9.Investmentproperties
(1)Investmentpropertymeasuredatcost
| Item | Buildings | Landuserights | Total |
| I.Originalbookvalue | |||
| 1.Asat1/1/2025 | 489,485,969 | 46,042,801 | 535,528,770 |
| 2.Additionsinthecurrentperiod | 169,488 | 169,488 | |
| (1)Outsourcing | |||
| (2)PPEtransfersin | 169,488 | 169,488 | |
| 3.Reductioninthecurrentperiod | 12,249,358 | 12,249,358 | |
| (1)Disposal | |||
| (2)Othertransfersout | 12,249,358 | 12,249,358 | |
| 4.Asat31/12/2025 | 477,406,099 | 46,042,801 | 523,448,900 |
| II.Accumulateddepreciationandaccumulatedamortization | |||
| 1.Asat1/1/2025 | 185,181,820 | 13,853,364 | 199,035,184 |
| 2.Additionsinthecurrentperiod | 7,572,111 | 904,136 | 8,476,247 |
| (1)Accrualoramortization | 7,411,097 | 904,136 | 8,315,233 |
| (2)PPEtransfersin | 161,014 | 161,014 | |
| 3.Reductioninthecurrentperiod | 7,840,015 | 7,840,015 | |
| (1)Disposal | |||
| (2)Othertransfersout | 7,840,015 | 7,840,015 | |
| 4.Asat31/12/2025 | 184,913,916 | 14,757,500 | 199,671,416 |
| III.Impairmentprovision | |||
| 1.Asat1/1/2025 | |||
| 2.Additionsinthecurrentperiod | |||
| 3.Reductioninthecurrentperiod | |||
| 4.Asat31/12/2025 | |||
| IV.Bookvalue | |||
| 1.Asat31/12/2025 | 292,492,183 | 31,285,301 | 323,777,484 |
| Item | Buildings | Landuserights | Total |
| 2.Asat1/1/2025 | 304,304,149 | 32,189,437 | 336,493,586 |
In2025,depreciationexpenseofinvestmentpropertieswasRMB8,315,233(2024:RMB8,650,211),amongwhichdepreciationexpensesrecordedincostofsale,andgeneralandadministrativeexpenseswereRMB7,679,635andRMB635,598respectively(2024:RMB8,014,613andRMB635,598).
10.Property,plantandequipment(PPE)
| Item | 31/12/2025 | 31/12/2024 |
| PPE | 85,751,864,102 | 73,507,162,717 |
| DisposalsofPPE | 144,693,413 | 121,635,938 |
| Total | 85,896,557,515 | 73,628,798,655 |
(1)PPE
1PPE
| Item | Buildings | Powergenerationequipment | Motorvehicles | Otherequipment | Total |
| I.Originalbookvalue: | |||||
| 1.Asat1/1/2025 | 38,950,432,707 | 110,378,016,870 | 729,602,285 | 1,630,744,434 | 151,688,796,296 |
| 2.Additionsinthecurrentperiod | 2,464,358,815 | 15,583,294,673 | 112,595,317 | 708,221,246 | 18,868,470,051 |
| (1)Acquisition | 79,481,593 | 327,516,571 | 38,047,876 | 634,785,046 | 1,079,831,086 |
| (2)Transfer-inofconstructioninprogress(CIP) | 2,372,627,864 | 13,853,997,743 | 74,547,441 | 73,436,200 | 16,374,609,248 |
| (3)Consolidatedincrease | 1,401,780,359 | 1,401,780,359 | |||
| (4)Transfer-inofinvestmentproperties | 12,249,358 | 12,249,358 | |||
| 3.Reductioninthecurrentperiod | 159,222,480 | 1,962,747,747 | 24,217,606 | 52,371,350 | 2,198,559,183 |
| (1)Disposalorscrapping | 159,052,992 | 1,962,747,747 | 24,217,606 | 52,371,350 | 2,198,389,695 |
| (2)Transfer-outofinvestmentproperties | 169,488 | 169,488 | |||
| 4.Asat31/12/2025 | 41,255,569,042 | 123,998,563,796 | 817,979,996 | 2,286,594,330 | 168,358,707,164 |
| II.Accumulateddepreciation | |||||
| 1.Asat1/1/2025 | 14,372,472,485 | 59,561,296,584 | 515,563,167 | 1,311,268,875 | 75,760,601,111 |
| 2.Additionsinthecurrentperiod | 985,522,186 | 4,827,760,962 | 38,040,589 | 92,241,872 | 5,943,565,609 |
| (1)Accrual | 977,682,171 | 4,570,806,533 | 38,040,589 | 92,241,872 | 5,678,771,165 |
| (2)Transfer-inofright-of-useassets | 256,954,429 | 256,954,429 | |||
| (3)Transfer-inofinvestmentproperties | 7,840,015 | 7,840,015 | |||
| 3.Reductioninthecurrentperiod | 50,618,386 | 1,308,031,772 | 22,750,866 | 47,964,356 | 1,429,365,380 |
| (1)Disposalorscrapping | 50,457,372 | 1,308,031,772 | 22,750,866 | 47,964,356 | 1,429,204,366 |
| (2)Transfer-outofinvestmentproperties | 161,014 | 161,014 | |||
| 4.Asat31/12/2025 | 15,307,376,285 | 63,081,025,774 | 530,852,890 | 1,355,546,391 | 80,274,801,340 |
| Item | Buildings | Powergenerationequipment | Motorvehicles | Otherequipment | Total |
| III.Impairmentprovision | |||||
| 1.Asat1/1/2025 | 1,014,348,663 | 1,401,265,401 | 1,212,465 | 4,205,939 | 2,421,032,468 |
| 2.Additionsinthecurrentperiod | 16,019,730 | 221,344,852 | 3,571 | 237,368,153 | |
| (1)Accrual | 16,019,730 | 212,738,874 | 3,571 | 228,762,175 | |
| (2)Transfer-inofCIP | - | 8,605,978 | - | 8,605,978 | |
| 3.Reductioninthecurrentperiod | 85,118,355 | 241,070,952 | 169,592 | 326,358,899 | |
| (1)Disposalorscrapping | 85,118,355 | 241,070,952 | 169,592 | 326,358,899 | |
| 4.Asat31/12/2025 | 945,250,038 | 1,381,539,301 | 1,212,465 | 4,039,918 | 2,332,041,722 |
| IV.Bookvalue | |||||
| 1.Asat31/12/2025 | 25,002,942,719 | 59,535,998,721 | 285,914,641 | 927,008,021 | 85,751,864,102 |
| 2.Asat1/1/2025 | 23,563,611,559 | 49,415,454,885 | 212,826,653 | 315,269,620 | 73,507,162,717 |
Note1:Asat31December2025,therewerenopowergenerationequipmentorbuildingsusedascollateralforlong-termborrowings.(December31,2024:None).In2025,depreciationexpenseofPPErecordedincostofsale,Generalandadministrativeexpenses,constructioninprogress,researchanddevelopmentexpensesandsellingexpensesaresetoutasfollows:
| Item | 2025 | 2024 |
| Constructioninprogress | 12,580,925 | 8,045,170 |
| Costofsale | 5,515,082,581 | 5,026,021,242 |
| Researchanddevelopmentexpenses | 70,657,480 | 80,994,510 |
| Sellingexpenses | 2,454,504 | 2,336,060 |
| Administrativeexpenses | 77,995,675 | 74,235,433 |
| Total | 5,678,771,165 | 5,191,632,415 |
2ImpairmentofPPE
| Item | 31/12/2024 | Increasedinthecurrentyear | Decreasedinthecurrentyear | 31/12/2025 |
| LincangYuedianEnergyCo.,Ltd.(LincangEnergy) | 758,537,917 | 2,039,246 | 756,498,671 | |
| GuangdongYuedianZhanjiangBiomassPowerGenerationCo.,Ltd.(BiomassPowerGeneration) | 299,252,214 | 5,746,907 | 293,505,307 | |
| GuangdongYuedianBoheEnergyCo.,Ltd.(BoheEnergy) | 242,581,683 | 31,389,974 | 211,191,709 | |
| TumushukeThermalPowerCo.,Ltd. | 190,878,282 | 190,878,282 | ||
| GuangdongYuedianJinghaiPowerGenerationCo.,Ltd.(JinghaiPower) | 166,809,633 | 35,864,555 | 14,645,256 | 188,028,932 |
| GuangdongYuehuaPowerGenerationCo.,Ltd. | 135,139,793 | 135,139,793 | ||
| GuangdongYuedianShaoguanPowerPlantCo.,Ltd.(ShaoguanPowerPlant) | 111,457,396 | 23,917,198 | 12,418,790 | 122,955,804 |
| GuangdongElectricPowerDevelopmentCo.,Ltd.ShajiaoAPowerPlant(ShajiaoAPowerPlant) | 154,706,578 | 38,245,760 | 116,460,818 | |
| GuangdongYuedianShibeishanWindPowerCo., | 52,827,600 | 52,827,600 |
| Item | 31/12/2024 | Increasedinthecurrentyear | Decreasedinthecurrentyear | 31/12/2025 |
| Ltd.(ShibeishanWindPower) | ||||
| GaotangShihuiNewEnergyCo.,Ltd.(GaotangNewEnergy) | 52,693,659 | 52,693,659 | ||
| GuangdongGuangyeNanhuaNewEnergyCo.,Ltd.(NanhuaNewEnergy) | 6,686,632 | 42,635,132 | 49,321,764 | |
| GuangdongYuenengWindPowerCo.,Ltd.(YuenengWindPower) | 11,738,926 | 30,476,491 | 42,215,417 | |
| GuangdongYueDianYunHePowerGenerationCo.,Ltd.(YunhePower) | 10,288,701 | 28,232,492 | 2,073,745 | 36,447,448 |
| GuangdongEnergyMaomingThermalPowerPlantCo.,Ltd.(MaomingThermalPower) | 29,751,684 | 13,670,954 | 16,080,730 | |
| GuangdongRedBayPowerCo.,Ltd.(RedBayPower) | 122,445,557 | 108,414,437 | 14,031,120 | |
| GuoyangCountyHerunNewEnergyTechnologyCo.,Ltd.(HerunNewEnergy) | 12,065,834 | 12,065,834 | ||
| ShenzhenGuangqianElectricCo.,Ltd. | 8,912,678 | 2,876,814 | 619,759 | 11,169,733 |
| QinglongManchuAutonomousCountyJianhaoPhotovoltaicTechnologyCo.,Ltd.(JianhaoPV). | 999,963 | 8,605,978 | 9,605,941 | |
| ZhanjiangZhongyueEnergyCo.,Ltd.(ZhongyueEnergy) | 10,416,562 | 1,036,029 | 9,380,533 | |
| ZhanjiangElectricPowerCo.,Ltd. | 18,822,875 | 10,392,229 | 8,430,646 | |
| GuangdongHuizhouNaturalGasPowerCo.,Ltd. | 3,113,647 | 1,666 | 3,111,981 | |
| GuangdongYuedianYangjiangOffshoreWindPowerCo.,Ltd.(YangjiangWindPower) | 80,459,184 | 80,459,184 | ||
| GuangdongYuedianPingyuanWindPowerCo.,Ltd.(PingyuanWindPower) | 5,204,963 | 5,204,963 | ||
| Total | 2,421,032,468 | 237,368,153 | 326,358,899 | 2,332,041,722 |
FortheCompany'ssignificantPPEforwhichthereareimpairmentindicationsandtheassetbalancesexceedRMB500million,therelevantimpairmentassumptionsarepresentedasfollows:
Note1:In2025,somepowergenerationequipmentoftheCompany’ssubsidiaries—ShihuiNewEnergy,JinghaiPower,YunhePower,ShaoguanPowerPlant,HerunNewEnergy,andShenzhenGuangqianElectricPowerCo.,Ltd.—wassubjecttotechnicalrenovationandotherimprovementactivities.Theequipmentpartswhichweretoberemovedorreplacedwereterminatedordisposedofinadvance..Asaresult,relevantassetsshowedindicatorsofimpairment,andanimpairmentprovisionofRMB155,650,552wasrecognized.Inaddition,JianhaoPVrecognizedPPEimpairmenttransferredfromCIPimpairmentamountingtoRMB8,605,978.Note2:TheCompany’ssubsidiary,NanhuaNewEnergy,isprincipallyengagedinwindpowergeneration,withitsgeneratingunitslocatedinZhanjiang,Guangdong.In2025,duetochangesinmarketelectricitypricesandotherfactors,theCompanyincurredoperatinglosses,andthelong-termassetsofNanhuaNewEnergyexhibitedindicatorsofimpairment.NanhuaNewEnergywastreatedasacash-generatingunit(CGU,includinggoodwill)andwassubjectedtoanimpairmenttest.TherecoverableamountoftheCGUwasdeterminedbasedonthepresentvalueofexpectedfuturenetcashflows,amountingtoRMB275,905,137.Accordingly,animpairmentprovisionofRMB42,635,132wasrecognized.ThecarryingvalueofgoodwillattributabletoNanhuaNewEnergyhasbeenreducedtozero,andthePPEimpairmentprovisionfortheyearamountedtoRMB42,635,132.TheCompanydeterminestheon-gridelectricityprice,electricitysaleandfuelpriceonthebasisofhistoricalexperienceandforecastsofmarketdevelopment.ThekeyestimatesintheforecastperiodareprojectedbasedontheGroup'sfive-yearprofitabilityforecasts,andthediscountrateisapre-tax
discountratethatreflectsspecificrisksofrelevantassets.Thekeyassumptionsappliedincalculatingdiscountedfuturecashflowsareasfollows:
| Item | Keyparameter |
| Predictionperiodyear | 5years |
| On-gridelectricitypriceduringtheforecastperiod(RMB/MWh) | 408.65 |
| On-gridelectricitypriceduringthestableperiod(RMB/MWh) | 408.65 |
| Subsidizedelectricitypriceduringtheforecastperiod(RMB/MWh) | 157.00 |
| Subsidizedelectricitypriceduringthestableperiod(RMB/MWh) | 157.00 |
| Electricitysaleduringtheforecastperiod(MWh) | 82,665.00 |
| Electricitysaleduringthestableperiod(MWh) | 82,665.00 |
| Pre-taxdiscountrates | 6.54% |
Note3:TheCompany’ssubsidiary,YuenengWindPower,isprincipallyengagedinwindpowergeneration,withitsgeneratingunitslocatedinZhanjiang,Guangdong.In2025,duetochangesinmarketelectricitypricesandotherfactors,theCompanyincurredoperatinglosses,andthelong-termassetsofYuenengWindPowerexhibitedindicatorsofimpairment.YuenengWindPowerwastreatedasacash-generatingunit(CGU,includinggoodwill)andwassubjectedtoanimpairmenttest.TherecoverableamountoftheCGUwasdeterminedbasedonthepresentvalueofexpectedfuturenetcashflows,amountingtoRMB231,328,122.Accordingly,animpairmentprovisionofRMB64,151,567wasrecognized.ThecarryingvalueofgoodwillattributabletoYuenengWindPowerhasbeenreducedtozero,andthePPEimpairmentprovisionfortheyearamountedtoRMB30,476,491,whiletheintangibleassetsimpairmentprovisionamountedtoRMB33,675,076.TheCompanydeterminestheon-gridelectricityprice,electricitysaleandfuelpriceonthebasisofhistoricalexperienceandforecastsofmarketdevelopment.ThekeyestimatesintheforecastperiodareprojectedbasedontheGroup'sfive-yearprofitabilityforecasts,andthediscountrateisapre-taxdiscountratethatreflectsspecificrisksofrelevantassets.Thekeyassumptionsappliedincalculatingdiscountedfuturecashflowsareasfollows:
| Item | Keyparameter |
| Predictionperiodyear | 5years |
| On-gridelectricitypriceduringtheforecastperiod(RMB/MWh) | 552.20 |
| On-gridelectricitypriceduringthestableperiod(RMB/MWh) | 552.20 |
| Subsidizedelectricitypriceduringtheforecastperiod(RMB/MWh) | 208.80 |
| Subsidizedelectricitypriceduringthestableperiod(RMB/MWh) | 208.80 |
| Electricitysaleduringtheforecastperiod(MWh) | 77,220.00to88,357.50 |
| Electricitysaleduringthestableperiod(MWh) | 88,357.50 |
| Pre-taxdiscountrates | 6.63% |
PPEwithoutpropertycertificates
| Item | Bookvalueasat31/12/2025 | Reasonsfornotobtainingcertificatesofownership |
| Buildings | 3,549,551,057 | Pendingtogovernmentapproval |
Asat31December2025,managementbelievedthattherewereneithersubstantiallegalobstaclesinobtainingthecertificatesnormaterialadverseimpactonthenormaloperationoftheCompany.
(2)DisposalsofPPE
| Item | 31/12/2025 | 31/12/2024 | ReasonfortransfertodisposalsofPPE |
| Partsofpowergenerationequipment | 132,906,108 | 103,795,315 | Scrappedbutnotyetdisposed |
| Otherequipment | 11,787,305 | 17,840,623 | Scrappedbutnotyetdisposed |
| Total | 144,693,413 | 121,635,938 |
11.Constructioninprogress(CIP)
| Item | 31/12/2025 | 31/12/2024 |
| CIP | 31,568,774,393 | 31,341,212,969 |
| Engineeringmaterials | 13,703,777 | 41,637,796 |
| Total | 31,582,478,170 | 31,382,850,765 |
(1)CIP
1DetailsofCIP
| Project | 31/12/2025 | 31/12/2024 | ||||
| Bookbalance | Provisionforimpairment | Bookvalue | Bookbalance | Provisionforimpairment | Bookvalue | |
| QingzhouOffshoreWindPowerProject | 13,075,502,556 | 13,075,502,556 | 12,691,249,231 | 12,691,249,231 | ||
| ShacheIntegratedEnergyPhotovoltaicProject | 1,874,628,732 | 1,874,628,732 | ||||
| PhaseIIexpansionprojectofDapu | 3,646,167,763 | 3,646,167,763 | ||||
| InnerMongoliaYuefeng300MWPhotovoltaicParkProject | 34,569,691 | 34,569,691 | ||||
| ZhaoqingDinghuNaturalGasCogenerationProject | 37,676,940 | 37,676,940 | ||||
| 100MWPhotovoltaicPowerGenerationProjectonXipo,Muhong,JinchangDistrict,Jinchang | 90,453 | 90,453 | ||||
| PhaseIIprojectofBohePowerPlant | 2,485,625,431 | 2,485,625,431 | 2,446,503,296 | 2,446,503,296 | ||
| Project | 31/12/2025 | 31/12/2024 | ||||
| Bookbalance | Provisionforimpairment | Bookvalue | Bookbalance | Provisionforimpairment | Bookvalue | |
| HongdongCounty200MWCentralizedPhotovoltaicPowerGenerationProject | 473,434,501 | 473,434,501 | 382,657,376 | 382,657,376 | ||
| GuizhouPowerGrid's150MWPhotovoltaicProject | 270,692,386 | 270,692,386 | 265,354,845 | 265,354,845 | ||
| 120MWFishery-PhotovoltaicComplementaryProjectinQiantang,Potou,ZhanjiangCity | 257,852,660 | 257,852,660 | 231,647,619 | 231,647,619 | ||
| DananhaiCogenerationProject | 1,256,758,863 | 1,256,758,863 | 894,037,106 | 894,037,106 | ||
| LaishuiLienengLaishuiCounty80MWGrid-ConnectedPhotovoltaicPowerGenerationProjectatParityPrice | 331,106,308 | 331,106,308 | 227,916,733 | 227,916,733 | ||
| YunheNaturalGasThermalPowerCogenerationProject | 1,471,413,559 | 1,471,413,559 | 1,226,670,911 | 1,226,670,911 | ||
| JinchengYuefeng170MWPhotovoltaicProject | 418,032,508 | 418,032,508 | ||||
| YahuaNewEnergy's50MWAgricultural-PhotovoltaicComplementaryRenewableEnergyPhotovoltaicPowerStationProject | 330,564,240 | 330,564,240 | 323,164,342 | 323,164,342 | ||
| WuhuaHuangniVillageProject | 211,131,019 | 211,131,019 | 154,681,906 | 154,681,906 | ||
| AgrivoltaicPowerGenerationProjectatChangshanFarm,Lianjiang,Zhanjiang | 5,390,253 | 5,390,253 | ||||
| ExpansionprojectofUnit5andUnit6atJinghaiPowerPlant | 6,339,282,461 | 55,389,093 | 6,283,893,368 | 807,408,490 | 55,389,093 | 752,019,397 |
| HuaduCogenerationProject | 91,404,023 | 91,404,023 | 84,234,472 | 84,234,472 | ||
| XiangzhouHangjingPhotovoltaicIntegrationPhaseIIProject | 866,380,742 | 866,380,742 | ||||
| 350,000kWPhotovoltaicProjectofthe45thRegimentoftheThirdDivisionoftheCorps | 670,388,068 | 670,388,068 | ||||
| 1millionkilowattswindpowerprojectinTuokexunCounty | 831,706,906 | 831,706,906 | 502,897,416 | 502,897,416 | ||
| XiangzhouYunjiangWind-Solar-StorageIntegratedProject | 452,572,118 | 452,572,118 | ||||
| Infrastructureconstructionprojectforunits5and6atHonghaiBay | 919,562,602 | 26,446,447 | 893,116,155 | 401,157,015 | 26,446,447 | 374,710,568 |
| Huibo100MWPhotovoltaicHybridProject | 292,040,745 | 292,040,745 | 282,720,095 | 282,720,095 | ||
| Agricultural-PhotovoltaicComplementaryPhotovoltaicProjectinLanshannanCity | 203,345,924 | 203,345,924 | ||||
| 100MWWindPowerProjectinWangxianTownship,WanrongCounty | 304,064,809 | 304,064,809 | 175,444,019 | 175,444,019 | ||
| Jingyuan100,000kWWindPowerProject | 379,930,366 | 379,930,366 | 153,864,133 | 153,864,133 | ||
| Project | 31/12/2025 | 31/12/2024 | ||||
| Bookbalance | Provisionforimpairment | Bookvalue | Bookbalance | Provisionforimpairment | Bookvalue | |
| FlowpassagerenovationprojectforJinghaiNo.3andNo.4steamturbines | 165,354,925 | 165,354,925 | 132,273,480 | 132,273,480 | ||
| YehaiYuefengLingaoBohouTown100MWAgrivoltaicPowerGenerationProject | 132,801,599 | 132,801,599 | 23,956,736 | 23,956,736 | ||
| HuizhouAdvancedMaterialsIndustrialParkCogenerationandCoolingProject | 320,071,710 | 320,071,710 | 13,438,368 | 13,438,368 | ||
| KaramaySilkRoadNewCloudIntelligentComputingCenterSupportingRenewableEnergyProject | 377,365,229 | 377,365,229 | 3,562,784 | 3,562,784 | ||
| Otherinfrastructureprojects | 1,034,070,419 | 284,948,812 | 749,121,607 | 1,026,078,305 | 215,605,096 | 810,473,209 |
| Technicaltransformationandotherprojects | 594,205,162 | 10,383,734 | 583,821,428 | 988,875,469 | 10,383,734 | 978,491,735 |
| Total | 31,945,942,479 | 377,168,086 | 31,568,774,393 | 31,649,037,339 | 307,824,370 | 31,341,212,969 |
2ChangesinsignificantCIP
| Project | 1/1/2025 | Increaseinthecurrentperiod | TransferredtoPPE | Otherchanges | Accumulatedcapitalizedinterest | Including:Capitalizedinterestforthecurrentperiod | Ratioofcapitalizedinterestforthecurrentperiod | 31/12/2025 |
| QingzhouOffshoreWindPowerProject | 12,691,249,231 | 384,253,325 | 648,729,199 | 212,357,271 | 2.24 | 13,075,502,556 | ||
| ShacheIntegratedEnergyPhotovoltaicProject | 1,874,628,732 | 149,246,229 | 2,023,874,961 | 65,898,719 | 30,274,949 | 2.43 | ||
| PhaseIIexpansionprojectofDapu | 3,646,167,763 | 2,503,519,464 | 6,149,687,227 | 123,801,488 | 66,228,610 | 2.71 | ||
| InnerMongoliaYuefeng300MWPhotovoltaicParkProject | 34,569,691 | 75,472 | 34,645,163 | 31,154,397 | notapplicable | |||
| ZhaoqingDinghuNaturalGasCogenerationProject | 37,676,940 | 3,398,986 | 41,075,926 | 93,550,365 | notapplicable | |||
| 100MWPhotovoltaicPowerGenerationProjectatXipo,MuhongjinchangDistrict,Jinchang | 90,453 | 1,770,785 | 1,861,238 | 10,079,140 | notapplicable | |||
| PhaseIIprojectofBohePowerPlant | 2,446,503,296 | 2,897,789,751 | 2,858,667,616 | 92,771,327 | 55,912,171 | 2.00 | 2,485,625,431 | |
| 200MWcentralizedphotovoltaicpowergenerationprojectinHongdongCounty | 382,657,376 | 90,777,125 | 23,246,524 | 7,153,605 | 2.43 | 473,434,501 | ||
| GuizhouPowerGrid's150MWPhotovoltaicProject | 265,354,845 | 5,337,541 | 11,032,406 | 4,543,312 | 3.45 | 270,692,386 | ||
| 120MWFishery-PhotovoltaicComplementaryProjectinQiantang,Potou,ZhanjiangCity | 231,647,619 | 26,205,041 | 13,975,781 | 4,528,311 | 2.52 | 257,852,660 |
| Project | 1/1/2025 | Increaseinthecurrentperiod | TransferredtoPPE | Otherchanges | Accumulatedcapitalizedinterest | Including:Capitalizedinterestforthecurrentperiod | Ratioofcapitalizedinterestforthecurrentperiod | 31/12/2025 |
| DananhaiCogenerationProject | 894,037,106 | 362,721,757 | 51,923,917 | 28,394,188 | 2.07 | 1,256,758,863 | ||
| LaishuiLienengLaishuiCounty80MWGrid-connectedPhotovoltaicPowerGenerationProjectatParityPricing | 227,916,733 | 103,189,575 | 15,865,409 | 6,650,324 | 2.65 | 331,106,308 | ||
| YunheNaturalGasThermalPowerCogenerationProject | 1,226,670,911 | 244,908,899 | 166,251 | 40,334,445 | 24,877,971 | 2.72 | 1,471,413,559 | |
| JinchengYuefeng170MWPhotovoltaicProject | 418,032,508 | 359,988,834 | 778,021,342 | 13,320,200 | 7,539,972 | 2.19 | ||
| YahuaNewEnergy50MWAgrivoltaicRenewableEnergyPhotovoltaicPowerStationProject | 323,164,342 | 7,399,898 | 10,537,129 | 5,830,478 | 2.58 | 330,564,240 | ||
| WuhuaHuangniVillageProject | 154,681,906 | 56,449,113 | 10,368,552 | 2,787,020 | 3.38 | 211,131,019 | ||
| AgrivoltaicPowerGenerationProjectatChangshanFarm,Lianjiang,Zhanjiang | 5,390,253 | 5,390,253 | 7,554,912 | |||||
| ExpansionprojectofUnits5and6atJinghaiPowerPlant | 807,408,490 | 5,531,873,971 | 119,190,076 | 82,130,884 | 2.50 | 6,339,282,461 | ||
| HuaduCombinedHeatandPowerGenerationProject | 84,234,472 | 12,519,172 | 5,349,621 | 77,118,516 | 91,404,023 | |||
| XiangzhouHangjingPhotovoltaicIntegrationPhaseIIProject | 866,380,742 | 22,094,838 | 888,475,580 | 16,282,115 | 16,282,115 | 2.76 | ||
| 350,000kWPhotovoltaicProjectofthe45thRegimentoftheThirdDivisionoftheCorps | 670,388,068 | 317,778,654 | 988,166,722 | 5,159,523 | 5,172 | 2.32 | 0 | |
| 1,000,000kWWindPowerProjectinTuokexunCounty | 502,897,416 | 328,809,490 | 14,154,149 | 13,096,211 | 2.33 | 831,706,906 | ||
| XiangzhouYunjiangWind-Solar-StorageIntegratedProject | 452,572,118 | 25,638,237 | 478,210,355 | 5,918,149 | 5,918,149 | 2.71 | 0 | |
| Infrastructureconstructionprojectforunits5and6atHonghaiBay | 401,157,015 | 518,405,587 | 45,722,105 | 31,284,305 | 2.35 | 919,562,602 | ||
| Huibo100MWPhotovoltaicHybridProject | 282,720,095 | 9,320,650 | 13,733,055 | 6,253,445 | 2.00 | 292,040,745 | ||
| Agricultural-PhotovoltaicComplementaryPhotovoltaicProjectinLanshannanCity | 203,345,924 | 374,564,644 | 577,910,568 | 13,284,083 | 8,425,960 | 2.82 | 0 | |
| 100MWWindPowerProjectinWangxianTownship,WanrongCounty | 175,444,019 | 128,620,790 | 7,297,172 | 5,866,508 | 2.31 | 304,064,809 | ||
| Jingyuan100,000kWWindPowerProject | 153,864,133 | 226,066,233 | 7,931,025 | 7,061,452 | 2.60 | 379,930,366 | ||
| FlowpassagerenovationprojectforJinghaiNo.3andNo.4steamturbines | 132,273,480 | 33,081,445 | 506,985 | 458,252 | 2.15 | 165,354,925 | ||
| YehaiYuefengLingaoBohouTown100MWAgrivoltaicPowerGenerationProject | 23,956,736 | 108,844,863 | 1,212,660 | 1,212,660 | 2.85 | 132,801,599 |
| Project | 1/1/2025 | Increaseinthecurrentperiod | TransferredtoPPE | Otherchanges | Accumulatedcapitalizedinterest | Including:Capitalizedinterestforthecurrentperiod | Ratioofcapitalizedinterestforthecurrentperiod | 31/12/2025 |
| HuizhouAdvancedMaterialsIndustrialParkCogenerationandCoolingProject | 13,438,368 | 306,633,342 | 1,610,080 | 1,610,080 | 2.14 | 320,071,710 | ||
| KaramaySilkRoadNewCloudIntelligentComputingCenterSupportingRenewableEnergyProject | 3,562,784 | 462,273,726 | 88,471,281 | 5,663,754 | 5,663,754 | 2.32 | 377,365,229 | |
| Otherinfrastructureprojects | 1,026,078,305 | 830,332,835 | 822,340,721 | 402,530,136 | 120,147,568 | notapplicable | 1,034,070,419 | |
| Technicaltransformationandotherprojects | 988,875,469 | 265,736,422 | 632,294,423 | 28,112,306 | 5,453,991 | notapplicable | 594,205,162 | |
| Total | 31,649,037,339 | 16,699,626,694 | 16,374,609,248 | 28,112,306 | 2,006,911,484 | 762,494,697 | 31,945,942,479 |
ChangesinsignificantCIP(Continued)
| Projectname | Budget | ProportionofInvestmenttothebudget(%) | Projectprogress% | SourceofFunds |
| QingzhouOffshoreWindPowerProject | 17,107,250,000 | 81.27 | 99.45 | Borrowingandself-financing |
| ShacheIntegratedEnergyPhotovoltaicProject | 12,917,064,600 | 91.64 | 100.00 | Borrowingandself-financing |
| PhaseIIexpansionprojectofDapu | 8,134,220,000 | 85.60 | 100.00 | Borrowingandself-financing |
| InnerMongoliaYuefeng300MWPhotovoltaicParkProject | 1,572,760,000 | 88.99 | 100.00 | Borrowingandself-financing |
| ZhaoqingDinghuNaturalGasCogenerationProject | 2,998,180,000 | 83.65 | 100.00 | Borrowingandself-financing |
| 100MWPhotovoltaicPowerGenerationProjectonXipo,Muhong,JinchangDistrict,Jinchang | 598,705,600 | 97.51 | 100.00 | Borrowingandself-financing |
| PhaseIIprojectofBohePowerPlant | 7,483,510,000 | 83.89 | 97.52 | Borrowingandself-financing |
| HongdongCounty200MWCentralizedPhotovoltaicPowerGenerationProject | 516,560,000 | 93.22 | 99.00 | Borrowingandself-financing |
