The Third Quarterly Report 2026
Stock Abbreviation：Yue Dian Li A ,Yue Dian Li B Stock Code：000539,200539
Announcement No.:2026-63
Corporate bond code: 149711 Abbreviation of corporate bond: 21 Yudean 03
Guangdong Electric Power Development Co., Ltd.
The Third Quarterly Report 2026
The Company and its directors hereby guarantee that the content of information disclosure is real,
accurate, complete and free from any false record, misleading representation or material omissions.
Important content reminder:
no significant omissions, fictitious or misleading statements carried in the Report and we will accept individual
and joint responsibilities for the truthfulness, accuracy and completeness of the Report.
in charge of the accounting )hereby confirm the authenticity and completeness of the financial report enclosed
in this report.
□Yes √No
The Third Quarterly Report 2026
I. Main financial data
(I) Main accounting data and financial indexes
Whether it has retroactive adjustment or re-statement on previous accounting data or not
□Yes √No
Changes of this Changes of this
Year-begin to period-
period over same period over same
This period end period of last year
period of last year
Before adjustment （％）
（％）
Operating revenue
（Yuan）
Net profit attributable to the
shareholders of the listed -1,009,860,040 -283.12% -1,555,641,446 -366.41%
company（Yuan）
Net profit after deducting of
non-recurring gain/loss
attributable to the -1,011,083,999 -289.97% -1,652,316,513 -423.75%
shareholders of listed
company（Yuan）
Net cash generated from
/used in operating activities — — 8,499,973,855 25.19%
（Yuan）
Basic earning per
-0.1923 -283.12% -0.2963 -366.41%
share(Yuan/Share)
Diluted gains per
-0.1923 -283.12% -0.2963 -366.41%
share(Yuan/Share)
Weighted average return on
-4.54% -6.92% -6.88% -9.40%
equity（%）
Increase/decrease at the period-end compared
End of this period End of last period
with the end of the previous year
Gross assets（Yuan） 187,319,523,697 186,034,251,274 0.69%
Net assets attributable to
the shareholders of the 21,775,425,329 23,444,357,218 -7.12%
listed company（Yuan）
（II)Items and amount of non-current gains and losses
√ Applicable □ Not applicable
In RMB
Amount from year-begin
Item This period Notes
to period -end
Mainly due to the income from the
Non-current asset disposal disposal of ash silos and land of the
gain/loss(including the write- Red Bay Power plant, as well as
off part for which assets -6,666,651 6,602,580 the gains and losses from the
impairment provision is disposal of equipment at Jinghai,
made) Bohe, Yuehua, and other power
plants.
Government subsidy
Mainly due to various government
recognized in current gain and
subsidies for energy saving and
loss(excluding those closely
related to the Company’s
transformation, etc., cumulatively
business and granted under
received by the main subsidiaries.
the state’s policies)
Capital occupation charges on 0 4,789,368 It is primarily the interest income
The Third Quarterly Report 2026
non-financial enterprises that from the recovery of equity
are recorded into current acquisition deposits by Guangdong
gains and losses Wind Power Company.
It is primarily the typhoon
insurance compensation received
Other non-business income
by Yangjiang Wind Power and the
and expenditures other than 3,576,141 173,432,745
project assessment compensation
the above
paid by the EPC contractor to
Zhuhai Wind Power.
Less: Amount of influence of
income tax
Influenced amount of minor
shareholders’ equity (after 2,317,198 52,943,441
tax)
Total 1,223,959 96,675,067 --
Details of other profit and loss items that meet the non-recurring profit and loss definition
□ Applicable√ Not applicable
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Losses
and its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information
disclosure for Companies offering their securities to the public-non-recurring Gains and losses which have been
defined as recurring gains and losses, it is necessary to explain the reason.
√ Applicable □ Not applicable
Item Amount involved(Yuan) Reason
Value-added tax will be refunded Comply with national policies and
immediately regulations, and continue to occur.
Carbon emission quota used to fulfill the Comply with national policies and
-144,329,242
emission reduction obligation regulations, and continue to occur.
(III) Particulars about changes in items of main accounting data and financial index and explanations of
reasons
√ Applicable □Not applicable
In the first three quarters of 2026, driven by the commissioning of new coal-fired power projects and improved
power generation efficiency of existing units, the Company’s on-grid electricity volume rose by 22% YOY.
