[年报]粤电力Ｂ(200539):2025年年度报告摘要（英文版）
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时间：2026年03月31日 00:16:47 中财网 |
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原标题:粤电力Ｂ:2025年年度报告摘要（英文版）
StockAbbreviation YueDianLiA,YueDianLiBStockCode 000539,200539 AnnouncementNo. 2026-17： ： ：
CorporateBondCode：149418 CorporateAbbreviation：21Yuedian02CorporateBondCode：149711 CorporateAbbreviation：21Yuedian03GuangdongElectricPowerDevelopmentCo.,Ltd.
SummaryoftheAnnualReport2025
I.ImportantNotice
ThisSummaryisbasedonthefullAnnualReportoftheCompany.InorderforafullunderstandingoftheCompany’soperatingresults,financialpositionandfuturedevelopmentplans,investorsshouldcarefullyreadtheaforesaidfulltextonthemediadesignatedbytheChinaSecuritiesRegulatoryCommission(the“CSRC”).DirectorsotherthanthefollowingoneshaveattendedtheBoardmeetingtoreviewtheannualreport.
| Thenameofdirectorwhodid
notattendthemeetinginperson | Positionofabsentdirector | Reason | Thenameofdirectorwhowas
authorized | | 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.2
TianheRoadEast,
Guangzhou,GuangdongProvince | |
| Fax | (020)85138084 | (020)85138084 | | Tel | (020)87570251 | (020)87570251 | | E-mail | liuw@ged.com.cn | huangxiaowen@ged.com.cn |
2.Majoroperationsorproductsduringthereportingperiod
The Company mainly engages in the investment, construction and operation management ofpowerprojects,andtheproductionandsalesofelectricpower.Itbelongstothepower,heatproductionandsupplyindustryclassified inthe“Guidelinesfor theIndustry Classification ofListed Companies”by theChinaSecuritiesRegulatoryCommission.Sinceitsfoundation,theCompanyhasalwaysadheredtothebusinesstenetof“Capitalfromthepeople,usingitforelectricity,andbenefitingthepublic”andadherestothebusinesspolicy
of“Centeringonthemainbusinessofelectricity,withdiversifieddevelopment”,focusingonthemainbusinessofpowerandmakingthepowerstructuregodiversified.Inadditiontothedevelopment,constructionandoperationoflarge-scalecoal-firedpowerplants,italsohascleanenergyprojectssuchasLNGpowergeneration,windpowergenerationandhydropowergeneration,whichprovidesreliableandcleanenergytousersthroughthegridcompany.
TheCompany'sincomemainlycomesfromelectricpowerproductionandsales,anditsmainpowergenerationassetsarelocatedinGuangdongProvince,withthetotalassetsreachingRMB186billion.Itisthelargestlistedcompanywithstate-ownedassetsinGuangdongProvince. AsofDecember31,2025,theCompanyhadacontrollableinstalledcapacityof46.6831millionkilowatts,including43.9593millionkilowattsofholding
installedcapacityand2.7238millionkilowattsofparticipatinginstalledcapacity,inwhich,theholdinginstalled
capacityofcoal-firedpowergenerationwas23.01millionkilowatts,accountingfor52.34%;Theholdinginstalledcapacityofgas-firedpowergenerationwas11.847millionkilowatts,accountingfor26.95%;thecontrolledinstalled capacityofwindpoweris3.995millionkilowatts,accountingfor9.09%;thecontrolled installedcapacityofphotovoltaicis4.8745millionkilowatts,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 | | Netassets
attributableto
shareholdersofthe
listedcompany | 23,444,357,218 | 22,894,681,796 | 2.40% | 22,141,735,460 | | | 2025 | 2024 | Changesofthisperiod
oversameperiodof
Lastyear(%) | 2023 | | Operatingincome | 51,541,178,630 | 57,159,067,233 | -9.83% | 59,708,397,738 | | Netprofitattributable
totheshareholdersof
thelistedcompany | 599,942,339 | 964,242,757 | -37.78% | 974,660,299 | | Netprofitafter
deductingofnon-
recurringgain/loss
attributabletothe
shareholdersoflisted
company | 475,020,118 | 931,464,092 | -49.00% | 1,094,042,279 | | Cashflowgeneratedby
businessoperation,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 | | Weightedaverage
