StockAbbreviation：
YueDianLiA,YueDianLiBStockCode：
000539,200539AnnouncementNo.：
2026-17
CorporateBondCode：149418CorporateAbbreviation：21Yuedian02CorporateBondCode：149711CorporateAbbreviation：21Yuedian03
GuangdongElectricPowerDevelopmentCo.,Ltd.
SummaryoftheAnnualReport2025
I.ImportantNotice
ThisSummaryisbasedonthefullAnnualReportoftheCompany.InorderforafullunderstandingoftheCompany’soperatingresults,financialpositionandfuturedevelopmentplans,investorsshouldcarefullyreadtheaforesaidfulltextonthemediadesignatedbytheChinaSecuritiesRegulatoryCommission(the“CSRC”).DirectorsotherthanthefollowingoneshaveattendedtheBoardmeetingtoreviewtheannualreport.
| Thenameofdirectorwhodidnotattendthemeetinginperson | Positionofabsentdirector | Reason | Thenameofdirectorwhowasauthorized |
| LiFangji | Director | Duetobusiness | Zheng,Yunpeng |
Non-standardauditor’sopinion
□Applicable√Notapplicable
PlansforprofitdistributiononordinarysharesorconversionofcapitalreservesintosharecapitalproposedtotheBoardduringthereportingperiod.
√Applicable□Notapplicable
Isthereanypublicreserveconvertedintocapitalstock
□Yes?No
ThepreplanprofitdistributionoftheCompanydeliberatedandapprovedbytheBoardis:Totalshareof5,250,283,986forBaseontheCompany‘stotalsharecapital,theCompanywoulddistributecashdividendtoalltheshareholdersattherateofCNY0.2forevery10shares(withtaxinclusive),with0bonusshares(includingtax),andnotconvertingcapitalreserveintosharecapital.
PlansforprofitdistributiononpreferencesharesforthereportingperiodapprovedbytheBoard
□Applicable√Notapplicable
II.Basicinformationaboutthecompany
1.Companyprofile
| Stockabbreviation | YueDianLiA,YueDianLiB | Stockcode | 000539.SZ、200539.SZ | |
| Stockexchangeforlisting | ShenzhenStockExchange | |||
| Contactpersonandcontactmanner | Boardsecretary | SecuritiesaffairsRepresentative | ||
| Name | LiuWei | HuangXiaowen | ||
| OfficeAddress | 35/F,SouthTower,YudeanPlaza,No.2TianheRoadEast,Guangzhou,GuangdongProvince | 35/F,SouthTower,YudeanPlaza,No.2TianheRoadEast,Guangzhou,GuangdongProvince | ||
| Fax | (020)85138084 | (020)85138084 |
| Tel | (020)87570251 | (020)87570251 |
| liuw@ged.com.cn | huangxiaowen@ged.com.cn |
2.MajoroperationsorproductsduringthereportingperiodTheCompanymainlyengagesintheinvestment,constructionandoperationmanagementofpowerprojects,andtheproductionandsalesofelectricpower.Itbelongstothepower,heatproductionandsupplyindustryclassifiedinthe“GuidelinesfortheIndustryClassificationofListedCompanies”bytheChinaSecuritiesRegulatoryCommission.Sinceitsfoundation,theCompanyhasalwaysadheredtothebusinesstenetof“Capitalfromthepeople,usingitforelectricity,andbenefitingthepublic”andadherestothebusinesspolicyof“Centeringonthemainbusinessofelectricity,withdiversifieddevelopment”,focusingonthemainbusinessofpowerandmakingthepowerstructuregodiversified.Inadditiontothedevelopment,constructionandoperationoflarge-scalecoal-firedpowerplants,italsohascleanenergyprojectssuchasLNGpowergeneration,windpowergenerationandhydropowergeneration,whichprovidesreliableandcleanenergytousersthroughthegridcompany.
