Annual Report 2024 ## SDIC Power Holdings Co., Ltd. ## Annual Report of 2024 1 Annual Report 2024 ### Important Notes I. The Board of Directors, the Supervisory Committee, directors, supervisors and the senior executives of the Company guarantee the Annual Report does not have any fake records, misleading statements or major omissions, and assume individual and joint liabilities for the truthfulness, accuracy and completeness of the report. II. All directors of the Company have attended the meeting of the Board of Directors for the deliberation of this Annual Report. III. BDO China Shu Lun Pan CPAs (Special General Partnership) has provided a standard and unqualified audit report for the Company. IV. Guo Xuyuan - the person in charge of the Company, Zhou Changxin - the principal of accounting work and Zhao Lijun - the person in charge of the accounting firm (accountant officer) declare that we can ensure the authenticity, accuracy and integrity of the financial statements in the Annual Report. V. Profit distribution plans or plans of share capital increase from accumulation fund in the reporting period adopted by the Board of Directors The 2024 Profit Distribution Plan approved at the 42nd Meeting of the Company's 12th Board of Directors: The Board of Directors proposes to distribute the cash dividend at RMB 0.4565 per share (tax included), totaling RMB 3,654,051,630.60 (accounting for 55% of the Company's net profits attributed to shareholders of listed company for the year), based on 8,004,494,262 shares at the end of 2024. VI. Risk disclosure statement about forward-looking statements √ Applicable □ Not Applicable The forward-looking statements of the Company about future development strategies and business plans don't constitute any substantive commitment of the Company to investors. Investors shall pay attention to investment risks. VII. Whether the capital is occupied by the controlling shareholder and its related parties for the non-operating capital occupation No VIII. Whether there is any external guarantee violating the specified decision-making procedure No 2 Annual Report 2024 IX. Whether more than half of the directors are unable to ensure the authenticity, accuracy and completeness of the annual report disclosed by the Company No X. Major risk warning The Company analyzes the possible impact of relevant risks on the Company's business and development in this report. For details, please refer to (IV) Possible risks in Subsection “VI. Discussion and Analysis on the Future Development of the Company” in Section III Management Discussion and Analysis. XI. Others □ Applicable √ Not applicable RESPONSIBILITY STATEMENT For the purposes of the United Kingdom's Financial Conduct Authority's Transparency Rule 4.1.12(3), each director (whose names and functions are listed on page 59 to 63), to the best of his or her knowledge, confirms that: • the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the company and the undertakings included in the consolidation taken as a whole; and • the management report (being this annual report, excluding the financial statements referred to above and the independent auditor's report thereon, starting form page 130) includes a fair review of the development and performance of the business and the position of the company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face. 3 Annual Report 2024 ### Contents Section I Interpretations ..................................................................................................................... 5 Section II Company Profile and Key Financial Indicators .................................................................. 7 Section III Management Discussion and Analysis .............................................................................. 12 Section IV Corporate Governance ...................................................................................................... 54 Section V Environmental and Social Responsibilities ....................................................................... 82 Section VI Important Matters .............................................................................................................. 85 Section VII Changes in Shares and Shareholders ............................................................................... 101 Section VIII Preferred Shares .............................................................................................................. 108 Section IX Bonds .............................................................................................................................. 109 Section X Financial Reports ............................................................................................................ 130 4 Annual Report 2024 ### Section I Interpretations I. Interpretations For the purpose of this report, the following words shall have the meanings as follows, unless otherwise specified: 5 the operating hours when the power generation from the | the quantity of active energy generated from primary the sum of installed capacity multiplying by the generating equipment is converted to rated power within a | | --- | | shareholding ratio of a company's power plants and the Utilization hours means period. This indicator is used to reflect the utilization of the the sum of the installed capacity of a company's power energy by generator units through processing, namely, the the measured electricity generated by power plants and the proportion of the electricity consumption of generating | | Attributable installed capacity means Power generation means | | the State-owned Assets Supervision and Administration Company, the Company, or SDIC Xiamen Huaxia International Power Development Co., the total installed capacity of operating power plants Holding installed capacity means plants and the existing power plants in which the company existing power plants in which the company holds shares the ideal coal that generates calorific value of 29,307.6 kJ generating equipment calculated as per its nameplate the National Development and Reform Commission of the product of actual active power and actual run time of On-grid energy means connected to the grid connection points, also known as sold Overall power consumption rate means equipment and other electricity consumption during power | | SASAC means means SDIC Power Holdings Co., Ltd. NDRC means Huaxia Power means Total installed capacity means Standard coal means | | Interpretations of common words CSRC means China Securities Regulatory Commission PRC Commission of the State Council SSE means Shanghai Stock Exchange SDIC, controlling shareholder means State Development & Investment Corp., Ltd. Power Yalong Hydro means Yalong River Hydropower Development Co., Ltd. SDIC Dachaoshan means SDIC Yunnan Dachaoshan Hydropower Co., Ltd. SDIC Xiaosanxia means SDIC Gansu Xiaosanxia Power Co., Ltd. SDIC Beijiang means Tianjin SDIC Jinneng Electric Power Co., Ltd. SDIC Qinzhou means SDIC Qinzhou Electric Power Co., Ltd. SDIC Qinzhou Second Power means SDIC Qinzhou Second Power Co., Ltd. Ltd. SDIC Panjiang means SDIC Panjiang Power Co., Ltd. SDIC Genting Meizhouwan means SDIC Genting Meizhouwan Electric Power Co., Ltd. SDIC New Energy Investment means SDIC New Energy Investment Co., Ltd. Jaderock Investment, or Jaderock means Jaderock Investment Singapore Pte. Ltd. Red Rock Investment, or Redrock means Redrock Investment Limited Installed capacity means the sum of rated power of power generating equipment owned by a company and its affiliates or holdings holds controlling shares or controlling shares generator sets energy generation in the power generation capacity. per kilogram | Annual Report 2024 6 Coal consumption for power means the standard coal consumption per unit power generation generation Coal consumption for power supply means the standard coal consumption per unit power supply GDR means the global depository receipt Annual Report 2024 ### Section II Company Profile and Key Financial Indicators I. Company information II. Contacts and contact information III. Basic information IV. Information disclosure and preparation place V. Company shares VI. Other relevant information 7 No. 575, Zhangsutan, Chengguan District, Lanzhou City, Gansu Securities, Legal Affairs & Risk Control Department, Preparation place for the annual report of the | Change in the registered address Province (changed to the current registered address in December Address Floor 12, Building 147, Xizhimen South St, Floor 12, Building 147, Xizhimen South St, Registered address of the Room 1108, Floor 11, Building 147, Xizhimen South St, Xicheng Names and websites of the media selected by China Securities News, Shanghai Securities News, Stock exchange websites where the Company Floor 12, Building 147, Xizhimen South St, Xicheng Share type Stock abbreviation | A-share Shanghai Stock Stock exchange Share code Hubei Xinghua SDIC Power Holdings Co., Ltd. GDR London Stock 600886 SDIC | Stock abbreviation - | SDIC Power | | | --- | --- | --- | --- | --- | | www.sse.com.cn Company | | | | | | Company abbreviation in Chinese Company name in English Company name in Chinese Company abbreviation in English Legal representative of the Company 国投电力控股股份有限公司 国投电力 SDIC Power Holdings Co., Ltd. SDIC Power Company office address Building 147, Xizhimen South St, Xicheng District, Beijing Postal code of business address 100034 E-mail gtdl@sdicpower.com Guo Xuyuan Company website www.sdicpower.com Name Gao Hai Ma Wenjin Xicheng District, Beijing Xicheng District, Beijing Tel. 010-88006378 010-88006378 Fax 010-88006368 010-88006368 E-mail gtdl@sdicpower.com gtdl@sdicpower.com Company District, Beijing 2014) the Company to disclose the Annual Report Securities Times discloses the Annual Report District, Beijing Accounting firm engaged Name BDO China Shu Lun Pan CPAs (Special | prior to change Secretary of the Board of Directors Exchange Exchange Representative of Security Affairs | | | Company shares | Annual Report 2024 VII. Key accounting data and financial indicators for the past three years (I) Key accounting data Unit: Yuan Currency: RMB (II) Key financial indicators Net profits attributed to | by the Company shareholders | | | | | 8 | | --- | --- | --- | --- | --- | --- | | (Domestic) Net assets of listed Net profits | | | | | | | 6,489,958,603.20 6,589,378,541.36 3,951,411,775.93 | | | -1.51 | | | | attributed to company after attributed to Net cash flow | | | | | | | shareholders Basic earnings per share after Tower A, China Overseas International Center, shareholders deducting from 61,986,777,913.35 59,066,528,950.49 54,514,407,708.28 Year-on-year Year-on-year 6,643,033,266.19 6,704,936,953.85 4,080,677,255.05 | Key | | -0.92 4.94 | | | | 24,657,128,874.02 21,268,122,590.08 21,963,501,650.82 | | | 15.93 | | | | of listed deducting non-recurring gain or Office address Building 7, Courtyard 5, Anding Road, Operating of listed operating increase/decrease Basic earnings per share Diluted earnings per share increase/decrease Names of the signing non-recurring At the end of 2024 At the end of 2023 At the end of 2022 0.5042 accounting 0.8464 | 0.8599 | Year-on-year 2024 2023 2022 | | -1.57 | | | Shi Aihong, Han Dawei 0.5215 0.5215 57,819,279,281.44 56,711,862,469.69 50,489,243,623.57 2022 2024 0.8669 0.8669 | 2023 Key financial indicators 0.8754 0.8754 | | 1.95 | -0.97 -0.97 | | | Total assets 296,536,685,805.74 277,363,021,076.32 258,299,518,378.54 General Partnership) Chaoyang District, Beijing accountants revenue company gain or loss activities company (RMB/share) (RMB/share) loss (RMB/share) Weighted average ROE (%) Weighted average ROE after | increase/decrease (%) 11.80 8.25 11.52 7.98 data (%) (%) 12.78 12.55 | Decrease by 0.98% Decrease by 1.03% | 6.91 | | | Annual Report 2024 Explanation on the key accounting data and financial indicators of the Company for the past three years by the end of the reporting period □ Applicable √ Not applicable VIII. Difference in accounting data under domestic and foreign accounting standards (I) Difference arising from the net profit and net assets attributed to shareholders of listed company in the financial statements disclosed simultaneously pursuant to the international accounting standards and the PRC GAAP Standards □ Applicable √ Not applicable (II) Difference arising from the net profit and net assets attributed to shareholders of listed company in the financial statements disclosed simultaneously pursuant to the foreign accounting standards and the PRC GAAP Standards □ Applicable √ Not applicable (III) Explanation on the difference between domestic and foreign accounting standards: □ Applicable √ Not applicable IX. Quarterly key financial data in 2024 Unit: Yuan Currency: RMB Explanation for discrepancy between quarterly data and those in periodic report disclosed □ Applicable √ Not applicable X. Non-recurring gain or loss items and amounts √ Applicable □ Not Applicable Unit: Yuan Currency: RMB Net profits attributed to 9 shareholders of | listed company Net profits | 2,634,255,732.33 1,691,793,493.95 2,025,248,931.09 138,660,445.83 | | | --- | --- | --- | | attributed to after deducting | | Q4 | | | 2,834,093,186.25 1,708,213,464.17 2,035,488,978.93 | 65,237,636.84 Q2 Q3 Q1 | | Gains or losses from disposal of non-current shareholders of Net cash flow from deducting non-recurring gain or non-recurring gain | (October to | | | (July to September) (January to March) | 189,959,714.51 8,888,501,346.15 3,295,665,290.53 (April to June) 6,015,828,979.12 52,100,273.72 6,457,133,258.22 -1,068,584.39 | | | assets , including the write-off part for loss (%) Operating revenue listed company or loss operating activities Amount of 2024 Amount of 2023 Amount of 2022 | 12,993,819,876.41 17,293,571,555.67 13,424,071,182.02 14,107,816,667.34 Non-recurring gain or loss items December) | | Annual Report 2024 Reasons shall be given for the non-recurring gain or loss items defined by the Company according to the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Securities to the Public - Non-Recurring Gain or Loss, and for the non-recurring gain or loss items listed in the Explanatory Announcement No. 1 on Information Disclosure of Companies Offering Securities to the Public - Non- Recurring Gain or Loss, which is defined as regular gain or loss. □ Applicable √ Not applicable XI. Items measured at fair value √ Applicable □ Not Applicable Unit: Yuan Currency: RMB | Government subsidies recognized in the Profits and losses on the change of fair | | | | --- | --- | --- | | value of trading financial assets and trading current profit and loss, excluding those Income arising from the part when the fair | | 10 | | closely related to the normal operation of value of net identifiable assets of the financial liabilities held by non-financial | | | | the Company and granted on an ongoing investee the enterprise should enjoy when it businesses, profits and losses from disposal | 43,909,282.81 38,292,270.80 99,270,129.26 21,746,895.60 -1,467,144.90 2,708,575.20 | | 14,760,726.74 | acquired less than the cost of investment in Other gain or loss items and amounts basis in standard fixed amount or fixed of financial assets and financial liabilities, Yunnan Coal and | 61,495,759.86 59,098,800.00 -2,396,959.86 | | | | | --- | --- | --- | --- | --- | | National Coal Exchange quota in accordance with government Due to force majeure factors, such as natural the subsidiaries, associates and joint Other non-operating incomes and expenses conforming to the definition of non- Chemical Industry Group which the assets impairment reserve has except for effective hedging business related Effect on the profit for Change for the | Affected amount of minority equity 12,000,000.00 12,000,000.00 3,181,056.25 | 283,231.06 | | | | Beginning balance Ending balance | 157,914,192.79 -62,069,792.26 -60,760,819.11 -5,054,753.45 19,307,083.56 74,085,962.59 39,219,087.37 | | Item | | | Less: Affected amount of income tax been provided policies and regulations to the Company's normal business disasters of all assets losses ventures other than the above recurring gain or loss (after tax) Yunwei Stock Guian New Area Co., Ltd. SDIC Hami Industry Center Beijing Power Exchange | -19,512,221.65 153,074,662.99 115,558,412.49 129,265,479.12 27,120,871.90 16,364,308.50 19,072,883.70 55,668,833.95 60,013,129.21 10,370,432.37 period 2,708,575.20 4,344,295.26 3,772,822.37 4,309,590.28 7,072,885.00 7,670,940.00 6,597,610.00 | the period 598,055.00 | 2,708,575.20 | Total | Annual Report 2024 | Center | | | | | | --- | --- | --- | --- | --- | | Tianjin Power Exchange Center | 9,541,095.99 | 9,541,095.99 | | | | Sichuan Power Exchange Center | 3,177,388.07 | 3,177,388.07 | | | | Guangxi Power Exchange Center | 2,607,256.83 | 2,607,256.83 | | | | Zhongmin Energy Co., Ltd. | 95,367,401.48 | 132,903,312.36 | 37,535,910.88 | | | Contingent Consideration of ICOL Equity Interest | 122,054,850.00 | 122,532,750.00 | 477,900.00 | | | Total | 391,947,389.68 | 438,987,988.53 | 47,040,598.85 | 2,708,575.20 | # **XII. Others** ☐ Applicable √ Not applicable 11 Annual Report 2024--- # Section III Management Discussion and Analysis ## I. Discussion and analysis of operations In 2024, under the sound leadership of the General Meeting of Shareholders and the Board of Directors, the Company adhered to the general working principle of "seeking progress while maintaining stability, and promoting stability through progress". We balanced high-quality development with high-level security, focused on enhancing core functions, and improved the Company's core competitiveness. All aspects of development reached new heights, with the average daily total market capitalization exceeding RMB 100 billion for the first time. ### (I) Main operating results In 2024, the Company achieved operating revenue of RMB 57.819 billion, with a year-on-year increase of 1.95%; net profits attributed to shareholders of listed company were RMB 6.643 billion, with a year-on-year decrease of 0.92%; basic earnings per share were RMB 0.8669, with a year-on-year decrease of 0.97%. As of the end of 2024, the Company's total assets were RMB 296.537 billion, an increase of RMB 19.174 billion from the end of the previous period; the asset-liability ratio was 63.22%, an increase of 0.04% from the end of the previous period. In 2024, the Company achieved a power generation of 172.072 billion kWh, with a year-on-year increase of 6.24%; the on-grid energy was 167.722 billion kWh, an increase of 6.40% year-on-year; and the on-grid tariff was 0.359/kWh, with a year-on-year decrease of 4.01%. By the end of 2024, the Company has put into operation a holding installed capacity of 44.6347 million kW, with a year-on-year increase of 3.6871 million kW. Among them, the installed capacity of clean energy is 31.4339 million kW, accounting for 70.42%, with a year-on-year increase of 1.11%. ### (II) Business development **The Company accelerated the layout of its business development.** The Company accelerated the development of the hydro-wind-solar power integration base in the Yalong River Basin. Significant phased achievements have been made in several key tasks. Breakthroughs have been achieved in key development areas and projects. The Company has obtained approval (or filing) for a number of new energy projects in multiple regions, including Sichuan, Guangxi, Fujian, Guizhou, Shaanxi, Guangdong, and Xizang, and has also reserved a batch of new energy development resources. Among them, the Changle Offshore Wind Power Project in Fuzhou, Fujian, was successfully approved and is the first offshore wind power project invested by the Company in China. In the Guangxi region, over one million indicators for new energy development have been obtained through participation in the competitive allocation of new energy resources in the autonomous region. The joint development of coal-fired power and new energy has achieved remarkable results. Leveraging the contributions of coal power in ensuring energy supply, the Company has secured the development rights for a number of new energy projects. **The Company steadily advanced its international business.** The Company actively integrated into the high-quality development of the Belt and Road Initiative and has been actively promoting the construction progress of the hydropower project in Indonesia and the waste-to-energy project in Thailand. 12 Annual Report 2024 The Company has also steadily advanced the construction of existing wind power projects in Europe. (III) Operation management The Company achieved high-quality development through capital operations. The Company issued A-shares to the specific object, the National Council for Social Security Fund, raising RMB 7 billion and completing new share registration in 2025. The issuance was the largest hydropower refinancing project in A-shares (excluding supporting financing). It was a pioneering practice of the medium- and long-term capital entry policy and had a far-reaching impact and a significant leading role on the capital market. The issuance could effectively optimize the asset structure of SDIC Power, injecting strong impetus into the Company from multiple dimensions. It was of great significance in promoting the high- quality and sustainable development of the Company's main business. The Company achieved revenue growth and created added value through marketing efforts. The Company has intensified its electric power marketing efforts by enhancing the marketing mechanism. A leading group for electric power market reform was established to conduct integrated analysis and cross- departmental coordination. By closely monitoring market policies and reform trends, the Company has developed scientific trading strategies for various power sources, providing strong support for operational revenue growth. The Company achieved remarkable results in sci-tech innovation. The Company proactively implemented national innovation-driven development policies by establishing a sci-tech innovation leading group to coordinate R&D initiatives. With annual R&D investment maintaining steady growth, the Company achieved significant breakthroughs. Among them, the project "Key Technologies and Applications for Intelligent Construction of High Dam Projects under Complex Conditions", jointly applied for by Yalong Hydro, won the second prize of the National Science and Technology Progress Award in 2023. The Company highly empowered financial control and management. The Company has strengthened financial risk management to consolidate foundational safeguards while expanding value creation, continuously enhancing financial governance capabilities. By deepening bank-enterprise cooperation through multiple measures, including loan replacements and reductions in existing loan interest rates, the Company has comprehensively reduced financing costs and effectively decreased financial expenses. Through optimized resource allocation that empowers production and operations, the Company provided robust safeguards for the Company's sustainable and healthy development. The Company maintained a steady reduction in procurement costs. The Company has enhanced centralized procurement management by implementing unified tender processes, with all major procurement projects throughout the year strictly controlled within budget. Through strengthened analysis of coal market trends, the Company optimized long-term contract coal allocation and strategically timed spot market purchases to reduce coal procurement costs. Additionally, we intensified quality control of on-site fuel management and improved lean operation standards. (IV) Production infrastructure 13 Annual Report 2024--- **The Company promoted high-quality project construction.** The hydro-wind-solar power integration base in the Yalong River Basin is progressing in an orderly manner. The Labashan Wind Power Phase II has been successfully put into operation for power generation. The Yangfanggou Hydropower Station won the title of China's High-quality Electric Power Project in 2024. The largest Aksay Photo-Thermal Energy + Solar Power Project among the first batch of national "Desert-Gobi-Wasteland" projects was connected to the grid at full capacity as scheduled. Unit 2 of SDIC Qinzhou Second Power was put into operation on schedule, and Units 3 and 4 were fully commenced. Other key projects, such as the Indonesia Hydropower Project and Unit 5 of Huaxia Power, are also advancing steadily. **The Company achieved repeated successes in work safety.** The Company has been commended by the National Energy Administration for five consecutive years for outstanding work safety performance. Huaxia Power has achieved over 20 years of continuous work safety, while multiple subsidiary companies have set new records for their longest accident-free periods. **The Company demonstrated corporate responsibility through its energy supply.** The Company has successfully accomplished critical energy supply guarantee missions during pivotal periods, including the "two sessions" and "peak-load times in summer", with its performance receiving official commendations from both the National Development and Reform Commission and the National Energy Administration. ## II. Industry of the Company during the reporting period In 2024, the Company conscientiously implemented the new energy security strategy of "Four Revolutions and One Cooperation". Following the decisions of the State Council, the sector coordinated efforts to ensure power supply, drive transformation, maintain investment stability, and enhance services, providing robust electricity support for economic growth and improving living standards. ### (I) National electric power consumption maintained steady and rapid growth. According to a report from the China Electricity Council, the total electricity consumption of the whole society in China reached 9.85 trillion kWh in 2024, a year-on-year growth of 6.8%, with the growth rate improving by 0.1% compared to the previous year. **By quarter:** The national total electricity consumption in each quarter increased by 9.8%, 6.5%, 7.6% and 3.6% year-on-year, respectively. In the first quarter, electricity consumption growth approached double digits due to a combination of factors, including low temperatures, the leap year effect, and a low base in the same period of the previous year. In the fourth quarter, the growth rate of electricity consumption slowed compared to the third quarter, influenced by the warm winter and a high base in the same period of the previous year. **By industry:** In 2024, the industry-wide electricity consumption in China, including primary, secondary and tertiary industries, was 8.36 trillion kWh, with a year-on-year growth of 6.2%. In the national electricity consumption index series for 2024, the industry-wide electricity consumption index stood at 129.5, representing a 29.5% increase from the base period of 2020 (with 2020 as the base period set at 100, the same below). Since the beginning of the 14th Five-Year Plan, the average annual growth rate has been 6.7%. The overall stability of the national economic operation and the improvement of the electrification 14 Annual Report 2024 level have driven the industry-wide electricity consumption to maintain a steady and rapid growth in recent years. **By region:** Electricity consumption in all provinces across the country was growing positively, with Western China leading the way. In 2024, the total electricity consumption in the eastern, central, western and northeastern regions increased by 6.8%, 6.9%, 7.5% and 2.5% year-on-year, respectively. In 2024, the total electricity consumption of all provinces in China showed positive growth. Among them, the growth rate of total electricity consumption in 5 provinces including Xizang (13.9%), Anhui (11.9%), Chongqing (11.0%), Yunnan (11.0%) and Xinjiang (10.8%) exceeded 10%; the growth rate of total electricity consumption in 3 provinces including Zhejiang, Hubei and Jiangsu was between 8% and 10%. # **(II) The green and low-carbon transformation of the power industry continued to advance.** In 2024, the 12th Session of the Standing Committee of the 14th National People's Congress voted to adopt the Energy Law of the People's Republic of China, which stipulated optimizing the energy supply structure, actively promoting clean and low-carbon development of energy, and accelerating the construction of a new power system. By the end of 2024, China's full-caliber installed capacity of power generation reached 3.35 billion kW, with a year-on-year growth of 14.6%. In 2024, the installed capacity index of non-fossil energy power generation in the China National Electricity Supply Index was 198.0. Since the 14th Five-Year Plan, the installed capacity of non-fossil energy power generation has increased by 98.0% cumulatively, with an average annual growth of 18.6%. The installed capacity index of fossil energy power generation was 115.0 in 2024, and the installed capacity of fossil energy power generation has increased by 15.0% cumulatively since the 14th Five-Year Plan. The average annual growth rate was 3.6%, and the cumulative growth rate was 83.0% lower than the growth rate of the installed capacity of non-fossil energy power generation in the same period. Judging from the investment by type, the growth rate of the installed capacity of non-fossil energy power generation and structural changes, the green and low-carbon transformation of the power industry has achieved remarkable results. By the end of 2024, the installed capacity of new energy power generation reached 1.45 billion kW, surpassing the installed capacity of thermal power for the first time. The national full-caliber installed capacity of thermal power was 1.44 billion kW, of which coal-fired power was 1.19 billion kW, with a year-on-year growth of 2.6%. The Coal-fired power accounted for 35.7% of the total installed capacity of power generation, with a year-on-year decrease of 4.2%. The installed capacity of all sizes of non-fossil energy power generation was 1.95 billion kW, a year-on-year growth of 23.8%, accounting for 58.2% of the total installed capacity, an increase of 4.3% from the end of last year. By type, hydropower accounted for 440 million kW, of which pumped storage was 58.69 million kW; nuclear power accounted for 60.83 million kW; on-grid wind power accounted for 520 million kW; and on-grid solar power generation accounted for 890 million kW, a year-on-year growth of 45.2%. In 2024, the country's newly installed capacity of power generation reached 430 million kW, setting a new record high. Among them, wind power and solar power generation added a total of 360 million kW throughout the year, accounting for 82.6% of the total newly installed capacity of power generation. The increase in non-fossil energy power generation accounted for more than 80% of the total power generation increase, and coal-fired power has fully played a basic guarantee and system regulation role. 15 Annual Report 2024--- In 2024, the power generation of thermal power, hydropower, nuclear power, wind power and solar power in power plants above the designated size nationwide increased by 1.5%, 10.7%, 2.7%, 11.1% and 28.2% year-on-year, respectively. In 2024, the full-caliber coal-fired power generation accounted for 54.8% of the total power generation, a decrease of 3.0% from the previous year. In 2024, the national full-caliber non-fossil fuel power generation increased by 15.4% year-on-year. The increment of full-caliber non-fossil fuel power generation accounted for 84.2% of the total increment in power generation. # **(III) The utilization hours of hydropower has been significantly improved, while those of thermal power and new energy decreased year-on-year.** In 2024, the utilization hours of power generation equipment in power plants with a capacity of 6,000 kW and above across China were 3,442 hours, a year-on-year decrease of 157 hours. **By type**, hydropower accounted for 3,349 hours, a year-on-year increase of 219 hours; among them, conventional hydropower accounted for 3,683 hours, a year-on-year increase of 272 hours; pumped storage accounted for 1,217 hours, a year-on-year increase of 40 hours. Thermal power accounted for 4,400 hours, a year-on-year decrease of 76 hours. Among them, coal power accounted for 4,628 hours, a year-on-year decrease of 62 hours, and gas power accounted for 2,363 hours, a year-on-year decrease of 162 hours. Nuclear power accounted for 7,683 hours, with a year-on-year increase of 13 hours. The on-grid wind power accounted for 2,127 hours, with a year-on-year decrease of 107 hours. The on-grid solar power generation accounted for 1,211 hours, with a year-on-year decrease of 81 hours. The year-on-year decrease in the utilization hours of wind power and solar power generation equipment was due to resource reasons. In 2024, the national average wind speed and national horizontal irradiation both decreased year-on-year; on the other hand, the utilization rates of wind power and solar power generation in some areas decreased year-on-year. # **(IV) The construction of a unified national power market was accelerated across the board.** The National Development and Reform Commission and the National Energy Administration have successively issued important policy documents such as Action Plan for New Power System Construction (2024-2027), Special Implementation Plan for Improving Regulation Capacity of Power System (2025-2027) and Basic Rules for Electric Power Market Operation, marking the continuous deepening of China's new power system construction and electric power market integration process. The policy orientation was clearer and regulatory requirements continue to strengthen. In 2024, the inter-provincial and inter-regional power transmission grew rapidly. The country completed 924.7 billion kWh of inter-regional power transmission, a year-on-year growth of 9.0%; the country completed 2.0 trillion kWh of inter-provincial power transmission, a year-on-year growth of 7.1%. # **III. Business of the Company during the reporting period** # **(I) Main business of the Company** The business scope of the Company mainly includes investment, construction, operation and management of power-generation-dominated energy projects, development and operation of new energy projects and high-tech and environment protection industries, development and operation of auxiliary products of electric power and provision of information and consultation services. 16 Annual Report 2024 The clean energy investment and development, mainly focusing on new energy, has been the main growth point for the Company's business. The Company has made relevant deployments in hydropower, thermal power, wind power, solar power and so on, and has also actively explored new business forms and new models related to clean energy. (II) Operation mode The Company is mainly engaged in the construction and operation of various types of energy and power projects in the form of equity investment. (III) Market position of the Company In terms of the installation structure, the Company is an integrated electric power listed company dominated by clean energy and supplemented by hydropower, thermal power, wind power and solar power. With the holding installed capacity of hydropower of 21.30 million kW, it is the third largest listed company concerning the hydropower installed capacity and takes a leading position among companies in the same industry. The Company has vigorously developed its clean energy business. By the end of 2024, the proportion of installed capacity of clean energy increased to 70.42%. In terms of business distribution, the Company is a listed power company with domestic business as its main business and steady overseas development. Its domestic businesses are mainly distributed in Sichuan, Yunnan, Gansu, Fujian, Guangxi, Tianjin, Guizhou, Qinghai, Ningxia, Xinjiang, Hainan, Hunan, Shaanxi, Jiangsu, Zhejiang, Hebei, Liaoning, Hubei, Xizang, Shanxi, Inner Mongolia, Anhui, Jiangxi and other provinces. Compared with other companies in the same industry, the Company's main advantage lies in its strong profitability. Under the background of intensified market competition and great pressure on energy conservation and environmental protection, the Company has obvious advantages in energy structure dominated by clean energy, outstanding economic and social benefits, high asset quality and strong risk resistance capacity of its projects, and the changes in the Company's performance are in line with the development situation of the industry. IV. Analysis of core competitiveness during the reporting period √ Applicable □ Not Applicable (I) Absolute control over the high-quality hydropower assets of Yalong Hydro Yalong Hydro, of which 52% of the shares are held by the Company, is the only hydropower developer on the Yalong River. It demonstrates strong advantages like reasonable development and unified scheduling. The Yalong River provides abundant water and concentrated river falls, and the loss due to building dams to store water is relatively low. Considering its outstanding scale advantages, graded subsidies, consumption and immigration advantages and economic and technical indicators, it's highly profitable to develop hydropower on this river. The installed capacity of hydropower on the river could be up to 30 million kW, ranking No.3 among the 13 major hydropower bases in China. As of the end of the reporting period, 19.2 million kW installed capacity had been put into operation, of which 3.72 million kW was under construction, verified or approved. 17 Annual Report 2024 (II) High proportion of clean energies, and obvious advantage of green and low-carbon development The Company has always adhered to green and high-quality development, with a reasonable power supply structure and strong investment capacity. As of the end of 2024, the installed capacity of clean energy accounted for 70.42%, of which hydropower accounted for 47.73%, new energy (including energy storage) accounted for 22.69%, and the rest were clean and efficient thermal power projects. The advantages of each power supply are complementary and the risk resistance capacity is strong. Hydropower is the largest business segment of the Company, which boasts excellent resource endowment and considerable project reserves. The total installed capacity of hydropower development in the entire Yalong River basin is approximately 30 million kW, and the Company is fully promoting the development of hydro-wind-solar integration bases in the Basin, relying on its hydropower resources. The installed capacity of new energy maintained rapid growth, with a high rate of investment reaching the standard, strong profitability of projects put into operation and rich project resource reserves. The installed capacity of thermal power of the Company is mainly high-parameter large units, without units below 300,000 kW (excluding waste-to-energy generation), and the installed capacity of 1,000 MW units accounts for 60.76% of the holding thermal power installed capacity. The holding thermal power is mainly concentrated in coastal areas with a developed economy and strong power demand, and the location advantage is obvious. The Company actively responds to the national energy efficiency and emission reduction policies and continuously improves its energy efficiency and environmental protection level of thermal power units. It's 100% equipped with desulfurisation, denitrification and dust removal devices. 100% of the Company's conventional coal-fired units have ultra-low emission capacity. (III) Strong capability to create benefits in domestic and international power business operations The Company always adheres to the investment management principle of "benefit first", and the profit per kW is higher than the industry average. The Company has rich experience in the development, construction and operation of domestic and foreign power businesses and a strong ability to create benefits. In China, the thermal power business continues to explore multi-coal blending technology, which greatly reduces fuel costs. The hydropower business has strong fine management capability and high profit returns. The return on investment of new energy meets the standard, and its investment research ability and operation management ability have been verified. Overseas, the Company has continuously accumulated investment experience in international renewable energy projects. Along the Belt and Road, the Company has established a good mutual trust relationship with central enterprises and overseas investment partners, complementing each other's advantages in project development and construction for mutual benefit and win-win results. In Europe, it can develop, operate and manage the entire life cycle of onshore and offshore wind power. (IV) Continuous optimization of the corporate governance system As a listed company in China and the UK, the Company conscientiously implemented the regulatory requirements of the listing place, continuously improved the investor management system, and actively 18 Annual Report 2024 accepted the supervision of investors. By building a governance structure consisting of General Meeting of Shareholders, Board of Directors, the Supervisory Committee and management level, effective checks and balances and coordinated operation of decision-making, supervision and execution power are achieved. The continuously iterative governance mechanism, rigorous risk control system and standardized institutional design provided a solid guarantee for the Company's efficient and compliant operations. (V) Mature experience in capital operation and strong support from majority shareholders Since its backdoor listing in 2002, the Company has made full use of financing measures like non- public offering, GDR, allotment, public offering, convertible bonds, corporate bonds and medium-term notes to fund a large number of its high-quality under-construction and reserve projects at domestic and abroad, through the listed company platform. In this way, the Company's assets, installed capacity, profits and market value grow rapidly. In 2024, the Company successfully issued A-shares to the specific object, the National Council for Social Security Fund, through a private placement, with the application receiving approval from the Shanghai Stock Exchange. This achievement, built upon our long-standing strong performance in capital markets, significantly expands our future growth potential. V. Major operational particulars during the reporting period In 2024, the Company achieved an operating revenue of RMB 57.819 billion, with a year-on-year growth of 1.95%; the operating cost was RMB 36.150 billion, with a year-on-year decrease of 0.27%. As of December 31, 2024, the Company's total assets were RMB 296.537 billion, an increase of RMB 19.174 billion from the end of the previous period; its total liabilities were RMB 187.463 billion, an increase of RMB 12.217 billion from the end of the previous period. At the end of the reporting period, the asset- liability ratio was 63.22%, 0.04% higher than that at the beginning of this year. The net assets attributed to shareholders of the listed company were RMB 61.987 billion, an increase of 4.94% over the beginning of this year. (I) Analysis of main businesses 1. Analysis of changes of relevant items in the income statement and cash flow statement Unit: Yuan Currency: RMB 19 Amount of | Net cash flow from operating Net cash flow from investing Net cash flow from financing Amount of current period corresponding period | Change (%) | | | Item | | --- | --- | --- | --- | --- | | | -20,656,256,206.62 | -235.65 21,268,122,590.08 -22,650,141,576.11 15.93 -9.65 24,657,128,874.02 -3,152,142,213.86 -939,111,792.32 | | | | Operating revenue Operating cost Selling expenses Administration expenses Financial expenses R&D expenses activities activities activities | | 56,711,862,469.69 36,249,545,276.73 -14.17 -0.27 29.86 1,769,273,574.89 3,975,288,601.66 68.68 57,819,279,281.44 1.95 36,150,291,480.51 7.10 last year | 1,894,940,695.04 3,412,049,732.32 100,605,481.23 46,050,383.00 169,701,489.92 59,801,738.39 | | Annual Report 2024 Detailed explanation of major changes in the Company's business type, profit composition or profit source during the period. □ Applicable √ Not applicable 2. Analysis on revenue and cost √ Applicable □ Not Applicable In 2024, the operating revenue of the Company was RMB 57.819 billion (including the main business revenue of RMB 57.529 billion), with a year-on-year increase of 1.95%, mainly due to the year-on-year increase in on-grid energy. The operating cost was RMB 36.15 billion (including the main business cost of RMB 35.949 billion), with a year-on-year decrease of 0.27%, mainly due to the year-on-year decrease in the cost of coal-fired power generation during the year. (1). Performance of main businesses by segment, by product, by region and by sales model Unit: 10,000 yuan Currency: RMB 20 | Increase/decrease Increase/decrease Increase/decrease Increase/decrease Increase/decrease Increase/decrease | | | | | | --- | --- | --- | --- | --- | | Increase/decrease in the Increase/decrease in the Increase/decrease in the | Gross Gross Gross | | | | | in the operating in the operating in the operating in the operating in the operating in the operating | Operating Operating Operating By By | | | | | By region Operating cost Operating cost Operating cost margin gross margin from last margin gross margin from last margin gross margin from last | | | | | | East North Central Northwest Southwest revenue from last revenue from last revenue from last South Northeast segment product | cost from last cost from last cost from last 2,859,089.52 1,183,513.42 Increased by 10.70% 16.27 53.93 Decreased by 2.70% 48.39 Decreased by 4.32% 58.61 revenue revenue revenue 17.37 47.19 Increased by 5.79% Increased by 1.78% Increased by 0.06% Increased by 0.57% | 949,205.27 794,781.38 655,780.62 610,864.20 6.85 258,566.00 133,445.40 736,007.90 608,198.45 6,881.63 3,170.38 4,715.55 2,490.05 | -10.96 -12.63 -10.61 -10.69 -11.30 16.48 27.61 -2.45 8.33 1.33 9.67 5.23 5.08 6.10 | | | | (%) (%) (%) | year (%) year (%) year (%) | | | | Power Others Power Others China China China China China China China The UK Indonesia Thailand 5,350,403.26 3,177,749.69 5,350,403.26 3,177,749.69 | 40.61 -3.63 40.61 -3.63 Increased by 2.09% 402,518.44 417,114.86 Increased by 3.44% Increased by 2.09% 402,518.44 417,114.86 Increased by 3.44% Total Decreased by 23.59% 5,752,921.70 3,594,864.55 58.34 Decreased by 8.36% 13.00 37.51 year (%) year (%) year (%) year (%) year (%) year (%) Increased by 2.31% Increased by 1.46% | 212,498.57 204,130.55 3.94 32.01 27.76 32.01 27.76 -2.96 -2.96 0.45 0.45 14,961.75 55,214.89 48,037.09 6,233.63 1,214.24 | 857.89 28.32 34.68 31.52 -0.17 2.55 2.16 | Main Businesses by Segment Main Businesses by Product Main Businesses by Region | Annual Report 2024--- Explanation on the performance of the main business by segment, product, region, and sales model # 1. Explanation on the performance of the main business by segment and product In 2024, the Company achieved a main business revenue of RMB 57.529 billion, with a year-on-year growth of 2.16%. Among them, the annual electricity revenue was RMB 53.504 billion, a year-on-year growth of 0.45%, and the gross profit margin increased by 2.09%. The primary reasons include a year-on-year increase in power generation, leading to higher electricity sales revenue, coupled with the decline in coal prices and ongoing cost control measures, resulting in a rise in profits compared to the previous year. # 2. Explanation on the performance of the main business by region In 2024, the revenue from the main business of the North China Region decreased by 10.96% year-on-year, and gross margin increased by 1.78%. The main reasons are as follows: First, the power generation of SDIC Beijiang decreased year-on-year due to dual pressures from the concentrated commissioning of thermal power units and new energy projects in the region. Second, the load limit in Inner Mongolia has intensified this year, and the power generation of new energy has declined year-on-year. The revenue from the main business of the East China Region increased by 8.33% year-on-year, with gross margin rising by 5.79%. The main reasons are: growth in power demand and outbound power transmission in Fujian Province, leading to higher year-on-year power generation by thermal power plants in the region; lower coal prices this year, which contributed to the expansion in gross margin. The revenue from the main business of the South China Region decreased by 10.69% year-on-year, while gross margin increased by 0.56%. The main reasons are: abundant power generation in Guangxi reduced thermal power utilization, leading to lower year-on-year output at SDIC Qinzhou Power Plant; the decline in coal prices this year partially offset revenue losses, contributing to marginal gross margin improvement. The revenue from the main business of the Central China Region increased by 9.67% year-on-year, mainly due to newly commissioned solar power projects in Hubei, which boosted power generation revenue compared to the previous year. The revenue from the main business of the Northeast China Region increased by 27.61% year-on-year, mainly due to improved equipment reliability at solar power projects in Liaoning Province, which led to higher power generation output compared to the previous year. The revenue from the main business of the Northwest China Region decreased by 10.61% year-on-year. The main reasons were: first, the load limit in Gansu and Xinjiang increased, the electricity volume declined year-on-year, and the wind and solar resources were not as good as the same period; second, due to the impact of the "peak and valley" tariff policy this year, the tariff fell year-on-year; The revenue from the main business of the Southwest China Region increased by 5.23% year-on-year. The main reasons were: firstly, the hydropower stations in the region were affected by the abundant water this year, and the power generation increased year-on-year. Secondly, the new 21 Annual Report 2024 renewable energy projects put into operation in the region played their roles and the power generation increased year-on-year. The revenue from the main business of the UK increased by 2.55% year-on-year, mainly due to better wind resources this year than in the same period last year. The revenue from the main business of Indonesia increased by 34.68% year-on-year, mainly due to the year-on-year increase in construction progress and construction revenue of the Indonesia Hydropower Project in Indonesia this year. The main business revenue in Thailand increased by RMB 495 million compared with the same period last year, mainly due to the construction of Thailand Agricultural Reclamation Phase II and the ON Nut waste-to-energy generation projects started this year, and the construction income increased year-on-year. (2). Analysis of production and sales □ Applicable √ Not applicable (3). Performance of major purchase and sales contracts □ Applicable √ Not applicable 22 Annual Report 2024 (4). Statement of cost analysis Unit: RMB 10,000 | Fuel cost, Fuel cost, Fuel cost, | Change in the Change in the | | | | | 23 | | --- | --- | --- | --- | --- | --- | --- | | The construction | Proportion of Proportion of | | | | | | | Seawater desalination, depreciation depreciation depreciation | amount for the amount for the Proportion of Proportion of | | | | | | | service cost of | Amount for the amount for the Amount for the amount for the | | | | | | | building materials, expenses, employee expenses, employee expenses, employee | Amount for the Amount for the current period current period amount for the amount for the | | | | | | | PPP projects has Power Power | same period last same period last Cost components same period last Cost components same period last | By segment Notes 3,177,749.69 By product Notes 3,177,749.69 3,274,598.62 3,274,598.62 417,114.86 326,474.52 | 27.76 76.01 -2.96 76.01 -2.96 7.58 | 74.32 74.32 9.76 | | | | heat supply and other compensation, repair compensation, repair compensation, repair compared with the compared with the | current period in current period in current period current period | | | | | | | increased year- year in total cost year in total cost | | year year | | | | | | cost, material cost, industries cost, material cost, cost, material cost, same period last same period last | total cost (%) total cost (%) | | | | | | | on-year this year. | | (%) (%) | | | | | | etc. etc. etc. Seawater desalination, Fuel cost, The construction | | year (%) year (%) 417,114.86 326,474.52 | 27.76 7.58 | 9.76 | Analysis by segment Analysis by product | | Annual Report 2024 24 building materials, depreciation service cost of heat supply and other expenses, employee PPP projects has industries compensation, repair increased year- cost, material cost, on-year this year. etc. Annual Report 2024 (5). Changes in the scope of consolidation due to changes in the shareholdings of major subsidiaries during the reporting period □ Applicable √ Not applicable (6). Major changes or adjustments in the Company's business, products or services during the reporting period □ Applicable √ Not applicable (7). Key customers and key suppliers A. Key customers of the Company √ Applicable □ Not Applicable The sales revenue of the top five customers was RMB 47,411,503,500, accounting for 82.00% of the total annual sales amount, among which the sales amount of related parties was RMB 0, accounting for 0% of the total annual sales amount. During the reporting period, the proportion of sales to a single customer exceeded 50% of the total. Among the top five customers, there were new customers or those heavily dependent on a few customers. □ Applicable √ Not applicable B. Key suppliers of the Company √ Applicable □ Not Applicable The purchase amount of the top five suppliers was RMB 9,010,260,100, accounting for 28.71% of the total annual purchase amount. Among them, the purchase amount of related parties in the top five suppliers was RMB 0, accounting for 0% of the total annual purchase amount. During the reporting period, the proportion of purchases from a single supplier exceeded 50% of the total, and there were new suppliers among the top five suppliers or serious dependence on a few suppliers. □ Applicable √ Not applicable 3. Expenses √ Applicable □ Not Applicable Unit: RMB 10,000 4. R&D investment (1). Details of R&D investment √ Applicable □ Not Applicable Unit: RMB 10,000 25 | Proportion of total R&D investment in Capitalized R&D investment for the current Expensed R&D investment for the current Proportion of capitalized R&D investment | Increase/decrease rate | | | | 17,431.09 21,275.66 | 45.03 0.67 | | --- | --- | --- | --- | --- | --- | --- | | | | Item 2024 2023 | | | | | | operating revenue (%) period period Total R&D investment in total R&D investment (%) Administration expenses | Financial expenses Selling expenses | (%) | 341,204.97 397,528.86 189,494.07 176,927.36 | 5,980.17 4,605.04 -14.17 29.86 7.10 | 38,706.75 | | Annual Report 2024 (2). R&D personnel □ Applicable √ Not applicable (3). Explanatory information □ Applicable √ Not applicable (4). Reasons for major changes in the composition of R&D personnel and their impact on the future development of the Company □ Applicable √ Not applicable 26 Annual Report 2024 5. Cash flow √ Applicable □ Not Applicable Unit: RMB 10,000 Firstly, the Company disposed of its equity in Jiangsu Ligang, Jiangyin Ligang, and Aksay Boying this year, 27 resulting in the recovery of equity investments. | Cash payments for the construction and The power generation increased year-on-year, leading This year, the power generation of thermal power 1. Cash inflows from investing activities Secondly, the Company recovered performance bonds | | | 200,697.02 | 293.27 51,033.40 | | | --- | --- | --- | --- | --- | --- | | to higher electricity sales revenue and a corresponding for projects such as the Kela Solar Power Station commencement of new projects, as well as for the enterprises decreased, coal purchases decreased year- | Year-on-year | | | | | | 2. Cash outflows from investing activities 1. Cash inflows from operating activities 2. Cash outflows from operating activities | | 2,465,711.18 6,130,032.68 3,664,319.79 | 2,116,659.02 5,832,412.17 3,705,599.91 | 16.49 -1.11 | 5.10 | | increase in cash received from the sale of goods and Phase I and the Zhalashan Solar Power Project this purchase of fixed assets, intangible assets, and other on-year, and cash paid for purchasing goods and | increase/decrease | 2024 2023 | Reasons for increase/decrease | | Item | | I. Cash flows from operating activities 3. Net cash flow from operating activities 3. Net cash flow from investing activities II. Cash flows from investing activities III. Cash flows from financing activities | | -2,265,014.16 2,465,712.89 | -2,065,625.62 2,126,812.26 | 15.93 -9.65 | | | provision of services. receiving services decreased year-on-year. year. long-term assets, have increased year-on-year. 1. Cash inflows from financing activities The first reason is the new loans taken out by the | | (%) 6,104,795.86 | 4,552,476.69 | 34.10 | | Annual Report 2024 28 | investment enterprises, as well as loan substitutions; Firstly, the investment enterprises repaid loans and | | | | --- | --- | --- | | secondly, the Company has issued perpetual bonds in 2. Cash outflows from financing activities took out new loans; secondly, the Company has repaid IV. Net increase in cash and cash | 6,420,010.08 4,646,387.87 | 38.17 | | | -116,719.01 | -303.09 -28,955.81 | | 3. Net cash flow from financing activities | -315,214.22 | -235.65 -93,911.18 | | the current year. perpetual bonds in the current year. equivalents | | | Annual Report 2024 (II) Significant changes in the profit from non-main business □ Applicable √ Not applicable (III) Analysis of assets and liabilities √ Applicable □ Not Applicable 1. Assets and liabilities Unit: RMB 10,000 The change ratio of the | Proportion of Proportion of amount at | | | | | | --- | --- | --- | --- | --- | | amount at the amount at the end of | | | | | | Amount at the end Amount at the end the current the end of | end of the | | | | | the previous | of the previous Notes of the current period current | | Item | 29 | | compared | period in period in | period period | | | | with that at total assets total assets | | | | | | Total owners' equity the end of | (%) | (%) | | | | Long-term equity Long-term employee Other comprehensive Projects under Investment in other attributable to the parent the previous | 20.90 4.94 21.3 | 5,906,652.90 6,198,677.79 | | | | Note 3 | 74.97 17.30 20.95 -1.55 10.21 8.14 3.66 6.24 0.09 0.18 0.16 3.37 0.10 0.18 0.18 | 1,014,157.53 1,729,821.13 3,026,726.01 998,484.83 25,352.82 48,909.12 43,946.96 | 29,738.24 52,892.36 53,153.34 | | | Bonds payable investments Monetary fund Notes receivable Accounts receivable Other receivables Inventories Goodwill Fixed assets construction Intangible assets Long-term receivables equity instruments Short-term borrowings Accounts payable Notes payable Other payables Long-term borrowings Long-term payables Taxes payable compensation payable Share capital Capital reserve Other equity instruments income Surplus reserves Undistributed profit company period (%) Note 1 Note 2 Note 4 Note 5 Note 6 | -25.45 -10.46 -14.34 -32.01 89.11 12.83 12.46 29.68 64.31 35.06 72.06 13.12 71.43 -0.44 -1.42 40.98 -0.03 11.16 66.52 19,811,121.96 4.39 9.92 39.72 11,367,214.78 3.63 0.04 11.22 7.50 4.31 4.09 0.00 5.06 0.32 0.47 0.05 2.21 2.58 3.39 1.91 5.79 0.38 0.47 2.69 3.95 2.05 1.24 3.01 3.43 0.00 5.34 0.34 0.57 0.05 2.15 3.96 3.13 2.41 0.32 5.95 0.24 0.76 2.51 3.70 1.92 1.32 | 19,724,520.14 0.4 11,779,435.50 1,195,821.47 1,135,800.51 1,403,313.63 1,604,948.25 1,096,928.62 3,095,101.78 - - 1,017,021.59 1,583,362.50 1,175,635.60 1,764,208.73 1,097,399.74 3,327,265.21 129,649.64 611,619.54 715,517.25 941,212.77 529,495.10 112,331.77 104,618.41 131,622.14 745,417.98 569,891.51 344,737.34 891,445.44 101,155.24 168,129.72 638,492.20 927,864.20 715,129.88 226,465.17 745,417.98 569,731.13 389,980.76 89,949.10 14,629.21 | 14,629.21 96,227.07 71,129.84 1,362.50 720.50 | | Annual Report 2024 Other notes: Note 1: Notes receivable increased by 89.11% at the end of this period compared with that at the end of the previous period, the main reason is that the notes received this year have increased compared with last year. Note 2: Inventories at the end of the current period increased by 29.68% year-on-year, the main reason is that in accordance with the supply guarantee requirements this year, the coal inventory of thermal power enterprises has increased compared with the previous year. Note 3: Projects under construction at the end of this period increased by 74.97% year-on-year, the main reason is that the construction volume of projects under construction such as the new energy project, the Kala Hydropower Station, and the Mengdigou Hydropower Station increased year-on-year as the project progress advanced. Note 4: Long-term receivables increased by 64.31% year-on-year at the end of the current period, the main reasons are as follows: First, the construction progress of the Indonesian Hydropower project increased year-on-year, and the revenue from construction services increased year-on-year. Second, this year, Red Rock Renewables provided shareholder loans to the Inch Cape project. Note 5: Accounts payable increased by 35.06% year-on-year at the end of the current period, the main reason is that the amount payable for construction projects confirmed based on the progress of the project has increased this year. Note 6: Long-term payables decreased by 32.01% year-on-year at the end of the current period, the main reasons were the repayment of long-term payables this year and the reclassification to non-current liabilities due within one year. ## 2. Overseas assets ☑ Applicable ☐ Not Applicable ### (1) Asset scale Including: overseas assets of 2,003,509.63 (Unit: 10,000 Yuan Currency: RMB), accounting for 6.76% of the total assets. ### (2) Notes to the high proportion of overseas assets ☐ Applicable ☑ Not applicable ## 3. Restriction on major assets as at the end of the reporting period ☑ Applicable ☐ Not Applicable Unit: RMB | Item | Book value at the end of the year | Reason for restriction | | --- | --- | --- | | Monetary fund | 240,926,921.29 | Bank guarantee and acceptance deposit, performance bond, land reclamation deposit, house maintenance fund, etc. | | Accounts receivable | 4,494,161,280.62 | Pledge of right of electricity charge | | Fixed assets | 2,707,175,367.07 | Project mortgage loan, asset without title document | | Intangible assets | 101,485,651.05 | Project mortgage loan, asset without title document | 30 Annual Report 2024 4. Other notes □ Applicable √ Not applicable (IV) Analysis of the industry operation information √ Applicable □ Not Applicable In 2024, the Company's holding enterprises completed a total of 172.072 billion kWh of power generation and 167.722 billion kWh of on-grid energy, with a year-on-year growth of 6.24% and 6.40% respectively; the average on-grid tariff was RMB 0.359/kWh, with a year-on-year decrease of 4.01%. 