2025-03-28-深交所-粤电力Ｂ_2024年年度报告（英文版）_313页_4mb

报告摘要

Summary of Guangdong Electric Power Development Co., Ltd. 2024 Annual Report

Core Content

Guangdong Electric Power Development Co., Ltd. (GED), listed on the Shenzhen Stock Exchange with stock codes 000539.SZ and 200539.SZ, published its 2024 Annual Report in March 2025. The report outlines the company's financial performance, governance structure, and future development strategies.

Main Business and Operations

The company's main business includes the investment, construction, and operation management of power projects and new energy projects.
It also engages in electricity production and sales, technical consulting and services, terminal facility leasing, general cargo storage, loading, and transportation services.
All activities require approval from relevant authorities.

Financial Highlights

Financial Performance (in RMB)

Item	2024	2023	Change over last year (%)	2022
Operating Income	57,159,067,233	59,708,397,738	-4.27%	52,661,088,436
Net Profit (attributable to shareholders)	964,242,757	974,660,299	-1.07%	-2,980,434,050
Net Profit after non-recurring items	931,464,092	1,094,042,279	-14.86%	-2,913,274,516
Net Cash Flow from Operating Activities	10,975,183,923	8,465,642,282	29.64%	1,479,864,774
Basic Earnings per Share	0.1837	0.1856	-1.07%	-0.5677
Diluted Earnings per Share	0.1837	0.1856	-1.07%	-0.5677
Weighted Average ROE	4.28%	4.59%	-0.31%	-13.60%
Gross Assets	175,154,232,936	161,207,283,087	8.65%	131,623,802,701
Net Assets (attributable to shareholders)	22,894,681,796	22,141,735,460	3.40%	20,350,293,619

Key Financial Notes

The company's net profit after non-recurring gains/losses was negative in both 2023 and 2022, indicating financial challenges.
The auditor's report for 2023 noted that the company's going concern ability is uncertain.
Operating income decreased by 4.27% in 2024 compared to 2023, while cash flow from operations increased significantly by 29.64%.

Share Distribution and Dividends

The company's total shares are 5,250,283,986.
A cash dividend of CNY 0.2 per 10 shares (tax inclusive) is proposed for all shareholders.
No bonus shares or conversion of capital reserves into shares are planned.

Governance and Legal Matters

The Board of Directors, Board of Supervisors, and senior management have confirmed the authenticity and completeness of the annual report.
Three directors (Li Fangji, Li Baobin, He Ruxin) were absent from the board meeting but were represented by authorized directors (Zheng Yunpeng and Chen Yanzhi).
The financial report is verified by Grant Thornton Certified Public Accountants (Special General Partnership), with Deng Bitao and Li Zeyu as signatories.

Documents Available for Inspection

Financial statements with seals and signatures of the legal representative, financial controller, and accounting department head.
Original audit report with CPA's signature and seal.
Official documents and notices published in Securities Times, China Securities, Securities Daily, and Hong Kong Commercial Daily (both English and Chinese versions).
Chinese version of the annual report is available.

Important Events and Shareholding

The report includes sections on important events, changes in share capital, shareholding of principal shareholders, and preferred shares.
Corporate bonds and financial reports are also detailed in the document.

Definitions of Key Entities

A comprehensive list of subsidiaries and affiliated companies is provided, including:

Shajiao A Power Plant
Guangdong Yudean Jinghai Power Generation Co., Ltd.
Guangdong Yudean Zhanjiang Wind Power Co., Ltd.
Guangdong Yudean Technical Engineering Management Co., Ltd.
Guangdong Yudean Humen Power Generation Co., Ltd.
Guangdong Yudean Bohai Energy Co., Ltd.
Guangdong Yudean Xuwen Wind Power Co., Ltd.
Guangdong Yudean Huadu Natural Gas Thermal Power Co., Ltd.
Guangdong Yudean Dapu Power Generation Co., Ltd.
Guangdong Yudean Leizhou Wind Power Co., Ltd.
Guangdong Yudean Dianbai Wind Power Co., Ltd.
Guangdong Yudean Xinhui Power Generation Co., Ltd.
Guangdong Yudean Yunhe Power Generation Co., Ltd.
Guangdong Yudean Maoming Natural Gas Thermal Power Co., Ltd.
Guangdong Yudean Shangyang Energy Technology Co., Ltd.
Guangdong Yudean Huibo New Energy Co., Ltd.
Guangdong Yudean Shaoguan Power Plant Co., Ltd.
Guangdong Yuedian Environmental Protection Co., Ltd.
Guangdong Yuedian Real Estate Investment Co., Ltd.
Guangdong Yuedian Information Technology Co., Ltd.
Guangdong Yuedian Property Management Co., Ltd.
Guangdong Yuedian Xinfengjiang Power Generation Co., Ltd.
Guangdong Yuedian Shipping Co., Ltd.
Guangdong Energy Group Finance Co., Ltd.
Guangdong Energy Group Natural Gas Co., Ltd.
Guangdong Energy Group Scientific Research Institute Co., Ltd.
Guangdong Energy Group Huizhou Natural Gas Development Co., Ltd.
Guangdong Energy Group (Yunfu) Energy Storage Power Generation Co., Ltd.
Guangdong Energy Group (Yunfu) Energy Storage Power Generation Co., Ltd.

Conclusion

The 2024 Annual Report of Guangdong Electric Power Development Co., Ltd. provides a detailed overview of the company's financial status, governance, and operations. Despite a decline in net profit and operating income, the company reported a significant increase in operating cash flow. The report also outlines the company's future development strategy and highlights the importance of risk management and going concern assessment.

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