TheCompany'sincomemainlycomesfromelectricpowerproductionandsales,anditsmainpowergenerationassetsarelocatedinGuangdongProvince,withthetotalassetsreachingRMB186billion.Itisthelargestlistedcompanywithstate-ownedassetsinGuangdongProvince.AsofDecember31,2025,theCompanyhadacontrollableinstalledcapacityof46.6831millionkilowatts,including43.9593millionkilowattsofholdinginstalledcapacityand2.7238millionkilowattsofparticipatinginstalledcapacity,inwhich,theholdinginstalledcapacityofcoal-firedpowergenerationwas23.01millionkilowatts,accountingfor52.34%;Theholdinginstalledcapacityofgas-firedpowergenerationwas11.847millionkilowatts,accountingfor26.95%;thecontrolledinstalledcapacityofwindpoweris3.995millionkilowatts,accountingfor9.09%;thecontrolledinstalledcapacityofphotovoltaicis4.8745millionkilowatts,accountingfor11.09%;thecontrolledinstalledcapacityofhydropoweris132,800kilowatts;thecontrolledinstalledcapacityofbiomassis100,000kilowatts.Thetotalcontrolledinstalledcapacityoftheaforementionedrenewableenergypowergenerationincludingwindpower,hydropower,photovoltaic,andbiomassis9.1023millionkilowatts,accountingfor20.71%..Inaddition,thecompanyisentrustedwithmanagingtheinstalledcapacityof8.954millionkilowatts.Theabovecontrollableinstalledcapacityandentrustedmanagementinstalledcapacitytotaled55.3251millionkilowatts.TheCompanyisthelargestlistedpowercompanyinGuangdongprovince.
3.Majoraccountingdataandfinancialindicators
（1）MajoraccountingdataandfinancialindicatorsforthelastthreeyearsIndicatebytickmarkwhetherthereisanyretrospectivelyrestateddatuminthetablebelow.
□Yes?No
InRMB
| Endof2025 | Endof2024 | Changedoverlastyear（％） | Endof2023 | |
| Grossassets | 186,034,251,274 | 175,154,232,936 | 6.21% | 161,207,283,087 |
| Netassetsattributabletoshareholdersofthelistedcompany | 23,444,357,218 | 22,894,681,796 | 2.40% | 22,141,735,460 |
| 2025 | 2024 | ChangesofthisperiodoversameperiodofLastyear(%) | 2023 | |
| Operatingincome | 51,541,178,630 | 57,159,067,233 | -9.83% | 59,708,397,738 |
| Netprofitattributabletotheshareholdersofthelistedcompany | 599,942,339 | 964,242,757 | -37.78% | 974,660,299 |
| Netprofitafterdeductingofnon-recurringgain/lossattributabletotheshareholdersoflistedcompany | 475,020,118 | 931,464,092 | -49.00% | 1,094,042,279 |
| Cashflowgeneratedbybusinessoperation,net | 10,233,219,388 | 10,975,183,923 | -6.76% | 8,465,642,282 |
| Basicearningpershare | 0.1143 | 0.1837 | -37.78% | 0.1856 |
| Dilutedgainspershare | 0.1143 | 0.1837 | -37.78% | 0.1856 |
| WeightedaverageROE(%) | 2.59% | 4.28% | -1.69% | 4.59% |
（2）MainFinancialIndexbyQuarters
InRMB
| Firstquarter | Secondquarter | Thirdquarter | Fourthquarter | |
| Operatingincome | 10,573,002,085 | 12,568,439,858 | 14,575,816,774 | 13,823,919,913 |
| Netprofitattributabletotheshareholdersofthelistedcompany | -382,893,805 | 415,367,963 | 551,461,801 | 16,006,380 |
| Netprofitafterdeductingofnon-recurringgain/lossattributabletotheshareholdersoflistedcompany | -416,803,667 | 394,931,896 | 532,243,557 | -35,351,668 |
| NetCashflowgeneratedbybusinessoperation | 1,998,978,028 | 2,357,143,570 | 2,433,682,897 | 3,443,414,893 |
IndicatebytickmarkwhetheranyofthefinancialdatainthetableaboveortheirsummationsdiffersmateriallyfromwhathavebeendisclosedintheCompany’squarterlyorsemi-annualreports.