| GuizhouPowerGrid's150MWPhotovoltaicProject | 589,200,000 | 50.57 | 49.00 | Borrowingandself-financing |
| 120MWFishery-PhotovoltaicComplementaryProjectinQiantang,Potou,ZhanjiangCity | 500,232,000 | 50.35 | 54.00 | Borrowingandself-financing |
| DananhaiCogenerationProject | 2,855,450,000 | 44.31 | 44.01 | Borrowingandself-financing |
| LaishuiLienengLaishuiCounty80MWGrid-ConnectedPhotovoltaicPowerGenerationProjectatParityPrice | 376,000,000 | 91.07 | 95.00 | Borrowingandself-financing |
| YunheNaturalGasCogenerationProject | 2,809,700,000 | 65.65 | 90.60 | Borrowingandself-financing |
| Projectname | Budget | ProportionofInvestmenttothebudget(%) | Projectprogress% | SourceofFunds |
| JinchengYuefeng170MWPhotovoltaicProject | 884,703,700 | 75.62 | 100.00 | Borrowingandself-financing |
| YahuaNewEnergy50MWAgricultural-PhotovoltaicComplementaryRenewableEnergyPhotovoltaicPowerStationProject | 667,970,944 | 66.79 | 48.42 | Borrowingandself-financing |
| WuhuaHuangniVillageProject | 336,020,000 | 64.54 | 64.21 | Borrowingandself-financing |
| AgrivoltaicPowerGenerationProjectatChangshanFarm,Lianjiang,Zhanjiang | 294,690,000 | 82.89 | 100.00 | Borrowingandself-financing |
| ExpansionprojectofUnits5and6atJinghaiPowerPlant | 8,049,770,000 | 79.82 | 79.30 | Borrowingandself-financing |
| HuaduCombinedHeatandPowerGenerationProject | 3,536,710,000 | 71.38 | 88.96 | Borrowingandself-financing |
| XiangzhouHangjingPhotovoltaicIntegrationPhaseIIProject | 991,800,000 | 89.59 | 100.00 | Borrowingandself-financing |
| 350,000kWphotovoltaicprojectofthe45thRegimentoftheThirdDivisionoftheCorps | 1,156,680,800 | 85.43 | 100.00 | Borrowingandself-financing |
| 1millionkilowattswindpowerprojectinTuokexunCounty | 1,460,000,000 | 56.97 | 85.00 | Borrowingandself-financing |
| XiangzhouYunjiangWind-Solar-StorageIntegratedProject | 522,000,000 | 91.61 | 100.00 | Borrowingandself-financing |
| InfrastructureconstructionprojectforUnits5and6atHonghaiBay | 7,820,820,000 | 10.71 | 44.58 | Borrowingandself-financing |
| Huibo100MWPhotovoltaicHybridProject | 651,393,000 | 36.39 | 40.10 | Borrowingandself-financing |
| Agricultural-PhotovoltaicComplementaryProjectinLanshanNanCity | 990,870,000 | 57.43 | 100.00 | Borrowingandself-financing |
| 100MWWindPowerProjectinWangxianTownship,WanrongCounty | 610,594,600 | 50.04 | 70.00 | Borrowingandself-financing |
| Jingyuan100,000kWWindPowerProject | 681,220,000 | 55.53 | 93.60 | Borrowingandself-financing |
| FlowpassagerenovationprojectforJinghaiNo.3andNo.4steamturbines | 373,000,000 | 44.33 | 44.30 | Borrowingandself-financing |
| YehaiYuefengLingaoBohouTown100MWAgrivoltaicPowerGenerationProject | 560,030,000 | 23.89 | 35.67 | Borrowingandself-financing |
| HuizhouAdvancedMaterialsIndustrialParkCogenerationandCoolingProject | 2,626,090,000 | 12.19 | 13.60 | Borrowingandself-financing |
| KaramaySilkRoadNewCloudIntelligentComputingCenterSupportingRenewableEnergyProject | 970,000,000 | 48.02 | 85.00 | Borrowingandself-financing |
| Otherinfrastructureprojects | notapplicable | notapplicable | notapplicable | Borrowingandself-financing |
| Technicalrenovationandotherprojects | notapplicable | notapplicable | notapplicable | Borrowingandself-financing |
| Total | 91,643,195,244 | -- | -- | -- |
ProvisionforimpairmentofCIP
| Project | 1/1/2025 | Provisionforlossallowanceinthecurrentperiod | Increaseduetoconsolidation | Decreaseinthecurrentperiod | 31/12/2025 | Reasonforprovision |
| HumenPowerPlant2*1000MWUnitProject | 137,373,040 | 137,373,040 | Ceaseconstruction | |||
| ImpairmentofprojectsunderconstructionintheearlystageofJinghaiunit | 55,389,093 | 55,389,093 | Projectstagnation | |||
| ImpairmentofprojectsunderconstructionintheearlystageofGuangqianPowerPhaseII | 46,630,454 | 46,630,454 | Projectstagnation | |||
| Impairmentofearly-stagewindpowerprojectsunderconstructionintheprovince | 9,421,025 | 8,228,591 | 1,192,434 | Projectstagnation | ||
| ImpairmentoftheShibeiMountainWindTurbineProject | 13,927,888 | 13,927,888 | reconstructionofwindturbines | |||
| QinglongJianhaoTumenzi215MWandLiangshuihe25MWPhotovoltaicPowerGenerationProjects | 8,605,978 | 8,605,978 | Assetacquisition | |||
| ShaoguanNanxiongDistributedWindPowerProject | 2,725,732 | 2,725,732 | Projectstagnation | |||
| YuehuaNaturalGasCogenerationProject–SupportingHeatNetworkEngineering | 71,428,838 | 71,428,838 |
Therelocation
andlossofsurroundingenterprisesnear
theplantarealedtoareduction
inheatsupply
customers,
resultinginthe
suspensionof
projectconstruction
| XinhuiTaishanGuanghaiBayGas-FiredPowerProject | 403,302 | 403,302 | Projectstagnation | |||
| BijieCityDafangCountyNewEnergyProject | 1,435,952 | 1,435,952 | Projectstagnation | |||
| DafangCountyChangshiTownShanba80MWAgrivoltaicPowerStationProject | 523,447 | 523,447 | Projectstagnation | |||
| QimingNaturalGasPowerGenerationProject | 10,513,227 | 10,513,227 | Ceaseconstruction | |||
| Otherengineeringprojects | 36,476,892 | 852,213 | 35,624,679 | Projectstagnation | ||
| Total: | 307,824,370 | 87,030,498 | 17,686,782 | 377,168,086 | - |
12.Right-of-useassets
| Item | Landuserights | Buildings | Machineryandequipment | MotorVehicles | Total |
| I.Originalbookvalue: | |||||
| 1.Asat1/1/2025 | 828,311,424 | 98,231,470 | 12,912,058,960 | 18,659,094 | 13,857,260,948 |
| 2.Increaseinthecurrentperiod | 144,555,687 | 37,105,680 | 1,266,646,172 | 13,812,801 | 1,462,120,340 |
| (1)Addnewleasecontract | 144,555,687 | 37,105,680 | 1,266,646,172 | 13,812,801 | 1,462,120,340 |
| 3.Decreaseinthecurrentperiod | 107,509,358 | 27,086,052 | 1,325,362,381 | 8,167,904 | 1,468,125,695 |
| (1)Leasemodification | 28,969,323 | 7,712,687 | 36,682,010 | ||
| (2)Leasetransfer-out | 78,540,035 | 27,086,052 | 1,317,649,694 | 8,167,904 | 1,431,443,685 |
| 4.Asat31/12/2025 | 865,357,753 | 108,251,098 | 12,853,342,751 | 24,303,991 | 13,851,255,593 |
| II.Accumulateddepreciation | |||||
| 1.Asat1/1/2025 | 64,527,355 | 48,696,978 | 2,031,826,849 | 11,790,691 | 2,156,841,873 |
| 2.Increaseinthecurrentperiod | 41,064,310 | 26,624,124 | 718,671,609 | 7,490,931 | 793,850,974 |
| (1)Accrual | 41,064,310 | 26,624,124 | 718,671,609 | 7,490,931 | 793,850,974 |
| (2)Consolidationincrease | |||||
| 3.Decreaseinthecurrentperiod | 4,433,252 | 25,581,773 | 257,754,692 | 8,125,997 | 295,895,714 |
| (1)Leasemodification | 915,584 | 800,263 | 1,715,847 | ||
| (2)Leasetransfer-out | 3,517,668 | 25,581,773 | 256,954,429 | 8,125,997 | 294,179,867 |
| 4.Asat31/12/2025 | 101,158,413 | 49,739,329 | 2,492,743,766 | 11,155,625 | 2,654,797,133 |
| III.Impairmentprovision | |||||
| 1.Asat1/1/2025 | |||||
| 2.Increaseinthecurrentperiod | |||||
| (1)Accrual | |||||
| 3.Decreaseinthecurrentperiod | |||||
| (1)Transferoutuponleaseexpiration | |||||
| 4.Asat31/12/2025 | |||||
| IV.Bookvalue | |||||
| 1.Asat31/12/2025 | 764,199,340 | 58,511,769 | 10,360,598,985 | 13,148,366 | 11,196,458,460 |
| 2.Asat1/1/2025 | 763,784,069 | 49,534,492 | 10,880,232,111 | 6,868,403 | 11,700,419,075 |
Thedepreciationexpenseinthecurrentperiodrecordedinoperatingcosts,generalandadministrativeexpenses,constructioninprogress,researchanddevelopmentexpenses,andsellingexpenses:
| Item | 2025 | 2024 |
| Constructioninprogress | 199,307,719 | 188,908,969 |
| Costofsale | 568,241,717 | 557,751,857 |
| Researchanddevelopmentexpenses | 734,833 | |
| Sellingexpenses | 415,063 | 400,132 |
| Generalandadministrativeexpenses | 25,151,642 | 14,045,007 |
| Total | 793,850,974 | 761,105,965 |
13.Intangibleassets
(1)Intangibleassets
| Item | Landuserightsanduserightofseaarea | Userightsofassociatedprojectsforelectricitytransmissionandtransformation | Software | Non-patentedtechnologyandothers | Total |
| I.Originalbookvalue | |||||
| 1.Asat1/1/2025 | 4,525,739,374 | 260,331,315 | 321,440,501 | 107,523,189 | 5,215,034,379 |
| 2.Increaseinthecurrentperiod | 109,505,574 | 21,115,142 | 8,604,153 | 139,224,869 | |
| (1)Purchase | 99,949,410 | 9,603,805 | 7,012,032 | 116,565,247 | |
| (2)TransfersfromCIP | 9,556,164 | 11,511,337 | 1,592,121 | 22,659,622 | |
| (3)Consolidatedincrease | |||||
| 3.Decreaseinthecurrentperiod | 60,996,410 | 19,062,114 | 424,529 | 80,483,053 | |
| (1)Disposal | 60,996,410 | 19,062,114 | 424,529 | 80,483,053 | |
| 4.Asat31/12/2025 | 4,574,248,538 | 260,331,315 | 323,493,529 | 115,702,813 | 5,273,776,195 |
| II.Accumulatedamortization | |||||
| 1.Asat1/1/2025 | 852,982,870 | 260,331,315 | 199,323,363 | 56,350,663 | 1,368,988,211 |
| 2.Increaseinthecurrentperiod | 108,512,211 | 25,423,020 | 15,057,854 | 148,993,085 | |
| (1)Accrual | 108,512,211 | 25,423,020 | 15,057,854 | 148,993,085 | |
| (2)Consolidatedincrease | |||||
| 3.Decreaseinthecurrentperiod | 18,586,096 | 18,168,646 | 84,906 | 36,839,648 | |
| (1)Disposal | 18,586,096 | 18,168,646 | 84,906 | 36,839,648 | |
| 4.Asat31/12/2025 | 942,908,985 | 260,331,315 | 206,577,737 | 71,323,611 | 1,481,141,648 |
| III.Provisionforimpairment | |||||
| 1.Asat1/1/2025 | 56,502,373 | 448,341 | 2,460,161 | 59,410,875 | |
| 2.Increaseinthecurrentperiod | 33,675,076 | 33,675,076 | |||
| 3.Decreaseinthecurrentperiod | |||||
| 4.Asat31/12/2025 | 56,502,373 | 448,341 | 36,135,237 | 93,085,951 | |
| IV.Bookvalue | |||||
| 1.Asat31/12/2025 | 3,574,837,180 | 116,467,451 | 8,243,965 | 3,699,548,596 | |
| 2.Asat1/1/2025 | 3,616,254,131 | 121,668,797 | 48,712,365 | 3,786,635,293 |
Note:Asat31December2025,therewasnointangibleassetsarisingfrominternalresearchanddevelopmentoftheCompany.
(2)Thedepreciationexpenseinthecurrentperiodrecordedinoperatingcosts,generalandadministrativeexpenses,constructioninprogress,researchanddevelopmentexpenses,andsellingexpenses:
| Item | 2025 | 2024 |
| Constructioninprogress | 15,414,879 | 19,208,496 |
| Costofsale | 29,914,170 | 22,451,611 |
| Researchanddevelopmentexpenses | 992,914 | 1,327,668 |
| Generalandadministrativeexpenses | 102,671,122 | 102,208,295 |
| Total | 148,993,085 | 145,196,070 |
(3)Landuserightswithoutpropertycertificates
| Item | Bookvalueasat31/12/2025 | Reasonsfornothavingobtainedthepropertycertificate |
| Landuserights | 22,176,972 | Filingdocumentsareinpreparation |
14.Goodwill
(1)Originalvalue
| Nameoftheinvestedentities | 1/1/2025 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 31/12/2025 |
| TumushukeThermalPower | 119,488,672 | 119,488,672 | ||
| NanhuaNewEnergy | 6,158,995 | 6,158,995 | ||
| Others | 39,372,264 | 39,372,264 | ||
| Total | 165,019,931 | 165,019,931 |
(2)Provisionforimpairment
| Nameoftheinvestedentities | 1/1/2025 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 31/12/2025 |
| TumushukeThermalPower | 119,488,672 | 119,488,672 | ||
| NanhuaNewEnergy | 6,158,995 | 6,158,995 | ||
| Others | 36,922,378 | 36,922,378 | ||
| Total | 162,570,045 | 162,570,045 |
Note:AllgoodwillhadbeenallocatedbytheCompanytotherelevantCGUorCGUgroupsattheacquisitiondate.In2025,theallocationofgoodwillremainedunchanged.Intestforimpairmentofgoodwill,theCompanycomparesthecarryingamountofrelevantCGU(includinggoodwill)withitsrecoverableamount.Iftherecoverableamountislowerthanthecarryingamount,thedifferenceisrecordedinprofitorlossforthecurrentperiod.TheCompanydeterminestheon-gridelectricityprice,electricitysaleandfuelpriceonthebasisofhistoricalexperienceandforecastsofmarketdevelopment.ThekeyestimatesappliedintheforecastperiodareprojectedbasedontheGroup’sfive-yearprofitabilityforecasts,andthediscountrateisthepre-taxdiscountratethatreflectsspecificrisksofrelevantassets.
15.Long-termprepaidexpenses
| Item | 1/1/2025 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 31/12/2025 | |
| Amortization | Otherdecreases | ||||
| Improvementtoright-of-useassets | 6,984,262 | 1,184,679 | 5,134,337 | 486,040 | 2,548,564 |
| Roaduserights | 30,392,941 | 1,689,225 | 28,703,716 | ||
| Capacityusagefeeforstep-upsubstation | 14,307,988 | 14,307,988 | |||
| Others | 18,127,958 | 1,973,377 | 3,432,848 | 16,668,487 | |
| Total | 55,505,161 | 17,466,044 | 10,256,410 | 486,040 | 62,228,755 |
16.Deferredtaxassets(DTA)anddeferredtaxliabilities(DTL)
(1)DTAandDTLbeforeoffsetting
| Item | 31/12/2025 | 31/12/2024 | ||
| Deductible/taxabletemporarydifferences | Deferredtaxassets/liabilities | Deductible/taxabletemporarydifferences | Deferredtaxassets/liabilities | |
| Deferredtaxassets: | ||||
| Deductibleloss | 1,359,766,199 | 339,941,550 | 1,835,121,929 | 458,780,482 |
| Leaseliabilities | 2,223,936,509 | 555,984,127 | 1,441,792,757 | 357,536,654 |
| Provisionforassetsimpairment | 808,442,956 | 202,110,739 | 919,919,108 | 226,760,522 |
| Unrealizedprofitsfromintra-grouptransactions | 469,222,255 | 117,305,564 | 512,732,957 | 128,183,239 |
| Employeebenefitspayable | 244,159,148 | 61,039,787 | 288,549,129 | 72,137,283 |
| DepreciationofPPE | 283,862,484 | 70,965,621 | 267,052,329 | 65,313,187 |
| Others | 108,242,483 | 27,060,621 | 102,268,681 | 25,567,170 |
| Subtotals | 5,497,632,034 | 1,374,408,009 | 5,367,436,890 | 1,334,278,537 |
| Deferredtaxliabilities: | ||||
| Changesinfairvalueofinvestmentsinotherequityinstrumentsincludedinothercomprehensiveincome | 2,067,397,639 | 516,849,410 | 1,708,127,258 | 427,031,815 |
| Right-of-useassets | 1,622,538,486 | 405,634,622 | 927,757,509 | 223,639,538 |
| Revaluationreserveofbusinesscombinationsinvolvingenterprisesnotundercommoncontrol | 119,632,889 | 29,908,222 | ||
| DepreciationofPPE | 52,543,951 | 13,135,988 | 71,982,420 | 17,995,605 |
| Amortizationoflanduserights | 14,152,663 | 3,538,166 | 14,535,857 | 3,633,964 |
| Interestreceivable | 170,118 | 42,530 | 12,272,627 | 3,068,157 |
| Subtotals | 3,756,802,857 | 939,200,716 | 2,854,308,560 | 705,277,301 |
ExpectedrecoveryperiodofDTAandDTL:
| Item | 31/12/2025 | 31/12/2024 | ||
| Expectedtoberecoveredwithin1year(inclusive) | Expectedtoberecoveredafter1year | Expectedtoberecoveredwithin1year(inclusive) | Expectedtoberecoveredafter1year | |
| DTA | 183,338,026 | 1,191,069,983 | 107,379,274 | 1,226,899,263 |
| DTL | 48,708,245 | 890,492,471 | 26,887,618 | 678,389,683 |
(2)ThenetbalancesofDTAandDTLafteroffsetting
| Item | 31/12/2025 | 31/12/2024 |
| Offsettingamount | Balanceafteroffsetting | Offsettingamount | Balanceafteroffsetting | |
| DTA | 415,346,566 | 959,061,443 | 235,063,758 | 1,099,214,779 |
| DTL | 415,346,566 | 523,854,149 | 235,063,758 | 470,213,543 |
(3)DetailsofdeductibletemporarydifferencesanddeductiblelossesforunrecognizedDTA
| Item | 31/12/2025 | 31/12/2024 |
| Deductibletemporarydifference | 4,980,694,234 | 3,308,593,716 |
| Deductibleloss | 12,018,511,952 | 11,916,108,217 |
| Total | 16,999,206,186 | 15,224,701,933 |
(4)DeductibletaxlossesthatarenotrecognizedasDTAwhichwillexpireinfollowingyears
| Year | 31/12/2025 | 31/12/2024 | Notes |
| 2025 | —— | 948,443,650 | |
| 2026 | 2,844,742,064 | 3,667,099,962 | |
| 2027 | 4,580,717,253 | 4,248,817,127 | |
| 2028 | 1,070,179,346 | 1,125,934,980 | |
| 2029 | 1,564,369,865 | 1,925,812,498 | |
| 2030 | 1,958,503,424 | —— | |
| Total | 12,018,511,952 | 11,916,108,217 |
Managementconsidersthatasatthematuritydatefortheabovedeductiblelosses,therelevantsubjectoftaxpaymenthasnosufficienttaxableprofitstodeducttheabovedeductiblelosses.Therefore,norelatedDTAwasrecognized.
17.Othernon-currentassets
| Item | 31/12/2025 | 31/12/2024 | ||||
| Bookbalance | Provisionforimpairment | Bookvalue | Bookbalance | Provisionforimpairment | Bookvalue | |
| Advancesforengineeringandequipment | 3,261,450,679 | 3,261,450,679 | 4,684,276,206 | 4,684,276,206 | ||
| InputVATtobededucted | 3,574,552,047 | 3,574,552,047 | 3,561,994,466 | 3,561,994,466 | ||
| Depositsprepaidforequityacquisition | 124,200,000 | 124,200,000 | 392,026,000 | 392,026,000 | ||
| Prepaymentforlanduserights | 126,611,629 | 126,611,629 | 66,634,754 | 66,634,754 | ||
| Others | 24,353,695 | 24,353,695 | 6,614,523 | 6,614,523 | ||
| Total | 7,111,168,050 | 7,111,168,050 | 8,711,545,949 | 8,711,545,949 | ||
Note1:InAugust2022,GuangdongWindPowerandShanxiHengyangNewEnergyCo.,Ltd.(HengyangNewEnergy)signedtheFrameworkAgreementforAcquiringEquityofWuxiangLvheng100MWPhotovoltaicPowerGenerationProject,andGuangdongWindPowerpaidadepositofRMB52,200,000asagreedintheagreementin2022
Note2:InMay2024,GuangdongEnergyGroupXinjiangCo.,Ltd.(GEGCXinjiang),asubsidiaryofourcompany,signedaframeworkagreementwithJiangsuSaifapowerElectricPowerDevelopmentCo.,Ltd.(SaifapowerElectricPower)toacquire100%oftheequityheldbySaifapowerElectricPowerinKekedalaZhongfuNewEnergyCo.,Ltd.Asof31December2025,GEGCXinjianghadpaidatransactiondepositofRMB72,000,000toSaifapowerElectricPower.
18.Assetswithrestrictedownershiporuserights
| Item | Bookvalue | Reasonforrestriction |
| Cashandcashequivalents | 25,738,324 | Deposits |
| Tradereceivables | 958,517,625 | Pledgeofcollectingelectricityfeerights |
19.Short-termborrowings
(1)Classificationofshort-termloans
| Item | 31/12/2025 | 31/12/2024 |
| Fiduciaryloan | 9,741,011,157 | 14,108,930,833 |
Note1:Asat31December2025,theCompanyhadnooverdueshort-termloans.Asat31December2025,theshort-temborrowingsprovidedbytherelatedpartyEnergyGroupFinanceCompanywereasfollows:
| LoansprovidedbyEnergyGroupFinanceCompany | 31/12/2025 | 31/12/2024 |
| Principal | 4,441,738,486 | 4,533,991,823 |
| Interestpayable | 2,759,966 | 3,651,215 |
20.Notespayable
| Types | 31/12/2025 | 31/12/2024 |
| Commercialacceptancebill | 160,000,000 | |
| Bankacceptancebill | 650,000,000 | 570,000,000 |
| Supplychainfinancingletterofcredit | 869,972,657 | 1,372,292,195 |
| Total | 1,519,972,657 | 2,102,292,195 |
Note1:Asat31December2025,theCompanyhadnonotespayablesthatwereduebutunpaid(December31,2024:nil).Note2:In2025,theCompanyenteredintosupplychainfinancingagreementswithbankingfinancialinstitutions,underwhichthebankinginstitutionsadvancedpaymenttofuelsuppliers.TheCompanyaccountedforthepaymentobligationsrelatedtosupplychainfinancinginnotespayable,andreportedtherepaymentstothefinancialinstitutionsascashpaidforgoodspurchasedandservicesreceived.
21.Tradepayable
| Item | 31/12/2025 | 31/12/2024 |
| Fuelpayable | 3,030,399,013 | 3,109,496,277 |
| Materialsandsparepartspayable | 387,842,726 | 581,559,457 |
| Item | 31/12/2025 | 31/12/2024 |
| Repairexpensespayable | 234,655,323 | 229,642,687 |
| Desulfurizationanddenitrificationexpensespayable | 54,374,084 | 28,790,799 |
| Contractedoperationexpensespayable | 314,416,207 | 71,348,385 |
| Managementfeespayableforfrequencymodulationandenergystorage | 18,984,762 | 23,319,353 |
| Others | 254,094,788 | 234,888,723 |
| Total | 4,294,766,903 | 4,279,045,681 |
Note1:Asat31December2025,tradepayableswithageingoveroneyearamountedtoRMB159,059,062(December31,2024:RMB63,727,791),includingmainlyunsettledtradepayableformaterialsandspareparts,aswellaspipelinetransportationfees.Note2:OthertradepayablesprimarilyconsistofcoaltransportationfeespayableamountingtoRMB112,609,019,andpipelinetransportationfeespayableamountingtoRMB51,991,577.
22.Advancesfromcustomers
| Item | 31/12/2025 | 31/12/2024 |
| Rentalincome | 67,892,003 |
Note:TheadvancesfromcustomersprimarilyrelatedtotheprepaidrentalincomereceivedbytheCompany’ssubsidiary,GEGCXinjiangforgrantingtherighttousethestep-upcollectionsubstationtoHuanengTurpanWindPowerCo.,Ltd.
23.Contractliabilities
| Item | 31/12/2025 | 31/12/2024 |
| Advancereceiptsforgoodsandservices | 76,228,858 | 32,643,110 |
| Others | 874,444 | 5,816,718 |
| Subtotal | 77,103,302 | 38,459,828 |
| Less:Contractualliabilitiesincludedinothernon-currentliabilities | ||
| Total | 77,103,302 | 38,459,828 |
24.Employeebenefitspayable
| Item | 1/1/2025 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 31/12/2025 |
| Short-termemployeebenefitspayable | 427,772,873 | 2,985,235,606 | 2,948,715,374 | 464,293,105 |
| Post-employmentbenefits-definedcontributionplans | 3,091,283 | 444,849,435 | 444,855,556 | 3,085,162 |
| Terminationbenefits | 116,916,244 | 130,751,876 | 131,003,936 | 116,664,184 |
| Otherbenefitsmaturingwithinoneyear | 8,510,788 | 42,179,575 | 42,240,340 | 8,450,023 |
| Total | 556,291,188 | 3,603,016,492 | 3,566,815,206 | 592,492,474 |
(1)Short-termemployeebenefitspayable
| Item | 1/1/2025 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 31/12/2025 |
| Item | 1/1/2025 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 31/12/2025 |
| Wages,salaries,bonus,allowancesandsubsidies | 2,399,430 | 2,145,296,201 | 2,145,009,187 | 2,686,444 |
| Employeewelfareexpenses | 3,885,406 | 235,000,306 | 235,732,563 | 3,153,149 |
| Socialinsurancecontributions | 260,286,559 | 220,208,853 | 183,971,527 | 296,523,885 |
| Including:1.Medicalinsuranceandmaternityinsurance | 260,286,559 | 206,945,744 | 170,708,418 | 296,523,885 |
| 2.Industrialinjuryinsurancepremium | 13,263,109 | 13,263,109 | ||
| Housingfund | 86,760 | 215,164,485 | 215,160,453 | 90,792 |
| Labourunionfundsandemployeeeducationfunds | 150,760,307 | 95,983,417 | 95,627,528 | 151,116,196 |
| Othershort-termemployeebenefits | 10,354,411 | 73,582,344 | 73,214,116 | 10,722,639 |
| Total | 427,772,873 | 2,985,235,606 | 2,948,715,374 | 464,293,105 |
(2)Definedcontributionplan
| Item | 1/1/2025 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 31/12/2025 |
| Post-employmentbenefits | ||||
| Including:Basicpensions | 55,311 | 288,648,070 | 288,654,046 | 49,335 |
| Unemploymentinsurance | 7,390 | 14,326,664 | 14,326,808 | 7,246 |
| Enterpriseannuitycontribution | 3,028,582 | 141,874,701 | 141,874,702 | 3,028,581 |
| Total | 3,091,283 | 444,849,435 | 444,855,556 | 3,085,162 |
(3)Earlyretirementbenefitspayableandemployeeresettlementcompensation
| Item | 31/12/2025 | 31/12/2024 |
| Earlyretirementbenefitspayable | 116,664,184 | 116,916,244 |
Note:Theretirementexpensesoutsidethebasicpensionpoolthatareexpectedtobepaidwithinoneyearfromthedateofthebalancesheetarelistedasthedefinedcontributionplan.Fordetails,pleaserefertoNoteV.34.
25.Taxespayable
| Taxation | 31/12/2025 | 31/12/2024 |
| Enterpriseincometaxpayable | 79,849,719 | 116,285,242 |
| Unpaidvalueaddedtax? | 123,386,012 | 111,421,392 |
| Individualincometaxpayable | 40,194,293 | 42,378,114 |
| Propertytaxpayable | 35,697,145 | 11,355,848 |
| Citymaintenanceandconstructiontaxpayable | 6,574,977 | 3,500,301 |
| Educationalsurchargepayable | 5,326,932 | 2,760,974 |
| Landusetaxpayable | 6,091,965 | 2,059,907 |
| Others | 14,222,271 | 13,678,237 |
| Total | 311,343,314 | 303,440,015 |
26.Otherpayables
| Item | 31/12/2025 | 31/12/2024 |
| Constructionandequipmentexpensespayable | 17,625,958,012 | 14,794,509,103 |
| Projectwarrantypayable | 395,767,744 | 327,109,608 |
| Carbonemissionallowancespayable | 256,889,119 | 246,618,393 |
| Advancespayabletothirdparties | 4,969,109 | 6,804,566 |
| Environmentalrestorationcosts | 111,415,825 | |
| Landcompensation | 15,958,335 | |
| Others | 411,427,800 | 434,876,574 |
| Total | 18,806,427,609 | 15,825,876,579 |
Note1:Asat31December2025,otherpayablesofRMB7,831,706,993(December31,2024:RMB3,830,441,329))withagingoveroneyearmainlyrepresentedconstructionandequipmentexpensespayableandwarrantypayableyettobesettled,sincethecomprehensiveacceptanceandsettlementofrelevantprojectswereyettobecompletedorprojectswerestillwithintheirwarrantyperiods.Note2:In2025,theCompany’ssubsidiariesGuangdongHuizhouNaturalGasPowerCo.,Ltd.andRedBayPowerprovidedforenvironmentalrestorationcostsamountingtoRMB111,415,825.Note3:In2024,YuehuaPowerGenerationreceivedlandcompensationofRMB15,958,335fromGuangzhouDevelopmentDistrictKeyProjectsPromotionCenter.In2025,thecompensationmettherecognitioncriteriaandwasrecognizedinprofitorlossfortheperiod.
