2024-03-29-深交所-粤电力Ｂ_2023年年度报告（英文版）_338页_3mb
报告摘要
Guangdong Electric Power Development Co., Ltd. 2023 Annual Report Summary
I. Important Notice and Definitions
- Guarantees and Responsibilities: The Board of Directors, Supervisory Committee, and senior executives guarantee the accuracy, completeness, and authenticity of the report and assume joint liability for any misstatements or omissions.
- Financial Report Confirmation: Mr. Zheng Yunpeng (Company leader), Mr. Liu Wei (CFO), and Mr. Meng Fei (accounting department head) confirmed the authenticity and completeness of the enclosed financial report.
- Absent Directors: Director Mao Qinghan was absent from the board meeting due to business obligations and was authorized by Ma Xiaoqian.
- Company Operations: The company primarily engages in thermal power generation, which is influenced by factors such as electricity demand and fuel prices. For detailed risk factors, refer to Section III "Management Discussion & Analysis".
- Profit Distribution: The company plans to distribute a cash dividend of CNY 0.2 per 10 shares, with no bonus shares or conversion of capital reserves into shares.
II. Company Profile & Financial Highlights
1. Company Profile
- Stock Abbreviation: Yue Dian Li A, Yue Dian Li B
- Stock Code: 000539.SZ, 200539.SZ
- Stock Exchange: Shenzhen Stock Exchange
- Chinese Name: 广东电力发展股份有限公司
- Chinese Abbreviation: 粤电力
- English Name: Guangdong Electric Power Development Co., Ltd.
- English Abbreviation: GED
- Legal Representative: Mr. Zheng Yunpeng
- Registered Address: 33-36/F, South Tower, Yudean Plaza, No.2 Tianhe Road East, Guangzhou, Guangdong Province
- Postal Code: 510630
- Internet Website: http://www.ged.com.cn
- Email: ged@ged.com.cn
2. Contact Information
- Board Secretary: Mr. Liu Wei
- Securities Affairs Representative: Ms. Huang Xiaowen
- Contact Address: 35/F, South Tower, Yudean Plaza, No.2 Tianhe Road East, Guangzhou, Guangdong Province
- Tel: (020)87570251
- Fax: (020)85138084
- Email:
- Board Secretary: liuw@ged.com.cn
- Securities Affairs Representative: huangxiaowen@ged.com.cn
3. Information Disclosure
- Annual Report Website: http://www.szse.cn/
- Disclosure Newspapers: China Securities Daily, Securities Times, Securities Daily, and Hong Kong Commercial Daily (English version)
- Annual Report Placement: Affairs Department of the Board of Directors
4. Changes in Registration
- Unified Social Credit Code: 91440000617419493W
- Business Activities Change: On August 25, 2021, the company expanded its main business to include new energy projects.
- No Change in Controlling Shareholder
5. Other Relevant Information
- CPAs Engaged: PWC Certified Public Accountants (special general partnership)
- CPA Signatories: Li Xiaolei, Fan Xin
- Office Address of CPAs: 11/F, PricewaterhouseCoopers Center, 2 Corporate Avenue, 202 Hu Bin Road, Huangpu District, Shanghai
III. Financial Data and Indexes
6. Summary of Accounting Data and Financial Indexes
| Item | 2023 (Before Adjustment) | 2023 (After Adjustment) | 2022 (Before Adjustment) | 2022 (After Adjustment) | 2021 (Before Adjustment) | 2021 (After Adjustment) | Change Over Last Year (%) |
|---|---|---|---|---|---|---|---|
| Operating Income (Yuan) | 59,708,397,738 | 59,708,397,738 | 52,661,088,436 | 52,661,088,436 | 44,457,866,542 | 44,457,866,542 | 13.38% |
| Net Profit (Yuan) | 974,660,299 | 974,660,299 | -3,003,916,572 | -2,980,434,050 | -2,928,171,731 | -2,928,171,731 | 132.70% |
| Net Profit After Non-recurring Items (Yuan) | 1,094,042,279 | 1,094,042,279 | -2,936,757,038 | -2,913,274,516 | -2,685,731,211 | -2,685,731,211 | 137.55% |
| Net Cash Flow from Operations (Yuan) | 8,465,642,282 | 8,465,642,282 | 1,479,864,774 | 1,479,864,774 | 122,174,668 | 122,174,668 | 472.06% |
| Basic Earnings Per Share (Yuan/Share) | 0.1856 | 0.1856 | -0.5721 | -0.5677 | -0.5577 | -0.5577 | 132.70% |
| Diluted Earnings Per Share (Yuan/Share) | 0.1856 | 0.1856 | -0.5721 | -0.5677 | -0.5577 | -0.5577 | 132.70% |
| Weighted Average ROE (%) | 4.59% | 4.59% | -13.77% | -13.60% | -9.94% | -9.94% | 18.19% |
| Gross Assets (Yuan) | 161,207,283,087 | 161,207,283,087 | 131,504,274,884 | 131,623,802,701 | 114,493,083,598 | 114,493,083,598 | 22.48% |
| Net Assets (Yuan) | 22,141,735,460 | 22,141,735,460 | 20,241,872,479 | 20,350,293,619 | 23,386,185,436 | 23,386,185,436 | 8.80% |
7. Accounting Policy Change
- Interpretation No.16: Implemented from January 1, 2023, which affects the treatment of deferred income tax related to assets and liabilities arising from a single transaction.
- Retrospective Adjustment: Applied to adjust retained income at the beginning of 2022 and restated comparative financial statements for 2022.
- Going Concern Uncertainty: The net profit after non-recurring items was negative in the last three fiscal years, and the auditor's report noted uncertainty in going concern ability.
8. Non-Current Gains and Losses
| Item | 2023 (RMB) | 2022 (RMB) | 2021 (RMB) | Notes |
|---|---|---|---|---|
| Non-current asset disposal gain/loss | 9,198,759 | 30,802,837 | 82,842,178 | Mainly from Bohe Energy and other subsidiaries disposing of fixed assets |
| Government subsidy | 42,080,981 | 51,267,272 | 37,606,578 | Subsidies received by branches and subsidiaries |
| Asset impairment provisions | 0 | -83,358,694 | 0 | - |
| Reverse of accounts receivable impairment provision | 29,440 | 0 | 0 | - |
| Subsidiary consolidation gains/losses | 0 | 0 | -658,714,842 | - |
| One-off costs from discontinued operations | -168,447,926 | 0 | 0 | Costs from the shutdown of Shajiao A Power Plant |
| Other non-recurring gains/losses | 39,135,331 | -11,625,577 | 99,653,915 | Mainly from asset scrapping and carbon emission quota sales |
| Less: Income tax impact | -18,264,521 | -38,582,624 | -55,885,342 | - |
| Influenced amount of minor shareholders' equity (after tax) | 23,114,044 | 15,662,748 | -252,056,993 | - |
| Total | -119,381,980 | -67,159,534 | -242,440,520 | - |
9. Industry Information
- 2023 National Electricity Consumption: 9.22 trillion kWh, an increase of 11.5% year-on-year.
- Primary Industry Consumption: 127.8 billion kWh, up 10.4%.
- Secondary Industry Consumption: 6.07 trillion kWh, up 6.5%.
- Tertiary Industry Consumption: 1.67 trillion kWh, up 12.2%.
- Urban and Rural Residents Consumption: 1.35 trillion kWh, up 0.9%.
- Power Supply Trends: Increased investment in non-fossil energy due to the "carbon peaking and carbon neutrality" goals and new power system development.
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