□Yes?No
4.Sharecapitalandshareholders
（1）NumberofholdersofordinarysharesandpreferenceshareswithrestoredvotingrightandTop
10shareholders
Inshares
| Totalnumberofcommonshareholdersattheendofthereportingperiod | 101,956 | Totalshareholdersattheendofthemonthfromthedateofdisclosingtheannualreport | 102,671 | Thetotalnumberofpreferredshareholdersvotingrightsrestoredatperiod-end | 0 | Totalpreferredshareholdersattheendofthemonthfromthedateofdisclosingtheannualreport | 0 | |
| ShareholdingsofTop10shareholders(excludingshareslentthroughrefinancing) | ||||||||
| Shareholders | Natureofshareholde | Proportionofshares | Numberofsharesheldatperiod-end | Amountofrestricted | Numberorsharepledged/frozen | |||
| r | held（%） | sharesheld | Stateofshare | Amount | ||
| GuangdongEnergyGroupCo.,Ltd. | State-ownedlegalperson | 67.39% | 3,538,116,921 | 1,893,342,621 | Pledge | 411,899,314 |
| GuangzhouDevelopmentGroupCo.,Ltd. | State-ownedlegalperson | 2.22% | 116,693,602 | 0 | Notapplicable | 0 |
| GuangdongElectricPowerDevelopmentCorporation | State-ownedlegalperson | 1.80% | 94,367,341 | 0 | Notapplicable | 0 |
| ZhengJianxiang | DomesticNaturalperson | 0.51% | 26,859,300 | 0 | Notapplicable | 0 |
| CHINAINTERNATIONALCAPITALCORPORATIONHONGKONGSECURITIESLTD | OverseasLegalperson | 0.29% | 15,216,066 | 0 | Notapplicable | 0 |
| VANGUARDTOTALINTERNATIONALSTOCKINDEXFUND | OverseasLegalperson | 0.28% | 14,620,512 | 0 | Notapplicable | 0 |
| AgriculturalBankofChina－CSI500exchange-tradedsecuritiesinvestmentfund | Other | 0.25% | 13,193,000 | 0 | Notapplicable | 0 |
| NOMURASINGAPORELIMITED | OverseasLegalperson | 0.24% | 12,599,843 | 0 | Notapplicable | 0 |
| ChaokangInvestmentCo.,Ltd. | OverseasLegalperson | 0.22% | 11,656,677 | 0 | Notapplicable | 0 |
| ZhouZheng | DomesticNaturalperson | 0.21% | 10,812,795 | 0 | Notapplicable | 0 |
| Explanationonassociatedrelationshipamongtheaforesaidshareholders | TheThirdlargestshareholderGuangdongElectricPowerDevelopmentCorporationAndtheninthlargestshareholderChaokangInvestmentCo.,Ltd.Arethewholly-ownedsubsidiariesofthelargestshareholderEnergyGroup.Thesethreecompanieshaverelationships;whethertheothershareholdershaverelationshipsorunanimousactingwasunknown | |||||
| Explanationofshareholders'participationinmarginfinancingandsecuritieslendingbusiness(ifany) | None | |||||
Informationofshareholdersholdingmorethan5%oftheshares,thetop10shareholdersandthetop10shareholdersofunrestrictedtradablesharesparticipatinginthelendingofsharesinsecuritieslendingandborrowingbusiness
□Applicable√Notapplicable
Thetop10shareholdersandthetop10shareholdersofunrestrictedtradableshareshavechangedcomparedwiththepreviousperiodduetothesecuritieslending/returning,
□Applicable√Notapplicable
(2)TotalpreferenceshareholdersandthesharesheldbytheTop10Preferenceshareholders
□Applicable√NotapplicableTheCompanyhasnopreferredshareholdersduringthereportingperiod.