27.Currentportionofnon-currentliabilities
| Item | 31/12/2025 | 31/12/2024 |
| Currentportionoflong-termborrowings | 7,971,497,778 | 5,906,727,792 |
| Currentportionoflong-termpayables | 358,639,833 | 44,542,852 |
| Currentportionofdebenturespayable | 1,064,288,075 | 124,279,404 |
| Currentportionofleaseliabilities | 491,774,691 | 531,128,288 |
| Total | 9,886,200,377 | 6,606,678,336 |
(1)Currentportionoflong-termborrowings
| Item | 31/12/2025 | 31/12/2024 |
| Pledgedloan | 362,302,615 | 525,709,397 |
| Guaranteedloan | 141,954,575 | 134,038,051 |
| Fiduciaryloan | 7,467,240,588 | 5,246,980,344 |
| Total | 7,971,497,778 | 5,906,727,792 |
28.Othercurrentliabilities
| Item | 31/12/2025 | 31/12/2024 |
| Short-termdebenturespayable | ||
| OutputVATtobewrittenoff | 520,439,919 | 528,095,817 |
| Item | 31/12/2025 | 31/12/2024 |
| Total | 520,439,919 | 528,095,817 |
(1)Short-termdebenturespayable
| BondName | Facevalue | Couponrate | Issuancedate | Maturityperiod | IssueAmount |
| Firstbatchofsupershort-termfinancingnotesissuedbyGuangdongElectricPower,2025(25YuedianfaSCP001) | 1,300,000,000 | 1.50% | 2025-8-22 | 60days | 1,300,000,000 |
Short-termdebenturespayable(continued)
| BondName | 1/1/2025 | Issuedinthecurrentperiod | Interestatfacevalue | Amortizationofpremiumordiscount | Repaymentinthecurrentperiod | 31/12/2025 | Defaultornot |
| 25YuedianfaSCP001 | 1,300,000,000 | 3,205,479 | 1,303,205,479 | No |
29.Long-termborrowings
| Item | 31/12/2025 | Interestraterange | 31/12/2024 | Interestraterange |
| Fiduciaryloan | 74,411,197,080 | 1.50%-3.45% | 68,928,106,497 | 1.55%-4.06% |
| Pledgedloan | 3,951,645,946 | 1.96%-3.00% | 5,173,278,170 | 2.26%-3.56% |
| Guaranteedloan | 1,218,069,296 | 2.65%-3.60% | 1,346,902,531 | 3.10%-4.30% |
| Subtotal | 79,580,912,322 | 75,448,287,198 | ||
| Less:currentportionoflong-termborrowings | 7,971,497,778 | 5,906,727,792 | ||
| Total | 71,609,414,544 | 69,541,559,406 |
Note1:Asat31December2025,therightforcollectingelectricityofcertainsubsidiarieswastreatedaspledgeforlong-termpledgedloan.Note2:TheCompanyhasnooverduelong-termborrowings.Note3:Asof31December2025,theprincipalbalanceoflong-termborrowingsborrowedbytheCompany’ssubsidiary,DachengCountyDun'AnNewEnergyCo.,Ltd.(Dun'AnNewEnergy),fromIndustrialBankCo.,Ltd.HohhotBranch,amountedtoRMB513,638,084,includingcurrentportionoflong-termborrowingsamountingtoRMB30,106,673,whichwassecuredbyBeijingGuangdunNewEnergyTechnologyCo.,Ltd.(2024:RMB542,391,920,includingcurrentportionoflong-termborrowingsamountingtoRMB28,753,836).Theannualinterestrateoftheloanis2.80%(2024:3.40%),andtheremainingprincipalwillmatureininstallmentsbyDecember11,2037.Asof31December2025,theprincipalbalanceoflong-termborrowingsborrowedbytheCompany’ssubsidiary,GuangdongYuedianXuwenWindPowerElectricityCo.,Ltd.(XuwenWindPower),fromtheEnergyGroupFinanceCompany,amountedtoRMB3,826,625,includingcurrentportionoflong-termborrowingsamountingtoRMB588,235,whichwassecuredbyZhanjiangWindPower(2024:RMB4,411,765,includingcurrentportionoflong-termborrowingsamountingtoRMB588,235).Theannualinterestrateoftheloanis2.65%(2024:3.1%).TheremainingprincipalwillmatureininstallmentsbyNovember28,2031.
Asof31December2025,theprincipalbalanceoflong-termborrowingsborrowedbyTumushukeThermalPower,asubsidiaryoftheCompanyfromShanghaiPudongDevelopmentBankandUrumqiBankamountedtoRMB664,650,000,includingcurrentportionoflong-termborrowingsamountingtoRMB103,050,000.TheborrowingswereguaranteedbytheThirdDivisionofXinjiangProductionandConstructionCorps(2024:RMB760,750,000includingcurrentportionoflong-termborrowingsofRMB96,100,000),withanannualinterestrateof2.95%(2024:3.90%).TheremainingprincipalwillmatureininstallmentsbyJune27,2032.Asof31December2025,theprincipalbalanceoflong-termborrowingsborrowedbyTumushukeThermalPower,asubsidiaryoftheCompanyfromBankofChinaamountedtoRMB31,283,652,includingcurrentportionoflong-termborrowingsamountingtoRMB5,872,652.TheborrowingswereguaranteedbyThermoelectricBranchofXinjiangJintaiElectricPowerCo.,Ltd(2024:RMB37,252,866,withnocurrentportionoflong-termborrowings),withaloaninterestrateof3.60%(2024:4.20%to
4.30%).TheremainingprincipalwillmatureininstallmentsbyDecember15,2031.
30.Debenturespayable
| Item | 31/12/2025 | 31/12/2024 | ||
| 21Yuedian02 | 126,998,416 | 126,964,454 | ||
| 21Yuedian03 | 802,733,618 | 802,658,147 | ||
| 22YuedianfaMTN001 | 605,575,178 | 605,252,536 | ||
| 23YuedianfaMTN001 | 1,641,650,539 | 1,641,303,369 | ||
| 24YuedianfaMTN001 | 1,013,812,118 | 1,013,579,788 | ||
| 24YuedianfaMTN002 | 1,514,923,106 | 1,514,602,351 | ||
| 24YuedianfaMTN003 | 603,169,625 | 603,064,342 | ||
| 24YuedianfaMTN004A | 1,004,509,926 | 1,004,289,973 | ||
| 24YuedianfaMTN004B | 501,386,519 | 501,275,303 | ||
| 24YuedianfaMTN005 | 1,002,065,904 | 1,001,880,113 | ||
| 24YuedianfaMTN006A | 801,874,743 | 801,718,882 | ||
| 24YuedianfaMTN006B | 1,000,981,240 | 1,000,796,146 | ||
| 25YuedianfaMTN001 | 505,093,156 | |||
| 25YuedianfaMTN002 | 804,541,947 | |||
| 25YuedianfaMTN003 | 902,853,033 | |||
| G23Yuefeng2 | 614,415,602 | 614,323,258 | ||
| Subtotal | 13,446,584,670 | 11,231,708,662 | ||
| Less:Currentportionofdebenturespayable | 1,064,288,075 | 124,279,404 | ||
| Total | 12,382,296,595 | 11,107,429,258 | ||
(1)Changesindebenturespayable
| BondName | Facevalue | Couponrate | Issuancedate | Maturityperiod | IssueAmount |
| 21Yuedian02 | 1,500,000,000 | 2.45% | 2021/4/27 | 5years | 1,500,000,000 |
| 21Yuedian03 | 800,000,000 | 3.41% | 2021/11/23 | 5years | 800,000,000 |
| 22YuedianfaMTN001 | 600,000,000 | 2.90% | 2022/8/24 | 5years | 600,000,000 |
| 23YuedianfaMTN001 | 1,600,000,000 | 3.35% | 2023/3/15 | 5years | 1,600,000,000 |
| 24YuedianfaMTN001 | 1,000,000,000 | 2.41% | 2024/5/22 | 5years | 1,000,000,000 |
| 24YuedianfaMTN002 | 1,500,000,000 | 2.54% | 2024/7/11 | 10Years | 1,500,000,000 |
| 24YuedianfaMTN003 | 600,000,000 | 2.52% | 2024/9/9 | 15years | 600,000,000 |
| 24YuedianfaMTN004A | 1,000,000,000 | 2.47% | 2024/10/11 | 5years | 1,000,000,000 |
| 24YuedianfaMTN004B | 500,000,000 | 2.70% | 2024/10/11 | 15years | 500,000,000 |
| 24YuedianfaMTN005 | 1,000,000,000 | 2.70% | 2024/10/22 | 15years | 1,000,000,000 |
| 24YuedianfaMTN006A | 800,000,000 | 2.37% | 2024/11/11 | 5years | 800,000,000 |
| 24YuedianfaMTN006B | 1,000,000,000 | 2.67% | 2024/11/11 | 15years | 1,000,000,000 |
| 25YuedianfaMTN001 | 500,000,000 | 2.18% | 2025/6/9 | 10Years | 500,000,000 |
| 25YuedianfaMTN002 | 800,000,000 | 2.20% | 2025/9/11 | 5years | 800,000,000 |
| 25YuedianfaMTN003 | 900,000,000 | 2.18% | 2025/10/17 | 5years | 900,000,000 |
| G23Yuefeng2 | 600,000,000 | 3.15% | 2023/3/20 | 5years | 600,000,000 |
| Subtotals | 14,700,000,000 | 14,700,000,000 |
Changesindebenturespayable(continued)
| BondName | 1/1/2025 | Issuedinthecurrentperiod | Interestatfacevalue | Amortizationofpremiumordiscount | Repaymentinthecurrentperiod | 31/12/2025 | Defaultornot |
| 21Yuedian02 | 126,964,454 | 3,062,500 | 33,962 | 3,062,500 | 126,998,416 | No | |
| 21Yuedian03 | 802,658,147 | 27,280,000 | 75,471 | 27,280,000 | 802,733,618 | No | |
| 22YuedianfaMTN001 | 605,252,536 | 17,400,000 | 322,642 | 17,400,000 | 605,575,178 | No | |
| 23YuedianfaMTN001 | 1,641,303,369 | 53,600,000 | 347,170 | 53,600,000 | 1,641,650,539 | No | |
| 24YuedianfaMTN001 | 1,013,579,788 | 24,100,000 | 232,330 | 24,100,000 | 1,013,812,118 | No | |
| 24YuedianfaMTN002 | 1,514,602,351 | 38,100,000 | 320,755 | 38,100,000 | 1,514,923,106 | No | |
| 24YuedianfaMTN003 | 603,064,342 | 15,120,000 | 105,283 | 15,120,000 | 603,169,625 | No | |
| 24YuedianfaMTN004A | 1,004,289,973 | 24,700,000 | 219,953 | 24,700,000 | 1,004,509,926 | No | |
| 24YuedianfaMTN004B | 501,275,303 | 13,500,000 | 111,216 | 13,500,000 | 501,386,519 | No | |
| 24YuedianfaMTN005 | 1,001,880,113 | 27,000,000 | 185,791 | 27,000,000 | 1,002,065,904 | No | |
| 24YuedianfaMTN006A | 801,718,882 | 18,960,000 | 155,861 | 18,960,000 | 801,874,743 | No | |
| 24YuedianfaMTN006B | 1,000,796,146 | 26,700,000 | 185,094 | 26,700,000 | 1,000,981,240 | No | |
| 25YuedianfaMTN001 | 500,000,000 | 6,047,260 | -954,104 | 505,093,156 | No | ||
| 25YuedianfaMTN002 | 800,000,000 | 5,171,507 | -629,560 | 804,541,947 | No | ||
| 25YuedianfaMTN003 | 900,000,000 | 3,861,288 | -1,008,255 | 902,853,033 | No | ||
| G23Yuefeng2 | 614,323,258 | 18,900,000 | 92,344 | 18,900,000 | 614,415,602 | No | |
| Subtotal | 11,231,708,662 | 2,200,000,000 | 323,502,555 | -204,047 | 308,422,500 | 13,446,584,670 | |
| Less:Currentportionofdebenturespayable | 124,279,404 | 1,064,288,075 | |||||
| Total | 11,107,429,258 | -- | -- | -- | -- | 12,382,296,595 |
ThedetailsofdebenturespayableoftheCompanyareasfollows:
AsapprovedbyCSRCCircularSFCLicense[2019]No.2477,theCompanyissued5-yearbook-entrycorporatedebenturesinreal-namesystemwithfacevalueofRMB1,500,000,000(21Yuedian02)tothepubliconApril27,2021.TheCompanyaltogetherraisedRMB1,499,791,783,afterdeductinganissueexpenseofwasRMB208,217.Thedebenture’sannualinterestratewas3.50%startingfromApril28,2021andwaschangedto2.45%fromMarch25,2024.Itwaspayableannuallyonsimpleinterest.Asof31December2025,debenturespayableweremeasuredatamortizedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof2.45%(December31,2024:2.45%).AsapprovedbyCSRCCircularSFCLicense[2021]No.3142,theCompanyissued5-yearbook-entrycorporatedebenturesinreal-namesystemwithfacevalueofRMB800,000,000(21Yuedian03)tothepubliconNovember23,2021.TheCompanyaltogetherraisedRMB799,565,033,afterdeductinganissueexpenseofwasRMB434,967.Thedebentureissubjecttoanannualinterestrateof3.41%startingfromNovember24,2021andshouldbepayableannuallyonsimpleinterest.Asof31December2025,debenturespayableweremeasuredatamortizedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof3.42%(December31,2024:3.42%).TheCompany’sapplicationforregistrationofmiddle-termnoteshasbeenacceptedbytheNationalAssociationofFinancialMarketInstitutionalInvestors(NAFMII)atits61stmeetingin2022.Theregistrationwouldbevalidfor2yearsstartingfrom23May2022.On24August2022,theCompanyissued5-yearmiddle-termnoteswithfacevalueofRMB600,000,000intheinter-bankmarket(22YuedianfaMTN001).TheCompanyaltogetherraisedRMB598,290,000afterdeductinganissueexpenseofRMB1,710,000,whichshouldbepaidinfiveyears.Asat31December2025,theissueexpenseofRMB1,368,000hadbeenpaid.Thedebentureissubjecttoanannualinterestrateof2.90%startingfrom26August2022andshouldbepayableannuallyonsimpleinterest.Asat31December2025,debenturespayableweremeasuredatamortizedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof2.96%(31December2024:2.96%).TheCompany’sapplicationforregistrationofmiddle-termnoteshasbeenacceptedbytheNAFMIIatits154thmeetingin2022.TheregisteredamountofRMB9,000,000,000wouldbevalidfor2yearsstartingfrom7December2022.On15March2023,theCompanyissued5-yearmiddle-termnoteswithfacevalueofRMB1,600,000,000intheinter-bankmarket(23YuedianfaMTN001).TheCompanyaltogetherraisedRMB1,599,632,000afterdeductinganissueexpenseofRMB368,000,whichshouldbepaidininstallmentsoverafive-yearperiod.Asat31December2025,theissueexpenseofRMB220,800hadbeenpaid.Thedebentureissubjecttoanannualinterestrateof3.35%startingfrom17March2023andshouldbepayableannuallyonsimpleinterest.Asat31December2025,debenturespayableweremeasuredatamortizedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof3.36%(31December2024:3.37%).TheCompany’sapplicationforregistrationofmiddle-termnoteshasbeenapprovedbytheNAFMIILicense(2022)No.MTN1252.TheregisteredamountofRMB9,000,000,000wouldbevalidfor2yearsstartingfrom7December2022.On22May,2024,theCompanyissued5-yearmiddle-termnoteswithfacevalueofRMB1,000,000,000intheinter-bankmarket(24YuedianfaMTN001).TheCompanyaltogetherraisedRMB998,768,650afterdeductinganissueexpenseofRMB1,231,350,whichshouldbepaidininstallmentsoverafive-yearperiod.Asat31December2025,theissueexpenseofRMB492,540hadbeenpaid.Thedebentureissubjecttoanannualinterestrateof2.41%startingfrom24May,2024andshouldbepayableannuallyonsimpleinterest.Asat31December2025,debenturespayableweremeasuredatamortizedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof2.42%.
TheCompany’sapplicationforregistrationofmiddle-termnoteshasbeenapprovedbytheNAFMIILicense(2022)No.MTN1252.TheregisteredamountofRMB9,000,000,000wouldbevalidfor2yearsstartingfrom7December2022.On11July,2024,theCompanyissued5-yearmiddle-termnoteswithfacevalueofRMB1,500,000,000intheinter-bankmarket(24YuedianfaMTN002).TheCompanyaltogetherraisedRMB1,496,600,000afterdeductinganissueexpenseofRMB3,400,000,whichshouldbepaidininstallmentsoveraten-yearperiod.Asat31December2025,theissueexpenseofRMB680,000hadbeenpaid.Thedebentureissubjecttoanannualinterestrateof2.54%startingfrom15July,2024andshouldbepayableannuallyonsimpleinterest.Asat31December2025,debenturespayableweremeasuredatamortizedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof2.54%.TheCompany’sapplicationforregistrationofmiddle-termnoteshasbeenapprovedbytheNAFMIILicense(2022)No.MTN1252.TheregisteredamountofRMB9,000,000,000wouldbevalidfor2yearsstartingfrom7December2022.On9September2024,theCompanyissued15-yearmiddle-termnoteswithfacevalueofRMB600,000,000intheinter-bankmarket(24YuedianfaMTN003).TheCompanyaltogetherraisedRMB598,326,000afterdeductinganissueexpenseofRMB1,674,000,whichshouldbepaidininstallmentsoverafifteen-yearperiod.Asat31December2025,theissueexpenseofRMB223,200hadbeenpaid.Thedebentureissubjecttoanannualinterestrateof2.52%startingfrom11September,2024andshouldbepayableannuallyonsimpleinterest.Asat31December2025,debenturespayableweremeasuredatamortizedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof2.54%.TheCompany’sapplicationforregistrationofmiddle-termnoteshasbeenapprovedbytheNAFMIILicense(2022)No.MTN1252.TheregisteredamountofRMB9,000,000,000wouldbevalidfor2yearsstartingfrom7December2022.On11October2024,theCompanyissued5-yearmiddle-termnoteswithfacevalueofRMB1,000,000,000intheinter-bankmarket(24YuedianfaMTN004A).TheCompanyaltogetherraisedRMB998,834,250afterdeductinganissueexpenseofRMB1,165,750,whichshouldbepaidininstallmentsoverafive-yearperiod.Asat31December2025,theissueexpenseofRMB466,300hadbeenpaid.Thedebentureissubjecttoanannualinterestrateof2.47%startingfrom14October,2024andshouldbepayableannuallyonsimpleinterest.Asat31December2025,debenturespayableweremeasuredatamortizedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof2.50%.TheCompany’sapplicationforregistrationofmiddle-termnoteshasbeenapprovedbytheNAFMIILicense(2022)No.MTN1252.TheregisteredamountofRMB9,000,000,000wouldbevalidfor2yearsstartingfrom7December2022.On11October2024,theCompanyissued15-yearmiddle-termnoteswithfacevalueofRMB500,000,000intheinter-bankmarket(24YuedianfaMTN004B).TheCompanyaltogetherraisedRMB498,231,650afterdeductinganissueexpenseofRMB1,768,350,whichshouldbepaidininstallmentsoverafive-yearperiod.Asat31December2025,theissueexpenseofRMB235,780hadbeenpaid.Thedebentureissubjecttoanannualinterestrateof2.70%startingfrom14October,2024andshouldbepayableannuallyonsimpleinterest.Asat31December2025,debenturespayableweremeasuredatamortizedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof2.73%.TheCompany’sapplicationforregistrationofmiddle-termnoteshasbeenapprovedbytheNAFMIILicense(2022)No.MTN1252.TheregisteredamountofRMB9,000,000,000wouldbevalidfor2yearsstartingfrom7December2022.On22October2024,theCompanyissued15-yearmiddle-termnoteswithfacevalueofRMB1,000,000,000intheinter-bankmarket(24YuedianfaMTN005).TheCompanyaltogetherraisedRMB996,537,931afterdeductinganissueexpenseofRMB3,462,069,whichshouldbepaidininstallmentsoverafifteen-yearperiod.Asat31December2025,theissueexpenseofRMB
461,609hadbeenpaid.Thedebentureissubjecttoanannualinterestrateof2.70%startingfrom24October,2024andshouldbepayableannuallyonsimpleinterest.Asat31December2025,debenturespayableweremeasuredatamortizedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof2.73%.TheCompany’sapplicationforregistrationofmiddle-termnoteshasbeenapprovedbytheNAFMIILicense(2022)No.MTN1252.TheregisteredamountofRMB9,000,000,000wouldbevalidfor2yearsstartingfrom7December2022.On11November2024,theCompanyissued5-yearmiddle-termnoteswithfacevalueofRMB800,000,000intheinterbankmarket(24YuedianfaMTN006A).TheCompanyaltogetherraisedRMB799,127,000afterdeductinganissueexpenseofRMB873,000whichshouldbepaidininstallmentsoverafive-yearperiod.Asat31December2025,theissueexpenseofRMB349,200hadbeenpaid.Thedebentureissubjecttoanannualinterestrateof2.37%startingfrom13November,2024andshouldbepayableannuallyonsimpleinterest.Asat31December2025,debenturespayableweremeasuredatamortizedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof2.39%.TheCompany’sapplicationforregistrationofmiddle-termnoteshasbeenapprovedbytheNAFMIILicense(2022)No.MTN1252.TheregisteredamountofRMB9,000,000,000wouldbevalidfor2yearsstartingfrom7December2022.On11November2024,theCompanyissued15-yearmiddle-termnoteswithfacevalueofRMB1,000,000,000intheinterbankmarket(24YuedianfaMTN006B).TheCompanyaltogetherraisedRMB997,507,000afterdeductinganissueexpenseofRMB2,493,000whichshouldbepaidininstallmentsoverafifteen-yearperiod.Asat31December2025,theissueexpenseofRMB332,400hadbeenpaid.Thedebentureissubjecttoanannualinterestrateof2.67%startingfrom13November,2024andshouldbepayableannuallyonsimpleinterest.Asat31December2025,debenturespayableweremeasuredatamortizedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof2.69%.TheCompany’sapplicationforregistrationofmiddle-termnoteshasbeenapprovedbytheNAFMIILicense(2024)No.DFI65.On9June2025,theCompanyissued10-yearmiddle-termnoteswithfacevalueofRMB500,000,000intheinter-bankmarket(25YuedianfaMTN001).TheCompanyaltogetherraisedRMB498,926,000afterdeductinganissueexpenseofRMB1,074,000whichshouldbepaidininstallmentsoveraten-yearperiod.Asat31December2025,theissueexpenseofRMB107,400hadbeenpaid.Thedebentureissubjecttoanannualinterestrateof2.18%startingfrom11June2025andshouldbepayableannuallyonsimpleinterest.Asat31December2025,debenturespayableweremeasuredatamortizedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof2.20%.TheCompany’sapplicationforregistrationofmiddle-termnoteshasbeenapprovedbytheNAFMIILicense(2024)No.DFI65.On11September2025,theCompanyissued5-yearmiddle-termnoteswithfacevalueofRMB800,000,000intheinter-bankmarket(25YuedianfaMTN002).TheCompanyaltogetherraisedRMB799,285,000afterdeductinganissueexpenseofRMB715,000whichshouldbepaidininstallmentsoverafive-yearperiod.Asat31December2025,theissueexpenseofRMB143,000hadbeenpaid.Thedebentureissubjecttoanannualinterestrateof2.20%startingfrom15September2025andshouldbepayableannuallyonsimpleinterest.Asat31December2025,debenturespayableweremeasuredatamortizedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof2.22%.TheCompany’sapplicationforregistrationofmiddle-termnoteshasbeenapprovedbytheNAFMIILicense(2024)No.DFI65.On17October2025,theCompanyissued5-yearmiddle-termnoteswithfacevalueofRMB900,000,000intheinter-bankmarket(25YuedianfaMTN003).TheCompanyaltogetherraisedRMB898,750,000afterdeductinganissueexpenseofRMB1,250,000whichshould
bepaidininstallmentsoverafive-yearperiod.Asat31December2025,theissueexpenseofRMB250,000hadbeenpaid.Thedebentureissubjecttoanannualinterestrateof2.18%startingfrom21October2025andshouldbepayableannuallyonsimpleinterest.Asat31December2025,debenturespayableweremeasuredatamortizedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof2.21%.AsapprovedbyShanghaiStockExchangeAnnouncement[2023]No.13343,theGroup’ssubsidiaryGuangdongWindPowerissued5-yearbook-entrycorporatedebenturesinreal-namesystemwithfacevalueofRMB600,000,000(G23Yuefeng2)tothepublicon20March2023.GuangdongWindPoweraltogetherraisedRMB599,421,962afterdeductinganissueexpenseofRMB578,038,whichshouldbepaidatonetime.Asat31December2023,theissueexpenseofRMB578,038hadbeenpaid.Thedebentureissubjecttoanannualinterestrateof3.15%startingfrom21March2023andshouldbepayableannuallyonsimpleinterest.Asat31December2025,debenturespayableweremeasuredatamortizedcostusingeffectiveinterestmethod,withtheeffectiveinterestrateof3.17%(31December2024:3.17%).
31.Leaseliabilities
| Item | 31/12/2025 | 31/12/2024 |
| Leaseliabilities | 12,885,889,327 | 12,907,440,430 |
| Less:Currentportionofleaseliabilities | 491,774,691 | 531,128,288 |
| Total | 12,394,114,636 | 12,376,312,142 |
32.Long-termpayables
| Item | 31/12/2025 | 31/12/2024 |
| Long-termpayables | 1,084,370,338 | 671,387,824 |
| Specialpayable | 24,960,000 | 24,960,000 |
| Total | 1,109,330,338 | 696,347,824 |
(1)Long-termpayables
| Item | 31/12/2025 | 31/12/2024 |
| Equipmentandconstructionexpensespayable | 1,030,843,602 | 295,079,986 |
| Seaareausefeepayables | 412,166,569 | 420,850,690 |
| Subtotal | 1,443,010,171 | 715,930,676 |
| Less:Currentportionoflong-termpayables | 358,639,833 | 44,542,852 |
| Total | 1,084,370,338 | 671,387,824 |
(2)Specialpayable
| Item | 1/1/2025 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 31/12/2025 |
| SupportingfundsforefficiencyimprovementandcapacityexpansionofGuanlanziheHydropowerStationandNanrongtianHydropowerStation | 24,960,000 | 24,960,000 |
Note:ThespecialpayablesoftheCompanyaretheexpansionsupportingfundsallocatedbythecentral
andprovincialgovernmentsaccordingtotheNoticeonPrintingandDistributingtheImplementationRulesfortheConstructionandManagementofRuralHydropowerEfficiencyExpansionandRenovationProjectsinYunnanProvince(YunshuiDian[2013]No.46)issuedbytheYunnanProvincialWaterResourcesDepartmentandtheYunnanProvincialFinanceDepartment.Thereisnospecificrepaymentdeadline,andthestate-ownedadministrativeassetincomeshallbeleviedatanannualinterestrateof4%andhandedovertoYunnanProvincialWaterConservancyandHydropowerInvestmentCo.,Ltd.Ourcompanywillincludethecorrespondinginterestinthispartinthefinancialexpenses.
33.Long-termEmployeebenefitspayable
| Item | 31/12/2025 | 31/12/2024 |
| Earlyretirementbenefitspayable(Note2) | 606,006,956 | 554,892,032 |
| Definedbenefitplanspayable(Note3) | 102,208,759 | 94,908,914 |
| Otherlong-termemployeebenefitspayable(Note4) | 13,968,342 | 18,525,563 |
| Subtotal | 722,184,057 | 668,326,509 |
| Less:long-termemployeebenefitspayableduewithinoneyear | 130,070,916 | 131,188,293 |
| Total | 592,113,141 | 537,138,216 |
Note1:Thelong-termemployeebenefitspayableduewithinoneyearwasincludedintheemployeebenefitspayableNote2:Earlyretirementbenefitspayable:accordingtotheCompany’sregulationsforearlyretirementofemployees,theemployeeswhoseearlyretirementrequestsareapprovedbytheGroupcouldhaveearlyretirementbeforestatutoryretirementage.Employeescanobtainsalaryonamonthlybasisbyacertainratiooftheoriginalsalaryuntiltheyreachthestatutoryretirementage.Managementexpectstheterminationbenefitstobepaidinthefuturearedeterminedbythepresentvalueofcashflow,whenaccruedtheaboveterminationbenefits.Asat31December2025,theCompanycalculatedtheexpectedexpenseforeachemployeeeligibleforearlyretirementineachyearbeforethestatutoryretirementageinaccordancewiththerelatedregulationsforearlyretirement,takingintoaccountlocalsalarygrowthrate,andestimatedthepresentvalueoffutureterminationbenefitsbytreasurybondinterestrateof1.70%(2024:2%)ofthesameperiod.Asat31December2025,theCompanyaccruedterminationbenefitsofRMB489,342,772(31December2024:RMB437,975,788)andrecognizedtheminlong-termemployeebenefitspayable.TheterminationbenefitsduewithinoneyeartotalingRMB116,664,184(31December2024:RMB116,916,244)wererecognizedinemployeebenefitspayable.Note3:InaccordancewiththeFAQonSocialManagementofRetiredEmployeesinState-ownedEnterprises(DocumentNo.36[2020])issuedbytheReformOfficeoftheState-ownedAssetsSupervisionandAdministrationCommission(SASAC)oftheStateCouncil,theGroupmadeaone-timeprovisionfortheexpectedpaymentstoretiredemployeeseligiblefortheGroup’sspecialretirementpensionsin2020,andmadethepaymentonamonthlybasis.TheexpectedpresentvaluesofcashflowsoftheGroup’sspecialretirementpensionsduringtheexpectedremaininglifeoftheretiredemployeesarerecognizedaslong-termemployeebenefitspayableandrecordedinprofitorlossforthecurrentperiod.TheGroup’sspecialretirementpensionsmainlyincluderetirementsubsidies,militarytransfersubsidiesandlivingallowancesforretiredprimaryandsecondaryschoolteachers.Asat31December2025,theGroupcalculatedtheexpectedspecialretirementpensionseachyearduringretirees’expectedremaininglife,andestimatedthepresentvalueofspecialretirementpensionsinthefuturebytreasurybondinterestrateof1.70%(2024:2%)ofthesameperiod.Asat31December2025,theGroupaccrueddefinedbenefitplansofRMB93,758,736andrecognizedtheminlong-termemployeebenefitspayable(31December2024:RMB86,398,126).Theactualdefinedbenefitplans
duewithinoneyeartotalingRMB8,450,023arerecognizedinemployeebenefitspayable(31December2024:RMB8,510,788).OthercomprehensiveincomeofRMB-8,265,102(2024:RMB2,339,452)wasadjustedduetoactuarialdifferencesin2025.Note4:AccordingtorelevantregulationsonsocialmedicalinsuranceinplaceswherethesubsidiariesoftheCompanyandtheGrouplocate,ifindividualemployeesparticipatingbasicmedicalinsuranceforurbanresidentsareundertheirstatutoryagesofretirement,buttheirestimatedcontributionyearsfailtomeetthelocalstandards,theGroupneedstomakecontinuouscontributionfortheemployeesperannumtillthestandardsaremetevenaftertheirretirement.Theexpectedpresentvaluesofcashflowsthatshallbepaidformedicalinsurancefortheremainingcontributionyearsofretiredemployeesarerecognizedaslong-termemployeebenefitspayableandrecordedinprofitorlossforthecurrentperiod.Asat31December2025,thebalanceoftheGroup’sotherlong-termemployeebenefitspayablewasmainlytheadditionalpaymentofmedicalinsurancemadeforretiredemployees.TheGroupcalculatedtheexpectedexpensesforeachyearfromtheendofthecurrentyeartoregulatedcontributionyearsbasedonthelocalmonthlyaveragesalaryoftheyear,andestimatedthepresentvalueofcashexpensesmadebyretiredemployeesformedicalinsuranceinthefuture,withatreasurybondinterestrateof1.70%(2024:2%)asdiscountrate.Asat31December2025,theGroupaccruedotherlong-termemployeebenefitspayableofRMB9,011,633(31December2024:RMB12,764,302),withactualpaymentofotherlong-termemployeebenefitspayableduewithinoneyearofRMB4,956,709(31December2024:RMB5,761,261)recognizedinemployeebenefitspayable.