31 Annual Report 2024 Analysis of operation information of the power industry 1. Information on electricity quantity and tariff in the reporting period √ Applicable □ Not Applicable 32 Operating area/type of On-grid tariff power generation | Same period of Same period Year-on- Year-on- Year-on- Same period of | (RMB/M | Purchased energy (10MWh) | Power generation (10MWh) On-grid energy (10MWh) | | | --- | --- | --- | --- | --- | | This year | This year This year This year | | | | | Tianjin Guangxi Gansu Fujian Xinjiang Guizhou Sichuan Yunnan Qinghai Ningxia of last year | Thermal power Wind power Thermal power Wind power Solar power Hydropower Wind power Solar power Thermal power Wind power Solar power Thermal power Waste-to-energy Solar power Wind power Hydropower Solar power Wind power Wind power Hydropower Solar power Wind power Solar power Solar power 1,658,044.45 1,880,634.89 1,555,392.21 1,633,974.15 1,856,949.95 1,531,742.65 1,547,925.43 1,682,579.96 1,454,299.39 1,697.11 1,271.34 1,451,085.36 1,615,678.79 1,359,525.51 1,519.74 3,240.55 3,232.34 1,387.53 2,273,991.09 2,028,063.50 2,143,643.09 2,273,991.09 2,028,063.50 2,143,643.09 9,552,871.94 8,580,142.93 9,497,741.45 1,650.01 9,294,297.15 8,424,023.95 9,244,462.22 1,229.84 1,211.18 1,161.86 last year year year year -100.00 -100.00 -100.00 Wh) last year 178.15 177.37 594,696.10 533,530.90 584,498.39 111.70 444,445.67 377,823.18 438,687.41 121,060.34 141,321.33 118,024.90 547.45 102.90 819.41 615.38 201,901.27 204,429.70 197,356.94 997.89 157,705.69 172,875.75 153,529.32 747.69 250.20 303,100.29 317,696.28 275,750.34 207.30 267,948.72 299,904.00 243,424.24 235.19 233.84 188.78 143,555.80 107.05 141,441.51 107.06 115,018.99 111,837.72 417.85 849,139.57 740,440.67 843,111.89 669,803.32 618,735.76 665,803.89 129,105.82 128,072.99 100.66 245.93 197.03 125.88 -11.84 1,767,579.27 -12.00 -12.01 1,744,319.55 -12.19 1,583,499.57 -10.19 1,518,256.00 -10.45 -43.40 -14.34 -14.39 1,911,319.26 1,911,319.26 -10.66 -10.65 -61.65 8,529,427.21 1,187.23 8,376,591.10 -89.57 -18.27 1,104.91 34.13 87.07 73.80 91.08 10.11 43.30 43.33 11.34 17.64 20.67 95.74 12.16 12.16 17.00 13.67 40.47 28.20 36.05 23.66 17.41 76.48 11.35 38.98 10.36 60.45 32.31 14.75 89.43 49.32 78.58 48.90 17.30 67.72 19.03 | 24,070.30 23,684.94 23,649.56 95,486.98 66,860.66 42.81 93,435.88 11.46 17.63 29,190.09 14,386.39 27,786.08 12.13 12.13 44,195.58 31,553.95 40.06 43,827.62 14,357.20 11,631.30 23.44 11,882.42 20,651.14 20,305.11 11.34 10.33 69,334.43 86,784.55 32.53 14.68 50,230.43 49,320.53 49,235.01 72,384.38 78.36 29,392.86 31,056.26 28,685.46 23,591.21 24,682.05 22,980.23 15,565.21 15,895.28 15,229.21 -8.00 -8.16 -1.24 -1.02 -8.78 -8.71 -4.59 -4.30 -5.36 -5.55 -4.42 -4.62 -8.98 -9.11 -4.16 -2.08 -2.20 -8.60 -8.73 132.82 450.64 450.22 1.63 1.68 478.13 123.76 472.65 474.53 123.75 445.25 1,353.09 1,338.00 448.99 524,965.53 655.42 254.57 372,901.75 226.43 137,868.59 504.35 8.55 361.73 114.54 243.90 353.57 473.53 353.57 473.53 199,382.91 852.92 491.71 168,183.04 657.76 500.88 195.16 459.62 288,137.36 152.37 433.93 272,446.13 428.90 596.07 6,160.98 106.97 399.37 1.11 407.16 304.99 2.32 301.15 766.50 397.00 398.49 4.86 507.40 734,748.53 639.37 248.39 1.84 2.01 519.12 8.25 614,765.76 8.30 188.18 579.02 460.37 231.69 6.15 686.72 180.66 9.06 582.89 5,801.65 6,374.21 5,705.23 107.31 396.89 3,844.30 4,205.92 3,769.85 862.00 50.10 23,259.72 82.72 65,203.42 36.52 14,195.19 31,199.87 45.40 22.24 68,310.86 84,525.25 48,265.78 60.35 71,716.99 30,371.56 24,094.58 51.02 15,571.55 56.89 143.23 138.57 0.01 9,608.86 6,082.37 6,276.98 4,130.25 40.51 | - - - - - - - - 40.15 - - - - - | - | Annual Report 2024 2. Information on electricity quantity, revenue and cost in the reporting period √ Applicable □ Not Applicable Unit: 100 million yuan Currency: RMB 33 | Amoun Amoun Amoun Proportio Change | | | | | | --- | --- | --- | --- | --- | | Year Year Proportio | | | | | | n to total t for t for in the | t for Power Sales | | | | | Revenu -on- -on- Change | n of Cost | | | | | amount generation cost in | the the the volume Type | | | | | year year components current | (%) e | | | | | current the same same for the same (10MWh) (10MWh) | | | | | | period to (%) (%) | | | | | | Shaanxi Inner Mongolia Zhejiang The UK Thailand Jiangsu Hebei Hainan Anhui Jiangxi Liaoning Hunan Tibet Hubei period period period of period current 12,546.81 12,243.98 12,546.81 12,243.98 17,207,206.21 16,197,260.30 16,772,150.67 | Wind power Solar power Wind power Waste-to-energy Solar power Solar power Solar power Wind power Solar power Solar power Solar power Solar power Wind power Wind power Solar power Solar power 6,159.02 6,159.02 8,959.01 -100.00 -100.00 15,763,884.46 222.88 103.31 103.31 151.05 151.05 222.88 226.01 226.01 122.37 122.37 -36.83 -36.71 1,090.58 1,090.58 1,009.54 1,009.54 1,118.85 1,118.85 -36.83 -36.71 5,534.08 52.45 31.19 58.17 15.36 11.16 11.16 10.28 17.50 59.09 10.28 17.50 59.09 14.32 73.22 23.16 14.32 73.22 23.16 52.41 96.18 75.15 53.07 43.11 70.75 70.75 21.40 18.34 21.40 18.34 52.45 31.19 27.21 27.21 82.62 82.62 12.48 12.48 61.89 | 19,013.09 20,355.69 18,654.13 32,124.32 50,854.01 31,641.48 11,720.91 11,689.36 11,459.36 10,762.27 10,997.36 10,673.80 10,762.27 10,997.36 10,673.80 13,338.90 11,887.40 12.21 13,173.80 13,338.90 11,887.40 12.21 13,173.80 15,520.37 15,593.82 15,463.36 15,520.37 15,593.82 15,463.36 19,013.09 20,355.69 18,654.13 13.25 13.25 13,125.82 52.55 12,876.14 20,585.11 21,202.95 20,449.56 20,585.11 21,202.95 20,449.56 14,601.33 11,986.38 21.82 14,142.56 14,601.33 11,986.38 21.82 14,142.56 32,124.32 50,854.01 31,641.48 13,125.23 12,769.78 12,899.75 13,125.23 12,769.78 12,899.75 -6.60 -6.44 -2.14 -2.15 -4.70 -2.14 -2.15 -4.70 -0.47 -0.48 -3.74 -0.47 -0.48 -3.74 -6.60 -6.44 -3.35 -2.91 -2.90 -2.91 -2.90 -3.50 -3.66 -3.50 -3.66 -4.35 -4.35 219.11 1.72 861.33 277.53 0.27 0.16 243.88 108.41 108.41 540.23 540.23 8,533.10 7,834.30 8.92 7,138.80 771.03 8,533.10 7,834.30 8.92 7,138.80 771.03 156.93 156.93 219.11 1.72 861.33 5,132.80 4,532.37 5,054.70 929.26 5,132.80 4,532.37 5,054.70 929.26 8,604.21 538.55 9,036.69 8,604.21 5.03 8,850.60 4.76 597.34 4,089.13 4,025.54 409.44 214.50 5.37 755.07 214.50 5.37 755.07 5,903.08 6,116.89 5,824.05 1.78 5,903.08 6,116.89 5,824.05 1.78 103.41 375.94 103.41 375.94 277.53 2.78 3.22 548.79 2.78 3.22 548.79 6,927.29 6,599.09 340.51 6,927.29 6,599.09 340.51 1,885.29 1,851.08 416.10 1,885.29 1,851.08 416.10 6.24 6.40 358.68 19,937.34 49,997.93 39.98 11,441.30 50.42 10,908.35 10,908.35 11,850.90 30.65 11,850.90 30.65 11.00 11.00 15,537.41 15,537.41 19,937.34 59.45 59.45 54.91 54.91 21,061.23 21,061.23 69.51 69.51 11,649.45 11,649.45 49,997.93 39.98 12,497.43 28.44 12,497.43 28.44 6,473.20 6,473.20 4,421.38 4,421.38 8,448.30 8,448.30 6,045.34 6,045.34 1.32 1.32 Total | 54.78 54.78 - - - - - - - - - - - 53.46 53.46 - - - | - - - - - - | Annual Report 2024 | Fuel costs, total cost previous period | last of | | | --- | --- | --- | | Depreciatio Depreciatio previou compare depreciation Depreciatio year period | (%) | 34 | | n costs, costs, n costs, n costs, s year d with | (%) | | Thermal | Hydropow 10,408,546.1 10,348,953.5 employee the same 5,626,999.32 -2.99 5,278,335.49 -3.08 employee Solar employee Wind employee 10.4 10.5 188.03 204.07 63.2 62.9 217.75 228.74 | -4.80 -7.86 43.98 47.37 | | | --- | --- | --- | | power 102.29 101.91 0.80 0.81 266.24 255.75 | 666,653.22 650,856.18 13.82 12.28 482,117.23 474,984.26 12.32 27.29 28.79 21.19 16.76 26.43 -5.21 7.58 12.54 62.53 4.10 23.93 23.66 0.37 3.23 2.85 2.88 1.76 | | | er compensatio compensatio power compensatio power compensatio Fuel costs, period | 9 2 7 1 | 4 2 | | 17.5 18.2 | | | | n and repair n and repair n and repair n and repair Others depreciation last year | -19.63 22,890.30 19,021.22 -1.53 1.31 1.63 2.57 2.61 0.31 0.38 | | | | 9 8 | | | costs etc. costs etc. costs etc. costs etc. costs, | (%) | | Annual Report 2024 35 employee compensatio | 17,207,206.2 16,772,150.6 | | | | --- | --- | --- | | n and repair - 6.24 6.40 317.77 327.46 535.04 532.63 | Total 0.45 -2.96 74.32 76.01 | | | | | 1 7 | costs etc. Annual Report 2024 3. Analysis of installed capacity √ Applicable □ Not Applicable By the end of 2024, the Company's holding installed capacity in operation was 44.6347 GW, including 21.3045 GW of hydropower, accounting for 47.73%; 13.2008 GW of thermal power (including waste-to-energy generation), accounting for 29.58%; 3.8885 GW of wind power, accounting for 8.71%; 5.7789 GW of solar power, accounting for 12.95%; and 0.462 GW of energy storage, accounting for 1.04% In 2024, the Company's new units put into production/merged and acquired installed capacity were 3.6871 GW, including 0.0245 GW of hydropower,0.66 GW of thermal power, 0.706 GW of wind power, 1.9256 GW of solar power, and 0.371 GW of energy storage. As of the end of 2024, the holding installed capacity in operation of each region is detailed in the following table: Unit: 10,000 kW 36 | Installed capacity Installed capacity Installed capacity of Installed capacity Installed capacity Total installed | | | | | | --- | --- | --- | --- | --- | | | Region | | 24.4 8.73 8.4 | 12 13 17 10 5 5 2 | | Tianjin Hebei Inner Mongolia Shanxi Jiangsu Zhejiang Anhui Fujian Henan Hunan Jiangxi Hubei Guangxi Hainan of thermal power of energy storage of wind power of hydropower | solar power capacity | 398.6 571.13 84.4 403.6 400 458 | 4.8 27.4 13.6 17.3 10 15 410 9.4 0.6 5 2.5 15 13 17 20 3 1 1 0 5 5 2 | | Annual Report 2024 As of the end of 2024, the details of the Company's projects under construction were shown in the following table: Unit: 10,000 kW 37 | Total installed | S/N Capacity of projects under | 1320.08 Design capacity 388.85 4463.47 2130.45 | 577.89 46.2 | | | Item | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Lianghekou Hybrid Pumped Storage Kala Hydropower Station Indonesia Hydropower Station Qinzhou Phase III Thermal Power Zhoushan Gas Turbine Power Generation Huaxia Phase III Thermal Power Sichuan Guizhou Yunnan Xizang Shaanxi Gansu Xinjiang Qinghai Ningxia Liaoning The UK Thailand | 3 1 2 1 3 2 | 2088.89 | 66.05 79.45 74.85 290.12 156.35 62.5 14.4 14.9 0.98 75.45 243.3 102.84 140.72 1920 97.5 12.5 19.9 0.98 10 135 | 1.6 5 5 86.8 18 15 10 3 9 1 5 25 15 15 69 10 | 5 3 Hydropower | | 168.476 168.476 | 120 102 273 132 120 51 273 132 66 102 51 66 | | capacity | | construction | | | | | | | Annual Report 2024 38 | Yangba (Weimo Mountain) Wind Power in Ceheng, Biyou (Weiwai Mountain) Wind Power in Ceheng, Thailand Agricultural Reclamation Phase II and ON Nut | 5 7 4 | | | 10 10 10 10 7 7 | | --- | --- | --- | --- | --- | | Badu (Jixi Mountain) Wind Power in Ceheng, Guizhou Huanglong Solar Power in Dongshan, Quanzhou, Guangxi Yalong River Maoniushan Wind Power Guangxi Liulushan Wind Power Guangxuling Wind Power in Quanzhou, Guangxi Yata (Panlong Mountain) Wind Power in Ceheng, Guizhou Zhelou Wind Power in Ceheng, Guizhou Tianjin Baodi Wind Power UK Benbrack Wind Power Yalong River Kela Solar Power Station Phase II Yalong River Zhalashan Solar Power Project Yalong River Muli Chabulang Solar Power Yalong River Litang Suorong Solar Power Panzhihua Vanadium-Titanium Distributed Solar Power Jiangtou Solar Power in Wenqiao, Quanzhou, Guangxi Panxi Solar Power Project in Huaning, Yunnan Shalang Solar Power Project in Wuhua, Yunnan Duimenshan Solar Power Project in Wuhua, Yunnan | 10 10 6 6 1 2 3 4 8 9 1 2 3 4 5 7 8 9 | Thermal power Wind power | 373.476 373.476 179.21 179.21 | 6.71 0.54 100 117 100 100 7.5 6.71 0.54 7.5 10 60 40 15 15 100 117 100 100 15 7.5 7.5 10 8 60 40 15 5 15 15 2 5 8 5 2 5 | | Waste-to-Energy Generation Projects Guizhou Guizhou | | | | | Annual Report 2024 | 11 | Xizhu Solar Power Project in Wuhua, Yunnan | 12 | | --- | --- | --- | | 12 | Zhuyuangou Solar Power Project in Xundian, Yunnan | 30 | | 13 | Shiya Solar Power Project in Xundian, Yunnan | 10 | | 14 | Shushan Solar Power Project in Xundian, Yunnan | 5 | | 15 | Baishiyan Solar Power Project in Xundian, Yunnan | 4.5 | | 16 | Solar Power and Thermal Power Project in Ruoqiang, Xinjiang | 100 | | 17 | Qiaoxi Solar Power Project in Zhangjiakou, Hebei | 10 | | 18 | Yangquan Solar Power Project, Shanxi | 10 | | 19 | Pingyang Solar Power Project, Zhejiang | 5 | | 20 | Meizhouwan Solar Power Project, Fujian | 10 | | | **Solar power** | **651.54** | | | **Total** | **1477.226** | Note: Projects in the construction preparation stage are not included in the above statistics. #### 4. Analysis of power generation efficiency ☑ Applicable ☐ Not Applicable In 2024, the average utilization hours of the Company's power generation equipment were 4,153 hours, a year-on-year decrease of 54 hours, and were 4,886 hours of hydropower generation, a year-on-year increase of 459 hours; 4,347 hours of thermal power generation, a decrease of 549 hours; wind power generation, a decrease of 167 hours; and 1,252 hours of solar power generation, a decrease of 22 hours. The comprehensive power consumption rate of the Company was 2.57%, including 6.25% for thermal power, 0.57% for hydropower, 2.76% for solar power, and 2.49% for solar power. The annual coal consumption for power supply of coal-fired power units was 296.71 g/kWh, down 0.19 g/kWh year on year. #### 5. Details of capital expenditure ☑ Applicable ☐ Not Applicable 39 Annual Report 2024 40 Yalong River Hydropower Development Co., Xiamen Newsky Energy Environmental SDIC Jineng (Zhoushan) Gas Power Kunming Dongchuan Qianrun New Energy SDIC Genting Meizhouwan (Putian) New SDIC Meizhouwan (Putian) Electric Power SDIC Qinzhou Second Electric Power Co., SDIC (Hunan Anren) Pumped Storage Co., Under construction Under construction Under construction Under construction Under construction Under construction Under construction Under construction 1,869,800.10 53,040.00 202,392.90 168,000.00 15,223.98 37,314.76 8,186.66 4,697.00 1,092,520.00 140,400.00 117,900.00 15,223.98 15,223.98 12,495.00 25,245.00 27,900.00 5,118.00 3,050.00 3,050.00 4,621.00 4,621.00 7,300.00 273.00 800.00 Huaning Qianrun New Energy Co., Ltd. Ltd. SDIC New Energy Investment Co., Ltd. SDIC Huanneng Electric Power Co.,Ltd. Technology Co., Ltd. Ltd. Generation Co., Ltd. SDIC (Hainan) New Energy Co., Ltd. Pingtang Leyang New Energy Co., Ltd. Guiding Guoneng New Energy Co., Ltd. Ceheng Huifeng New Energy Co., Ltd. Tianjin Baodi Huifeng New Energy Co., Ltd. Yuanjiang Qianrun New Energy Co., Ltd. SDIC Xinjiang New Energy Co., Ltd. Ltd. Quanzhou Yuansheng New Energy Co., Ltd. Co. Ltd. SDIC Shaanxi New Energy Co., Ltd. Shangyi Ruida New Energy Co., Ltd. Zhangjiakou Kaitou New Energy Co., Ltd. Yangquan Guoli New Energy Co., Ltd. Pubei Yuanli New Energy Co., Ltd. Energy Co., Ltd. Zhangjiakou Fufeng New Energy Co., Ltd. Co., Ltd. Cumulative investment amount Putting into operation Putting into operation Under construction Under construction Under construction Under construction Under construction Under construction Under construction Under construction Under construction Under construction Under construction Under construction Under construction Project schedule Input amount this year Project value Platform Platform 254,530.49 160,163.40 17,335.42 15,437.16 62,600.00 13,476.44 31,175.17 48,606.08 10,046.09 25,372.79 70,955.34 11,826.26 10,088.08 10,876.40 5,167.58 5,947.20 9,084.86 Item 254,530.49 37,404.91 62,600.00 13,476.00 25,610.00 12,000.00 22,000.00 22,270.00 19,474.00 91,674.00 12,500.00 12,500.00 14,345.00 2,550.00 6,550.00 9,300.00 1,076.00 2,800.00 1,850.00 4,000.00 6,630.00 8,619.00 3,670.00 3,600.00 4,300.00 9,795.00 6,000.00 6,000.00 4,405.00 8,000.00 9,350.00 4,000.00 4,000.00 280.00 Annual Report 2024 | Shilin Qianrun New Energy Co., Ltd. | 3,000.00 | Early-stage development | 3,000.00 | | --- | --- | --- | --- | | SDIC (Shandong) New Energy Co., Ltd. | 2,000.00 | Platform | 2,000.00 | | SDIC (Fujian) New Energy Co., Ltd. | 28,903.68 | Under construction | 2,400.00 | | SDIC (Guangdong) New Energy Co., Ltd. | 2,000.00 | Platform | 2,000.00 | | Fuzhou Changle Guomin New Energy Co., Ltd. | 26,193.60 | Under construction | 2,040.00 | | Beijing Power Exchange Center Co., Ltd. | 1,037.04 | Equity participation | 377.28 | | Hydrogen Era (Jieyang) Energy Technology Co., Ltd. | 1,280.00 | Equity participation | 80.00 | | Total | 3,185,758.49 | - | 353,995.17 | ## 6. Electric power market trading ☑ Applicable ☐ Not Applicable | | Current year | Previous year | Year-on- | | --- | --- | --- | --- | | Total energy through market trading | 69.841 | 71.111 | | | Total on-grid energy | 167.722 | 157.639 | | | Total | 41.64% | 45.11% | | ## 7. Operation of the electricity selling business ☑ Applicable ☐ Not Applicable In 2024, the Company sold 167.722 billion kWh of electricity throughout the year. Among them, various power sales businesses of the Company sales companies were promoted in an orderly manner, with a total sold energy of 33.973 billion kWh, with a year-on-year growth of 1.9%. During this period, they have been carried out in Beijing, Tianjin, Hebei, Gansu, Xinjiang, Shaanxi, Anhui, Zhejiang, Hainan, Guizhou, Guangxi, Sichuan and other provinces. ## 8. Other notes ☐ Applicable ☑ Not applicable 41 Annual Report 2024 # **(V) Investment analysis** # **Overall analysis of external equity investment** ☑ Applicable ☐ Not Applicable ① Overall situation Unit: RMB 10,000 | Amount of investment in the reporting period | 353,995.17 | | --- | --- | | Increase/decrease of investments | -18,649.02 | | Investments in the same period of the previous year | 372,644.19 | | Increase/decrease percentage of investments (%) | -5.00 | ② Investees | S/N | Name of investee | Main business activities | Shareholding ratio of the Company (%) | | --- | --- | --- | --- | | 1 | Yalong River Hydropower Development Co., Ltd. | Hydropower | 52.00 | | 2 | SDIC New Energy Investment Co., Ltd. | Electric power supply | 64.89 | | 3 | SDIC Huanneng Electric Power Co.,Ltd. | Other power generation | 100.00 | | 4 | Xiamen Newsky Energy Environmental Technology Co., Ltd. | Biomass power generation | 60.00 | | 5 | SDIC Qinzhou Second Electric Power Co., Ltd. | Thermal power | 90.00 | | 6 | SDIC Jineng (Zhoushan) Gas Power Generation Co., Ltd. | Gas-fired power | 51.00 | | 7 | SDIC (Hainan) New Energy Co., Ltd. | Solar power | 100.00 | | 8 | Pingtang Leyang New Energy Co., Ltd. | Solar power | 100.00 | | 9 | Guiding Guoneng New Energy Co., Ltd. | Solar power | 100.00 | | 10 | Ceheng Huifeng New Energy Co., Ltd. | Wind power | 100.00 | | 11 | Tianjin Baodi Huifeng New Energy Co., Ltd. | Wind power | 51.00 | | 12 | Yuanjiang Qianrun New Energy Co., Ltd. | Solar power | 100.00 | | 13 | Huaning Qianrun New Energy Co., Ltd. | Solar power | 100.00 | | 14 | SDIC Xinjiang New Energy Co., Ltd. | Solar power | 100.00 | | 15 | SDIC (Hunan Anren) Pumped Storage Co., Ltd. | Hydropower | 100.00 | | 16 | Quanzhou Yuansheng New Energy Co., Ltd. | Wind power | 100.00 | | 17 | Kunming Dongchuan Qianrun New Energy Co. Ltd. | Solar power | 51.00 | | 18 | SDIC Shaanxi New Energy Co., Ltd. | Wind power | 100.00 | 42 Annual Report 2024 1. Major equity investment □ Applicable √ Not applicable 2. Major non-equity investment □ Applicable √ Not applicable 3. Financial assets measured at fair value √ Applicable □ Not Applicable Unit: Yuan Currency: RMB 43 | Hydrogen Era (Jieyang) Energy Technology Co., Ltd. Other technology Accumulated changes in | Profits or losses from 32 | | 40.00 | | --- | --- | --- | --- | | promotion service SDIC (Guangdong) New Energy Co., Ltd. Other organizational Beijing Power Exchange Center Co., Ltd. Electricity market trading SDIC Genting Meizhouwan (Putian) New Energy Co., Solar power changes in fair value in | fair value included in Beginning balance 29 31 23 Ending balance Asset category Other changes | | 100.00 61.00 2.00 | | Shangyi Ruida New Energy Co., Ltd. Solar power Zhangjiakou Kaitou New Energy Co., Ltd. Solar power Yangquan Guoli New Energy Co., Ltd. Solar power Pubei Yuanli New Energy Co., Ltd. Other power generation Ltd. Zhangjiakou Fufeng New Energy Co., Ltd. Wind power SDIC Meizhouwan (Putian) Electric Power Co., Ltd. Thermal power Shilin Qianrun New Energy Co., Ltd. Wind power SDIC (Shandong) New Energy Co., Ltd. Solar power SDIC (Fujian) New Energy Co., Ltd. Solar power management services Fuzhou Changle Guomin New Energy Co., Ltd. Wind power platform industries | 19 20 21 22 24 25 26 27 28 30 the current period | equity | 100.00 100.00 100.00 100.00 100.00 100.00 100.00 51.00 40.00 51.00 | Annual Report 2024 Security investments √ Applicable □ Not Applicable Unit: Yuan Currency: RMB Explanation on securities investment □ Applicable √ Not applicable Private equity investments □ Applicable √ Not applicable Derivatives investments √ Applicable □ Not Applicable In October 2018, Red Rock Renewables Limited, a wholly-owned subsidiary of the Company, completed the acquisition of 100% equity of Afton Wind Farm Limited (hereinafter referred to as Afton) and started the subsequent project refinancing according to the acquisition plan. In accordance with refinancing practice, 44 Investment | Profits or losses | Accumulated | | | | | --- | --- | --- | --- | --- | | Variety Compensatio Book value at profit and Book value at | | | | | | from changes in Financial Security Accounting changes in fair | Source of Stock Initial | | | | | the beginning of Investment in loss for the the end of the Zhongmin | Yunwei of n for | | | | | Stock assets held fair value in the 1,527,624.2 abbreviation investment cost value included in 600725 | code 16,364,308.50 13,465,241.61 19,072,883.70 subject 2,708,575.20 funds | - | - | | | Stock other equity 1,527,624.2 security 600163 Energy Co., Investment Total 198,154,692.32 132,903,312.36 | creditor’s 95,367,401.48 current the period -65,251,379.96 / Stock period / / / | | - | | | for trading 111,731,709.98 current period 211,619,933.93 151,976,196.06 | 2,708,575.20 -65,251,379.96 equity | 8 | | | | Stock Others instruments | period rights Ltd. | 111,731,709.98 151,976,196.06 280,215,679.70 287,011,792.47 391,947,389.68 438,987,988.53 8 -65,251,379.96 -23,699,574.48 Total -88,950,954.44 2,708,575.20 2,708,575.20 | 477,900.00 477,900.00 | - - | Annual Report 2024 the Bank requested Afton to undertake a swap at an interest rate of 90% of the total amount financed of £77,257,200 for a period of 15 years. Afton carried out the interest rate swap business after obtaining the approval of SASAC in May 2019. The business varieties, hedging scale, and profit and loss are as follows: (1). Derivative investments for the purpose of hedging in the reporting period □ Applicable √ Not applicable (2). Derivative investments for speculative purposes during the reporting period □ Applicable √ Not applicable 45 | Classifica | Pit | 2024 | | | --- | --- | --- | --- | | Floating profit and loss at Amount of position at Actual profit and | | | | | Domestic/ trading/ex Service Interest tion of Ex-pit | Accumulated trade Afton Wind Farm Trading | | | | Currency type loss of the current Overseas the end of the period | GBP S/N the end of the period Company name 1 19,326,266.06 | 484,305,564.34 27,416,963.22 | 69,621,586.87 | | rate swap overseas trading trading | type -pit variety | Limited amount | | | | year (RMB) | (RMB) (RMB) | | | varieties trading | | (RMB) | | Annual Report 2024 4. Specific progress of major asset restructuring and integration during the reporting period □ Applicable √ Not applicable (VI) Sales of major assets and equities √ Applicable □ Not Applicable On July 22, 2024, the Company signed a Property Rights Transaction Contract with Jiangyin Electric Power Investment Co., Ltd., Jiangsu Guoxin Group Co., Ltd., and Jiangyin Lingang Innovation Industry Investment Co., Ltd., publicly transferring 17.47% of the equity interest in Jiangsu Ligang at a listed amount of RMB 445.043 million. On July 22, 2024, the Company signed a Property Rights Transaction Contract with Jiangyin Electric Power Investment Co., Ltd. and Jiangsu Guoxin Group Co., Ltd., publicly transferring 9.17% of the equity interest in Jiangyin Ligang at a listed amount of RMB 334.066 million. 46 Annual Report 2024 (VII) Analysis of major companies controlled and invested in by the Company √ Applicable □ Not Applicable 1. Information of major subsidiaries Unit: RMB 10,000 2. Where the operating performance of a subsidiary or joint-stock company fluctuated significantly year on year and had a significant impact on the consolidated operating performance of the Company, the analysis and explanation of the performance fluctuation and the reasons were as follows. Unit: RMB 10,000 47 Firstly, the power generation declined year-on-year due to the dual pressures of | concentrated commissioning of thermal power units and new energy projects in Firstly, the coal price declined this year and the Company's production cost Equity attributed to | | | | | | | --- | --- | --- | --- | --- | --- | | | SDIC Beijiang SDIC Genting 2 Operating -98.53% | -1,034.05 1,049.47 | 15.42 | | | | the region. Secondly, the revenue from carbon emission trading decreased year- decreased; Nature of business Operating profits Registered capital S/N the owners of the SDIC New Energy | Year-on-year Thermal power Thermal power Thermal power Thermal power Company name Amount of 3 SDIC Genting Total assets 103.63% Net profit | 51,265.43 26,089.70 25,175.73 | | | | | Electricity supply | S/N Company name 6 2 3 4 5 SDIC Beijiang SDIC Qinzhou Meizhouwan Huaxia Power revenue | 289,054.35 636,403.62 620,417.63 1,947,728.10 202,664.81 576,159.11 487,026.47 39,697.11 70,242.87 65,352.02 82,355.20 102,200.00 397,878.48 169,440.68 358,169.42 938,233.15 -5,440.41 320,667.13 352,862.51 497,003.24 691,883.01 228,000.00 498,599.94 322,171.89 | 30,307.20 97,358.67 51,265.43 55,720.98 68,896.39 | 15.42 | Reasons for major changes | | increase/decrease increase/decrease The tax paid this year increased year-on-year, and the net profit decreased. on-year this year, resulting in a year-on-year decline in profit. Secondly, there was a year-on-year increase in power generation and operating SDIC Dachaoshan | parent company 1 7 Yalong Hydro 1 Yalong Hydro Hydropower Hydropower Meizhouwan generation generation generation generation 2,572,460.50 1,113,547.38 Investment 826,662.34 -4.52% | 18,494,883.61 2024 2023 -39,133.56 4,730,000.00 7,284,033.89 865,795.90 112,656.34 77,847.57 826,662.34 177,000.00 364,034.92 348,595.83 | 66,416.36 | Net profit | | Annual Report 2024 48 Firstly, the power generation decreased year-on-year this year due to an increase Firstly, the coal price declined this year and the Company's production cost This year, the abundant water inflow in the Guangxi region compressed the in curtailed electricity of new energy companies in the Northwest region. decreased; The Lancang River Basin experienced abundant water inflow this year, resulting SDIC New Energy | Huaxia Power 4 6 123.10% -24.48% | 55,720.98 -18,065.54 30,307.20 16,722.54 73,786.52 13,584.66 | | --- | --- | | Secondly, there was a year-on-year increase in power generation and operating in an increase in power generation compared to the same period of the previous power generation space for thermal power, resulting in a year-on-year decrease Secondly, the average tariffs for wind power and solar power generation SDIC Dachaoshan SDIC Qinzhou 7 5 Investment -27.44% | 12.82% 66,416.36 68,896.39 -26,051.18 58,868.94 94,947.57 7,547.42 | | in power generation. revenue this year. decreased year-on-year this year, resulting in a reduction in operating profit. revenue this year. year. | | Annual Report 2024--- # **(VIII) Structured entities controlled by the Company** ☐ Applicable ☑ Not applicable # **VI. Discussion and analysis on the future development of the Company** # **(I) Industry structure and trends** ☑ Applicable ☐ Not Applicable Taking into account China's current economic growth potential at this stage, the outline of the national 14th Five-Year Plan and the long-range objectives through the year 2035, as well as national macroeconomic regulatory policies and measures, it is anticipated that China's macroeconomy will maintain stable growth in 2025. With the sustained implementation of economic stabilization policies, China's energy consumption is expected to continue its upward trend. Energy supply will increase steadily, and the capacity for supply security will be continuously enhanced. The energy structure will undergo ongoing optimization and adjustment. There will be vigorous promotion of wind power and solar power development and utilization. Efforts will be coordinated to develop hydropower while protecting the ecological environment. The construction of a new type of power system will be advanced in a coordinated manner, and the role of coal-fired power as a last-resort guarantee will be effectively utilized. According to the report of the China Electricity Council, on the supply side, the installed capacity of new power sources nationwide will still maintain rapid growth in 2025. It is estimated that the increase in conventional power sources will be basically equivalent to the increase in electricity load. The national installed capacity of power generation is expected to exceed 3.8 billion kW, a year-on-year growth of about 14%, and the scale of new installed capacity of power generation nationwide is expected to exceed 450 million kW. Among them, the newly installed capacity of new energy power generation exceeds 300 million kW. The proportion of coal-fired power in total installed capacity will drop to one-third by the end of 2025. From the demand side, China's macroeconomy is expected to maintain stable growth in 2025, which will provide stable support for the growth of electricity demand in the country. The total electricity consumption of the whole society nationwide is expected to reach 10.4 trillion kWh in 2025, with a year-on-year growth of around 6%. It is expected that during peak-load times in summer, such as the summer peak season in 2025, some regions will experience a tight balance in power supply and demand. The interplay and accumulation of various factors on both the supply and demand sides of electricity bring uncertainties in the power supply and demand situation. During the peak-load times in winter, with the further commissioning of conventional power sources, the power supply and demand situation has improved. # **(II) Development strategy of the Company** ☑ Applicable ☐ Not Applicable The Company has always focused on serving national strategies, fully fulfilling its mission as a central state-owned enterprise to ensure energy supply, and has been committed to a green and low-carbon transformation and development. It has supported China's "dual carbon" goals, concentrated on its core 49 Annual Report 2024 responsibilities and main business, and continuously increased its efforts in developing the clean energy business. The Company has also been constantly improving its professional management capabilities, adhering to a business development philosophy and strategy that prioritizes benefits, and has been persistently promoting reform and innovation. It has been working earnestly and effectively to realize its vision of "becoming a globally-trusted investor & operator in integrated energy". In terms of specific approaches, moderate growth in scale will be pursued, with a stronger and more stable improvement in quality and efficiency. The first is to optimize the structure, vigorously promote the construction of the hydro-wind-solar power integration base in the Yalong River Basin, focus on the development of key areas and advantageous areas, and use limited resources to develop advantageous industries. The second is to optimize quality, control the asset-liability ratio, improve return on investment, and hold the red line of development; the third is to optimize resources, leaving exposure for capital investment and doing a good job in resource allocation. (III) Operation plan √ Applicable □ Not Applicable 1. Annual investment expenditure plan In 2025, SDIC Power plans to invest RMB 4.56 billion in equity and RMB 30.7 billion in capital construction. 2. Annual financing plan In 2025, the Company's headquarters plans to raise a total of RMB 13 billion in domestic financing throughout the year. The funds will be raised through bond issuance, as well as through financing from financial institutions such as the State Development & Investment Corp., Ltd., SDIC Finance Co., Ltd., and banks. In 2025, the Company and its wholly-owned overseas subsidiaries plan to raise a total of RMB 15.73 billion equivalent in foreign currency through overseas debt financing. The funds are intended to be raised by Rongshi International Holdings Limited, as well as by other financial institutions. (IV) Possible risks √ Applicable □ Not Applicable 1. Electric power market risk Against the backdrop of accelerated efforts to build a new-type power system and a unified national power market, China's power supply-demand balance has become more relaxed. With rapid growth in installed capacity of renewable energy, deeper market-based consumption mechanisms, the full rollout of spot markets, and policy guidance, tariff volatility has intensified. Meanwhile, the development of provincial-level spot markets was accelerating. However, the coordination between medium- and long- term market rules and spot market mechanisms still requires improvement. This has increased the complexity of trading strategies, intensified market competition, and amplified downward pressure on tariffs. 50 Annual Report 2024 Countermeasures: Enhance policy analysis by closely tracking the development of the unified national power market, spot market rules, and other regulatory updates, while establishing rapid response mechanisms to optimize combined strategies for medium/long-term and spot transactions. Improve forecasting systems through smart prediction technologies to enhance supply-demand and load forecast accuracy, and explore new market entities (e.g., energy storage, virtual power plants) to boost market flexibility. Strengthen risk hedging mechanisms to stabilize core electricity volumes and prices, mitigating the impact of market volatility. 2. Fuel price fluctuation risk It is expected that domestic coal production will continue to remain high in 2025 with the support of supply guarantee policies, but due to uncertain factors such as geopolitical conflicts and trade protectionism, coal imports may be restricted and price fluctuation risks still exist. Countermeasures: Optimize the transportation plan for power coal, dynamically track the dispatch situation, and continuously promote contract performance to ensure the safe and stable supply of coal. Strengthen market monitoring and analysis, follow the changes in coal supply and demand and price trends, fully utilize both domestic and international markets, and flexibly adjust procurement strategies for market coal and imported coal. Improve regional benchmarking management of fuels, enhance control over key indicators, and improve fuel management efficiency. 3. New energy development risk In recent years, China has focused on the dual carbon goals and tasks, continuously promoted the green and low-carbon transformation of energy, and the new energy industry has developed rapidly. Against this background, the competition for new energy project resources was extremely fierce, the time and space mismatch of source and load superimposed on the lack of regulatory resources, and the risks of new energy consumption were gradually emerging. The marketization ratio of electricity has increased, the on-grid tariff has continued to decline, and the downward risk of tariffs in some areas was particularly prominent. There was a risk of declining investment returns for new energy projects. Some areas with relatively guaranteed consumption and tariffs have tight land resources, making project development more difficult. Countermeasures: Firstly, keep up with market trends, adhere to strategic drive, focus on key and advantageous areas, increase resource acquisition efforts, and expand the scale of reserve projects. Secondly, continuously improve the Company's investment decision-making and management capabilities to ensure the economic efficiency of project investment. Thirdly, improve the management and control capabilities in the development, construction and later operation stages, improve the project construction plan, ensure the progress of project commissioning, and improve the project operating efficiency. Fourthly, adhere to innovative development, attach importance to cutting-edge technology research, explore new business areas, and cultivate more profit growth points for the Company. 4. Project management risk Some of the Company's construction projects face challenges such as high altitudes, average engineering geological conditions, remote geographical locations, extensive construction areas, high 51 Annual Report 2024 personnel turnover, and a shortage of professional technical staff. During the construction process, if there are issues such as lax scrutiny of engineering design, inadequate safety and quality control, or omissions in the inspection and acceptance of construction procedures, it may lead to problems with the safety and quality of the Project. Countermeasures: Guide the holding investment enterprises to make engineering plans according to the characteristics of the project, compile safety technology and quality management measures, and strictly implement them during implementation. Urge holding investment enterprises to strengthen the management of project supervision, strictly control design quality management, strictly control equipment quality, strictly supervise the process, and set safety and quality red lines. Holding investment companies are required to further strengthen their awareness of safety and quality, do a good job in inspection and acceptance of the construction process, and ensure the safety and quality of the project. 5. Overseas business risk The international economic and political landscape has entered a new period of turbulence and change, and the direction and situation of overseas electric power industry investment are also facing ever- changing challenges. The investment attractiveness of renewable energy under the goal of carbon neutrality is gradually increasing, and the competition faced by the company's overseas business development may become more intense. Fluctuations in global commodity prices, exchange rates, interest rates and regional electric power market prices may lead to greater challenges to project benefits. Countermeasures: Closely monitor changes in the international political situation, accurately identify country-specific risks, and carefully plan and strategically focus project investments. Enhance the supervision of the operations and financial conditions of existing overseas projects, optimize business and financial arrangements, and strictly control project costs and risks. Strengthen the selection, training, and retention of managers with an international perspective and business mindset. Reinforce the construction of compliance systems overseas, adhere to corporate governance structures, and improve the management and control level of overseas projects. 6. Extreme climate risk The Company has a high proportion of hydropower, and the hydropower units in operation are distributed in different regions and basins such as Sichuan, Yunnan and Gansu. Extreme climate and unstable inflow will have a great impact on the Company's hydro-power generation. Most of the hydropower units put into operation and under construction by the Company are located in remote mountainous areas. They may be affected by natural disasters such as mudslides in the rainy season and sudden wildfires in the dry season, which will bring unsafe factors to the operation of the units and project construction. Countermeasures: The Company will make full use of modern forecasting technology, reasonably dispatch or coordinate cascade power stations, further coordinate the relationship between basin water regulation and power regulation, and at the same time do a good job in internal equipment maintenance to improve equipment reliability and strive to maximize the effectiveness of hydropower resources. The Company will establish a sense of safety responsibility, establish and improve systems such as hidden 52 Annual Report 2024 danger investigation and emergency plans, take effective measures such as strengthening weather forecasting, phased relocation and risk avoidance, special duty contact, and setting up preventive measures in advance to strengthen flood season safety precautions and dry season construction management, and reduce the impact on projects under construction. (V) Others □ Applicable √ Not applicable VII. Explanation on matters undisclosed according to standards due to inapplicability of provisions in the standards or special causes such as national secrets and business secrets, and reasons. □ Applicable √ Not applicable 53 Annual Report 2024 ### Section IV Corporate Governance Overview As a public company listed in both domestic and overseas, the Company has been operating business in a standard manner and in strict compliance with the requirements set forth in the laws, regulations and regulatory documents of the PRC and the overseas jurisdiction where the shares of the Company are listed, and has made continuous efforts to maintain and enhance the good image of the Company in the market. The Company is principally governed by the general meeting of its shareholders (the “general meeting”), the Board of Directors, the Supervisory Committee and senior management. A brief description of the general meeting, the Board of Directors, the Supervisory Committee and senior management of the Company is set out below. General Meeting The general meeting is the governing authority of the Company. General meetings include annual general meetings and extraordinary general meetings. An annual general meeting is required to be called once a year, within six months following the end of the previous fiscal year. An extraordinary general meeting is required to be called within two months from the date of the occurrence of any of the following circumstances: • the number of Directors is fewer than six; • the losses of the Company that have not been made up reach one third of its total share capital; • shareholders that hold, individually or collectively, 10% or more of the shares of the Company request to hold such a meeting; • the Board of Directors considers it necessary; • the Supervisory Committee proposes to hold such a meeting; or • other circumstances as provided by relevant laws, administrative regulations, departmental rules or the Articles of Association. Board of Directors The Board of Directors is responsible for the general management of the Company and is accountable to the general meeting. Board meetings include routine board meetings and extraordinary board meetings. A routine board meeting is required to be called semi-annually. An extraordinary board meeting may be called upon demand. Supervisory Committee The Supervisory Committee is responsible for overseeing the Company’s general management and is accountable to the general meeting. The Company believes that the increasing diversity of the administrative, management and supervisory bodies is one of the key factors that help support its strategic objectives and maintain sustainable development. At present, the Company’s administrative, management and supervisory bodies are diversified in terms of gender, region, and professional background: The Supervisory Committee includes 1 female supervisor and the Board of Directors includes 1 female director. Among the 9 directors 54 Annual Report 2024 of the Board of Directors, the 3 independent directors are respectively from the power industry, legal compliance, accounting and auditing fields, with various academic backgrounds and professional advantages. I. Relevant information on corporate governance √ Applicable □ Not Applicable In the reporting period, the Company has continuously improved the governance structure of the legal person and standardized operations based on requirements of laws and regulations, such as the Company Law, Securities Law, Guidelines for the Articles of Association of Chinese Listed Companies and Code of Corporate Governance for Chinese Listed Companies, etc. (the relevant code is set out on http://www.csrc.gov.cn/csrc/c101864/c1024585/content.shtml) and combined with actual situation of SDIC Power. Directors and supervisors of the Company have been diligent and responsible. The senior executives have carried out their duties according to the laws. The legal rights and interests of the Company and shareholders have been effectively maintained. During the reporting period, the Company formulated or revised the Rules of Procedure of the General Meeting of Shareholders, the Rules of Procedures of the Board of Directors, the Working System of Independent Directors, Working System for Specialized Meetings of Independent Directors, Working Rules for General Manager, Administrative Measures of Internal Control, and Administrative Measures for Comprehensive Risk Management to further align with the regulatory requirements of the China Securities Regulatory Commission and the Shanghai Stock Exchange, and to safeguard the interests of shareholders. The Company conscientiously implemented the relevant laws and regulations such as the Company Law and the Securities Law and various regulatory requirements, operated in a standardized manner according to law, effectively performed the functions of the "three meetings" and management in accordance with the law, and paid attention to the protection of shareholders' legitimate rights and interests. In the reporting period, the Company held 8 General Meetings of Shareholders, 18 meetings of the Board of Directors, 7 meetings of the Supervisory Committee and 3 independent director special meetings, and 22 specialized committee meetings of the Board of Directors in total. Operation of “one meeting and two boards” and the management met the relevant regulations of the Articles of Association and supervision regulations and management decisions conformed to the interests of all shareholders. The Company strictly implemented the systems such as the Management System of Information Disclosure Affairs and the Administrative Measures for Internal Reporting of Major Information to ensure that major information is transmitted, collected and effectively managed in a timely manner within the company, and to ensure the authenticity, accuracy and completeness of information disclosure. During the reporting period, the Company made 4 regular reporting disclosures and 75 provisional announcement disclosures. The information disclosure was based on compliance with regulatory requirements, met the needs of investors, and fully and objectively reflected the true value of the Company. The Company has 55 Annual Report 2024 obtained the Grade A Ranking of Information Disclosure by the Shanghai Stock Exchange for eight consecutive years. The Company continued to improve its investor relations management system and responded to core issues of market concern in a timely manner. The Company held performance briefings following each periodic report, marking the first time it adopted a live broadcast format open to the entire market to disclose operational results. During the year, the Company organized four online and three offline performance briefings, facilitating in-depth discussions with investors. Additionally, the Company conducted nearly 100 investor communication sessions and engaged with over a thousand investor participants throughout the year. The Company has established a long-term mechanism for protecting the rights and interests of small and medium shareholders, created a "six-in-one" communication matrix, and built an omnichannel, professional, and efficient investor service network. Whether there is any significant difference between corporate governance and the provisions of laws, administrative regulations and the CSRC on the governance of listed companies; if so, explain the reasons. □ Applicable √ Not applicable II. Specific measures taken by the controlling shareholders and actual controllers of the Company to ensure the independence of the Company's assets, personnel, finance, institutions and business, as well as solutions, work progress and follow-up work plans affecting the independence of the Company. √ Applicable □ Not Applicable During the reporting period, the Company and its controlling shareholders were able to maintain independence in terms of business, personnel, assets, institutions and finance. The Company was responsible for its own profits and losses and risks, and there was no situation affecting the independent operation of the Company. The Company strictly observed various laws, regulations and the regulatory rules of the place where it is listed, continuously improved and enhanced the modern corporate governance system and governance ability of the Company in accordance with the requirements of a modern enterprise system, and established and improved the corporate governance structure consisting of General Meeting of Shareholders, Board of Directors, Supervisory Committee and management. The controlling shareholders, actual controllers, and other entities under their control were engaged in the same or similar business as the Company, as well as the impact of peer competition or major changes in peer competition on the Company, the solution measures taken, the addressing progress, and the follow- up solution plan. □ Applicable √ Not applicable III. Brief introduction to the General Meeting of Shareholders 56 | Inquiry index of Date of | | | | --- | --- | --- | | disclosure | the website | | | Session Date designated for | of | Resolutions | | The first January Refer to the January 24, The following resolutions were deliberated and approved: resolution | resolution | | | extraordinary 23, 2024 announcement 2024 Proposal on 2024 Estimated Daily Related-Party Transactions publishing | publishing | | Annual Report 2024 | The fifth October Announcement No.: October 10, The following resolutions were deliberated and approved: | | --- | | extraordinary 9, 2024 2024-052 2024 1. Proposal on the Company's Eligibility for the Issuance of A | | general Shares to the Specific Object — National Council for Social | | meeting of Security Fund | | shareholders 2. Proposal on the Company's Plan for the Issuance of A Shares | | in 2024 to the Specific Object — National Council for Social Security | Fund in 2024 3. Proposal on the Company's Tentative Plan for the Issuance of A Shares to the Specific Object — National Council for Social Security Fund in 2024 4. Proposal on the Demonstration and Analysis Report on the Company's Plan for the Issuance of A Shares to the Specific Object — National Council for Social Security Fund in 2024 5. Proposal on the Feasibility Analysis Report on the Use of Funds Raised by the Company through Issuing A Shares to the Specific Object — National Council for Social Security Fund in 2024 6. Proposal on Dilution of Immediate Returns, Remedies and Commitments of Relevant Entities of the Company regarding the | Issuance of A Shares to the Specific Object in 2024; 2023 June 19, Announcement No.: June 20, The following resolutions were deliberated and approved: | | --- | | 7. Proposal on Signing the Conditional Share Subscription General 2024 2024-028 2024 1. 2023 Work Report of the Board of Directors | | Agreement for Issuance of A Shares to the Specific Object by Meeting of 2. 