(3)BlockdiagramoftheownershipandcontrolrelationsbetweentheCompanyandtheactualcontroller
5.Bondsinexistenceasoftheapprovaldateoftheannualreport
√Applicable□NotapplicableI.Basicinformationofcorporatebonds
| Bondname | Bondshortname | Bondcode | Issueday | Valuedate | Bondbalance(RMB'0,000) | Interestrate |
| PublicIssuanceofCorporateBondstoQualifiedInvestorsin2021(PhaseII)ofGuandongElectricPowerDevelopmentCo.,Ltd. | 21Yudean02 | 149418.SZ | April27,2021 | April28,2026 | 12,500 | 2.45% |
| PublicIssuanceofCorporateBondstoProfessionalInvestorsin2021(PhaseI)ofGuandongElectricPowerDevelopmentCo.,Ltd. | 21Yudean03 | 149711.SZ | November23,2021 | November24,2026 | 80,000 | 3.41% |
| PublicIssuanceofGreenCorporateBondstoprofessionalInvestorsin2023(phaseI)(Variety2)ofGuangdongWindPowerGenerationCo.,Ltd. | G23Yuefeng2 | 115042.SH | March20,2023 | March21,2028 | 0 | 3.15% |
| GuangdongPowerDevelopmentCo.,Ltd.2022FirstSeriesMedium-TermNotes | 22YueDianFaMTN001 | 102281929.IB | August24,2022 | August26,2027 | 60,000 | 2.90% |
| GuangdongPowerDevelopmentCo.,Ltd.2023FirstSeriesMedium-TermNotes | 23YueDianFaMTN001 | 102380558.IB | March15,2023 | March17,2028 | 160,000 | 3.35% |
| GuangdongPowerDevelopmentCo.,Ltd.2024FirstSeriesMedium- | 24YueDianFaMTN001 | 102482034.IB | May22,2024 | May24,2029 | 100,000 | 2.41% |
| TermNotes | |||||||
| GuangdongPowerDevelopmentCo.,Ltd.2024Series2Medium-TermNotes | 24YueDianFaMTN002 | 102483012.IB | July11,2024 | July15,2034 | 150,000 | 2.54% | |
| GuangdongPowerDevelopmentCo.,Ltd.2024Series3Medium-TermNotes | 24YueDianFaMTN003 | 102484007.IB | September9,2024 | September11,2039 | 60,000 | 2.52% | |
| GuangdongPowerDevelopmentCo.,Ltd.2024FourthSeriesMedium-TermNotes(Series1) | 24YueDianFaMTN004A | 102400984.IB | October11,2024 | October14,2029 | 100,000 | 2.47% | |
| GuangdongPowerDevelopmentCo.,Ltd.2024FourthSeriesMedium-TermNotes(SeriesII) | 24YuedianMTN004B | 102400985.IB | October11,2024 | October14,2039 | 50,000 | 2.70% | |
| GuangdongPowerDevelopmentCo.,Ltd.2024Series5Medium-TermNotes | 24YueDianFaMTN005 | 102484558.IB | October22,2024 | October24,2039 | 100,000 | 2.70% | |
| GuangdongPowerDevelopmentCo.,Ltd.2024SixthSeriesMedium-TermNotes(Series1) | 24YueDianFaMTN006A | 102401037.IB | November11,2024 | November13,2029 | 80,000 | 2.37% | |
| GuangdongPowerDevelopmentCo.,Ltd.2024SixthSeriesMedium-TermNotes(SeriesII) | 24YueDianFaMTN006B | 102401038.IB | November11,2024 | November13,2039 | 100,000 | 2.67% | |
| GuangdongPowerDevelopmentCo.,Ltd.2025Series1Medium-TermNotes | 25YueDianFaMTN001 | 102582339.IB | June9,2025 | June11,2035 | 50,000 | 2.18% | |
| GuangdongPowerDevelopmentCo.,Ltd.2025Series1Ultra-Short-TermFinancingBills | 25YueDianFaSCP001 | 012582055.IB | August22,2025 | October24,2025 | 0 | 1.50% | |