34.Deferredincome
| Item | 1/1/2025 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 31/12/2025 | Formationreasons |
| Governmentgrants | 113,262,526 | 41,386,281 | 12,854,495 | 141,794,312 | Governmentgrantsrelatedtoassets |
35.Othernon-currentliabilities
| Item | 31/12/2025 | 31/12/2024 |
| HousingworkingFunds | 985,667 | 985,667 |
| Others | 42,500 | 42,500 |
| Total | 1,028,167 | 1,028,167 |
36.Sharecapital
| Item | 31/12/2025 | 31/12/2024 |
| Sharessubjecttotradingrestriction | ||
| -Sharesheldbydomesticstate-ownedlegalperson | 1,893,342,621 | 1,893,454,257 |
| -Otherdomesticshares | 3,146,466 | 4,525,080 |
| Including:Sharesheldbydomesticnon-state-ownedlegalperson | 3,146,466 | 3,535,770 |
| Sharesheldbydomesticnaturalperson | 989,310 | |
| Sharesnotsubjecttotradingrestriction | ||
| -RMB-denominatedordinaryshares | 2,555,386,899 | 2,553,896,649 |
| -Domestically-listedforeignshares | 798,408,000 | 798,408,000 |
| Total | 5,250,283,986 | 5,250,283,986 |
37.Capitalsurplus
| Item | 1/1/2025 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 31/12/2025 |
| Capitalpremium(Note1) | 4,909,978,015 | 190,884,226 | 4,719,093,789 | |
| Revaluationreserve | 119,593,718 | 119,593,718 | ||
| InvestmentfromGEGC | 388,976,355 | 388,976,355 | ||
| Shareofinterestsintheinvesteeinproportiontotheshareholding(Note2) | -158,866,523 | 15,963,968 | -142,902,555 | |
| Transferofcapitalsurplusrecognizedunderthepreviousaccountingsystem | 20,474,592 | 20,474,592 | ||
| Others | -76,905,774 | -76,905,774 | ||
| Total | 5,203,250,383 | 15,963,968 | 190,884,226 | 5,028,330,125 |
Note1:In2025,thecapitalsurplusoftheCompanydecreasedbyRMB190,884,226duetothedisproportionatecapitalinvestmentbetweentheCompanyandminorityshareholdersincertainsubsidiaries.Note2:In2025,capitalsurplusofjointventuresandassociatescalculatedbasedonproportionofequityacquiredincreasedbybyRMB15,963,968.
38.Othercomprehensiveincome
Othercomprehensiveincomeattributabletotheparentcompanyinthebalancesheet:
| Item | 1/1/2025(1) | Amountincurredinthecurrentperiod | 31/12/2025(4)=(1)+(2)+(3) | |
| Attributabletotheparentcompanyaftertax(2) | Transferofothercomprehensiveincometoretainedearningsinthecurrentperiod(3) | |||
| I.Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorloss | 1,329,658,738 | 202,607,477 | 1,532,266,215 | |
| 1.Shareofothercomprehensiveincomeoftheinvesteeaccountedforusingequitymethodthatwillnotbereclassifiedtoprofitorloss | 96,233,166 | -59,081,066 | 37,152,100 | |
| 2.Changesinfairvalueofinvestmentsinotherequityinstruments | 1,280,818,026 | 269,679,174 | 1,550,497,200 | |
| 3.Changesarisingfromremeasurementofdefinedbenefitplans | -47,392,454 | -7,990,631 | -55,383,085 | |
| II.Othercomprehensiveincomethatwillbereclassifiedtoprofitorloss | 2,217,355 | -646,323 | 1,571,032 | |
| 1.Shareofothercomprehensiveincomeoftheinvesteeaccountedforusingequitymethodthatwillbereclassifiedtoprofitorloss | 2,217,355 | -646,323 | 1,571,032 | |
| Total | 1,331,876,093 | 201,961,154 | 1,533,837,247 | |
Othercomprehensiveincomeattributabletotheparentcompanyintheincomestatement:
| Item | Amountincurredinthecurrentperiod |
| Amountincurredbeforetaxinthecurrentperiod(1) | Transferofothercomprehensiveincometocurrenttransfer-inprofitandloss(2) | Incometaxexpenses(3) | Attributabletominorityshareholdersaftertax(4) | Attributabletotheparentcompanyaftertax(5)=(1)+(2)+(3)+(4) | |
| I.Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorloss | 286,262,091 | -89,984,548 | 6,329,934 | 202,607,477 | |
| 1.Shareofothercomprehensiveincomeoftheinvesteeaccountedforusingequitymethodthatwillnotbereclassifiedtoprofitorloss | -59,081,066 | -59,081,066 | |||
| 2.Changesinfairvalueofotherequityinstrumentinvestments | 359,400,015 | -89,984,548 | 263,707 | 269,679,174 | |
| 3.Changesarisingfromremeasurementofdefinedbenefitplans | -14,056,858 | 6,066,227 | -7,990,631 | ||
| II.Othercomprehensiveincomethatwillbereclassifiedtoprofitorloss | -646,323 | -646,323 | |||
| 1.Shareofothercomprehensiveincomeoftheinvesteeaccountedforusingequitymethodthatwillbereclassifiedtoprofitorloss | -646,323 | -646,323 | |||
| Total | 285,615,768 | -89,984,548 | 6,329,934 | 201,961,154 |
39.Specificreserve
| Item | 1/1/2025 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 31/12/2025 |
| Safetyproductionfee | 62,769,166 | 448,235,305 | 420,537,438 | 90,467,033 |
40.Surplusreserve
| Item | 1/1/2025 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 31/12/2025 |
| Statutorysurplusreserve | 3,016,893,870 | 3,016,893,870 | ||
| Discretionarysurplusreserve | 5,886,621,265 | 5,886,621,265 | ||
| Total | 8,903,515,135 | 8,903,515,135 |
Note:InaccordancewiththeCompanyLawofthePeople'sRepublicofChinaandtheCompany’sArticlesofAssociation,theCompanyshouldappropriate10%ofnetprofitfortheyeartothestatutorysurplusreserve,andtheCompanycanceaseappropriationwhenthestatutorysurplusreserveaccumulatestomorethan50%oftheregisteredcapital.TheCompanyappropriatesforthediscretionarysurplusreserveaftertheshareholders’meetingapprovestheproposalfromtheBoardofDirectors.Thesurplusreservecanbeusedtomakeupforthelossorincreasethesharecapitalafterapprovalfromtheappropriateauthorities.Asat31December2025,theaccumulatedstatutorysurplusreserveoftheCompanyhadexceeded50%oftheregisteredcapital.Accordingtotheresolutionoftheshareholders’meetingon28May2025,nostatutorysurplusreserveordiscretionarysurplusreserveshouldbeaccrued(sameasin2024).
41.Undistributedprofits
| Item | 2025 | 2024 |
| Undistributedprofitattheendofthepreviousperiodbeforeadjustment | 2,142,987,033 | 1,283,749,956 |
| Adjustedtotalofundistributedprofitsatthebeginningoftheperiod(increase+,decrease-) | ||
| Adjustedbeginningundistributedprofit | 2,142,987,033 | 1,283,749,956 |
| Add:netprofitattributabletoequityownersoftheCompany | 599,942,339 | 964,242,757 |
| Less:dividendspayableonordinaryshares | 105,005,680 | 105,005,680 |
| Undistributedprofitsattheendoftheyear | 2,637,923,692 | 2,142,987,033 |
42.Revenueandcostofsale
(1)Revenueandcostofsale
| Item | 2025 | 2024 | ||
| Revenue | Costofsale | Revenue | Costofsale | |
| Mainbusiness | 51,267,794,729 | 45,644,699,921 | 56,860,158,480 | 49,437,424,682 |
| Otherbusiness | 273,383,901 | 68,814,074 | 298,908,753 | 83,472,364 |
| Total | 51,541,178,630 | 45,713,513,995 | 57,159,067,233 | 49,520,897,046 |
(2)Revenueandcostofsalecategorizedbytype
| Item | 2025 | 2024 | ||
| Revenue | Costofsale | Revenue | Costofsale | |
| Mainbusiness | ||||
| Revenuefromsaleofelectricity | 50,555,016,115 | 45,050,475,805 | 56,312,348,835 | 49,008,250,157 |
| Revenuefromsaleofsteam | 561,291,129 | 469,115,927 | 403,680,647 | 297,428,193 |
| Renderingofservice | 151,487,485 | 125,108,189 | 144,128,998 | 131,746,332 |
| Subtotal | 51,267,794,729 | 45,644,699,921 | 56,860,158,480 | 49,437,424,682 |
| Otherbusinesses | ||||
| Revenuefromutilizationofcoalandashes | 159,397,986 | 3,764,548 | 183,757,839 | 9,692,028 |
| Rentalincome | 30,484,661 | 12,118,919 | 45,418,339 | 9,442,030 |
| Others | 83,501,254 | 52,930,607 | 69,732,575 | 64,338,306 |
| Subtotal | 273,383,901 | 68,814,074 | 298,908,753 | 83,472,364 |
| Total | 51,541,178,630 | 45,713,513,995 | 57,159,067,233 | 49,520,897,046 |
(3)RevenueandcostofsalecategorizedbysalesrecognitionmethodDetailsofrevenue
| Item | 2025 | ||||
| Saleofelectricity,steamandcoalashes | Services | Leases | Others | Total | |
| Item | 2025 | ||||
| Saleofelectricity,steamandcoalashes | Services | Leases | Others | Total | |
| Revenuefrommainoperations | 51,116,307,244 | 51,116,307,244 | |||
| Including:recognizedatatimepoint | 151,487,485 | 151,487,485 | |||
| recognizedoveratimeperiod | - | ||||
| revenuefromotheroperations | 159,397,986 | 61,241,604 | 220,639,590 | ||
| Including:recognizedatatimepoint | 22,259,650 | 22,259,650 | |||
| recognizedoveratimeperiod | 30,484,661 | 30,484,661 | |||
| Rentalincome | 51,275,705,230 | 151,487,485 | 30,484,661 | 83,501,254 | 51,541,178,630 |
| Total | |||||
Detailsofcostofsales
| Item | 2025 | ||||
| Saleofelectricity,steamandcoalashes | Services | Leases | Others | Total | |
| Costofsalefrommainoperations | |||||
| Including:recognizedatatimepoint | 45,519,591,732 | 45,519,591,732 | |||
| recognizedoveratimeperiod | 125,108,189 | 125,108,189 | |||
| Costofsalefromotheroperations | |||||
| Including:recognizedatatimepoint | 3,764,548 | 34,008,265 | 37,772,813 | ||
| recognizedoveratimeperiod | 18,922,342 | 18,922,342 | |||
| Rentalincome | 12,118,919 | 12,118,919 | |||
| Total | 45,523,356,280 | 125,108,189 | 12,118,919 | 52,930,607 | 45,713,513,995 |
Detailsofrevenue(continued)
| Item | 2024 | ||||
| Saleofelectricity,steamandcoalashes | Services | Leases | Others | Total | |
| Revenuefrommainoperations | |||||
| Including:recognizedatatimepoint | 56,716,029,482 | 41,997,239 | 56,758,026,721 | ||
| recognizedoveratimeperiod | 102,131,759 | 102,131,759 | |||
| Revenuefromotheroperations | |||||
| Item | 2024 | ||||
| Saleofelectricity,steamandcoalashes | Services | Leases | Others | Total | |
| Including:recognizedatatimepoint | 183,757,839 | 56,663,190 | 240,421,029 | ||
| recognizedoveratimeperiod | 13,069,385 | 13,069,385 | |||
| Rentalincome | 45,418,339 | 45,418,339 | |||
| Total | 56,899,787,321 | 144,128,998 | 45,418,339 | 69,732,575 | 57,159,067,233 |
Detailsofcostofsale(continued)
| Item | 2024 | ||||
| Saleofelectricity,steamandcoalashes | Services | Leases | Others | Total | |
| Costofsalefrommainoperations | |||||
| Including:recognizedatatimepoint | 49,305,678,350 | 39,475,949 | 49,345,154,299 | ||
| recognizedoveratimeperiod | 92,270,383 | 92,270,383 | |||
| Costofsalefromotheroperations | |||||
| Including:recognizedatatimepoint | 9,692,028 | 53,406,723 | 63,098,751 | ||
| recognizedoveratimeperiod | 10,931,583 | 10,931,583 | |||
| Rentalincome | 9,442,030 | 9,442,030 | |||
| Total | 49,315,370,378 | 131,746,332 | 9,442,030 | 64,338,306 | 49,520,897,046 |
(4)Informationrelatedtoremainingperformanceobligations
| Item | Amount |
| Revenuecorrespondingtotheobligationsundercontractsnotyetfullyperformed | 199,239,465 |
| Revenuewhichwillberecognizedin2026 | 45,099,926 |
(5)Salesrevenuefromtrialoperation
| Item | 2025 | 2024 | ||
| Revenue | Costofsale | Revenue | Costofsale | |
| Trialoperationandsales | 768,703,478 | 446,784,229 | 1,083,458,544 | 1,074,494,209 |
43.Taxesandsurcharges
| Item | 2025 | 2024 |
| Propertytax | 132,042,670 | 125,192,325 |
| Citymaintenanceandconstructiontax | 75,991,477 | 86,167,659 |
| Educationsurcharges | 58,534,989 | 68,238,371 |
| Landusetax | 39,182,829 | 38,191,260 |
| Item | 2025 | 2024 |
| Stamptax | 35,202,336 | 32,385,842 |
| Environmentalprotectiontax | 25,484,959 | 24,167,539 |
| Others | 17,471,241 | 843,686 |
| Total | 383,910,501 | 375,186,682 |
Fordetailsonthecalculationstandardsforvarioustaxesandsurcharges,pleaserefertotheNoteIV.
44.Sellingexpenses
| Item | 2025 | 2024 |
| Employeecompensation | 68,201,335 | 64,092,476 |
| Labourinsurance | 16,594,110 | 14,761,949 |
| Businessentertainment | 1,820,079 | 3,256,031 |
| Depreciation | 2,869,567 | 2,736,192 |
| Travelling | 3,230,188 | 2,523,492 |
| Others | 8,037,651 | 13,780,746 |
| Total | 100,752,930 | 101,150,886 |
45.Generalandadministrativeexpenses
| Item | 2025 | 2024 |
| Employeecompensation | 864,433,880 | 792,756,435 |
| Labourinsurance | 143,146,067 | 130,705,849 |
| Agencyservice | 66,736,229 | 104,329,398 |
| Amortizationofintangibleassets | 102,671,122 | 102,208,295 |
| Depreciation | 103,782,915 | 88,916,038 |
| Firesafety | 70,612,461 | 65,897,257 |
| Propertymanagement | 50,474,167 | 50,007,488 |
| Office | 69,917,567 | 45,963,009 |
| Publicity | 6,690,138 | 22,379,440 |
| Rental | 12,870,325 | 19,479,426 |
| Travelling | 17,970,186 | 19,372,323 |
| Afforestation | 14,136,940 | 16,744,318 |
| Labour | 14,919,501 | 12,887,967 |
| Traffic | 10,983,136 | 12,115,006 |
| Maintenance | 9,710,325 | 9,842,446 |
| Businessentertainment | 2,758,968 | 7,104,997 |
| Insurance | 5,568,079 | 4,400,400 |
| Others | 85,977,829 | 121,241,901 |
| Total | 1,653,359,835 | 1,626,351,993 |
46.Researchanddevelopmentexpenses
| Item | 2025 | 2024 |
| Item | 2025 | 2024 |
| Material | 262,077,521 | 984,868,135 |
| Employeecompensation | 165,697,320 | 150,098,888 |
| Depreciationandamortization | 71,650,394 | 82,322,178 |
| Outsourcedresearchanddevelopment | 51,565,934 | 59,853,693 |
| Others | 16,207,642 | 9,640,706 |
| Total | 567,198,811 | 1,286,783,600 |
47.Financialexpenses
| Item | 2025 | 2024 |
| Interestcosts | 2,721,483,015 | 2,784,728,456 |
| Add:Interestcostsonleaseliabilities | 288,818,628 | 344,267,568 |
| Less:Amountscapitalizedonqualifyingassets | 762,494,697 | 698,767,978 |
| Subtotalofinterestexpenses | 2,247,806,946 | 2,430,228,046 |
| Less:Interestincome | 89,069,206 | 162,430,466 |
| Amortizationofdiscountsorpremiumofdebenturespayable | 2,586,974 | 2,783,450 |
| Exchangelosses/(gains)-net | -10,417 | 78,415 |
| Servicechargeandothers | 24,668,087 | 14,370,315 |
| Total | 2,185,982,384 | 2,285,029,760 |
48.Otherincome
| Item | 2025 | 2024 |
| Governmentgrants | ||
| -Relatedtoassets | 12,854,495 | 34,531,250 |
| -Relatedtoincome | 36,659,081 | 43,427,479 |
| Total | 49,513,576 | 77,958,729 |
49.Investmentincome
| Item | 2025 | 2024 |
| Investmentincomefromlong-termequityinvestmentsunderequitymethod | 675,523,147 | 697,637,165 |
| Dividendincomeearnedduringtheholdingperiodofinvestmentsinotherequityinstruments | 116,155,595 | 112,589,718 |
| Total | 791,678,742 | 810,226,883 |
Note:TherewasnosignificantrestrictiononremittanceofinvestmentincomeoftheGroup.
50.Losseson/(Reversalof)creditimpairment(lossesareindicatedby"-")
| Item | 2025 | 2024 |
| Lossesonbaddebtsoftradereceivables | -7,248,897 | -9,687,050 |
| Reversalofbaddebtsofotherreceivables | -10,162,232 | -23,566,626 |
| Total | -17,411,129 | -33,253,676 |
51.Assetimpairmentlosses(lossesareindicatedby"-")
| Item | 2025 | 2024 |
| ImpairmentofPPE | -228,762,175 | -321,598,218 |
| ImpairmentofCIP | -87,030,498 | -28,686,283 |
| Impairmentofintangibleassets | -33,675,076 | |
| Impairmentofinventories | -21,698,425 | |
| Impairmentoflossoncontractfulfillmentcosts | -621,732 | |
| Impairmentofcontractassets | -1,267 | 12,529 |
| Impairmentofgoodwill | -6,158,996 | |
| Total | -371,789,173 | -356,430,968 |
52.Gainsondisposalsofassets(lossesareindicatedby"-")
| Item | 2025 | 2024 |
| Gainsondisposalsofintangibleassets(lossesareindicatedby"-") | 20,319,925 | |
| GainsondisposalsofPPE(lossesareindicatedby"-") | -170,799 | 5,479 |
| Others | 195,346 | 93,176 |
| Total | 20,344,472 | 98,655 |
53.Non-operatingincome
| Item | 2025 | 2024 | Amountrecognizedinnon-recurringprofitorlossin2025 |
| Gainsonscrapofnon-currentassets | 72,198,570 | 83,721,465 | 72,198,570 |
| Claimsandcompensationincome | 46,757,108 | 77,932,584 | 46,757,108 |
| Compensationunderthenaturalgascontract | 47,563,813 | 47,563,813 | |
| Compensationforseaareauserights,mountainexcavationandlandreclamationprojects | 44,085,993 | 44,085,993 | |
| CompensationincomefromtheHuizhouLNGreceivingterminalproject | 23,744,100 | 177,384,900 | 23,744,100 |
| Incomefrompenaltiesandfines | 13,169,760 | 24,077,139 | 13,169,760 |
| Incomefromsaleofcarbonemissionallowances | 2,725,356 | 13,189,163 | 2,725,356 |
| Waivedpayables | 2,135,538 | 31,827,530 | 2,135,538 |
| Compensationforelectricitychargesduringthedemolitionandconstructionperiod | 6,513,028 | ||
| Others | 3,119,215 | 3,420,705 | 3,119,215 |
| Total | 255,499,453 | 418,066,514 | 255,499,453 |
54.Non-operatingexpenses
| Item | 2025 | 2024 | Amountrecognizedinnon-recurringprofitorlossin2025 |
| Lossesonscrapofnon-currentassets | 65,094,390 | 85,124,076 | 65,094,390 |
| Carbonemissionallowancesusedtofulfiltheemissionreductionobligation | 62,242,301 | 318,227,152 | |
| Penaltiesandoverduefines | 15,806,134 | 9,621,477 | 15,806,134 |
| Others | 9,747,035 | 12,732,207 | 9,747,035 |
| Total | 152,889,860 | 425,704,912 | 90,647,559 |
Note:InaccordancewiththeInterimProvisionsontheAccountingTreatmentRegardingCarbonEmissionsRightsTrading(CaiKuai[2019]No.22),theInterimMeasuresfortheAdministrationofCarbonEmissionRightsTrading,andtheTotalQuotaandAllocationPlanfortheNationalCarbonEmissionTradinginthePowerGenerationIndustryfortheYears2023and2024,subsidiarieswithintheGroupthatwereidentifiedaskeyemissionunitsrecognizedtheexpectedperformanceobligationsofcarbonemissionin2025asnon-operatingexpensesonanaccrualbasis，andincludedrelatedprovisionforcarbonemissionallowancespayableinotherpayables.
55.Incometaxexpense
(1)Detailsofincometaxexpenses
| Item | 2025 | 2024 |
| Currentincometaxcalculatedbasedontaxlawandrelatedregulations | 375,776,642 | 468,464,776 |
| Deferredincometax | 103,976,348 | 231,330,489 |
| Total | 479,752,990 | 699,795,265 |
(2)Therelationshipbetweenincometaxexpensesandtotalprofit
| Item | 2025 | 2024 |
| Totalprofit | 1,511,406,255 | 2,454,628,491 |
| Incometaxcalculatedatapplicabletaxrates | 377,851,564 | 613,657,122 |
| Effectofpreferentialtaxratesofsubsidiaries | 11,940,494 | -87,378,135 |
| Adjustmenttocurrentincometaxforpreviousperiods | 11,100,896 | 19,446,011 |
| Incomenotsubjecttotax(expressedwith"-") | -532,716,891 | -211,826,795 |
| Costs,expensesandlossesnotdeductiblefortaxpurposes | 31,951,274 | 22,329,468 |
| Deductiblelossesofunrecognizeddeferredtaxassetsinthecurrentperiod | 413,428,609 | 397,784,917 |
| Transfer-outofdeductiblelossesforwhichdeferredtaxassetwasrecognized | 36,899,014 | 82,268,367 |
| Deductibletemporarydifferencesforwhichnodeferredtaxassetwasrecognized | 135,928,719 | 96,005,255 |
| Utilizationofpreviouslyunrecognizeddeductiblelossesortemporarydifferences(expressedwith"-") | -4,986,323 | -230,207,917 |
| Others | -1,644,366 | -2,283,028 |
| Incometaxexpense | 479,752,990 | 699,795,265 |
56.Notestothecashflowstatement
(1)Cashreceivedrelatingtootheroperatingactivities
| Item | 2025 | 2024 |
| Interestincome | 104,069,884 | 147,943,742 |
| Rentalincome | 29,585,866 | 31,649,892 |
| Revenuefromsaleofcarbonemissionallowances | 41,985,802 | 51,902,388 |
| Incomefromleasedlabourservices | 477,210 | 16,996,935 |
| Governmentgrants | 78,097,539 | 30,039,735 |
| Incomefromclaimsandfines | 127,324,929 | 99,157,788 |
| Others | 36,360,699 | 11,718,874 |
| Total | 417,901,929 | 389,409,354 |
(2)Cashpaidrelatingtootheroperatingactivities
| Item | 2025 | 2024 |
| Carbonemissionrightallowances | 111,851,457 | 376,937,529 |
| Insuranceexpenses | 272,866,401 | 247,229,280 |
| Agencyservicefees | 258,079,726 | 296,502,844 |
| Utilityfees | 143,069,871 | 148,708,671 |
| Researchanddevelopmentexpenses | 69,734,542 | 59,081,411 |
| Firesafetyexpenses | 55,173,840 | 55,953,927 |
| Sewageandsanitarycharges | 11,794,269 | 15,887,006 |
| Propertymanagementexpenses | 88,913,609 | 87,651,497 |
| Officeexpenses | 23,678,024 | 26,262,777 |
| Rentalexpenses | 31,472,381 | 45,574,654 |
| Trafficexpenses | 21,944,689 | 19,361,888 |
| Testingandinspectionfees | 27,260,856 | 16,052,239 |
| Travellingexpenses | 34,893,720 | 30,307,790 |
| Others | 322,358,607 | 318,518,284 |
| Total | 1,473,091,992 | 1,744,029,797 |
(3)Cashreceivedrelatingtootherinvestingactivities
| Item | 2025 | 2024 |
| Recoveryofprincipalfromfixeddeposit | 2,900,000,000 | 4,000,000,000 |
| Recoveryofprepaidequityearnestmoney | 270,717,600 | |
| Total | 3,170,717,600 | 4,000,000,000 |
(4)Cashpaidrelatingtootherinvestingactivities
| Item | 2025 | 2024 |
| Transfertofixeddeposits | 1,902,000,000 | 2,900,000,000 |
| Prepaidequityearnestmoney | 237,400,000 | |
| Total | 1,902,000,000 | 3,137,400,000 |
(5)Cashpaidrelatingtootherfinancingactivities
| Item | 2025 | 2024 |
| Refundstominorityshareholders | 144,000,000 | |
| Repaymentsofleaseliabilitiesandlong-termpayables | 2,406,783,636 | 1,115,122,755 |
| Agencyfeefordebentureissuance | 1,871,733 | 2,036,115 |
| Total | 2,552,655,369 | 1,117,158,870 |
(6)Movementsofliabilitiesarisingfromfinancingactivities(includingthosetobepaidwithinoneyear)
| Item | Bankborrowings | Debenturespayable | Leaseliabilities | Long-termpayables | Total |
| Asat31/12/2024 | 89,557,218,031 | 11,231,708,662 | 12,907,440,430 | 715,930,676 | 114,412,297,799 |
| Cashinflowsfromfinancingactivities | 31,492,764,654 | 3,499,747,917 | 587,967,579 | 35,580,480,150 | |
| Cashoutflowsfromfinancingactivities | -34,725,857,587 | -1,611,579,943 | -2,239,184,651 | -167,598,985 | -38,744,221,166 |
| Interestaccruedinthecurrentyear | 2,366,032,009 | 326,708,034 | 288,818,628 | 28,742,972 | 3,010,301,643 |
| Movementsthatdonotinvolvecashreceiptsandpayments | 1,462,120,340 | 250,315,987 | 1,712,436,327 | ||
| Others | 631,766,372 | 411,334,019 | 27,651,942 | 1,070,752,333 | |
| Asat31/12/2025 | 89,321,923,479 | 13,446,584,670 | 12,830,528,766 | 1,443,010,171 | 117,042,047,086 |
57.Supplementaryinformationtothecashflowstatement
(1)Supplementaryinformationtothecashflowstatement
| Supplementaryinformation | 2025 | 2024 |
| 1.Reconciliationofnetprofittocashflowsfromoperatingactivities： | ||
| Netprofit | 1,031,653,265 | 1,754,833,226 |
| Add:Provisionforassetimpairment | 371,789,173 | 356,430,968 |
| Provisionfor/(Reversalof)creditimpairmentloss | 17,411,129 | 33,253,676 |
| DepreciationofPPE | 5,678,771,165 | 5,183,587,245 |
| Depreciationofinvestmentproperties | 8,315,233 | 8,650,211 |
| Depreciationofright-to-useassets | 793,850,974 | 572,196,996 |
| Amortizationofintangibleassets | 148,993,085 | 125,987,574 |
| Amortizationoflong-termprepaidexpenses | 10,256,410 | 10,432,684 |
| Amortizationofdeferredincome | -12,854,495 | -34,531,250 |
| GainsondisposalsofPPE,intangibleassetsandotherlong-termassets(gainsareindicatedby"-") | -20,344,472 | -98,655 |
| Supplementaryinformation | 2025 | 2024 |
| Netlossesonscrapofnon-currentassets(gainsareindicatedby"-") | -7,104,180 | 1,402,611 |
| Lossfromfairvaluechange(gainsareindicatedby"-") | ||
| Financialexpenses(incomeisindicatedby"-") | 2,250,393,920 | 2,433,011,497 |
| Investmentlosses(gainsareindicatedby"-") | -791,678,742 | -810,226,883 |
| Increaseindeferredincometax(decreaseisindicatedby"-") | 103,976,348 | 231,330,490 |
| Decreaseininventories(increaseisindicatedbya"-") | 261,615,349 | 78,385,222 |
| Decreaseinoperatingreceivables(increaseisindicatedby"-") | -542,559,322 | -456,264,238 |
| Increaseinoperatingpayables(decreaseisindicatedby"-") | 922,546,975 | 1,496,940,300 |
| Decreaseinoperatingrestrictedcash(increaseisindicatedby"-") | 8,187,573 | -10,137,751 |
| Netcashflowfromoperatingactivities | 10,233,219,388 | 10,975,183,923 |
| 2.Significantoperating,investingandfinancingactivitiesthatdonotinvolvecashreceiptsandpayments: | ||
| Right-of-useassetsandseauserightsincreasedinthecurrentperiod | 1,462,120,339 | 3,213,034,501 |
| 3.Netincrease/(decrease)incashandcashequivalents: | ||
| Cashattheendoftheyear | 12,342,414,947 | 11,831,504,924 |
| Less:cashatthebeginningoftheyear | 11,831,504,924 | 11,954,167,156 |
| Add:cashequivalentsattheendoftheyear | ||
| Less:cashequivalentsatthebeginningoftheyear | ||
| Netincreaseincashandcashequivalents | 510,910,023 | -122,662,232 |
(2)NetcashpaidforacquisitionofsubsidiariesinthecurrentperiodTheCompanyhadnonetcashoutflowfortheacquisitionofsubsidiariesduringthecurrentperiod.