2023 Work Report of the Supervisory Committee | | SDIC Power Holdings Co., Ltd. Shareholders 3. Proposal on 2023 Annual Financial Statements | | 8. Proposal on Shareholders' Returns Planning of the Company 4. Proposal on 2024 Operating Plan | | in the Next Three Years (2024-2026) 5. Proposal on 2023 Profit Distribution Plan | | 9. Proposal on the Report regarding Use of the Company's 6. Proposal on Amending the Articles of Association | | Previously-raised Capital general released on the 7. Proposal on Amending the Rules of Procedure of the General | 57 | 10. Proposal on the Company's Related-party Transactions for meeting of website of the Meeting of Shareholders | | --- | | The third April 25, Announcement No.: April 26, The following resolutions were deliberated and approved: the Issuance of A Shares to the Specific Object — National shareholders Shanghai Stock The second April 3, Announcement No.: April 4, The following resolutions were deliberated and approved: 8. Proposal on Amending the Rules of Procedure of the Board The fourth July 24, Announcement No.: July 25, The following resolutions were deliberated and approved: | | extraordinary 2024 2024-016 2024 Proposal on Election of Directors of the Company in 2024 Exchange extraordinary 2024 2024-011 2024 Proposal on Providing Guarantee Amount Estimate for ICOL Council for Social Security Fund in 2024 of Directors extraordinary 2024 2024-034 2024 Proposal on Election of Directors of the Company | | general www.sse.com.cn general Company 9. Proposal on Amending the Working System of Independent general 11. Proposal on Requesting the General Meeting of | | (the same below), meeting of meeting of Directors meeting of Shareholders to Authorize the Board of Directors or its | | Announcement No.: shareholders shareholders Authorized Representatives to Handle Specific Matters in the The meeting also reviewed the 2023 duty performance report of shareholders | | 2024-004 in 2024 in 2024 the independent director. in 2024 Issuance to the Specific Object; | Annual Report 2024 The preferred shareholders with restored voting rights request the convening of an extraordinary general meeting of shareholders □ Applicable √ Not applicable Notes on the General Meeting of Shareholders □ Applicable √ Not applicable The sixth October Announcement No.: October 30, The following resolutions were deliberated and approved: 58 | extraordinary 29, 2024 2024-060 2024 1. Proposal on the Subsidiary's Registration and Issuance of | | --- | | The seventh December Announcement No.: December The following resolutions were deliberated and approved: general Ultra Short-Term Financing Bonds | | extraordinary 25, 2024 2024-075 26, 2024 Proposal on Renewal of Employment of the Accounting Firms meeting of 2. Report on the Work of the Remuneration and Assessment | | general 12. Proposal on Introducing Strategic Investors into the shareholders Committee of the 12th Board of Directors on the Management's | | meeting of in 2024 Remuneration and Other Matters for 2023 Company and Signing the Conditional Strategic Cooperation | | shareholders 3. Proposal on Application for a Standby Letter of Credit to Agreement between SDIC Power Holdings Co., Ltd. and | | National Council for Social Security Fund; Provide Guarantee for Red Rock Renewables Limited in 2024 | Annual Report 2024 IV. Directors, supervisors and senior executives (I) Shareholding changes and remuneration of current and dismissed directors, supervisors, and senior executives during the reporting period √ Applicable □ Not Applicable Unit: share (s) Total remuneration received | Number Number | | | | | | --- | --- | --- | --- | --- | | Whether to | from the | | | | | of shares | of | | | | | | Company receive | | | | | shares held at | | Share | | | | remuneration Start date End date of during the | Reasons for | | | | | Gender Age increases/decreases held at | Name the | | Position | | | increases/decreases | of term reporting from any term | | | 59 | | beginning the end | during the year | | | | | | period related | | | | | of the | of the | | | | | | (RMB parties | | | | | | year year | | | | | Yu | 10,000) | | | | | 51 Male | 0 0 | No 172.18 | 0 - | | | Haimiao April 21, Guo April 25, July 24, Luo February June 25, Zhang Employee Supervisor September February 2, March 11, February 27, March 8, May 23, April 17, | (before | | | | | Chairman - Zhang Lei Deputy Chairman - General Manager - Li Junxi Director (resigned) Zhu Jiwei Chairman (resigned) April 9, 2024 Deputy Chairman (resigned) Director - Zhao Jun Director - 52 47 60 55 60 56 44 Male Male Male Male Male Male Male | 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Yes Yes Yes Yes | No No No 129.84 63.15 20.48 | 0 - 0 - 0 - 0 - 0 - 0 0 - 0 0 0 0 | | | Xuyuan 2024 2019 2024 Shaoxiang 26, 2016 2024 2023 2023 2025 2022 2025 Zijian (resigned) 6, 2022 2024 | taxes) | | | | Annual Report 2024 60 | Gao Hai Zhou 57 Male | 0 0 | No 138.38 | 0 - | | --- | --- | --- | --- | | General counsel (Chief 50 Male | 0 0 | No 147.17 | 0 - | | Changxin November | | | | | Jing July 21, - Shang April 7, Zhan September May 6, Chairman of the Supervisory January 31, September Hu April 7, Cai July 21, - Secretary of the Board of November Zhang July 27, February Yu September Zhao Employee Supervisor February Chief Accountant (Head of October Compliance Officer) April 1, 2025 October General counsel (Chief April 1, | | | | | Employee Director - Xu Junli Independent director - Qu Lixin - Employee Supervisor Female - Deputy General Manager - Independent director Female - Deputy General Manager Employee Director (resigned) April 7, 2025 Director - Independent director - Han Xiuli Supervisor Female - April 7, 2025 - 28, 2024 Deputy General Manager - - 44 64 57 53 47 61 44 52 58 43 47 Male Male Male Male Male Male Male Male | 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Yes Yes Yes | No No No No No No No No 134.46 89.25 | 0 0 - 0 - 0 0 - 0 - 0 - 0 - 0 - 0 - 0 - 39.5 12 12 12 0 0 0 0 0 | | Lizi 2021 28, 2024 Zhonghua 2025 Pingyuan 6, 2019 2021 Yingmin 6, 2019 Committee 2019 6, 2022 Lijun (resigned) 28, 2024 Jiangchun 2025 Finance) 24, 2023 (resigned) Jidong 2023 Zhentao 2023 24, 2023 Compliance Officer) 2025 Directors 22, 2023 | | | | Annual Report 2024 Guo Xuyuan Former Director of the Planning and Development Department; Director of the Planning and Development Department & Director of the Environmental Protection Zhang Lei Senior Economist. Former Deputy Director and Director of the Planning and Assessment Division of the Business Management Department, Member of the Reform Management Center; Director of the Engineering Management Department & Director of the Strategic Development Department and Environmental Protection 61 Office, Deputy Director of the Operation Management Department, Director of the Policy Research Office of the Strategic Development Department, Deputy Director of Management Center; Chief Infrastructure Engineer, Director of Strategic Development Department, Director of Engineering Management Department, and Director of the Reform Office, Deputy Director of the SDIC Training and Security Center of State Development & Investment Corp., Ltd.; Deputy General Manager, General Manager, Environmental Protection Management Center; Chief Infrastructure Engineer & Director of Strategic Development Department; Deputy General Manager & Chief Yu Haimiao Senior Engineer.Former Director of the Engineering Technology Department, Deputy Chief Engineer, Chief Engineer and concurrently Director of the Work Safety Infrastructure Engineer; General Manager; and Chairman of Yalong River Hydropower Development Co., Ltd. Zhao Jun Master's Degree, Master of Engineering. Former Deputy Director of the Overseas Investment Department and Deputy Director of the Pension Management Department Chairman of SDIC Intelligence Co., Ltd.; Director of the Strategic Development Department, Director of the Reform Office of the State Development & Investment Corp., Technology Management Department, Chief Engineer, and Deputy General Manager of Tianjin SDIC Jinneng Electric Power Co., Ltd.; General Manager of SDIC Genting Li Junxi Senior Accountant.Former Assistant to the General Manager of SDIC Property Co., Ltd.; Deputy General Manager of SDIC High-tech Investment Co., Ltd.; Deputy Subsequently served as Chairman of SDIC Power Holdings Co., Ltd. and concurrently Chairman of Yalong River Hydropower Development Co., Ltd. Zhu Jiwei Engineer. Former General Manager of Xiamen Huaxia International Power Development Co., Ltd., General Manager of SDIC Power Holdings Co., Ltd., Chairman of Ltd.; Leader of the Preparatory Group of SDIC Biomanufacturing Innovation Research Institute Co., Ltd. Meizhouwan Electric Power Co., Ltd.; Deputy General Manager of SDIC Power Holdings Co., Ltd. of the National Council for Social Security Fund; Incumbent Director of the Stock Investment Department of the National Council for Social Security Fund; Director of (resigned) General Manager of SDIC High-tech Industry Investment Co., Ltd.; Audit Commissioner and Full-time Equity Director of State Development & Investment Corp., Ltd.; Cao July 8, - Luo Shaoxiang Senior Engineer. Former Deputy Director and Director of the Strategic Development Department, Director of the Business Management Department of State Development Zhang Zijian Senior Economist. Former Senior Business Manager of Remuneration and Welfare Post of the Human Resources Department of SDIC Huajing Power Holdings Co., Ltd.; Deputy General Manager 40 Male 0 0 No 23.68 0 - Jianjun 2024 / Currently serving as Chairman of SDIC Power Holdings Co., Ltd. (dismissed) SDIC Power Holdings Co., Ltd., Incumbent Deputy General Manager of State Development & Investment Corp., Ltd. Incumbent Chairman and General Manager of SDIC Biomanufacturing Innovation Research Institute Co., Ltd.; Deputy Chairman of SDIC Power Holdings Co., Ltd. (resigned) & Investment Corp., Ltd.; Full-time Equity Director of State Development & Investment Corp., Ltd., and the Deputy Vice Chairman of SDIC Power Holdings Co., Ltd. Currently serving as Director and General Manager of SDIC Power Holdings Co., Ltd. Beijing-Shanghai High-Speed Railway Co., Ltd. and Director of SDIC Power Holdings Co., Ltd. Director of SDIC Power Holdings Co., Ltd. (resigned) Deputy Manager of the Human Resources Department, Deputy Manager of Party-Masses Affairs Department (Supervision Department), Manager of Party-Masses Affairs / Total / 0 0 Name / / 994.09 0 / / Main work experience Annual Report 2024 62 Han Xiuli Senior Economist. Former Executive Deputy Director and Executive Director of the Audit Business Division I of the Audit and Evaluation Center of the Audit Department Zhao Lijun Senior Accountant. Former Senior Financial Manager of the Finance Department of China CAMC Engineering Co., Ltd.; Chief Financial Officer of the West Asia and Shang Senior Engineer. Former Duty Officer of the Operation Department of SDIC Tianjin New Energy Co., Ltd.; Senior Business Manager of Project Development Post and Zhang Lizi Doctoral Candidate. Former Executive Deputy President, Assistant to the President, and Director of the Electric Power Engineering Department of the Modern Electric of State Development & Investment Corp., Ltd., Audit Director of Audit Business Division III of the Audit and Evaluation Center, Executive Deputy Director of Audit Zhan Pingyuan Doctoral Candidate and Senior Accountant. Former Director of the Asset Finance Department of CWE Investment Corporation; Director of Asset Finance Department, Chief Accountant and Chairman of Trade Union of China Three Gorges International Corporation; Chief Financial Officer and General Counsel of China Yangtze Power (resigned) Africa Division; Deputy Manager of the Finance Department of SDIC China National Complete Plant Import & Export Corporation Limited, and Deputy Manager of the Zhonghua Deputy Manager of the Business Development Department, SDIC Power Holdings Co., Ltd.; Deputy General Manager (temporary) of Tianjin SDIC Jinneng Electric Power Research Institute of North China Electric Power University. Incumbent professor at North China Electric Power University; Dean of the Academy of Modern Qu Lixin Senior Accountant. Former Assistant to General Manager and Chief Financial Officer of SDIC Huajing Power Holdings Co., Ltd.; Deputy General Manager and Employee Business Division II of the Audit and Evaluation Center, and Executive Deputy Director of Audit Business Division II of the Audit Evaluation Center; Executive Deputy Hu Jiangchun Engineer. Incumbent Business Director of the Corporate Planning Department, Business Director of the Planning Department, and Planning Director of SDIC Power Power Co., Ltd.; Assigned General Manager of SDIC Inner Mongolia New Energy Co., Ltd. Incumbent Employee Director and deputy manager of the Thermal Power Electric Power Research of North China Electric Power University; Director of the Power Market Research Institute of the School of Electrical and Electronic Engineering; Yu Yingmin Doctoral Candidate, a postdoctoral fellow in economics at the Chinese Academy of Fiscal Sciences, and a member of the Chinese Institute of Certified Public Accountants. Director of SDIC Power Holdings Co., Ltd. Incumbent Full-time Equity Director of State Development & Investment Corp., Ltd. and the Chairman of the Supervisory Director of Audit Department II, Audit Evaluation Center, SDIC Operation Center Co., Ltd.; Incumbent Executive Director of the Audit and Evaluation Center of SDIC Planning and Finance Department, Manager of the Financial Management Department, and Employee Supervisor of SDIC Power Holdings Co., Ltd. Incumbent Finance Company; Senior Business Manager of the Financial Management Department of SDIC Power Holdings Co., Ltd. Incumbent Employee Supervisor, and Senior Business Department (Supervision Department), Human Resources Manager, Employee Supervisor and Employee Director of SDIC Power Holdings Co., Ltd. Incumbent Manager Co., Ltd.; Incumbent Director of the Legal Compliance and Corporate Management Department of China Three Gorges Corporation, and Director of SDIC Power Holdings Xu Junli Master's Degree. Former Partner of Beijing Zhongrui Law Firm, Partner of Beijing Zhongtian Law Firm and Lawyer of Guangxi Yuandong Business Law Firm. Incumbent Zhou Changxin Senior Accountant. Former Chief Accountant of Guangxi Railway Investment Group Co., Ltd.; Deputy General Manager of Guangxi Railway Investment Group Co., Ltd.; of the Human Resources Department (Party Committee Organization Department) of SDIC Power Holdings Co., Ltd. Management Department of SDIC Power Holdings Co., Ltd. Co., Ltd. and the Independent Director of SDIC Power. Senior Partner of Tahota (Beijing) Law Firm and Independent Director of SDIC Power. Incumbent professor of accounting and a doctoral supervisor at the Central University of Finance and Economics, and an independent director of SDIC Power. Committee of SDIC Power Holdings Co., Ltd. Operation Center Co., Ltd. and Supervisor of SDIC Power Holdings Co., Ltd. Department Manager of SDIC Power Holdings Co., Ltd. Manager of the Financial Management Department of SDIC Power Holdings Co., Ltd. Chief Accountant of Guangxi Tourism Development Group Co., Ltd.; Chief Accountant of China New Era Group Corporation; Deputy General Manager and Chief Annual Report 2024 Other situations □ Applicable √ Not applicable 63 Jing Zhentao Senior Engineer. Former Deputy Director of Technical Skills Training Division of the Education and Training Center of China Huaneng Group Co., Ltd.; Deputy Director Cai Jidong Senior Engineer. Former Deputy Manager of the Production and Operation Department, Deputy Manager of the Production Technology Department (in charge of Gao Hai Senior Economist. Former Deputy Manager of the General Affairs Department, Manager of the Fuel Management Department, and Manager of the Business Management Cao Jianjun Senior Engineer. Former Director of Guandi Hydropower Plant of Yalong River Hydropower Development Co., Ltd.; Deputy General Manager of Yalong River of Operation (in charge of operations) and Coordination Division (Technology and Environmental Protection Division) of Operation and Work Safety Supervision Hydropower Liangshan Co., Ltd.; Director of Jinping Hydropower Plant; Director of Jinping Construction Management Administration; Director of Jinping Underground Department of State Development & Investment Corp., Ltd.; Executive Deputy Director (in charge of operations), Executive Director of the Risk Management Division operations), Manager of the Business Development Department, Assistant to the General Manager and concurrently Manager of the Business Development Department, Department of SDIC Power Holdings Co., Ltd., Assistant to the General Manager and concurrently Manager of the Business Management Department and Employee Director of SDIC Power Holding Co., Ltd. Incumbent Deputy General Manager, Secretary of the Board of Directors and General Counsel (Chief Compliance Officer) of Laboratory Administration; Executive Director and General Manager of Yalong River Hydropower Liangshan Co., Ltd. Incumbent Deputy General Manager of SDIC Assistant to the General Manager , Assistant to the General Manager and concurrently Manager of General Affairs Department (Party Committee Office) of SDIC Power of Operation and Work Safety Supervision Department, and Executive Director of Risk Management Division of Legal Compliance and Risk Management Department. Financial Officer, General Counsel (Chief Compliance Officer) of SDIC Power Holdings Co., Ltd. Incumbent Chief Accountant (CFO) of SDIC Power Holdings Co., Ltd. Holdings Co., Ltd. Incumbent Deputy General Manager of SDIC Power Holdings Co., Ltd. Incumbent Deputy General Manager and Work Safety Director of SDIC Power Holdings Co., Ltd. SDIC Power Holdings Co., Ltd. Power Holdings Co., Ltd. Annual Report 2024 (II) Positions of current and dismissed directors, supervisors and Senior Executives during the reporting period 1. Posts held in shareholder organizations √ Applicable □ Not Applicable 2. Posts held in other organizations √ Applicable □ Not Applicable 64 | Qu Lixin Name of | | | | | --- | --- | --- | --- | | Guo | the | | | | Li Junxi (resigned) Positions in other | Start date of End date of | | | | Xuyuan Luo Shaoxiang Zhan Pingyuan China Three Gorges Corporation Director of Legal Compliance December 2024 - person | Name of the | | Name of other companies | | Han Xiuli Positions held in shareholder | Start date of End date of companies | term term | | | (resigned) SDIC Biomanufacturing Innovation Chairman December 2024 - State Development & Investment Full-time Equity Director April 2016 June 2024 National Council for Social Security Director of the Stock - SDIC Assets Management Co., Ltd. Chairman of the Supervisory October 2020 February 2025 SDIC Chuangyi Industry Fund Chairman of the Supervisory October 2020 February 2025 SDIC Capital Co., Ltd. Chairman of the Supervisory April 2023 - China Yangtze Power International Chairman January 2022 - SDIC Chuangyi Industry Fund Supervisor October 2020 - SDIC Operation Center Co., Ltd. Executive Director of Audit April 2024 - State Development & Investment Full-time Equity Director January 2022 - Zhu Jiwei State Development & Investment Deputy General Manager March 2024 - China SDIC Gaoxin Industrial Director March 2020 January 2024, State Development & Investment Full-time Equity Director January 2022 February 2025 SDIC Intelligence Technology Co., Chairman of the Supervisory March 2022 January 2024, SDIC Xinjiang Luobupo Potash Co., Director January 2022 - and Corporate Management Chinese Society for Rock Mechanics & Director December 2020 June 2024 person holding the holding | Name of shareholder company | | | | Zhang Lei Zhao Jun March 2023 | | term term | company | | (dismissed) Corp., Ltd. Research Institute Co., Ltd. Corp., Ltd. Investment Corp., Ltd. Fund Investment Department Corp., Ltd. Committee Management Co., Ltd. Committee Corp., Ltd. Committee Ltd. Committee SDIC Mining Investment Co., Ltd. Director January 2022 - Ltd. Department (Hongkong) Co., Limited Evaluation Center Management Co., Ltd. Postgraduate Training Base of Hohai University Master Supervisor July 2019 March 2024 Hydropower Environment Research Institute Director October 2019 June 2024 Engineering the post | | post | | Annual Report 2024 Yu Yingmin | Aurora Optoelectric Technology Co., Ltd. Independent April 2023 - | | | --- | --- | | Xu Junli Director, Director | | | Yu of Audit | 65 | | Haimiao Jing Zhou YTO Express Group Co., Ltd. Independent October 2022 - Committee, | | | Zhentao Cai Changxin Beijing Jingyi Automation Equipment Co., Ltd. Independent September - Director, Director Director of | | | Jidong Director, director 2022 of Remuneration The 3rd Chief Financial Officer Professional Deputy Director November - Remuneration and | | | Sichuan Society of Rock Mechanics and Deputy Chairman May 2021 June 2024 China National Committee on Large Dams Deputy Chairman November June 2024 Pan Jiazheng Hydropower Science and Deputy Chairman May, 2024 - Price Association of China (Committee of Energy Deputy Chairman November - Advisory Committee of Shantou International Entrepreneur December 2023 - Hydropower Generation, China Electricity Deputy Chairman November - Cao Rural Vitalization Electric Power Professional Deputy Director April 2025 - Central University of Finance and Economics Professor, July 2005 - of Audit Assessment and Assessment Chongqing Electric Power Industry Association Vice Chairman and July 2022 - Zhang Chinapharm Group Company Limited Director March 2024 - Committee of the China Association for Public Members 2022 Chinese Society of Hydroelectric Engineering, Deputy Chairman April 2022 - Thermal Power Generation, China Electricity Deputy Chairman November - | | | Engineering Sichuan Energy Association Deputy Chairman August 2023 June 2024 2023 Sichuan Society of Hydroelectric Engineering Deputy Chairman August 2022 April 2024 Member Sichuan Electric Power Association Deputy Chairman April 2022 - Jiangsu Electric Power Association Executive Director April 2023 - Lei Chinese Society of Electrical Engineering Director January 2021 - China Electric Power Promotion Council Deputy Chairman October 2022 - China Electricity Council Director April 2021 - Chinese Society of Hydroelectric Engineering Executive Director January 2024, February 2025 Technology Foundation Zhao Jun Beijing-Shanghai High-Speed Railway Co., Ltd. Director March 2025 - Companies and Water Supply) 2023 Pumped Storage Industry Branch Wind Power Innovation Port Consultant Council 2023 Council 2023 Chinese Society of Hydroelectric Engineering Executive Director February 2025 - Jianjun Committee of China Electricity Council doctorial tutor Committee Committee Tahota (Beijing) Law Firm Senior Partner May 2020 - Committee Shenzhen ScienCare Pharmaceutical Co., Ltd. Independent February 2022 - | | Annual Report 2024 (III) Remuneration of directors, supervisors and senior executives √ Applicable □ Not Applicable (IV) Changes in directors, supervisors and senior executives √ Applicable □ Not Applicable | Decision-making procedure for The regulations related to the remuneration of directors and Details of the recommendations | | | | | --- | --- | --- | --- | | Zhang Basis for determining the The remuneration of directors and supervisors is determined in made by the Remuneration and remunerations of directors, supervisors can only be implemented after being reviewed and | | | | | Lizi remuneration of directors, accordance with the Administrative Measures for the Remuneration supervisors, and senior approved by the Remuneration and Assessment Committee of the Assessment Committee or at The Remuneration and Assessment Committee of the Company's | | | 66 | | supervisors and Senior of Directors and Supervisors of the Company. The remuneration of executives Board of Directors and submitted to the General Meeting of the Special Meeting of Twelfth Board of Directors held its 11th meeting and 12th meeting, | | | | | Executives senior executives is determined in accordance with the Director, Director Shareholders for approval. The regulations related to the Does a director recuse himself Independent Directors on the and agreed on the remuneration of directors, supervisors and senior Actual payment of See "Directors, Supervisors and Senior Executives, (I) Shareholding Total remunerations actually | | | | | Administrative Measures for Remuneration of Persons-in-Charge of of Remuneration Energy System Committee of China Society for Deputy Director December 2020 - remuneration of senior executives shall be reviewed by the from the discussion of the remuneration of directors, executives. remuneration of directors, changes and remuneration of current and dismissed directors, paid to all directors, supervisors | | | | | Yes RMB 9,940,900 | | | | | and Assessment Electric Power Market Research Institute of North Director April 2020 - Electrical Engineering and the Secretary- Board of Directors of his supervisors and senior the Company and the Administrative Measures for Performance and senior executives at the end Academy of Modern Electric Power Research of Director April 2020 - Remuneration and Assessment Committee of the Board of Directors supervisors and senior supervisors, and senior executives during the reporting period" in Luo Vice Chairman, Director Resigned Resigned from the position of director and | | | | | Committee North China Electric Power University China Electric Power University General and submitted to the Board of Directors for approval. remuneration? executives Assessment of Senior Executives of the Company. executives this Section. of the reporting period Shaoxiang deputy chairman of the Board of Directors of Name Changes | Job title | Reason for changes | | Annual Report 2024 (V) Information on penalties by securities regulators in recent three years □ Applicable √ Not applicable (VI) Others □ Applicable √ Not applicable V. Meeting of the Board of Directors held during the reporting period | 23rd March 11, 2024 The following resolutions were deliberated and approved: | | | --- | --- | | Meeting of 1. Proposal on Formulating the Environmental, Social and Governance Management | | | the 12th System of the Company (Trial) | | | Session 2. Proposal on Establishing the Committee on Environment, Society and Governance of | 67 | the Board of Directors and Formulating Working Rules | 25th April 9, 2024 The following resolutions were deliberated and approved: 3. Proposal on Deliberation of 2023 Annual Internal Audit Work Report and 2024 Annual 24th March 18, 2024 The following resolutions were deliberated and approved: | | | | --- | --- | --- | | Meeting of 1. Proposal on Providing Guarantee Amount Estimate for ICOL Company Meeting of 1. Proposal on Election of Directors of the Company Internal Audit Work Plan | | | | Zhang Lei Vice Chairman, Director Election Elected by the Board of Directors and the Zhao Jun Director Election Elected by the Board of Directors and the Gao Hai General counsel (Chief Appointment Engagement by the Board of Directors Zhou General counsel (Chief Appointment Engagement by the Board of Directors Cao Deputy General Manager Appointment Engagement by the Board of Directors Hu Employee Supervisor Election Elected by the Employees' Congress Zhao Employee Supervisor Resigned Work adjustment Zhang Employee Director Election Elected by the Employees' Congress 4. Proposal on Deliberation of the 2023 Annual Comprehensive Risk Management the 12th 2. Proposal on Convening the Second Extraordinary General Meeting of Shareholders in Zhao Employee Supervisor Election Elected by the Employees' Congress Li Junxi Director Resigned Resigned from the position of a director of Zhou General counsel (Chief Resigned Work adjustment Shang Employee Director Election Elected by the Employees' Congress Zhang Employee Director Resigned Work adjustment the 12th 2. Proposal on Convening the Third Extraordinary General Meeting of Shareholders in | | | | the Company due to work adjustment General Meeting of Shareholders General Meeting of Shareholders the Company due to work adjustment Compliance Officer) Changxin Compliance Officer) Changxin Compliance Officer) Jianjun Zhonghua Jiangchun Zijian Lijun Zijian Lijun Summary Report Session 2024 Session 2024 Session | Date | Resolutions | Annual Report 2024 | 27th April 29, 2024 The following resolutions were deliberated and approved: | | --- | | Meeting of 1. 2023 Work Report of the Board of Directors | | the 12th 2. 2023 Work Report of General Manager | | Session 3. Proposal on 2023 Annual Report | 4. Proposal on 2023 Annual Financial Statements 5. Proposal on 2024 Operating Plan 6. Proposal on 2023 Profit Distribution Plan 7. Proposal on Reviewing the 2023 Environmental, Social and Governance Report and ESG Objectives for 2024 8. Special Report on the 2023 Annual Deposit and Use of Raised Funds 28th May 29, 2024 The following resolutions were deliberated and approved: 9. Continuous Risk Assessment Report on Rongshi International Treasury Management Meeting of 1. Proposal on Amending the Articles of Association Company Limited the 12th 2. Proposal on Amending the Rules of Procedure of the General Meeting of Shareholders 30th July 8, 2024 The following resolutions were deliberated and approved: 10. Continuous Risk Assessment Report on SDIC Finance Co., Ltd. Session 3. Proposal on Amending the Rules of Procedure of the Board of Directors Meeting of 1. Proposal on Amending the Administrative Measures for Financial Report of the 11. Performance of the Audit Committee in 2023 4. Proposal on Amending the Working System of Independent Directors the 12th Company 12. Proposal on Deliberation of the 2023 Annual Internal Control Evaluation Report 5. Proposal on Amending the Working Rules for the General Manager Session 2. Proposal on Amending the Supervision and Administrative Measures of Corporate 68 13. Proposal on Deliberation of the Internal Control Manual (2024 Edition) and Internal 29th June 27, 2024 The following resolutions were deliberated and approved: 6. Proposal on Formulating the Working System for Specialized Meetings of Independent Financial Derivative Business 32nd August 27, 2024 The following resolutions were deliberated and approved: 26th April 25, 2024 The following resolutions were deliberated and approved: Control Standard Business Process (2024 Edition) Meeting of 1. Proposal on Signing Annual and Term Performance Contracts for Senior Executive of 31th July 24, 2024 The following resolutions were deliberated and approved: Directors 3. Proposal on Election of Directors of the Company 14. Meeting for the Report for the First Quarter of 2024, which also reviewed the 2023 Meeting of 1. Proposal on the Election of Members of the Strategy Committee and the Meeting of Proposal on Election of Chairman of the Company's Board of Directors 7. Proposal on Reviewing 3 Rules and Regulations Including the Internal Audit the 12th the Company 4. Proposal on Appointment of Senior Executives of the Company Meeting of Proposal on Election of Deputy Chairman of the Board of Directors of the Company the 12th Annual Work Report of Independent Directors submitted by three independent directors Session 2. Proposal on Adjusting Some Terms of the Employment Contract for Term of Senior the 12th the 12th Environmental, Social and Governance Committee of the Board of Directors Management System 5. Proposal on Convening the Fourth Extraordinary General Meeting of Shareholders in Session respectively. 8. Proposal on Convening the 2023 Annual General Meeting of Shareholders Executives of the Company 2024 Session Session Annual Report 2024 | | | 2. Proposal on Amending the Administrative Measures for Performance Assessment of the Management Members of the Company 3. Continuous Risk Assessment Report on SDIC Finance Co., Ltd. 4. Continuous Risk Assessment Report on Rongshi International Treasury Management Company Limited 5. Action Plan of “Improving Quality, Increasing Efficiency and Emphasizing Returns” in 2024 of the Company 6. Special Report on the Deposit and Actual Use of Raised Funds for the Half Year of 2024 7. Semiannual Report of 2024 of the Company | | --- | --- | --- | | 33th Meeting of the 12th Session | September 17, 2024 | The following resolutions were deliberated and approved: 1. Proposal on the Company’s Eligibility for the Issuance of A Shares to the Specific Object — National Council for Social Security Fund 2. Proposal on the Company’s Plan for the Issuance of A Shares to the Specific Object — National Council for Social Security Fund in 2024 3. Proposal on the Company’s Tentative Plan for the Issuance of A Shares to the Specific Object — National Council for Social Security Fund in 2024 4. Proposal on the Demonstration and Analysis Report on the Company’s Plan for the Issuance of A Shares to the Specific Object — National Council for Social Security Fund in 2024 5. Proposal on the Feasibility Analysis Report on the Use of Funds Raised by the Company through Issuing A Shares to the Specific Object — National Council for Social Security Fund in 2024 6. Proposal on Dilution of Immediate Returns, Remedies and Commitments of Relevant Entities of the Company regarding the Issuance of A Shares to the Specific Object in 2024; 7. Proposal on Signing the Conditional Share Subscription Agreement for Issuance of A Shares to the Specific Object by SDIC Power Holdings Co., Ltd. 8. Proposal on Shareholders’ Returns Planning of the Company in the Next Three Years (2024-2026) 9. Proposal on the Report regarding Use of the Company’s Previously-raised Capital 10. Proposal on the Company’s Related-party Transactions for the Issuance of A Shares to the Specific Object — National Council for Social Security Fund in 2024 11. Proposal on the Establishment of a Special Account for the Raised Capital by the Company 12. Proposal on Requesting the General Meeting of Shareholders to Authorize the Board of Directors or its Authorized Representatives to Handle Specific Matters in the Issuance to the Specific Object; 13. Proposal on Introducing Strategic Investors into the Company and Signing the Conditional Strategic Cooperation Agreement between SDIC Power Holdings Co., Ltd. and National Council for Social Security Fund; 14. Proposal on Convening the Fifth Extraordinary General Meeting of Shareholders in 2024 | | 34th Meeting of the 12th Session | September 23, 2024 | The following resolutions were deliberated and approved: 1. Proposal on Signing the Employment Contract for Term of Senior Executives of the Company 2. 2023 Annual Work Report of the Remuneration and Assessment Committee of the 12th Board of Directors of the Company | | 35th Meeting of the 12th Session | October 11, 2024 | The following resolutions were deliberated and approved: 1. Proposal on the Subsidiary’s Registration and Issuance of Ultra Short-Term Financing Bonds 2. Report on the Work of the Remuneration and Assessment Committee of the 12th Board of Directors on the Management’s Remuneration and Other Matters for 2023 3. Proposal on Investing in the Construction of the Inch Cape Project 4. Proposal on Application for a Standby Letter of Credit to Provide Guarantee for Red Rock Renewables Limited | 69 Annual Report 2024 VI. Performance of duties by directors (I) Attendance of directors at the meeting of the Board of Directors and general meeting of shareholders Number of the meeting Independe | Number of Director s of the | | | | | --- | --- | --- | --- | | nt director Presence | | | | | attendance Board Name | | | | | Numbe Attendances by proxy or not | | | | | Attendanc Attendanc s at the | of | | | | by means of for two r of | | | | | Director 39th December 9, 2024 The following resolutions were deliberated and approved: general | es in es by | | 70 | | consecutiv communicati absenc | | | | | Meeting of 1. Proposal on Appointment of the Representative for Securities Affairs of the Company meeting of s that person proxy | | | | | e times or | e on | | | | Attendance shareholde should | | | | | 38th November 18, 2024 The following resolutions were deliberated and approved: 37th October 30, 2024 The following resolutions were deliberated and approved: the 12th 2. Proposal on Approving the Performance Contracts of the Management Members of 40th December 23, 2024 The following resolutions were deliberated and approved: 36th October 14, 2024 The meeting deliberated and adopted the Proposal on Increasing Capital of Yalong River | not | | | | of general | be rs | | | | Meeting of 1. Proposal on Optimization and Adjustment of Company Organization Session SDIC Power Holdings Co., Ltd. Meeting of Hydropower Development Co., Ltd. Meeting of 1. Report for the Third Quarter of 2024 Meeting of 1. Proposal on 2025 Estimated Daily Related-party Transactions | | | | | Luo meeting of attende | | Attendance at the meetings of the Board of Directors | | | the 12th 2. Proposal on the Appointment of the General Counsel of the Company 5. Proposal on Convening the Sixth Extraordinary General Meeting of Shareholders in the 12th 2. Proposal on Amending the Rules of Procedure for the General Manager of the 3. Proposal on Convening the Seventh Extraordinary General Meeting of Shareholders the 12th the 12th 2. Proposal on Convening the First Extraordinary General Meeting of Shareholders in Guo Yu Zhu Zhang Shaoxian shareholde d this | No No 0 6 | 6 0 4 5 | | | | No No No No No No No No 15 10 18 0 0 0 0 3 15 10 18 | 0 3 0 0 0 5 2 0 1 13 16 3 9 | | | 2024 Session Session Company Session 3. Proposal on Renewal of Employment of Accounting Firms in 2024 Session 2025 Jiwei Xuyuan Lei g Haimiao Li Junxi Zhan year | No No No No rs 18 18 0 0 18 18 | 0 0 8 0 16 18 | | Annual Report 2024 Explanation for failure to attend in person at two consecutive meetings of the Board of Directors □ Applicable √ Not applicable (II) Objections raised by directors to relevant affairs of the Company □ Applicable √ Not applicable (III) Others □ Applicable √ Not applicable VII. Special committees under the Board of Directors √ Applicable □ Not Applicable (I) Members of special committees under the Board of Directors (II) During the reporting period, the Audit Committee, the Nomination Committee, the Remuneration and Assessment Committee, the Strategy Committee, and the Committee on Environment, Society and Governance held a total of 22 meetings 71 | March 11, 2024 The 13th Meeting of the The following resolutions were deliberated and approved: | | | | | | | --- | --- | --- | --- | --- | --- | | 12th Audit Committee 1. Proposal on Deliberation of 2023 Annual Internal Audit Work | | | | | | | Committee on Report and 2024 Annual Internal Audit Work Plan | Other | | | | | | Frequency of on-site meetings held in Remuneration and performance 2. Proposal on Deliberation of 2023 Annual Comprehensive Risk Number of the meetings of the Board of Directors Frequency of meetings held in communication Environment, Society and Guo Xuyuan, Zhang Lei, Yu Haimiao, Yu Yingmin Zhang Yu Zhang | Category of special | Date Content | Important comments and suggestions | | 18 15 3 | | Yu Yingmin, Xu Junli | Yes Yes No No No No 18 18 18 0 0 0 | 18 18 18 0 0 0 4 1 2 16 16 17 | | Member name | | | Audit Committee Yu Yingmin, Xu Junli, Zhang Lizi Nomination Committee Xu Junli, Zhang Lizi, Yu Haimiao Strategy Committee Guo Xuyuan, Zhang Lei, Zhang Lizi that should be held this year Including: Number of on-site meetings mode communication mode Assessment Committee Governance Management Summary Report Lizi Pingyuan Yingmin Xu Junli Zijian | of duties Yes No 18 0 | 18 0 committee 4 16 | | | 0 | Annual Report 2024 September 17, 2024 The 17th Meeting of the The following resolutions were deliberated and approved: 12th Audit Committee 1. Proposal on the Company's Plan for the Issuance of A Shares to the Specific Object — National Council for Social Security Fund in 2024 2. Proposal on the Company's Tentative Plan for the Issuance of A Shares to the Specific Object — National Council for Social Security Fund in 2024 3. Proposal on the Demonstration and Analysis Report on the Company's Plan for the Issuance of A Shares to the Specific Object — National Council for Social Security Fund in 2024 April 29, 2024 The 14th Meeting of the The following resolutions were deliberated and approved: 4. Proposal on the Feasibility Analysis Report on the Use of Funds 12th Audit Committee 1. Proposal on the Company's 2023 Annual Report and Its Summary Raised by the Company through Issuing A Shares to the Specific Object — National Council for Social Security Fund in 2024 2. Report for the First Quarter of 2024 5. Proposal on Signing the Conditional Share Subscription 3. Evaluation Report on the Audit Institution's Work in 2023 Agreement for Issuance of A Shares to the Specific Object by SDIC 4. Opinions on the Verification of the Company's 2023 Financial Power Holdings Co., Ltd. Final Accounts and 2023 Annual Report 6. Proposal on the Report regarding Use of the Company's 5. Opinions on the Verification of the Company's 2023 Internal Previously-raised Capital Control Evaluation Report 7. Proposal on the Company's Related-party Transactions for the 6. Performance of the Audit Committee in 2023 Issuance of A Shares to the Specific Object — National Council for 7. Proposal on 2023 Annual Financial Statements 72 August 27, 2024 The 16th Meeting of the The following resolutions were deliberated and approved: Social Security Fund in 2024 May 29, 2024 The 15th Meeting of the The following resolutions were deliberated and approved: 8. Proposal on Deliberation of the 2023 Annual Internal Control 12th Audit Committee 1. Proposal on Deliberation of Internal Audit Work Report in the 8. Proposal on Introducing Strategic Investors into the Company 12th Audit Committee 1. Proposal on Revision of Internal Audit Management System Evaluation Report of the Company and Signing the Conditional Strategic Cooperation Agreement and Administrative Measures on Internal Control Second Quarter of 2024 and Special Inspection Report on 3. Proposal on Deliberation of Internal Audit Work Report in the 9. Proposal on Deliberation of the Internal Control Manual (2024 between SDIC Power Holdings Co., Ltd. and National Council for 2. Proposal on Reviewing the Internal Audit Work Report for the Standardized Operation (First Half of 2024) October 30, 2024 The 18th Meeting of the The following resolutions were deliberated and approved: Fourth Quarter of 2023 and Special Inspection Report on Edition) and Internal Control Standard Business Process (2024 Social Security Fund; Standardized Operation Edition) First Quarter of 2024 2. Semiannual Report of 2024 of the Company 12th Audit Committee 1. Report for the Third Quarter of 2024 Annual Report 2024 | September 17, 2024 The 5th Meeting of the The following resolutions were deliberated and approved: | | | --- | --- | | 12th Strategy 1. Proposal on the Company's Plan for the Issuance of A Shares to | | | Committee the Specific Object — National Council for Social Security Fund in | | | 2024 September 23, 2024 The 11th Meeting of the The following resolutions were deliberated and approved: | | | 2. Proposal on the Company's Tentative Plan for the Issuance of A 12th Remuneration and 1. Proposal on Signing the Employment Contract for Term of Senior | 73 | | Shares to the Specific Object — National Council for Social Security June 27, 2024 The 9th Meeting of the The following resolutions were deliberated and approved: Assessment Committee Executives of the Company | | | August 27, 2024 The 10th Meeting of the The following resolutions were deliberated and approved: Fund in 2024 12th Remuneration and 1. Proposal on Signing Annual and Term Performance Contracts for 2. Proposal on Approving the 2023 Performance Evaluation Results October 11, 2024 The 12th Meeting of the The meeting deliberated and adopted the Report on the Work of the | | | 3. Proposal on the Demonstration and Analysis Report on the Assessment Committee Senior Executive of the Company of the Management Members of SDIC Power December 9, 2024 The 13th Meeting of the The meeting deliberated and adopted the Proposal on Approving the 12th Remuneration and Proposal on Amending the Administrative Measures for April 9, 2024 The 6th Meeting of the The meeting deliberated and adopted the Proposal on Election of April 29, 2024 The 7th Meeting of the The meeting deliberated and adopted the Performance of the July 8, 2024 The 8th Meeting of the The following resolutions were deliberated and approved: November 18, 2024 The 9th Meeting of the The meeting deliberated and adopted the Proposal on the April 29, 2024 The 8th Meeting of the The following resolutions were deliberated and approved: 12th Remuneration and Remuneration and Assessment Committee of the 12th Board of April 29, 2024 The 4th Meeting of the The following resolutions were deliberated and approved: | | | 2. Proposal on Deliberation of the Internal Audit Work Report for 2. Proposal on Adjusting Some Terms of the Employment Contract 3. 2023 Annual Work Report of the Remuneration and Assessment Company's Plan for the Issuance of A Shares to the Specific Object November 18, 2024 The 19th Meeting of the The following resolutions were deliberated and approved: 12th Nomination Directors of the Company. 12th Nomination Nomination Committee in 2023. 12th Nomination 1. Proposal on Nominating Candidates for Company Directors 12th Nomination Appointment of the General Counsel of the Company. 12th Remuneration and Performance of Remuneration and Assessment Committee in 2023 Assessment Committee Performance Assessment of the Management Members of the Assessment Committee Directors on the Management's Remuneration and Other Matters 12th Remuneration and Performance Contracts of the Management Members of SDIC 12th Strategy 1. Proposal on 2024 Annual Operating Plan | | | the Third Quarter of 2024 12th Audit Committee Proposal on Renewal of Employment of the Accounting Firms Committee Committee Committee 2. Proposal on Appointment of Senior Executives of the Company Committee Assessment Committee for Term of Senior Executives of the Company Company Committee of the 12th Board of Directors of the Company for 2023. Assessment Committee Power Holdings Co., Ltd. Committee 2. Performance of the Strategy Committee in 2023 — National Council for Social Security Fund in 2024 | | Annual Report 2024 | | | 4. Proposal on the Feasibility Analysis Report on the Use of Funds Raised by the Company through Issuing A Shares to the Specific Object — National Council for Social Security Fund in 2024 5. Proposal on Signing the Conditional Share Subscription Agreement for Issuance of A Shares to the Specific Object by SDIC Power Holdings Co., Ltd. 6. Proposal on Introducing Strategic Investors into the Company and Signing the Conditional Strategic Cooperation Agreement between SDIC Power Holdings Co., Ltd. and National Council for Social Security Fund; | | | --- | --- | --- | --- | | December 25, 2024 | The 6th Meeting of the 12th Strategy Committee | The following resolutions were deliberated and approved: 1. The Development of Domestic Business in 2024 and Key Work Priorities for 2025 2. Report on the Post-evaluation Work of the Second-phase and Third-phase Projects of SDIC Guangxi Pubei Longmen Wind Power Plant | | | March 18, 2024 | The 1st Meeting of the 12th Committee on Environment, Society and Governance | The meeting deliberated and adopted the Proposal on Deliberation of the List of Material Topics for Environment, Society and Governance | | | April 29, 2024 | The 2nd Meeting of the 12th Committee on Environment, Society and Governance | The meeting deliberated and adopted the 2023 Environmental, Society and Governance Report. | | # **(III) Details of the matter in objection** ☐ Applicable ☑ Not applicable # **VIII. Explanation that the Supervisory Committee finds that the Company has risks** ☑ Applicable ☐ Not Applicable The Supervisory Committee has no objections to supervision matters in the reporting period. # **IX. Employees of parent company and major subsidiaries at the end of the reporting period** # **(I) Employees** | Number of current employees of parent company | 147 | | --- | --- | | Number of current employees of major subsidiaries | 10,593 | | Total number of current employees | 10,740 | | Number of retired employees who shall be paid by the parent company and main subsidiaries | 0 | | Speciality | | | Type | Number (person) | | Production personnel | 6,452 | | Sales personnel | 123 | | Technicians | 1,940 | | Finance staff | 425 | | Administrative personnel | 1,800 | | Total | 10,740 | | Educational background | | | Category of educational attainment | Number (person) | | Graduate degree or higher degree | 809 | | Undergraduate | 5,775 | | Below undergraduate | 4,156 | | Total | 10,740 | 74 Annual Report 2024 (II) Remuneration policy √ Applicable □ Not Applicable The Company continuously strengthened the management of labor costs and total payroll, completed daily supervision and analysis, and improved the institutional management system of labor costs and salaries. In terms of labor cost management, the Company strictly implemented the standards stipulated in the system, refined the management subjects, and maintained that the growth of total labor costs is on par with that of economic benefits according to the principle of efficiency matching. In terms of total wage management, the Company strictly implemented relevant administrative measures, strengthened the guiding role of the wage distribution, and focused on holding investment enterprises with stable growth of benefits and breakthrough progress, and stable situation of work safety in business development, and further optimized the incentive and restraint mechanism of the income distribution. In the daily supervision process, the Company made full use of the comprehensive financial data management platform, closely tracked the implementation of labor cost and total wage budget of holding investment enterprises, made statistical analysis, carefully analyzed the labor cost data of controlling investment enterprises with significant increases and decreases to find the reasons, to provide reminders. In terms of remuneration distribution, the Company adhered to the principle of "flexible adjustment of income" and the guidance of performance results, eliminated egalitarianism, fully mobilized the enthusiasm and initiative of employees, and gave full play to the incentive-oriented role of salary distribution. (III) Training program √ Applicable □ Not Applicable In 2024, the Company focused on strengthening the ability to promote high-quality and sustainable development, closely centered on the tasks of the Company's strategic development and enhanced the training of the ability to perform duties, so as to conduct high-quality education and training for cadres and talents. The training focused on serving the Company's strategy and enhancing employees' ability and quality. The Company adopted a training system by means of source, follow-up and whole-process cultivation modes to empower talent teams in fields like the Company's management, investment management, sci- tech innovation, professional management, and skills and techniques. The training followed five principles: strategic orientation, application of what has been learned, full coverage, highlighting key points, hierarchical classification, accurate training, intensified tracking, whole-process training, system guarantee and strict management. The Company aimed to enhance training effectiveness through precise planning of the content, optimization of the system and diversified forms. Furthermore, it strictly conducted full-cycle training management, demand research, process supervision and effect evaluation, to facilitate the transformation of training effectiveness. Furthermore, the Company encouraged all employees to explore training needs based on their job responsibilities and work requirements, developed characteristic courses and training programs, and publicized characteristic experience and practices within the business sectors. It is committed to building a professional talent team with the Company's own 75 Annual Report 2024--- characteristics. In 2024, the Company's training coverage rate reached 98.44%, and the per capita training time was 125.67 hours, giving full play to the positive role of training in improving personnel quality, stimulating the enterprising spirit and enhancing cultural identity. The training focused on serving the Company's strategy and enhancing employees' ability and quality, relying on a training system based on source, follow-up, and whole-process cultivation to empower talent teams in various fields such as management, investment, sci-tech innovation, professional management, and technical skills. The training was guided by five key principles: 1) strategic orientation and practical application, 2) full coverage with emphasis on key areas, 3) tiered and targeted training, 4) intensified tracking and whole-process development, and 5) institutional support and strict management. Through precise planning of content, optimizing the system, and offering diversified training formats, the company aimed to improve training effectiveness. Additionally, the company conducted strict full-cycle management, including demand research, process supervision, and effect evaluation to ensure training outcomes were effectively transformed. The company encouraged all employees to identify training needs based on their job responsibilities and work requirements, develop specialized courses and training programs, and share best practices within business sectors, striving to build a professional talent team with distinctive company features. In 2024, the company's training coverage rate reached 98.44%, with an average training duration of 125.67 hours per person, fully leveraging the positive impact of training on improving employee quality, stimulating the enterprising spirit, and enhancing cultural identity. #### **(IV) Labor outsourcing** ☐ Applicable ☑ Not applicable ### **X. Plans for profit distribution and conversion of capital reserve into share capital** #### **(I) Formulation, implementation or adjustment of cash dividend policy** ☑ Applicable ☐ Not Applicable ##### **1. Formulation** The Company's cash dividend policy is mainly referred to Article 10.1.8 of the Articles of Association (disclosure date: May 30, 2024) and the Shareholder Return Plan of the Company for the Next Three Years (2024-2026) (disclosure date: September 18, 2024). The main related contents are as follows: "The Company shall maintain the continuity and stability of the profit distribution policy. The profits accumulatively distributed in cash by the Company in the recent three years are no less than 30% of the average annual profits available for distribution in recent years. The Company's profit distribution policy adjustment plan shall seek the opinions of supervisors in advance, be submitted to the General Meeting of Shareholders for review after approval by the Board of Directors, and be approved by more than two-thirds of the voting rights held by shareholders present at the General Meeting of Shareholders. In the process of decision-making and demonstration of the profit distribution plan, the Board of Directors should actively communicate with shareholders, especially small and medium shareholders, through various channels, fully listen to the opinions and demands of small and medium shareholders, and answer the 76 Annual Report 2024 concerns of small and medium shareholders in a timely manner. The independent director may collect the opinions of the minority shareholders, propose a dividend plan and submit it to the Board of Directors for discussion. The Board of Directors of the Company shall distinguish the following circumstances taking into account its industry features, development stages, business model and profitability as well as whether it has any significant capital expenditure arrangement, and put forward a differentiated cash dividend policy in accordance with the procedures set out in the Articles of Association: (1) If the Company is at the mature stage and does not have any significant fund expenditure arrangement, cash dividend shall at least account for 80% of this profit distribution at the time of profit distribution; (2) If the Company is at the mature stage and has some significant fund expenditure arrangement, cash dividend shall at least account for 40% of this profit distribution at the time of profit distribution; (3) Where the Company is in a growth stage with any significant fund expenditure arrangement, cash dividend shall not be less than 20% of the total profit distribution; The development phase where the Company is at during the dividend shall be determined by the Board of Directors based on the specific situation. Major investment plans or major cash expenditures refer to the Company's plans to invest abroad, acquire assets or purchase equipment in the next 12 months (except for the items of raised funds), and the accumulated expenditure reaches or exceeds 30% of the latest audited net assets of the Company or a single cash expenditure item exceeds RMB 500 million." "The accumulated profit distributed by the Company in cash in the last three years shall not be less than 30% of the average annual distributable profit realized in the last three years, and the profit to be distributed by the Company in cash in 2024-2026 shall not be less than 55% of the distributable profit realized in consolidated statements in that year in principle." 2. Implementation At the 42th meeting of the 12th Board of Directors of the Company, it is recommended to distribute cash dividends in 2024 based on the total share capital of 8,004,494,262 shares, with a dividend of RMB 0.4565 per share (including tax), with a total cash dividend of RMB 3,654,051,630.60, accounting for about 55% of the Company's net profit attributable to shareholders of the parent company in 2024. 