| InterestandprincipalpaymentsontheCompany’sbondsduringthereportingperiod | 1.G23Yuefeng2triggeredthecouponrateadjustmentoptionclauseandtheputoptionclause.GuangdongWindPowerGenerationCo.,Ltd.issuedacouponrateadjustmentannouncementon11February2026,reducingthecouponrateto1.40%,andpublishedthreeinvestorputoptionimplementationnoticesbetween11February2026and26February2026.FollowingtheissuanceofthecouponrateadjustmentnoticebyGuangdongWindPowerCo.,Ltd.,investorsexercisedtheirputoption,withtheregisteredputvolumeamountingtoRMB600million.Aftertheputexercise,theoutstandingbalanceofG23Yuefeng2standsatRMB0.2.Forfurtherdetails,pleaserefertothefollowingannouncements:‘InterestPaymentAnnouncementfor2025regardingthe2021PublicOfferingofCorporateBondstoQualifiedInvestors(SecondTranche)byGuangdongPowerDevelopmentCo.,Ltd.’(2025-19),“Announcementonthe2025InterestPaymentforthe2021PublicOfferingofCorporateBonds(FirstTranche)byGuangdongPowerDevelopmentCo.,Ltd.toProfessionalInvestors”(2025-49),publishedinChinaSecuritiesJournal,SecuritiesTimes,ShanghaiSecuritiesNews,SecuritiesDaily,andtheJuchaoInformationNetwork;“AnnouncementontheInterestPaymentArrangementsfortheFirstTrancheofMedium-TermNotesforthe2023FinancialYearofGuangdongPowerDevelopmentCo.,Ltd.”,“AnnouncementontheInterestPaymentArrangementsfortheFirstTrancheofMedium-TermNotesforthe2024FinancialYearofGuangdongPowerDevelopmentCo.,Ltd.”,“AnnouncementontheInterestPaymentArrangementsfortheSecondTrancheofMedium-TermNotesforthe2024FinancialYearofGuangdongPowerDevelopmentCo.,Ltd.”,“AnnouncementontheInterestPaymentArrangementsfortheFirstTrancheofMedium-TermNotesforthe2022FinancialYearofGuangdongPowerDevelopmentCo.,Ltd.”,“AnnouncementontheInterestPaymentArrangementsforthe2024ThirdSeriesMedium-TermNotesofGuangdongPowerDevelopmentCo.,Ltd.”,“AnnouncementontheInterestPaymentArrangementsforthe2024FourthSeriesMedium-TermNotes(VarietyI)ofGuangdongPowerDevelopmentCo.,Ltd.”,“AnnouncementontheInterestPaymentArrangementsforthe2024FourthSeriesMedium-TermNotes(VarietyII)ofGuangdongPowerDevelopmentCo.,Ltd.”,“AnnouncementontheInterestPaymentArrangementsforthe2024FifthSeriesMedium-TermNotesofGuangdongPowerDevelopmentCo.,Ltd.”,the“AnnouncementontheRedemptionoftheFirstTrancheof2025Ultra-Short-TermFinancingBillsofGuangdongPowerDevelopmentCo.,Ltd.”,the“AnnouncementontheInterestPaymentArrangementsfortheSixthTrancheof2024Medium-TermNotes(VariantI)ofGuangdongPowerDevelopmentCo.,Ltd.”,andthe“AnnouncementontheInterestPaymentArrangementsfortheSixthTrancheof2024Medium-TermNotes(VariantII)ofGuangdongPowerDevelopmentCo.,Ltd.”,publishedontheShanghaiClearingHousewebsite;‘Announcementonthe2025InterestPaymentforGuangdongWindPowerGenerationCo.,Ltd.’s2023GreenCorporateBonds(Series1)(Variant2)PubliclyOfferedtoProfessionalInvestors’,"AnnouncementontheResultsofthe2026BondRepurchasefor | ||||||