(3)Compositionofcashandcashequivalents
| Item | 31/12/2025 | 31/12/2024 |
| I.Cash | 12,342,414,947 | 11,831,504,924 |
| Including:cashonhand | 36,244 | 34,030 |
| Cashatbankthatcanbereadilydrawnondemand | 12,342,378,703 | 11,831,470,894 |
| Othermonetaryfundsthatcanbereadilydrawnondemand | ||
| II.Cashequivalents | ||
| III.Cashandcashequivalentsattheendoftheyear | 12,342,414,947 | 11,831,504,924 |
| Including:restrictedcashandcashequivalents |
(4)Cashandbankbalanceswhicharenotclassifiedascashandcashequivalents
| Item | 31/12/2025 | 31/12/2024 | Reasonsfornotbeingclassifiedascashandcashequivalents |
| Timedepositinfinancecompany | 2,450,238,699 | 3,450,600,000 | Theliquiditydoesnotmeetthedefinitionofcashandcashequivalents |
| Othercashbalances | 25,738,324 | 33,925,897 | Theliquiditydoesnotmeetthedefinitionofcashandcashequivalents |
| Interestreceivable | 21,228,210 | 45,790,010 | Accruedbalanceisnotactualbalance |
| Total | 2,497,205,233 | 3,530,315,907 |
58.Monetaryitemsdenominatedinforeigncurrency
(1)Monetaryitemsdenominatedinforeigncurrency
| Item | Balanceinforeigncurrencyasat31/12/2025 | Exchangerate | BalancetranslatedtoRMBasat31/12/2025 |
| Cashandbankbalances | 13,640 | ||
| Including：USdollars | 191 | 7.0288 | 1,342 |
| HKdollars | 13,616 | 0.9032 | 12,298 |
59.Lease
(1)Asthelessee
| Item | 2025 |
| Short-termrentalfee | 27,763,129 |
| Low-valuerentalfee | 1,054,551 |
| Total | 28,817,680 |
(2)AsthelessorAsthelessor,theGroup’sundiscountedleaseproceedsreceivableafterthebalancesheetdateareasfollows:
| Afterthebalancesheetdate | 31/12/2025 | 31/12/2024 |
| Within1year | 29,620,766 | 26,017,606 |
| 1to2years | 18,568,807 | 22,919,546 |
| 2to3years | 13,437,312 | 15,358,994 |
| 3to4years | 10,094,145 | 11,728,648 |
| 4to5years | 8,355,791 | 10,239,307 |
| Morethan5years | 7,527,218 | 8,745,000 |
| Total | 87,604,039 | 95,009,101 |
60.Provisionforassetimpairmentandlosses
| Item | Balanceofimpairmentprovisionat1/1/2025 | Increaseinthecurrentyear | Decreaseinthecurrentyear | Balanceofimpairmentprovisionat31/12/2025 | |||||||
| Accrualamountincurrentperiod | Increasefromconsolidation | Increaseduetootherreasons | Total | Assetvaluerecoveryreversal | Resale | Reductionduetoconsolidation | Reductionduetootherreasons | Total | |||
| 1.Baddebtprovision | 91,170,919 | 18,421,149 | 18,421,149 | 1,010,020 | 76,983 | 1,087,003 | 108,505,065 | ||||
| Including:provisionfortradereceivables | 36,037,526 | 7,248,897 | 7,248,897 | 1,934 | 1,934 | 43,284,489 | |||||
| 2.Provisionforimpairmentofinventories | 47,494,841 | 21,698,425 | 21,698,425 | 14,080 | 14,080 | 69,179,186 | |||||
| 3.Provisionforimpairmentofcontractassets | 1,267 | 1,267 | 1,267 | ||||||||
| 4.Provisionforimpairmentofcontractacquisitioncosts | |||||||||||
| 5.Provisionforimpairmentofcontractperformancecosts | 621,732 | 621,732 | 621,732 | ||||||||
| 6.Provisionforimpairmentofassetsheldforsale | |||||||||||
| 7.Provisionforimpairmentofdebtinvestment | |||||||||||
| ☆8.Provisionforimpairmentofavailable-for-salefinancialassets | |||||||||||
| ☆9.Provisionforimpairmentofheld-to-maturityinvestments | |||||||||||
| 10.Provisionforimpairmentoflong-termequityinvestments | 143,433,433 | 143,433,433 | |||||||||
| 11.Provisionforimpairmentofinvestmentproperties | |||||||||||
| 12.ProvisionforimpairmentofPPE | 2,421,032,468 | 228,762,175 | 8,605,978 | 237,368,153 | 326,358,899 | 326,358,899 | 2,332,041,722 | ||||
| 13.ProvisionforimpairmentofCIP | 307,824,370 | 87,030,498 | 87,030,498 | 9,080,804 | 8,605,978 | 17,686,782 | 377,168,086 | ||||
| 14.Provisionforimpairmentofproductivebiologicalassets | |||||||||||
| 15.Provisionforimpairmentofoilandgasassets | |||||||||||
| 16.Provisionforimpairmentofright-of-useassets | |||||||||||
| Item | Balanceofimpairmentprovisionat | Increaseinthecurrentyear | Decreaseinthecurrentyear | Balanceofimpairmentprovisionat | |||||||
| 17.Provisionforimpairmentofintangibleassets | 59,410,875 | 33,675,076 | 33,675,076 | 93,085,951 | |||||||
| 18.Provisionforimpairmentofgoodwill | 162,570,045 | 162,570,045 | |||||||||
| 19.Provisionforothers | |||||||||||
| Total | 3,232,936,951 | 390,210,322 | 8,605,978 | 398,816,300 | 1,010,020 | 335,530,766 | 8,605,978 | 345,146,764 | 3,286,606,487 | ||
VI.Interestsinotherentities
1.Interestsinsubsidiaries
(1)ConstitutionoftheGroup
| Nameofsubsidiary | Registeredcapital | Mainbusinesslocation | PlaceofRegistration | Natureofbusiness | Shareholding(%) | Acquisitionmethod | |
| Direct | Indirect | ||||||
| GuangdongYuedianMaomingNaturalGasThermalPowerCo.,Ltd.(MaomingNaturalGas) | 1,437,985,100 | Maoming | Maoming | Electricitygeneration | 46.54 | Investment | |
| GuangdongYuedianJinghaiPowerCo.,Ltd.(JinghaiPower) | 4,174,107,540 | Jieyang | Jieyang | Electricitygeneration | 65.00 | Investment | |
| GuangdongYuedianZhanjiangWindPowerGenerationCo.,Ltd.(ZhanjiangWindPower) | 449,420,000 | Zhanjiang | Zhanjiang | Electricitygeneration | 53.51 | Investment | |
| GuangdongYuedianTechnologyEngineeringManagementCo.,Ltd.(TechnologyEngineeringCompany) | 200,000,000 | Guangzhou | Guangzhou | Maintenanceservice | 100.00 | Investment | |
| GuangdongYuedianHumenPowerCo.,Ltd.(HumenElectric) | 150,000,000 | Dongguan | Dongguan | Electricitygeneration | 60.00 | Investment | |
| GuangdongYuedianBoheEnergyCo.,Ltd.(BoheEnergy) | 3,118,000,000 | Maoming | Maoming | Electricitygeneration | 67.00 | Investment | |
| GuangdongYuedianXuwenWindPowerElectricityCo.,Ltd.(XuwenWindPower) | 173,190,000 | Zhanjiang | Zhanjiang | Electricitygeneration | 53.51 | Investment | |
| GuangdongYuedianHuaduNaturalGasThermalPowerCo.,Ltd.(HuaduNaturalGas) | 497,000,000 | Guangzhou | Guangzhou | Electricitygeneration | 65.00 | Investment | |
| GuangdongYuedianDapuPowerGenerationCo.,Ltd.(DapuPowerGeneration) | 1,907,100,000 | Meizhou | Meizhou | Electricitygeneration | 100.00 | Investment | |
| GuangdongYuedianLeizhouWindPowerCo.,Ltd.(LeizhouWindPower) | 109,803,900 | Zhanjiang | Zhanjiang | Electricitygeneration | 62.52 | Investment | |
| Nameofsubsidiary | Registeredcapital | Mainbusinesslocation | PlaceofRegistration | Natureofbusiness | Shareholding(%) | Acquisitionmethod | |
| GuangdongYuedianDianbaiWindPowerCo.,Ltd.(DianbaiWindPower) | 171,872,900 | Maoming | Maoming | Electricitygeneration | 76.44 | Investment | |
| ZhanjiangElectricPowerCo.,Ltd.(ZhanjiangElectric) | 2,275,440,000 | Zhanjiang | Zhanjiang | Electricitygeneration | 76.00 | Businesscombinationsinvolvingenterprisesundercommoncontrol | |
| GuangdongYuejiaElectricCo.,Ltd.(YuejiaElectric) | 756,000,000 | Meizhou | Meizhou | Electricitygeneration | 58.00 | Businesscombinationsinvolvingenterprisesundercommoncontrol | |
| GuangdongYuedianShaoguanPowerPlantCo.,Ltd.(ShaoguanPowerPlant) | 1,070,000,000 | Shaoguan | Shaoguan | Electricitygeneration | 95.36 | Businesscombinationsinvolvingenterprisesundercommoncontrol | |
| ZhanjiangZhongyueEnergyCo.,Ltd.(ZhongyueEnergy) | 2,021,300,000 | Zhanjiang | Zhanjiang | Electricitygeneration | 92.81 | Businesscombinationsinvolvingenterprisesundercommoncontrol | |
| GuangdongYuedianElectricitySalesCo.,Ltd.("PowerSales") | 500,000,000 | Guangzhou | Guangzhou | Electricitygeneration | 100.00 | Investment | |
| GuangdongYuedianQujieWindPowerGenerationCo.,Ltd.(QujieWindPowerCompany) | 2,519,567,500 | Zhanjiang | Zhanjiang | Electricitygeneration | 75.16 | Investment | |
| GuangdongYuedianYangjiangOffshoreWindPowerCo.,Ltd.(YangjiangWindPower) | 1,192,660,000 | Yangjiang | Yangjiang | Electricitygeneration | 69.87 | Investment | |
| LincangYuedianEnergyCo.,Ltd.(LincangEnergy) | 1,119,790,000 | Lincang | Lincang | Electricitygeneration | 100.00 | Businesscombinationsinvolvingenterprisesnotundercommoncontrol | |
| ShenzhenGuangqianElectricPowerCo.,Ltd.(GuangqianCompany) | 1,030,292,500 | Shenzhen | Shenzhen | Electricitygeneration | 100.00 | Businesscombinationsinvolvingenterprisesundercommoncontrol | |
| GuangdongHuizhouNaturalGasPowerCo.,Ltd.(HuizhouNaturalGas) | 1,499,347,500 | Huizhou | Huizhou | Electricitygeneration | 67.00 | Businesscombinationsinvolvingenterprisesundercommoncontrol | |
| GuangdongHuizhouPinghaiPowerCo.,Ltd.(PinghaiPower) | 1,370,000,000 | Huizhou | Huizhou | Electricitygeneration | 45.00 | Businesscombinationsinvolvingenterprisesundercommoncontrol | |
| GuangdongYuedianShibeishanWindPowerCo.,Ltd.(ShibeishanWindPower | 231,700,000 | Jieyang | Jieyang | Electricitygeneration | 53.51 | Businesscombinationsinvolvingenterprisesundercommoncontrol | |
| GuangdongRedBayPowerCo.,Ltd.(RedBayPower) | 2,749,750,000 | Shanwei | Shanwei | Electricitygeneration | 65.00 | Businesscombinationsinvolvingenterprisesundercommoncontrol | |
| GuangdongWindPowerCo.,Ltd.(GuangdongWindPower) | 12,690,914,600 | Guangzhou | Guangzhou | Electricitygeneration | 76.44 | Businesscombinationsinvolvingenterprisesnotundercommoncontrol | |
| TongdaoYuexinWindPowerGenerationCo.,Ltd.(TongdaoCompany) | 106,500,000 | Huaihua | Huaihua | Electricitygeneration | 76.44 | Investment | |
| HuilaiWindPowerCo.,Ltd.(HuilaiWindPower) | 59,000,000 | Jieyang | Jieyang | Electricitygeneration | 68.67 | Businesscombinationsinvolvingenterprisesnotundercommoncontrol | |
| GuangdongYuejiangHongruiPowerTechnologyDevelopmentCo.,Ltd.(HongruiTechnology) | 20,000,000 | Shaoguan | Shaoguan | Electricitygeneration | 95.36 | Investment | |
| GuangdongYuedianYonganNaturalGasThermal | 550,000,000 | Zhaoqing | Zhaoqing | Electricity | 90.00 | Investment | |
| Nameofsubsidiary | Registeredcapital | Mainbusinesslocation | PlaceofRegistration | Natureofbusiness | Shareholding(%) | Acquisitionmethod | |
| PowerCo.,Ltd.(YonganNaturalGas) | generation | ||||||
| HunanXupuYuefengNewEnergyCo.,Ltd.(XupuYuefeng) | 104,910,000 | Huaihua | Huaihua | Electricitygeneration | 76.44 | Investment | |
| GuangxiWuxuanYuefengNewEnergyCo.,Ltd.(WuxuanYuefeng) | 96,520,000 | Laibin | Laibin | Electricitygeneration | 76.44 | Investment | |
| GuangdongHuizhouPinghaiPowerCo.,Ltd.(PinghaiPowerPlant) | 20,000,000 | Huizhou | Huizhou | Electricitygeneration | 45.00 | Investment | |
| GuangdongYuedianZhuhaiOffshoreWindPowerCo.,Ltd.(ZhuhaiWindPower) | 1,128,634,000 | Zhuhai | Zhuhai | Electricitygeneration | 56.78 | Investment | |
| GuangdongYuedianBinhaiBayEnergyCo.,Ltd.(BinhaiBayCompany) | 1,040,000,000 | Dongguan | Dongguan | Electricitygeneration | 100.00 | Investment | |
| GuangdongYuedianDayaBayIntegratedEnergyCo.,Ltd.(DayaBayCompany) | 764,000,000 | Huizhou | Huizhou | Electricitygeneration | 70.00 | Investment | |
| GuangdongYuedianQimingEnergyCo.,Ltd.(QimingCompany) | 83,000,000 | Guangzhou | Guangzhou | Electricitygeneration | 100.00 | Investment | |
| ShenzhenHuaguoquanElectricPowerServiceCo.,Ltd.(HuaguoquanCompany) | 2,650,000 | Shenzhen | Shenzhen | Lease | 100.00 | Businesscombinationsinvolvingenterprisesnotundercommoncontrol | |
| ShaoguanNanxiongYuefengNewEnergyCo.,Ltd.(NanxiongNewEnergy) | 108,053,600 | Shaoguan | Shaoguan | Electricitygeneration | 76.44 | Investment | |
| GuangdongYuedianDananhaiSmartEnergyCo.,Ltd.(DananhaiCompany) | 431,000,000 | Jieyang | Jieyang | Electricitygeneration | 100.00 | Investment | |
| GuangdongEnergyQingzhouOffshoreWindPowerCo.,Ltd.(QingzhouOffshoreWindPower) | 3,293,270,000 | Yangjiang | Yangjiang | Electricitygeneration | 76.44 | Investment | |
| ZhanjiangWanhaoweiNewEnergyCo.,Ltd.(WanhaoweiNewEnergy) | 100,046,000 | Zhanjiang | Zhanjiang | Electricitygeneration | 76.44 | Investment | |
| ZhanjiangWanchuangHengweiNewEnergyCo.,Ltd.(WanchuangHengweiNewEnergy) | 100,046,000 | Zhanjiang | Zhanjiang | Electricitygeneration | 76.44 | Investment | |
| GuangdongGuangyeNanhuaNewEnergyCo.,Ltd.(NanhuaNewEnergy) | 135,234,900 | Zhanjiang | Zhanjiang | Electricitygeneration | 38.98 | Businesscombinationsinvolvingenterprisesnotundercommoncontrol | |
| GuangdongYuenengDatangNewEnergyCo.,Ltd.(DatangNewEnergy) | 145,938,900 | Guangzhou | Guangzhou | Electricitygeneration | 38.98 | Businesscombinationsinvolvingenterprisesnotundercommoncontrol | |
| GuangdongYuenengWindPowerCo.,Ltd.(YuenengWindPower) | 130,000,000 | Zhanjiang | Zhanjiang | Electricitygeneration | 38.98 | Businesscombinationsinvolvingenterprisesnotundercommoncontrol | |
| TumushukeThermalPowerCo.,Ltd.(TumushukeThermalPower) | 1,006,523,900 | Tumxuk | Tumxuk | Electricitygeneration | 79.48 | Businesscombinationsinvolvingenterprisesnotundercommoncontrol | |
| Nameofsubsidiary | Registeredcapital | Mainbusinesslocation | PlaceofRegistration | Natureofbusiness | Shareholding(%) | Acquisitionmethod | |
| GuangdongProvinceShajiaoCCompanyGenerationCorporation(ShajiaoCCompany) | 2,500,000,000 | Guangzhou | Guangzhou | Electricitygeneration | 51.00 | Businesscombinationsinvolvingenterprisesundercommoncontrol | |
| GuangdongGuanghePowerCo.,Ltd.(GuanghePower) | 1,763,816,893 | Guangzhou | Guangzhou | Electricitygeneration | 51.00 | Businesscombinationsinvolvingenterprisesundercommoncontrol | |
| GuangdongYuedianZhanjiangBiomassPowerGenerationCo.,Ltd.(BiomassPowerGeneration), | 871,040,000 | Zhanjiang | Zhanjiang | Electricitygeneration | 51.00 | Businesscombinationsinvolvingenterprisesundercommoncontrol | |
| GuangdongYuedianXinhuiPowerGenerationCo.,Ltd.(XinhuiPower) | 1,092,773,533 | Jiangmen | Jiangmen | Electricitygeneration | 45.90 | Businesscombinationsinvolvingenterprisesundercommoncontrol | |
| GuangdongYuedianYunhePowerCo.,Ltd.(YunhePower) | 1,086,689,318 | Yunfu | Yunfu | Electricitygeneration | 90.00 | Businesscombinationsinvolvingenterprisesundercommoncontrol | |
| YunfuYundianEnergyCo.,Ltd.(YundianEnergy) | 40,000,000 | Yunfu | Yunfu | Electricitygeneration | 56.25 | Businesscombinationsinvolvingenterprisesundercommoncontrol | |
| GuangdongYuehuaPowerGenerationCo.,Ltd.(YuehuaPower) | 1,314,714,000 | Guangzhou | Guangzhou | Electricitygeneration | 51.00 | Businesscombinationsinvolvingenterprisesundercommoncontrol | |
| GuangdongYuedianYuehuaIntegratedEnergyCo.,Ltd.(YuehuaIntegratedEnergy) | 60,500,000 | Guangzhou | Guangzhou | Electricitygeneration | 51.00 | Businesscombinationsinvolvingenterprisesundercommoncontrol | |
| GuangdongYuedianBijieNewEnergyCo.Ltd.(BijieNewEnergy) | 10,000,000 | Bijie | Bijie | Electricitygeneration | 100.00 | Investment | |
| ZhanjiangShangyangEnergyTechnologyCo.,Ltd.(ShangyangEnergy) | 120,820,000 | Zhanjiang | Zhanjiang | Electricitygeneration | 92.81 | Acquisitionofassets | |
| ZhanjiangPotouDistrictGuidianEnergyTechnologyCo.,Ltd.(GuidianEnergy) | 120,820,000 | Zhanjiang | Zhanjiang | Electricitygeneration | 92.81 | Acquisitionofassets | |
| XihuaCountyShunfengNewEnergyCo.,Ltd.(ShunfengNewEnergy) | 22,293,880 | Zhoukou | Zhoukou | Electricitygeneration | 76.44 | Acquisitionofassets | |
| WuzhiJindianNewEnergyTechnologyCo.,Ltd.(JindianNewEnergy) | 31,350,000 | Jiaozuo | Jiaozuo | Electricitygeneration | 76.44 | Acquisitionofassets | |
| LianjiangYuefengNewEnergyCo.,Ltd.(LianjiangNewEnergy) | 140,070,000 | Zhanjiang | Zhanjiang | Electricitygeneration | 76.44 | Investment | |
| LinfenZhaochengYuefengNewEnergyCo.,Ltd.(ZhaochengYuefeng) | 100,000 | Linfen | Linfen | Electricitygeneration | 76.44 | Investment | |
| MeizhouWuhuaYuefengNewEnergyCo.,Ltd.(WuhuaNewEnergy | 38,590,000 | Meizhou | Meizhou | Electricitygeneration | 76.44 | Investment | |
| LaishuiLinengNewEnergyTechnologyCo.,Ltd.(LinengNewEnergy) | 77,050,000 | Baoding | Baoding | Electricitygeneration | 76.44 | Acquisitionofassets | |
| InnerMongoliaYuefengNewEnergyCo.,Ltd.(InnerMongoliaNewEnergy) | 314,550,000 | Hohhot | Hohhot | Electricitygeneration | 76.44 | Investment | |
| ZhuhaiYuefengNewEnergyCo.,Ltd.(ZhuhaiNewEnergy) | 285,297,600 | Zhuhai | Zhuhai | Electricitygeneration | 76.44 | Investment | |
| DachengCountyDun'AnNewEnergyCo.,Ltd.(Dun'AnNewEnergy | 160,000,000 | Langfang | Langfang | Electricitygeneration | 61.15 | Acquisitionofassets | |
| Nameofsubsidiary | Registeredcapital | Mainbusinesslocation | PlaceofRegistration | Natureofbusiness | Shareholding(%) | Acquisitionmethod | |
| GaotangShihuiNewEnergyCo.,Ltd.(GaotangNewEnergy) | 36,096,000 | Liaocheng | Liaocheng | Electricitygeneration | 76.44 | Acquisitionofassets | |
| GuangdongShaoguanGuangdongElectricPowerNewEnergyCo.,Ltd.(ShaoguanNewEnergy) | 48,317,720 | Shaoguan | Shaoguan | Electricitygeneration | 100.00 | Investment | |
| TumxukYuedianHanhaiNewEnergyCo.,Ltd.(HanhaiNewEnergy | 644,050,000 | Tumxuk, | Tumxuk, | Electricitygeneration | 100.00 | Investment | |
| YuedianJinxiuIntegratedEnergyCo.,Ltd.(JinxiuIntegratedEnergy) | 2,913,100 | Laibin | Laibin | Electricitygeneration | 90.00 | Investment | |
| JinchangMuhongNewEnergyCo.,Ltd.(MuhongNewEnergy) | 1,000,000 | Jinchang | Jinchang | Electricitygeneration | 100.00 | Acquisitionofassets | |
| JinchangJieyuanMujinNewEnergyCo.,Ltd.(MujinNewEnergy) | 120,495,920 | Jinchang | Jinchang | Electricitygeneration | 100.00 | Acquisitionofassets | |
| GuangdongYuedianHuiboNewEnergyCo.,Ltd.(HuiboNewEnergy) | 99,923,134 | Huizhou | Huizhou | Electricitygeneration | 100.00 | Investment | |
| TaishanDongrunQingnengNewEnergyCo.,Ltd.(DongrunQingnengNewEnergy) | 22,304,520 | Jiangmen | Jiangmen | Electricitygeneration | 100.00 | Acquisitionofassets | |
| TaishanRunzeJieyuanNewEnergyCo.,Ltd.(RunzeJieyuanNewEnergy) | 22,758,500 | Jiangmen | Jiangmen | Electricitygeneration | 100.00 | Acquisitionofassets | |
| GuangdongYuedianMaomingNaturalGasThermalPowerCo.,Ltd.(MaomingNaturalGas) | 135,700,000 | Maoming | Maoming | Electricitygeneration | 85.00 | Investment | |
| MeizhouXingyueNewEnergyCo.,Ltd.(XingyueNewEnergy) | 9,977,500 | Meizhou | Meizhou | Electricitygeneration | 100.00 | Investment | |
| GuangdongYuedianHuixinThermalPowerCo.,Ltd.(HuixinThermalPower) | 525,218,000 | Huizhou | Huizhou | Electricitygeneration | 85.00 | Investment | |
| YuedianShacheIntegratedEnergyCo.,Ltd.(ShacheIntegratedEnergy) | 1,256,610,470 | KASHGAR | KASHGAR | Electricitygeneration | 100.00 | Acquisitionofassets | |
| LaixiXinguangyaoNewEnergyTechnologyCo.,Ltd.(XinguangyaoNewEnergy) | 46,522,828 | Qingdao | Qingdao | Electricitygeneration | 99.00 | Acquisitionofassets | |
| LaixiTelianNewEnergyTechnologyCo.,Ltd.(TelianNewEnergy) | 45,774,873 | Qingdao | Qingdao | Electricitygeneration | 99.00 | Acquisitionofassets | |
| JiuzhouNewEnergy(Zhaoqing)Co.,Ltd.(JiuzhouNewEnergy) | 40,680,000 | Zhaoqing | Zhaoqing | Electricitygeneration | 100.00 | Acquisitionofassets | |
| XiangtanXEMCChangshanWindPowerCo.,Ltd.(ChangshanWindPower) | 110,740,000 | Xiangtan | Xiangtan | Electricitygeneration | 100.00 | Acquisitionofassets | |
| YunfuLuodingYuedianNewEnergyCo.,Ltd.(LuodingNewEnergy) | 1,844,520 | Yunfu | Yunfu | Electricitygeneration | 100.00 | Investment | |
| ZhuhaiYuedianNewEnergyCo.,Ltd.(ZhuhaiYuedianNewEnergy) | 5,000,000 | Zhuhai | Zhuhai | Electricitygeneration | 100.00 | Investment | |
| YunfuYuedianZhennengNewEnergyCo.,Ltd.(ZhennengNewEnergy) | 10,000,000 | Yunfu | Yunfu | Electricitygeneration | 100.00 | Investment | |
| Nameofsubsidiary | Registeredcapital | Mainbusinesslocation | PlaceofRegistration | Natureofbusiness | Shareholding(%) | Acquisitionmethod | |
| ZhonggongEnergyTechnology(Maoming)Co.,Ltd.(ZhonggongEnergy) | 152,969,360 | Maoming | Maoming | Electricitygeneration | 100.00 | Acquisitionofassets | |
| YahuaNewEnergyTechnology(Gaozhou)Co.,Ltd.(YahuaNewEnergy) | 152,969,360 | Maoming | Maoming | Electricitygeneration | 100.00 | Acquisitionofassets | |
| GEGCXinjiangCo.,Ltd.(GEGCXinjiang) | 1,300,000,000 | Urumqi | Urumqi | Electricitygeneration | 100.00 | Investment | |
| YuedianXinjiangIntegratedEnergyCo.,Ltd.(XinjiangIntegratedEnergy) | 20,000,000 | Urumqi | Urumqi | Electricitygeneration | 100.00 | Investment | |
| GaozhouYuedianSmartNewEnergyCo.,Ltd.(GaozhouNewEnergy) | 1,476,800 | Maoming | Maoming | Electricitygeneration | 100.00 | Investment | |
| XintianYuefengNewEnergyCo.,Ltd.(XintianYuefeng) | 2,000,000 | yongzhou | yongzhou | Electricitygeneration | 76.44 | Investment | |
| LanshanYuefengNewEnergyCo.,Ltd.(LanshanYuefeng) | 198,174,000 | yongzhou | yongzhou | Electricitygeneration | 76.44 | Investment | |
| LianjiangHangnengNewEnergyCo.,Ltd.(LianjiangHangneng) | 84,400,000 | Zhanjiang | Zhanjiang | Electricitygeneration | 76.44 | Acquisitionofassets | |
| GuangxiHangnengNewEnergyCo.,Ltd.(GuangxiHangneng) | 179,000,000 | Laibin | Laibin | Electricitygeneration | 76.44 | Acquisitionofassets | |
| JinchengYuefengNewEnergyCo.,Ltd.(JinchengYuefeng) | 176,940,000 | Jincheng | Jincheng | Electricitygeneration | 68.80 | Investment | |
| BaiyinYuefengNewEnergyCo.,Ltd.(BaiyinYuefeng) | 128,187,900 | Baiyin | Baiyin | Electricitygeneration | 76.44 | Investment | |
| YunchengWanquanYuefengNewEnergyCo.,Ltd.(YunchengWanquanYuefeng) | 122,118,900 | Yuncheng | Yuncheng | Electricitygeneration | 72.62 | Investment | |
| GuangnengToksunNewEnergyPowerGenerationCo.,Ltd.(ToksunEnergy) | 20,000,000 | Turpan | Turpan | Electricitygeneration | 100.00 | Investment | |
| LingaoCountyYehaiYuefengNewEnergyCo.,Ltd.(YehaiYuefeng) | 112,010,000 | Hainan | Hainan | Electricitygeneration | 76.44 | Investment | |
| ZhuhaiYuefengNewEnergyCo.,Ltd.(ZhuhaiNewEnergy) | 50,000,000 | Zhuhai | Zhuhai | Electricitygeneration | 38.98 | Investment | |
| ZhanjiangYuefengbaoNewEnergyCo.,Ltd.(ZhanjiangYuefengbaoNewEnergy) | 50,000,000 | Zhanjiang | Zhanjiang | Electricitygeneration | 38.98 | Investment | |
| ZhuhaiYuefengNewEnergyCo.,Ltd.(ZhuhaiNewEnergy) | 10,000,000 | Zhuhai | Zhuhai | Electricitygeneration | 76.44 | Investment | |
| ShantouYuefengNewEnergyInvestmentPartnership(LimitedPartnership)(ShantouYuefengNewEnergy) | 1,110,750,000 | Shantou | Shantou | Electricitygeneration | 15.40 | Investment | |
| GuoyangCountyHerunNewEnergyTechnologyCo.,Ltd.(HerunNewEnergy) | 136,533,400 | Bozhou | Bozhou | Electricitygeneration | 15.40 | Acquisitionofassets | |
| GuangdongYuedianPingyuanWindPowerCo.,Ltd. | 221,074,300 | Meizhou | Meizhou | Electricity | 15.40 | Investment | |
| Nameofsubsidiary | Registeredcapital | Mainbusinesslocation | PlaceofRegistration | Natureofbusiness | Shareholding(%) | Acquisitionmethod | |
| (PingyuanWindPower) | generation | ||||||
| GuangzhouYuefengRuisiNewEnergyCo.,Ltd.(RuisiNewEnergy) | 300,000 | Guangzhou | Guangzhou | Electricitygeneration | 76.44 | Investment | |
| XiangzhouYunjiangNewEnergyCo.,Ltd(XiangzhouYunjiang) | 105,420,000 | Laibin,ZhuangAutonomousRegion | Laibin,ZhuangAutonomousRegion | Electricitygeneration | 76.44 | Acquisitionofassets | |
| XiangzhouHangjignNewEnergyCo.,Ltd(XiangzhouHangjing) | 199,980,000 | Laibin,ZhuangAutonomousRegion | Laibin,ZhuangAutonomousRegion | Electricitygeneration | 76.44 | Acquisitionofassets | |
| QinglongManchuAutonomousCountyJianhaoPhotovoltaicTechnologyCo.,Ltd.(JianhaoPV). | 237,600,000 | Qinhuangdao | Qinhuangdao | Electricitygeneration | 76.44 | Acquisitionofassets | |
| GuangnengKaramayIntegratedEnergyCo.,Ltd.(KaramayIntegratedEnergy) | 20,000,000 | Karamay,UygurAutonomousRegion | Karamay,UygurAutonomousRegion | Electricitygeneration | 100.00 | Investment | |
| HainanPrefectureLongyueNewEnergyCo.,Ltd.(HainanLongyue) | 90,000,000 | QinghaiofHainan,TibetanAutonomousPrefecture | QinghaiofHainan,TibetanAutonomousPrefecture | Electricitygeneration | 100.00 | Acquisitionofassets | |
| GuangdongYuedianZhongshanThermalPowerPlant(ZhongshanThermal) | 15,000,000 | Zhongshan | Zhongshan | Electricitygeneration | 100.00 | Investment | |
| GuangdongYuedianNewEnergyDevelopmentCo.,Ltd.(YuedianNewEnergyDevelopment) | 100,000,000 | Guangzhou | Guangzhou | Electricitygeneration | 100.00 | Investment | |
| DongguanNingzhouEnergyInvestmentPartnership(LimitedPartnership)(DongguanNingzhou) | 4,745,908,400 | Dongguan | Dongguan | Electricitygeneration | 19.99 | 0.03 | Investment |
| GuangdongBeibuGulfOffshoreWindPowerDevelopmentCo.,Ltd.(BeibuGulfOffshoreWindPower) | 1,000,000,000 | Zhanjiang | Zhanjiang | Electricitygeneration | 38.22 | Investment | |
| GuangdongYuedianTestingCo.,Ltd.(YuedianTesting) | 5,000,000 | Guangzhou | Guangzhou | Maintenanceservice | 100.00 | Investment | |
| GuangzhouYuedianNavigationPowerCo.,Ltd.(YuedianNavigation) | 300,000 | Guangzhou | Guangzhou | Electricitygeneration | 100.00 | Investment | |
| YuedianTurpanNewEnergyPowerGenerationCo.,Ltd.(TurpanNewEnergy) | 10,000,000 | Turpan,XinjiangUygurAutonomousRegion | Turpan,XinjiangUygurAutonomousRegion | Electricitygeneration | 100.00 | Investment | |
On30November2018,MaomingThermalmergedGuangdongEnergyMaomingThermalPowerStationCo.,Ltd.,whichwaswholly-ownedbyGEGC.Afterthemerger,GEGCheld30.12%equityofMaomingThermal,anditssubsidiaryGuangdongPowerDevelopmentCo.,Ltd.Held15.02%equityofMaomingThermal.AccordingtotheagreementbetweentheCompanyandGEGC,thedelegatedshareholderanddirectorfromGEGCmaintainconsensuswiththoseoftheCompanywhileexercisingthevotingrightsduringtheshareholders'meetingandtheBoardofDirectors'meetingatMaomingThermal.Therefore,theCompanyownscontroloverMaomingThermal.PinghaiPowerwasacquiredfromGEGCbytheGroupin2012throughofferingnon-publicshares.AccordingtotheagreementbetweenGEGCandGuangdongHuaxiaElectricPowerDevelopmentCo.,Ltd.(HuaxiaElectric),whichholds40%equityinPinghaiPower,thedelegatedshareholderanddirectorfromHuaxiaElectric
maintainconsensuswiththoseofGEGCwhenexercisingtheirvotingrightsduringtheshareholders'meetingandBoardofDirectors'meetingatPinghaiPower;besides,afterGEGCtransfersits45%equityinPinghaiPowertotheCompany,thedelegatedshareholderanddirectorfromHuaxiaElectricalsoreachconsensuswiththoseoftheCompanywhenexercisingtheirvotingrightsduringtheshareholders'meetingandBoardofDirectors'meetingatPinghaiPower.Therefore,theCompanyownscontroloverPinghaiPower.TheBeibuGulfOffshoreWindPowerprojectwasestablishedin2025throughinvestmentbytheCompany’ssubsidiary,GuangdongWindPower.AccordingtotheInvestmentAgreementonJointlyEstablishingGuangdongBeibuGulfOffshoreWindPowerDevelopmentCo.,Ltd.,signedbyGuangdongWindPower,ZhanjiangUrbanDevelopmentGroupCo.,Ltd.(ZhanjiangUrbanDevelopment),YundaEnergyTechnologyGroupCo.,Ltd.,andGuangzhouIndustrialInvestmentHoldingsParkDevelopmentGroupCo.,Ltd.,ZhanjiangUrbanDevelopmentagreedtoentrustits1%votingrighttoGuangdongWindPower.Asaresult,GuangdongWindPowerisabletoexerciseatotalvotingrightof51%,andthereforetheCompanyhascontroloverBeibuGulfOffshoreWindPower.GFSecuritiesAssetManagement(Guangdong)Co.,Ltd.(GFSecurities)issuedtheGuangdongWindPowerCompanyNewEnergyInfrastructureInvestmentGreenCarbonNeutralityAsset-BackedSpecialPlanin2024,usingthewindpowerprojectsheldbytheGroup’ssubsidiaries,PingyuanWindPowerandHerunNewEnergy,astheunderlyingassets.InaccordancewiththeagreementoftheShantouYuefengNewEnergyPartnership,theCompanyhascontroloverShantouYuefengNewEnergyandtheunderlyingassets.Therefore,ourcompanyincludesShantouYuefengNewEnergy,HerunNewEnergy,andPingyuanWindPowerinthescopeofconsolidation.In2025,CITICSecuritiesCo.,Ltd.(“CITICSecurities”)issuedtheYuedian-BinhaiBayEnergyInfrastructureInvestmentAsset-BackedSpecialPlan,withtheunderlyingassetsbeingthealternativepowerprojectlocatedattheDongguanNingzhousite,heldbytheCompany’ssubsidiary,BinhaiBayCompany.AccordingtothepartnershipagreementgoverningDongguanNingzhou,theCompanyhascontroloverbothDongguanNingzhouandtheunderlyingassets.Therefore,theCompanyincludesDongguanNingzhouandBinhaiBayCompanywithinitsconsolidatedscope.