Nevertheless, due to the rising fuel market prices, the Company's average price of standard coal increased by
Coupled with the continuous decline in the comprehensive on-grid electricity price, the thermal power business
recorded substantial losses. As for the new energy business, the utilization hours of wind power and
photovoltaic power generation edged up YOY. However, constrained by lower average wind speeds in some
coastal areas within the province and severe power curtailment in certain regions outside the province, the
utilization hours still fell short of expectations. The gross profit margin of the Company’s power generation
business was further squeezed. The Company recorded a net profit attributable to shareholders of the listed
company of -1.556 billion yuan in aggregate for the first three quarters, representing a sharp YOY decline.
The Third Quarterly Report 2026
II. Shareholders Information
(I) Total number of common shareholders and preference shareholders with voting rights recovered and
top ten common shareholders
In shares
Total number of common shareholders at Total preference shareholders with the voting power
the period-end recovered at the end of the reporting period(if any)
Shares held by the top 10 shareholders（Excluding shares lent through refinancing)
Amount of Pledging or freezing
Share tradable shares
Properties of
Shareholder name proportio Quantity with Status of the
shareholder Quantity
n% Conditional shares
held
Guangdong Energy State-owned
Group Co., Ltd. legal person
Guangdong Electric
State-owned
Power Development 1.80% 94,367,341 0 Not applicable 0
legal person
Corporation
Guangzhou
State-owned
Development Group 1.36% 71,151,542 0 Not applicable 0
legal person
Co., Ltd.
Domestic
Zheng Jianxiang 0.52% 27,158,800 0 Not applicable 0
Natural person
Overseas
HKSCC 0.38% 19,953,137 0 Not applicable 0
Legal person
CHINA
INTERNATIONAL
CAPITAL Overseas
CORPORATION Legal person
HONG KONG
SECURITIES LTD
VANGUARD TOTAL
INTERNATIONAL Overseas
STOCK INDEX Legal person
FUND
NOMURA
Overseas
SINGAPORE 0.24% 12,599,843 0 Not applicable 0
Legal person
LIMITED
Chaokang Investment Overseas
Co., Ltd. Legal person
Domestic
Zhou Zheng 0.21% 10,812,795 0 Not applicable 0
Natural person
Shareholding of top 10 shareholders of unrestricted shares(Excluding shares lent through refinancing and Top management lock-
in stock)
Quantity of unrestricted Share type
Name of the shareholder shares held at the end of the
reporting period Share type Quantity
Guangdong Energy Group Co., Ltd. 1,558,213,998 RMB Common shares 1,558,213,998
Guangdong Electric Power Development
Corporation
Guangzhou Development Group Co., Ltd. 71,151,542 RMB Common shares 71,151,542
Foreign shares placed in
Zheng Jianxiang 27,158,800 27,158,800
domestic exchange
HKSCC 19,953,137 RMB Common shares 19,953,137
CHINA INTERNATIONAL CAPITAL
Foreign shares placed in
CORPORATION HONG KONG 15,216,066 15,216,066
domestic exchange
SECURITIES LTD
The Third Quarterly Report 2026
VANGUARD TOTAL INTERNATIONAL Foreign shares placed in
STOCK INDEX FUND domestic exchange
Foreign shares placed in
NOMURA SINGAPORE LIMITED 12,599,843 12,599,843
domestic exchange
Foreign shares placed in
Chaokang Investment Co., Ltd. 11,656,677 11,656,677
domestic exchange
Foreign shares placed in
Zhou Zheng 10,812,795 10,812,795
domestic exchange
The Second largest shareholder Guangdong Electric Power Development
Corporation and the Ninth largest shareholder Chaokang Investment Co., Ltd. are
Related or acting-in-concert parties among
the wholly-owned subsidiaries of the largest shareholder Energy Group. These
shareholders above
three companies have relationships; whether the other shareholders have
relationships or unanimous acting was unknown.