3. Adjustment None. (II) Special notes of cash dividend policy √ Applicable □ Not Applicable 77 Whether medium and small shareholders fully express their opinions and demands, Whether it complies with provisions of the Articles of Association or the resolution √Yes □No √Yes □No of General Meeting of Shareholders Whether the dividend standards and proportions are specific and clear Whether relevant decision-making procedures and mechanisms are complete Whether the independent directors properly perform their responsibilities or not and whether their lawful rights and interests are protected properly √Yes □No √Yes □No √Yes □No Annual Report 2024 (III) Where no proposal for distribution of cash profits is presented in the existence of profits and positive profits available for distribution by the parent company to shareholders during the reporting period, the Company shall give detailed reasons and provide the purpose and plan for use of those undistributed profits □ Applicable √ Not applicable (IV) Plan of profit distribution or conversion of capital reserve into share capital in the reporting period √ Applicable □ Not Applicable Unit: Yuan Currency: RMB (V) Cash dividends in the last three fiscal years √ Applicable □ Not Applicable Unit: Yuan Currency: RMB 78 | Proportion of cash dividend amount to the net Net profit in the consolidated statements, Proportion of total dividend amount to the net Net profit attributable to ordinary shareholders of the | | | | | | --- | --- | --- | --- | --- | | Number of bonus shares given per 10 shares Number of shares increase by transferring per 10 profit attributable to ordinary shareholders of the Amount included in cash dividend for profit attributable to ordinary shareholders of the Accumulated cash dividends in the most recent three Accumulated amount of cash dividends, repurchases Undistributed profits at the end of the parent company's Number of distributed dividends per 10 shares attributable to ordinary shareholders of the listed Accumulated repurchase and write-off amount in the Cash dividend ratio in the last three fiscal years (%) listed company in the last fiscal year in the consolidated | 6,643,033,266.19 | 6,643,033,266.19 | | 55 55 | | | 17,870,554,175.64 9,392,279,238.34 9,392,279,238.34 | 161.68% | 0 4.565 | 0 0 0 | | Total dividend amount (tax inclusive) Average net profit in the last three fiscal years (4) Amount of cash dividends (tax inclusive) (share) (RMB) (tax inclusive) shares (share) company listed company in consolidated statements (%) repurchasing shares in cash listed company in consolidated statements (%) fiscal years (tax inclusive) (1) last three fiscal years (2) and write-offs in the last three fiscal years (3)=(1)+(2) (5)=(3)/(4) financial statements financial statements for the last fiscal year | 5,809,115,290.02 | 3,654,051,630.60 3,654,051,630.60 | | | Annual Report 2024 XI. Stock ownership incentive plan, employee stock ownership plan or other employee incentives and effects thereof (I) Incentives disclosed in the temporary announcements and without progress or changes in the follow-up implementation process □ Applicable √ Not applicable (II) Incentives not disclosed in any temporary announcements or with follow-up actions Stock ownership incentives □ Applicable √ Not applicable Other notes: □ Applicable √ Not applicable Employee stock ownership plan status □ Applicable √ Not applicable Other incentives □ Applicable √ Not applicable (III) Stock ownership incentive granted to the directors and senior executives during the reporting period □ Applicable √ Not applicable (IV) Establishment and implementation of an assessment system and incentive system for senior executives during the reporting period √ Applicable □ Not Applicable The Company has established an assessment and incentive mechanism for senior executives. The Board of Directors set a Remuneration and Assessment Committee, which is responsible for studying and reviewing the remuneration policies and plans for senior executives of the Company. In salary strategy, the Company's senior executives adhere to the connection with strategic objectives, and the salary level is linked to the results of the Company's performance assessment and the personal assessment of senior executives, so as to stimulate vitality with strong incentives and hard constraints. XII. Construction and implementation of internal control system during the reporting period √ Applicable □ Not Applicable The Company's Internal Control Administrative Measures clearly stipulated the management organization and responsibilities, the construction and operation, the self-assessment and supervision inspection, assessment and accountability and other work procedures of internal control. In 2024, the Company thoroughly implemented the strategic arrangements of SASAC regarding deepening the reform of state-owned enterprises, focused on building an internal control system that is all-encompassing, strongly binding, and under strict supervision, and consolidated the foundation for the high-quality development of the Company. The Company's Internal Control Manual and Standard Business Process 79 Annual Report 2024 for Internal Control have effectively connected internal control with business processes. The Company has carried out internal control management work in a comprehensive and effective manner, including internal control self-evaluation, internal control supervision and evaluation, and implementation of rectification measures. Moreover, it has extended the internal control management system to cover all positions and responsible personnel at all levels of the enterprise, established and improved an integrated internal control management system that is vertically connected and comprehensively covered, ensured the effective operation of the internal control system, and effectively enhanced the Company's core competitiveness and the modernization level of its governance capacity. The Company actively carried out the inspection on the Company's systems. As of December 31, 2024, there have been 297 current effective systems, covering all business areas of the Company. The Company has completed the "enactment, revision, abolition and interpretation" of the systems and improved the internal control systems, forming a comprehensive corporate management system. Major defects described in internal control during the reporting period □ Applicable √ Not applicable XIII. Management and control over the subsidiaries in the reporting period √ Applicable □ Not Applicable In 2024, in accordance with the requirements of risk management work, the Company carried out such tasks as risk identification and assessment, monitoring and early warning, analysis and judgment, intervention and response, and management improvement. It established and improved the working mechanism for risk report management, supervised the construction of risk management systems and mechanisms in various enterprises as well as the implementation of risk management work, investigated potential risks, enhanced the ability to handle and resolve risks, comprehensively improved the risk prevention and control ability, and effectively guarded against various risks. The risks of the Company and its subsidiaries were controllable throughout the year, and no major risk events occurred, which guaranteed healthy and sustainable development. In 2024, the Company strictly complied with the requirements of state-owned assets supervision and securities supervision, focused on the core business processes and key control links of its subsidiaries, and continuously improved the internal control system of its invested enterprises. The Company regulated the approval levels of enterprise systems through the List of Basic Management Systems and the List of Essential Systems for Invested Enterprises, ensured that all necessary enterprise systems were established as required, and achieved full coverage of the internal control systems of subsidiaries in all business areas. The Company required its subsidiaries to update the internal control system documents such as the Internal Control Manual of their own enterprises in a timely manner. It further clarified the division of responsibilities among internal control management institutions, strengthened the system construction and operation mechanisms, improved the internal control evaluation processes, strictly implemented the assessment and accountability systems, and built a more scientific, efficient and comprehensive internal control management system. In 2024, the Company and its enterprises did not have major internal control defects, and the overall internal control system was well implemented. 80 Annual Report 2024 XIV. Explanation of relevant information of Internal Control Audit Report √ Applicable □ Not Applicable The Company's external auditors（BDO China Shu Lun Pan CPAs (Special General Partnership) also issued an audit report on the Company's internal control which is of the opinion that as of December 31, 2024, the Company has maintained effective internal control in all major aspects for financial reporting in compliance with the Basic Standards for Enterprise internal Control and the supplementary guidelines as well as other applicable rules and regulations. For details please refer to the 2024 Annual Internal Control Assessment Report and the 2024 Annual Internal Control Audit Report issued by the external auditor as disclosed on the website of SSE (April 30, 2024). Has the Company disclosed the Internal Control Audit Report: Yes Type of opinion in the Internal Control Audit Report: Standard unqualified opinion XV. Rectification of self-inspected problems in the special action for corporate governance of listed companies During the reporting period, there is no situation to be rectified by the Company. XVI. Others □ Applicable √ Not applicable 81 Annual Report 2024 ### Section V Environmental and Social Responsibilities I. Environmental Information (I) Environmental protection information of the Company and the major subsidiaries on the list of intensive pollutant discharging units as published by environmental protection departments √ Applicable □ Not Applicable 1. Pollutant discharge √ Applicable □ Not Applicable 2. Construction and operation of pollutant prevention facilities √ Applicable □ Not Applicable All the power generation enterprises of the Company are building pollutant prevention facilities according to national and local requirements, to ensure the smooth operation of the pollutant prevention facilities. 82 Guangx Conf Fujian i | Conventio Consistent with the Up to Conventio Consistent with the Up to Conventio Consistent with the Up to Conventio Consistent with the Up to Conventio Consistent with the Up to Consistent with the Up to Provinc ormi | | | | | | --- | --- | --- | --- | --- | | Coal Guizho SDIC Panjiang SDIC Genting | Power plant Fuel Qinzhou | | | | | Whether environmental protection mechanisms are nal coal pollutant stand nal coal pollutant stand nal coal pollutant stand nal coal pollutant stand nal coal pollutant stand pollutant stand Investment in environmental protection during the ng or Tianjin SDIC Beijiang SDIC Qinzhou Huaxia Power Smoke Number e/city | 104.23 1.05 2.19 1.78 3.12 3.23 9.42 33.24 13.85 31.95 13.28 23.79 13.56 35.99 36.96 90.31 9.75 7.09 10 32 10 6 6 5 | | 74,580.27 | Yes | | gangue Outlet arrangement Second Power | Meizhouwan (CFB boiler) NOx SO u | 2 3 3 3 | | | | established reporting period (unit: 10,000 yuan) burning discharging permit ard burning discharging permit ard burning discharging permit ard burning discharging permit ard burning discharging permit ard discharging permit ard and dust of outlets not mg/N | mg/N mg/N Piece The approach | | | | Annual Report 2024 3. Environmental impact assessment and other administrative permits of environmental protection for construction projects √ Applicable □ Not Applicable All construction projects of the Company have gone through the environmental impact evaluation, and have passed the environmental protection acceptance. 4. Emergency response plans for environmental emergencies √ Applicable □ Not Applicable The Company has made emergency response plans for environmental emergencies and strictly abided by them according to national and local requirements. 5. Environmental self-monitoring scheme √ Applicable □ Not Applicable The Company carries out online pollutant discharging monitoring according to national and local requirements. According to the pollutant discharging permit system and self-monitoring regulations, it carefully made the self-monitoring plans and strictly carried out the plans. 6. Administrative penalties due to environmental issues during the reporting period √ Applicable □ Not Applicable All intensive pollutant discharging units of the Company didn't receive administrative punishments due to environmental issues within the reporting period. 7. Other environmental information that should be disclosed □ Applicable √ Not applicable (II) Environmental protection information of companies other than intensive pollutant discharging units √ Applicable □ Not Applicable 1. Administrative penalties due to environmental issues √ Applicable □ Not Applicable Entities of the Company other than the intensive pollutant discharging units didn't receive administrative punishments due to environmental issues during the reporting period. 2. Other environmental information disclosed with reference to intensive pollutant discharging units √ Applicable □ Not Applicable All hydropower, wind power and solar power enterprises affiliated to the Company strictly carry out environmental protection according to national and local regulations. 3. Reasons for failure to disclose other environmental information □ Applicable √ Not applicable 83 Annual Report 2024 (III) Information conducive to ecological protection, pollution prevention, and performance of environmental responsibility √ Applicable □ Not Applicable The Company discloses the information that contributes to environmental protection, pollution prevention and environmental responsibility performance in the 2024 Environmental, Social and Governance Report. (IV) Measures taken to reduce carbon emission and their effects during the reporting period Detailed description □ Applicable √ Not applicable II. Social responsibilities (I) Separate disclosure of the social responsibility report, sustainability report or ESG report √ Applicable □ Not Applicable For details, please refer to the 2024 Environmental, Social and Governance Report of the Company disclosed on the same day (April 30, 2025). (II) Social responsibility work √ Applicable □ Not Applicable Detailed description √ Applicable □ Not Applicable For details, refer to the 2024 Environmental, Social and Governance Report of the Company. | Types of carbon reduction measures (e.g. Measures such as accelerating the increase of the proportion | | | --- | --- | | clean energy power generation, carbon of installed capacity of clean energy, exploiting the energy- | | | reduction technologies in production, saving and carbon-reducing capabilities of existing thermal | 84 | | research and development of new power plants, implementing the "three-change linkage" | | | products for carbon reduction) technical transformation of carbon reduction, flexibility and | | heat supply transformation, conducting experimental | Reduction of carbon dioxide equivalent Total investment (RMB Various public welfare donations research on blended combustion of biomass fuel, and Number of beneficiaries The Company and holding investment enterprises carried Including: funds (RMB Donations and public welfare Amount/content | Materials (RMB | | Description | 681,063 | | | --- | --- | --- | --- | --- | --- | | | | 609.79 604.38 46,000 5.41 | | | | | Take carbon reduction measures or not (unit: ton) developing the heating market. 10,000) 10,000) 10,000) (person) out voluntary services and various public welfare activities. | | projects | | | Yes | Annual Report 2024 ### Section VI Important Matters I. Performance of commitments (I) Commitments of interested parties including the actual controllers, shareholders, related parties, acquirers and the Company during or up to the reporting period √ Applicable □ Not Applicable Commitments related to major asset restructuring | Addressing SDIC SDIC committed in the 2009 material assets restructuring of the Company No Yes Addressing SDIC SDIC committed in the 2002 material asset replacement of the Company No Yes | | | | | | --- | --- | --- | --- | --- | | related-party that related-party in terms of related-party transaction matters of the Company and its | | | | | | This This | | | | | | Performed transactions After SDIC became the controlling shareholder of the Company, it would transactions affiliated companies depositing with SDIC Finance Co., Ltd., an affiliated | | | | 85 | | commitment commitment | | | | | | minimize and regulate the related-party transactions with the Company. In company to SDIC, September 16, Solving SDIC SDIC committed in the 2002 material asset replacement of the Company No This Yes | in a With | | | | | April 25, 2002 is long-term is long-term | | | | | | Committing performance the case of related-party transactions, it would go through the legal "Where the Company and its affiliated companies deposit with SDIC 2009 industry that commitment Commitment Commitment | timely Term of Date of | Commitment | | | | effective and effective and | | | | | | procedures and timely disclose the relevant information. It undertook not to Finance Co., Ltd. and suffer losses due to insolvency of SDIC Finance Co., competition After SDIC became the controlling shareholder of the Company, it wouldn't April 25, 2002 is long-term commitment and strict background commitment | period or entity Type | | content | | | ongoing ongoing | | | | | | harm the legal rights of the Company and other shareholders through Ltd., SDIC would, within 30 working days after receiving a written notice directly or indirectly participate in any business or activity that competes effective and manner or | not | | | | | with the Company and its controlled subsidiaries in any way. ongoing related-party transactions. from the Company concerning the case, compensate the Company in cash | not | | | | Annual Report 2024 | Asset SDIC On December 24, 2015, SDIC amended its commitment to the 2010 No Yes | | --- | | Guarantee SDIC No When Yes injection corporate governance special activity and refinancing of the Company. The | | and conditions amendment was adopted at the first extraordinary general meeting of | SDIC committed in the 2009 material assets restructuring of the Company, compensation permit. The shareholders in 2016. SDIC would inject the independent power generation in terms of the damage compensation in the lawsuits against Yalong Hydro, for the value Chengzong business assets within two years after such assets meet the assets injection an affiliated company of the 2009 restructuring target, by Mianning Mianli Within two of purchased Mining and conditions in SDIC Power. Assets injection conditions: Rare Earth Ore Processing Co., Ltd. in May 2009 and by Xichang Commitments years after assets Mianli Rare 1. The production and operation conform to the applicable laws, December 24, concerning the injection Chengzong Mining Co., Ltd. in July 2009, October 16, administrative regulations and the Articles of Association, the national 2015 Earth cases refinancing conditions "After this material assets restructuring, where the Company suffers losses 2009 have been industrial policies, as well as the laws and regulations on environmental 86 due to the aforementioned lawsuits, SDIC undertakes to, within 30 working are met. Solving SDIC No This Yes closed, protection, work safety, land management and antitrust requirements. SDIC committed in the 2007 refinancing of the Company, "The Company days after receiving a written notice from SDIC Power stating the losses, Commitments industry commitment without 2. The assets concerned are clear in ownership, meet the listing conditions is the only domestic capital operation platform of SDIC, and SDIC has compensate SDIC Power in cash according to the report of an audit concerning competition May 28, 2007 is long-term triggering the under the national laws, regulations and normative documents, and are free entrusted all thermal power assets good to be put in the listed company to institution stating the loss case and amount." refinancing effective and according to the report from an audit institution stating the loss case and compensation from problems like incomplete property rights or flaws in project the Company to manage." amount suffered by SDIC Power." conditions. ongoing investment approval formalities. Annual Report 2024 3. The injection conforms to the strategic plan of SDIC Power, and is contributive to the asset quality, financial conditions and profitability improvement of SDIC Power. In principle, the weighted ROAE of the assets proposed to be injected over the past three accounting years is not lower than 10% if such assets have been operating for three years, and not lower than 10% over the past two consecutive accounting years if such assets haven't been operating for three years. The asset-liability ratio of the assets proposed to be injected at the end of the last accounting year is not higher than 80%, except for SDIC Power voluntarily lowering the ROAE and asset-liability ratio. 4. The assets concerned are not the relevant assets, business or equity of the directly controlled listed companies of SDIC other than the SDIC Power, Commitments and not the projects with coal-electricity integration business not concerning independent. Such assets are helpful for SDIC Power to remain independent refinancing Restricted National The National Council for Social Security Fund promised when the Yes Yes of the actual controller and its related persons in business, assets, finance, Restricted SDIC SDIC undertook upon the private offering of shares by the Company in Yes Yes personnel, institution, etc. shares 2021, shares Council for Company issued A-shares to specific objects in 2024: 87 March 4, December 9, 5. The assets concerned are free from material debt repayment risk, or Social 1. Regarding the SDIC Power shares obtained through the Issuance, "The shares we subscribed during this private offering by SDIC Power may 2021 to September 17, 2025 to material contingent matters that could affect the guarantee, lawsuit or not be transferred within 36 months after this offering is finished. In the said July 19, 2021 Security we will not transfer such shares (including the shares derived from these 2024 March 4, December 9, arbitration of the going concern. lockup period, the shares derived under the subscribed shares through Fund shares, such as the newly increased shares due to bonus shares, conversion 2024 2028 6. Supervision requirements of securities regulatory institutions according of capital reserve funds, etc.) within thirty-six months as of the end of the dividend distribution by SDIC Power, conversion of capital reserve into to appropriate laws, regulations and normative documents. share capital, etc., are also subject to the said lockup requirement." Issuance. Annual Report 2024 Addressing National The National Council for Social Security Fund promised when the September 17, No This Yes related-party Council for Company issued A-shares to specific objects in 2024: 2024 commitment transactions Social 1. We will exercise relevant rights and fulfill relevant obligations in is long-term Security accordance with the law, fully respect the independent legal person status effective and Fund of SDIC Power, and ensure that SDIC Power operates independently and ongoing makes decisions autonomously. 2. If the commitment on the lock-up period of the above-mentioned shares does not conform to the latest regulatory opinions of the securities 2. After the completion of the Issuance and during the period when we serve as a shareholder of SDIC Power, we will, to the greatest extent regulatory authorities, we will make corresponding adjustments in accordance with the regulatory opinions of the relevant securities regulatory possible, avoid and reduce unnecessary related-party transactions between us, the enterprises under our control, and SDIC Power and its subsidiaries. authorities. If it is inevitable for SDIC Power to have related-party transactions with us 3. After the expiration of the above-mentioned lock-up period, the transfer and trading of the above-mentioned shares will be carried out in or the enterprises under our control in its future business activities, we will prompt such transactions to go through relevant procedures strictly in accordance with the relevant regulations of the China Securities Regulatory accordance with relevant national laws, regulations and regulatory Commission and the stock exchanges. We will abide by the commitments made in this letter of commitment and the relevant regulations of Chinese documents as well as the relevant provisions of the articles of association of 88 SDIC Power. We will sign agreements with SDIC Power in accordance with laws and regulations regarding short-swing trading, insider trading and information disclosure. 4. If SDIC Power and other shareholders suffer the law, disclose information in a timely manner, and take the initiative to fulfill the obligation of withdrawal in accordance with the law when the losses due to our violation of the commitments under this letter of authorized institutions of SDIC Power deliberate on relevant related-party commitment, we are willing to bear the corresponding compensation liability in accordance with the law. transaction matters. We will ensure that related-party transactions are Annual Report 2024 carried out fairly and reasonably under normal commercial conditions and in line with the general principles of equality, mutual benefit, and equal value in exchange, and guarantee that the legitimate rights and interests of SDIC Power and its shareholders will not be damaged through related-party transactions. 3. We and the enterprises under our control will strictly and bona fide fulfill various related-party transaction agreements signed with SDIC Power. We and the enterprises under our control will not seek any benefits or gains from SDIC Power that exceed the stipulations of such agreements. 89 4. f losses are caused to SDIC Power due to the violation of the above commitments, we will make compensation or indemnification to SDIC Power in a timely manner and in full amount. 5. The above commitments shall remain valid during the period when we are related party of SDIC Power, and shall not be altered or revoked. Annual Report 2024 (II) If there is a profit forecast for the assets or projects of the Company, and the reporting period is still in the profit forecast period, the Company shall explain whether the assets or projects have reached the original profit forecast and the reasons for it □Yes □No √N/A (III) Completion status of performance commitment and its impact on goodwill impairment test □ Applicable √ Not applicable II. Non-operating capital occupation by the controlling shareholder and other related parties during the reporting period □ Applicable √ Not applicable III. Illegal guarantee □ Applicable √ Not applicable IV. Explanation of the Board of Directors of the Company on the "Audit Report of Non-standard Opinions" of accounting firms □ Applicable √ Not applicable V. Analysis and explanation of the Company on significant changes in accounting policies, accounting estimates or reasons and impacts of correcting major accounting errors (I) Analysis and explanation of the Company on reasons and impacts of changes in accounting policies and accounting estimates □ Applicable √ Not applicable (II) Analysis and explanation of the Company on reasons and impacts of correcting major accounting errors □ Applicable √ Not applicable (III) Communication with the previous accounting firm □ Applicable √ Not applicable (IV) Approval procedures and other instructions □ Applicable √ Not applicable VI. Appointment and dismissal of accounting firm Unit: 10,000 yuan Currency: RMB 90 Domestic audit firm BDO CHINA Shu Lun Pan Certified Public Accountants LLP Audit fees (domestic firm) 452.30 Tenure of audit engagement (years) 2 Engagement partners Shi Aihong, Han Dawei Cumulative years of audit service by the engagement 2 Current appointment Annual Report 2024 Explanation on appointment and dismissal of accounting firm □ Applicable √ Not applicable Explanation for changing accounting firm during the audit □ Applicable √ Not applicable Explanation on the decrease of audit expenses by more than 20% (including 20%) compared with the previous year □ Applicable √ Not applicable VII. Risk of delisting (I) Reasons for leading to delisting risk warning □ Applicable √ Not applicable (II) Measures to be taken by the Company □ Applicable √ Not applicable (III) Conditions and reasons for termination of listing □ Applicable √ Not applicable VIII. Matters concerning bankruptcy and restructuring □ Applicable √ Not applicable IX. Major lawsuits and arbitration □ Major lawsuit and arbitration in the current year √ No major lawsuit and arbitration in the current year X. Suspected violations, penalties and rectification of the listed company and its directors, supervisors, senior executives, controlling shareholders and actual controllers □ Applicable √ Not applicable XI. Credit conditions of the Company and its controlling shareholders and actual controllers during the reporting period □ Applicable √ Not applicable XII. Material related-party transactions (I)Related-party transactions related to the Company's day-to-day operation 1. Matters disclosed in the temporary announcement and without progress or changes in the follow-up implementation process □ Applicable √ Not applicable 91 Internal control audit firm BDO CHINA Shu Lun Pan Certified 100.00 partners Public Accountants LLP Audit fees Name Annual Report 2024 2. Matters disclosed in the temporary announcement, but with progress or changes during the follow-up implementation process √ Applicable □ Not Applicable In 2024, it was expected that the daily maximum deposit balance in SDIC Finance Co., Ltd. would not exceed RMB 15 billion. The actual daily maximum deposit balance during the reporting period was RMB 14.725 billion. It was expected that the daily maximum deposit balance in Rongshi International Treasury Management Company Limited would not exceed RMB 5 billion. The actual daily maximum deposit balance during the reporting period was RMB 198 million. In 2024, it was expected that the daily maximum loan limit with SDIC and its controlled subsidiaries would not exceed RMB 20 billion, and the actual daily maximum loan limit was RMB 15.867 billion. It was expected that the daily maximum loan limit with Rongshi International Treasury Management Company Limited would not exceed RMB 15 billion, and the actual daily maximum loan limit during the reporting period was RMB 7.651 billion. It was estimated that the amount of related-party transactions arising from purchasing commodities/receiving labor services from SDIC and its controlled subsidiaries would not exceed RMB 800 million in 2024, and the actual amount of related-party transactions during the reporting period was RMB 302 million; it was estimated that the amount of related-party transactions arising from selling commodities/providing labor services to SDIC and its controlled subsidiaries would not exceed RMB 400 million in 2024, and the actual amount of related-party transactions during the reporting period was RMB 16 million. 3. Matters undisclosed in the temporary announcement □ Applicable √ Not applicable (II)Related-party transactions during sales and equity acquisition 1. Matters disclosed in the temporary announcement and without progress or changes in the follow-up implementation process □ Applicable √ Not applicable 2. Matters disclosed in the temporary announcement, but with progress or changes during the follow-up implementation process □ Applicable √ Not applicable 3. Matters undisclosed in the temporary announcement □ Applicable √ Not applicable 4. Matters concerning performance achievement during the reporting period should be disclosed if a performance agreement is involved □ Applicable √ Not applicable 92 Annual Report 2024 (III) Significant related-party transactions for joint external investments 1. Matters disclosed in the temporary announcement and without progress or changes in the follow-up implementation process □ Applicable √ Not applicable 2. Matters disclosed in the temporary announcement, but with progress or changes during the follow-up implementation process □ Applicable √ Not applicable 3. Matters undisclosed in the temporary announcement □ Applicable √ Not applicable (IV)Transactions of related creditor's rights and debts 1. Matters disclosed in the temporary announcement and without progress or changes in the follow-up implementation process □ Applicable √ Not applicable 2. Matters disclosed in the temporary announcement, but with progress or changes during the follow-up implementation process □ Applicable √ Not applicable 3. Matters undisclosed in the temporary announcement □ Applicable √ Not applicable (V) Financial transactions between the Company and the associated finance companies, or between the holding finance companies and related parties √ Applicable □ Not Applicable 1. Deposit transactions √ Applicable □ Not Applicable Unit: 10,000 yuan Currency: RMB Rongshi 93 The daily Internationa | Fellow maximum | | | | --- | --- | --- | | l Treasury GBP: 0.01%; | Maximum Range of | | | Correla subsidi balance shall | Related Beginning Ending 3,747.15 148,431.45 145,108.79 | 424.49 | | SDIC Fellow Managemen USD: 0.1% Total withdrawal Total amount daily deposit | deposit | | | aries not exceed tion | balance party balance | | | Finance subsidi 0.35%-1.60% t Company in current period interest rate 1,500,000.00 901,418.90 deposited in | Amount incurred in the current 1,007,617.25 9,943,731.92 10,049,930.27 amount | | RMB 5 billion Co., Ltd. aries Limited current period 905,166.05 10,092,163.37 1,008,041.74 / 10,195,039.06 Total / period / Annual Report 2024 2. Loan business √ Applicable □ Not Applicable Unit: 10,000 yuan Currency: RMB 3. Credit offering or other financial transactions □ Applicable √ Not applicable 4. Other notes □ Applicable √ Not applicable (VI) Others □ Applicable √ Not applicable XIII. Material contracts and performance (I) Trusteeship, contracting and leasing 1. Trusteeship □ Applicable √ Not applicable 2. Contracting □ Applicable √ Not applicable The total daily 3. Leasing balance □ Applicable √ Not applicable | Rongshi inclusive of | | | | --- | --- | --- | | International the accrued | | | | Treasury Fellow interest 3.15%- | | | | | 758,645.78 697,490.13 80,204.91 19,049.26 | | | The daily Management subsidiaries shall not 5.97% | | 94 | | balance Company exceed Range | | | | of loan Limited RMB 15 SDIC Finance Fellow shall not 1.4%- | Credit Beginning Total | | | Ending balance Related party Correlation | Total loan 1,394,971.46 1,365,717.18 1,153,458.52 1,124,204.24 | | | interest Co., Ltd. subsidiaries exceed billion or 3.35% | ceiling repayment balance | | amount for the its RMB 20 amount for the Amount incurred in the current rate period billion equivalent. 1,475,176.37 1,384,766.44 1,912,104.30 1,821,694.37 period Total / / / period Annual Report 2024 (II) Guarantee √ Applicable □ Not Applicable Unit: 10,000 yuan Currency: RMB | Relationshi | | | | | | 95 | | --- | --- | --- | --- | --- | --- | --- | | p between Date of | | | | | | | | Commence Guarantee Guarantee | | | | | | | | Upon Expiry date Upon Guarantee guarantee | the | | | | | | | Guaranteed provided to ment date Collateral Guaranteed has been Counter- Type of Amount | | | | | | | | (agreement Correlation Headquarte Inch Cape completion Headquarte Inch Cape completion is overdue guarantor Guarantor | of | | | | | | | October October July 3, July 3, performed guarantee guarantee (if any) override | related party amount Joint Joint of | | | | | | | Headquarte Inch Cape SDIC Power r of the Offshore of Security No No No No Yes SDIC Power r of the Offshore of Security No No No No Yes guarantee and the signing | or not 29,680.16 1,881.43 | | | | | | | party or not May 11, May 11, October 2024 2024 31, 2024 31, 2024 Total guarantee amount (A+B) guarantee venture venture | or not Joint | | | | | | | SDIC Power r of the Offshore Security No No No No Yes Company Limited performanc Total balance of guarantees at the end of the reporting period (A) (excluding Company Limited performanc Total amount of guarantees during the reporting period (excluding guarantee of | listed date) 2,269.13 | | | | | | | 2016 2016 10, 2064 Total amount of guarantees provided to subsidiaries during the reporting period Total balance of guarantees for subsidiaries at the end of the reporting period (B) Proportion of total guarantee amount in the Company's net assets (%) Wherein: venture | | | | 514,085.68 33,830.72 8,008.87 | | | | e Company Limited e subsidiaries) guarantee of subsidiaries) company | | Total guarantee amount of the Company (including the guarantees for subsidiaries) | Guarantee provided by the Company and its subsidiaries to subsidiaries External guarantee (excluding guarantees provided to subsidiaries) | 149,790.64 480,254.96 | 8.29 | | Annual Report 2024 (III) Cash asset management entrusted to others 1. Entrusted asset management (1) Overall situation of entrusted asset management □ Applicable √ Not applicable Other circumstances □ Applicable √ Not applicable (2) Individual entrusted asset management □ Applicable √ Not applicable Other circumstances □ Applicable √ Not applicable (3) Provision for impairment of entrusted asset management □ Applicable √ Not applicable 2. Situation of entrusted loan (1) Overall situation of entrusted loan √ Applicable □ Not Applicable 96 Amount of guarantees provided by the Company to its shareholders, actual Amount of debt guarantees provided directly or indirectly by the Company to Portion of guarantee amount exceeding 50% of the net assets (E) Notes for guarantees Explanation of possible joint and several liabilities for unexpired guarantee Total amount of above three guarantees (C+D+E) 88,296.28 88,296.28 controller and their related parties (C) secured parties with an asset-liability ratio exceeding 70% (D) Annual Report 2024 Unit: 10,000 yuan Currency: RMB Other circumstances □ Applicable √ Not applicable (2) Individual entrusted loan √ Applicable □ Not Applicable Unit: 10,000 yuan Currency: RMB Other circumstances □ Applicable √ Not applicable (3) Provision for impairment of entrusted loan □ Applicable √ Not applicable | Is there | | | | | | | 97 | | --- | --- | --- | --- | --- | --- | --- | --- | | Termination Start date | any | | | | | | | | Remuneration Via legal Actual Type of Actual | | | | | | | | | entrusted Annual Fund Entrusted | date of Fund of | | | | | | | | determination procedures recovery entrusted profits or | Trustee | | | | | | | | Self- Self- source loan plan Self- Self- SDIC loan amount entrusted disposition yield entrusted | | | | | | | | | SDIC Finance Entrusted Huaxia SDIC Finance Entrusted SDIC The approach condition SDIC Finance Entrusted SDIC SDIC Finance Entrusted or not | losses loan | | | | | | | | 2022-9-28 2025-9-28 owned Loan contract Yes Yes 2022-9-28 2025-9-28 owned Loan contract Yes Yes 2022-9-28 2025-9-28 owned Loan contract Yes Yes 2022-9-28 2025-9-28 owned Genting Loan contract Yes Yes 2,855.22 2,855.22 in the 140,000.00 | 2.0% 142.76 2.0% 2.0% 326.31 2.0% 754.59 16,000.00 37,000.00 loan loan 7,000.00 142.76 326.31 754.59 | | | | | | | | Co., Ltd. loan Power Co., Ltd. loan Beijiang Co., Ltd. loan Qinzhou Co., Ltd. loan | | | | | | | | | fund Entrusted loan Self-owned fund fund fund fund Meizhouwan future? Amount overdue but uncollected | Outstanding balance | Source of funds Amount incurred | Type | 200,000 | 0 | 0 | | Annual Report 2024 3. Other circumstances □ Applicable √ Not applicable (IV) Other major contracts □ Applicable √ Not applicable XIV. Progress in the use of raised funds √ Applicable □ Not Applicable (I) Overall use of raised funds √ Applicable □ Not Applicable Unit: 10,000 Currency: USD Other notes √ Applicable □ Not Applicable "Others" under the above item of "Sources of Raised Funds" are specifically: issuance of global depository receipt (GDR) on the London Stock Exchange. (II) Details of equity investment project √ Applicable □ Not Applicable 1. Details of the use of raised funds Cumulative | Cumulative Cumulative | Total | | | | | | --- | --- | --- | --- | --- | --- | | Including: utilization Excess | Current Net | | | | 98 | | committed utilization Source utilization | Current | | | | | | cumulative Reallocated raised proceeds | rate of Time for Total year | | | | | | investment of proceeds | rate of of year | | | | | | deployment utilization raising funds funds proceeds | excess funds from | | | | | | deployment amount in proceeds funds | as of | | | | | | fundraising to be in place funds (%) of excess ratio (%) (3) = | amount raised | | | | | | prospectus raised reporting (%) (6)＝ | (8) | | | | | | (1) - (2) October (9)=(8)/(1) funds (5) | (7)＝ (1) | | | | | | Other 22,068.00 21,816.02 21,816.02 | date (4) (4)/(1) 21,008.00 (2) | 96.34 0 | 0 0 0 - - | | | | 22, 2020 22,068.00 Total 21,816.02 21,816.02 | (5)/(3) 21,008.00 | 0 | 0 0 0 / / / | / | | Annual Report 2024 √ Applicable □ Not Applicable Unit: USD 10,000 2. Details of the use of excessive funds raised □ Applicable √ Not applicable (III) Change or termination of equity investment during the reporting period □ Applicable √ Not applicable Has there Specific | Whether it is a Cumulative | been any The | | | 99 | | --- | --- | --- | --- | --- | | Total cumulative The date reasons | Is the | | | | | benefits or investment Whether it significant committed | | | | | | Total planned Source when the progress of investment of Is the why the | | | | | | Amount change in the Amount Benefits progress as involves a investment | R&D | | | | | investment of Project investment in investment raised funds as project | of Project project | | | | | Developmen of the end of feasibility of project in the invested achieved change in | results of | | | | | complete Product of the end of the reaches the raised nature raised funds line with the progress | name | | | | | t of overseas the reporting prospectus or this year this year the project? savings investment achieved | | | | | | ion and reporting period scheduled funds | did not planned d? (1) | | | | | Other renewable Yes No No Yes Repaying If so, please period (%) fundraising | direction by this 15,516.02 | 14,708.00 - - - | 95 - - - - | | | usable state constru meet the | progress? | (2) | | | | (3) = (2) / (1) Other overseas Other Yes No Yes Yes energy project | statement provide 6,300.00 100.00 | 6,300.00 - - - | - - - - | | | ction | plan | | | | | Total / / / / / / / / / - / / - projects loans | details 21,816.02 | 21,008.00 | | | Annual Report 2024 (IV) Other information on the use of raised funds in the reporting period 1. Preliminary investment and replacement of the project for which the raised funds are used □ Applicable √ Not applicable 2. Temporary supplementation of working capital with idle funds raised □ Applicable √ Not applicable 3. Cash management of idle funds raised and investment in related products □ Applicable √ Not applicable 4. Others □ Applicable √ Not applicable XV. Description of other major matters that have a significant impact on investors' value judgment and investment decision □ Applicable √ Not applicable 100 Annual Report 2024 ### Section VII Changes in Shares and Shareholders I. Changes in share capital (I) Changes in shares 1. Changes in shares Within the reporting period, no changes occurred in the total shares and capital structure of the Company. 2. Notes on changes in shares □ Applicable √ Not applicable 3. Effect of changes in shares on financial indicators including earnings per share and net asset per share in recent year and period (if any) □ Applicable √ Not applicable 4. Other contents that the Company deems necessary or required by securities regulators to disclose □ Applicable √ Not applicable (II) Changes in shares with trading limited conditions √ Applicable □ Not Applicable Unit: share (s) II. Securities issuance and listing (I) Securities issuance as of the reporting period √ Applicable □ Not Applicable Currency: RMB As the controlling shareholder of the Company, the Company's State shares obtained through non- Number Number of Development public issuance shall not be Number of of 101 Number of | restricted Date for shares to & transferred within 36 months as December 9, 2024 488,306,450 restricted | restricted 488,306,450 | 0 0 | | --- | --- | --- | | | Name of restricted | | | Investment of the date when the share shares at the shares at be released from | shares | Reason for restriction | | shares relieved shareholder | | | | beginning of Corp., Ltd. registration formalities for the increased the end | restrictions | | in this year | in this year newly increased shares are Types of stocks Number of products Issue price | of the the year Date of Transaction | | | | | --- | --- | --- | --- | --- | | Number issued | Listing date | | | | | completed. 488,306,450 (or interest approved for listing | issuance year 488,306,450 ending date Total | and 0 | / 0 | / | Annual Report 2024 Notes on securities issuance as of the reporting period (please specify bonds with different interest rates in duration separately): □ Applicable √ Not applicable (II) Total number of shares of the Company, changes in shareholder structure and the structure of the Company's assets and liabilities □ Applicable √ Not applicable (III) Existing internal employee stocks □ Applicable √ Not applicable III. Status of shareholders and actual controllers (I) Total number of shareholders (II) Shareholding by top 10 shareholders and top 10 tradable shareholders (or shareholders without trading limited conditions) as of the end of the reporting period Unit: share (s) Number 102 Increase or of shares | Proport Nature of decrease Shares held at | | | | | --- | --- | --- | --- | | State- State- State- held with | Name of shareholder | | | | sharehold during the the end of the ion | | | | | owned Yangtze Power Investment owned Total number of ordinary shareholders as of the end of State Development & owned Quant trading | | (Full name) | 107,698 | | China Yangtze Power Co., Ltd. Share status reporting (%) 51.32 14.01 | 1,510,800 3.48 3,825,443,039 1,044,300,014 er None None None 259,114,108 0 0 0 period | 0 0 0 0 0 | | | Investment Corp., Ltd. legal legal Management Co., Ltd. legal Total number of ordinary shareholders as of the end of the previous month prior to the date of disclosure of annual Pledged, marked or limited ity | rate) and trading their | | 71,942 | period Bonds (including enterprise bonds, corporate bonds and debt financing instruments of non-financial enterprises) Power YK04 Power YK03 Power YK02 Power YK01 reporting period report (Nos.) person person person condition 2024-07-25 2024-07-09 2024-07-09 2024-06-18 RMB 1 billion RMB 1 billion RMB 1 billion RMB 1 billion derivatives 2024-08-01 2024-07-16 2024-07-16 2024-06-25 frozen share 2.19% RMB 1 billion 2029-07-29 2.30% RMB 1 billion 2029-07-11 2.20% RMB 1 billion 2027-07-11 2.20% RMB 1 billion 2027-06-20 Shares held by the top 10 shareholders (excluding shares lent through refinancing) Annual Report 2024 103 Industrial and Commercial Industrial and Commercial State- Bank of China Limited - Bank of China Limited - State- RMB ordinary | Huatai-PineBridge CSI 300 Unknown China Securities Finance owned Overseas Overseas China Reform Investment Co., owned Huatai-PineBridge CSI 300 29,424,600 | 0.69 None | 0 51,519,699 | 0 | | | 51,519,699 | 51,519,699 | | --- | --- | --- | --- | --- | --- | --- | --- | | Hong Kong Securities Clearing 48,348,889 | 2.73 0.65 None None | 203,657,917 0 0 48,348,889 shares | 0 0 0 | | | | | | National Social Security Fund Corporation Limited legal legal Citibank,National Association legal Trading Open Index Securities National Social Security Fund State Development & China Yangtze Power Co., China Securities Finance Hong Kong Securities China Reform Investment Co., National Social Security Fund National Social Security Fund Ltd. legal Yangtze Power Investment Trading Open Index Securities | RMB ordinary 5,764,189 RMB ordinary RMB ordinary RMB ordinary RMB ordinary RMB ordinary RMB ordinary RMB ordinary RMB ordinary Quantity of unrestricted tradable 1.69 1.10 -227,830 None None | 125,742,213 0 0 82,191,970 | 0 0 | | | | | | Unknown Citibank, National Association Company Ltd. Unknown 12,735,891 | 3,668,383 0.53 0.79 None None | Name of shareholder 0 0 39,868,403 58,948,648 | 0 0 | | 3,825,443,039 1,044,300,014 | 203,657,917 259,114,108 125,742,213 82,191,970 48,348,889 58,948,648 39,868,403 | 3,825,443,039 1,044,300,014 203,657,917 259,114,108 125,742,213 82,191,970 48,348,889 58,948,648 39,868,403 | | 106 Portfolio person person person 106 Portfolio Investment Fund person Portfolio 101 Investment Corp., Ltd. Ltd. Management Co., Ltd. Corporation Limited Clearing Company Ltd. Investment Fund Ltd. Portfolio 101 | | shares shares shares shares shares shares shares shares shares Type | Quantity | shares held Type and quantity of share Shares held by the top 10 unrestricted shareholders (excluding shares lent through securities lending) | | | | Annual Report 2024 The situation of shares lent through securities lending by shareholders holding more than 5% of the shares, the top ten shareholders, and the top ten unrestricted tradable shareholders. √ Applicable □ Not Applicable Unit: share (s) Changes compared with the previous period due to share lending/returning of top 10 shareholders or top 10 holders of shares without restrictions on sales □ Applicable √ Not applicable Number of shares held by top 10 shareholders with trading limited conditions and the trading limited conditions □ Applicable √ Not applicable (III) Strategic investors or general legal persons being the top 10 shareholders due to rights issue □ Applicable √ Not applicable IV. Controlling shareholders and actual controllers (I) Controlling shareholders 1. Legal person √ Applicable □ Not Applicable Industrial and SDIC, the biggest shareholder of the Company, has no affiliated relation with the rest nine shareholders, and they are not persons acting in concert as stipulated in the Measures for Commercial Bank of the Administration of the Takeover of Listed Companies. China Limited - 104 Affiliated relations or actions | Huatai-PineBridge Shares lent through | China Yangtze Power Co., Ltd. and China Yangtze Power Investment Management Co., | | | | --- | --- | --- | --- | | in concert of the above 22,095,099 51,519,699 Shareholding of general Name of shareholder Shares lent through | 60,300 0.0008 0.30 0.69 | 0 0 | | | Ltd. are persons acting in concert; CSI 300 Trading E Fund Management securities lending at Shareholding of general | | | | | shareholders securities lending at | account and credit (full name) | | | | Open Index account and credit account Co., Ltd.-Social the beginning of the | Affiliated relations among other shareholders are unknown and whether other | | | | account at the beginning 38,723,700 the end of the period | 76,300 0.001 0.52 | 0 0 0 0 | | | shareholders are persons acting in concert specified in the Measures for the Administration of Proportion Proportion Proportion Quantity Proportion Securities Investment Person in charge of the unit or legal Fu Gangfeng Security Fund Quantity Quantity | period and not yet at the end of period The situation of shares lent through securities lending by shareholders holding more than 5% of the shares, the top ten | | | | Quantity sum and not yet returned | | of period | | | the Takeover of Listed Companies is also unknown. Portfolio 1104 Fund Name State Development & Investment Corp., Ltd. representative sum | sum (%) (%) sum (%) (%) | returned | shareholders, and the top ten unrestricted tradable shareholders | Annual Report 2024 2. Natural person □ Applicable √ Not applicable 3. Special explanations to absence of controlling shareholder □ Applicable √ Not applicable 4. Explanation of changes in controlling shareholders during the reporting period □ Applicable √ Not applicable 5. Block diagram of property rights and control relations between the Company and the controlling shareholders √ Applicable □ Not Applicable Main businesses Operate state-owned assets and relevant investment business (II) Actual controllers within the scope authorized by the State Council; investment 1. Legal person and investment management in fields such as energy, transportation, fertilizer, high-tech industry, financial services, √ Applicable □ Not Applicable consulting, guarantee, trade, biomass energy, eldercare industry, big data, medical treatment and health, inspection and testing; asset management; economic information consultation; technology development and technical service. (The enterprise shall make independent choices of operational items and carry out business activities in accordance with laws and regulations. Equity held and participated in other Actually control and indirectly control 8 other domestic and 105 For items subject to approval pursuant to any law, the business domestic or foreign listed companies overseas listed companies: SDIC Capital (600061.SH), SDIC | activities shall be carried out upon the approval of relevant during the reporting period Intelligence (300188.SZ), YPP (603013.SH), SDIC Zhonglu | | | --- | --- | | authority within the approved contents. The enterprise shall not (600962.SH), CHSR (000008.SZ), Fengle Seed (000713.SZ), | | | be engaged in the business activities prohibited and restricted Name the State-owned Assets Supervision and Administration Tongyizhong (688722.SH), and Zhongxin Fruit and Juice | | | State Development & Investment Corp., Ltd. | SDIC Power Holdings Co., Ltd. | | Date of establishment April 14, 1995 by the municipal industrial policies.) (5EG.SGX). Commission of the State Council | | Annual Report 2024 2. Natural person □ Applicable √ Not applicable 3. Special explanations of the absence of actual controller □ Applicable √ Not applicable 4. Explanations of changes in the Company's control during the reporting period □ Applicable √ Not applicable 5. Block diagram of property rights and control relations between the Company and the actual controllers √ Applicable □ Not Applicable 6. Actual controllers control the Company by means of a trust or other asset management methods □ Applicable √ Not applicable (III) Introduction to other information on controlling shareholders and actual controllers □ Applicable √ Not applicable V. The cumulative number of pledged shares of the Company's controlling shareholder or the largest shareholder and its persons acting in concert accounts for more than 80% of that of the Company's shares □ Applicable √ Not applicable VI. Other corporate shareholders with at least 10% shares √ Applicable □ Not Applicable Unit: Yuan Currency: RMB 106 Person in charge Name of corporate of the unit or Main business or Date of Registered Organization code | establishment China Yangtze Electric power management activities the State-owned Assets Supervision and | shareholder capital legal | | --- | --- | | Liu Weiping 2002-11-04 91110000710930405L State Development & Investment Corp., Ltd. 22,741,859,230 | SDIC Power Holdings Co., Ltd. | | Power Co., Ltd. production, operation Administration Commission of the State representative | | Council Annual Report 2024 VII. Information on restricted share selling □ Applicable √ Not applicable VIII. Specific implementation of share repurchase in the reporting period □ Applicable √ Not applicable and investment; 107 technical consultation of electric power production; overhaul and maintenance of hydropower projects. Annual Report 2024 ### Section VIII Preferred Shares □ Applicable √ Not applicable 108 Annual Report 2024 ### Section IX Bonds I. Corporate bonds (including enterprise bonds) and debt financing instruments of non-financial enterprises √ Applicable □ Not Applicable (I) Corporate bonds (including enterprise bonds) √ Applicable □ Not Applicable 1. Basic information on corporate bonds Unit: 100 million yuan Currency: RMB The interest is paid once a year and the 2024 Public SDIC principal Offering of STI Securities is returned Renewable Co., Ltd., Bidding, in full | Corporate Bonds Shanghai CITIC CITIC quotation, | | | | --- | --- | --- | | Power upon To eligible | | | | to Professional 241352.SH 2024-07-25 2024-07-29 - 2029-07-29 Stock Securities Securities inquiry, and No | 2.19 | 10 | | YK04 maturity. investors | | | | Investors by SDIC Exchange Co., Ltd. Co., Ltd. agreed | | | The last | Power Holdings and China transactions | | | 109 | | --- | --- | --- | --- | | installmen 2024 Public The SDIC | | | | | Co., Ltd. (Tranche Securities | | | | | t of Offering of STI interest is Securities Bidding, | | | | | 3) Co., Ltd. | | | | | interest is Repaymen Renewable paid once Shanghai Co., Ltd., CITIC quotation, Any risk | | | | | Power To eligible Investor | | | | | paid Transaction Corporate Bonds 241262.SH 2024-07-09 2024-07-11 - 2029-07-11 a year and Stock CITIC Securities inquiry, and No Last put date of listing | t of 2.30 | 10 | | | YK03 investors Abbreviatio Expiry date of Transacti Interest Principal adequacy | Bond | | | | together after April 30, terminati to Professional the Exchange Securities Co., Ltd. agreed mechanism principal Trustee Value date Name of bond Issue date | Code | | | | underwriter arrangemen rate (%) on place balance | guarantee n | | | | Investors by SDIC principal Co., Ltd. transactions with the | and on 2025 s | | | ts (if any) principal. Power Holdings is returned and China interests Annual Report 2024 | The The | | | | | --- | --- | --- | --- | | interest is interest is | | | | | paid once paid once | | | | | a year and a year and | | | | | the the | | | | | 2024 Public SDIC 2024 Public SDIC | | | | | principal principal | | | | | Offering of STI Securities Offering of STI Securities | | | | | is returned is returned | | | | | Renewable Co., Ltd., Bidding, Renewable Co., Ltd., Bidding, | | | | | Co., Ltd. (Tranche in full Securities in full in full | | | | | Corporate Bonds Shanghai CITIC CITIC quotation, Corporate Bonds Shanghai CITIC CITIC quotation, | | | | | 2) (Type 2) upon Co., Ltd. Power upon To eligible Power upon To eligible | | | | | to Professional 241261.SH 2024-07-09 2024-07-11 - 2027-07-11 Stock Securities Securities inquiry, and No to Professional 241145.SH 2024-06-18 2024-06-20 - 2027-06-20 Stock Securities Securities inquiry, and No | 2.20 2.20 | 10 10 | | | maturity. YK02 maturity. investors YK01 maturity. investors | | | | | Investors by SDIC Exchange Co., Ltd. Co., Ltd. agreed Investors by SDIC Exchange Co., Ltd. Co., Ltd. agreed | | | | | The last The last The last | | | | | Power Holdings and China transactions Power Holdings and China transactions | | | 110 | | installmen installmen installmen | | | | | Co., Ltd. (Tranche Securities Co., Ltd. (Tranche Securities | | | | | t of t of t of | | | | | 2) (Type 1) Co., Ltd. 1) Co., Ltd. | | | | | interest is interest is interest is | | | | | paid paid paid | | | | | together together together | | | | | with the with the with the | | | | | principal. principal. principal. | | | | Annual Report 2024 | The The | | | | | --- | --- | --- | --- | | interest is interest is | | | | | paid once paid once | | | | | a year and a year and | | | | | the the | | | | | 2023 Public principal 2023 Public principal | | | | | SDIC SDIC | | | | | Offering of is returned Offering of is returned | | | | | Securities Bidding, Securities Bidding, | | | | | Corporate Bonds in full Guotai Corporate Bonds in full Guotai The | | | | | Shanghai Co., Ltd., To quotation, Shanghai Co., Ltd., To quotation, | | | | | to Professional 23 Power upon Haitong interest is to Professional 23 Power upon Haitong | | | | | 240132.SH 2023-10-24 2023-10-26 - 2026-10-26 Stock Guotai professiona inquiry, and No 115815.SH 2023-08-15 2023-08-17 - 2028-08-17 Stock Guotai professiona inquiry, and No 2023 Public | 2.98 2.92 | 10 10 | | | Investors by SDIC 03 maturity. Securities Investors by SDIC 02 maturity. Securities paid once SDIC | | | | | Exchange Haitong l investors agreed Exchange Haitong l investors agreed Offering of | | | | | Power Holdings The last Co., Ltd. Power Holdings The last Co., Ltd. a year and Securities Bidding, | | | | | Securities transactions Securities transactions Corporate Bonds Guotai | | | 111 | | Co., Ltd. (Tranche installmen Co., Ltd. (Tranche installmen the Shanghai Co., Ltd., To quotation, | | | | | Co., Ltd. Co., Ltd. to Professional 23 Power Haitong | | | | | 2) t of 1) (Type 2) t of 115814.SH 2023-08-15 2023-08-17 - 2026-08-17 principal Stock Guotai professiona inquiry, and No | 2.68 | 10 | | | Investors by SDIC 01 Securities | | | | | interest is interest is is returned Exchange Haitong l investors agreed | | | | | Power Holdings Co., Ltd. | | | | | paid paid in full Securities transactions | | | | Co., Ltd. (Tranche together together upon Co., Ltd. 1) (Type 1) with the with the maturity. principal. principal. The last Annual Report 2024 | The The | | | | | --- | --- | --- | --- | | interest is interest is | | | | | paid once paid once | | | | | a year and a year and | | | | | the the | | | | | 2022 Public SDIC 2023 Public SDIC | | | | | principal principal | | | | | Offering of Securities Offering of Securities | | | | | is returned is returned | | | | | Renewable Co., Ltd., Bidding, Renewable Co., Ltd., Bidding, | | | | | in full in full | | | | | Corporate Bonds Shanghai CITIC CITIC To quotation, Corporate Bonds Shanghai CITIC CITIC To quotation, | | | | | 22 Power upon 23 Power upon | | | | | to Professional 138581.SH 2022-11-10 2022-11-14 - 2027-11-14 Stock Securities Securities professiona inquiry, and No to Professional 115410.SH 2023-05-24 2023-05-26 - 2026-05-26 Stock Securities Securities professiona inquiry, and No | 3.05 3.00 | 12 5 | | | Y2 maturity. Y1 maturity. | | | | | Investors by SDIC Exchange Co., Ltd. Co., Ltd. l investors agreed Investors by SDIC Exchange Co., Ltd. Co., Ltd. l investors agreed | | | | | The last The last | | | | | Power Holdings and China transactions Power Holdings and China transactions | | | 112 | | installmen installmen installmen | | | | | Co., Ltd. (Tranche Securities Co., Ltd. (Tranche Securities | | | | | t of t of t of | | | | | 1) Co., Ltd. 1) (Type 2) Co., Ltd. | | | | | interest is interest is interest is | | | | | paid paid paid | | | | | together together together 2021 Public The Shanghai CITIC CITIC To Bidding, | | | | 21 Power with the with the with the Offering of 188968.SH 2021-11-09 2021-11-11 - 2024-11-11 interest is Stock Securities Securities professiona quotation, No 3.24 0 Y3 principal. principal. principal. Renewable paid once Exchange Co., Ltd., Co., Ltd. l investors inquiry, and Annual Report 2024 The interest is paid once Corporate Bonds a year and SDIC agreed a year and CITIC | to Professional the Securities transactions the The | | | | | --- | --- | --- | --- | | 2021 Public Securities | | | | | Investors by SDIC principal Co., Ltd., interest is principal | | | | | Offering of Co., Ltd., CITIC | | | | | Power Holdings is returned China paid once is returned | | | | | 2021 Public Securities Renewable SDIC Bidding, | | | | | Co., Ltd. (Tranche in full Internationa in full a year and | | | | | Offering of Co., Ltd., Corporate Bonds Shanghai Securities CITIC To quotation, | | | | | 3) upon l Capital the 21 Power upon | | | | | to Professional 188633.SH 2021-08-20 2021-08-24 - 2024-08-24 Stock Co., Ltd., Securities professiona inquiry, and No Renewable SDIC Bidding, | 3.18 | 0 | | | maturity. Corporation Y2 maturity. principal | | | | | Investors by SDIC Exchange China Co., Ltd. l investors agreed Corporate Bonds Shanghai Securities CITIC quotation, | | | | | The last Limited The last 21 Power is returned To eligible | | | | | Power Holdings Internationa transactions to Eligible 188504.SH 2021-08-06 2021-08-10 - 2024-08-10 Stock Co., Ltd., Securities inquiry, and No | 3.14 | 0 | 113 | | installmen installmen Y1 in full investors | | | | | Co., Ltd. (Tranche l Capital Investors by SDIC Exchange China Co., Ltd. agreed | | | | | t of t of upon | | | | | 2) Corporation Power Holdings Internationa transactions | | | | | interest is interest is maturity. | | | | | Limited Co., Ltd. (Tranche l Capital | | | | | paid paid The last | | | | | 1) Corporation | | | | | together together installmen | | | | Limited with the with the t of principal. principal. interest is Annual Report 2024 | The The | | | | | | --- | --- | --- | --- | --- | | interest is interest is | | | | | | paid once paid once | | | | | | a year and a year and | | | | | | CITIC CITIC | | | | | | the the | | | | | | Securities Securities | | | | | | 2021 Public principal 2019 Public principal | | | Measures of the Company to deal with the risk of bond listing termination | | | Co., Ltd., Co., Ltd., | | | | | | Offering of is returned Offering of is returned | | | □ Applicable √ Not applicable | | | SDIC Bidding, SDIC Bidding, | | | | | | Corporate Bonds in full Corporate Bonds in full | | | | | | Shanghai Securities CITIC quotation, Shanghai Securities CITIC quotation, | | | | | | to Eligible 19 SDIC upon To eligible to Eligible 21 SDIC upon To eligible | | | | | | 155457.SH 2019-06-10 2019-06-12 - 2029-06-12 Stock Co., Ltd., Securities inquiry, and No 175985.SH 2021-04-14 2021-04-16 - 2026-04-16 Stock Co., Ltd., Securities inquiry, and No | 4.59 3.70 | 12 6 | Payment of bond interest during the reporting period | | | Investors by SDIC Power maturity. investors Investors by SDIC Power maturity. investors | | | | | | Exchange China Co., Ltd. agreed Exchange China Co., Ltd. agreed | | | | | | Power Holdings The last Power Holdings The last | | | | | | Internationa transactions Internationa transactions | | | | 114 | | Co., Ltd. (Tranche installmen Co., Ltd. (Tranche installmen | | | | | | l Capital l Capital | | | | | | 1) t of 1) t of | | | | | | Corporation Corporation | | | | | | interest is interest is | | | | | | Limited Limited | | | | | | paid paid paid | | | | | | together together together | | | | | | with the with the with the | | | | | | principal. principal. principal. | | | | | Annual Report 2024 √ Applicable □ Not Applicable 115 2021 Public Offering of Renewable On August 19, 2024, the Company issued the Announcement on the 2024 Principal and Interest Payment and Delisting 2021 Public Offering of Renewable On November 4, 2024, the Company issued the Announcement on the 2024 Principal and Interest Payment and Delisting 2023 Public Offering of Corporate On October 18, 2024, the Company issued the Announcement on the 2024 Interest Payment of the 2023 Public Offering 2023 Public Offering of Corporate On August 6, 2024, the Company issued the Announcement on the 2024 Interest Payment of the 2023 Public Offering of 2023 Public Offering of Renewable On May 20, 2024, the Company issued the Announcement on the 2024 Interest Payment of the 2023 Public Offering of 2022 Public Offering of Renewable On November 7, 2024, the Company issued the Announcement on the 2024 Interest Payment of the 2022 Public Offering Corporate Bonds to Professional of the 2021 Public Offering of Renewable Corporate Bonds to Professional Investors by SDIC Power Holdings Co., Ltd. Corporate Bonds to Professional of the 2021 Public Offering of Renewable Corporate Bonds to Professional Investors by SDIC Power Holdings Co., Ltd. 2023 Public Offering of Corporate On August 6, 2024, the Company issued the Announcement on the 2024 Interest Payment of the 2023 Public Offering of Corporate Bonds to Professional Renewable Corporate Bonds to Professional Investors by SDIC Power Holdings Co., Ltd. (Tranche 1). The registration Investors by SDIC Power Holdings (Tranche 3). The registration date of the bonds is November 8, 2024, the payment date of principal and interest is Bonds to Professional Investors by Corporate Bonds to Professional Investors by SDIC Power Holdings Co., Ltd. (Tranche 1) (Type 2). The registration date Bonds to Professional Investors by of Corporate Bonds to Professional Investors by SDIC Power Holdings Co., Ltd. (Tranche 2). The registration date of the Bonds to Professional Investors by Corporate Bonds to Professional Investors by SDIC Power Holdings Co., Ltd. (Tranche 1) (Type 1). The registration date Corporate Bonds to Professional of Renewable Corporate Bonds to Professional Investors by SDIC Power Holdings Co., Ltd. (Tranche 1) (Type 2). The Investors by SDIC Power Holdings (Tranche 2). The registration date of the bonds is August 23, 2024, the payment date of principal and interest is August 2021 Public Offering of Renewable On August 5, 2024, the Company issued the Announcement on the 2024 Principal and Interest Payment and Delisting of SDIC Power Holdings Co., Ltd. bonds is October 25, 2024 and the interest payment date of the bonds is October 28, 2024. The interest payment for this SDIC Power Holdings Co., Ltd. of the bonds is August 16, 2024 and the interest payment date of the bonds is August 19, 2024. The interest payment for Investors by SDIC Power Holdings date of the bonds is May 24, 2024 and the interest payment date of the bonds is May 27, 2024. The interest payment for Co., Ltd. (Tranche 3) November 11, 2024, and the delisting date of the bonds is November 11, 2024. The principal and interest payment and Co., Ltd. (Tranche 2) 26, 2024, and the delisting date of the bonds is August 26, 2024. The principal and interest payment and delisting for this Corporate Bonds to Eligible Investors the 2021 Public Offering of Renewable Corporate Bonds to Eligible Investors by SDIC Power Holdings Co., Ltd. (Tranche SDIC Power Holdings Co., Ltd. of the bonds is August 16, 2024 and the interest payment date of the bonds is August 19, 2024. The interest payment for Investors by SDIC Power Holdings registration date of the bonds is November 13, 2024 and the interest payment date of the bonds is November 14, 2024. (Tranche 2) tranche of bonds has been completed on October 28, 2024. (Tranche 1) (Type 2) this tranche of bonds has been completed on August 19, 2024. (Tranche 1) (Type 1) this tranche of bonds has been completed on August 19, 2024. Co., Ltd. (Tranche 1) this tranche of bonds has been completed on May 27, 2024. Co., Ltd. (Tranche 1) (Type 2) The interest payment for this tranche of bonds has been completed on November 14, 2024. delisting for this tranche of bonds has been completed on November 11, 2024. tranche of bonds has been completed on August 26, 2024. 1). The registration date of the bonds is August 9, 2024, the payment date of principal and interest is August 12, 2024, Name of bond Description of interest payment cashing Annual Report 2024 2. Trigger and execution of issuer or investor option clauses and investor protection clauses □ Applicable √ Not applicable 3. Intermediaries providing services for bond issuance and duration business 116 | 2021 Public Offering of Corporate On April 9, 2024, the Company issued the Announcement on the 2024 Interest Payment of the 2021 Public Offering of 2019 Public Offering of Corporate On June 4, 2024, the Company issued the Announcement on the 2024 Interest Payment of the 2019 Public Offering of | | | | | --- | --- | --- | --- | | Bonds to Eligible Investors by SDIC Corporate Bonds to Eligible Investors by SDIC Power Holdings Co., Ltd. (Tranche 1). The registration date of the bonds Bonds to Eligible Investors by SDIC Corporate Bonds to Eligible Investors by SDIC Power Holdings Co., Ltd. (Tranche 1). The registration date of the bonds | | | | | Power Holdings Co., Ltd. (Tranche 1) is April 15, 2024 and the interest payment date of the bonds is April 16, 2024. The interest payment for this tranche of by SDIC Power Holdings Co., Ltd. and the delisting date of the bonds is August 12, 2024. The principal and interest payment and delisting for this tranche Power Holdings Co., Ltd. (Tranche 1) is June 11, 2024 and the interest payment date of the bonds is June 12, 2024. The interest payment for this tranche of Beijing Tianyuan Law Firm Unit 509, Building A, Corporate Square, No. 35, Finance Street, Chen Sheng, Zhou Qian 010-57763888 SDIC Securities Co., Ltd. 11/F, SDIC Financial Building, No. 2 Fuchengmen North Street, Li Shan, Xu Yingxiang, Hu Zhuang 010-57839085 China International Capital Corporation Limited 27/F and 28/F, Building 2, China World Tower, No. 1, Li Tianwan, Qiu Suofu, Zhang Jiani 010-65051166 BDO China Shu Lun Pan CPAs (Special General 4/F, No. 61, Nanjing Road East, Huangpu District, Shanghai Zhao Bin, Wang Tianping, Yan Baorui 13311092737 ShineWing Certified Public Accountants LLP 8/F, Block A, Fuhua Mansion, No. 8 Chaoyangmen North Street, Ma Chuanjun, Qiu Xin Qiu Xin 010-65542288 CITIC Securities Co., Ltd. CITIC Securities Building, 48 Liangmaqiao Road, Chaoyang Zhou Weifan 021-20262382 Guotai Haitong Securities Co., Ltd. 17th Floor, South Tower, Financial Street Center, No. 9A Financial Jin Yue, Wang Yicheng China Securities Co., Ltd. 2/F, Block B, Kaiheng Center, No. 2 Chaonei Street, Dongcheng He Fei, Li Zhenguo, Liang Haowei, Lu 010-86451945 Beijing Guantao Law Firm 19/F, Tower B, Xinsheng Plaza, No. 5, Finance Street, Xicheng Zhang Wenliang, Bian Zhenhua 010-66578066 010-83939722 Names of the signing | Contact | | | | | | Name of intermediary Contact | Office address | | (Tranche 1) of bonds has been completed on August 12, 2024. bonds has been completed on April 16, 2024. bonds has been completed on June 12, 2024. Xicheng District, Beijing Xicheng District, Beijing (Special General Partnership) Dongcheng District, Beijing District, Beijing Municipality Street, Xicheng District, Beijing District, Beijing Yuhong Jianguomenwai Avenue, Chaoyang District, Beijing District, Beijing Partnership) Pei Zhichao | number accountants | | | Annual Report 2024 Changes in the above intermediaries □ Applicable √ Not applicable 4. Adjustment of credit rating results □ Applicable √ Not applicable Other notes: □ Applicable √ Not applicable 5. Execution and change of guarantee, debt repayment plans and other debt repayment protection measures during the reporting period and their effect □ Applicable √ Not applicable 117 China Merchants Bank Co., Ltd. Beijing Branch Beijing China Merchants International Financial Center, No.156, Chen Yichun, Ye Huiru 010-56433676 China Chengxin International Credit Rating Co., Building 5, Galaxy SOHO5, No. 2 Nanzhugan Hutong, Zheng Sizhuo, Sheng Lei 010-66428877 Industrial and Commercial Bank of China Limited Building 5, Compound 1, Yuetan South Street, Xicheng District, Guo Yingchun, Li Chong 010-68030348 Fuxingmennei Street, Xicheng District, Beijing Ltd. Chaoyangmennei Street, Dongcheng District, Beijing Beijing Nanlishilu Subbranch Beijing Bank of China Beijing Xicheng Bub-branch No. 5, Fuchengmenwai Street, Xicheng District, Beijing Xu Xiaofeng, Shao Yidi 010-68001479 Agricultural Bank of China Limited Beijing Branch No. 13, Chaoyangmen North Street, Dongcheng District, Beijing Wei Ning 010-86387974 Annual Report 2024 (II) Funds raised by corporate bonds √Corporate bonds of the Company involved the use or rectification of raised funds during the reporting period. □All corporate bonds of the Company did not involve the use or rectification of raised funds during the reporting period. 1. Basic information Unit: 100 million yuan Currency: RMB 2. Changes and adjustments to the use of raised funds □ Applicable √ Not applicable 3. Use of raised funds (1). Actual usage (temporary recharging is not included here) Unit: 100 million yuan Currency: RMB (2). Raise funds for specific projects □ Applicable √ Not applicable (3). Temporary working capital replenishment Repayment □ Applicable √ Not applicable of interest- | Repayment Fixed asset Replenishi Amount of | | | | | | --- | --- | --- | --- | --- | | bearing | Other | | | | | raised funds project | ng the of | | | | | purposes | debts | | | 118 | | investment actually used corporate working | Bond | | | | | (excluding Balance of Bond code and the | Balance of | | | | | capital and bonds and abbreviation Total and the | during the Is it a | | | | | Renewable Renewable Renewable raised funds Specific types corporate special account amount | | | | | | the amount the amount amount amount | reporting special Bond | | | | | corporate bond, 241261.SH, Power YK02, corporate bond, corporate bond, bonds) and at the end of for raised funds involved Bond code | of special | | | | | of raised 241145.SH Power YK01 Yes Yes 241352.SH Power YK04 Yes abbreviation involved involved involved | variety 10.00 20.00 10.00 period | 0.00 0.00 0.00 | 0.00 0.00 0.00 | | | the reporting 241262.SH Power YK03 STI corporate STI corporate STI corporate the amount 241261.SH, Power YK02, at the end of the variety bonds | | | | | | funds | bond? 20.00 0.00 0.00 0.00 0.00 | 20.00 | | | | 241145.SH Power YK01 241352.SH Power YK04 bonds bonds bonds 241262.SH Power YK03 reporting period involved | period 10.00 10.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 | 10.00 10.00 | | | Annual Report 2024 4. Compliance of the use of raised funds There are illegal or irregular situations in the use of raised funds and the management of raised funds accounts □ Applicable √ Not applicable Punished for illegal use of raised funds □ Applicable √ Not applicable (III) Other matters to be disclosed for special variety bonds √ Applicable □ Not Applicable 1. The Company is an issuer of exchangeable corporate bonds. □ Applicable √ Not applicable 2. The Company is an issuer of green corporate bonds. □ Applicable √ Not applicable 3. The Company is an issuer of renewable corporate bonds. √ Applicable □ Not Applicable Unit: 100 million yuan Currency: RMB Whether the use of Whether the actual raised funds and the purpose is consistent with Actual use of raised funds as of the end management of 119 the agreed purpose of the reporting period (including actual special accounts for Bond Bond code (including the purpose abbreviation raised funds are in use and temporary working capital agreed in the Prospectus 241261.SH, Power YK02, Repayment 21 Power Y2's principal of Yes Yes compliance with replenishment) and the purpose after the | 241352.SH Power YK04 Repayment 21 Power Y3's principal of Yes Yes Whether included in equity and other 241145.SH Power YK01 Repayment 21 Power Y1's principal of Yes Yes 241262.SH Power YK03 RMB 1.00 billion and 21 Power Y1's regulations during the | | | | --- | --- | --- | | Yes | compliance change) | | | RMB 1.00 billion principal of RMB 1.00 billion RMB 1.00 billion Bond code 138581.SH Bond abbreviation 22 Power Y2 Bond balance Renewal None Step-up interest rate None Deferred interest None Mandatory interest payment None relevant accounting or not Other matters None Bond code 115410.SH Bond abbreviation 23 Power Y1 Bond balance Renewal None Step-up interest rate None | reporting period | 12.00 5.00 | Annual Report 2024 4. The Company is an issuer of corporate bonds for poverty alleviation. □ Applicable √ Not applicable 120 | Whether included in equity and other Whether included in equity and other Whether included in equity and other Whether included in equity and other Whether included in equity and other | | | --- | --- | | Yes Yes Yes Yes Yes | | | Deferred interest None Mandatory interest payment None relevant accounting or not Other matters None Bond code 241145.SH Bond abbreviation Power YK01 Bond balance Renewal None Step-up interest rate None Deferred interest None Mandatory interest payment None relevant accounting or not Other matters None Bond code 241261.SH Bond abbreviation Power YK02 Bond balance Renewal None Step-up interest rate None Deferred interest None Mandatory interest payment None relevant accounting or not Other matters None Bond code 241262.SH Bond abbreviation Power YK03 Bond balance Renewal None Step-up interest rate None Deferred interest None Mandatory interest payment None relevant accounting or not Other matters None Bond code 241352.SH Bond abbreviation Power YK04 Bond balance Renewal None Step-up interest rate None Deferred interest None Mandatory interest payment None relevant accounting or not Other matters None | 10.00 10.00 10.00 10.00 | Annual Report 2024 5. The Company is an issuer of the rural vitalization corporate bonds. □ Applicable √ Not applicable 6. The Company is an issuer of Belt and Road corporate bonds. □ Applicable √ Not applicable 7. Issuer of STI corporate bonds or innovative entrepreneurship corporate bonds √ Applicable □ Not Applicable Unit: 100 million yuan Currency: RMB 8. The Company is an issuer of corporate bonds for low-carbon transformation (linked) □ Applicable √ Not applicable 121 | Promoting the development effect Promoting the development effect Promoting the development effect Promoting the development effect | | | --- | --- | | of scientific and technological N/A of scientific and technological N/A of scientific and technological N/A of scientific and technological N/A | | | Bond code 241145.SH Bond abbreviation Power YK01 Bond balance Technological innovation projects N/A innovation Operation of fund products (if any) - Other matters - Bond code 241261.SH Bond abbreviation Power YK02 Bond balance Technological innovation projects N/A innovation Operation of fund products (if any) - Other matters - Bond code 241262.SH Bond abbreviation Power YK03 Bond balance Technological innovation projects N/A innovation Operation of fund products (if any) - Other matters - Bond code 241352.SH Bond abbreviation Power YK04 Bond balance Technological innovation projects N/A innovation Operation of fund products (if any) - Other matters - | 10 10 10 10 | Annual Report 2024 9. The Company is an issuer of bail-in corporate bonds □ Applicable √ Not applicable 10. The Company is an issuer of supporting bonds for MSMEs □ Applicable √ Not applicable 11. Other special varieties of corporate bonds □ Applicable √ Not applicable (IV) Important matters related to corporate bonds in the reporting period √ Applicable □ Not Applicable 1. Non-operational fund flows and borrowing funds (1). Balance of non-operating current accounts and capital borrowings At the beginning of the reporting period, the balance of the Company's consolidated accounts receivable and capital borrowings from other parties not directly arising from production and operation (hereinafter referred to as non-operating current accounts and capital borrowings) was RMB 0; Is there any breach of relevant provisions or commitments in the Offering Circular about non-operating fund flows and borrowing funds in the reporting period □Yes √No At the end of the reporting period, the unrecovered non-operating fund flows and borrowing funds totaled RMB 0. (2). Details of non-operating current account and fund borrowing At the end of the reporting period, the proportion of the company's consolidated non-operating current account and fund borrowing that have not been recovered to the consolidated net assets: 0% Whether it exceeds 10% of the consolidated net assets: □Yes√ No (3). Status of implementation of fund-recovery arrangements disclosed in previous reporting periods √ Fully implemented □ Not fully implemented N/A 2. Liabilities (1). Interest-bearing debt and changes 1.1 Corporate debt structure At the beginning and end of the reporting period, the balance of interest-bearing debts of the Company (non-corporate consolidation scope) was RMB 7.802 billion and RMB 9.326 billion respectively. During the reporting period, the balance of interest-bearing liabilities changed by 19.53% year on year. Unit: 100 million yuan Currency: RMB 122 Proportion (%) of Category of interest- | Less than 1 year Total amount | More than 1 the interest- | | | | --- | --- | --- | --- | | | Overdue bearing debt | | | | Corporate credit bonds Banking loan Non-bank financial year (exclusive) | bearing debt (inclusive) | 10.00 58.00 68.00 25.00 25.00 - - - 72.91 26.81 | - - - - Maturity time - | Annual Report 2024 At the end of the reporting period, among the corporate credit bonds of the Company, the balance of corporate bonds was RMB 4.8 billion, the balance of enterprise bonds was RMB 0, the balance of debt financing instruments of non-financial enterprises was RMB 2 billion, and a total of RMB 1 billion of corporate credit bonds would be due or sold back within May to December 2025. 1.2 Structure of interest-bearing debt of the Company on a consolidated basis At the beginning and end of the reporting period, the balance of interest-bearing debts of the Company within the scope of the Consolidated Financial Statements was RMB 149.32 billion and RMB 157.004 billion respectively, with a year-on-year change of 5.15%. Unit: 100 million yuan Currency: RMB At the end of the reporting period, among the corporate credit bonds of the Company on a consolidated basis, the balance of corporate bonds was RMB 6.8 billion, the balance of enterprise bonds was RMB 0, the balance of debt financing instruments of non-financial enterprises was RMB 7 billion, and a total of RMB 3 billion of corporate credit bonds would be due or sold back within May to December 2025. 1.3 Overseas bonds As of the end of the reporting period, the balance of overseas bonds issued within the scope of the Consolidated Financial Statements was RMB 0, and the balance of overseas bonds due from May to December 2025 was RMB 0. (2). Overdue interest-bearing debts or corporate credit bonds exceeding RMB 10 million of the Company at the end of the reporting period □ Applicable √ Not applicable (3). Main liabilities and reasons for change Unit: 100 million yuan Currency: RMB 123 Long-term borrowings and Non-current | Proportion (%) of bonds payable due within Balance at the | Explain the reason when Category of | | | | | --- | --- | --- | --- | --- | | liabilities due | | 189.62 123.94 | 52.99 | | | Other interest-bearing Corporate credit Non-bank financial Other interest- Less than 1 year Short-term one year increased year-on- Balance of 2023 | interest-bearing Total amount More than 1 the proportion of change the interest- end of this Liability item Change (%) | 138.00 138.30 225.34 92.79 50.00 88.00 87.04 24.62 - 27.14 | 0.13 0.13 0.26 14.35 94.12 2.52 8.79 1.73 0.28 -1.41 - - - | | | within one year | Overdue | | | | | institution loans debts bonds Bank loans institution loans bearing debts year (exclusive) borrowings year. | bearing debt (inclusive) period | Total debt — — 1,039.64 1,179.56 1,290.56 1,570.04 exceeds 30% Total 139.92 279.48 10.13 83.13 93.26 - | 75.13 - - | Maturity time | Annual Report 2024 (4). Priority repayment of liabilities against third parties Priority payment of liabilities against third parties as of the end of the reporting period within the scope of the Consolidated Financial Statements: □ Applicable √ Not applicable 124 | Balance at the Explain the reason when | | | | | | --- | --- | --- | --- | --- | | Long-term Balance of 2023 the proportion of change | end of this Liability item Change (%) | 1,177.94 | 1,136.72 | 3.63 | | Bonds payable borrowing | period | exceeds 30% | 89.14 119.58 | -25.46 | Annual Report 2024 (V) Debt financing instruments of non-financial enterprises in interbank bond market √ Applicable □ Not Applicable 1. Basic information on debt financing instruments of non-financial enterprises Unit: 100 million yuan Currency: RMB Measures of the Company to deal with the risk of bond listing termination | The interest The interest | | □ Applicable √ Not applicable | | | --- | --- | --- | --- | | shall be paid shall be paid | | | | | 2022 2022 | | | | | annually, the annually, the | | | | | Medium-term Medium-term | | Bonds overdue | | | principal principal | | | | | Bidding, Bidding, | | □ Applicable √ Not applicable | | | Notes Notes shall be shall be | | | | | 22 SDIC 22 SDIC quotation, quotation, | | | | | of (Series 10228241 2022-10- of (Series 10228241 2022-10- repaid in full Inter-bank For accredited repaid in full Inter-bank For accredited | | | 125 | | inquiry, and inquiry, and Power 2022-10-31 2027-10-31 Power 2022-10-31 2025-10-31 | No No 2.90 2.57 10 10 | | | | at maturity, bond market investors at maturity, bond market investors 2) SDIC 9 27 1) SDIC 2 27 | | | | | agreed agreed MTN002 MTN001 | | | | | and the last and the last | | | | | Power Power transactions transactions | | | | | interest shall interest shall Risk of | | | | | Holdings Holdings | Adequacy | | | | terminat be paid be paid Abbreviatio Debt service Transaction Interest Bond | Trading | | | | Co., Ltd. Co., Ltd. arrangement by Issue date Value date | Due date Bond name Code | | | | together with together with rate (%) balance mechanism ion of | mode place n | | | investors (if any) the principal the principal listing Annual Report 2024 Payment of bond interest during the reporting period √ Applicable □ Not Applicable 2. Trigger and implementation of Company or investor option clauses and investor protection clauses □ Applicable √ Not applicable 3. Intermediaries providing services for bond issuance and duration business 126 | 2021 Medium term Notes of (Series 1) 2022 Medium term Notes of (Series 1) 2022 Medium term Notes of (Series 2) | | | | | | | --- | --- | --- | --- | --- | --- | | SDIC Power Holdings The company announced the Notice on the Redemption Arrangements for SDIC Power Holdings Co., Ltd.'s First Medium- SDIC Power Holdings The company announced the Notice on the Redemption Arrangements for SDIC Power Holdings Co., Ltd.'s Second SDIC Power Holdings The company announced the Notice on the Redemption Arrangements for SDIC Power Holdings Co., Ltd.'s First Medium- | | | | | | | Co., Ltd. Term Notes of 2021 on July 3, 2024. The principal and interest payment date was July 15, 2024, and the aforementioned Co., Ltd. Medium-Term Notes of 2022 on October 24, 2024. The principal and interest payment date was October 31, 2024, and Co., Ltd. Term Notes of 2022 on October 24, 2024. The principal and interest payment date was October 31, 2024, and the | | | | | | | payment and redemption have been completed. aforementioned payment and redemption have been completed. Agricultural Bank of China Co., Ltd. No. 69, Jianguomen Neidajie Street, Dongcheng Wang Bingshan 010-85106292 Industrial Bank Co., Ltd. 11/F, Industrial Bank, No. 20, Chaoyangmen North Fu Qiunan, Yao 010-59886856 the aforementioned payment and redemption have been completed. Names of the signing | | | | | | | Contact number | Contact | Name of intermediary | | Office address | | | ICBC Limited No. 55, Fuxingmennei Street, Xicheng District, Beijing You Zicheng 010-66107271 District, Beijing China Merchants Bank Co., Ltd. No. 2016, Shennan Avenue, Futian District, Shenzhen Zhang Wei 0755-89278573 Street, Chaoyang District, Beijing Yinuo BDO China Shu Lun Pan CPAs (Special 4/F, No. 61, Nanjing Road East, Huangpu District, Zhao Bin, Wang Tianping, Yan Baorui 13311092737 | accountants | | Bond name | | Explanation of interest and principal payment status | Annual Report 2024 Changes in the above intermediaries □ Applicable √ Not applicable 4. Use of raised funds at the end of the reporting period √ Applicable □ Not Applicable Unit: 100 million yuan Currency: RMB Progress and operational benefits of raised funds used for construction projects □ Applicable √ Not applicable Compliance with 127 2022 Medium term 2022 Medium term Operation status of promised use, Rectification of non- | Notes of (Series 2) implementation plan Notes of (Series 1) special accounts for Total amount of | | | | --- | --- | --- | | Unutilized amount compliant use of Amount utilized | Bond name | | | SDIC Power Normal No Yes Dagong Global Credit Rating Co., Ltd. 3/F, Tower A, China Foreign Language Mansion, Wang Peng 010-67413300 SDIC Power Normal No Yes | raised funds (if funds raised and other | 10 10 10 10 0 0 | proceeds (if any) ShineWing Certified Public Accountants Block A, Fuhua Mansion, No. 8 Chaoyangmen North Ma Chuanjun, Qiu Xin Qiu Xin 010-65542288 Holdings No.89, West Third Ring Road North, Haidian District, Beijing Guantao Law Firm 18/F, Tower B, Xinsheng Plaza, No. 5, Finance Street, Tan Weihong 010-66578066 Holdings commitments in the applicable) Beijing General Partnership) Shanghai Pei Zhichao LLP (Special General Partnership) Street, Dongcheng District, Beijing Xicheng District, Beijing Co., Ltd. Co., Ltd. prospectus Annual Report 2024 Explanation on changing the use of the above-mentioned bonds raised during the reporting period □ Applicable √ Not applicable Other notes: □ Applicable √ Not applicable 5. Adjustment of credit rating results □ Applicable √ Not applicable Other notes: □ Applicable √ Not applicable 6. Execution and change of guarantee, debt repayment plans and other debt repayment protection measures during the reporting period and their effect □ Applicable √ Not applicable 7. Other information on debt financing instruments of non-financial enterprises □ Applicable √ Not applicable 128 Annual Report 2024 (VI) Loss within the scope of the Consolidated Financial Statements during the reporting period of the Company exceeding 10% of the net assets at the end of last year □ Applicable √ Not applicable (VII) Overdue status of interest-bearing debts other than bonds at the end of reporting period □ Applicable √ Not applicable (VIII) The impact on the interests of bond investors caused by violations of laws and regulations, the Articles of Association, and the provisions of the information disclosure management system, as well as the circumstances agreed or promised in the bond prospectus during the reporting period □ Applicable √ Not applicable (IX) The Company's accounting data and financial indicators in recent two years up to the end of reporting period √ Applicable □ Not Applicable Unit: Yuan Currency: RMB II. Convertible corporate bonds □ Applicable √ Not applicable 129 Net profits attributed to | shareholders of listed | Year-on-year | | | | | --- | --- | --- | --- | --- | | | 6,489,958,603.20 6,589,378,541.36 | | -1.51 | | | company after deducting Asset-liability ratio (%) Total debt ratio of EBITDA EBITDA interest coverage increase/decrease | Decrease by 0.28 Increase by 0.04 | Main indicators 2024 2023 | | | | | | | 63.22 63.18 15.76 16.04 6.22 5.75 8.17 | | | non-recurring gain or loss Current ratio Quick ratio (%) Interest coverage ratio Cash interest coverage ratio ratio Loan repayment rate (%) Interest cover ratio (%) | percentage points percentage points | (%) | 0.53 0.63 -15.87 0.50 0.60 -16.67 4.03 3.72 6.76 5.67 19.22 100 100 100 100 8.33 | - - | ### SDIC Power Holdings Co., Ltd. ### Audit Report and Financial Statements ### Year 2024 ### XKSBZ [2025] No.ZG11991 ### SDIC Power Holdings Co., Ltd. ### Audit Report and Financial Statements ### (From January 1, 2024 to December 31, 2024) Consolidated and the Parent Company’s Balance Consolidated and the Parent Company’s Income Consolidated and the Parent Company’s Cash Flow Consolidated and the Parent Company’s Statements of 9-12 1-4 5-6 7-8 I. Independent Auditor’s Report II. Financial Statements Sheets Statements Statements Changes in Owners' Equity Notes to Financial Statements Contents Page 1-273 1-5 ### Independent Auditor's Report XKSBZ [2025] No.ZG11991 To the Shareholders of SDIC Power Holdings Co., Ltd. ### Opinion We have audited the accompanying financial statements of SDIC Power Holdings Co., Ltd (“the Company”) and its subsidiaries (“the Group"), which comprise the consolidated and company’s balance sheets as at December 31, 2024, the consolidated and company’s income statements, the consolidated and company’s statements of cash flows, and the consolidated and company’s statements of changes in shareholders’ equity for the year then ended, and notes to the financial statements. In our opinion, the accompanying financial statements present fairly, in all material respects, the consolidated and company’s financial position as at December 31, 2024 and the consolidated and company’s financial performance and cash flows for the year then ended in accordance with the requirements of Accounting Standards for Business Enterprises. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (“ISAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group and Company in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (the “IESBA Code”), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matter Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Auditor’s Report Page1 We identified the following key audit matter in our audit: (1) We obtained an understanding of the As mentioned in Note V. (XIV) and (XV) to the design and implementation of direct controls over management’s impairment consolidated financial statements, as at December 31, testing, and in addition tested the 2024, the Group recognised a carrying amount of operating effectiveness of these controls. 197,245.20 million Yuan for fixed assets and 30,267.26 (2) We corroborated key input data and assumptions made by management in its million Yuan for assets under construction and these two impairment review through comparison long-term assets accounted for 76.72% of consolidated with actual operational data including consideration of the completeness of the total assets, as a result of which they are material to the data on which the review was based. We financial statements. Judgment is involved both to also obtained an understanding of management judgments and confirmed whether a long-term asset has any impairment indicators, whether they were in line with and to determine the recoverable amount of these assets accounting requirements. based on the present value of the future cash flows (3) We recalculated the recoverable amount of the assets and compared with associated with it(or with the group of assets to which it management’s calculation. We relates). This is a significant and complex judgment on the corroborated the key assumptions and parameters adopted by management for behalf of management, which involves a high degree of the forecast of future cash flows estimation. As a result of this, we determined the associated with the assets. We obtained an understanding of management’s impairment of the long-term asset in relation to the ability to forecast by comparing electricity generation business, including fixed assets and management’s past forecasts with the actual figures that they related to. construction in progress as key audit matter. (4) We evaluated the accounting policy, significant accounting judgments and estimates of asset impairment in the financial statements, and the presentation and disclosure of relevant information. (5) We paid site visit to check status of relevant fixed asset and construction in progress, and to understand whether the asset is lag in technology or not used for Auditor’s Report Page2 long, and consider whether the suspended and obsolescent engineering Key Audit Matter How the scope of our audit addressed the has impairment or scrap based on key audit matter engineering settlement. Impairment of long-term assets in relation to the electricity generation business Other Information Management of the Group (“management”) is responsible for the other information. The other information comprises all of the information included in the 2024 annual report of the Group, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with the requirements of Accounting Standards for Business Enterprises, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Group and Company’s ability to continue as a going concern, disclosing, if applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group and Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Group and Company’s financial reporting process. Auditor’s Report Page3 Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: (1) Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. (2) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group and Company’s internal control. (3) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. (4) Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group and Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and Company to cease to continue as a going concern. (5) Evaluate the overall presentation, structure, and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Auditor’s Report Page4 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) # SDIC Power Holdings Co., Ltd. ## Notes to the financial statements for the year 2024 (Unless otherwise specified, the amount of this note is in RMB yuan) ### I. Company Profile SDIC Power Holdings Co., Ltd. (hereinafter referred to as the Company, or SDIC Power, and referred to as the Group when containing subsidiaries) is a joint-stock limited company established by Sinopec Hubei Xinghua Company Ltd. (hereinafter referred to as HBXH CO., Ltd.) and State Development & Investment Corp., Ltd. (hereinafter referred to as SDIC) after asset replacement and change registration. HBXH CO., Ltd. was established exclusively by Sinopec Jingmen Petrochemical General Plant in February 1989. Approved by [1989] No. 2 of the Hubei Provincial Commission for Structural Reforms and [1989] No. 101 of Hubei Branch of the People's Bank of China in 1989, its shares were issued to the public for the first time. On January 18, 1996, with the approval of [1995] No. 183 of China Securities Regulatory Commission, the public stock was listed on the Shanghai Stock Exchange for trading, with a stock code of 600886. The registered capital of HBXH CO., Ltd. on the date of listing was RMB 58,332,469. After several times of profit distribution, as well as bonus shares distribution and allotment with the capital reserve, its registered capital was increased to RMB 281,745,826. On February 28, 2000, with the approval of the CGZ [2000] No. 34 of the State Ministry of Finance, Sinopec Jingmen Petrochemical General Plant transferred its 162,234,400 shares (state-owned legal person shares, accounting for 57.58% of the total shares of the Company) to China Petroleum and Chemical Corporation, and then the China Petroleum and Chemical Corporation became the largest shareholder of HBXH CO., Ltd. On April 28, 2002, HBXH CO., Ltd. signed the Asset Replacement Agreement with SDIC, and HBXH CO., Ltd. replaced all the assets and liabilities owned by it with the equity assets of SDIC Gansu Xiaosanxia Power Co., Ltd., Jingyuan Second Power Generation Co., Ltd. and Xuzhou China Resources Power Co., Ltd. held by SDIC; on the same day, China Petroleum and Chemical Corporation signed a Share Transfer Agreement with SDIC to transfer all its equity interest in HBXH CO., Ltd. to SDIC. The above-mentioned asset replacement and share transfer are mutually conditional. With the approval of CQ [2002] No. 193 issued by the State Ministry of Finance and the approval of ZJH [2002] No. 239 issued by the China Securities Regulatory Commission, it is agreed to exempt SDIC from the obligation of inviting for acquisition. The Share Transfer Agreement came into effect on September 30, 2002, and the replacement assets Notes to Financial Statements Page 1 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated)--- were delivered on the same day. So far, SDIC has become the largest shareholder of HBXH CO., Ltd., whose business scope has changed from the petroleum industry to the power industry. In December 2002, HBXH CO., Ltd. changed its industrial and commercial registration place to Lanzhou City, Gansu Province, and its name to SDIC Huajing Power Holdings Co., Ltd. In September 2004, SDIC Power took the total share capital of 281,745,826 shares on June 30, 2004 as the base number to increase 10 shares for every 10 shares with the capital reserve for all shareholders. After the capitalization of capital reserve, the registered capital of SDIC Power was increased to RMB 563,491,652. In June 2005, SDIC agreed to acquire 17,500,836 social legal person shares of SDIC Power held by other shareholders, and SDIC's shareholding proportion increased to 60.69%. In August 2005, SDIC Power implemented the equity interest division reform after being reviewed and approved by the second extraordinary general meeting in 2005 and approved by GZCQ [2005] No. 751 Reply on the Problems about Equity Interest Division Reform of SDIC Huajing Power Holdings Co., Ltd. of the State-owned Assets Supervision and Administration Commission of the State Council. The specific program is that based on the total share capital of SDIC Power of 563,491,652 shares and tradable shares of 214,633,970 shares, the non-tradable shareholders shall pay 55,804,832 shares of SDIC Power to the tradable shareholders. In another word, tradable shareholders will receive 2.6 shares paid by non-tradable shareholders for every 10 tradable shares they hold. After the reform of the equity interest division, the total share capital of SDIC Power remained unchanged, and all shares were tradable shares, of which the proportion of equity interest held by SDIC in SDIC Power was reduced from 60.69% to 50.98%. Approved by the resolution of the first extraordinary general meeting of SDIC Power in 2005 and ZJFXZ [2006] No. 32 of China Securities Regulatory Commission, SDIC Power issued an additional 250 million tradable shares in July 2006. After the additional issuance, the total share capital of SDIC Power was increased to 813,491,652 shares, and the registered capital was changed to RMB 813,491,652, where SDIC held 359,083,356 shares, and the shareholding proportion was reduced from 50.98% to 44.14%. With the approval of the resolution at the first extraordinary general meeting of SDIC Power in 2007 and ZJFXZ [2007] No. 261 of China Securities Regulatory Commission, SDIC Power placed 3 shares for every 10 shares on the basis of the total share capital of 813,491,652 shares on the registration date of equity interest (September 6, 2007). A total of 244,047,496 shares were placed. After this allotment, the total share capital of SDIC Power was increased to 1,054,628,336 shares, and the registered capital was changed to RMB 1,054,628,336, of which SDIC held Notes to Financial Statements Page2 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated)--- 466,808,363 shares, with the shareholding proportion increasing from 44.14% to 44.26%. In March 2009, SDIC Power and SDIC signed the Agreement on Share Subscription and Asset Purchase between SDIC and SDIC Huajing Power Holdings Co., Ltd. and SDIC Power acquired the 100% equity interest of SDIC Electric Power Co., Ltd. (hereinafter referred to as the Electric Power Company) held by SDIC with private-placement A shares as consideration. With the approval of the resolution at the 13th Meeting of the 7th board of directors held by SDIC on March 2, 2009, the resolution at the second extraordinary general meeting held on June 24, 2009, and the Reply on Approving SDIC Huajing Power Holdings Co., Ltd. to Issue Shares to SDIC for Assets Purchase (ZJXK [2009] No. 1234) as well as the Reply on Approving the Exemption of SDIC from the Obligation on Offering to Acquisition of Shares of SDIC Huajing Power Holdings Co., Ltd. (ZJXK [2009] No. 1235) of China Securities Regulatory Commission, SDIC Power is allowed to issue 940,472,766 shares to SDIC by private placement, with a par value of RMB 1 and an issue price of RMB 8.18 per share, so as to purchase 100% of the equity interest of the Electric Power Company held by SDIC. After this issuance, the total share capital of SDIC Power was increased to 1,995,101,102 shares, and the registered capital was changed to RMB 1,995,101,102, of which SDIC held 1,407,281,129 shares, with the shareholding proportion of 70.54%. With the approval of the resolution at the 26th Meeting of the 7th Board of Directors of the Company, the resolution at the second extraordinary general meeting in 2010, and the Reply on Issues about the Issuance of Convertible Corporate Bonds by SDIC Huajing Power Holdings Co., Ltd. (GZCQ [2010] No. 386) of the State-owned Assets Supervision and Administration Commission of the State Council, as well as the Reply on Approving the Public Issuing of Convertible Corporate Bonds by SDIC Huajing Power Holdings Co., Ltd. (ZJXK [2011] No. 85) of China Securities Regulatory Commission, the Company publicly issued 34 million convertible corporate bonds on January 25, 2011, with a par value of RMB 100. The total issuance amount is RMB 3.4 billion, and the issuance term is 6 years (from January 25, 2011 to January 25, 2017). With the approval of the SZFZ [2011] No. 9 of the Shanghai Stock Exchange, the above-mentioned RMB 3.4 billion convertible corporate bonds were listed and traded on the Shanghai Stock Exchange from February 15, 2011. The bonds are referred to as SDIC convertible bonds, with the bond code 110013. With the approval of the resolution at the 7th Meeting of the 8th Board of Directors of the Company and the resolution at the second extraordinary general meeting in 2011, the Reply on Issues about the Public Issuance of Shares by SDIC Huajing Power Holdings Co., Ltd. (GZCQ [2011] No. 585) of the State-owned Assets Supervision and Administration Commission of the State Council and the Reply on Approving the Additional Issuance of Shares by SDIC Huajing Notes to Financial Statements Page3 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Power Holdings Co., Ltd. (ZJXK [2011] No. 1679) of China Securities Regulatory Commission, SDIC Power issued RMB ordinary shares (A shares) of 350 million to the public in November 2011. After the additional issuance, with the addition of 1,649 shares converted from "SDIC convertible bonds", the total share capital of SDIC Power increased to 2,345,102,751 shares, and the registered capital was changed to RMB 2,345,102,751, where the SDIC held 1,444,604,341 shares, with the shareholding proportion reducing from 70.65% to 61.60%. On February 28, 2012, the Company name was changed to SDIC Power Holdings Co., Ltd. On June 25, 2012, according to the resolution at the 14th Meeting of the 8th Board of Directors of the Company, the resolution of the general meeting in 2011 and the amended Articles of Association, the Company increased the registered capital by RMB 1,172,551,376, all of which was converted from the capital reserve. In addition, in 2012, RMB 12,521,000 of "SDIC convertible bonds" was converted into A shares of the Group, and the number of shares converted is 2,641,412. After the capital increase, the paid-in amount of the Company's registered capital is RMB 3,520,295,539. On January 25, 2011, the Company issued "SDIC Convertible Bonds" of RMB 3.4 billion. As of July 5, 2013, a total of RMB 3,388,398,000 was converted into the Group's A shares, and the total number of shares converted was 1,020,270,888 shares (net of the impact of two conversion factors of capital reserve which is 482,408,719 shares calculated with the same dimension), and the accumulative number of convertible shares accounts for 51.14% of the total number of shares (1,995,101,102 shares) issued by the Company before the conversion of "SDIC convertible bonds" (net of the impact of two conversion factors of capital reserve which is 24.18% calculated with the same dimension). After the conversion of "SDIC convertible bonds", the total share capital of the Company was increased from 6,515,830,323 shares (on June 30, 2013) to 6,786,023,347 shares. SDIC holds 3,478,459,944 shares of the Company, accounting for 51.26% of the total share capital. On September 24, 2015, SDIC increased its shareholding by 5,269,808 shares through the Shanghai Stock Exchange system in the way of continuous bidding. After this increase, SDIC directly held 3,483,729,752 shares of the Company, accounting for about 51.34% of the total issued shares of the Company. On May 18, 2016, SDIC transferred 146,593,163 shares to China Shipping (Group) Company by agreement. After this transfer, SDIC directly held 3,337,136,589 shares of the Company, accounting for 49.18% of the total issued shares of the Company, and China Shipping (Group) Company directly held 146,593,163 shares of the Company, accounting for 2.16% of the total issued shares of the Company. Notes to Financial Statements Page4 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated)--- On October 22, 2020 (London time), the Group offered 16,350,000 Global Depository Receipts (GDR) (before exercising the over-allotment option) and listed them on the London Stock Exchange. Each GDR represents 10 A-shares of the Group. The new domestic underlying A-shares corresponding to the 16,350,000 GDRs initially offered have been registered and deposited in the Shanghai Branch of China Securities Depository and Clearing Corporation Limited on October 20, 2020, and are held by Citibank, National Association, the Group's GDR depository, and they were listed on Shanghai Stock Exchange on October 22, 2020. By exercising the over-allotment option, the stabilizing manager required to deliver the additional 1,635,000 GDRs offered by the Group to relevant investors on November 19, 2020 (London time). The new domestic underlying A-shares corresponding to the 1,635,000 GDRs of this over-allotment have been registered and deposited in the Shanghai Branch of China Securities Depository and Clearing Corporation Limited on November 16, 2020, and are held by Citibank, National Association, the Group's GDR depository, and they were listed on Shanghai Stock Exchange on November 19, 2020. After the issuance of GDR, the total share capital of SDIC Power was increased to 6,965,873,347 shares, and the registered capital was changed to RMB 6,965,873,347, where SDIC held 3,337,136,189 shares, with the shareholding proportion reducing from 49.18% to 47.91%. On November 26, 2021, the Group issued A shares to SDIC by private placement. The price of this issuance is RMB 7.44/share, and the number of issued shares is 488,306,450. The total proceeds are RMB 3,632,999,988. The lockup period is 36 months from the date when the share registration procedures are completed. After this issuance, the total share capital of SDIC Power was increased to 7,454,179,797 shares, and the registered capital was changed to RMB 7,454,179,797, of which SDIC held 3,825,443,039 shares, with the shareholding proportion increasing from 47.91% to 51.32%. As of December 31, 2024, the Group has issued a total of 7,454,179,800 shares, all of which are non-restricted tradable shares. The registered capital is RMB 7,454,179,800 (the business license change registration was completed on February 14, 2022). Registered address: No.1108, 11/F 147 Building, Xizhimen Nanxiao Street, Xicheng District, Beijing; Registration number of business license: 911100002717519818. Headquarters address: 147 Building, Xizhimen Nanxiao Street, Xicheng District, Beijing. The Group's industries are electricity, thermal power production, and supply; the main business activities are as follows: Investment, construction, and operation management of energy projects dominated by power generation; development and operation of new energy projects, high-tech technology, and environmental protection industry; and development and operation of power supporting products and information, and consulting services. Notes to Financial Statements Page5 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) The parent company of the Company is SDIC, and the ultimate controller of the Group is the State-owned Assets Supervision and Administration Commission of the State Council. The financial statements were approved by the board of directors of the Company on April 28, 2025. II. Basis for Preparation of Financial Statements (I) Basis of preparation This financial statement is prepared in accordance with Accounting Standards for Business Enterprises--Basic Standard issued by the Ministry of Finance and various accounting standards, application guide of enterprise accounting standard, interpretation of enterprise accounting standard and other relevant regulations (collectively known as “Accounting Standards for Business Enterprises”) as well as Disclosure of Corporate Information Disclosure Rules No.15--General Provisions on Financial Reporting issued by CSRC. (II) Going-concern This financial statement is prepared on the basis of going-concern. The Group has sustainable operation ability, and there is no significant event that has an impact on sustainable operation ability within 12 months since the end of the reporting period. III. Significant Accounting Policies and Accounting Estimates (I) Statement of compliance with accounting standards for business enterprises This financial statement can conform to the requirements of enterprise accounting standards to reflect the consolidated and company financial standing on December 31, 2024 and 2024 consolidated and company business results and cash flow of the Company in a true and complete way. (II) Accounting period The accounting period of the Group is from January 1 to December 31 of each calendar year. (III) Operating cycle The operating cycle of the Group is 12 months. (IV) Bookkeeping currency The Group uses Renminbi (“RMB”) as its bookkeeping currency. Notes to Financial Statements Page6 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (V) The method for determining the importance criteria and the basis for selection (VI) Accounting treatment method for business combinations under common control and not under common control The assets and liabilities acquired by the Group, as the combining party, from the business combinations under common control should be measured based on the book value in the ultimate controller's consolidated statements of the combined party on the combination date. The difference between the book value of the net assets acquired and that of the paid combination consideration shall be used to adjust the capital reserve. Where the capital reserve is insufficient for offset, retained earnings shall be adjusted. The identifiable assets, liabilities and contingent liabilities acquired from the acquiree in the business combinations not under common control are measured at fair value on the acquisition date. The combination cost is the sum of fair value of cash or non-cash assets paid, liabilities issued or assumed, equity securities issued, etc. on the acquisition date for obtaining the control right of the acquiree and various direct expenses in business combination (in the business combination realized step by step through several transactions, the combination cost is the sum of the cost for each single transaction).Positive balance between the combination cost and the fair value of the identifiable net assets of the acquiree obtained by the Group on the acquisition date shall be recognized as goodwill; if the combination cost is less than the fair value of the identifiable net assets of the acquiree obtained by the Company, the fair value of various identifiable assets, liabilities and contingent liabilities obtained in the business combination and the fair value of non-cash assets or equity security issued in the consideration of combination shall be re-checked first. If the rechecked combination cost is still less than the fair value of identifiable net assets of the acquiree obtained by the Company, the balance shall be included in current non-operating income. Notes to Financial Statements Page7 One or both of the total assets and operating income of a subsidiary account for more than Significant non-wholly-owned subsidiary 1% of the corresponding items in the Top 10 projects under construction with ending Important construction in progress consolidated financial statements balance Materiality criterion Items Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (VII) Judgment standard of control and compilation method of consolidated financial statement 1. Judgment standard of control The scope of consolidated financial statement takes control as basis and includes the Company and its all-subsidiary companies. Control means the right of the Company over the invested entity to enjoy variable return by participating in relevant activities of the invested entity and apply such right to affect the amount of such return. 