ROE(%) | 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 | | Netprofitattributable
totheshareholdersof
thelistedcompany | -382,893,805 | 415,367,963 | 551,461,801 | 16,006,380 | | Netprofitafter
deductingofnon-
recurringgain/loss
attributabletothe
shareholdersoflisted
company | -416,803,667 | 394,931,896 | 532,243,557 | -35,351,668 | | NetCashflow
generatedbybusiness
operation | 1,998,978,028 | 2,357,143,570 | 2,433,682,897 | 3,443,414,893 |
IndicatebytickmarkwhetheranyofthefinancialdatainthetableaboveortheirsummationsdiffersmateriallyfromwhathavebeendisclosedintheCompany’squarterlyorsemi-annualreports.□Yes?No
4.Sharecapitalandshareholders
（1）NumberofholdersofordinarysharesandpreferenceshareswithrestoredvotingrightandTop10shareholders
Inshares
| Totalnumber
ofcommon
shareholde
rsattheendof
the
reporting
period | 101,956 | Total
shareholde
rsatthe
endofthe
month
fromthe
dateof
disclosing
theannual
report | 102,671 | Thetotaln
umberofpr
eferredshar
eholders
votingright
srestoreda
tperiod-
end | 0 | Total
preferredshareholders
attheendofthemonth
fromthedateof
disclosingtheannual
report | 0 | | ShareholdingsofTop10shareholders(excludingshareslentthroughrefinancing) | | | | | | | | | Shareholders | Natureof
shareholde | Proportion
of shares | Numberofshares
heldatperiod-end | Amountofrestricted | Numberorshare
pledged/frozen | | |
| | r | held
（%） | | sharesheld | Stateofshare | Amount | | Guangdong
EnergyGroup
Co.,Ltd. | State-
owned
legal
person | 67.39% | 3,538,116,921 | 1,893,342,621 | Pledge | 411,899,314 | | Guangzhou
Development
GroupCo.,
Ltd. | State-
owned
legal
person | 2.22% | 116,693,602 | 0 | Notapplicable | 0 | | Guangdong
ElectricPower
Development
Corporation | State-
owned
legal
person | 1.80% | 94,367,341 | 0 | Notapplicable | 0 | | Zheng
Jianxiang | Domestic
Natural
person | 0.51% | 26,859,300 | 0 | Notapplicable | 0 | | CHINA
INTERNATION
ALCAPITAL
CORPORATION
HONGKONG
SECURITIES
LTD | Overseas
Legal
person | 0.29% | 15,216,066 | 0 | Notapplicable | 0 | | VANGUARD
TOTAL
INTERNATION
ALSTOCK
INDEXFUND | Overseas
Legal
person | 0.28% | 14,620,512 | 0 | Notapplicable | 0 | | Agricultural
BankofChina
－CSI500
exchange-
traded
securities
investment
fund | Other | 0.25% | 13,193,000 | 0 | Notapplicable | 0 | | NOMURA
SINGAPORE
LIMITED | Overseas
Legal
person | 0.24% | 12,599,843 | 0 | Notapplicable | 0 | | Chaokang
Investment
Co.,Ltd. | Overseas
Legal
person | 0.22% | 11,656,677 | 0 | Notapplicable | 0 | | ZhouZheng | Domestic
Natural
person | 0.21% | 10,812,795 | 0 | Notapplicable | 0 | | Explanationonassociated
relationshipamongthe
aforesaidshareholders | TheThirdlargestshareholderGuangdongElectricPowerDevelopmentCorporation
AndtheninthlargestshareholderChaokangInvestmentCo.,Ltd.Arethewholly-owned
subsidiariesofthelargestshareholderEnergyGroup.Thesethreecompanieshaverelationships;
whethertheothershareholdershaverelationshipsorunanimousactingwasunknown | | | | | | | Explanationofshareholders'
participationinmargin
financingandsecurities
lendingbusiness(ifany) | None | | | | | |
Informationofshareholdersholdingmorethan5%oftheshares,thetop10shareholdersandthetop10shareholdersofunrestrictedtradablesharesparticipatinginthelendingofsharesinsecuritieslendingandborrowingbusiness
□Applicable√Notapplicable
Thetop10shareholdersandthetop10shareholdersofunrestrictedtradableshareshavechangedcompared
withthepreviousperiodduetothesecuritieslending/returning,
□Applicable√Notapplicable
(2)TotalpreferenceshareholdersandthesharesheldbytheTop10Preferenceshareholders
□Applicable√Notapplicable
TheCompanyhasnopreferredshareholdersduringthereportingperiod.