Participation of top 10 unconditional
common share shareholders in securities None
margin trading (if any)
Information of shareholders holding more than 5% of the shares, the top 10 shareholders and the top 10
shareholders of unrestricted tradable shares participating in the lending of shares in securities lending and
borrowing business
□ Applicable √ Not applicable
The top 10 shareholders and the top 10 shareholders of unrestricted tradable shares have changed compared
with the previous period due to the securities lending/returning,
□ Applicable √ Not applicable
(II)Total number of preferred shareholders and shareholding of top 10 preferred shareholders by the end
of the report period
□ Applicable √Not applicable
III. Other important matters
□ Applicable √Not applicable
The Third Quarterly Report 2026
IV. Quarterly financial statements
（i）Financial statement
Prepared by: Guangdong Electric Power Development Co., Ltd.
September 30,2026
In RMB
Item Ending balance Opening balance
Current assets:
Monetary fund 16,124,129,960 14,839,620,180
Settlement provisions 0 0
Capital lent 0 0
Trading financial assets 0 0
Derivative financial assets 0 0
Note receivable 44,676 0
Account receivable 9,997,588,479 9,583,184,905
Receivable financing 0 0
Account paid in advance 2,446,834,400 974,124,953
Insurance receivable 0 0
Reinsurance receivables 0 0
Contract reserve of reinsurance
receivable
Other account receivable 459,957,559 527,513,970
Including: Interest receivable 0 0
Dividend receivable 0 0
Buying back the sale of financial assets 0 0
Inventory 3,063,461,855 2,293,819,795
Including: Data resources 0 0
Contract assets 446,639 899,846
Assets held for sale 0 0
Non-current asset due within one year 8,826 0
Other current assets 2,263,519,618 2,428,213,159
Total current assets 34,355,992,012 30,647,376,808
Non-current assets:
Loans and payments on behalf 0 0
Creditor's rights investment 0 0
Other Creditor's rights investment 0 0
Long-term account receivable 0 0
Long-term equity investment 11,903,849,216 11,543,456,219
Investment in other equity instrument 2,891,942,957 3,009,689,888
Other non-current financial assets 0 0
Investment real estate 317,483,662 323,777,484
Fixed assets 100,669,056,130 85,896,557,515
Construction in progress 15,613,869,649 31,582,478,170
Productive biological asset 0 0
Oil and gas asset 0 0
Right-of-use assets 10,455,697,611 11,196,458,460
Intangible assets 3,574,847,134 3,699,548,596
Including：Data resources 0 0
Expense on research and development 0 0
The Third Quarterly Report 2026
Including：Data resources 0 0
Goodwill 2,449,886 2,449,886
Long-term expenses to be apportioned 94,561,287 62,228,755
Deferred income tax asset 1,027,815,783 959,061,443
Other non-current assets 6,411,958,370 7,111,168,050
Total non-current asset 152,963,531,685 155,386,874,466
Total assets 187,319,523,697 186,034,251,274
Current liabilities:
Short-term loans 11,400,681,097 9,741,011,157
Loan from central bank 0 0
Capital borrowed 0 0
Trading financial liability 0 0
Derivative financial liability 0 0
Note payable 2,911,640,936 1,519,972,657
Account payable 7,260,774,771 4,294,766,903
Accounts received in advance 64,712,097 67,892,003
Contract liabilities 151,873,534 77,103,302
Selling financial asset of repurchase 0 0
Absorbing deposit and interbank deposit 0 0
Security trading of agency 0 0
Security sales of agency 0 0
Wage payable 1,022,890,386 592,492,474
Taxes payable 215,528,450 311,343,314
Other account payable 17,494,663,640 18,806,427,609
Including: Interest payable 0 0
Dividend payable 0 0
Commission charge and commission
payable
Reinsurance payable 0 0
Liability held for sale 0 0
Non-current liabilities due within one
year
Other current liabilities 639,094,701 520,439,919
Total current liabilities 50,777,510,749 45,817,649,715
Non-current liabilities:
Insurance contract reserve 0 0