(2)InformationonstructuredentitiesincludedintheconsolidationscopeGFSecuritiesAssetManagement(Guangdong)Co.,Ltd.(GFSecurities)issuedtheGuangdongWindPowerCompanyNewEnergyInfrastructureInvestmentGreenCarbonNeutralityAsset-BackedSpecialPlanin2024,usingthewindpowerprojectsheldbytheGroup’ssubsidiaries,DianpingYuanfengandHerunNewEnergy,astheunderlyingassets.InaccordancewiththerequirementsofNo.33ofAccountingStandardsforBusinessEnterprises-Consolidation,theCompanyincluded2structuredentitiesthatmeetsthedefinitionofcontrolinthescopeofconsolidatedstatements(December31,2024:1).Asof31December2025,theequityoftheaforementionedstructuredentityattributabletotheGroupwasRMB1,234,284,365,andtheequityattributabletootherequityholderswaspresentedasnon-controllinginterestsintheconsolidatedstatements,whichthetotalamountwasRMB4,739,312,244.
(3)ChangeinscopeofconsolidationforthecurrentperiodAdditionofsubsidiariesin2025
| Name | Registeredcapital | Majorbusinesslocation | Placeofregistration | Natureofbusiness | Shareholding(%) | Acquisitionmethod | |
| Direct | Indirect | ||||||
| DongguanNingzhou | 4,745,908,400 | Dongguan | Dongguan | Electricitygeneration | 19.99 | 0.03 | Investment |
| BeibuGulfOffshoreWindPower | 1,000,000,000 | Zhanjiang | Zhanjiang | Electricitygeneration | 38.22 | Investment | |
| YuedianTesting | 5,000,000 | Guangzhou | Guangzhou | Maintenanceservice | 100.00 | Investment | |
| YuedianNavigation | 300,000 | Guangzhou | Guangzhou | Electricitygeneration | 100.00 | Investment | |
| TurpanNewEnergy | 10,000,000 | Turpan,XinjiangUygurAutonomousRegion | Turpan,XinjiangUygurAutonomousRegion | Electricitygeneration | 100.00 | Investment | |
Note:Thecompaniesacquiredthroughassetacquisitionmentionedabovearesubsidiariesthatourcompanyanditssubsidiariesacquiredfromthirdpartiesthroughassetpurchases.Asoftheacquisitiondate,thesecompanieshadnootheroperationsorassetsexceptforprojectsunderconstruction,PPE,andright-to-useassets.Theacquisitiondidnotinvolveemployeesanddidnotconstituteabusinessacquisition.ReductionofsubsidiariesinthisyearInthiscurrentyear,oursubsidiaries,GuangdongYuedianHepingWindPowerCo.,Ltd.,LaishuiYingyangNewEnergyTechnologyCo.,Ltd.,NanjingSenhongNewEnergyCo.,Ltd.,NanjingLinyuanSenhaiNewEnergyCo.,Ltd.,TaishanDongrunZhongnengNewEnergyCo.,Ltd.,PingduLianyaoNewEnergyTechnologyCo.,Ltd.,andTumushukeYuedianChangheNewEnergyCo.,Ltd.wereliquidated.TheliquidationofthesesubsidiarieshadimpactonthescopeoftheCompany'sconsolidation,butitdidnothaveasignificantimpactontheCompany'sbusinessandperformance,anddidnotharmtheinterestsoftheCompanyanditsshareholders.
(4)Significantnon-wholly-ownedsubsidiaries
| Subsidiaries | Sharesheldbyminorityshareholders(%) | Gainsorlossesattributabletominorityshareholdersin2025 | Dividendsdistributedtominorityshareholdersin2025 | Endingbalanceofminorityshareholders'equity |
| GuangdongWindPower | 23.56 | 47,791,272 | 41,512,585 | 3,644,741,695 |
| PinghaiPower | 55.00 | 222,691,477 | 221,234,094 | 1,301,396,822 |
| JinghaiPower | 35.00 | 44,460,664 | 1,750,364,582 |
| Subsidiaries | Sharesheldbyminorityshareholders(%) | Gainsorlossesattributabletominorityshareholdersin2025 | Dividendsdistributedtominorityshareholdersin2025 | Endingbalanceofminorityshareholders'equity |
| RedBayPower | 35.00 | 66,685,935 | 1,170,095,301 | |
| ZhanjiangElectric | 24.00 | -4,314,778 | 4,948,184 | 714,318,109 |
| HuizhouNaturalGas | 33.00 | 33,290,204 | 114,580,006 | 696,349,279 |
| BoheEnergy | 33.00 | 3,881,568 | 60,322 | 857,299,155 |
(5)MajorfinancialinformationofSignificantnon-wholly-ownedsubsidiaries(excludingthoseclassifiedasheldforsale)
| Nameofsubsidiary | Balanceat31/12/2025 | |||||
| CurrentAssets | Non-CurrentAssets | TotalAssets | CurrentLiabilities | Non-CurrentLiabilities | TotalLiabilities | |
| GuangdongWindPower | 9,587,839,589 | 51,145,809,255 | 60,733,648,844 | 8,851,512,551 | 34,241,942,213 | 43,093,454,764 |
| PinghaiPower | 1,325,685,147 | 2,044,083,185 | 3,369,768,332 | 568,431,350 | 435,160,942 | 1,003,592,292 |
| JinghaiPower | 1,785,011,932 | 12,949,768,706 | 14,734,780,638 | 7,715,483,163 | 2,018,255,813 | 9,733,738,976 |
| RedBayPower | 1,194,433,147 | 6,759,318,444 | 7,953,751,591 | 2,472,180,952 | 2,138,441,209 | 4,610,622,161 |
| ZhanjiangElectric | 2,270,033,896 | 1,150,073,078 | 3,420,106,974 | 399,425,137 | 44,356,381 | 443,781,518 |
| HuizhouNaturalGas | 446,097,044 | 2,251,325,689 | 2,697,422,733 | 582,248,258 | 5,025,144 | 587,273,402 |
| BoheEnergy | 1,418,060,787 | 11,228,805,008 | 12,646,865,795 | 3,321,748,125 | 6,727,241,443 | 10,048,989,568 |
Continued:
| Nameofsubsidiary | Balanceat31/12/2024 | |||||
| CurrentAssets | Non-CurrentAssets | TotalAssets | CurrentLiabilities | Non-CurrentLiabilities | TotalLiabilities | |
| GuangdongWindPower | 10,147,737,294 | 50,182,786,247 | 60,330,523,541 | 9,116,738,970 | 33,831,030,437 | 42,947,769,407 |
| PinghaiPower | 1,418,525,113 | 2,230,480,194 | 3,649,005,307 | 736,053,942 | 543,759,151 | 1,279,813,093 |
| JinghaiPower | 1,454,845,167 | 8,503,498,575 | 9,958,343,742 | 4,584,797,040 | 2,109,482,916 | 6,694,279,956 |
| RedBayPower | 1,505,311,564 | 5,682,848,428 | 7,188,159,992 | 3,095,285,356 | 1,090,609,059 | 4,185,894,415 |
| Nameofsubsidiary | Balanceat31/12/2024 | |||||
| CurrentAssets | Non-CurrentAssets | TotalAssets | CurrentLiabilities | Non-CurrentLiabilities | TotalLiabilities | |
| ZhanjiangElectric | 2,713,098,699 | 1,205,638,041 | 3,918,736,740 | 270,528,423 | 35,233,444 | 305,761,867 |
| HuizhouNaturalGas | 571,235,393 | 2,399,357,467 | 2,970,592,860 | 510,351,612 | 103,320,234 | 613,671,846 |
| BoheEnergy | 1,330,215,572 | 9,205,933,689 | 10,536,149,261 | 1,843,767,824 | 6,586,084,742 | 8,429,852,566 |
(6)MajorfinancialinformationofSignificantnon-wholly-ownedsubsidiaries(excludingthoseclassifiedasheldforsale)(Continued)
| Nameofsubsidiary | 2025 | 2024 | ||||||
| Operatingincome | Netprofit | Totalcomprehensiveincome | Cashflowfromoperatingactivities | Operatingincome | Netprofit | Totalcomprehensiveincome | Cashflowfromoperatingactivities | |
| GuangdongWindPower | 3,249,586,267 | 228,132,789 | 228,132,789 | 2,261,459,128 | 3,284,898,650 | 412,451,617 | 412,451,617 | 2,019,626,628 |
| PinghaiPower | 3,701,512,112 | 404,893,595 | 404,893,595 | 555,690,601 | 4,210,021,014 | 416,802,156 | 416,802,156 | 1,153,368,687 |
| JinghaiPower | 5,382,612,412 | 127,030,469 | 127,030,469 | 686,457,044 | 6,474,374,567 | 287,503,430 | 287,503,430 | 1,324,461,463 |
| RedBayPower | 4,680,929,335 | 190,531,243 | 190,531,243 | 874,587,578 | 4,986,810,554 | 163,411,389 | 163,411,389 | 883,776,955 |
| ZhanjiangElectric | 2,000,234,230 | -17,978,240 | -16,031,982 | 215,913,195 | 2,385,029,791 | 22,908,261 | 26,687,348 | 118,869,439 |
| HuizhouNaturalGas | 3,191,070,062 | 100,879,407 | 100,879,407 | 660,587,184 | 4,063,477,988 | 385,791,266 | 385,791,266 | 536,597,090 |
| BoheEnergy | 2,878,765,173 | 11,762,326 | 11,762,326 | 844,260,939 | 3,621,697,933 | 70,832,340 | 70,832,340 | 961,475,403 |
2.Interestinjointventuresorassociates
(1)Significantjointventuresandassociates
| Jointventureorassociates | MajorOperatinglocation | Placeofregistration | Natureofbusiness | Shareholding(%) | Accountingmethodsforinvestmentsinjointventuresorassociates | |
| Direct | Indirect | |||||
| 1.Jointventure | ||||||
| IndustryFuel | GuangzhouGuangdong | GuangzhouGuangdong | Fueltrade | 50.00 | Equitymethod | |
| Jointventureorassociates | MajorOperatinglocation | Placeofregistration | Natureofbusiness | Shareholding(%) | Accountingmethodsforinvestmentsinjointventuresorassociates | |
| Direct | Indirect | |||||
| II.Jointventures | ||||||
| TaishanPower | Taishan,Guangdong | Taishan,Guangdong | Powergeneration | 20.00 | Equitymethod | |
| ShanxiYuedianEnergy | Taiyuan,Shanxi | Taiyuan,Shanxi | Mining,Powergeneration | 40.00 | Equitymethod | |
| EnergyGroupFinanceCompany | GuangzhouGuangdong | GuangzhouGuangdong | Financing | 25.00 | 15.00 | Equitymethod |
| EnergyGroupFinanceLeasingCompany | GuangzhouGuangdong | GuangzhouGuangdong | Financelease | 25.00 | Equitymethod | |
(2)Majorfinancialinformationofsignificantjointventures(excludingthoseclassifiedasheldforsale)
| Item | IndustryFuel | |
| 31/12/2025 | 31/12/2024 | |
| Currentassets | 5,928,805,453 | 7,032,124,596 |
| Non-currentassets | 11,595,751,390 | 11,266,048,972 |
| TotalAssets | 17,524,556,843 | 18,298,173,568 |
| Currentliabilities | 4,708,000,422 | 8,887,142,789 |
| Non-currentliabilities | 7,790,617,390 | 6,030,157,091 |
| Totalliabilities | 12,498,617,812 | 14,917,299,880 |
| Netassets | 5,025,939,031 | 3,380,873,688 |
| Including:attributabletonon-controllinginterests | 1,925,893,095 | 1,005,163,350 |
| attributabletoparentcompany | 3,100,045,936 | 2,375,710,338 |
| Sharesofnetassetsbasedonshareholding | 1,550,022,968 | 1,187,855,169 |
| Adjustment-unrealizedprofitsfrominternaltransactions | -143,427,814 | -147,549,225 |
| Bookvalueofinvestmentinjointventures | 1,406,595,154 | 1,040,305,944 |
| Fairvalueofequityinvestmentswithpublicquotations | ||
Continued:
| Item | IndustryFuel | |
| 2025 | 2024 | |
| Operatingrevenue | 27,684,386,809 | 31,249,741,685 |
| Financialexpenses | 220,403,181 | 243,570,625 |
| Incometaxexpense | 51,253,927 | 29,412,089 |
| Netprofit | 163,122,093 | 21,884,285 |
| Netprofitfromdiscontinuedoperations | ||
| Othercomprehensiveincome | 4,030,870 | 2,466,172 |
| Totalcomprehensiveincome | 167,152,963 | 24,350,457 |
| Dividendsreceivedfromjointventuresforthecurrentyear | 23,282,400 | 22,340,550 |
(3)Majorfinancialinformationofsignificantassociates(excludingthoseclassifiedasheldforsale)
| Item | TaishanPower | ShanxiYuedianEnergy | ||
| 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | |
| Currentassets | 4,183,081,214 | 5,064,141,651 | 3,384,275,807 | 3,181,028,055 |
| Non-currentassets | 7,579,403,501 | 7,962,143,671 | 10,524,523,250 | 9,892,646,067 |
| TotalAssets | 11,762,484,715 | 13,026,285,322 | 13,908,799,057 | 13,073,674,122 |
| Currentliabilities | 1,320,559,475 | 2,700,702,426 | 517,333,084 | 469,491,364 |
| Non-currentliabilities | 72,191,992 | 1,279,800 | 2,909,525,820 | 2,751,338,737 |
| Totalliabilities | 1,392,751,467 | 2,701,982,226 | 3,426,858,904 | 3,220,830,101 |
| Netassets | 10,369,733,248 | 10,324,303,096 | 10,481,940,153 | 9,852,844,021 |
| Item | TaishanPower | ShanxiYuedianEnergy | ||
| 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | |
| Including:attributabletonon-controllinginterests | 1,525,908 | 24,696,290 | 21,277,161 | |
| attributabletoparentcompany | 10,368,207,340 | 10,324,303,096 | 10,457,243,863 | 9,831,566,860 |
| Sharesofnetassetsbasedonshareholding | 2,073,641,468 | 2,064,860,619 | 4,182,897,544 | 3,932,626,743 |
| Adjustment-unrealizedprofitsfrominternaltransactions | ||||
| Bookvalueofinvestmentinjointventures | 2,073,641,468 | 2,064,860,619 | 4,182,897,544 | 3,932,626,743 |
| Fairvalueofequityinvestmentswithpublicquotations | ||||
Continued:
| Item | TaishanPower | ShanxiYuedianEnergy | ||
| Amountincurredinthecurrentperiod | Amountincurredinthepreviousperiod | Amountincurredinthecurrentperiod | Amountincurredinthepreviousperiod | |
| Operatingrevenue | 9,036,830,631 | 10,561,311,141 | 378,278,681 | 305,634,415 |
| Netprofit | 448,521,576 | 356,524,108 | 669,728,226 | 984,920,410 |
| Netprofitfromdiscontinuedoperations | ||||
| Othercomprehensiveincome | -122,909 | |||
| Totalcomprehensiveincome | 448,398,667 | 356,524,108 | 669,728,226 | 984,920,410 |
| Dividendsreceivedfromassociatesinthecurrentperiod | 86,021,794 | 134,959,219 | 17,134,720 | |
Continued:
| Item | EnergyGroupFinanceCompany | EnergyGroupFinanceLeasingCompany | ||
| 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 | |
| Currentassets | 19,537,225,630 | 18,442,992,152 | 1,145,499,414 | 842,915,301 |
| Non-currentassets | 19,204,331,097 | 17,838,514,637 | 14,934,349,985 | 14,223,428,947 |
| TotalAssets | 38,741,556,727 | 36,281,506,789 | 16,079,849,399 | 15,066,344,248 |
| Currentliabilities | 34,245,116,035 | 31,754,463,659 | 2,336,437,884 | 1,914,624,822 |
| Non-currentliabilities | 12,229,042 | 80,781,319 | 10,613,499,811 | 10,106,347,993 |
| Totalliabilities | 34,257,345,077 | 31,835,244,978 | 12,949,937,695 | 12,020,972,815 |
| Netassets | 4,484,211,650 | 4,446,261,811 | 3,129,911,704 | 3,045,371,433 |
| Including:attributabletonon-controllinginterests | ||||
| attributabletoparentcompany | 4,484,211,650 | 4,446,261,811 | 3,129,911,704 | 3,045,371,433 |
| Sharesofnetassetsbasedonshareholding | 1,793,684,660 | 1,778,549,724 | 782,477,926 | 761,353,506 |
| Adjustment-unrealizedprofitsfrominternaltransactions | 13,325,000 | 13,325,000 | 62,489,352 | 62,489,352 |
| Bookvalueofinvestmentinjointventures | 1,807,009,660 | 1,791,874,724 | 844,967,278 | 823,842,858 |
| Fairvalueofequityinvestmentswithpublicquotations | ||||
Note:In2025,theCompanyincreasedinvestedcapitalinGuangdongEnergyFinanceLeasingCompany(EnergyGroupFinanceLeasingCompany)byRMB2.5million.Asat31December2025,oneoftheshareholders,whoholds25%shares,didnotmakeadditionalcapitalinvestment,resultinginadifferenceofRMB62,489,352betweenthebookvalueoftheCompany'sequityinvestmentsinitsassociatesandamountofsharesofnetassetsbasedonshareholding.
| Item | EnergyGroupFinanceCompany | EnergyGroupFinanceLeasingCompany | ||
| 2025 | 2024 | 2025 | 2024 | |
| Operatingrevenue | 722,928,701 | 773,766,678 | 349,361,822 | 392,604,085 |
| Netprofit | 395,025,618 | 374,602,045 | 84,497,679 | 115,903,379 |
| Netprofitfromdiscontinuedoperations | ||||
| Othercomprehensiveincome | -152,717,925 | -13,516,913 | ||
| Totalcomprehensiveincome | 242,307,693 | 361,085,132 | 84,497,679 | 115,903,379 |
| Dividendsreceivedfromassociatesinthecurrentperiod | 92,152,103 | 92,569,944 | ||
(4)Majorfinancialinformationofotherinsignificantjointventuresandassociates
| Item | 31/12/2025 | 31/12/2024 |
| Jointventure | ||
| Bookvalueofinvestments | 174,115,981 | 171,197,445 |
| Thetotalamountcalculatedbasedontheshareholdingratioofeachitemasbelow | ||
| Netprofit | 5,995,234 | 424,563 |
| Othercomprehensiveincome | ||
| Totalcomprehensiveincome | 5,995,234 | 424,563 |
| Associates | ||
| Bookvalueofinvestments | 1,054,229,134 | 987,950,606 |
| Thetotalamountcalculatedbasedontheshareholdingratioofeachitemasbelow | ||
| Netprofit | 54,582,689 | -73,112,329 |
| Othercomprehensiveincome | -638,447 | -3,294,845 |
| Totalcomprehensiveincome | 53,944,242 | -76,407,174 |
VII.Governmentgrants
1.Governmentgrantsaccountedindeferredincome
| Grantprojects | 1/1/2025 | Increaseinthecurrentyear | Decreaseinthecurrentyear | 31/12/2025 |
| Governmentgrantsrelatedtoassets | 113,262,526 | 41,386,281 | 12,854,495 | 141,794,312 |
VIII.Riskmanagementoffinancialinstruments
ThemainfinancialinstrumentsoftheCompanyincludemonetaryfunds,notesreceivable,tradereceivables,otherreceivables,non-currentassetsduewithinoneyear,othercurrentassets,investmentsinotherequityinstruments,long-termreceivables,notespayable,tradepayable,otherpayables,short-termborrowings,currentportionofnon-currentliabilities,long-termborrowings,
debenturespayable,leaseliabilities,andlong-termpayables.Thedetailedinformationofeachfinancialinstrumenthasbeendisclosedintherelevantnotes.Therisksassociatedwiththesefinancialinstruments,aswellastheriskmanagementpoliciesadoptedbytheCompanytoreducetheserisks,aredescribedbelow.ThemanagementoftheCompanymanagesandmonitorstheseriskexposurestoensurethattheaforementionedrisksarecontrolledwithinalimitedscope.
1.RiskmanagementobjectivesandpoliciesTheCompany'soperatingactivitiesaresubjecttovariousfinancialrisks:marketrisk(primarilyforeignexchangeriskandinterestraterisk),creditrisk,andliquidityrisk.Ouroverallriskmanagementplanaddressestheunpredictabilityoffinancialmarkets,strivingtominimizepotentialadverseimpactsonourfinancialperformance.
(1)MarketriskForeignexchangeriskTheGroup'smajoroperationalactivitiesarecarriedoutintheChinesemainlandandamajorityofthetransactionsaredenominatedinRMB.TheGroupisexposedtoforeignexchangeriskarisingfromtherecognizedassetsandliabilities,andfuturetransactionsdenominatedinforeigncurrencies,primarilywithrespecttoUSD.TheGroupisexposedtoforeignexchangeriskarisingfromtherecognizedassetsandliabilities,andfuturetransactionsdenominatedinforeigncurrencies,primarilywithrespecttoUSD.TheGroup'sfinancedepartmentatitsheadquartersisresponsibleformonitoringtheamountofassetsandliabilities,andtransactionsdenominatedinforeigncurrenciestominimizetheforeignexchangerisk.Therefore,theGroupmayconsidertakingpropermeasurestomitigatetheforeignexchangeriskasappropriate.During2025and2024,theGroupdidnotenterintoanyforwardexchangecontractsorcurrencyswapcontracts.Asat31December2025andDecember31,2024,theCompanydidnotholdanyfinancialliabilitiesdominatedinforeigncurrency.InterestrateriskTheGroup'sinterestrateriskmainlyarisesfrominterestbearingborrowingsincludingbankborrowings,debenturespayable,leaseliabilitiesandlong-termpayables.FinancialliabilitiesissuedatfloatingratesexposetheGrouptocashflowinterestraterisk.FinancialliabilitiesissuedatfixedratesexposetheGrouptofairvalueinterestraterisk.TheGroupdeterminestherelativeproportionsofitsfixedrateandfloatingratecontractsdependingontheprevailingmarketconditions.TheGroupcontinuouslymonitorsitsinterestrateposition.IncreasesininterestrateswillincreasethecostofnewborrowingandtheinterestexpenseswithrespecttotheGroup'soutstandingfloatingrateborrowings,andthereforecouldhaveamaterialadverseeffectontheGroup'sfinancialperformance.TheGroupmakesadjustmentstimelywithreferencetothelatestmarketconditionsandmayenterintointerestrateswapagreementstomitigateitsexposuretointerestraterisk.During2025and2024,theGroupdidnotenterintoanyinterestrateswapagreements.TheGroup'sinterestbearingborrowingsweremainlybankborrowings,debenturespayable,leaseliabilitiesandlong-termpayableswithfixedandfloatinginterestrates,andtheamountsofrespectiveinterestareasfollows:
| Item | 31/12/2025 | 31/12/2024 |
| Short-termborrowings | ||
| --Fixedinterestrate | 4,184,822,957 | 10,141,662,928 |
| --Floatinginterestrate | 5,548,374,004 | 3,942,291,347 |
| Subtotal | 9,733,196,961 | 14,083,954,275 |
| Long-termborrowingsandlong-termborrowingsduewithinoneyear | ||
| --Fixedinterestrate | 11,030,088,175 | 1,199,600,000 |
| --Floatinginterestrate | 68,542,911,753 | 74,023,691,196 |
| Subtotal | 79,572,999,928 | 75,223,291,196 |
| DebenturespayableandDebenturespayableduewithinoneyear | ||
| --Fixedinterestrate | 13,446,584,670 | 11,231,708,662 |
| --Floatinginterestrate | ||
| Subtotal | 13,446,584,670 | 11,231,708,662 |
| Long-termpayablesandlong-termpayablesduewithinoneyear | ||
| --Fixedinterestrate | 649,438,826 | 615,321,190 |
| --Floatinginterestrate | 793,571,344 | 125,569,487 |
| Subtotal | 1,443,010,170 | 740,890,677 |
| Leaseliabilitiesandleaseliabilitiesduewithinoneyear | ||
| --Fixedinterestrate | 548,920,603 | 960,891,014 |
| --Floatinginterestrate | 11,065,037,163 | 11,135,372,333 |
| Subtotal | 11,613,957,766 | 12,096,263,347 |
| Total | 115,809,749,495 | 113,376,108,157 |
Asof31December2025,theCompany'sdebtwithfixedinterestrateamountedtoRMB29,859,855,231,andthatoffloatinginterestratewasRMB85,949,894,264(asofDecember31,2024:fixed-interest-rate:
RMB24,149,183,795,andfloating-interest-ratedebtwasRMB89,226,924,363).Asof31December2025,ifthefloatingratesincreasesordecreasesby10basispoints,whileotherfactorsremainunchanged,theCompany'sinterestexpenseswillincreaseordecreasebyapproximatelyRMB85,949,894(asofDecember31,2024:anincreaseordecreaseof10basispointswillresultinanincreaseordecreaseofapproximatelyRMB89,226,924).
(2)CreditrisksThecreditriskoftheCompanyprimarilyarisesfrommonetaryfunds,notesreceivable,tradereceivables,contractassets,otherreceivables,andlong-termreceivables.Asof31December2025,thecarryingamountofourfinancialassetsrepresentsitsmaximumcreditriskexposure.TheCompany'smonetaryfundsprimarilyareconsistofbankdepositsinEnergyGroupFinanceCompany,reputablestate-ownedbankswithhighcreditratings,andotherlargeandmedium-sizedlistedbanks.TheCompanybelievesthatthereisnosignificantcreditriskassociatedwiththesedeposits,andtheywillnotincuranysignificantlossesduetodefaultbythecounterparty.Inaddition,theCompanyestablishespoliciestocontrolcreditriskexposurefortradereceivables,tradepayable,contractassets,otherreceivables,andlong-termreceivables.Basedonassessmentsofcustomers'financialstatus,thepossibilityofobtainingguaranteesfromthirdparties,creditrecords,and
otherfactorssuchascurrentmarketconditions,theCompanyevaluatescustomers'creditworthinessandsetscorrespondingcreditperiods.TheCompanyregularlymonitorscustomers'creditrecords.Forcustomerswithpoorcreditrecords,theCompanyadoptsmeasuressuchaswrittenreminders,shorteningcreditperiods,orcancelingcreditperiodstoensurethattheCompany'soverallcreditriskremainswithinacontrollablerange.Asof31December2025,theCompanydidnotheldsignificantcollateralduetodebtors'mortgagesorothercreditenhancements(asofDecember31,2024:none).