(3)Blockdiagram of the ownership and control relations between the Company and the actual
controller5.Bondsinexistenceasoftheapprovaldateoftheannualreport
√Applicable□Notapplicable
I.Basicinformationofcorporatebonds
| Bondname | Bondshort
name | Bondcode | Issueday | Valuedate | Bondbalance
(RMB'0,000) | Interest
rate | | PublicIssuanceofCorporateBonds
toQualifiedInvestorsin2021
(PhaseII)ofGuandongElectric
PowerDevelopmentCo.,Ltd. | 21Yudean
02 | 149418.SZ | April
27,2021 | April
28,2026 | 12,500 | 2.45% | | PublicIssuanceofCorporateBonds
toProfessionalInvestorsin2021
(PhaseI)ofGuandongElectric
PowerDevelopmentCo.,Ltd. | 21Yudean03 | 149711.SZ | November
23,2021 | November
24,2026 | 80,000 | 3.41% | | PublicIssuanceofGreenCorporate
BondstoprofessionalInvestorsin
2023(phaseI)(Variety2)of
GuangdongWindPowerGeneration
Co.,Ltd. | G23
Yuefeng2 | 115042.SH | March
20,2023 | March
21,2028 | 0 | 3.15% | | GuangdongPowerDevelopment
Co.,Ltd.2022FirstSeriesMedium-
TermNotes | 22YueDian
FaMTN001 | 102281929.I
B | August24,
2022 | August26,
2027 | 60,000 | 2.90% | | GuangdongPowerDevelopment
Co.,Ltd.2023FirstSeriesMedium-
TermNotes | 23YueDian
FaMTN001 | 102380558.I
B | March15,
2023 | March17,
2028 | 160,000 | 3.35% | | GuangdongPowerDevelopment
Co.,Ltd.2024FirstSeriesMedium- | 24YueDian
FaMTN001 | 102482034.I
B | May22,
2024 | May24,
2029 | 100,000 | 2.41% | | TermNotes | | | | | | | | GuangdongPowerDevelopment
Co.,Ltd.2024Series2Medium-
TermNotes | 24YueDian
FaMTN002 | 102483012.I
B | July11,
2024 | July15,
2034 | 150,000 | 2.54% | | GuangdongPowerDevelopment
Co.,Ltd.2024Series3Medium-
TermNotes | 24YueDian
FaMTN003 | 102484007.I
B | September
9,2024 | September
11,2039 | 60,000 | 2.52% | | GuangdongPowerDevelopment
Co.,Ltd.2024FourthSeries
Medium-TermNotes(Series1) | 24YueDian
Fa
MTN004A | 102400984.I
B | October
11,2024 | October14,
2029 | 100,000 | 2.47% | | GuangdongPowerDevelopment
Co.,Ltd.2024FourthSeries
Medium-TermNotes(SeriesII) | 24Yuedian
MTN004B | 102400985.I
B | October
11,2024 | October14,
2039 | 50,000 | 2.70% | | GuangdongPowerDevelopment
Co.,Ltd.2024Series5Medium-
TermNotes | 24YueDian
FaMTN005 | 102484558.I
B | October
22,2024 | October24,
2039 | 100,000 | 2.70% | | GuangdongPowerDevelopment
Co.,Ltd.2024SixthSeries
Medium-TermNotes(Series1) | 24YueDian
Fa
MTN006A | 102401037.I
B | November
11,2024 | November
13,2029 | 80,000 | 2.37% | | GuangdongPowerDevelopment
Co.,Ltd.2024SixthSeries
Medium-TermNotes(SeriesII) | 24YueDian
Fa
MTN006B | 102401038.I
B | November
11,2024 | November
13,2039 | 100,000 | 2.67% | | GuangdongPowerDevelopment
Co.,Ltd.2025Series1Medium-
TermNotes | 25YueDian
FaMTN001 | 102582339.I
B | June9,
2025 | June11,