2. Consolidation procedures The Group incorporates all subsidiaries controlled by it and structured entities into consolidated financial statements. In preparing the consolidated financial statements, where the accounting policy or accounting period adopted by subsidiaries are inconsistent with that adopted by the Company, financial statements of subsidiaries shall be adjusted according to the accounting policy and accounting period of the Company. All significant internal transactions, balances and unrealized profits within the scope of consolidation shall be eliminated during preparation of consolidated financial statements. Shares in owners' equity of subsidiaries but not attributable to the company, net profit and loss for the current period, other comprehensive income, and shares attributable to minority shareholders’ interests in total comprehensive income shall be listed in consolidated financial statements as “minority shareholders' equity, minority shareholders’ interests, other comprehensive income, equity attributed to minority shareholders and total comprehensive income equity attributed to minority shareholders”respectively. For the subsidiaries acquired in the business combinations under common control, its operating results and cash flow are included into the consolidated financial statements from the beginning of the current period of the combination. During the preparation of comparative consolidated financial statements, relevant items of the financial statements of the previous period shall be adjusted. It shall be deemed that the reporting entity formed after the combination has existed since the beginning of control by the ultimate controller. Under the circumstance that the equity of the investee is obtained under the common control through multiple transactions step by step, which results in a business combination, supplementary disclosure to treatment methods in consolidated financial statements shall be made in the reporting period for acquiring the control. For example, if equity of the investee under the common control is obtained step by step through several transactions, which results in a business combination, such Notes to Financial Statements Page8 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) equity shall be adjusted in the preparation of consolidated financial statements as if they might have existed as the current state from the time when the ultimate controller takes the control. When preparing comparative statements, relevant assets and liabilities of the acquiree are included in comparative statements of consolidated financial statements of the Group according to the restriction that the time above shall be later than the time when the Group and the acquiree are under the common control of the ultimate controller, moreover, increased net assets resulting from the combination are adjusted as relevant items under owners' equity. In order to avoid repeated calculation of value of net assets of the combined party, the long-term equity investment held by the Group before the combination is achieved, the changes in relevant profits and losses, other comprehensive income and other net asset that have been recognized in the period from the later date, when the long-term equity investment is acquired and when the Group and the combined party are under the final control of the same party, to the combination date, shall respectively be applied to write down the opening retained earnings or current profits and losses during the period of comparative statement. As for subsidiaries acquired by business combinations not under common control, operating results and cash flows shall be incorporated into consolidated financial statements from the date when the Group takes the control. In preparing of consolidated financial statements, financial statements of the subsidiaries are adjusted based on the fair value of all identifiable assets, liabilities and contingent liabilities recognized on the acquisition date. Under the circumstance that the equity of the investee is obtained not under common control through multiple transactions step by step, which results in a business combination, supplementary disclosure to treatment methods in consolidated financial statements shall be made in the reporting period for acquiring the control. For instance, under the circumstance that the business combination is realized not under common control through multiple transactions step by step, the equity of the Acquiree obtained before the acquisition date shall be recalculated as per the fair value of the equity on the acquisition date when preparing the consolidated financial statements, with the balance between the fair value and its book value included into the current investment income; if the equity of the Acquiree held before the acquisition date involves other comprehensive income calculated under the equity method and other change of the owner's equity except for net profits and losses, other comprehensive incomes and profit distribution, the relevant other comprehensive incomes and other change of owners' equity shall be transferred into the current investment profit or loss of the acquisition date, except other comprehensive incomes arising out from that the investee remeasures change of the net liabilities or net assets of the defined benefit plan. Notes to Financial Statements Page9 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) At the situation when the Group partially disposes long-term equity investments in subsidiaries without losing control right, in the consolidated financial statements, for the difference between the disposal price and the share of net assets which should be entitled by the Group in the subsidiaries continuously calculated since the acquisition date or combination date corresponding to the disposed long-term equity investments, such difference shall be adjusted to capital premium or share premium. If the capital reserve is insufficient to offset, the retained earnings shall be adjusted. Where control right over the investee is lost due to the disposal of partial equity investment of the Group or other reasons, the residual equity will be re-calculated based on the fair value thereof on the day the control is lost when preparing the consolidated financial statements. The balance between the sum of consideration acquired from disposal of equity interest and the fair value of the residual equity interest and the share of net assets of the original subsidiaries measured constantly based on the original shareholding proportion from the acquisition date or combination date shall be recognized as the profit and loss on investment of the period at the loss of control and the goodwill shall be offset accrodingly. Other comprehensive income in connection with equity investment of the original subsidiary shall be transferred to the profit and loss on investment of the period at the loss of control. When the Group disposes of equity investment of the subsidiaries step by step through multiple transactions till losing the control right, if various transactions from disposal of equity investment of subsidiaries till losing the control right belong to package deal, accounting treatment shall be conducted for each transaction as the transaction that disposes of subsidiary with loss of control right. Nonetheless, before loss of control right, the balance between each disposal price and the net asset share of such subsidiary enjoyed correspondingly in asset disposal is recognized in the other comprehensive income in the consolidated financial statements and transferred into the current investment profit and loss when losing control right. (VIII) Classification of joint operation arrangement and accounting treatment methods for joint operations The Group’s joint arrangements include joint operations and joint ventures. In projects for joint operation, for assets held and liabilities assumed solely which are recognized by the Group as the joint-venture party in joint operation and assets held and liabilities assumed according to shares, their relevant income and costs shall be determined as per related individual agreements or shares. Only profit or loss attributable to other joint operators shall be recognized in transactions where assets purchase and sale occurred with joint operator but not classified as trading transactions. Notes to Financial Statements Page10 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (IX) Cash and cash equivalents Cash equivalents refer to investments held by the Group with short maturities (generally due within three months from the purchase date), strong liquidity, easy conversion into a known amount of cash, and very low risk of value changes. (X) Foreign currency transactions and foreign exchange translation for financial statements 1. Foreign currency transaction The amount of transactions in foreign currency shall be translated into that in RMB at the spot exchange rate (or according to the actual situation) on the transaction date. The foreign currency monetary items in the balance sheet date are translated into RMB at the spot exchange rate on the balance sheet date; the translation difference is directly recognized as the current profit and loss, except the translation difference that is attributed to foreign currency specific borrowings for establishing or producing assets eligible for capitalization which should be capitalized as per capitalization principle. 2. Translation of foreign currency financial statements The asset and liability items in the foreign currency balance sheet are converted at the spot exchange rate on the balance sheet date; the owner's equity items, except for the items of "retained earnings", are converted at the spot exchange rate on the transaction date; the income and expenditure items in the profit statement are converted at the spot exchange rate on the transaction date (or according to the actual situation). The difference arising from the above translation shall be listed in other comprehensive income items. Foreign currency cash flow shall be converted at the spot rate on the date that cash flow occurs (or according to the actual situation). The amount of effect of exchange rate fluctuations on cash shall be separately listed in the cash flow statement. (XI) Financial instruments When the Group becomes a party of a financial instrument contract, the Group recognizes a financial asset or a financial liability. 1. Financial assets (1) Classification, recognition and measurement of financial assets According to the business mode of financial assets management and the contract cash flow characteristics of financial assets, the Group classifies financial assets into financial assets measured at amortized cost, financial assets at FVTOCI, and financial assets at FVTPL. Notes to Financial Statements Page11 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) The Group classifies the financial assets that meet the following conditions simultaneously into the financial assets measured at amortized cost: ① the business mode of the financial assets management takes the collection of contract cash flow as the objective. ② The contract terms of the financial assets stipulate that, the cash flow generated on a specific date is only the payment of the principal and the interest based on the outstanding principal amount. Financial assets measured at amortized cost include notes receivable, accounts receivable, other receivables, long-term receivables, debt investment, etc. Such financial assets are initially measured at fair value, and relevant transaction costs are included in the initially recognized amount; Subsequent measurement is carried out at amortized cost. For financial assets that are not part of any hedging relationship, the gains or losses arising from amortization according to the effective interest method, impairment, exchange gain or loss, and derecognition shall be included in the current profits and losses. The Group classifies the financial assets that meet the following conditions simultaneously into the financial assets at FVTOCI: ① the business mode of the management of the financial assets takes the collection of contract cash flow and the of such financial assets as the objective. ② The contract terms of the financial assets stipulate that, the cash flow generated on a specific date is only the payment of the principal and the interest based on the outstanding principal amount. They include receivables financing, other debt investments, which shall be initially measured at fair values, and for which the relevant transaction costs shall be included in the initially recognized amount. All gains or losses of such financial assets that are not of any hedging relationship, other than the credit impairment loss or gain, exchange gain or loss, and interest of such financial assets calculated by the effective interest method, shall be included in other comprehensive income. When the financial assets are derecognized, the accumulative gain or loss previously included in other comprehensive income shall be transferred from other comprehensive income, and included in the current profits and losses. The Group recognizes the interest income by the effective interest method. The interest income shall be determined by multiplying the book balance of financial assets by the effective interest rate, except for the following circumstances: ① for the purchased or originated financial assets that the credit impairment has occurred, their interest incomes shall be determined at their amortized costs and by the effective interest rate adjusted through credit from the initial recognition. ② For purchased or originated financial assets that the credit impairment has not occurred but the credit impairment has occurred in the subsequent period, their interest incomes shall be determined at their amortized costs and by the effective interest rate during the subsequent period. Notes to Financial Statements Page12 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) The Group designates the non-trading equity instrument investment as the financial assets at FVTOCI. This designation shall not be revoked once made. The non-trading equity instrument investment at FVTOCI that the Group designates shall be initially measured at the fair value, and the relevant transaction expenses shall be included in the initially recognized amount; and other relevant gains and losses (including the exchange gain or loss) shall be included in other comprehensive income, and shall not be transferred in the current profits and losses subsequently, but the obtained dividends (except for those belonging to the investment cost recovered). When its recognition is terminated, the accumulated gains or losses previously booked into other comprehensive income shall be transferred from other comprehensive incomes and recorded into retained earnings. The Group classifies the financial assets other than the above financial assets measured at the amortized cost and the financial assets at FVTOCI into the financial assets at FVTPL. Such financial assets shall be initially measured at the fair value, and the relevant transaction expenses shall be included in the current profits and losses directly. The gains or losses of such financial assets shall be included in the current profits and losses. The financial assets will be classified as the financial assets at FVTPL if they are recognized by the Group in the business combination not under common control and constituted by the contingent consideration. (2) Determination basis and measurement method of financial asset transfer The Group derecognizes the financial assets that meet one of the following conditions: ① the contract right of collecting the cash flow of such financial assets is terminated; ② the financial assets are transferred, and the Group has transferred almost all risks and rewards related to the ownership of the financial assets; and ③ the financial assets are transferred, and the Group neither transfers nor retains almost all risks and rewards related to the ownership of the financial assets, as well as the control over such financial assets. If the transfer of an entire financial asset qualifies for derecognition, the difference between the book value of the transferred financial asset at the date of derecognition and the sum of the consideration received for such transfer and the amount of cumulative changes in fair value allocated to the derecognized part which had been directly recognized in other comprehensive income(the financial asset involved in the transfer shall meet the following conditions: ① The objective of the Group's business model for managing the financial asset is to both collect contract cash flows and sell the financial asset; ② the contract terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.) shall be recognized in profit or loss. Notes to Financial Statements Page13 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) If the transfer of a part of a financial asset qualifies for derecognition, the book value of the transferred financial asset shall be allocated between the part derecognized and the part not derecognized on the basis of the relative fair values of these parts, and the difference between the book value allocated to the part derecognized and the sum of the consideration received for such transfer and the amount of cumulative changes in fair value allocated to the derecognized part which had been recognized in other comprehensive income (the financial asset involved in the transfer shall meet the following conditions: ① The objective of the Group's business model for managing the financial asset is to both collect contract cash flows and sell the financial asset; ② the contract terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.) shall be recognized in profit or loss. 2. Financial liabilities (1) Classification, recognition and measurement of financial liabilities Except for the following items, the Group classifies the financial liabilities as the financial liabilities measured at amortized cost and uses the effective interest method to carry out a subsequent calculation based on the amortized cost: ① The financial liabilities at FVTPL (including derivatives falling under financial liabilities), including the financial liabilities held for trading and financial liabilities designated as financial liabilities at FVTPL when initially recognizing, are measured subsequently at fair value, the gains or losses resulting from the changes in fair value and the dividends and interest expenses related to such financial liabilities are recorded in the current profits and losses. ② Financial liabilities formed by the transfer of financial assets that do not meet the conditions for derecognition or continue to involve in the transferred financial assets. Such financial liabilities shall be measured by the Group in accordance with relevant standards for the transfer of financial assets. ③ Financial guarantee contracts that do not fall under the above circumstances ① or ②, and loan commitments that do not fall under the above circumstance ① and lend at a rate lower than market interest rates. If the Group is the issuer of such financial liabilities, the liabilities after initial recognition shall be subsequently measured according to the higher of the loss reserve amount determined according to the impairment provisions of financial instruments, and the balance of initially recognized amount after deducting the accumulated amortized amount recognized according to the revenue standard. The financial liabilities recognized by the Group as the acquirer in the business combination Notes to Financial Statements Page14 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) not under common control and constituted by the contingent consideration shall be subjected to the accounting treatment at FVTPL. 3. Derecognition conditions of financial liabilities Where the current obligation of financial liabilities has been terminated entirely or partially, the financial liabilities or obligation that has been terminated shall be derecognized. The Group and the Creditor sign an agreement in which the existing financial liabilities are replaced by means of undertaking new financial liabilities; in the event that the contract terms of the new financial liabilities and those for existing financial liabilities are inconsistent, recognition for the existing financial liabilities shall be terminated and the new financial liabilities shall be recognized. If the contract terms and conditions of the existing financial liabilities are modified by the Group in whole or in part substantially, such existing financial liabilities or the corresponding part thereof should be derecognized, and the financial liabilities subject to such modification are recognized as a new financial liability. The difference between the book value of the derecognized part and the paid consideration shall be included in current profits and losses. 4. Determination methods for fair values of financial assets and financial liabilities The Group measures the fair value of financial assets and financial liabilities, based on the prices of major markets or the price of the most advantageous market in case of no major market, and employ the valuation techniques currently available and supported by sufficient valid data and other information. The inputs for measuring the fair value are divided into three levels: the inputs for Level 1 are the unadjusted quotation of identical assets or liabilities in the active market which can be obtained on the measurement date; the inputs for Level 2 are the inputs directly or indirectly observable for relevant assets or liabilities other than those for Level 1; the inputs for Level 3 are the inputs that are unobservable for relevant assets or liabilities. The Group prefers the input value of the first level, and uses the input value of the third level at the very end. The level of fair value measurement results is determined based on the lowest level for input value that is significant for the whole fair value measurement. The investment of the Group in the equity investment shall be measured at the fair value. However, under the limited circumstances, if the recent information for determining the fair value is insufficient or the range of possible estimates of fair value is wide, and the cost represents the best estimate for the fair value within this range, such cost could represent its appropriate estimate for the fair value within this distribution range. 5. Offset of financial assets and financial liabilities Notes to Financial Statements Page15 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Financial assets and financial liabilities of the Group shall be presented separately in the balance sheet and be not mutually offset. However, the net amount is presented in the balance sheet after being offset, when the following conditions are met at the same time: ① the Group has a legal right to offset the recognized amount and that such legal rights are currently enforceable; and ② the Group plans to settle by the net assets or sell off financial assets and liquidate the financial liabilities at the same time. 6. Difference between financial liability and equity instrument and related treatment method The Group distinguishes financial liabilities and equity instruments according to the following principles: ① if the Group fails to unconditionally perform one contract obligation by delivering cash or other financial assets, the contract obligation satisfies the definition of financial liability. While some financial instruments do not expressly include the terms and conditions for the obligation to deliver cash or other financial assets, it is possible to form contract obligations indirectly through other terms and conditions. ② If a financial instrument must be or can be settled with the Group's own equity instruments, it is necessary to consider whether the Group's own equity instruments used to settle the instrument are used as substitutes for cash or other financial assets or to enable the holder of this instrument to enjoy the residual equity in the assets after deducting all liabilities from the issuer. If it is the former one, this instrument is the financial liabilities of the Issuer. If it is the latter, the instrument is the equity instrument of the Issuer. Under certain circumstances, a financial instrument contract requires that the Group must or may settle the financial instrument with its own equity instruments, where the amount of contract rights or contract obligations is equal to the number of own equity instruments available or to be delivered multiplied by the fair value upon its settlement. In this case, regardless of whether the amount of the contract right or obligation is a fixed value or changes based in whole or in part on changes in variables other than the market price of the Group's own equity instrument (such as interest rates, the price of a good or the price of a financial instrument), the contract is classified as financial liabilities. When classifying a financial instrument (or its components) in the consolidated financial statements, the Group takes into consideration all the terms and conditions agreed between members of the Group and holders of financial instruments. If the Group as a whole has assumed the obligation to deliver cash, other financial assets or settle it by other means of rendering the instrument a financial liability, the instrument should be classified as a financial liability. If the financial instruments or their components belong to financial liabilities, the relevant Notes to Financial Statements Page16 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) interests, dividends (or stock dividends), gains or losses, as well as gains or losses arising from redemption or refinancing shall be recognized in the profits and losses of the current period by the Group. If the financial instruments or their components belong to equity instruments, as to the issuance (including re-financing), re-purchasing, sale or cancellation of such instruments, the Group will take with these situations as changes of equity and will not recognize any change of fair value of the equity instruments. 7. Impairment of financial instruments Based on the expected credit loss, the Group conducts impairment accounting treatment and recognizes an impairment loss for : ① financial assets measured at amortized cost; ② financial assets measured at FVTOCL; ③ contractual assets. Expected credit loss refers to the weighted average of credit losses of financial instruments weighted by the risk of default. Credit loss refers to the difference between all contract cash flows receivable according to the contract and discounted according to the original effective interest rate and all expected cash flows receivable, that is, the present value of all cash shortages of the Group. For each of the following items, the Group always measures its loss provision according to the amount equivalent to the expected credit losses during the whole duration: ① loss provision of receivables or contractual assets formed by the transactions specified in the Accounting Standards for Business Enterprises No. 14 - Revenues, regardless of whether the item contains major financing components; ② operating lease receivables. In addition to the above items, for other items, the Group measures the loss provision according to the following circumstances: ① for financial instruments with no significant increase in credit risk since initial recognition, the Group measures the loss provision according to the amount of the expected credit losses in the next 12 months; ② for financial instruments with a significant increase in credit risk since initial recognition, the Group measures the loss provision according to the amount equivalent to the expected credit losses of the financial instrument throughout the duration; ③ for financial instruments purchased or originated with credit impairment, the Group measures the loss provision according to the amount equivalent to the expected credit losses in the whole duration. For financial assets at FVTOCI (such financial assets also meet the following conditions: the Group's business model of managing such financial assets aims to collect the contract cash flow; the contract terms for such financial assets stipulate that the cash flow generated on a specific date is only the payment of the interest based on the principal amount), the Group recognizes its Notes to Financial Statements Page17 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) provision for credit loss in other comprehensive income, and includes the impairment loss or gain into the current profit and loss, without reducing the book value of such financial assets as stated in the balance sheet. The increase or reversed amount of the provision for credit loss for other financial instruments shall be included in the current profits and losses as impairment losses or gains. (1) Assessment on significant increase of credit risk The Group judges whether the credit risk of the financial instrument significantly increases by comparing the default probability of this financial instrument in the expected duration determined during the initial recognition with its default probability in the expected duration determined on the balance sheet date. However, if the Group determines that the financial instrument has only a low credit risk on the balance sheet date, the Group could assume that the credit risk of the financial instrument has not increased significantly since the initial recognition. Under normal circumstances, if it is overdue for more than 30 days, it indicates that the credit risk of the financial instrument has significantly increased, except that the Group can obtain the reasonable and well-founded information without unnecessary additional cost or effort to prove that the credit list has not yet significantly increased since the initial recognition even if overdue for more than 30 days. When determining whether the credit risk has significantly increased since the initial recognition, the Group considers the reasonable and well-founded information obtained by it without unnecessary additional cost or effort, including the forward-looking information. Portfolio-based assessment. If the Group cannot obtain sufficient evidence of a significant increase in credit risk at a reasonable cost at the individual instrument level, and it is feasible to evaluate whether the credit risk has increased significantly on a portfolio basis, the Group will group the financial instrument according to common credit risk characteristics and considers and evaluates whether the credit risk has increased significantly on a portfolio basis. (2) Measurement of expected credit loss Elements that should be reflected in the measurement of expected credit loss: ① the average unbiased and probability-weighted amount determined by assessment a series of possible results; ② the time value of money; and ③ reasonable and well-founded information about past events, current conditions and projections of future economic conditions that are not unnecessarily costly or available at the balance sheet date. The Group determines its credit loss of lease receivables and financial guarantee contracts on the basis of individual assets or contracts. For accounts receivable and contractual assets, except for determining its credit loss separately for the accounts with the significant single amount and credit impairment, the Group Notes to Financial Statements Page18 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) prepares a comparison table of ageing of accounts receivable and loss given default on a portfolio basis, considering the elements that should be reflected in the measurement of expected credit loss and referring to the experience in historical credit loss, so as to calculate the expected credit loss. For other financial assets measured at amortized cost and classified as financial assets at FVTOCI (such financial assets also meet the following conditions: the Group's business model of managing such financial assets aims to collect the contract cash flow; the contract terms for such financial assets stipulate that the cash flow generated on a specific date is only the payment of the interest based on the principal amount), the Group determines its credit loss on a portfolio basis, except for determining its credit loss separately for the accounts with the significant single amount. The Group classifies financial instruments into different groups based on common credit-risk characteristics. The common credit risk characteristics used by the Group include: type of financial instruments, credit risk rating, geographical location of the debtor, industry engaged in by the debtor, etc. The Group determines the expected credit losses of related financial instruments in the following ways: ① For financial assets, the credit loss is the present value of the difference between the contract cash flow that the Group should collect and the cash flow expected to be collected. ②For lease receivables, the credit loss is the present value of the difference between the contract cash flow that the Group should collect and the cash flow expected to be collected. Among them, the cash flow used to determine the expected credit loss is consistent with the cash flow used by the Group to measure the lease receivables in accordance with the leasing standards. (XII) Notes receivable For details, please refer to "III (XI) Financial instruments". (XIII) Accounts receivable The determination method of expected credit losses on accounts receivable and the accounting treatment method are detailed in the content described in "III. (XI) Financial Instruments". 1. Single provision for impairment The Group separately calculates the expected credit loss for the receivables withdrawn on a single basis, and separately calculates the financial assets without expected credit loss, including calculations in the financial asset portfolio with similar credit risk characteristics. If calculation on Notes to Financial Statements Page19 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) an individual basis recognizes the credit of a receivable, it shall not be included in a portfolio of receivables with similar credit risks for combined calculation. With reference to the historical credit loss experience, and in combination with the current situation as well as the forecast of the future economic situation, the Group measures the expected credit loss by estimating the default risk exposure, default probability, default loss rate, credit risk conversion factors of off-balance-sheet items and other parameters of a single financial instrument or portfolio financial instruments. The Group will separately calculate the expected credit loss for receivables with the following features: In the case of the receivables with objective evidence of loss, the expected credit loss is recognized based on the difference between the present value of future cash flow and its book value; Receivables that have disputes with the other party or are involved in litigation or arbitration; Receivables with clear indications that the debtor is likely to be unable to perform the repayment obligations. 2. Provisioning for impairment on a collective basis Accounts receivable-low risk combination-electricity charges receivable and heat charges receivable as well as for others, etc. The recovery probability is obviously higher than that of ordinary creditor's rights, and historical experience shows that receivables with extremely low risk shall be recovered. For the accounts receivable divided into portfolios, the Company calculates the migration rate of accounts receivable with different ageing and considers the cumulative changes in the migration rate of each ageing range in history to obtain the expected loss rate corresponding to each ageing range, and then calculates the expected credit loss amount with different ageing. For receivables and contractual assets formed by transactions specified in Accounting Standards for Business Enterprises No. 14 - Revenue (2017) (regardless of whether the significant financing is contained), the Group always measures the loss provision according to the amount equivalent to the expected credit loss throughout the duration. For the lease receivables, the Group always measures its loss provision according to the amount equivalent to the expected credit loss throughout the duration: If the Group no longer reasonably expects that the contract cash flow of the financial asset can be recovered in whole or in part, the book balance of the financial asset is directly written down. (XIV) Other receivables Notes to Financial Statements Page20 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) The determination method of expected credit losses on other receivables and the accounting treatment method are detailed in the content described in "III. (XI) Financial Instruments". The Group separately calculates expected credit loss on other receivables with provision for impairment made on an individual basis, and any receivables with credit loss recognized on an individual basis are no longer included in the receivables portfolio with similar credit risk characteristics. With reference to the historical credit loss experience, and in combination with the current situation as well as the forecast of the future economic situation, the Group measures the expected credit loss by estimating the default risk exposure, default probability, default loss rate, credit risk conversion factors of off-balance-sheet items and other parameters of a single financial instrument or portfolio financial instruments. The Group will separately calculate the expected credit loss for receivables with the following features: In the case of the receivables with objective evidence of loss, the expected credit loss is recognized based on the difference between the present value of future cash flow and its book value; Receivables that have disputes with the other party or are involved in litigation or arbitration; Receivables with clear indications that the debtor is likely to be unable to perform the repayment obligations.. (XV) Inventories The Group's inventories mainly include raw materials, turnover materials, low-value consumables, finished goods and so on. The perpetual inventory system is adopted for inventories. Inventories are valued based on their actual cost when obtained; Their actual costs are determined with the first-in-first-out method, moving weighted average method, and month-end weighted average method when acquired or sent. For the finished goods, materials for sale and other merchandise inventories directly for sale, the net realizable values thereof should be recognized at the balance after the estimated selling price of such inventories deducts the estimated selling expenses and relevant taxes. For the material inventories held for production, the net realizable values thereof should be recognized at the balance after the estimated selling price of the finished product deducts the estimated costs to be incurred upon completion, estimated selling expenses and related taxes. (XVI) Contractual assets 1. Recognition methods and standards of contractual assets Notes to Financial Statements Page21 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Contractual assets refer to the right of the Group who transferred the commodity to the customer to receive the consideration, and the right depends on other factors excluding the passage of time. If the Group sells two clearly distinguishable commodities to the customer, due to the delivery of one of the commodities, it has the right to receive payment, but the collection of such payment shall also depend on the delivery of the other commodity, and the Group shall have the right to receive such payment as the contractual assets. 2. Determination method and accounting treatment of expected credit loss of contractual assets For the determination method of the expected credit losses of contractual assets, refer to the relevant contents in the above-mentioned "III. (XI) Financial Instruments". Accounting treatment: the Group calculates the expected credit loss of the contractual assets on the balance sheet date, if the expected credit losses are greater than the book value of the current contract asset impairment provision, the Group shall recognize the difference as an impairment loss, debit “asset impairment loss” and credit “contract asset impairment provision”. On the contrary, the Group recognizes the difference as impairment gains and makes opposite accounting records. If the Group actually suffers a credit loss and determines that the relevant contractual assets cannot be recovered and are approved to be written off, the “provision for impairment of contract asset” shall be debited and the “contractual assets” shall be credited according to the approved written off amount. If the written off amount is greater than the accrued loss provision, “asset impairment loss” shall be debited against difference of the period. (XVII) Contract cost 1. Determination method of assets related to contract costs The Group's assets related to contract costs include contract performance cost and contract acquisition costs. If the contract performance cost, namely, the cost incurred by the Group for the implementation of the contract, is not in the scope of other Accounting Standards for Business Enterprises and simultaneously meets the following conditions, it shall be recognized as an asset as the contract performance cost: the cost is directly related to a current or anticipated contract, including direct labour, direct materials, manufacturing costs (or similar costs), costs clearly borne by the customer, and other costs incurred solely as a result of the contract; the cost increases the Group's resources for future using for performance of obligations; and the cost is expected to be Notes to Financial Statements Page22 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) recovered. Contract acquisition cost, namely, the incremental cost incurred by the Group for the acquisition of the contract and expected to be recovered, as the contract acquisition cost, it shall be recognized as an asset; and if the amortization period of the asset does not exceed one year, it is included in the current profit and loss when it occurs. Incremental cost refers to the cost (such as sales commissions) that would not have occurred if the Group had not obtained the contract. Other expenses incurred by the Group for the acquisition of the contract, excluding the incremental costs expected to be recovered (such as the travel expenses incurred regardless of whether or not the contract is obtained), include in the current profit and loss when it occurs, however, except costs clearly borne by the customer. 2. Amortization of assets related to contract costs The assets related to the contract costs of the Group are amortized on the same basis as the recognized sales revenue related to the assets and include in the current profit and loss. 3. Impairment of assets related to contract costs When determining the impairment losses of assets related to contract costs, the Group shall first determine the impairment losses of other assets related to the contract and recognized in accordance with the other Accounting Standards for Business Enterprises; and then, according to the difference between the book value and the balance of remaining consideration that the Group is expected to obtain due to the transfer of the commodities related to the asset, minus the estimated costs due to the transfer of the relevant commodity, the provision for impairment shall be made for the excess and recognized as asset impairment losses. If the factors for impairment in previous periods change after that, so that the aforesaid difference is higher than the book value of the asset, the original provision for impairment of the asset shall be reversed and included in the current profits or losses, but the book value of the asset after reversal shall not exceed the book value of the asset on the reversal date assuming no provision for impairment is made. (XVIII) Long-term equity investments The long-term equity investment of the Group is mainly aimed to subsidiaries, associates and joint ventures. The Group judges the common control based on the point that all the participants or group of participants collectively control the arrangement, and that the policies for the activities related to Notes to Financial Statements Page23 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) the arrangement must be agreed by participants who collectively control the arrangement. It is generally considered that the Group, when holding, directly or through subsidiaries, more than 20% (included) but less than 50% of the voting right of the investee, has a significant influence on the investee. The Group, if holding less than 20% of the voting right of the investee, may have a significant influence on the investee in consideration of facts and situations that the Group sends representatives to the Board of Directors or similar organs of authorities of the investee, participates in financial and operation policy-making of the investee, has important transactions with the investee, sends management personnel to the investee, or provides critical technical information for the investee. The investee under the control of the Group shall be deemed as a subsidiary of the Group. As to long-term equity investments acquired in business combination under common control, the share of book value of net assets in the ultimate controller’s consolidated statements of the acquiree on the combination date shall be recognized as the initial investment cost of long-term equity investments. If the book value of the net asset of the combined party on the combination date is negative, then the cost of long-term equity investments shall be determined as zero. Under the circumstance that the equity of the investees under common control is obtained through multiple transactions step by step, which results in business combination, supplementary disclosure to treatment methods for long-term equity investments in consolidated financial statements shall be made in the reporting period acquiring the control. For instance, as to the equity of the investee under common control acquired step-by-step through multiple transactions and business combination finally completed, which belongs to a package deal, the Group performs accounting treatment by regarding all transactions as a transaction for acquiring control power. If it is not a package deal, the combined party's portion of book value of net assets in the ultimate controller's consolidated financial statements owned on the combination date is taken as the initial investment cost for long-term equity investments. The balance between the initial investment cost and the sum of the book value of long-term equity investments which has reached before the combination and the book value of new payment consideration obtained on the combination date shall be applied to adjust capital reserve. If the capital reserve is insufficient to set it off, the retained earnings shall be written down. For long-term equity investments acquired via business combination not under common control, the combination cost is taken as the initial investment cost. As to equity interest of the investee not under common controls acquired step-by-step through multiple transactions and a business combination finally completed, the method for handling the cost of long-term equity investments in the financial statement of the company shall Notes to Financial Statements Page24 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) be complementarily disclosed during the reporting period acquiring the control. For instance, as to the equity of the investee not under common control acquired step-by-step through multiple transactions and business combination finally completed, which belongs to a package deal, the Group performs accounting treatment by regarding all transactions as a transaction for acquiring control power. If it is not a package deal, the sum of book value of equity investment originally held and new investment cost is taken as the initial investment cost calculated by the cost method. If the equity interest originally held before the acquisition date and calculated by the equity method, relevant other comprehensive income originally figured out by the equity method is temporarily not adjusted and will be subject to accounting treatment when disposing the investment, on the same basis as that adopted by the investee entity for directly handling related assets or liabilities. If the equity held before the acquisition date is non-trading other equity instrument investments that are designated to be measured at FVTOCI, the accumulated changes in fair value originally included in other comprehensive income shall not be transferred into current profits or losses. Apart from aforementioned long-term equity investments acquired through business combination, as to long-term equity investments acquired by cash payment, the actually paid amount is taken as the investment cost; as to long-term equity investments acquired through issuing equity securities, the fair value of the issued equity securities is taken as the investment cost; as to long-term equity investments invested by investors, the value specified in investment contract or agreement is taken as the investment cost; if the Group has long-term equity investments acquired through debt restructuring and exchange of non-monetary assets, the method of determining investment cost shall be disclosed as per relevant accounting rules of enterprises and considering actual conditions of the Group. The Group calculates the investment to the subsidiaries by cost method, with equity method adopted for joint ventures and associates. For long-term equity investments subsequently calculated by the cost method, when more investments added, the book value of the long-term equity investments cost is increased based on the fair value of cost paid for added investments and related transaction expenses. Cash dividend or profit declared by the investee is recognized as current investment income in accordance with the amount to enjoy. For long-term equity investments subsequently calculated by the equity method, the book value of long-term equity investments is increased or decreased accordingly with variance of owners' equity of the investee. Wherein, the Group shall, when recognizing the shares of the net profits and losses of the investee that shall be enjoyed by the Group, calculate the portion Notes to Financial Statements Page25 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) attributed to the Group based on the fair value of each identifiable asset of the investee upon acquisition in accordance with the shareholding ratio by offsetting profits and losses of unrealized internal transaction incurred between the joint venture and associate, then recognize the net profits of the investee after adjustment. For the disposal of long-term equity investments, the difference between the book value and actually obtained price shall be included in the current investment income. For long-term equity investment calculated by the equity method, the related other comprehensive income previously calculated by the equity method should be accounted for on the same basis as the direct disposal of the related assets or liabilities by the investee upon the termination of the equity method. The owner's equity recognized as a result of changes in the owner's equity of the investee other than net profit or loss, other comprehensive income and profit distribution should be transferred in full to current investment income upon the termination of the equity method. Where the Group loses the joint control over or the significant influence on the investee due to the disposal of part of the equity investment, the remaining equity shall be accounted for as per the Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments (CK [2017] No.7), and the balance between the fair value and the book value on the date of losing joint control or significant influence is included in current profit or loss. Other comprehensive income recognized on the former equity investment due to the adoption of the equity method of accounting is treated on the same basis as the direct disposal of the related assets or liabilities by the investee upon the termination of the equity method of accounting and carried forward proportionately. Owners' equity recognized as a result of changes in the investee's ownership interest other than net profit or loss, other comprehensive income and profit distribution should be transferred proportionately to current investment income. For loss control of the investee due to disposal of partial long-term equity investments, the residual equity after disposal, if capable of realizing joint control or applying significant influence on the investee, is changed to the equity method for calculation, the difference for disposal of book value and consideration is included in the investment income, and the residual equity is adjusted as it is calculated by the equity method since it is acquired; the residual equity after disposal, if unable to realize joint control or apply significant effect on the investee, is changed to accounting treatment based on the Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments (CK[2017] No.7), the difference for disposal of book value and consideration is included in the investment income, and the difference between the fair value and book value of the residual equity on the loss-control date is included in current profit and loss. Various transactions of the Group from step-by-step equity disposal to loss of controlling Notes to Financial Statements Page26 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) power do not belong to the package deal, and every transaction is separately subject to accounting treatment. Any transaction categorized as package deal is subject to the accounting treatment oriented for subsidiary disposal and loss of controlling power. However, before the loss of controlling power, the difference between the disposal price and book value of long-term equity investments of the corresponding disposed equity interest for every transaction is recognized as other comprehensive income, which is not transferred into current profit and loss until the controlling power is lost. (XIX) Investment properties The Group's investment properties include houses & buildings, and land right of use, which are calculated in cost model. The same depreciation policy as that for the fixed assets of the Group shall be adopted for the investment properties – buildings used for renting, and the land right of use for renting shall be subject to the same amortization policy as that for intangible assets. (XX) Fixed assets Fixed assets of the Group refer to the tangible assets which have the following characteristics at the same time, namely held for the production of commodities, the provision of labour services, leasing or operation and management for a period of more than one accounting year. Fixed asset may be recognized when it simultaneously meets the conditions as follows: The economic benefits pertinent to the fixed asset are likely to flow into the enterprise; and the cost of the fixed asset can be measured reliably. Fixed assets of the Group include plant and buildings, machinery equipment, transportation facility, office equipment and other equipment. Except for the fully depreciated fixed assets that are still in use and the land that is separately valuated and recorded, all the fixed assets of the Group shall be depreciated. Straight line method shall be adopted for calculating depreciation. The depreciation life by category, estimated residuals rate and depreciation rate of the fixed assets of the Group are as follows: Notes to Financial Statements Page27 | Annual depreciation rate Estimated residual rate | | | | | --- | --- | --- | --- | | Depreciable life (year) | Category | | | | Houses and buildings Including: Houses | Building (%) (%) | 1.94-10.00 2.86-10.00 1.94-5.00 20-50 10-50 10-35 | 0-3 0-3 0 | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) At the end of each year, the Group reviews the estimated useful life, estimated net residual value and depreciation methods of fixed assets. If a change occurs, it shall be treated as a change in accounting estimates. (XXI) Projects under construction Projects under construction ready for intended use shall be transferred to fixed assets based on the estimated value according to construction budget, project cost or actual project cost. The depreciation shall be drawn from the next month. After going through procedures of completion settlement, the difference of the original value of the fixed assets shall be adjusted. (XXII) Borrowing costs The borrowing costs directly belonging to fixed assets, investment properties and inventories that require more than one year of acquisition or construction to be ready for intended use or selling shall be capitalized when the expenditures of the assets and the borrowing costs incurred and acquisition or construction activities necessary for making the assets be ready for intended use or selling begin. When the assets meeting the capitalization requirements acquired or constructed are ready for use or selling, the capitalization shall be terminated, and the borrowing costs incurred subsequently shall be included in current profits and losses. If assets eligible for capitalization are suddenly suspended in acquisition or construction or production for more than three months continuously, the capitalization of borrowing costs shall be suspended until the restart of acquisition or construction and production activities of the assets. The actually incurred interest costs of special borrowings in current period shall be capitalized after the interest income from unused borrowings deposited in banks or investment income from temporary investment of unused borrowings is deducted. The capitalized number of general borrowings shall be obtained by multiplying the weighted average of the excess of the accumulated asset expenditures over the asset expenditures of special borrowings with the capitalization rate of general borrowings used. The capitalization rate shall be calculated and determined based on the weighted average interest rate of the general borrowings. Notes to Financial Statements Page28 | Annual depreciation rate Estimated residual rate | | | | | | --- | --- | --- | --- | --- | | Depreciable life (year) | Category | | | | | Office and other equipment Machinery Equipment Transport equipment | (%) (%) | 19.40-32.33 3.23-20.00 9.70-20.00 | 5-30 5-10 3-5 | 0-3 0-3 3 | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (XXIII) Right-of-use assets The right-of-use asset refers to the right of the Group as the lessee to use the leased asset during the lease term. 1. Initial measurement At the commencement of the lease term, the Group initially measures the right-of-use assets at cost. The cost includes the following four items: ①initial measurement amount of lease liabilities; ②deducted amount related to the enjoyed lease incentive if there is a lease incentive for the lease payment made on or before the commencement of the lease term; ③initial direct cost incurred, i.e., incremental cost incurred to reach the lease; and ④costs expected to be incurred for dismantling and removing the leased asset, restoring the site where the leased asset is located or restoring the leased asset to the state agreed in the leasing terms, except those incurred for the production of inventory. 