2.UpdatedtrackingofratingsandratingchangesincorporatebondsOn27May2025,ChinaChengxinInternationalCreditRatingCo.,Ltd.assignedcreditratingstotheCompanyanditsoutstandingbonds,namely“21Yuedian02”,“21Yuedian03”,“24YuedianfaMTN002”,“24YuedianfaMTN003”,“24YuedianfaMTN004A”,“24YuedianfaMTN004B”,“24YuedianfaMTN005”,“24YuedianfaMTN006A”and“24YuedianfaMTN006B”.FollowingreviewbytheChinaChengxinInternationalCreditRatingCommittee,thecompany’sissuercreditratinghasbeenaffirmedatAAAwithastableoutlook;theratingsfor“21Yuedian02”,“21Yuedian03”,“24YuedianfaMTN002”,“24YuedianfaMTN003”,“24YuedianfaMTN004A”,“24YuedianfaMTN004B”,“24YuedianfaMTN005”,“24YuedianfaMTN006A”and“24YuedianfaMTN006B”atAAA.(RatingresultdisclosureURLs:www.ccxi.com.cn,http://www.cninfo.com.cn,*GuangdongPowerDevelopmentCo.,Ltd.2025AnnualTrackingRatingReport*).On26June2025,ChinaChengxinInternationalCreditRatingCo.,Ltd.conductedacomprehensiveanalysisofthecreditstatusof“G23Yuefeng2”,apubliclyissuedbondbyGuangdongWindPowerCo.,Ltd.FollowingfinalreviewbyChinaChengxinInternationalCreditRatingCo.,Ltd.,thecreditratingofthiscorporatebondissueisAAA.(Ratingresultdisclosurewebsite:https://www.sse.com.cn,*2025AnnualFollow-upRatingReportofGuangdongWindPowerGenerationCo.,Ltd.*).
3.Thekeyaccountingdataandfinancialindicatorsofthelatesttwoyearstotheendofthereportingperiod
InRMB10,000
GuangdongWindPowerGenerationCo.,Ltd.’s2023GreenCorporateBonds(Series1)(Variant2)2026BondPutExerciseResultsAnnouncement,andthe‘GuangdongWindPowerCo.,Ltd.2023PublicOfferingofGreenCorporateBondstoProfessionalInvestors(Series1)(Variant2)2026InterestPaymentAnnouncement’publishedontheShanghaiStockExchangeBondInformationNetwork.
Item
| Item | 2025 | 2024 | Atthesametimerateofchange |
| Debtratio | 77.71% | 79.47% | -1.76% |
| Netprofitafterdeductingnon-recurringprofitandloss | 86,423 | 158,961 | -45.63% |
| EBITDAtotaldebtratio | 7.19% | 7.75% | -0.56% |
| Timeinterestearnedratio | 1.25 | 1.56 | -19.87% |
III.SignificantEvents
In2025,thenationaleconomyremainedgenerallystable,withelectricityconsumptionshowingsteadygrowth.TotalelectricityconsumptioninGuangdongProvincereached958.973billionkilowatt-hours,representingayear-on-yearincreaseof4.93%.Intermsofinstalledcapacity,bytheendof2025,Guangdong’scentrallydispatchinginstalledcapacitystoodat260.80millionkilowatts,representingayear-on-yearincreaseof17.1%.Ofthis,theinstalledcapacityofnewenergysources(windpowerandsolarpower)reached79.73millionkilowatts,surpassingcoal-firedpowertobecometheprovince’slargestsourceofelectricity.Duringthereportingperiod,theCompanyrecordedacumulativegrid-connectedelectricitygenerationof121.213billionkWhundertheconsolidatedfinancialstatements,representingayear-on-yearincreaseof1.56%.Ofthistotal,coal-firedpowerplantsgenerated86.135billionkWh,gas-firedpowerplantsgenerated24.627billionkWh,andrenewableenergysources—includinghydropower,windpowerandsolarpower—generatedacombinedtotalof10.451billionkWh.