2035 | 50,000 | 2.18% | | GuangdongPowerDevelopment
Co.,Ltd.2025Series1Ultra-Short-
TermFinancingBills | 25YueDian
FaSCP001 | 012582055.I
B | August22,
2025 | October24,
2025 | 0 | 1.50% | | Interestand
principal
paymentsonthe
Company’sbonds
duringthe
reportingperiod | 1.G23Yuefeng2triggeredthecouponrateadjustmentoptionclauseandtheputoptionclause.Guangdong
WindPowerGenerationCo.,Ltd.issuedacouponrateadjustmentannouncementon11February2026,
reducingthecouponrateto1.40%,andpublishedthreeinvestorputoptionimplementationnoticesbetween
11February2026and26February2026.Followingtheissuanceofthecouponrateadjustmentnoticeby
GuangdongWindPowerCo.,Ltd.,investorsexercisedtheirputoption,withtheregisteredputvolume
amountingtoRMB600million.Aftertheputexercise,theoutstandingbalanceofG23Yuefeng2standsat
RMB0.
2.Forfurtherdetails,pleaserefertothefollowingannouncements:‘InterestPaymentAnnouncementfor
2025regardingthe2021PublicOfferingofCorporateBondstoQualifiedInvestors(SecondTranche)by
GuangdongPowerDevelopmentCo.,Ltd.’(2025-19),“Announcementonthe2025InterestPaymentforthe
2021PublicOfferingofCorporateBonds(FirstTranche)byGuangdongPowerDevelopmentCo.,Ltd.to
ProfessionalInvestors”(2025-49),publishedinChinaSecuritiesJournal,SecuritiesTimes,Shanghai
SecuritiesNews,SecuritiesDaily,andtheJuchaoInformationNetwork;“AnnouncementontheInterest
PaymentArrangementsfortheFirstTrancheofMedium-TermNotesforthe2023FinancialYearof
GuangdongPowerDevelopmentCo.,Ltd.”,“AnnouncementontheInterestPaymentArrangementsforthe
FirstTrancheofMedium-TermNotesforthe2024FinancialYearofGuangdongPowerDevelopmentCo.,
Ltd.”,“AnnouncementontheInterestPaymentArrangementsfortheSecondTrancheofMedium-Term
Notesforthe2024FinancialYearofGuangdongPowerDevelopmentCo.,Ltd.”,“Announcementonthe
InterestPaymentArrangementsfortheFirstTrancheofMedium-TermNotesforthe2022FinancialYearof
GuangdongPowerDevelopmentCo.,Ltd.”,“AnnouncementontheInterestPaymentArrangementsforthe
2024ThirdSeriesMedium-TermNotesofGuangdongPowerDevelopmentCo.,Ltd.”,“Announcementon
theInterestPaymentArrangementsforthe2024FourthSeriesMedium-TermNotes(VarietyI)of
GuangdongPowerDevelopmentCo.,Ltd.”,“AnnouncementontheInterestPaymentArrangementsforthe
2024FourthSeriesMedium-TermNotes(VarietyII)ofGuangdongPowerDevelopmentCo.,Ltd.”,
“AnnouncementontheInterestPaymentArrangementsforthe2024FifthSeriesMedium-TermNotesof
GuangdongPowerDevelopmentCo.,Ltd.”,the“AnnouncementontheRedemptionoftheFirstTrancheof
2025Ultra-Short-TermFinancingBillsofGuangdongPowerDevelopmentCo.,Ltd.”,the“Announcement
ontheInterestPaymentArrangementsfortheSixthTrancheof2024Medium-TermNotes(VariantI)of
GuangdongPowerDevelopmentCo.,Ltd.”,andthe“AnnouncementontheInterestPaymentArrangements