2. Subsequent measurement After the start date of a lease term, the Group uses the cost model for subsequent measurement of right-of-use assets, that is, the right-of-use assets shall be measured at cost less accumulated depreciation and accumulated impairment losses. Where the Group re-measures lease liabilities in accordance with relevant provisions of lease criteria, the book value of right-of-use assets shall be adjusted accordingly. Depreciation of right-of-use asset Starting from the commencement of the lease term, the Group will depreciate the right-of-use asset. The right-of-use asset is usually depreciated from the current month that the lease term starts. The depreciation amount for provision is included in the cost of underlying assets or the current profits and losses according to the use of the right-of-use asset. When determining the depreciation method for the right-of-use asset, the Group makes a decision based on the expected consumption mode of economic benefits related to the right-of-use asset, and depreciates the right-of-use asset by the straight-line method. When determining the depreciation life of right-of-use asset, the Group follows the following principles: if the ownership of leased asset can be reasonably confirmed to be acquired at the expiration of lease term, the depreciation shall be carried out within the remaining useful life of leased asset; otherwise, the depreciation shall be carried out within the remaining lease term or the useful life of leased asset, whichever is shorter. Impairment of the right-of-use assets If the right-of-use asset is impaired, the Group will carry out subsequent depreciation according to the book value of the right-of-use asset after deducting the impairment loss. Notes to Financial Statements Page29 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (XXIV) Intangible assets The Group's intangible assets include land right of use, BOT franchise, highway right of use, sea area right of use, green electricity certificate for AFTON, software, etc., which shall be measured at the actual cost when being obtained; For the intangible assets purchased, the price actually paid and related other expenditure shall be deemed as actual cost; For the intangible assets invested by the investor, the actual cost shall be determined according to the value agreed in the investment contract or agreement, but if the value agreed in the contract or agreement is unfair, the actual cost shall be recognized at fair value. 1. Useful life estimation for intangible assets with limited useful life: The intangible assets with limited useful life shall be averagely amortized by stages according to the shortest period among the expected useful life, the benefit period stipulated in the contract and the effective period stipulated by law. The amortized amounts shall be included in current profits and losses and relevant asset costs according to beneficiaries. The estimated useful life and the amortization method of intangible assets with limited useful life shall be reviewed and adjusted properly at the end of each year. The Group shall review the estimated useful life of intangible assets with uncertain useful life in each accounting period. If any evidences indicate that the useful life of intangible assets is limited, the useful life shall be estimated and amortized within the estimated useful life: Notes to Financial Statements Page30 | Certificates of rights such as sea area right The number of years specified Certificates of rights such as land right of Green electricity certificate The number of years specified Amortization | Straight-line Straight-line Straight-line Straight-line Straight-line Straight-line Straight-line | | | | --- | --- | --- | --- | | BOT franchise BOT contract Highway right of use 35 years Estimated useful life House right of use 30 years Estimated useful life Sea area right of use Not less than 40 years Software 1-10 years Estimated useful life Land right of use 17.33 years Estimated service life | Estimated service life | Item | Basis | | Right to charge subsidies 13 years Estimated service life for AFTON in the certificate or law use certificates in the BOT contract of use certificate | Straight-line method method method method method method method method | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Impairment test is detailed in the content described in "III. (XXV) Impairment of long-term assets". 2. Specific classification standard of research and development stages: The Group's R&D expenditure is the expenditure directly related to the company's R&D activities, including the compensation of R&D personnel, direct input costs, and other expenses. The expenditure on the Group’s internal research and development project is classified into expenditure during the research phase and expenditure during the development phase. Research stage: a stage in which original and planned survey and research activities are carried out for obtaining and understanding new scientific or technological knowledge. Development stage: a stage in which research results or other knowledge are applied to a plan or design for obtaining new or substantially improved materials, apparatuses and products prior to commercial manufacture or use. 3. Criteria for development expenditures capitalization Expenditures at the research stage shall be included in the current profit or loss when incurred. Expenditures at the development stage, if satisfying all of the following conditions at the same time, are recognized as intangible assets; if not, they are included in the current profit or loss: (1) It is technically feasible to complete the intangible assets so that it will be available for use or sale; (2) There is an intention to complete the intangible assets and use or sell it; (3) With methods for finishing the intangible assets to generate economic profits, including evidence of existing market for products produced by the intangible assets, existing market of the intangible assets or serviceability of the intangible assets which is for internal use; (4) Where it is able to finish the development of the intangible assets, and able to use or sell the intangible assets, with the support of sufficient technologies, financial resources and other resources; (5) The expenditures attributable to the intangible assets during the development can be reliably measured. If it is impossible to distinguish the expenditures at the research stage from the expenditures at the development stage, all the research and development expenditures incurred shall be included in current profit or loss. Notes to Financial Statements Page31 Amortization Estimated service life Item Basis method method Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (XXV) Impairment of long-term assets On each balance sheet date, the Group shall check the long-term equity investment, investment properties measured by cost model, fixed assets, projects under construction, right-of-use assets, intangible assets with limited useful life, and other items. In case of any indication of impairment, the Group shall carry out an impairment assessment. If the impairment test result shows that the recoverable amount of the assets is less than the book value, the impairment provision shall be accrued as per their difference and included in the impairment loss. The recoverable amount is the net amount of the fair value of the assets after deducting the disposal expenses or the present value of the expected future cash flow of the assets, whichever is higher. Impairment provisions of assets shall be calculated and recognized on a single asset basis. If it is difficult to estimate the recoverable value of the single assets, the recoverable value shall be recognized as per the asset portfolio to which the single asset belongs. An asset portfolio is the smallest portfolio of assets that is able to generate independent cash inflows. Goodwill arising from a business combination, intangible assets with an indefinite useful life, and intangible assets that have not reached the usable condition should at least be assessed for impairment at the end of each year regardless of whether such indication exists. The Group conducts goodwill impairment assessments and apportions the book value of goodwill arising from business combinations to the relevant asset groups from the acquisition date in accordance with a reasonable method; if it is difficult to apportion to the relevant asset groups, it is apportioned to the relevant asset group combinations. An asset group or portfolio of asset groups is an asset group or portfolio of asset groups that can benefit from the synergies of a business combination. When conducting impairment tests on the related asset portfolio or portfolio of asset groups that contain(s) goodwill, if there are indications of impairment, test the asset groups or groups of asset groups that do not contain goodwill firstly and calculate the recoverable amount, and compare it with the related book value to confirm the corresponding impairment loss. Then, impairment tests are conducted on the relevant asset group or portfolio of asset groups, comparing the book value with the recoverable amount. If the recoverable amount is less than the book value, the amount of impairment loss shall first deduct the book value of goodwill apportioned to the asset group or portfolio of asset groups, and then deduct the book value of other assets based on the proportion of each asset in the asset group or the portfolio of asset groups except goodwill. Once recognized, the above asset impairment losses will not be reversed in future accounting periods. Notes to Financial Statements Page32 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (XXVI) Long-term prepaid expenses Long-term prepaid expenses of the Group refer to each paid expense with an amortization term above 1 year (exclusive) in the current and later periods, and such expenses are under average amortization in the benefit period. If there is a clear benefit period, it shall be averagely amortized according to the benefit period; if there is no benefit period, it shall be averagely amortized in 5 years. If the long-term prepaid expenses will not benefit in the future accounting period, the amortized value of unamortized expenditures shall be all transferred to the current profits and losses. (XXVII) Contractual liabilities The contractual liabilities reflect the Group's obligations to transfer commodities to the customer due to customer consideration received or receivable. If the customer has paid the contract consideration or the Group has obtained the right to receive the contract consideration unconditionally before the transfer of the commodities to the customer, the contract liability shall be recognized according to the amount received or receivable when the customer actually makes the payment or payment is due, whichever is earlier. (XXVIII)Employee Compensation 1.Accounting treatment for short-term compensation During the accounting period when the employees work for the Group, the actual short-term remuneration is recognized as liabilities and included in the profit or loss for the current period or relevant asset cost. The Group will pay the social insurance charges and housing funds for the employees and withdraw labour union expenditure and expenditures for employee education in accordance with the provisions. During the accounting period when the employees provide services for the Group, corresponding amount of payroll shall be calculated and determined according to the calculation and drawing basis and drawing proportion specified. The employee benefits incurred by the Group are included in the current profit or loss or relevant asset cost according to the actual amount incurred when it is actually incurred, and the non-monetary welfare shall be measured at fair value. 2. Accounting treatment of post-employment benefits (1) Defined contribution plan The Group shall cause its employees to participate in the basic pension insurance and unemployment insurance administered by the local government. The amounts payable shall be Notes to Financial Statements Page33 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) determined according to payment base and proportions as stipulated by the local government over the accounting period in which the service has been rendered by the employees, recognized as liabilities and included in profit or loss for the current period or related asset costs. In addition, the Group also participated in the enterprise annuity plan/supplementary old-age insurance fund approved by relevant national departments. The Group shall pay relevant fees to the annuity plan/local social security institution as per the certain proportion of the total wages of employees, and corresponding expenditure shall be included in current profits and losses or relevant asset cost. (2) Defined benefit plan The Group shall attribute benefit obligations under a defined benefit plan to periods of service provided by employees according to the formula determined by projected unit credit method, with a corresponding charge to the profit and loss for the current period or the cost of a relevant asset. The deficit or surplus formed by the present value of obligations under defined benefit plan minus the fair value of assets under defined benefit plan shall be recognized as a net liability or a net asset under defined benefit plan. In case that the defined benefit plan has surplus, the Group measures the net asset under defined benefit plan as per the surplus under defined benefit plan and the upper asset limit, whichever is lower. For all obligations under the defined benefit plan, including the obligation to pay within twelve months after the annual report period in which the employees provide services, the discount shall be made at the balance sheet date based on the market return on the national bonds matching with the obligations under the defined benefit plan in terms of the term and currency or based on the high-quality corporate bonds in the active market. The service cost arising from the defined benefit plan and the net amount of interest of the net liability or net asset of the defined benefit plan shall be included in current profit or loss or relevant asset cost; the changes arising from re-measurement of the net liability or net asset of the defined benefit plan shall be included in other comprehensive incomes and shall never be reversed back to profits or losses in subsequent accounting periods. When the original defined benefit plan terminates, the part intended to be included in other comprehensive incomes within the interest range shall be included in retained earnings For settlement of the defined benefit plan, the settlement gains or losses shall be recognized as per the difference between the present value of the defined benefit plan obligation and the settlement price determined on the date of settlement. 3. Accounting treatment for dismission benefits When the Group provides termination benefits to the employee, the liabilities of the staff Notes to Financial Statements Page34 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) compensation arising from termination benefits are recognized at the earlier of the following two dates and included in current profits or losses: the Group cannot unilaterally withdraw the termination benefits provided due to the labour relation termination plan or the layoff suggestions; the Group recognizes the costs or expenses related to the restructuring of termination benefits payment. (XXIX) Lease liabilities 1. Initial measurement The Group initially measures the lease liabilities according to the present value of the lease payment which is not made at the commencement of the lease term. (1) Lease payment Lease payment refers to the amount paid by the Group to the lessor relating to the right to use the leased asset during the lease term, including: ①fixed payment and substantial fixed payment, of which the amount related to lease incentive shall be deducted if there is lease incentive; ②variable lease payment depending on index or ratio, which is determined according to the index or ratio at the commencement of the lease term during initial measurement; ③ exercise price of purchase option when the Group reasonably determines to exercise purchase option; ④payment made for exercising the option to terminate the lease when the lease term reflects that the Group exercises such option; and ⑤amount expected to be paid according to the guaranteed residual value provided by the Group. (2) Discount rate When calculating the present value of the lease payment, the Group adopts the interest rate included in the lease as the discount rate; if it is impossible to determine the interest rate included in the lease, the interest rate on incremental borrowing shall be used as the discount rate. The incremental borrowing rate refers to the interest rate that the Group should pay to borrow funds under similar mortgage conditions during a similar period in order to obtain assets with a value close to the value of the right-of-use assets under similar economic circumstances. The interest rate is related to the following matters: ① the Group's own situation, namely, the Group’s solvency and credit status; ② term of “borrowing”, namely the lease term; ③ the amount of "borrowed" funds, namely, the amount of lease liabilities; ④ “mortgage conditions”, namely, the nature and quality of the underlying assets; and ⑤ economic environment, including the jurisdiction where the lessee is located, pricing currency, contract signing time, etc. Based on the bank loan interest rate, relevant lease contract interest rate, the Group's similar asset mortgage interest rate in the latest period, and the bond interest rate of the same period issued by the Notes to Financial Statements Page35 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) enterprise, the Group makes adjustments by considering the above factors to obtain the incremental borrowing rate. 2. Subsequent measurement After the commencement of the lease term, the Group will carry out subsequent measurement of the lease liabilities according to the following principles: ① increase the book value of the lease liabilities when confirming the interest on the lease liabilities; ② reduce the book value of lease liabilities when making the lease payment; and ③ remeasure the book value of the lease liabilities when the lease payment changes due to revaluation or lease change. The interest expenses of the lease liabilities within each lease term shall be calculated according to the fixed periodic rate, and included in the current profits and losses, except for those should be capitalized. Periodic rate refers to the discount rate adopted by the Group when initially measuring the lease liabilities, or the revised discount rate adopted by the Group when the lease liabilities need to be remeasured according to the revised discount rate due to changes in the lease payment or lease changes. 3. Remeasurement After the commencement of the lease term, in case of the following circumstances, the Group shall remeasure the lease liabilities according to the present value of the changed lease payment, and adjust the book value of the right-of-use asset accordingly. If the book value of the right-of-use asset has been reduced to zero, but the lease liabilities still need to be further reduced, the Group shall include the remaining amount in the current profits and losses. ① A substantial fixed payment changes (in this case, it is discounted at the original discount rate); ② The expected payable amount of guaranteed residual value changes (in this case, it is discounted at the original discount rate); ③ An index or ratio used to determine the amount of a lease payment changes (in this case, discounted at the revised discount rate); ④ The evaluation of call option changes (in this case, it is discounted at the revised discount rate); and ⑤ The evaluation or actual exercise of a renewal option or a termination option changes (in this case, it is discounted at the revised discount rate). (XXX) Estimated liabilities When obligations related to the contingencies meet the following conditions at the same time, the Group recognizes them as estimated liabilities: (1) The obligation is the current obligation of the Group; (2) The fulfilment of this obligation is likely to result in economic outflow; (3) The amount of such obligation can be measured reliably. Notes to Financial Statements Page36 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Estimated liabilities shall be initially measured in accordance with the optimal estimate of the necessary expenses for the performance of the current obligation. When determining the optimal estimate, the Company shall comprehensively consider such factors as relevant risks and uncertainties related to contingencies and the time value of currency. If there is a significant impact on the time value of money, the best estimate is determined by discounting the relevant future cash outflow. If all or part of expenditures, which are necessary for paying off the estimated liabilities, are expected to be compensated by the third party, the compensation amount is recognized separately as assets when it is virtually confirmed the amount can be received, but the compensation amount confirmed cannot exceed the book value of the estimated liabilities. The book value of estimated liabilities should be reviewed by the Group on the balance sheet date. If there is concrete evidence showing that the book value cannot truly reflect the current optimal estimate, the book value should be adjusted as per the current optimal estimate. (XXXI) Other financial instruments as preferred shares and perpetual bond For the preferred shares and perpetual bonds categorized as debt instruments, the initial recognition is made according to the amount by deducting transaction costs from the fair value of these instruments. Also, the subsequent measurement is carried out according to amortized cost with the adoption on effective interest rate method. Treatments on the interest expenditures or dividend distribution of these instruments are made according to borrowing costs. The gains or losses generated from the repurchase or redemption of these instruments are recognized in current profits or losses. For the preferred shares and perpetual bond categorized as equity instruments, shareholders’ equity is increased by the amount of deducting transaction costs from the consideration received at the issuance. Treatments on the interest expenditures or dividend distribution of these instruments are made according to profits distribution. The gains or losses generated from the repurchase or cancellation of these instruments are treated as changes in equity. (XXXII) Revenue recognition principles and measuring methods The operating income of the Group mainly includes electricity sales revenue, thermal sales revenue, construction installation and design service revenue, labour service revenue, and commodity sales revenue. 1. Accounting policies for revenue recognition and measurement The Group has fulfilled its performance obligations of the Contract, which means it Notes to Financial Statements Page37 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) recognizes the revenue when the customer has acquired the control rights of the relevant goods or services. The acquisition of control over the relevant goods or services means to be able to dominate the use of the relevant goods or services and obtain almost all the economic benefits. If the contract contains two or more performance obligations, the Group shall, on the commencement date of the contract, apportion the transaction price to each performance obligation according to the relative proportion of the individual selling price of the goods or services promised by each performance obligation. The Group measures revenue according to the transaction price apportioned to each individual performance obligation. The transaction price is the amount of consideration that the Group is expected to be entitled to receive for the transfer of goods or services to the customer, but excluding payments received on behalf of third parties and payments expected to be refunded to customers. According to the contract terms, the Group determines the transaction price in combination with its past customary practices, taking into account the influence of variable consideration, major financing components in the Contract, non-cash consideration, the consideration payable to customers and other factors when determining the transaction price. The Group shall determine the transaction price including variable consideration at an amount that does not exceed the accumulated recognized income which is extremely unlikely to be significantly reversed when the relevant uncertainty is eliminated. If there are significant financing components in the Contract, the Group determines the transaction price under the assumption that the amount payable in cash when the customer acquires control of the goods or services, and uses the effective interest method to amortize the difference between the transaction price and the contract consideration during the contract period. In case one of the following conditions is met, the performance obligations belongs to performance obligations within a period of time. Otherwise, it belongs to the the performance obligations at a time point: (1) The customer obtains and consumes the economic benefits brought by the Group while performing the contract; (2) The customer can control the goods under construction during the Group's performance; (3) The goods generated during the performance of the Group are irreplaceable, and the Group is entitled to collect the amount for the performance accumulatively completed so far throughout the term of the Contract. For the performance obligations performed within a certain period of time, the Group shall recognize the income according to the performance progress within that period, except that the performance progress cannot be reasonably determined. Considering the nature of goods or services, the Group adopts the output method or the input method to determine the performance Notes to Financial Statements Page38 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) progress. If the performance progress cannot be reasonably confirmed, and the costs incurred can be expected to be compensated, the revenue shall be recognized by the Group according to the amount of costs incurred until the performance progress can be reasonably confirmed. For performance obligations performed at a certain time point, the Group shall confirm the revenue at the time point when the customer gains control rights of the relevant commodities or services. In determining whether a customer has obtained the control rights of the goods or services, the Group shall take the following indications into consideration: (1) The Group enjoys the current collection right in regard to such goods or services, i.e. the customers have the obligation to pay immediately with respect to the goods or services; (2) The Group has transferred the legal ownership of the goods to the customer, i.e. the customer owns the legal ownership of the goods; (3) The Group has transferred the goods to the customer in kind, i.e. the customer has possessed the goods; (4) The Group has transferred the major risks and remuneration on the ownership of the goods to the customer, i.e. the customer has obtained the major risks and remuneration on the ownership of the goods; (5) The customer has accepted such goods or services, etc. 2. Specific principles (1) Electricity sales revenue The electricity sales revenue is the main commodity sales revenue of the Group. The Group recognizes the realization of sales revenue when the electricity is transmitted to the power grid specified in the sales contract, i.e., when the customer obtains the control right of electricity. (2) Thermal sales revenue The Group recognizes the realization of sales revenue when the thermal supply reaches the customer who purchases heat, i.e., the customer who purchases heat obtains the thermal control right. (3) Construction installation and design service revenue The Group uses the input method to determine the appropriate performance progress when recognizing the performance progress of construction installation and design service revenue. The input method is a method to determine the performance progress according to the input of the Group's performance obligations, and the Group uses the incurred costs as the input indicators to determine the performance progress. On the balance sheet date, the Group's revenue for the current period shall be recognized as follows: The total transaction price of the contract is multiplied by the percentage of performance progress (net of the accumulated and recognized Notes to Financial Statements Page39 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) revenue in the previous accounting period). If the performance progress cannot be reasonably confirmed, and the costs incurred can be expected to be compensated, the incomes shall be recognized according to the amount of costs incurred until the performance progress can be reasonably confirmed. (4) Income from rendering labour services The Group uses the output method to determine the appropriate performance progress when recognizing the performance progress of the labour service revenue. The output method is a method to determine the performance progress in accordance with the value of the commodity transferred to customers. The achieved milestones are used as the output indicators to determine the performance progress. On the balance sheet date, the Group's revenue for the current period shall be recognized as follows: The total transaction price of the contract is multiplied by the percentage of performance progress (net of the accumulated and recognized revenue in the previous accounting period). If the outcome of labour services provision cannot be estimated reliably, the service revenue will be recognized based on the service costs incurred and expected to be compensable, and the service costs incurred are recognized as period charges. If the service costs incurred are not compensable as expected, the revenue is not recognized. (5) Sales of goods When the commodity is delivered to the customer's site and accepted by the customer, the customer obtains the right to control the commodity, and the Group recognizes the revenue at the same time. (XXXIII)Government subsidies 1. Types Government subsidies refer to monetary or non-monetary assets acquired by the Group free of charge from the government and are divided into asset-related government subsidies and revenue-related government subsidies. Asset-related government subsidies refer to the government subsidies that are obtained by the Group and used for constructing long-term assets, or forming the long-term assets in other ways. Revenue-related government subsidies refer to those other than asset-related government subsidies. The specific criteria for the Group to classify government subsidies as asset-related are: government subsidies, as specified by the government document, obtained and used for acquisition, construction or other formation of long-term assets. Government subsidies are classified as revenue-related subsidies based on the clear Notes to Financial Statements Page40 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) stipulations in government documents and that there are no government subsidies other than those related to assets. If the subsidy object is not clearly specified in the government documents, the Group divides the government subsidy into asset-related or income-related government subsidies based on the specific reasons for government subsidies and whether it is used for asset-related government subsidies or government subsidies other than asset-related government subsidies. 2. Time point of recognition The government subsidies shall be recognized only after they meet all of the following conditions: (1) The enterprise can meet the conditions for acquisition of government subsidies; (2) The enterprise receives the government subsidies. 3. Accounting treatment Asset-related government subsidies shall be used to offset the book value of the related assets or recognized as deferred incomes. Where a grant is recognized as deferred income, it shall be reasonably and systematically included, by stages, in the current profit and loss (or in other income where it is related to the day-to-day activities of the Group, or in non-operating incomes where it is irrelevant to the day-to-day activities of the Group) during the useful life of the relevant asset; The revenue-related government subsidies used to compensate for the related costs or losses in the subsequent periods shall be recognized as deferred income and included in the current profit and loss (or in other income where it is related to the day-to-day activities of the Group, or in non-operating income where it is irrelevant to the day-to-day activities of the Group) or used to offset the relevant costs or losses while those used to compensate for the related costs or losses incurred shall be included in the current profit and loss (or in other income where it is related to the day-to-day activities of the Group, or in non-operating income where it is irrelevant to the day-to-day activities of the Group) or used to offset relevant costs or loses. The discount of policy-based preferential loans obtained by the Group shall be accounted according to the following two conditions: (1) In the situation where public finance departments appropriate the discount interest funds to the loan banks, if the loan banks provide loans to the Group at a preferential policy interest rate, the Group takes the actually received loan amount as the entry value of the loans and calculates the relevant borrowing costs according to the loan principal and the policy preferential interest rate. (2) Where the finance directly allocates the discount fund to the Group, the Group uses the Notes to Financial Statements Page41 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) corresponding discount to offset relevant loan expenses. (XXXIV) Deferred income tax assets and deferred income tax liabilities Deferred income tax assets and deferred income tax liabilities of the Group shall be recognized by calculating the difference (temporary difference) between the tax base and book value thereof. For the deductible loss of taxable income that can be deducted in the future years as specified by tax laws, corresponding deferred income tax assets shall be recognized. For temporary difference from initial recognition of goodwill, relevant deferred income tax liabilities shall not be recognized. For the temporary difference with respect to initial recognition of assets or liabilities incurred in transaction which is not business combination and the occurrence of which has no impact on the accounting profits and the taxable income (or deductible losses), relevant deferred income tax assets and liabilities shall not be recognized. Deferred income tax assets and liabilities shall be measured at applicable tax rate during the anticipated period for recovering such assets or paying off such liabilities on the balance sheet date. The deferred income tax assets shall be recognized to the extent of the future taxable income likely to be obtained for deducting deductible temporary difference, deductible loss, and tax deduction by the Group. (XXXV) Lease 1. Identification of lease Lease refers to a contract that the lessor transfers the right to use the asset to the lessee for acquiring consideration within a certain period of time. On the commencement date of a contract, the Group evaluates whether the contract is a lease or includes a lease. If one party to the contract abalienates the right to control the use of one or more identified assets within a certain period of time in exchange for consideration, the contract is a lease or includes a lease. In order to determine whether one party to the contract has abalienated the right to control the use of the identified assets within a certain period of time, the Group evaluates whether the customers in the contract are entitled to obtain almost all the economic benefits arising from the use of the identified assets during the use period and to dominate the use of the identified assets during the use period. If the contract contains multiple separate leases at the same time, the Group will split the contract and carry out accounting treatment for each separate lease. If the contract includes both lease and non-lease parts, the Group will split the lease and non-lease parts and then carry out accounting treatment. 2. The Group as the lessee Notes to Financial Statements Page42 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (1) Recognition of leases At the commencement of the lease term, the Group recognizes the right-of-use asset and lease liabilities for the lease. For the recognition and measurement of right-of-use assets and lease liabilities, please refer to Note "(XXIII) Right-of-use Assets" and "(XXIX) Lease Liabilities". (2) Lease change Lease change refers to the change of lease scope, lease consideration and lease term beyond the original contract terms, including the addition or termination of the right to use one or more leased assets, and the extension or shortening of the lease term specified in the contract, etc. The effective date of lease change refers to the date when both parties reach an agreement on lease change. If the lease changes and meets the following conditions at the same time, the Group will take the lease change as a separate lease for the accounting treatment: ①the lease change expands the lease scope or extend the lease term by increasing the right to use one or more leased assets, and ②the increased consideration is equivalent to the amount by adjusting the separate price of the expanded lease scope or the extended lease term according to the contract. If the lease change is not taken as a separate lease for the accounting treatment, the Group will, on the effective date of the lease change, apportion the consideration of the changed contract in accordance with the relevant provisions of the leasing standards, and redetermine the changed lease term; and use the revised discount rate to discount the changed lease payment to remeasure the lease liabilities. In calculating the present value of the changed lease payment, the Group adopts the interest rate implicit in lease in the remaining lease term as the discount rate. If it is impossible to determine the interest rate implicit in lease in the remaining lease term, the Group will adopt the lessee's incremental borrowing rate at the effective date of the lease change as the discount rate. As for the impact of the above adjustment of lease liabilities, the Group carries out the accounting treatment according to the following circumstances: ① if the lease scope is reduced or the lease term is shortened due to the lease change, the lessee shall reduce the book value of the right-of-use asset and include the relevant gains or losses from the partial termination or complete termination of the lease into the current profits and losses. ② if the lease liabilities are remeasured due to the other lease changes, the lessee shall adjust the book value of the right-of-use asset accordingly. (3) Short-term lease and low-value asset lease For the short-term lease with a lease term of not more than 12 months and low-value asset lease with a lower value when a single leased asset is brand new, the Group chooses not to Notes to Financial Statements Page43 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) recognize the right-of-use asset and lease liabilities. The Group will include the lease payment for short-term lease and low-value asset lease into the related asset cost or current profits and losses by the straight-line method or other systematic and reasonable methods during each lease term. 3. The Group as the leaser On the basis that the contract evaluated in (1) is the lease or includes the lease, the Group, as the lessor, divides the lease into finance leases and operating leases on the lease commencement date. If a lease substantially transfers almost all the risks and rewards related to the ownership of the leased asset, the lessor shall classify the lease as a finance lease and other leases other than the finance lease as operating leases. If a lease has one or more of the following circumstances, the Group usually classifies it as a finance lease: ①When the lease term expires, the ownership of the leased assets is transferred to the lessee; ②The lessee has the option to purchase the leased assets, and the purchase price is low enough compared with the fair value of the leased assets when the option is expected to be exercised, so it can be reasonably determined that the lessee will exercise the option on the lease start date; ③Although the ownership of the assets is not transferred, the lease period accounts for most of the useful life of the leased assets (not less than 75% of the useful life of the leased assets); ④On the lease start date, the present value of lease receipts is almost equal to the fair value of leased assets (not less than 90% of the fair value of leased assets.); ⑤The property of the leasing assets is special. The leasing assets can be used by the leasee only, if not changed significantly. If a lease has one or more of the following signs, the Group may also classify it as a finance lease: ①If the lessee cancels the lease, the lessee shall bear the losses caused to the lessor by the cancellation of the lease; ②The gain or loss arising from the fluctuation of the fair value of the residual value of assets belongs to the lessee;③The lessee has the ability to renew the lease for the next period at a rent far below the market level. (1) Accounting treatment for finance lease Initial measurement At the commencement of the lease term, the Group recognizes the finance lease receivables for the finance lease and derecognizes the finance leasing assets. When the Group initially measures the finance lease receivables, the net investment in a lease is taken as the entry value of the finance lease receivables. The net investment in a lease is equivalent to the sum of the unguaranteed residual value and the present value of the lease receipts that have not yet been received at the commencement of the lease term which is discounted at the interest rate implicit in the lease. The lease receipts refer to Notes to Financial Statements Page44 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) the amount that the lessor should collect from the lessee due to the transfer of right to use the leased asset during the lease term, including: ① the fixed payment and the substantial fixed payment that the lessee needs to pay; if there is the lease incentive, the relevant amount of lease incentive shall be deducted; ② variable lease payment depending on index or ratio, which is determined according to the index or ratio at the commencement of the lease term during initial measurement; ③ the exercise price of purchase option, provided that it reasonably determines that the lessee will exercise the option; ④ the amount to be paid by the lessee for exercising the option to terminate the lease, provided that the lease term reflects that the lessee will exercise the option to terminate the lease; and ⑤ the guaranteed residual value provided by the lessee, the party related to the lessee and an independent third party that has the economical ability to perform the guarantee obligation to the lessor. Subsequent measurement The Group calculates and recognizes interest income in each lease term at a fixed periodic rate. The periodic rate means that the implicit discount rate is adopted by determining the net investment in a lease (in case of sublease, if the implicit interest rate of sublease cannot be determined, the discount rate of the original lease is adopted (adjusted according to the initial direct expenses related to sublease)), or the change in finance lease is not taken as a separate lease for the accounting treatment and meets the revised discount rate determined according to relevant regulations when the lease is classified as the finance lease condition if the change takes effect on the lease commencement date. Accounting treatment of lease change If the finance lease changes and meets the following conditions, the Group will take the change as a separate lease for accounting treatment: ① the change expands the lease scope by increasing the right to use one or more leased assets; and ② the increased consideration is equivalent to the amount by adjusting the separate price of the expanded lease scope according to the contract. If the change in finance lease is not taken as a separate lease for the accounting treatment, and takes effect on the lease commencement date, the lease will be classified as an operating lease condition, and the Group will take it as a new lease for the accounting treatment from the effective date of lease change and take the net investment in a lease before the effective date of lease change as the book value of the leased asset. (2) Accounting treatment of operating lease Treatment of rent In each lease term, the Group will recognize the lease amount of operating lease as the rental Notes to Financial Statements Page45 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) income by the straight-line method. Incentives provided Where a rent-free period is provided, the Group will distribute the total rent by the straight-line method throughout the lease term without deduction of rent-free period, and the rental income shall be recognized during the rent-free period. Where the Group assumes some expenses of the lessee, such expenses will be deducted from the total rent income and distribute the balance of rental income, and the balance of the deducted rental income will be apportioned in the lease term. Initial direct expense The initial direct expense incurred by the Group relating to the operating lease shall be capitalized to the cost of the underlying asset of the lease, and shall be included in the current profits and losses in stages during the lease term according to the same recognition basis as rental income. Depreciation The fixed assets in the assets under operating lease will the depreciated according to the depreciation policies applied by the Group for similar assets; and other assets under operating lease shall be amortized in a systematic and reasonable way. Variable lease payment The Group's variable lease payment which is related to operating lease and not included in lease receipts is included in the current profits and losses when is actually occurs. Change in operating lease If there is a change in the operating lease, the Group will take it as a new lease from the effective date of change, and the lease receipts received in advance or receivable related to the lease before the change will be regarded as the receipts for the new lease. (XXXVI) Held-for-sale 1.The Group recognizes the non-current assets or disposal groups meeting all the following conditions as the held-for-sale assets: (1) Based on the practice of selling such assets or disposal groups in similar transactions, those can be sold immediately under current conditions; (2) Their sales are very likely to happen, that is, a resolution on a sales plan has been made and a certain purchase commitment is obtained and their sales are expected to be completed within one year. Relevant regulations require that the relevant approval needs to be obtained for those available for sale after approval by relevant authorities or regulators. Before the non-current assets Notes to Financial Statements Page46 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) or disposal groups are classified as the held-for-sale assets for the first time, the Group shall measure the book value of each asset and liability in the non-current assets or disposal groups in accordance with the relevant accounting standards. When the non-current assets or disposal groups held for sale are measured initially or remeasured on the balance sheet date, if the book value is higher than the net amount obtained by deducting the selling expenses from the fair value, the book value shall be reduced to the net amount obtained by deducting the selling expenses from the fair value, and the write-down amount shall be recognized as the asset impairment losses and shall be included in the current profits or losses and the impairment provision of held-for-sale assets shall be made at the same time. 2. The Group classifies the non-current assets or disposal groups that are acquired exclusively for resale, meet the conditions of “the sales are expected to be completed within one year” on the acquisition date and are likely to meet other conditions for held-for-sale assets in a short time (usually three months) as the held-for-sale assets on the acquisition date. In the initial measurement, the initial measurement amount assuming they are not classified as the held-for-sale assets and the net amount obtained by deducting the selling expenses from the fair value are compared, whichever is less. Except for the non-current assets or disposal groups acquired in the business combination, the difference arising from the net amount obtained by deducting the selling expenses from the fair value in the non-current assets or disposal groups as the initial measurement amount shall be included in the current profits or losses. 3. If the Group loses control over its subsidiaries due to the sales of investment in subsidiaries and other reasons, whether the Group reserves some of its equity investments after the sales or not, when the investment in subsidiaries to be sold meets the conditions for the held-for-sale assets, the investment in subsidiaries will be classified as the held-for-sale assets as a whole in the individual financial statements of the company and all the assets and liabilities of subsidiaries will be classified as the held-for-sale assets in the consolidated financial statements. 4. If the net amount obtained by deducting the selling expenses from the fair value of non-current assets held for sale on the subsequent balance sheet date increases, the previous write-down amount shall be recovered and reversed from the asset impairment losses recognized after being classified as the held-for-sale assets, and the reversed amount shall be included in the current profits or losses. The asset impairment losses recognized before being classified as the held-for-sale assets shall not be reversed. 5. For the asset impairment losses recognized in the disposal group held for sale, the book value of the goodwill in the disposal group shall be deducted, and then the book value shall be deducted proportionately based on the proportion of the book value of each non-current asset. Notes to Financial Statements Page47 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) If the net amount obtained by deducting the selling expenses from the fair value of disposal groups held for sale on the subsequent balance sheet date increases, the previous write-down amount shall be recovered and reversed from the asset impairment losses recognized in the non-current assets applicable to the relevant measurement rules after being classified as the held-for-sale assets, and the reversed amount shall be included in the current profits or losses. The book value of goodwill deducted and the asset impairment losses recognized in the non-current assets before being classified as the held-for-sale assets shall not be reversed. For the subsequently reversed amount of asset impairment losses recognized in the disposal group held for sale, the book value shall be increased proportionately based on the proportion of the book value of each non-current asset other than the goodwill in the disposal group. 6. No depreciation or amortization is provided for non-current assets held for sale or non-current assets in the disposal group. The interest of liabilities and other expenses in the disposal group held for sale shall be recognized continuously. 7. When the non-current assets or disposal groups held for sale are not further classified as the held-for-sale assets or the non-current assets are removed from the disposal groups held for sale due to failure to meet the conditions for the held-for-sale assets, the measurement shall be conducted based on the lower of the following two: 1) book value before being classified as the held-for-sale assets based on the amount of depreciation, amortization or impairment after adjustment that should be recognized in the case that assuming they are not classified as the held-for-sale assets; 2) recoverable amount. 