(3)LiquidityriskEachsubsidiarywithintheCompanyisresponsibleforitsowncashflowforecast.AstheCompanyhadnetcurrentliabilities,therewasacertaindegreeofliquidityrisk.Inviewoftheabovesituation,theCompanyhadformulatedcertainplansandmeasurestoalleviatethepressureonworkingcapitalandimprovefinancialconditions.Asof31December2025,thefinancialliabilitiesandoff-balancesheetguaranteeitemsheldbytheCompanyareanalyzedbasedonthematurityofundiscountedremainingcontractualcashflowsasfollows:
| Item | 31/12/2025 | Bookvalueasat31/12/2025 | ||||
| Withinoneyear | Onetotwoyears | Twotofiveyears | Morethanfiveyears | Total | ||
| Financialliabilities | ||||||
| Short-termborrowings | 9,839,421,691 | 9,839,421,691 | 9,741,011,157 | |||
| Notespayable | 1,519,972,657 | 1,519,972,657 | 1,519,972,657 | |||
| Tradepayable | 4,294,766,903 | 4,294,766,903 | 4,294,766,903 | |||
| Otherpayables | 18,806,427,609 | 18,806,427,609 | 18,806,427,609 | |||
| Othercurrentliabilities | 520,439,919 | 520,439,919 | 520,439,919 | |||
| Non-currentliabilitiesduewithinoneyear | 9,941,727,687 | 9,941,727,687 | 9,886,200,377 | |||
| long-termborrowings | 1,986,101,107 | 10,427,838,508 | 20,332,210,694 | 53,730,142,429 | 86,476,292,738 | 71,609,414,544 |
| Debenturespayable | 230,070,563 | 922,435,862 | 7,345,817,152 | 6,015,720,617 | 14,514,044,194 | 12,382,296,595 |
| Leaseliabilities | 889,906,772 | 3,148,208,568 | 9,395,043,080 | 13,433,158,420 | 12,394,114,636 | |
| Long-termpayables | 350,535,065 | 453,266,126 | 524,243,564 | 1,328,044,755 | 1,109,330,338 | |
Continued:
| Item | 31/12/2024 | Bookvalueasat31/12/2024 | ||||
| Withinoneyear | Onetotwoyears | Twotofiveyears | Morethanfiveyears | total | ||
| Financialliabilities | ||||||
| Short-termborrowings | 14,372,345,811 | 14,372,345,811 | 14,108,930,833 | |||
| Notespayable | 2,102,292,195 | 2,102,292,195 | 2,102,292,195 | |||
| Tradepayable | 4,279,045,681 | 4,279,045,681 | 4,279,045,681 | |||
| Otherpayables | 15,825,876,579 | 15,825,876,579 | 15,825,876,579 | |||
| Othercurrentliabilities | 528,095,817 | 528,095,817 | 528,095,817 | |||
| Non-current | 6,985,821,004 | 6,985,821,004 | 6,606,678,336 | |||
| Item | 31/12/2024 | Bookvalueasat31/12/2024 | ||||
| Withinoneyear | Onetotwoyears | Twotofiveyears | Morethanfiveyears | total | ||
| liabilitiesduewithinoneyear | ||||||
| long-termborrowings | 2,383,844,518 | 10,356,555,596 | 22,081,496,998 | 45,656,929,479 | 80,478,826,591 | 69,541,559,406 |
| Debenturespayable | 355,789,480 | 2,617,529,743 | 6,237,200,154 | 5,572,283,566 | 14,782,802,943 | 11,107,429,258 |
| Leaseliabilities | 850,060,148 | 2,798,617,305 | 10,015,643,629 | 13,664,321,082 | 12,376,312,142 | |
| Long-termpayables | 76,591,643 | 257,842,819 | 765,781,903 | 1,100,216,365 | 696,347,824 | |
Asat31/12/2025,thecreditlimitsavailabletotheCompanyfromfinancialinstitutionsarepresentedasfollows:
| Item | 31/12/2025 | 31/12/2024 |
| Availablecreditlimitfromfinancialinstitutions | 106,589,071,457 | 112,116,120,762 |
2.Capitalmanagement
TheobjectiveoftheCompany'scapitalmanagementpolicyistoensurethesustainableoperationtoprovidereturnsforshareholdersandotherstakeholders,whilemaintaininganoptimalcapitalstructuretoreducecapitalcosts.ThetotalcapitaloftheCompanyistheshareholders'equitylistedintheconsolidatedbalancesheet.TheCompanyisnotsubjecttoexternalmandatorycapitalrequirementsandmonitorsitscapitalusingthedebtratio.ThedebtratiooftheCompanyispresentedasfollows:
| Item | 31/12/2025 | 31/12/2024 |
| Asset-liabilityratio | 77.71% | 79.47% |
IX.Fairvalue
Fairvaluemeasurementsarecategorizedintoahierarchybasedonthelowestlevelofinputthatissignificanttothemeasurementasawhole:
Level1:quotedprices(unadjusted)inactivemarketsforidenticalassetsorliabilities.Level2:inputsotherthanquotedpricesincludedwithinLevel1thatareobservablefortheassetorliability,eitherdirectlyorindirectly.Level3:ifanyunobservableinputisusedfortheassetorliability.
1.Assetsmeasuredatfairvalueonarecurringbasis
Asat31December2025,theassetsmeasuredatfairvalueonarecurringbasisbytheabovethreelevelsareanalyzedbelow.
| Item | Level1 | Level2 | Level3 | Total |
| 1.Fairvalueonarecurringbasis | ||||
| Investmentsinotherequityinstruments | 1,777,428,066 | 1,232,261,822 | 3,009,689,888 |
2.Informationofimportantunobservableinputvaluesusedinthelevel3fairvaluemeasurement
| Item | Fairvalueat31/12/2025 | Valuationmethod | Unobservableinputvalue |
| Investmentsinotherequityinstruments | |||
| Unlistedequityinvestment | 1,232,261,822 | Comparablecompanymethodanddiscountedcashflowmethod | Averageprice-to-bookratioliquiditydiscount |
Forfinancialinstrumentstradedinactivemarket,theCompanydeterminestheirfairvaluebasedonthequotedpricesinactivemarket.Forfinancialinstrumentswhichwerenottradedinanactivemarket,theCompanyusesvaluationmethodstodeterminetheirfairvalue.TheCompanyusedvaluationmodelssuchasthediscountedcashflowmodelandthemarketcomparablecompanymodeltoassessthefairvalueofinvestmentsinotherequityinstrumentsinlevel3in2025.ThemainunobservableinputsusedbytheCompanyforitsinvestmentsinShenzhenCapitalGroupwereaverageprice-to-bookratioandliquiditydiscount.
3.Movementoffairvaluemeasurementofinvestmentsinotherequityinstrumentsinlevel3
| Item | 1/1/2025 | Totalgainorlosses | 31/12/2025 | |
| Accountedinprofitorloss | Accountedinothercomprehensiveincome | |||
| Investmentsinotherequityinstruments | 1,126,800,000 | 105,461,822 | 1,232,261,822 | |
4.Itemsnotmeasuredatfairvaluebutdisclosedatfairvalues
ThefinancialassetsandfinancialliabilitiesmeasuredatamortizedcostoftheCompanymainlyincludenotesreceivable,tradereceivables,otherreceivables,long-termreceivables,short-termborrowings,tradepayable,leaseliabilities,long-termborrowings,debenturespayable,andlong-termpayables.TherewasnosignificantdifferencebetweenthebookvalueandfairvalueofthefinancialassetsandfinancialliabilitiesoftheCompanythatarenotmeasuredatfairvalue.X.Relatedpartiesandrelatedpartytransactions
1.Parentcompany
| Parentcompany | PlaceofRegistration | Scopeofbusiness | Registeredcapital | Shareholding(%) | Votingrights(%) |
| GuangdongEnergyGroupCo.,Ltd.(GuangdongEnergyGrouporGEGC) | Guangzhou | Operatingmanagementofpowergenerationenterprises,capitalmanagementofpowergenerationassets,constructionofelectricityplants,andpowersales | 23,300,000,000 | 67.39% | 67.39% |
TheultimatecontrollingpartyoftheCompanyistheState-ownedAssetsSupervision&ManagementCommissionofGuangzhouMunicipalPeople’sGovernment.
In2025,movementofregisteredcapitaloftheparentcompanyasfollows:
| 1/1/2025 | Increase | Decrease | 31/12/2025 |
| 23,300,000,000 | 23,300,000,000 |
2.SubsidiariesoftheCompany
Fordetailsofthesubsidiaries,pleaserefertoNoteVI.1.
3.JointventuresandassociatesFordetailsofsignificantjointventuresandassociates,pleaserefertoNoteVI.2.
| Jointventuresorassociates | Relationship |
| IndustrialFuel | Jointventure |
| ChinaAviationShenxin | Jointventure |
| YuexinEnergy | Jointventure |
| ShanxiYuedianEnergy | Associates |
| TaishanPower | Associates |
| EnergyGroupFinanceCompany | Associates |
| EnergyFinanceLeasingCompany | Associates |
| EnergyPropertyInsuranceCaptiveInsurance | Associates |
| YuedianShipping | Associates |
| YueqianPower | Associates |
| WeixinYuntou | Associates |
| JiangkengHydropowerStation | Associates |
| ZhongshankengElectricPower | Associates |
| ShantouHuanengWindPower | Associates |
| SouthernOffshoreWindPower | Associates |
| YunfuB | Associates |
| GuangdongEnergyGroupCorporateServicesCo.,Ltd.(EnergyCorporateServices) | Associates |
4.Otherrelatedparties
| Relatedparties | Relationship |
| ZhuhaiSpecialEconomicZoneGuangzhuPowerGenerationCo.,Ltd.(GuangzhuPower) | BotharecontrolledbyGuangdongEnergyGroup |
| GuangdongYuedianEnvironmentalProtectionMaterialsCo.,Ltd.(EnvironmentalProtectionMaterials) | BotharecontrolledbyGuangdongEnergyGroup |
| GuangdongZhuhaiGaolanPortEnvironmentalProtectionTechnologyCo.,Ltd.(GaolanPortEnvironmentalProtection) | BotharecontrolledbyGuangdongEnergyGroup |
| InnerMongoliaYuedianMenghuaNewEnergyCo.,Ltd.(MenghuaNewEnergy) | BotharecontrolledbyGuangdongEnergyGroup |
| BayanOboGuangdong-MongoliaNewEnergyCo.,Ltd.(BayanObo) | BotharecontrolledbyGuangdongEnergyGroup |
| ShaoguanQujiangYuedianNewEnergyCo.,Ltd.(ShaoguanQujiang) | BotharecontrolledbyGuangdongEnergyGroup |
| Relatedparties | Relationship |
| GuangdongZhuhaiJinwanPowerGenerationCo.,Ltd.(ZhuhaiJinwan) | BotharecontrolledbyGuangdongEnergyGroup |
| GuangdongYuedianZhongshanThermalPowerPlantCo.,Ltd.(YuedianZhongshanThermalPowerPlant) | BotharecontrolledbyGuangdongEnergyGroup |
| GuangdongYuedianRealEstateInvestmentCo.,Ltd.(YuedianRealEstateInvestment) | BotharecontrolledbyGuangdongEnergyGroup |
| GuangdongYuedianShippingCo.,Ltd.(YuedianShipping) | BotharecontrolledbyGuangdongEnergyGroup |
| GuangdongYuedianInformationTechnologyCo.,Ltd.(YuedianInformationTechnology) | BotharecontrolledbyGuangdongEnergyGroup |
| GuangdongYuedianXinfengjiangPowerGenerationCo.,Ltd.(YuedianXinfengjiang) | BotharecontrolledbyGuangdongEnergyGroup |
| GuangdongYuedianPropertyManagementCo.,Ltd.(YuedianPM) | BotharecontrolledbyGuangdongEnergyGroup |
| GuangdongYuedianEnvironmentalProtectionCo.,Ltd.(YuedianEnvironmentalProtection) | BotharecontrolledbyGuangdongEnergyGroup |
| GuangdongYangjiangPortCo.,Ltd.(YangjiangPort) | BotharecontrolledbyGuangdongEnergyGroup |
| GuangdongYuelongPowerGenerationCo.,Ltd.(YuelongPower) | BotharecontrolledbyGuangdongEnergyGroup |
| GuangdongEnergyGroupCo.,Ltd.,ZhuhaiPowerPlant(ZhuhaiPower) | BotharecontrolledbyGuangdongEnergyGroup |
| GuangdongEnergyGroupCo.,Ltd.ShajiaoCPowerPlant(EnergyGroupShajiaoCPowerPlant) | BotharecontrolledbyGuangdongEnergyGroup |
| GuangdongShaoguanPortCo.,Ltd.(ShaoguanPort) | BotharecontrolledbyGuangdongEnergyGroup |
| GuangdongEnergyGroupNaturalGasCo.,Ltd.(GuangdongEnergyNaturalGas) | BotharecontrolledbyGuangdongEnergyGroup |
| GuangdongEnergyGroupScienceandTechnologyResearchInstituteCo.,Ltd.(EnergyGroupScienceandTechnologyResearchInstitute) | BotharecontrolledbyGuangdongEnergyGroup |
| GuangdongHuizhouNaturalGasPowerCo.,Ltd.(HuizhouNaturalGas) | BotharecontrolledbyGuangdongEnergyGroup |
| GuangdongEnergyGroup(Yunfu)EnergyStoragePowerGenerationCo.,Ltd.(GuangdongEnergyGroup(Yunfu)EnergyStorage) | BotharecontrolledbyGuangdongEnergyGroup |
| DongguanMingyuanHotelCo.,Ltd.(DongguanMingyuanHotel) | BotharecontrolledbyGuangdongEnergyGroup |
| GuangdongHuizhouLiquefiedNaturalGasCo.,Ltd.(HuizhouLNG) | BotharecontrolledbyGuangdongEnergyGroup |
| GuangdongEnergyBoheFuelSupplyChainCo.,Ltd.(GuangdongEnergyBoheFuelSupplyChain) | BotharecontrolledbyGuangdongEnergyGroup |
| GuangdongEnergyGroupEnergyConservationandCarbonReductionCo.,Ltd.(GuangdongEnergyGroupEnergyConservationandCarbonReduction) | BotharecontrolledbyGuangdongEnergyGroup |
| GuangdongEnergyGroupCorporateServicesCo.,Ltd.(EnergyCorporateServices) | BotharecontrolledbyGuangdongEnergyGroup |
5.Relatedpartytransactions
(1)Purchasesandsales1Purchaseofgoodsandreceivingofservices:
| Relatedparties | Typeofrelatedpartytransaction | Pricingpolicyforrelated-partytransactions | 2025 | 2024 |
| IndustrialFuel | Purchaseoffuel | Agreementprice | 20,020,041,729 | 23,522,405,049 |
| GuangdongEnergyNaturalGas | Purchaseoffuel | Agreementprice | 9,310,756,743 | 9,455,829,151 |
| GuangdongEnergyBoheFuelSupplyChain | Purchaseoffuel | Agreementprice | 59,679,110 | |
| GuangdongEnergyGroupCo.,Ltd. | Receiptofoperationalservices | Agreementprice | 520,628,563 | 573,102,250 |
| YuedianEnvironmental | Purchaseofmaterials/Receiptofconsultingservices/Carbonemissionallowancestrading | Agreementprice | 129,041,310 | 169,702,574 |
| EnvironmentalProtectionMaterials | Purchaseofmaterials | Agreementprice | 81,005,986 | 96,406,939 |
| EnergyGroupScienceandTechnologyResearchInstitute | Purchaseequipment/receiveR&Dservices | Agreementprice | 49,986,839 | 102,765,353 |
| EnergyPropertyInsurance | Receiptofinsuranceservices | Agreementprice | 26,471,944 | 15,704,247 |
| YuedianPM | Receiptofpropertyservices | Agreementprice | 49,091,841 | 48,063,107 |
| YuedianShipping | Receiptoftugservices | Agreementprice | 41,152,397 | 28,262,170 |
| EnergyCorporateServices | Receiptofotherservices | Agreementprice | 23,937,317 | |
| GuangzhuPower | Carbonemissionallowancestrading | Agreementprice | 13,911,712 | |
| GuangdongEnergyGroupEnergyConservationandCarbonReduction | Receiptofconsulting/otherservices/Carbonemissionallowancestrading | Agreementprice | 12,632,642 | |
| Others | Purchaseofgoods/Receiptofservices | Agreementprice | 42,954,835 | 41,786,988 |
2Saleofgoodsandrenderingofservices:
| Relatedparties | Typeofrelatedpartytransaction | Pricingpolicyforrelatedpartytransactions | 2025 | 2024 |
| EnvironmentalProtectionMaterials | Revenuefromsaleofby-products/otherservices | Agreementprice | 95,744,621 | 100,380,187 |
| GaolanPortEnvironmentalProtection | Revenuefromsaleofby-products/otherservices | Agreementprice | 19,745,764 | 37,120,087 |
| GuangdongEnergyGroup | Provisionofmaintenance,repairandotherlabourservices | Agreementprice | 34,185,140 | 50,525,121 |
| YuedianZhongshanThermalPowerPlant | Provisionofmaintenanceandrepairservices | Agreementprice | 21,105,683 | 21,413,945 |
| GuangzhuPower | Provisionofmaintenanceandrepairservices | Agreementprice | 29,923,204 | 20,024,593 |
| YunfuB | Provisionofmaintenance,repairandotherlabourservices | Agreementprice | 1,737,167 | 2,345,313 |
| BayunEbo | Provisionofmanagementservices | Agreementprice | 7,724,793 | 7,253,092 |
| HuizhouLNG | Transferoflanduserightsforreclaimedland/otherservices | Agreementprice | 26,917,203 | 177,393,862 |
| YuedianPM | Provisionofmanagementservices | Agreementprice | 15,027,976 | 440,901 |
| Relatedparties | Typeofrelatedpartytransaction | Pricingpolicyforrelatedpartytransactions | 2025 | 2024 |
| Others | Provisionofservices | Agreementprice | 10,347,933 | 11,312,524 |
Note:Inthecurrentyear,PinghaiPowerPlant,asubsidiaryoftheCompany,enteredintoanagreementwithHuizhouLNG.Undertheagreement,HuizhouLNGwasobligatedtopaycompensationforreclamationcoststoPinghaiPowerPlant.Additionally,PinghaiPowerPlantprovidedpaidusageservicesforthebreakwatertoHuizhouLNG.
(2)Purchaseofelectricity
| Relatedparties | 2025 | 2024 |
| GuangzhuPower | 12,356,539 | 34,533,526 |
| ZhuhaiJinwan | 19,986,513 | 5,165,045 |
| YuedianZhongshanThermalPowerPlant | 11,735,370 | 21,685,670 |
| YuelongPower | 4,627,778 | 2,493,552 |
(3)LeasesIncreaseofright-of-useassetsinthecurrentyearasthelessee
| Nameofthelessor | Typeoftheleasedasset | 2025 | 2024 |
| EnergyFinanceLeasingCompany | Leaseofmachineryandequipment | 1,296,438,673 | 2,191,682,984 |
| Others | Housingrental | 29,762,997 |
Interestexpensesonleaseliabilitiesinthecurrentyearasthelessee
| Nameofthelessor | Typeoftheleasedasset | 2025 | 2024 |
| EnergyFinanceLeasingCompany | Leaseofmachineryandequipment | 278,869,520 | 297,797,859 |
| Others | Housingrental | 1,310,650 |
Theshort-termorlow-valueleaseexpensespaidasthelessee
| Nameofthelessor | Typeoftheleasedasset | 2025 | 2024 |
| YuedianRealEstateInvestment | Leaseofhouses | 19,517 | 15,148,051 |
TherentalincomeobtainedbytheCompanyasthelessor
| Nameofthelessee | Typeoftheleasedasset | 2025 | 2024 |
| DongguanMingyuanHotel | TenancyofPPE | 3,986,319 | 3,870,213 |
| YuedianPM | TenancyofPPE | 595,336 | 283,746 |
| YuedianEnvironmentalProtection | TenancyofPPE | 163,810 | 161,905 |
| YuedianShipping | TenancyofPPE | 48,440 | 48,440 |
| YunfuB | TenancyofPPE | 730,521 | 8,637,532 |
| EnergyGroupScienceandTechnologyResearchInstitute | TenancyofPPE | 1,158,658 | 149,799 |
| GuangdongEnergyNaturalGas | TenancyofPPE | 9,981 | 9,981 |
| Nameofthelessee | Typeoftheleasedasset | 2025 | 2024 |
| HuizhouNaturalGas | TenancyofPPE | 1,921,309 | |
| ShanweiYueDianShipping | TenancyofPPE | 16,294 | 16,294 |
| ChinaAviationShenxin | TenancyofPPE | 71,560 | 71,560 |
| RedBayIndustrialFuelCo.,Ltd.(IndustrialFuel) | TenancyofPPE | 32,587 | |
| GuangdongEnergyGroup(Yunfu)EnergyStorage | TenancyofPPE | 12,186 | |
| EnergyGroupShajiaoCPowerPlant | TenancyofPPE | 262,857 | |
| HuizhouLNG | TenancyofPPE | 1,339,158 |
(4)Guarantees
1TheCompanyastheguarantor
| Guaranteedparty | Guaranteedamount | Guaranteedinterest | Startingdate | Maturitydate | Whethertheguaranteehasbeenfulfilled |
| GuangdongEnergyGroupCorporation | 1,684,160,000 | 9,789,304 | 2019/12/3 | 2043/9/15 | No |
InordertoperformtheLoanAgreementfortheGuangdongYuedianYangjiangShapaoffshorewindpowerprojectsignedbetweenthePeople'sRepublicofChina(PRC)andNewDevelopmentBank(NDB)(LoanAgreementwithNDB)on3December2019,ProjectAgreementsignedbetweenNDBandthePeople'sGovernmentofGuangdongProvince(provincialgovernment)(ProjectAgreementwithNDB),LoanTransferAgreementsignedbetweentheMinistryofFinanceandtheprovincialgovernment(LoanTransferAgreementwiththeMinistryofFinance)andLoanTransferAgreementsignedbetweentheDepartmentofFinanceofGuangdongProvinceandGEGC(LoanTransferAgreementwiththeDepartmentofFinanceofGuangdongProvince),YangjiangWindPowersignedLoanTransferAgreementwithGEGC(LoanTransferAgreementwithGEGC)in2020,specifyingthatGEGCshalltransferloansofRMB2,000,000,000(ProjectLoan)toYangjiangWindPower;meanwhile,theCompanysignedajointliabilityguaranteecontractwithGEGC,specifyingthattheCompanyprovidesjointliabilityguaranteeforallliabilitiesofYangjiangWindPowerundertheLoanTransferAgreementwithGEGConbehalfofGEGCtotheDepartmentofFinanceofGuangdongProvincefrom3December2019to15September2043,andtheguaranteescopeincludesbutnotlimitedtoprincipalandinterest.Asat31December2025,YangjiangWindPowerborrowedpledgedloanofRMB1,684,160,000fromNDB,andtheinterestpayablewasRMB9,789,304.Therighttocollectelectricchargeswaspledgedforsuchborrowings.TheProjectLoanabovewastransferredtotheprovincialgovernmentbytheMinistryofFinanceunderthecountry'sauthorizationaccordingtothesameloanconditions,thentransferredtoGEGCbytheDepartmentofFinanceofGuangdongProvinceundertheprovincialgovernment'sauthorization,andfinallytransferredtoYangjiangWindPowerbyGEGC.TheaboveProjectLoanwasactuallyprovidedinentrustedpayment.ThecashwouldnotflowthroughthebankaccountsoftheMinistryofFinance,DepartmentofFinanceofGuangdongProvinceandGEGC,andYangjiangWindPower,theactualdebtoroftheProjectLoan,directlywithdrewandrepaidtheloanthroughitsaccountofNDB.TheProjectLoanwasguaranteedbytheCompanyforGEGC,andactuallytheCompanyprovidedguaranteefortheProjectLoanobtainedbyYangjiangWindPowerfromNDB.Therefore,after
consultingtheCompany'slegaladviser,managementconsideredthatjointliabilityguaranteeprovidedbytheGroupforGEGCwouldnotconstituteGEGC'soccupationoftheGroup'sfunds.
(5)LendingamongrelatedpartiesAccordingtothe2025FrameworkAgreementonFinancialServicesbetweentheCompanyandEnergyGroupFinanceCompany,EnergyGroupFinanceCompanyiscommittedtoofferingtheGroupacreditlineofnomorethanRMB39billionin2025.In2025,theGroupborrowedatotalofRMB9,563,857,859(2024:RMB10,109,224,870)fromEnergyGroupFinanceCompanybasedonactualcapitalrequirement.TheGrouppaidaninterestofRMB266,313,323(2024:RMB319,243,449)forsuchborrowings.In2025,thenetdecreaseoftheGroup'sdepositsinEnergyGroupFinanceCompanywasRMB986,153,182(2024:anetincreaseofRMB69,109,167),andtherewasnoothercashbalancesdepositedinEnergyGroupFinanceCompanyin2025or2024.InterestduefromEnergyGroupFinanceCompanyamountedtoRMB80,861,477(2024:RMB147,987,728).Inlightofthefrequentdepositsandwithdrawals,theGrouponlydisclosedtheamountofnetchangeindeposits.Accordingtothethree-partyagreementsignedamongtheGroup,EnergyGroupFinanceCompanyandIndustryFuel,thenotesopenedbytheGroupinEnergyGroupFinanceCompanyandissuedtoIndustryFuelrepresentedtheamountpayabletoEnergyGroupFinanceCompanyifsuchnoteswerediscountedwithEnergyGroupFinanceCompanybyIndustryFuel.Giventhefrequenttransactions,onlythenetchangeofthebalanceofcommercialacceptancenotesdiscountedwithEnergyGroupFinanceCompanyasat31Decemberisdisclosed.Asat31December2025,thenetamountofEnergyGroupFinanceCompany'sdiscountingofacceptancenotesissuedbytheGrouptoIndustryFueldecreasedbyRMB40,000,000(2024:RMB25,000,000).In2025,thediscountinginterestchargedbyEnergyGroupFinanceCompanyandbornebytheGroupwhichwasincludedinthediscountinginterestexpensesinthecurrentyearamountedtoRMB2,435,740(2024:RMB5,595,178).BasedontheFrameworkAgreementonFinancialLeasebetweentheCompanyandEnergyFinanceLeasingCompanyin2025,EnergyFinanceLeasingCompanyiscommittedtoofferingtheGroupacreditlineofnomorethanRMB18billion,whichisreusableduringtheone-yearagreementperiod.In2025,thenewleaseliabilitiesincurredinthetransactionbetweentheGroupandEnergyFinanceLeasingCompanywereRMB1,307,642,676(2024:RMB2,191,682,984),thefinanceleasepaymentwasRMB746,151,863(2024:RMB723,763,205).andnoadvancepaymentwasreceived(2024:nil).TheCompanyenteredintonewsaleandleasebacktransactionswithEnergyFinanceLeasingCompany,resultinginanincreaseinlong-termpayables(includingcurrentportion)ofRMB662,445,430(2024:nil).
(6)Interestincome
| Relatedparties | Typeofrelatedpartytransaction | 2025 | 2024 |
| EnergyGroupFinanceCompany | Interestondeposits | 80,861,477 | 147,987,728 |
(7)Interestcosts
| Relatedparties | Contentofrelated-partytransactions | 2025 | 2024 |
| EnergyGroupFinanceCompany | Interestonborrowings | 266,313,323 | 319,243,449 |
| EnergyGroupFinanceCompany | Discountchargesfornotes | 2,435,740 | 5,595,178 |
In2025,theannualinterestrateforloansissuedbyEnergyGroupFinanceCompanytoourcompany
rangedfrom1.70%to3.45%(2024:2.00%to3.45%).
(8)JointinvestmentAsof31December2025,thesubsidiaries,jointventures,andassociatesjointlyinvestedbytheCompany,GuangdongEnergyGroupCo.,Ltd.,anditssubsidiariesinclude:
| Investedenterprise | PercentageofequityattributabletoGEGC |
| EnergyPropertyInsurance | 51.00% |
| EnergyGroupFinanceCompany | 60.00% |
| EnergyGroupFinanceLeasingCompany | 75.00% |
| YuedianShipping | 65.00% |
| YueqianPower | 68.70% |
| ShanxiYuedianEnergy | 60.00% |
| IndustryFuel | 50.00% |
| ShajiaoCCompany | 49.00% |
| GuanghePower | 49.00% |
| BiomassPowerGeneration | 49.00% |
| XinhuiPower | 44.10% |
| MaomingThermalPower | 45.14% |
| YangjiangWindPower | 10.96% |
| ShibeishanWindPower | 30.00% |
| ZhanjiangWindPower | 30.00% |
| QujieWindPowerCompany | 1.68% |
| BoheEnergy | 33.00% |
| YuejiaElectric | 25.00% |
| ZhuhaiWindPower | 5.72% |
(9)RemunerationofkeymanagementTheCompanyhas5keymanagementpersonnelin2025,comparedto7in2024.Thepaymentofsalariesisshowninthetablebelow:
| Item | 2025 | 2024 |
| Remunerationofkeymanagement | 5,837,927 | 7,526,869 |
6.Amountdueto/fromrelatedparties
(1)Amountduefromrelatedparties
| Item | Relatedparties | 31/12/2025 | 31/12/2024 | ||
| Bookbalance | Baddebtreserves | Bookbalance | Baddebtreserves | ||
| Cashandbankbalances | EnergyGroupFinanceCompany | 13,275,888,592 | 14,286,603,574 | ||
| Tradereceivables | EnergyGroupCompany | 6,469,246 | 13,162,597 | ||
| Item | Relatedparties | 31/12/2025 | 31/12/2024 | ||
| Bookbalance | Baddebtreserves | Bookbalance | Baddebtreserves | ||
| Tradereceivables | GuangzhuPower | 15,598,390 | 16,519,487 | ||
| Tradereceivables | YuedianZhongshanThermalPowerPlant | 22,782,309 | 7,669,412 | ||
| Tradereceivables | other | 3,472,083 | 538,176 | ||
| Contractassets | YuedianZhongshanThermalPowerPlant | 103,206 | 1,269,872 | ||
| Contractassets | Others | 771,563 | 96,470 | ||
| Otherreceivables | YuedianEnvironmentalProtection | 26,495,186 | 37,861,479 | ||
| Otherreceivables | IndustryFuel | 54,738,075 | 24,677,849 | ||
| Otherreceivables | EnergyFinanceLeasingCompany | 33,507,710 | 13,533,280 | ||
| Otherreceivables | Others | 34,805,913 | 28,731,848 | ||
| Advancestosuppliers | IndustryFuel | 636,106,229 | 929,673,076 | ||
| Advancestosuppliers | GuangdongEnergyNaturalGas | 21,489,959 | |||
| Advancestosuppliers | TianxinInsurance | 23,760,250 | 30,223,522 | ||
| Advancestosuppliers | Others | 7,261,439 | 5,329,456 | ||
| Othernon-currentassets | GuangdongEnergyGroupEnergyConservationandCarbonReduction | 4,323,000 | |||
| Othernon-currentassets | TianxinInsurance | 23,837,472 | |||
| Othernon-currentassets | EnergyGroupFinanceCompany | 507,222 | |||
(2)Amountduetorelatedparties
| Item | Relatedparties | 31/12/2025 | 31/12/2024 |
| Notespayable | EnergyGroupFinanceCompany | 150,000,000 | 350,000,000 |
| Tradepayables | IndustryFuel | 2,255,235,465 | 1,971,547,170 |
| Tradepayables | GuangdongEnergyNaturalGas | 656,143,143 | 72,412,482 |
| Tradepayables | EnergyGroupCompany | 314,416,207 | 71,348,385 |
| Tradepayables | YuedianEnvironmental | 33,840,243 | 25,726,993 |
| Tradepayables | EnvironmentalProtectionMaterials | 21,771,155 | 6,470,206 |
| Tradepayables | Others | 18,114,415 | 12,307,887 |
| Otherpayables | YuedianEnvironmental | 762,414 | 21,449,528 |
| Otherpayables | MenghuaNewEnergy | 7,640,523 | 9,222,282 |
| Otherpayables | YuedianPM | 7,395,846 | 7,168,316 |
| Otherpayables | YuedianInformationTechnology | 7,152,456 | 3,875,757 |
| Otherpayables | EnergyCorporateServices | 9,505,945 |
| Item | Relatedparties | 31/12/2025 | 31/12/2024 |
| Otherpayables | EnergyGroupScienceandTechnologyResearchInstitute | 35,827,012 | 5,624,000 |
| Otherpayables | Others | 25,807,630 | 22,167,217 |
| Advancefromcustomers | HuizhouNaturalGas | 1,425,115 | |
| Contractliabilities | HuizhouLNG | 34,983,686 | |
| Leaseliabilities | EnergyFinanceLeasingCompany | 8,120,455,932 | 10,257,056,614 |
| Leaseliabilities | Others | 19,646,041 | |
| Long-termtradepayables | EnergyFinanceLeasingCompany | 420,971,128 | |
| Short-termborrowings | EnergyGroupFinanceCompany | 4,444,498,452 | 4,537,643,038 |
| Currentportionofnon-currentliabilities | EnergyGroupFinanceCompany | 286,611,981 | 212,355,144 |
| Currentportionofnon-currentliabilities | EnergyFinanceLeasingCompany | 772,997,883 | 237,719,635 |
| Currentportionofnon-currentliabilities | YuedianRealEstateInvestment | 12,612,258 | |
| Currentportionofnon-currentliabilities | YunfuB | 1,002,858 | |
| Currentportionofnon-currentliabilities | YuelongPower | 7,025 | |
| long-termborrowings | EnergyFinanceLeasingCompany | 6,707,954,288 | 5,806,465,747 |
XI.Commitments
1.Importantcommitmentitems
(1)CapitalcommitmentsCapitalexpenditurescontractedforbytheGroupbutarenotyetnecessarytoberecognizedonthebalancesheetasatthebalancesheetdateareasfollows:
| Capitalcommitmentsthathavebeencontractedbutnotyetrecognizedinthefinancialstatements | 31/12/2025 | 31/12/2024 |
| Houses,buildings,andpowergenerationequipment | 6,439,124,335 | 15,655,912,347 |
Theabovecapitalcommitmentswillbeprimarilyusedfortheconstructionofnewelectricplantsandthepurchaseofnewgeneratorunits.