fortheSixthTrancheof2024Medium-TermNotes(VariantII)ofGuangdongPowerDevelopmentCo.,
Ltd.”,publishedontheShanghaiClearingHousewebsite;‘Announcementonthe2025InterestPaymentfor
GuangdongWindPowerGenerationCo.,Ltd.’s2023GreenCorporateBonds(Series1)(Variant2)Publicly
OfferedtoProfessionalInvestors’,"AnnouncementontheResultsofthe2026BondRepurchasefor | | | | | |
| | GuangdongWindPowerGenerationCo.,Ltd.’s2023GreenCorporateBonds(Series1)(Variant2)2026
BondPutExerciseResultsAnnouncement,andthe‘GuangdongWindPowerCo.,Ltd.2023PublicOffering
ofGreenCorporateBondstoProfessionalInvestors(Series1)(Variant2)2026InterestPayment
Announcement’publishedontheShanghaiStockExchangeBondInformationNetwork. |
2.Updatedtrackingofratingsandratingchangesincorporatebonds
On27May2025,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
| Item | 2025 | 2024 | Atthesametimerateof
change | | Debtratio | 77.71% | 79.47% | -1.76% | | Netprofitafterdeducting
non-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-yearincrease
of17.1%.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-year
increase.TheCompanycapitalisedonthefavourablewindowpresentedbyfallingfuelpricestocontinuedrivingenergy-savingandconsumption-reductionupgradesforthermalpowerunits,whilststrengtheningcontroloverfinancingcosts.However,duetoasignificantyear-on-yeardeclineinfeed-intariffs,whichplacedconsiderablepressureontheCompany’srevenue,thesemeasureswereunabletooffsettheadverseimpactofreducedrevenueonprofits.Coupledwithincreasedcostsarisingfromthecommissioningofnewprojects,averagegrossmarginsonpowergenerationdeclined.Duringthereportingperiod,theCompanyrecordedanetprofitattributabletoshareholdersofRMB599.94million,ayear-on-yeardecreaseof38%,representingasubstantialdeclineinoperatingperformance.Specifically,theCompany’scoal-firedpowerbusiness achievedanetprofitattributabletoshareholdersofRMB482.83million;thegas-firedpowerbusinessrecordedanetprofitattributabletoshareholdersofRMB-21.55million;thehydropowerbusinessrecordedanetprofitattributabletoshareholdersofRMB12.66million;thenewenergybusinessrecordedanetprofitattributabletoshareholdersofRMB20.04million;theCompany’sheadofficeinvestmentbusinessrecordedanetprofitattributabletoshareholdersofRMB163.72million;andthebiomasspowergenerationandotherbusinessesrecordedanetprofitattributabletoshareholdersofRMB-57.76million.AccordingtothetradingresultspublishedbytheGuangdongPowerTradingCentreinDecember2025,theaveragetransactionpricesfortheprovince’s2026annualbilateralnegotiatedtrading,annuallistedtradingand
annualcentralisedcompetitivetradingalldecreasedyear-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.
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