Duringthereportingperiod,theCompanyvigorouslyadvancedthecompletionandcommissioningofpowergenerationprojectssuchastheShacheandDapuPhaseIIprojectsinXinjiang;coupledwithfurtherincreasesinthegeneratingcapacityofcertaincoal-firedunits,electricitysuppliedtothegridsawayear-on-yearincrease.TheCompanycapitalisedonthefavourablewindowpresentedbyfallingfuelpricestocontinuedrivingenergy-savingandconsumption-reductionupgradesforthermalpowerunits,whilststrengtheningcontroloverfinancingcosts.However,duetoasignificantyear-on-yeardeclineinfeed-intariffs,whichplacedconsiderablepressureontheCompany’srevenue,thesemeasureswereunabletooffsettheadverseimpactofreducedrevenueonprofits.Coupledwithincreasedcostsarisingfromthecommissioningofnewprojects,averagegrossmarginsonpowergenerationdeclined.Duringthereportingperiod,theCompanyrecordedanetprofitattributabletoshareholdersofRMB599.94million,ayear-on-yeardecreaseof38%,representingasubstantialdeclineinoperatingperformance.Specifically,theCompany’scoal-firedpowerbusinessachievedanetprofitattributabletoshareholdersofRMB482.83million;thegas-firedpowerbusinessrecordedanetprofitattributabletoshareholdersofRMB-21.55million;thehydropowerbusinessrecordedanetprofitattributabletoshareholdersofRMB12.66million;thenewenergybusinessrecordedanetprofitattributabletoshareholdersofRMB20.04million;theCompany’sheadofficeinvestmentbusinessrecordedanetprofitattributabletoshareholdersofRMB163.72million;andthebiomasspowergenerationandotherbusinessesrecordedanetprofitattributabletoshareholdersofRMB-57.76million.
AccordingtothetradingresultspublishedbytheGuangdongPowerTradingCentreinDecember2025,theaveragetransactionpricesfortheprovince’s2026annualbilateralnegotiatedtrading,annuallistedtradingandannualcentralisedcompetitivetradingalldecreasedyear-on-year.Amongthese,thevolumeofelectricitytradedthroughbilateralnegotiationswas358.968billionkWh,withanaveragetransactionpriceof372.14yuan/MWh(includingtax,asbelow),adecreaseof19.73yuan/MWhcomparedwiththepreviousyear.ThedeclineinelectricitypricesinGuangdong’smedium-andlong-termmarkettransactionswillhaveanegativeimpactontheCompany’soperatingrevenue;theCompanywillcontinuetooptimiseitselectricitymarkettradingstrategies,focusoncontrollingfuelprocurementcosts,strictlymanageallcostsandexpenses,andstrivewholeheartedlytoachieveitsoperationaltargets.
In2025,theCompanyadded3,000MWofcoal-firedpowergenerationcapacitythroughself-constructionandacquisitions,993,600kWofnewphotovoltaiccapacity,and600,000kWofnewwindpowercapacity,whilstincreasinginstalledcapacityby60,000kWthroughtechnicalupgradestocoal-firedpowerplants.Bytheendof2025,thecompanywillhaveacontrollinginterestin20,949.3MWofcleanenergygenerationcapacity,comprisinggas-firedpower,windpower,hydropower,solarpowerandbiomass,accountingfor47.66%ofthetotal.Furthermore,thecompanyisactivelyadvancingtheconstructionofprojectssuchastheDahanhaigas-firedpowerplant,theToksunwindpowerprojectinXinjiangandtheYunfunaturalgascombinedheatandpowerproject,whilstcontinuouslyoptimisingitspowergenerationmixtopromotethecompany’sgreenandlow-carbontransition.