Long-term loans 68,734,113,476 71,609,414,544
Bonds payable 12,084,521,449 12,382,296,595
Including: Preferred stock 0 0
Perpetual capital securities 0 0
Lease liability 12,176,786,654 12,394,114,636
Long-term account payable 1,015,544,748 1,109,330,338
Long-term wages payable 546,720,097 592,113,141
Accrual liability 0 0
Deferred income 309,403,361 141,794,312
Deferred income tax liabilities 533,606,278 523,854,149
Other non-current liabilities 1,028,167 1,028,167
Total non-current liabilities 95,401,724,230 98,753,945,882
Total liabilities 146,179,234,979 144,571,595,597
Owner’s equity:
Share capital 5,250,283,986 5,250,283,986
Other equity instrument 0 0
Including: Preferred stock 0 0
Perpetual capital securities 0 0
Capital public reserve 5,039,493,779 5,028,330,125
Less: Treasury shares 0 0
Other comprehensive income 1,444,555,002 1,533,837,247
The Third Quarterly Report 2026
Special reserve 160,300,861 90,467,033
Surplus public reserve 8,903,515,135 8,903,515,135
Provision of general risk 0 0
Retained profit 977,276,566 2,637,923,692
Total owner’ s equity attributable to
parent company
Minority interests 19,364,863,389 18,018,298,459
Total owner’s equity 41,140,288,718 41,462,655,677
Total liabilities and owner’ s equity 187,319,523,697 186,034,251,274
Legal Representative: Zheng Yunpeng Person in charge of accounting：Liu Wei Accounting Dept Leader: Meng Fei
In RMB
Item Current period Last period
I. Income from the key business 42,852,176,983 37,717,258,717
Incl：Business income 42,852,176,983 37,717,258,717
Interest income 0 0
Insurance fee earned 0 0
Fee and commission received 0 0
II. Total business cost 45,456,274,625 36,997,304,394
Incl：Business cost 41,973,692,772 33,385,128,366
Interest expense 0 0
Fee and commission paid 0 0
Insurance discharge payment 0 0
Net claim amount paid 0 0
Net amount of withdrawal of insurance
contract reserve
Insurance policy dividend paid 0 0
Reinsurance expenses 0 0
Business tax and surcharge 282,659,633 231,769,433
Sales expense 67,670,240 67,110,133
Administrative expense 995,833,412 1,025,814,631
R & D costs 387,101,145 630,514,773
Financial expenses 1,749,317,423 1,656,967,058
Including：Interest expense 1,798,409,003 1,704,401,469
Interest income 57,720,876 66,320,350
Add: Other income 24,769,127 32,396,036
Investment gain（“-”for loss） 698,021,397 610,635,365
Incl: investment gains from affiliates 563,680,634 494,479,770
Financial assets measured at amortized
cost cease to be recognized as income
Gains from currency exchange 0 0
Net exposure hedging income 0 0
Changing income of fair value 0 0
Credit impairment loss -7,015,016 -8,343,087
Impairment loss of assets 16,133 -79,027,375
Assets disposal income 25,316,299 16,568,351
III. Operational profit（“-”for loss） -1,862,989,702 1,292,183,613
Add ：Non-operational income 218,611,824 149,816,669
Less: Non-operating expense 203,432,673 179,954,175
IV. Total profit(“-”for loss) -1,847,810,551 1,262,046,107
Less：Income tax expenses 86,631,295 390,555,128
V. Net profit -1,934,441,846 871,490,979
(I) Classification by business continuity
The Third Quarterly Report 2026
(II) Classification by ownership
-1,555,641,446 583,935,959
parent company
VI. Net after-tax of other comprehensive
-89,282,245 129,784,625
income
Net of profit of other comprehensive inc
-89,282,245 129,798,575
ome attributable to owners of the parent
company.
（I）Other comprehensive income items
that will not be reclassified into
-88,310,198 130,164,476
gains/losses in the subsequent accounting
period
measurement of defined benefit plans of 0 -139,501
changes in net debt or net assets
equity method investee can not be reclas 0 -38,192,821
sified into profit or loss.
-88,310,198 168,496,798
investments in other equity instruments
company’s credit risks
（II）
Other comprehensive income that will be -972,047 -365,901
reclassified into profit or loss.