(2)InvestmentcommitmentsNote1:InAugust2022,ProvincialWindPowersignedtheEquityAcquisitionFrameworkAgreementfortheWuxiangLvheng100MWPhotovoltaicPowerGenerationProjectwithShanxiHengyangNewEnergyCo.,Ltd.(HengyangNewEnergy).Accordingtotheagreement,ProvincialWindPowerpaidadepositofRMB52,200,000fortheequityacquisitionin2022.Note2:InMay2024,GEGCXinjiang,asubsidiaryofourcompany,signedaframeworkagreementwithJiangsuSaifapowerElectricPowerDevelopmentCo.,Ltd.(SaifapowerElectricPower)toacquire100%oftheequityheldbySeraphimPowerinKekedalaZhongfuNewEnergyCo.,Ltd.Asof31December2025,GEGCXinjianghadpaidatransactiondepositofRMB72,000,000toSaifapowerElectricPower.
2.Contingentmatter
Asof31December2025,theCompanyhasnounsettledlawsuit,externalguarantees,orother
contingentmattersthatneedtobedisclosed.XII.Eventsafterthebalancesheetdate
1.Profitdistribution
InaccordancewiththeproposalattheBoardofDirectors’meetinginMarch2026,theCompany
proposedtodistributeacashdividendofRMB0.2per10sharestoallshareholdersbasedontotal
sharecapitalof5,250,283,986sharesasat31December2025.Suchproposalispendingforapproval
atthemeetingofBoardofShareholdersandnotrecognizedasaliabilityinthefinancialstatementsfor
thecurrentyear
AsofMarch27,2026(thedateofapprovalofthereportbytheboardofdirectors),theCompanyhasno
othereventsafterthebalancesheetdatethatshouldbedisclosed.XIII.Otherimportantmatters
1.Divisionreport
AstheGroup'srevenueandexpenses,assetsandliabilitiesareprimarilyassociatedwithsaleofelectric
powerandotherrelatedproducts,theGroup'smanagement,takingthesaleofelectricpowerasa
wholebusiness,periodicallyobtainsaccountinginformationrelatingtoitsfinancialstatus,operating
resultsandcashflowforassessment.Therefore,theelectricpowersegmentistheonlydivisioninthe
Group.
TheGroup’srevenuefrommainoperationsderivesfromthedevelopmentandoperationofelectric
plantsinChinaandallassetsarewithinChina.
In2025,therevenueearnedbyourpowerplantsfromSouthernGridCompanyandStateGrid
CorporationofChinaamountedtoRMB50,399,904,363(2024:RMB56,225,050,620),accountingfor
97.79%oftheGroup’srevenue(2024:98.37%).
Asof31December2025,theCompanyhadnoothersignificantmattersthatshouldbedisclosed.XIV.Notestomajoritemsintheparentcompany'sfinancialstatements
1.Otherreceivables
| Item | 31/12/2025 | 31/12/2024 |
| Interestreceivable | ||
| Dividendreceivable | ||
| Otherreceivables | 70,195,880 | 837,741,316 |
| Total | 70,195,880 | 837,741,316 |
(1)Otherreceivables
1Disclosurebyaging
| Agingofaccounts | 31/12/2025 | 31/12/2024 |
| Within1year | 3,842,103 | 791,766,134 |
| 1to2years | 25,210,806 | 6,660,864 |
| Agingofaccounts | 31/12/2025 | 31/12/2024 |
| 2to3years | 6,548,058 | 5,103,479 |
| Over3years | 34,716,841 | 34,314,140 |
| Subtotals | 70,317,808 | 837,844,617 |
| Less:provisionforbaddebts | 121,928 | 103,301 |
| Total | 70,195,880 | 837,741,316 |
2Disclosurebynatureofpayment
| Items | 31/12/2025 | 31/12/2024 |
| Receivablesfromsupplementarymedicalinsurancefunds | 40,048,672 | 44,370,483 |
| Receivablesfromrelatedparties | 27,279,842 | 788,286,071 |
| Others | 2,989,294 | 5,188,063 |
| Subtotals | 70,317,808 | 837,844,617 |
| Less:baddebtprovision | 121,928 | 103,301 |
| Total | 70,195,880 | 837,741,316 |
3Provisionforbaddebts
| Category | 31/12/2025 | ||||
| Bookbalance | Provisionforbaddebts | bookvalue | |||
| Amount | %oftotalbalance | Amount | Provisionratio | ||
| Provisionforbaddebtsonanindividualbasis | 67,328,514 | 95.75 | 67,328,514 | ||
| Provisionforbaddebtsonacollectivebasis | 2,989,294 | 4.25 | 121,928 | 4.08 | 2,867,366 |
| Total | 70,317,808 | 100.00 | 121,928 | 0.17 | 70,195,880 |
(Continued):
| Category | 31/12/2024 | ||||
| bookbalance | Provisionforbaddebts | bookvalue | |||
| Amount | %oftotalbalance | Amount | Provisionratio | ||
| Provisionforbaddebtsonanindividualbasis | 835,172,773 | 99.68 | 835,172,773 | ||
| Provisionforbaddebtsonacollectivebasis | 2,671,844 | 0.32 | 103,301 | 3.87 | 2,568,543 |
| Total | 837,844,617 | 100.00 | 103,301 | 0.01 | 837,741,316 |
Asat31December2025,otherreceivablesatStage1forwhichtherelatedprovisionforbaddebtswasprovidedontheindividualbasisareanalyzedasfollows:
| Category | Bookbalance | 12-monthECLrates% | Provisionforbaddebts | Bookbalance | Reason |
| Provisionforbaddebtsonanindividualbasis | - |
| Category | Bookbalance | 12-monthECLrates% | Provisionforbaddebts | Bookbalance | Reason |
| Receivablesfromrelatedparties | 27,279,842 | 27,279,842 | Thecounterpartyisarelatedparty,withahistoricallossrateof0%;therefore,theriskofECLisextremelylow. | ||
| Supplementarymedicalinsurancefundreceivable | 40,048,672 | 40,048,672 | ThecounterpartyisTaikangPension,whichmainlyprovidescustodyservicesfortheGroup’ssupplementarymedicalinsurancefund.andtheriskofECLisextremelylow. | ||
| Provisionforbaddebtsonacollectivebasis | |||||
| Otherreceivablesportfolio | 2,989,294 | 4.08 | 121,928 | 2,867,366 | |
| Total | 70,317,808 | 0.17 | 121,928 | 70,195,880 |
BaddebtprovisionatStage2attheendoftheperiodAttheendoftheperiod,theCompanyhadnointerestreceivable,dividendsreceivable,orotherreceivablesthatwereinStage2.BaddebtprovisionatStage3attheendoftheperiodAttheendoftheperiod,theCompanyhadnointerestreceivable,dividendsreceivable,orotherreceivablesthatwereinStage2.Asat31December2024,otherreceivablesatStage1forwhichtherelatedprovisionforbaddebtswasprovidedonthecollectivebasisareanalyzedasfollows:
| Category | Bookbalance | 12-monthECLrates% | Provisionforbaddebts | Bookvalue | Reason |
| Provisionforbaddebtsonanindividualbasis | |||||
| Receivablesfromrelatedparties | 788,286,071 | 788,286,071 | Thecounterpartyisarelatedparty,withahistoricallossrateof0%;therefore,theriskofECLisextremelylow. | ||
| Supplementarymedicalinsurancefundreceivable | 44,370,483 | 44,370,483 | ThecounterpartyisTaikangPension,whichmainlyprovidescustodyservicesfortheGroup’ssupplementarymedicalinsurancefund.andtheriskofECLisextremelylow. | ||
| Tradereceivablesfromsalesofauxiliaryproducts | - | ||||
| Others | 2,516,219 | 2,516,219 | - | ||
| Provisionforbaddebtsonacollectivebasis | |||||
| Otherreceivables | 2,671,844 | 3.87 | 103,301 | 2,568,543 |
| Category | Bookbalance | 12-monthECLrates% | Provisionforbaddebts | Bookvalue | Reason |
| portfolio | |||||
| Total | 837,844,617 | 0.01 | 103,301 | 837,741,316 |
BaddebtprovisionatStage2attheendofthepreviousyearAttheendoflastyear,theCompanyhadnointerestreceivable,dividendsreceivable,orotherreceivablesthatwereinthesecondstage.BaddebtprovisionatthethirdstageattheendoflastyearAttheendoflastyear,theCompanyhadnointerestreceivable,dividendsreceivable,orotherreceivablesinthethirdstage.
7Baddebtprovisionaccrued,recovered,orreversedinthecurrentperiod
| Baddebtreserves | Stage1 | Stage2 | Stage2 | Total |
| 12-monthECL | LifetimeECL(creditnotimpaired) | LifetimeECL(creditimpaired) | ||
| Asat31/12/2024 | 103,301 | 103,301 | ||
| Openingbalanceinthecurrentperiod | ||||
| --Movetostage2 | ||||
| --Movetostage3 | ||||
| --Switchbacktostage2 | ||||
| --Returntostage1 | ||||
| Provisionforthisperiod | 18,627 | 18,627 | ||
| Reversalinthisperiod | ||||
| Verificationinthisperiod | ||||
| Asat31/12/2025 | 121,928 | 121,928 |
8Theactualwrite-offofotherreceivablesinthecurrentperiod:none9Topfiveunitswiththehighestendingbalancesofotherreceivablescollectedbydebtors
| UnitName | Nature | Bookbalance | Aging | %oftotalbalance | Provisionforbaddebts |
| TaikangPensionCo.,Ltd.GuangdongBranch | Supplementarymedicalinsurancefundreceivable | 40,048,672 | Within1year,1-2years(inclusive),2-3years(inclusive),3-4years(inclusive),4-5years(inclusive) | 56.95 | |
| GuangdongElectricPowerIndustryFuelCo.,Ltd. | Receivablesfromrelatedparties | 22,804,207 | 1-2years(inclusive) | 32.43 | |
| GuangdongYuedianRealEstateInvestmentCo.,Ltd. | Receivablesfromrelatedparties | 1,045,274 | 4-5years(inclusive),beyond5years | 1.49 | |
| GuangdongYuedianBinhaiBayEnergyCo.,Ltd. | Receivablesfromrelatedparties | 1,002,560 | Within1year,1-2years(inclusive) | 1.43 | |
| GuangdongYuedianNewEnergyDevelopmentCo., | Receivablesfromrelated | 569,333 | Within1year,1-2years(inclusive) | 0.81 |
| UnitName | Nature | Bookbalance | Aging | %oftotalbalance | Provisionforbaddebts |
| Ltd. | parties | ||||
| Total | 65,470,046 | 93.11 |
2.Long-termequityinvestments
| Item | 31/12/2025 | 31/12/2024 | ||||
| Bookbalance | Impairmentprovision | Bookvalue | Bookbalance | Impairmentprovision | Bookvalue | |
| Subsidiaries | 44,332,871,157 | 3,994,357,453 | 40,338,513,704 | 40,225,622,357 | 3,915,727,852 | 36,309,894,505 |
| Jointventures | 1,549,408,238 | 1,549,408,238 | 1,187,240,439 | 1,187,240,439 | ||
| Associates | 9,143,147,561 | 122,614,153 | 9,020,533,408 | 8,792,769,115 | 122,614,153 | 8,670,154,962 |
| Total | 55,025,426,956 | 4,116,971,606 | 50,908,455,350 | 50,205,631,911 | 4,038,342,005 | 46,167,289,906 |
(1)Subsidiaries
| Investedentity | 31/12/2024(bookvalue) | 31/12/2024(impairmentprovision) | Movementsinthecurrentyear | 31/12/2025(bookvalue) | 31/12/2025(impairmentprovision) | |||
| Increaseininvestments | Decreaseininvestments | Provisionforimpairment | Others | |||||
| HuizhouNaturalGas | 1,205,199,446 | 1,205,199,446 | ||||||
| GuangqianCompany | 1,353,153,223 | 1,353,153,223 | ||||||
| RedBayPower | 2,389,023,386 | 130,000,000 | 2,519,023,386 | |||||
| LincangEnergy | 490,989,439 | 660,000,000 | 660,000,000 | 490,989,439 | ||||
| ZhanjiangElectric | 2,185,334,400 | 456,000,000 | 1,729,334,400 | |||||
| YuejiaElectric | 455,584,267 | 455,584,267 | ||||||
| ShaoguanPowerPlant | 1,509,698,674 | 1,596,000,000 | 1,596,000,000 | 1,509,698,674 | ||||
| MaomingThermalPower | 687,458,978 | 687,458,978 | ||||||
| JinghaiPower | 2,450,395,668 | 526,470,100 | 2,976,865,768 | |||||
| TechnologyEngineeringCompany | 200,000,000 | 200,000,000 | ||||||
| HumenPowerCompany | 3,192,416 | 86,807,584 | 3,192,416 | 86,807,584 | ||||
| ZhongyueEnergy | 963,000,000 | 187,248,115 | 567,000,000 | 1,530,000,000 | 187,248,115 | |||
| BoheEnergy | 1,409,581,041 | 321,600,000 | 1,731,181,041 | |||||
| Investedentity | 31/12/2024(bookvalue) | 31/12/2024(impairmentprovision) | Movementsinthecurrentyear | 31/12/2025(bookvalue) | 31/12/2025(impairmentprovision) | |||
| PinghaiPowerPlant | 720,311,347 | 720,311,347 | ||||||
| DapuPowerGeneration | 1,957,100,000 | 410,000,000 | 2,367,100,000 | |||||
| HuaduNaturalGas | 323,050,000 | 323,050,000 | ||||||
| WindPowerCompany | 10,519,096,881 | 10,519,096,881 | ||||||
| PowerSales | 230,000,000 | 230,000,000 | ||||||
| YonganNaturalGas | 495,000,000 | 495,000,000 | ||||||
| BinhaiBayCompany | 1,040,000,000 | 1,040,000,000 | ||||||
| HuaguoquanCompany | 49,680,900 | 49,680,900 | ||||||
| QimingCompany | 68,000,000 | 15,000,000 | 78,629,601 | 4,370,399 | 78,629,601 | |||
| DayaBayCompany | 423,955,001 | 49,070,000 | 473,025,001 | |||||
| DananhaiCompany | 331,000,000 | 100,000,000 | 431,000,000 | |||||
| ShajiaoCCompany | 1,169,434,134 | 389,686,648 | 1,169,434,134 | 389,686,648 | ||||
| YunhePower | 1,319,933,927 | 17,540,000 | 1,337,473,927 | |||||
| YuehuaPower | 699,347,838 | 699,347,838 | ||||||
| BijieNewEnergy | 17,500,000 | 17,500,000 | ||||||
| TumushukeThermalPower | 4,286,875 | 795,713,125 | 4,286,875 | 795,713,125 | ||||
| ShaoguanNewEnergy | 46,473,000 | 46,473,000 | ||||||
| HanhaiNewEnergy | 644,050,000 | 644,050,000 | ||||||
| JinxiuIntegratedEnergy | 2,621,800 | 2,621,800 | ||||||
| MujinNewEnergy | 120,495,920 | 120,495,920 | ||||||
| MuhongNewEnergy | 120,495,920 | 120,495,920 | ||||||
| HuiboNewEnergy | 99,923,134 | 99,923,134 | ||||||
| XingyueNewEnergy | 9,977,500 | 9,977,500 | ||||||
| MaomingNaturalGas | 115,345,000 | 115,345,000 | ||||||
| Investedentity | 31/12/2024(bookvalue) | 31/12/2024(impairmentprovision) | Movementsinthecurrentyear | 31/12/2025(bookvalue) | 31/12/2025(impairmentprovision) | |||
| HuixinThermalPower | 181,475,000 | 264,960,300 | 446,435,300 | |||||
| DongrunZhongnengNewEnergy | 45,063,020 | 45,063,020 | ||||||
| ShacheIntegratedEnergy | 1,256,610,470 | 1,256,610,470 | ||||||
| XinguangyaoNewEnergy | 46,057,600 | 46,057,600 | ||||||
| LuodingNewEnergy | 1,844,520 | 1,844,520 | ||||||
| JiuzhouNewEnergy | 39,000,000 | 39,000,000 | ||||||
| ChangshanWindPower | 110,740,000 | 110,740,000 | ||||||
| TumxukChanghe | 3,500,000 | 3,500,000 | ||||||
| ZhonggongEnergy | 152,969,360 | 152,969,360 | ||||||
| ZhuhaiYuedianNewEnergy | 2,740,000 | 2,740,000 | ||||||
| ZhennengNewEnergy | 10,000,000 | 10,000,000 | ||||||
| GEGCXinjiang | 1,000,000,000 | 1,000,000,000 | ||||||
| GaozhouNewEnergy | 1,476,800 | 1,476,800 | ||||||
| YuedianNewEnergyDevelopment | 85,000,000 | 286,054,860 | 371,054,860 | |||||
| YuedianNavigation | 300,000 | 300,000 | ||||||
| DongguanNingzhou | 948,808,400 | 948,808,400 | ||||||
| Total | 36,309,894,505 | 3,915,727,852 | 5,892,803,660 | 1,785,554,860 | 78,629,601 | 40,338,513,704 | 3,994,357,453 | |
(2)Jointventuresandassociates
| Investedentity | 31/12/2024(bookvalue) | 31/12/2024(impairmentprovision) | Movementsinthecurrentyear | 31/12/2025(bookvalue) | 31/12/2025(impairmentprovision) | |||||||
| Increaseininvestments | Decreaseininvestments | Shareofnetprofit/(loss)underequitymethod | Shareofothercomprehensiveincome | Shareofotherchangesinequity | Announcethedistributionofcashdividendsorprofits | Provisionforimpairment | Others | |||||
| Associates: | ||||||||||||
| TaishanPower | 2,064,860,619 | 89,704,315 | -17,207 | 5,115,535 | 86,021,794 | 2,073,641,468 | ||||||
| ShanxiYuedianEnergy | 3,932,626,743 | 267,323,639 | 81,882 | 17,134,720 | 4,182,897,544 | |||||||
| EnergyGroupFinanceCompany | 1,124,890,453 | 98,756,404 | -38,179,481 | 6,477,476 | 57,595,064 | 1,134,349,788 | ||||||
| EnergyFinanceLeasingCompany | 823,842,858 | 21,124,420 | 844,967,278 | |||||||||
| YuedianShipping | 126,436,319 | 21,467,919 | -629,116 | -643,515 | 146,631,607 | |||||||
| YueqianPower | 272,287,737 | 5,391,285 | -9,331 | -827,613 | 276,842,078 | |||||||
| WeixinYuntou | 122,614,153 | 122,614,153 | ||||||||||
| EnergyPropertyInsuranceCaptiveInsurance | 309,986,789 | 13,515,269 | 2,291,873 | 321,210,185 | ||||||||
| EnergyCorporateServices | 27,000,000 | 32,824 | 27,032,824 | |||||||||
| Other | 15,223,444 | 1,324,938 | 3,587,746 | 12,960,636 | ||||||||
| Subtotals | 8,670,154,962 | 122,614,153 | 27,000,000 | 518,641,013 | -38,835,135 | 10,203,765 | 166,631,197 | 9,020,533,408 | 122,614,153 | |||
| Jointventure: | ||||||||||||
| IndustryFuel | 1,187,240,439 | 300,000,000 | 81,561,047 | 2,015,435 | 1,873,717 | 23,282,400 | 1,549,408,238 | |||||
| Subtotals | 1,187,240,439 | 300,000,000 | 81,561,047 | 2,015,435 | 1,873,717 | 23,282,400 | 1,549,408,238 | |||||
| Total | 9,857,395,401 | 122,614,153 | 327,000,000 | 600,202,060 | -36,819,700 | 12,077,482 | 189,913,597 | 10,569,941,646 | 122,614,153 | |||
3.Revenueandcostofsale
(1)Revenueandcostofsale
| Items | 2025 | 2024 | ||
| Income | Expenses | Income | Expenses | |
| Mainbusiness | ||||
| Otherbusiness | 56,107,489 | 34,193,846 | 36,422,477 | 44,175,640 |
| Total | 56,107,489 | 34,193,846 | 36,422,477 | 44,175,640 |
(2)Revenueandcostofsalearecategorizedbytype
| Items | 2025 | 2024 | ||
| Revenue | Costofsale | Revenue | Costofsale | |
| Mainbusiness: | ||||
| Subtotals | ||||
| Otherbusinesses: | ||||
| Rentalincome | 11,513,960 | 617,597 | 11,606,363 | 85,025 |
| Others | 44,593,529 | 33,576,249 | 24,816,114 | 44,090,615 |
| Subtotals | 56,107,489 | 34,193,846 | 36,422,477 | 44,175,640 |
| Total | 56,107,489 | 34,193,846 | 36,422,477 | 44,175,640 |
(3)RevenueandcostofsaleareclassifiedbasedonthetimeofgoodstransferTheGroup'srevenueisbrokendownasfollows:
| Items | 2025 | ||||
| Saleofelectricity,steamandcoalash | Services | Leases | Others | Total | |
| Revenuefrommainoperations | |||||
| Including:recognizedatatimepoint | |||||
| recognizedoveratimeperiod | |||||
| Revenuefromotheroperations | |||||
| Including:recognizedatatimepoint | 44,593,529 | 44,593,529 | |||
| recognizedoveratimeperiod | 11,513,960 | 11,513,960 | |||
| Total | 11,513,960 | 44,593,529 | 56,107,489 | ||
TheGroup'scostofsaleisbrokendownasfollows:(continued)
| Items | 2025 | ||||
| Saleofelectricity,steamandcoalash | Services | Leases | Others | Total | |
| Costofsalefrommainoperations | |||||
| Including:recognizedatatimepoint | |||||
| recognizedoveratimeperiod | |||||
| Items | 2025 | ||||
| Saleofelectricity,steamandcoalash | Services | Leases | Others | Total | |
| Costofsalefromotheroperations | |||||
| Including:recognizedatatimepoint | 33,576,249 | 33,576,249 | |||
| recognizedoveratimeperiod | 617,597 | 617,597 | |||
| Total | 617,597 | 33,576,249 | 34,193,846 | ||
TheGroup'srevenueinlastperiodisbrokendownasfollows(continued):
| Items | 2024 | ||||
| Saleofelectricity,steamandcoalash | Services | Leases | Others | Total | |
| Revenuefrommainoperations | |||||
| Including:recognizedatatimepoint | |||||
| recognizedoveratimeperiod | |||||
| Revenuefromotheroperations | |||||
| Including:recognizedatatimepoint | 24,816,114 | 24,816,114 | |||
| recognizedoveratimeperiod | |||||
| Rentalincome | 11,606,363 | 11,606,363 | |||
| Total | 11,606,363 | 24,816,114 | 36,422,477 | ||
TheGroup'scostofsaleisbrokendownasfollows:(Cont’d)
| Items | 2024 | ||||
| Saleofelectricity,steamandcoalash | Services | Leases | Others | Total | |
| Costofsalefrommainoperations | |||||
| Including:recognizedatatimepoint | |||||
| recognizedoveratimeperiod | |||||
| Costofsalefromotheroperations | |||||
| Including:recognizedatatimepoint | 44,090,615 | 44,090,615 | |||
| recognizedoveratimeperiod | |||||
| Rentalincome | 85,025 | 85,025 | |||
| Total | 85,025 | 44,090,615 | 44,175,640 | ||
(4)InformationrelatedtoremainingperformanceobligationsAsof31December2025,theCompanyhasnooutstandingperformanceobligationsundercontractsthathavebeensigned.
4.Investmentincome
| Items | 2025 | 2024 |
| Items | 2025 | 2024 |
| Incomefromlong-termequityinvestmentsundercostmethod | 1,040,144,111 | 1,013,878,951 |
| Incomefromlong-termequityinvestmentsunderequitymethod | 600,202,060 | 626,894,645 |
| Incomegeneratedfromdisposaloflong-termequityinvestments | -197,061,075 | |
| Interestincomeduringtheholdingperiodofdebtinvestment | 29,761,684 | 49,229,786 |
| Dividendincomefromotherequityinstrumentinvestments | 116,155,595 | 112,589,720 |
| Total | 1,589,202,375 | 1,802,593,102 |
XV.Additionalinformation
1.Statementofnon-recurringgainsandlosses
| Items | 2025 | 2024 | Description |
| Incomefromsaleofcarbonemissionallowances | 2,725,356 | 13,189,163 | |
| Penaltiesandoverduefines | -7,799,745 | -9,621,477 | |
| Gainsonscrapofnon-currentassets | 72,198,570 | 83,721,465 | Note1 |
| Lossesonscrapofnon-currentassets | -66,409,257 | -85,124,076 | Note2 |
| Gainsondisposalsofnon-currentassets | 20,344,472 | 98,655 | |
| GainsonlandtransferofHuizhouLNGReceivingTerminal | 23,744,100 | 177,384,900 | Note3 |
| Governmentgrantsrecognizedinprofitorlossforthecurrentperiod | 25,263,860 | 52,020,222 | |
| Compensationfornaturalgascontract | 47,563,813 | Note4 | |
| Compensationforseaareauserights,mountainexcavationandlandreclamationprojects | 44,085,993 | Note5 | |
| Waivedpayables | 2,135,538 | 31,827,530 | |
| Lossesarisingfromforcemajeureevents,includingnaturaldisasters | -2,936,502 | -11,738,926 | Note6 |
| Compensationforelectricitycostsduringdemolitionandreconstruction | 6,513,028 | ||
| One-timecostsarisingfromthediscontinuanceofrelevantoperatingactivities | -155,298,107 | ||
| Othernon-recurringgainsandlosses | 49,544,029 | 92,698,221 | |
| Totalnon-recurringgainsandlosses | 210,460,227 | 195,670,598 | |
| Less:effectofincometax | 43,032,157 | 30,445,394 | |
| Netnon-recurringgainsandlosses | 167,428,070 | 165,225,204 | |
| Less:attributiontonon-controllinginterests(aftertax) | 42,505,849 | 132,446,539 | |
| Non-recurringgainsandlossesattributabletoordinaryshareholders | 124,922,221 | 32,778,665 |
Note1:Gainsonnon-currentassetscrapmainlyarosefromthedisposalofresidualPPEandsparepartsbytheShajiaoABranch,thedisposaloftheoff-sitecoalconveyingtrestlebythesubsidiaryYuehua,andthedisposalofNo.1gasturbinebythesubsidiaryXinhuiPowerin2025,amountingtoatotalscrapgainofRMB61,234,857.Note2:InFebruary2025,thesubsidiaryRedBayPowersignedanagreementwiththeRedBayEconomicDevelopmentZoneManagementCommitteeforthestagedrecoveryofreclaimedland.Forthefirstbatchofrecoveredland,theCommitteerepurchasedthelandataconsiderationofRMB
57,791,570.Afteroffsettingtheasset'scarryingamountofRMB32,368,012andlandVATofRMB5,103,632,thetransactionresultedinanetdisposalgainofRMB20,319,926,satisfyingtherecognitionconditionsfornon-currentassetdisposalgains.Note3:In2025,PinghaiPowerPlant,asubsidiaryoftheCompany,enteredintoanagreementwithHuizhouLNGwherebyHuizhouLNGagreedtocompensatePinghaiPowerPlantforitsreclamationprojectcostsatapriceofRMB36,651,767.InMay2025,PinghaiPowerPlantreceivedthecompensationofRMB36,651,767fromHuizhouLNG.Correspondingly,thecarryingamountoftheassetsrelatedtothereclamationproject,totalingRMB12,907,667,wastransferredtodisposalcosts.ThisresultedinanetdisposalgainofRMB23,744,100,whichsatisfiestherecognitionconditionsforcompensationgains.Note4:In2025,twooftheCompany'ssubsidiaries,GuangqianElectricandHuizhouNaturalGas,receivedcompensationfornaturalgascontractofRMB47,563,813fromGuangdongDapengLiquefiedNaturalGasCo.,Ltd.Note5:InDecember2025,theCompany'ssubsidiaryGuangqianElectricsignedacompensationagreementwiththeWest-EastGasPipelineBranchofStateGridforitsseaareauserightsaswellasthemountainexcavationandlandreclamationprojectcosts.ThecompensationreceivedamountedtoRMB58,360,486(orRMB54,128,150netoftax).Afteroffsettingtheuserightsandtheproject’scarryingamountofRMB10,042,157,anetgainofRMB44,085,993wasrecognized,satisfyingtherecognitionconditionsforcompensationgains.Note6:In2025,GaotangNewEnergy,asubsidiaryoftheCompany,compensatedlocalfarmersforlossestolivestockandroofrepairstotalingRMB2,936,502.Thesedamageswerecausedbyphotovoltaicpanelsblownoffbygalesontofarmers'properties.Basisforpreparationofstatementofnon-recurringprofitorlossfortheCurrentYearChinaSecurityRegulatoryCommission(CSRC)issuedExplanatoryAnnouncementforInformationDisclosureofCompaniesOfferingSecuritiestothePublicNo.1—Non-recurringGainsandLosses(revisedin2023](2023ExplanatoryAnnouncementNo.1),whichwasrequiredtobeimplementedsincethedateofissuance.TheGrouppreparedthestatementofnon-recurringgainsandlossesfortheyearended31December2023inaccordancewithrequirementsin2023ExplanatoryAnnouncementNo.1.Pursuantto2023ExplanatoryAnnouncementNo.1,non-recurringgainsandlossesreferstothosearisingfromtransactionsandeventsthosearenotdirectlyrelatedtotheCompany’snormalcourseofbusiness,alsofromtransactionsandeventsthoseevenarerelatedtotheCompany’snormalcourseofbusiness,butwillinterferewiththerightjudgementofusersofthefinancialstatementsontheCompany’soperationperformanceandprofitabilityduetotheirspecialnatureandoccasionaloccurrence.Non-recurringgainsandlossesitemsdefinedaccordingtothedefinitionaboveandnon-recurringgainsandlossesitemslistedwhicharedefinedasrecurringgainsandlossesitemsareasfollows:
| Items | 2025 | 2024 | Reasonsforregardingasrecurringprofitorloss |
| VATrefunduponcollection | 24,249,716 | 25,938,507 | Constantoccurrence,conformingtonationalpoliciesandregulations |
| Carbonemissionallowancesusedtofulfiltheemissionreductionobligation | -62,242,301 | -318,227,152 | Constantoccurrence,conformingtonationalpoliciesandregulations |
2.Returnonequity(ROE)andearningspershare(EPS)
| Profitduring2025 | WeightedaverageROE(%) | EPS(RMB/share) | |
| Basic | Diluted | ||
| Netprofitattributabletoordinaryshareholders | 2.59 | 0.1143 | 0.1143 |
| Netprofitattributabletoordinaryshareholderslesstheeffectofnon-recurringgainsandlosses | 2.05 | 0.0905 | 0.0905 |
GuangdongElectricPowerDevelopmentCo.,Ltd.
27March2026