-972,047 -365,901
equity method investee can be reclassifi
ed into profit or loss.
investments in other debt obligations
from the reclassification of financial 0 0
assets
investments in other debt obligations
ncial statements
Net of profit of other comprehensive inc
ome attributable to Minority 0 -13,950
shareholders’ equity
VII. Total comprehensive income -2,023,724,091 1,001,275,604
Total comprehensive income attributable
-1,644,923,691 713,734,534
to the owner of the parent company
Total comprehensive income
-378,800,400 287,541,070
attributable minority shareholders
VIII. Earnings per share
（I）Basic earnings per share -0.2963 0.1112
(II)Diluted earnings per share -0.2963 0.1112
The current business combination under common control, the net profits of the combined party before achieved
net profit of RMB 0.00, last period the combined party realized RMB0.00.
Legal Representative: Zheng Yunpeng Person in charge of accounting：Liu Wei Accounting Dept Leader: Meng Fei
The Third Quarterly Report 2026
In RMB
Item Current period Last period
I. Cash flows from operating activities
Cash received from sales of goods or
rending of services
Net increase of customer deposits and
capital kept for brother company
Net increase of loans from central bank 0 0
Net increase of inter-bank loans from
other financial bodies
Cash received against original insurance
contract
Net cash received from reinsurance
business
Net increase of client deposit and
investment
Cash received from interest,
commission charge and commission
Net increase of inter-bank fund received 0 0
Net increase of repurchasing business 0 0
Net cash received by agent in
securities trading
Tax returned 133,492,113 341,201,654
Other cash received from business
operation
Sub-total of cash inflow 50,974,803,437 43,337,438,816
Cash paid for purchasing of merchandise
and services
Net increase of client trade and advance 0 0
Net increase of savings in central bank
and brother company
Cash paid for original contract claim 0 0
Net increase for Outgoing call loan 0 0
Cash paid for interest, processing fee
and commission
Cash paid for policy dividend 0 0
Cash paid to staffs or paid for staffs 2,160,312,175 2,083,644,916
Taxes paid 1,422,744,608 1,324,889,142
Other cash paid for business activities 1,401,718,710 1,353,783,365
Sub-total of cash outflow from business
activities
Net cash generated from /used in
operating activities
II. Cash flow generated by investing
Cash received from investment retrieving 0 0
Cash received as investment gains 336,332,023 254,508,501
Net cash retrieved from disposal of fixed
assets, intangible assets, and other long- 111,459,123 35,585,982
term assets
Net cash received from disposal of
subsidiaries or other operational units
Other investment-related cash received 880,393,783 217,739,722
Sub-total of cash inflow due to
investment activities
Cash paid for construction of fixed
assets, intangible assets and other 4,446,451,059 8,422,325,929
long-term assets
Cash paid as investment 23,725,777 327,000,000
Net increase of loan against pledge 0 0
The Third Quarterly Report 2026
Net cash received from subsidiaries and
other operational units
Other cash paid for investment activities 190,000,000 13,527,668
Sub-total of cash outflow due to
investment activities
Net cash flow generated by investment -3,331,991,907 -8,255,019,392
III.Cash flow generated by financing
Cash received as investment 2,125,992,000 877,021,047
Including: Cash received as investment
from minor shareholders
Cash received as loans 17,477,683,826 25,956,155,502
Other financing –related cash received 0 0
Sub-total of cash inflow from financing
activities
Cash to repay debts 19,400,934,476 20,486,040,861
Cash paid as dividend, profit, or interests 2,089,546,849 2,096,719,165
Including: Dividend and profit paid by
subsidiaries to minor shareholders
Other cash paid for financing activities 1,359,614,680 1,000,871,105
Sub-total of cash outflow due to
financing activities
Net cash flow generated by financing -3,246,420,179 3,249,545,418
IV. Influence of exchange rate
alternation on cash and cash equivalents
V.Net increase of cash and cash
equivalents
Add: balance of cash and cash
equivalents at the beginning of term
VI ..Balance of cash and cash
equivalents at the end of term
（ii）The Company started implementing the updated accounting standards commencing from 2026 and
adjusted the relevant items in the financial statements at the beginning of the very year involved in the
initial implementation of the said standards
□ Applicable √Not applicable
（iii）Auditor’s report
Whether the Third Quarterly financial report has been audited or not
□ Yes √No
The Third Quarterly financial report of the Company has not been audited.
The Board of Directors of Guangdong Electric Power Development Co., Ltd.
October 31,2026