8. When the non-current assets or disposal groups held for sale are derecognized, the unrecognized gains or losses shall be included in the current profits or losses. (XXXVII) Safety production cost The Group will calculate the safety production cost based on the standard of electric power manufacturer, and take the operating income of previous year as a basis and adopt the excess regressive mode to determine the amount to be calculated of current year and make calculation monthly according to the Notice on Issuing the Administrative Measures for Calculation and Use of Enterprise Safety Production Cost (CZ[2022]No.136) issued by the Ministry of Finance. (XXXVIII) Changes in significant accounting policies and estimates 1. Changes in significant accounting policies （1）Implementation of ASBE Interpretation No. 17 The Ministry of Finance (“MOF”) issued Interpretation No. 17 of the Accounting Notes to Financial Statements Page48 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Standards for Business Enterprises (“ASBE”) (Caikuai [2023] No. 21, hereinafter referred to as “Interpretation No. 17”) on October 25, 2023. ① Classification of Current Liabilities and Non-current Liabilities Interpretation No. 17 clarifies: -If an enterprise does not have a substantive right at the balance sheet date to defer settlement of a liability for more than one year after the balance sheet date, the liability shall be classified as a current liability. -For liabilities arising from an enterprise's loan arrangement, the enterprise's right to defer settlement of the liability for more than one year after the balance sheet date may depend on whether the enterprise has complied with the conditions stipulated in the loan arrangement (hereinafter referred to as the covenant conditions), and the enterprise, in determining the existence of its substantive right to defer settlement of the liability, should only consider the covenant conditions that should have been complied with on or before the balance sheet date. In determining the existence of its substantive right to defer debt service, an enterprise should consider only the covenant conditions that it is subject to on or before the balance sheet date, and should not consider covenant conditions that it is subject to after the balance sheet date. -Settlement of a liability when classifying the liquidity of the liability means that the enterprise discharges the liability to the counterparty in the form of a transfer of cash, other economic resources (e.g. goods or services) or the enterprise's own equity instruments. If the terms of the liability result in the enterprise settling the liability by delivering its own equity instruments if the counterparty so chooses, and if the enterprise classifies the above option as an equity instrument and recognizes it separately as an equity component of a compound financial instrument in accordance with ASBE No. 37 - Presentation of Financial Instruments, the terms of the liability does not affect the liquidity classification of the liability. The interpretation provision is effective from January 1, 2024, and enterprises should adjust the comparable period information in accordance with the interpretation provision when it is implemented for the first time. The implementation of this provision has no relevant impact on the Group. ② Disclosure on Supplier Financing Arrangements Interpretation No. 17 requires an enterprise to make note disclosures that Notes to Financial Statements Page49 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) summarize and disclose information relating to vendor financing arrangements in a manner that will assist users of the statements in assessing the impact of those arrangements on the enterprise's liabilities, cash flows and the enterprise's exposure to liquidity risk. The impact of vendor financing arrangements should also be considered when identifying and disclosing information about liquidity risk. This disclosure requirement applies only to vendor financing arrangements. A supplier financing arrangement is a transaction that has the following characteristics: one or more finance providers provide funds to make payments to an enterprise on behalf of its suppliers, with an agreement that the enterprise will repay the finance providers on or after the date the payments are received by its suppliers, in accordance with the terms and conditions of the arrangement. The supplier finance arrangement extends the payment period for the business, or advances the collection period for the business's suppliers, compared to the original payment due date. The interpreted provision is effective from January 1, 2024, and enterprises are not required to disclose information relating to comparable periods and certain opening information when implementing the interpreted provision for the first time. The implementation of this provision did not have a significant impact on the Group's financial position and results of operations. ③ Accounting for sale and leaseback transactions Interpretation No. 17 stipulates that when a lessee subsequently measures a lease liability arising from a sale and leaseback, the manner in which it determines the lease payments or the lease payments after the change shall not result in the recognition of a gain or loss relating to the right of use acquired by the lessee in the leaseback. When an enterprise first implements this provision, it should retrospectively adjust for sale and leaseback transactions that are conducted after the date of initial implementation of ASU No. 21, Leases. The provisions of this interpretation are effective January 1, 2024, and allow companies to early implement from the year of issuance. The Company has implemented this provision since January 1, 2024, and the implementation of this provision has not had any relevant impact on the Group. (2) Implementation of the Interim Provisions on Accounting Treatment Related to Enterprise Data Resources The Ministry of Finance (“MOF”) issued the Interim Provisions on Accounting Notes to Financial Statements Page50 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Treatment Related to Enterprise Data Resources (Caikuai [2023] No. 11) on August 1, 2023, which applies to the data resources that are recognized as assets, such as intangible assets or inventories in compliance with the relevant provisions of the Accounting Standards for Business Enterprises (“ASBE”), as well as data resources legally owned or controlled by an enterprise and are expected to bring economic benefits to the enterprise, but which do not satisfy the conditions for recognition of an asset without recognition of the The relevant accounting treatment and specific requirements for disclosure of data resources. The provision is effective from January 1, 2024, and enterprises shall adopt the method of future application, and expenses related to data resources that have been expensed to profit or loss before the implementation of the provision shall not be adjusted. The implementation of this provision has had no significant impact on the Group's financial position and results of operations. (3) Implementation of ASBE Interpretation No. 18 “Accounting for Guarantees that are not Individual Performance Obligations” The Ministry of Finance issued ASBJ Interpretation No. 18 (“ASBE Interpretation No. 18”) on December 6, 2024 (Caikuai [2024] No. 24, hereinafter referred to as “Interpretation No. 18”), which became effective on the date of its issuance, and which enterprises are permitted to implement earlier than the year of issuance. Interpretation No. 18 stipulates that when accounting for projected liabilities arising from guarantees that are not single performance obligations, the amount of projected liabilities determined in accordance with the relevant provisions of ASBE No. 13 - Contingencies shall be debited to "Main business costs", "Other business costs" and credit the "Estimated liabilities" subject according to the determined estimated liability amount. And the corresponding "Operating cost" in the income statement and the balance sheet of "Other current liabilities", "Non-current liabilities due within one year", "Estimated liabilities" and other items are listed. When implementing this interpretation for the first time, enterprises should make retrospective adjustments in accordance with the change in accounting policy, if the provision for warranty quality assurance was originally included in “Selling expenses”. The implementation of this provision did not have a significant impact on the Group. Notes to Financial Statements Page51 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 2. Changes in significant accounting estimates The Group has no changes in significant accounting estimates in the current period. IV. Tax (I) Main tax type and tax rate Description on the tax payers applicable to different enterprise income tax rate: SDIC Power Holdings Co., Ltd., Yalong River Sichuan Energy Co.,Ltd., Yalong River (Yanyuan) New Energy Co., Ltd., Yalong River (Muli) New Energy Co., Ltd., Yalong River (Panzhihua) Energy Co., Ltd., Yalong River (Xichang) New Energy Co., Ltd., Yalong River (Litang) New Energy Co., Ltd., Tianjin SDIC Jinneng Electric Power Co., Ltd., Tianjin Beijiang Environmental Protection Technology Co., Ltd., SDIC Genting Meizhouwan Electric Power Co., Ltd., Guangxi Guokai Energy Sales Co., Ltd., Guangxi Guoqin Energy Co., Ltd., Xiamen Huaxia International Power Development Co., Ltd.Xiamen Huaxia Electric Energy Sales Co., Ltd., SDIC Meizhouwan (Putian) Power Co., Ltd., SDIC Jineng (Zhoushan) Gas Power Generation Co., Ltd., SDIC Shanxi Hejin Pumped Storage Co., Ltd., SDIC (Hunan Anren) Pumped Storage Co., Ltd., SDIC Jilin Dunhua Pumped Storage Co., Ltd., Yancheng Zhihui Energy Power Co., Ltd., SDIC Gansu Power Sales Co., Ltd., SDIC KingRock 25 Overseas Investment Management Co., Ltd., SDIC Yunnan New Energy Technology Co., Ltd., SDIC Huanneng Electric Power Co.,Ltd., Xiamen Newsky Energy Environmental Technology Co., Ltd., Guizhou Newsky Environment & Tech Co.,Ltd., SDIC New Energy Investment Co., Ltd., Tianjin Baodi Huifeng New Energy Co., Value-added tax (VAT) Ltd., SDIC Xinjiang New Energy Co., Ltd., Yudu Guoli New Energy Co., Ltd., Manas Guoli New Energy Co., Notes to Financial Statements Page52 Ltd., Ruoqiang Guoli New Energy Co., Ltd., Huaning Ganrun New Energy Co., Ltd., Ceheng Huifeng New Energy Calculate output tax on the basis of income from the sale of Co., Ltd., Huzhou Xianghui Photovoltaic Power Co., Ltd., Xiangshui Hengneng Solar Power Co., Ltd., Xiangshui goods and taxable services in accordance with the provisions Yongneng Solar Power Co., Ltd., Hengfeng Jinko Electric Power Co., Ltd., Jiangsu Tiansai New Energy | of the tax law, and after deducting the input tax allowable for | 13、9、6 | | | | | | --- | --- | --- | --- | --- | --- | | Development Co., Ltd., Yingshang Runneng New Energy Co., Ltd., Changzhou Tiansui New Energy Co., Ltd., 25、22、20、17、 | | | | | | | The Group also has operations that are subject to VAT on a deduction in the current period, the difference will be the Subsidiaries of the Group also have small-sized taxpayers Applicable tax | | | | | | | Corporate income tax Based on taxable income Suixi Tianhuai New Energy Co., Ltd., Zhangjiakou Jinko New Energy Co., Ltd., Guyuan Guanghui New Energy | | 5、3 5、3 | Types of tax | Tax basis | | | Urban maintenance and construction tax Based on actual VAT paid Education surcharge Based on actual VAT paid Local surcharge Based on actual VAT paid under the simplified tax regime without input tax credit simplified basis without input tax credit value-added tax payable Applicable tax rate (%) | rate (%) 7、5、1 | | 15 3 2 | | Name of tax payer | Power Co., Ltd., Fuxin Jingbu Solar Power Co., Ltd., SDIC (Hainan) New Energy Co., Ltd., Hainan Dongfang Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Akse Kazakh Autonomous County Huidong New Energy Co., Ltd, Baiyin Daxia Electric Power Co., Ltd., Dechang Gaopai Wind Power Co., Ltd., Pingyang Aoqi New Energy Co., Ltd., SDIC Genting Meizhouwan (Putian) New Wind Power Development Co., Ltd, Dingbian Angli Photovoltaic Technology Co., Ltd., Guiding Guoneng New Energy Co., Ltd., Zhangjiakou Kaitou New Energy Co., Ltd., Tianjin Binhai Guoli New Energy Co., Ltd., Shangyi Energy Co., Ltd., SDIC Barikun New Energy Co., Ltd, SDIC Baiyin Wind Power Co., Ltd., SDIC Chuxiong Wind Ruida New Energy Co., Ltd., Ningxiang Gushan New Energy Development Co., Ltd., Yangquan Guoli New Power Co., Ltd, SDIC Dali Photovoltaic Power Generation Co., Ltd., SDIC Dunhuang Photovoltaic Power Energy Co., Ltd., SDIC Zhejiang New Energy Co., Ltd., Pubei Yuanli New Energy Co., Ltd., SDIC (Qionghai) Generation Co., Ltd., SDIC Gansu Xiaosanxia Power Co., Ltd., SDIC Geermu Photovoltaic Power Generation Co., New Energy Co., Ltd., Yunnan Kunming Wuhua District Gangrun New Energy Co., Ltd., SDIC Tibet Seni New Ltd., SDIC Guangxi Wind Power Co., Ltd., SDIC Hami Wind Power Co., Ltd., SDIC Jiuquan No. 2 Wind Power Energy Co., Ltd. SDIC Tibet Nierong New Energy Co., Ltd., Zhangjiakou Fufeng New Energy Co., Ltd., Shilin Co., Ltd., SDIC Jiuquan No. 1 Wind Power Co., Ltd., SDIC Jiuquan New Energy Co., Ltd., SDIC Panjiang County Qianrun New Energy Co., Ltd., Xundian County Qianrun New Energy Co., Ltd., SDIC (Fujian) New (Panzhou) New Energy Co., Ltd., SDIC Panjiang Power Co.,Ltd., SDIC Qinzhou Second Electric Power Co., Ltd., Energy Co., Ltd., Xingtai Guoli New Energy Co., Ltd., Zhangzhou Gulei Guozhang New Energy Co., Ltd., SDIC Qinzhou Electric Power Co., Ltd., SDIC Qinghai Wind Power Co., Ltd., SDIC Shizuishan Photovoltaic Tongcheng Jinjia New Energy Co., Ltd., SDIC (Shandong) New Energy Co., Ltd., Zhangjiakou Yuanli New C&G Environmental Protection (Thailand) Company Limited, Newsky (Philippines) Holdings Corporation, Power Generation Co., Ltd., SDIC Turfan Wind Power Co., Ltd., SDIC New Energy (Honghe) Co., Ltd. SDIC Energy Co., Ltd., SDIC (Qingyang) New Energy Co., Ltd., Fuzhou Changle Guomin New Energy Co., Ltd., SDIC 15 (II) Tax preference Newsky Energy (Bangkok) Company Limited, Newsky Energy (Thailand) Company Limited, Guangxi Guoqin Yunnan Dachaoshan Hydropower Co., Ltd., SDIC Yunnan New Energy Co., Ltd., Jingbian Zhiguang New Energy (Hainan) New Energy Development Co., Ltd., Guoyuan (Xi'an) New Energy Co., Ltd., Yalong River (Sichuan) Naleng Wind Power Generation Co., Ltd., SDIC (Guangdong) Offshore Wind Power Development Co., Ltd., SDIC Development Co., Ltd., Mizhi Guoyuan New Energy Co., Ltd., Pubei Yuansheng New Energy Co., Ltd., Quanzhou New Energy Co., Ltd., Guangxi Qinqin Power Sales Co., Ltd., SDIC Guangxi New Energy Development Co., Ltd., (1) Income tax (Guangdong) New Energy Co., Ltd., SDIC (Huilai) Kuiyang New Energy Co., Ltd., SDIC Gansu New Energy Co., Yuansheng New Energy Co., Ltd., Sichuan Ertan Construction Consulting Co., Ltd., Sichuan Ertan Industrial SDIC Guizhou Power Sales Co., Ltd., SDIC Meizhouwan Power Sales Co., Ltd., Yuxi Qianrun New Energy Co., Ltd., SDIC Guizhou New Energy Co., Ltd., SDIC Hebei New Energy Co., Ltd., SDIC Jiangsu New Energy Co., Development Co., Ltd., Tokson County Tianhe Solar Energy Co., Ltd, Yalong River Huili New Energy Co., Ltd., Ltd., Guizhou Newsky Kitchen Waste Treatment Co., Ltd., Kunming Dongchuan Qianrun New Energy Co., Ltd., 20 Notes to Financial Statements Page53 Ltd.,SDIC Inner Mongolia New Energy Development Co., Ltd., SDIC Qinghai New Energy Co., Ltd., SDIC Yalong River Mianning New Energy Co., Ltd., Yalong River Hydropower Liangshan Co., Ltd., Yijun Guoyuan Yalong River Hydropower Development Co., Ltd., Beijing Kemao Technology Co., Ltd., Beijing Damao Shanxi New Energy Co., Ltd., SDIC Tibet New Energy Co., Ltd., SDIC New Energy Co., Ltd., Lingshan New Energy Co. Ltd., Yalong River Hydropower Panzhihua Co., Ltd., SDIC Ningxia Wind Power Co., Ltd., Technology Co., Ltd., Tianjin SDIC New Energy Co., Ltd., SDIC (Ordos City) New Energy Co., Ltd., SDIC Yuansheng New Energy Co., Ltd., Pubei Fengguang New Energy Co., Ltd., Xiangzhou Yuansheng New Energy Yalong River (Yajiang) New Energy Co., Ltd., Pingtang Leyang New Energy Co., Ltd., SDIC Tibet Nima New Shiyan New Energy Co., Ltd., Red Rock Investment Limited, Red Rock Renewables Limited, Beatrice Wind Co., Ltd., Yunnan Dachao Industrial Co., Ltd. Energy Co., Ltd Jaderock Investment Singapore Pte. Ltd., Fareast Green Energy Pte. Ltd., Asia Ecoenergy Development B Pte. Ltd., Limited, Afton Wind Farm Limited, Afton Wind Farm (Holdings) Limited, Afton Wind Farm (BMO) Limited, 、 SDIC Tibet Renbu New Energy Co., Ltd., Yunxian Qianrun New Energy Co., Ltd., Yuanjiang PT Dharma Hydro Nusantara, PT North Sumatera Hydro Energy 17 22 Qianrun New Energy Co., Ltd. Benbrack Wind Farm Limited, Aska Windfarm Holdings Limited, Yalong River Hydro Power Ganzi Co., Ltd., Asia Ecoenergy Development A Pte. Ltd. Applicable tax rate (%) Name of tax payer Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 1) According to the Notice on Continuing the Enterprise Income Tax Policy of the Western Region Development Strategy (No.23 Notice of the Ministry of Finance in 2020) issued by Ministry of Finance, State Administration of Taxation and National Development and Reform Commission, from 2024 the following subsidiaries of the Group continued implementing the income tax preference of the Western Region Development Strategy at the tax rate of 15%: Akse Kazakh Autonomous County Huidong New Energy Co., Ltd, Baiyin Daxia Electric Power Co., Ltd., Dechang Wind Power Development Co., Ltd, Dingbian Angli Photovoltaic Technology Co., Ltd., Guiding Guoneng New Energy Co., Ltd., SDIC Barikun New Energy Co., Ltd, SDIC Baiyin Wind Power Co., Ltd., SDIC Chuxiong Wind Power Co., Ltd, SDIC Dali Photovoltaic Power Generation Co., Ltd., SDIC Dunhuang Photovoltaic Power Generation Co., Ltd., SDIC Gansu Xiaosanxia Power Co., Ltd., SDIC Geermu Photovoltaic Power Generation Co., Ltd., SDIC Guangxi Wind Power Co., Ltd., SDIC Hami Wind Power Co., Ltd., SDIC Jiuquan No. 2 Wind Power Co., Ltd., SDIC Jiuquan No. 1 Wind Power Co., Ltd., SDIC Jiuquan New Energy Co., Ltd., SDIC Panjiang (Panzhou) New Energy Co., Ltd., SDIC Panjiang Power Co.,Ltd., SDIC Qinzhou Second Electric Power Co., Ltd., SDIC Qinzhou Electric Power Co., Ltd., SDIC Qinghai Wind Power Co., Ltd., SDIC Shizuishan Photovoltaic Power Generation Co., Ltd., SDIC Turfan Wind Power Co., Ltd., SDIC New Energy (Honghe) Co., Ltd. SDIC Yunnan Dachaoshan Hydropower Co., Ltd., SDIC Yunnan New Energy Co., Ltd., Jingbian Zhiguang New Energy Development Co., Ltd., Mizhi Guoyuan New Energy Co., Ltd., Pubei Yuansheng New Energy Co., Ltd., Quanzhou Yuansheng New Energy Co., Ltd., Sichuan Ertan Construction Consulting Co., Ltd., Sichuan Ertan Industrial Development Co., Ltd., Tokson County Tianhe Solar Energy Co., Ltd, Yalong River Huili New Energy Co., Ltd., Yalong River Mianning New Energy Co., Ltd., Yalong River Hydropower Liangshan Co., Ltd., Yijun Guoyuan New Energy Co. Ltd., Yalong River Hydropower Panzhihua Co., Ltd., SDIC Ningxia Wind Power Co., Ltd., Yalong River (Yajiang) New Energy Co., Ltd., Pingtang Leyang New Energy Co., Ltd., SDIC Tibet Nima New Energy Co., Ltd、SDIC Tibet Renbu New Energy Co., Ltd., Yunxian Qianrun New Energy Co., Ltd., Yuanjiang Qianrun New Energy Co., Ltd. 2) In accordance with the regulations in Enterprise Income tax Law of the People's Republic of China, Notification on Promulgating the Enterprise Income Tax Preference Catalog (2008) of Public Infrastructure Projects by Ministry of Finance, State Administration of Taxation and National Development and Reform Commission (CS[2008]No.116), and Notification on Implementing the Income Tax Preference of Public Infrastructure Project with National Special Support by Station Administration of Taxation (GSF[2009]No.80), the following company can be exempted from income tax for the first 3 years, and half exempted for the next 3 years: Notes to Financial Statements Page54 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statements Page55 Guazhou North Bridge Second | Ningxiang Gushanfeng Wind Wind Farm Wind-Solar SDIC Qiaonan Second | | | | | --- | --- | --- | --- | | SDIC Jiuquan Second Wind Power Co., Ltd. 2024 2025 2027 2022 | | | | | Lingshan Liufengshan Wind Guangxi Pubei Distributed Dunhuang 40MW Photovoltaic SDIC Zhongning Enhe Wind Lianghekou Hydropower Farm 50MW Wind Power Pubei Longmen Wind Farm Ningxiang Gushanfeng New Energy Development Co., Ltd. Yangfanggou Hydropower Interactive 50MW Photovoltaic Pubei Longmen Wind Farm Shiyan Yunxi 20MW PV SDIC Hangjinqi Wind Farm SDIC Jiuquan New Energy Co., Ltd. 400MW Supporting Wind Lingshan Dongyong Wind Qinnan Nasi Wind Farm 2022 2023 2025 2024 2025 2027 2020 2022 Half-exemption | | | | | SDIC Guangxi Wind Power Co., Ltd. SDIC Guangxi Wind Power Co., Ltd. SDIC Guangxi Wind Power Co., Ltd. Pubei Yuansheng New Energy Co., Ltd. SDIC Dunhuang Photovoltaic Power Generation Co., Ltd. SDIC Ningxia Wind Power Co., Ltd. Yalong River Hydropower Garze Co., Ltd. SDIC Guangxi Wind Power Co., Ltd. Yalong River Hydropower Liangshan Co., Ltd. SDIC Shiyan New Energy Co., Ltd. SDIC Guangxi Wind Power Co., Ltd. SDIC (Ordos City) New Energy Co., Ltd. SDIC Nagqu City Nima SDIC Tibet Nima New Energy Co., Ltd. Exemption period 2026 2027 2029 2026 2027 2029 2026 2027 2029 2025 2026 2028 2025 2026 2028 2022 2023 2025 2023 2024 2026 2024 2025 2027 2023 2024 2026 2026 2027 2029 2022 2023 2025 2024 2025 2027 2025 2026 2028 2024 2024 2024 2023 2023 2020 2021 2022 2021 2024 2020 2022 2023 | | Remark | Company name | | Phase II Project Project (150MW) Project Power (Areas A and B) Farm Project Project Farm Phase I Project Project Power Project Station Project Photovoltaic Project Project Phase III Project Station Project SDIC Qinghai Wind Power Co., Ltd. Qieji Project Project 2022 2023 2025 2020 | period | | | County Tanglu Village 50MW Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statements Page56 Kunming Dongchuan District Jiaojia Village Agricultural and | SDIC Renbu County Pusong Guizhou Liupanshui Kitchen Kunming Dongchuan Qianrun New Energy Co., Ltd Dachaosi West Phase II Animal Husbandry Dachaosi West Phase I 2026 2027 2029 2024 | | | | | --- | --- | --- | --- | | 100MW+ Energy Storage Waste Municipal Sludge Forestry Photovoltaic Power SDIC Tibet Renbu New Energy Co., Ltd. Tsida Wind Farm (Phase VI) Guizhou Newsky Kitchen Waste Treatment Co., Ltd. Yunxian Ganrun New Energy Co., Ltd. Photovoltaic Complementary Yuxi Yuanjiang Pulichong 100MW Solar + Farming Labashan Wind Power (Phase Yunxian Ganrun New Energy Co., Ltd. Forestry Photovoltaic Power Labashan Wind Power (Phase Yuxi Yuanjiang Ganba Tielu Wind Farm (Phase VII) Maolan Forestry Photovoltaic 2026 2027 2029 2023 2024 2026 2025 2026 2028 2025 2026 2028 2024 2021 2023 Half-exemption 2023 | | | | | Tianjin SDIC New Energy Co., Ltd. Ninghe II Project Dechang Wind Power Development Co., Ltd Yuanjiang Ganrun New Energy Co., Ltd. Dechang Wind Power Development Co., Ltd Yunxian Ganrun New Energy Co., Ltd. Dechang Wind Power Development Co., Ltd Yuanjiang Ganrun New Energy Co., Ltd. Fuxin Jingbu Solar Power Co.,Ltd. Dechang Wind Power Development Co., Ltd Exemption period 2024 2025 2027 2025 2026 2028 2025 2026 2028 2022 2023 2025 2025 2026 2028 2021 2022 2024 2025 2026 2028 2024 2025 2027 2026 2027 2029 2022 2023 2023 2020 2023 2019 2023 2022 2024 | | Remark | Company name | | Photovoltaic Power Plant II) PV + Energy Storage Project Generation I) Project Photovoltaic Power Plant Project Power Generation Project Generation Photovoltaic Project Project Treatment Project Project Project Yalong River (Yajiang) New Energy Co., Ltd. Kela PV Project Tianjin SDIC New Energy Co., Ltd. Ninghe I Project 2025 2026 2028 2022 2023 2025 2023 2020 | period | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 3) According to the Notice on Further Implementation of Income Tax Preference Policy for Small and Micro Enterprises (MOF and SAT No.13 Notice in 2022) and the Notice on Income Tax Preference Policy for Small and Micro Enterprises and Individual Business (MOF and SAT No.6 Notice in 2023), from January 1, 2023 to December 31, 2024, for the part not greater than 1 million Yuan of the taxable income in the small and micro enterprises, it shall be reduced to 25% and charged to taxable income, and the enterprise income tax shall be paid at a tax rate of 20%; For the part greater than 1 million Yuan but not greater than 3 million Yuan, it shall be reduced to 25% and charged to taxable income, and the enterprise income tax shall be paid at a tax rate of Notes to Financial Statements Page57 | Rinbu County, Rikaze City, SDIC Longlou 100MW | | | | | --- | --- | --- | --- | | (Fishery and Agriculture) Xintang Agricultural Tibet, Phase I 100MW | | | | | Akse Kazakh Autonomous County Huidong New Energy Co., Solar Thermal + Photovoltaic SDIC Tibet Renbu New Energy Co., Ltd. SDIC (Hainan) New Energy Co., Ltd. 2026 2027 2029 2026 2027 2029 2024 2024 | | | | | Sludge Treatment and Disposal Yuxi Hongta Roof-distributed Yuanjiang TuanTian PV Photovoltaic Complementary Pingtang Leyang NewEnergy Co., Ltd. Pingyang Aojiang 60MWp Photovoltaic Power Plant in Rangeland Solar Photovoltaic Pingtang Tongzhou Leyang 2026 2027 2029 2025 2026 2028 2024 Half-exemption 2023 | | | | | Ltd. Pilot Project Xiamen Huaxia International Power Development Co., Ltd. SDIC Hami Wind Power Co., Ltd. Yiwu Solar + Storage Pingtang Leyang NewEnergy Co., Ltd. Yuxi Qianrun New Energy Co., Ltd. Yuanjiang Ganrun New Energy Co., Ltd. Pingyang Aoqi New Energy Co., Ltd. Exemption period 2022 2023 2025 2026 2027 2029 2024 2025 2027 2025 2026 2028 2026 2027 2029 2026 2027 2029 2020 2024 2022 2023 2024 2024 | | Remark | Company name | | Services Photovoltaic Project Pingtang County Pingtang Leyang NewEnergy Co., Ltd. Datang Project Project Farming PV Power Station SDIC Hami Wind Power Co., Ltd. Jingxia 5B project PV Power Project Project Project 2026 2027 2029 2022 2023 2025 2024 2020 | period | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 20%: Guangxi Guoqin Naleng Wind Power Generation Co., Ltd., SDIC (Guangdong) Offshore Wind Power Development Co., Ltd., SDIC (Guangdong) New Energy Co., Ltd., SDIC (Huilai) Kuiyang New Energy Co., Ltd., SDIC Gansu New Energy Co., Ltd., SDIC Guizhou New Energy Co., Ltd., SDIC Hebei New Energy Co., Ltd., SDIC Jiangsu New Energy Co., Ltd., SDIC Inner Mongolia New Energy Development Co., Ltd., SDIC Qinghai New Energy Co., Ltd., SDIC Shanxi New Energy Co., Ltd., SDIC Tibet New Energy Co., Ltd., SDIC New Energy Co., Ltd., Lingshan Yuansheng New Energy Co., Ltd., Pubei Fengguang New Energy Co., Ltd., Xiangzhou Yuansheng New Energy Co., Ltd., Yunnan Dachao Industrial Co., Ltd. 4) Pursuant to the Certain Measures on Further Supporting the High-quality Development of the Private Economy Issued by the Party Committee and the People's Government of the Inner Mongolia Autonomous Region, until December 31, 2025, small micro-profit enterprises with an annual taxable income of less than 1 million yuan (inclusive) will be exempted from the local portion of the enterprise income tax. SDIC Inner Mongolia New Energy Development Co., Ltd., a subsidiary of the Group, is subject to the aforesaid policy. 5) Pursuant to the Measures for the Implementation of Enterprise Income Tax Policies in the Tibet Autonomous Region (Provisional) (Zangzheng Fa [2022] No. 11), from January 1, 2022 to December 31, 2025, qualified enterprises shall be exempted from the local sharing portion of enterprise income tax. The aforesaid policy is applicable to the Group's subsidiaries, SDIC Tibet New Energy Co., Ltd. 6) According to BOI certificate issued by Thailand Board of Investment in light of Investment Promotion Act (B.E. 2520), ① as specified in item 1, Section 31, a promoted person shall be granted exemption of juristic person income tax on the net profit derived from the promoted activity, but not exceeding 100% of total investment excluding cost of land and working capital; the exemption period shall be eight years from the date when the first income is obtained from incineration of solid waste; ② as specified in item 2, Section 31, a promoted person shall be granted exemption of juristic person income tax on the net profit derived from the promoted activity, and the exemption period shall be eight years from the month when the first income is obtained from solid waste-to-power generation business: C&G Environmental Protection (Thailand) Company Limited shall be exempted from enterprise income tax from March 2016 to February 2024. 7) According to the SAT Document on Issuing the Regulation on the Implementation of the Income Tax Law of the People's Republic of China (No.714 Revision of the PRC State Council on April 23, 2019), Tianjin Beijiang Environmental Protection Technology Co., Ltd. can record its Notes to Financial Statements Page58 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) total income as per 90% because they take the resource specified in Enterprise Income Tax Preference Catalog for Comprehensive Utilization of Resources as main materials to produce the air-added which is not limited or prohibited and conforms to national and industrial standard. 8) According to the SAT Notification on Offsetting Enterprise Income Tax with the Investment in Special Equipment Including Environmental Protection, Energy Saving, Water Conservation and Work Safety (GSH[2010]No.256), Xiamen Huaxia International Power Development Co., Ltd. and SDIC Genting Meizhouwan Electric Power Co., Ltd. can offset its 10% of investment in special equipment specified in Enterprise Income Tax Preference Catalog for Work Safety Special Equipment, Enterprise Income Tax Preference Catalog for Environmental Protection Special Equipment and Enterprise Income Tax Preference Catalog for Energy Saving and Water Conservation Special Equipment in the taxable income of the enterprise in current year; if insufficient to offset in current year, it can be offset during the future five taxable years. 9) According to No.695/KMK Order of the Indonesia finance minister, PT North Sumatera Hydro Energy was approved to be exempted from enterprise income tax on October 18, 2018. When the NSHE has its paid-in capital up to 2120.1 billion Indonesian rupiahs, it will be entitled to the following preferences: within 15 fiscal years from the date of commercial operation, exempt 100% of enterprise income tax, exempt withholding tax for the income received from a third party; within 2 fiscal year after expiry of above fiscal years, reduce the enterprise income tax rate to 50% of current rate. (2) Value-added tax 1) According to the MOF and SAT Notice on Issuing the VAT Preference Catalog for the Products and Labor Services Involved with Comprehensive Utilization of Resources (CS[2015]No.78), SDIC Genting Meizhouwan Electric Power Co., Ltd. and SDIC Qinzhou Electric Power Co., Ltd. can be entitled to 50% VAT refundable policy for their income realized from selling gypsum; SDIC Panjiang Electric Power Co., Ltd. can be entitled to 50% VAT refundable policy for its income from selling coal gangue and coal slurry power; Tianjin Beijiang Environmental Protection Technology Co., Ltd. can be entitled to 70% VAT refundable policy for its income from selling air-added brick; Guizhou Newsky Environment & Tech Co.,Ltd. can be entitled to 70% VAT refundable policy for its income from selling waste treatment; Xiamen Huaxia International Power Development Co., Ltd. and Guizhou Newsky Kitchen Waste Treatment Co., Ltd. can be entitled to 70% VAT refundable policy for their income from selling sludge; Guizhou Newsky Environment & Tech Co.,Ltd. can be entitled to 100% VAT refundable policy for its income from selling kitchen waste and bio oil; Guizhou Newsky Environment & Tech Co.,Ltd. can be entitled to 100% VAT refundable policy for its income from selling garbage Notes to Financial Statements Page59 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) power. 2) According to Notice on VAT Policy for Comprehensive Utilization of Resources and Other Products (CS[2008]No.156) and the Notice on Wind Power VAT Policy ([2015]No.74) jointly issued by the MOF and SAT, the wind power enterprises of the Group can be entitled to 50% VAT refundable policy. 3) According to the Notice on Tax Policy for Further Supporting Retired Soldier for Entrepreneurship and Employment (CS[2019]No.21) issued by MOF, SAT and MVA, Sichuan Ertan Industrial Development Co., Ltd. and SDIC Yunnan Dachaoshan Hydropower Co., Ltd. can be entitled to the abatement of VAT, urban maintenance and construction tax, education surcharge, local education surcharge and enterprise income tax in turn on the basis of norm and actual number within 3 years from the month when the labor contract is signed and the social insurance is paid because it employs the retired soldiers, signs a labor contract of at least one year with them and pays social insurance expense for them according to law. The norm standard shall be 6,000 Yuan/person annually, with the maximum increase of 50%. The People’s Government of each province, autonomous region and municipality can determine specific norm standard within this range according to local actual condition. 4) According to the Notice on Tax Policy for Further Supporting and Promoting Key Group for Entrepreneurship and Employment (CS[2019]No.22), Sichuan Ertan Construction Consultancy Co., Ltd. and Sichuan Ertan Industrial Development Co., Ltd. can be entitled to the abatement of VAT, urban maintenance and construction tax, education surcharge, local education surcharge and enterprise income tax in turn on the basis of norm and actual number within 3 years from the month when the labor contract is signed and the social insurance is paid because they employ the impoverished people and the people who have been unemployed for more than half a year as registered in the public employment service agency of Human Resources and Social Security Department and hold Employment and Entrepreneurship Certificate or Employment/Unemployment Registration Certificate (indicating “enterprise absorption tax policy”), sign a labor contract of at least one year with them and pay social insurance expense for them according to law. The norm standard shall be 6,000 Yuan/person annually, with the maximum increase of 30%. The People’s Government of each province, autonomous region and municipality can determine specific norm standard within this range according to local actual condition. (3) Local tax and relevant tax surcharge 1) According to the Circular of the Department of Finance of Guangxi Zhuang Autonomous Region on Matters Relating to the Exemption of Local Water Conservancy Construction Fund Notes to Financial Statements Page60 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (Gui Cai Shui [2022] No. 11), from April 1, 2022 to December 31, 2026 (belonging to the period), all levy recipients of the region shall be exempted from the levy of local water conservancy construction fund. 2) According to the Announcement of the Ministry of Finance and Administration of Taxation of the Ministry of Housing and Urban-Rural Development on the Improvement of Tax Policies Relating to Housing Leasing (No. 24 of 2021), Xiamen Huaxia International Power Development Co., Ltd. complies with the provision of “From October 1, 2021 onwards, enterprises, public institutions, social groups, and other organizations renting out their housing units to individuals and specialized and large-scale housing leasing enterprises shall reduce the property tax at a rate of 4%”. 3)According to the Circular of the State Administration of Taxation on the Issuance of Supplementary Provisions on Certain Specific Issues Concerning Land Use Tax (Guo Shui Di Zi [1989] No. 140), Xiamen Huaxia International Power Development Co., Ltd. complied with the provision of “temporary exemption from land use tax on public green land outside the factory area of an enterprise and on land for parks which are open to the public”. 4) According to the Several Opinions on Quickening the Development of Private Enterprises of Fujian Province, Xiamen Huaxia International Power Development Co., Ltd. and SDIC Genting Meizhouwan Electric Power Co., Ltd. can conform to the regulation that the current housing property tax shall be paid at the residual value of original housing property value minus 30%; the urban land use tax shall be paid at 20% decrease in tax standard. 5) According to the State Council Decree on Modifying the Provisional Regulations on Urban Land Use Tax of the People’s Republic of China (No.483 Decree of the State Council), SDIC Qinzhou Electric Power Co., Ltd. can conform to the regulation that the land after hill excavating and offshore filling with approval and the waste land after modification shall be exempt from land use tax for five years from the month of use and be exempt by half from the sixth year to the tenth year. 6) According to the MOF and SAT Notice on Tax Policy for Further Supporting the Development of Small and Micro Enterprises and Individual Business (No.12 in 2023), Fuxin Jingbu Solar Power Co.,Ltd., SDIC Guangxi New Energy Development Co., Ltd., SDIC Guizhou New Energy Co., Ltd., Ceheng Huifeng New Energy Co., Ltd., Yunnan Dachao Industry Co., Ltd., SDIC Gansu New Energy Co., Ltd., SDIC Tibet New Energy Co., Ltd., SDIC Jiangsu New Energy Co., Ltd., SDIC New Energy Co., Ltd., SDIC (Hunan Anren) Pumped Storage Co., Ltd., SDIC (Guangdong) Offshore Wind Power Development Co., Ltd., SDIC (Ordos City) New Energy Co., Ltd., Akse Kazakh Autonomous County Huidong New Energy Co., Ltd, SDIC Hebei New Energy Notes to Financial Statements Page61 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Co., Ltd., SDIC Shiyan New Energy Co., Ltd., Huaning Qianrun New Energy Co., Ltd., Yancheng Zhihui Energy Power Co., Ltd., Guiding Guoneng New Energy Co., Ltd., Pingtang Leyang New Energy Co., Ltd., SDIC Yunnan New Energy Technology Co., Ltd., SDIC Xinjiang New Energy Co., Ltd., Sichuan Ertan Construction Consultancy Co., Ltd., SDIC Meizhouwan Power Sales Co., Ltd. and Guangxi Guokai Energy Sales Co., Ltd. can be entitled to less than 50% abatement of resource tax, urban maintenance and construction tax, housing property tax, urban land use tax, stamp tax (excluding stamp tax of stock exchange), farming land occupation tax, education surcharge and local education surcharge. 7) According to the SAT Regulations on Exemption of Land Use Tax for Electric Power Industry ((1989) GSDZi No.13), the land use tax of SDIC Genting Meizhouwan Electric Power Co., Ltd. shall implement the regulation that the land inside the enclosing wall of thermal power plant shall be liable to the land use tax according to the regulations. The land for ash yard, ash transmission pipe, oil (gas) transmission pipe and special railway line outside the plant enclosing wall shall be exempt from land use tax; the land for other purposes outside the plant enclosing wall shall be liable to the tax according to the regulations. In hydropower station, the land for power house (including those inside and outside dam) and the land for production, office and living shall be liable to the land use tax according to the regulations; the land for other purposes shall be exempt from the tax. In power supply sector, the land for power transmission line and substation shall be exempt from land use tax. 8)According to the third paragraph of Article 12 of the Environmental Protection Tax Law of the People's Republic of China, urban and rural centralized sewage treatment and centralized domestic garbage treatment establishments set up in accordance with the law shall be exempted from environmental protection tax for the time being if the discharge of the corresponding taxable pollutants does not exceed the emission standards stipulated by the State and the local authorities. Guizhou Newsky Environment & Tech Co.,Ltd. complies with the foregoing provisions. According to Article 13 of the Environmental Protection Tax Law of the People's Republic of China, if the concentration value of taxable air pollutants or water pollutants emitted by a taxpayer is less than 50% of the pollutant emission standards set by the state and local regulations, the environmental protection tax shall be reduced by 50%. The Group's thermal power enterprises are subject to this policy. Notes to Financial Statements Page62 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) # V. Notes to consolidated financial statements # (I) Monetary fund | Item | Ending balance | Beginning balance | | --- | --- | --- | | Cash at bank | 951,234,460.14 | 1,181,116,247.50 | | Other monetary funds | 167,320,950.56 | 100,696,898.30 | | Deposits in finance company | 9,051,660,489.16 | 10,076,191,947.67 | | Total | 10,170,215,899.86 | 11,358,005,093.47 | | Including: total amount deposited overseas | 750,291,670.12 | 660,656,132.81 | | Amount deposited overseas and with restricted fund repatriation | 154,789,414.97 | 147,371,559.53 | # Monetary funds with restricted right of use | Item | Ending balance | Beginning balance | | --- | --- | --- | | Guarantee for bank acceptance notes | 49,088,616.64 | 67,842,370.36 | | Performance bond | 161,856,359.08 | 62,410,264.75 | | Land reclamation deposit | 24,478,234.60 | 21,550,637.68 | | Housing maintenance funds | 5,503,710.97 | 5,493,907.39 | | Restricted loan funds | | 7,457,955.15 | | Bank guarantee | | 96,770,909.47 | | Total | 240,926,921.29 | 261,526,044.80 | # (II) Financial assets held for trading | Item | Ending balance | Beginning balance | | --- | --- | --- | | Financial assets at FVTPL | 19,072,883.70 | 16,364,308.50 | | Including: equity instrument investments | 19,072,883.70 | 16,364,308.50 | | Designated as financial assets at FVTPL | 122,532,750.00 | 122,054,850.00 | Notes to Financial Statements Page63 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) | Item | Ending balance | Beginning balance | | --- | --- | --- | | Including: Others (Note) | 122,532,750.00 | 122,054,850.00 | | Total | 141,605,633.70 | 138,419,158.50 | Note: In 2020, Red Rock Renewables Limited sold 50% of its shares in Inch Cape Offshore Limited to ESB II UK Limited, which is recognized by management based on the fair value of the deferred consideration clause in the equity transfer agreement. # (III) Derivative financial assets | Item | Ending balance | Beginning balance | | --- | --- | --- | | Cash flow hedging instruments | 69,621,586.87 | 60,739,049.26 | | Total | 69,621,586.87 | 60,739,049.26 | # (IV) Notes receivable 1. Notes receivable listed by category | Item | Ending balance | Beginning balance | | --- | --- | --- | | Bank acceptance notes | 13,625,015.31 | 7,204,974.86 | | Total | 13,625,015.31 | 7,204,974.86 | Notes to Financial Statements Page64 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 2. Disclosure by categories by means of allowance for bad debts Notes to Financial Statements Page65 Category | Bad debt provision Proportion Proportion | Book value Book value | | | | --- | --- | --- | --- | | Proportion Proportion | | | | | made on an Bank acceptance of provision of provision | Amount 13,625,015.31 7,204,974.86 Amount 13,629,098.71 7,213,802.72 Amount Amount 8,827.86 100.00 100.00 | 4,083.40 0.03 0.12 | | | | 13,625,015.31 7,204,974.86 (%) (%) 13,629,098.71 7,213,802.72 8,827.86 100.00 100.00 | 4,083.40 0.03 0.12 | | | individual basis notes Including: | 13,625,015.31 Provision for bad debts 7,204,974.86 Provision for bad debts (%) 13,629,098.71 7,213,802.72 (%) 8,827.86 100.00 100.00 | 4,083.40 Total Book balance Book balance | Beginning balance Ending balance | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Provision for bad debts made on an individual basis: 3. Provision for bad debts is based on the general model of expected credit losses Notes to Financial Statements Page66 | Expected credit Provision for bad | | | | | | --- | --- | --- | --- | --- | | Expected credit loss | Total | | | | | loss for the whole | | debts | | | | for the whole duration Expected credit loss in | Name | | | | | Proportion of Balance as of January 1, Bank duration (no | | | | | | Expected Reversal in the current Provision for Provision for Reasons for (credit impairment the next 12 months | | | | | | Write-off in the current 2024 in the current Provision in the current acceptance -Be transferred back to Balance as of January 1, -Be transferred back to -Be transferred to Stage -Be transferred to Stage Book balance 13,629,098.71 Book balance provision | 7,213,802.72 4,083.40 8,827.86 credit | 0.03 | | | | credit loss period provision bad debts bad debts | occurred) | -4,744.46 8,827.86 | -4,744.46 8,827.86 | | | notes Stage I Stage II 2024 III period II period period 13,629,098.71 impairment) | Total 7,213,802.72 Stage II (%) 4,083.40 8,827.86 Stage III Beginning balance | Stage I | | Ending balance | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 4. Provision for bad debts of notes receivable accrued, recovered, and transferred back in the current period (V) Accounts receivable 1. Accounts receivable presented by ageing Notes to Financial Statements Page67 | Expected credit Accounts Beginning Provision for bad | Ending | | | | --- | --- | --- | --- | | Expected credit loss | Total Category | | | | loss for the whole Notes receivable with recovered Accounts balance | balance | debts | | | for the whole duration Expected credit loss in Other | | | | | written off or provision for expected duration (no Provision | or | | | | changes (credit impairment the next 12 months | 8,827.86 -4,744.46 4,083.40 | | | | Balance as at December credit losses on a Verification in the transferre cancelled | credit | | | | | occurred) | 4,083.40 | 4,083.40 | | 31, 2024 Subtotal (within 1 year) current period Other changes single basis Within 1 year Including: sub-items within 1 year d back impairment) | 8,827.86 Stage II -4,744.46 4,083.40 Stage III | Beginning balance Total Stage I Ending balance 1 to 6 months 7 to 12 months Amount changed in the current period | 7,550,446,813.75 9,361,442,725.08 5,511,270,791.09 7,588,942,553.20 2,039,176,022.66 1,772,500,171.88 7,550,446,813.75 9,361,442,725.08 Aging | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) | Aging | Ending balance | Beginning balance | | --- | --- | --- | | 1 to 2 years | 4,519,509,708.78 | 2,497,491,098.55 | | 2 to 3 years | 1,905,596,255.06 | 1,696,739,964.09 | | 3 to 4 years | 1,581,934,017.37 | 459,506,125.57 | | 4 to 5 years | 432,911,511.55 | 315,004,106.59 | | Over 5 years | 614,772,251.96 | 300,177,660.47 | | Subtotal | 16,605,170,558.47 | 14,630,361,680.35 | | Less: provision for bad debts | 771,545,567.23 | 597,225,427.56 | | Total | 15,833,624,991.24 | 14,033,136,252.79 | Notes to Financial Statements Page68 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 2. Classified disclosure by bad debt accrual method Notes to Financial Statements Page69 Category | Proportio Receivables with bad Proportio | Book value Book value | | | | --- | --- | --- | --- | | Bad debt provision debt provision accrued Proportion | n of n of | | | | Proportion (%) 9,765,678,785.02 9,762,782,215.87 | 8,859,123,844.34 8,858,686,718.62 Amount Amount Amount Amount 0.03 60.55 | 2,896,569.15 437,125.72 58.81 | | | made on an individual Revenue from heat Revenue from by portfolio of credit provision provision 6,839,491,773.45 6,070,842,775.37 | 5,771,237,836.01 5,174,449,534.17 (%) 10.34 768,648,998.08 11.24 596,788,301.84 39.45 | 41.19 | | | 9,528,506,062.23 9,528,506,062.23 | 191,811,830.50 191,811,830.50 8,552,485,061.29 8,552,485,061.29 257,907,042.18 257,907,042.18 58.46 | 1.76 57.38 1.16 | | | Including: basis charge receivable electricity receivable Other portfolios risk features 16,605,170,558.47 15,833,624,991.24 | 14,630,361,680.35 14,033,136,252.79 (%) (%) 45,360,892.29 42,464,323.14 771,545,567.23 Provision for bad debts Provision for bad debts 0.90 100.00 597,225,427.56 6.39 48,731,740.87 48,294,615.15 | 2,896,569.15 Total 0.33 437,125.72 100.00 Book balance Book balance 0.27 | Beginning balance Ending balance | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Provision for bad debts made on an individual basis: Notes to Financial Statements Page70 Name | State Grid Xinjiang Electric Power Co., Ltd. Hami Power Supply Expected credit State Grid Zhejiang Electric Power Co., Ltd. Huzhou Power Expected credit Expected credit Expected credit Expected credit Expected credit Expected credit State Grid Xinjiang Electric Power Co., Ltd. Turpan Power Expected credit Provision forbad Provision for bad Proportion of | Reasons for | | | | | --- | --- | --- | --- | --- | | State Grid Qinghai Electric Power Company Yunnan Power Grid Co., Ltd State Grid Gansu Electric Power Company State Grid Sichuan Electric Power Company State Grid Shaanxi Electric Power Co., Ltd. | Book balance 128,539,342.99 25,834,434.44 31,947,296.29 77,006,083.86 36,774,557.03 22,350,983.53 Book balance 11,833,668.70 18,277,995.12 31,062,798.98 14,655,717.13 46,408,711.25 56,481,401.56 35,675,447.64 17,143,828.16 40,777,915.40 57,067,457.30 | 314,809,490.28 748,306,155.87 775,392,140.61 927,852,944.99 312,917,077.35 340,612,648.81 359,702,405.27 339,608,679.58 1,106,749,965.44 337,161,412.41 950,313,319.01 979,265,215.20 385,240,419.19 388,038,992.39 431,448,104.14 509,055,391.77 | 13.13 11.21 4.35 4.88 5.10 9.26 4.42 9.45 | | | loss loss loss loss Supply Company loss Supply Company loss Company loss loss provision (%) | provision | debts debts | Beginning balance | Ending balance | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statements Page71 Name | State Grid Anhui Electric power Co., Ltd. Fuyang Power Supply Expected credit Expected credit Expected credit Expected credit Expected credit Expected credit Expected credit Provision forbad Provision for bad Proportion of | Reasons for | | | | | | --- | --- | --- | --- | --- | --- | | Guangxi Power Grid Co., Ltd. State Grid Jiangsu Electric Power Co., Ltd. Tianjin Huatailong Desalination Co., Ltd. Others State Grid Ningxia Electric Power Company State Grid Jiangxi Electric Power Co., Ltd. | 241,971,396.76 Book balance 241,994,184.16 25,471,960.58 39,721,750.22 Book balance 12,604,945.77 10,903,095.71 14,968,356.82 59,593,716.57 21,575,976.62 18,327,016.40 3,871,168.77 7,156,166.08 | 7,267,750.02 183,728,010.89 8,172,176.06 163,407,443.86 171,487,948.05 243,002,543.59 596,401,598.83 148,730,570.28 145,278,177.75 187,144,165.01 229,489,783.66 232,405,822.39 254,829,119.52 496,682,222.41 175,163,365.00 176,504,475.91 | 94.96 12.00 12.32 10.38 3.88 3.56 6.44 | | | | loss loss loss loss Company loss loss loss provision (%) | 596,788,301.84 768,648,998.08 5,771,237,836.01 provision | 6,839,491,773.45 debts debts | Beginning balance | Total | Ending balance | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Provision for bad debt on a credit risk characteristics portfolio basis Portfolio provision item: 3. Provision for bad debts of accounts receivable accrued, recovered, and transferred back in the current period 4. Accounts receivable actually written off during the period Notes to Financial Statements Page72 Receivables with | bad debt provision Ending balance Beginning balance | Accounts Category | | | | | | --- | --- | --- | --- | --- | --- | | Other Accounts | | | | | | | accrued by Bad debt provision recovered or | 2,459,443.43 2,896,569.15 | Name 437,125.72 | | | | | chang written off | Provision | | | | | | Revenue from heat Revenue from portfolio of credit made on an Proportion of provision transferred -288,842.38 | 172,149,538.62 768,648,998.08 596,788,301.84 | | | | | | or cancelled Provision for bad debts | es | Accounts receivable | | 9,528,506,062.23 191,811,830.50 | | | Accounts receivable actually written off Other portfolios electricity receivable charge receivable risk features Other portfolios individual basis -288,842.38 | 174,608,982.05 771,545,567.23 back Amount of write-off 2,459,443.43 2,896,569.15 Total 597,225,427.56 | Total 437,125.72 (%) Amount changed in the current period | 2,896,569.15 2,896,569.15 | 9,765,678,785.02 288,842.38 6.39 45,360,892.29 | Item Ending balance | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Among the significant accounts receivable write-off: 5. Accounts receivable and contract assets with top five ending balance collected as per the borrowers Insufficient legal Proportion in State Grid State Grid Tianjin Yijia Resolutions of basis for recovery Provision for total ending Notes to Financial Statements Page73 Ending balance of | Xinjiang Xinjiang Ending balance of Ending balance Shuangkai the Sixth of accounts after bad debts of | balance of | | | --- | --- | --- | | Electricity | Company accounts | | | Electric Power Property Meeting of the two court rulings, Electric Power Whether the of contract | accounts accounts accounts 288,842.38 No | | | receivable 125,309,323.91 receivable and 1,113,358,215.00 1,113,358,215.00 56,481,401.56 | 906,346,167.68 906,346,167.68 Write-off Nature of name | 6.70 5.46 | | State Grid Co., Ltd. Hami Co., Ltd. Turpan State Grid Management Fifth Board of and the accounts payment is due receivable and receivable and Amount of | Company Reason for receivable assets | | | contract assets | procedures accounts | | | Corporation of Power Supply Power Supply to related party Sichuan Electric Co. Ltd. Directors were not Yunnan Power contract assets contract assets 6,141,827,010.98 6,141,827,010.98 1,501,730,880.11 1,501,730,880.11 40,777,915.40 | write-off write-off name | 36.99 9.04 | | 1,084,202,852.10 1,084,202,852.10 46,408,711.25 | performed receivable | 6.53 | | Company Power Co., Ltd. recoverable Grid Co., Ltd. China Company 10,747,465,125.87 10,747,465,125.87 268,977,352.12 transactions | Total Total 288,842.38 (%) | 64.72 | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (VI) Advances to suppliers 1. Ageing of advances to suppliers 2. Advances to suppliers with top five ending balances collected as per the suppliers (VII) Other receivables Notes to Financial Statements Page74 Proportion in total ending | China Water Resources and Hydropower Tenth Engineering Ending balance | balance of advances to | Item | | Company name | | | --- | --- | --- | --- | --- | --- | | | 11,599,116.34 | | | | 7.54 | | 2 to 3 years Over 3 years Taiyuan Coal Exchange Center Co., Ltd. Other receivables Interest receivable Bureau Co., Ltd. China Anneng Group Third Engineering Bureau Co., Ltd. Dividends receivable Guangdong China Coal Import and Export Co., Ltd. China Railway Beijing Group Co., Ltd. Within 1 year 1 to 2 years Proportion (%) Proportion (%) | 69,795,985.84 22,992,468.80 12,802,520.80 12,499,704.70 Beginning balance 9,902,175.20 | Ending balance Amount suppliers (%) Amount 304,765,057.14 290,296,014.40 Total 153,812,387.56 147,210,438.51 11,629,132.81 100.00 100.00 1,094,436.19 1,745,473.74 95.71 95.25 | 1,189,610.66 1,098,602.26 4,313,736.13 Beginning balance 0.77 0.36 0.71 0.57 2.81 3.82 1,011,552,393.29 Ending balance 899,490,994.15 | Item 45.38 14.95 | 8.32 8.13 6.44 Total | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 1. Other receivables (1) Disclosure by aging (2) Bad debt provision of other receivables Notes to Financial Statements Page75 | Expected credit loss Expected credit loss for Provision for bad debts | Total | | | | | --- | --- | --- | --- | --- | | Expected credit loss in the for the whole | the whole duration | | | | | Balance as of January 1, duration (no credit (credit impairment | next 12 months | | | | | | 3,806,018.02 | 3,726,853.08 79,164.94 | | | | Over 5 years Subtotal (within 1 year) 1 to 2 years Less: provision for bad debts Interest receivable Within 1 year 2 to 3 years Including: sub-items within 1 year 3 to 4 years 4 to 5 years 2024 | impairment) Stage II Beginning balance Beginning balance occurred) Ending balance Ending balance Stage III Stage I 7 to 12 months 1 to 6 months | 1,011,552,393.29 1,011,552,393.29 1,012,753,058.90 | 899,490,994.15 899,490,994.15 811,373,534.81 422,930,356.17 903,297,012.17 423,822,900.45 811,373,534.81 422,930,356.17 152,678,905.19 803,125,983.17 396,702,614.32 26,227,741.85 35,305,914.73 10,828,736.50 18,625,758.94 31,110,211.60 8,247,551.64 4,255,744.32 1,200,665.61 3,806,018.02 2,552,040.69 2,478,772.04 | Subtotal 87,195.63 Aging Total Total Item | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (3) Provision for bad debts of other receivables accrued, recovered, and transferred back in the current period Notes to Financial Statements Page76 | Other receivables with Expected credit loss Expected credit loss for Provision for bad debts Beginning | Total | | | | --- | --- | --- | --- | | provision for expected Ending balance Expected credit loss in the Accounts for the whole | the whole duration Accounts Category | | | | -542,458.10 -2,062,904.83 Other | balance 3,806,018.02 1,200,665.61 10.52 | | | | Balance as at December 31, Verification in the current Write-off in the current Reversal in the current credit losses on a single Provision in the current -Be transferred back to Balance as of January 1, -Be transferred back to duration (no credit written off recovered or Provision (credit impairment | next 12 months | | | | changes | -2,062,904.83 1,200,665.61 -542,458.10 | -2,058,348.89 1,200,665.61 -74,609.00 -467,849.10 -4,555.94 | | | 2024 period basis period Stage I 2024 in the current period -Be transferred to Stage II Stage II -Be transferred to Stage III period or cancelled period Other changes transferred back -542,458.10 -2,062,904.83 | impairment) 3,806,018.02 1,200,665.61 10.52 Stage II occurred) Stage III Total Stage I | 10.52 Amount changed in the current period | 10.52 | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (4) Other receivables actually written off during the period (5) Classification of other receivables by nature (6) Other receivables with top five ending balances collected as per the borrowers Notes to Financial Statements Page77 Garze Tibetan Yajiang County People's Proportion in the Liangshan Yi Ending balance | Autonomous Prefecture Autonomous Prefecture Government of Garze | total ending | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | Security deposit Security deposit Security deposit of provision for Within 1 year Within 1 year Within 1 year | Ending balance Company name Nature Aging 170,289,700.00 164,011,750.00 403,864,571.00 | 16.81 16.19 39.88 | | | | | | | Quanzhou County Development and Reform Development and Reform Tibetan Autonomous Book balance at the beginning of the balance of other | | | | | | | | | Security deposit Book balance at the end of the period | 2 to 3 years bad debts 90,000,000.00 117,645.70 | 8.89 Nature | | | | | | | Other receivables actually written off Advance payments Others Project up-front fees Security deposits Guarantee deposits Reserve funds Finance Bureau Commission Prefecture Commission receivables (%) | Amount of write-off | | Total period | 542,458.10 | 1,012,753,058.90 903,297,012.17 932,161,696.30 799,136,891.67 11,744,074.43 60,205,024.01 86,617,947.17 | 8,439,182.87 4,257,155.43 7,127,519.80 3,168,555.35 1,677,279.68 561,914.00 952,830.36 | Item | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statements Page78 Proportion in the Ending balance total ending | of provision for Ending balance | Company name Nature Aging | | | --- | --- | --- | | Anren County People's balance of other | | | | Security deposit | 2 to 3 years bad debts 50,000,000.00 65,358.72 | 4.94 | | Government receivables (%) | 878,166,021.00 183,004.42 | Total 86.71 | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) # (VIII) Inventories # 1. Classification of inventories | Item | Ending balance | | | Beginning balance | | | --- | --- | --- | --- | --- | --- | | | Book balance | Provision for inventory impairment / impairment provision of contract performance cost | Book value | Book balance | Provision for inventory impairment / impairment provision of contract performance cost | | Raw materials | 1,796,038,089.17 | 125,764,250.53 | 1,670,273,838.64 | 1,391,562,710.43 | 108,688,889.2 | | Turnover materials | 10,249,952.54 | 1,123,289.50 | 9,126,663.04 | 10,732,519.52 | 288,807. | | Goods in stocks | 2,196,739.43 | 299,995.71 | 1,896,743.72 | 4,063,338.11 | 884,503. | | Total | 1,808,484,781.14 | 127,187,535.74 | 1,681,297,245.40 | 1,406,358,568.06 | 109,862,200. | Notes to Financial Statements Page 79 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 2. Provision for inventory impairment / contract performance cost impairment (IX) Other current assets Notes to Financial Statements Page80 Beginning Ending balance Category balance | Goods in Turnover Raw | Increase in the current Decrease in the current Reversal or | | | | | --- | --- | --- | --- | --- | | Others Others | 108,688,889.34 17,992,944.42 125,764,250.53 40,591,004.61 Provision 39,756,522.54 1,123,289.50 299,995.71 917,583.23 884,503.35 884,503.35 299,995.71 288,807.43 | | | | | Prepaid VAT stocks Others materials materials Input tax to be deducted Prepayment of income tax | 109,862,200.12 58,883,944.74 127,187,535.74 Total 41,558,609.12 write-off Beginning balance Ending balance | period period | 767,278,266.13 674,848,082.64 711,702,267.36 635,614,314.25 32,304,311.19 26,793,658.08 19,906,725.42 10,766,657.55 3,364,962.16 1,673,452.76 | Total Item | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (X) Long-term receivables 1. Information on long-term receivables Notes to Financial Statements Page81 Item | Provision for bad Provision for bad | | | | | | --- | --- | --- | --- | --- | | | Book value Book value Book balance Book balance | | | | | Receivables for Batang PPP Project Shareholder borrowings Others Subtotal Less: Part due within 1 year | 11,756,355,994.57 11,756,355,994.57 7,155,172,479.30 5,527,614,298.28 1,627,558,181.02 7,155,172,479.30 8,076,021,419.19 3,680,334,575.38 77,275,727.11 14,775,727.11 62,500,000.00 77,275,727.11 68,178,193.51 debts 62,500,000.00 68,178,193.51 debts | 7,223,350,672.81 5,527,614,298.28 1,633,236,374.53 5,678,193.51 7,223,350,672.81 11,833,631,721.68 11,833,631,721.68 62,500,000.00 8,076,021,419.19 3,695,110,302.49 | 62,500,000.00 Total | Beginning balance Ending balance | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 2. Provision for long-term receivables 3. Provision for bad debts Notes to Financial Statements Page82 Long-term receivables | with provision for Expected credit loss for the whole | Provision for bad debts | | Total | | | | --- | --- | --- | --- | --- | --- | | Expected credit loss in the next 12 Expected credit loss for the whole | Beginning balance Ending balance Category | 68,178,193.51 77,275,727.11 9,123,994.47 | -26,460.87 | | | | expected credit losses on a Balance as of January 1, 2024 in the Accounts written off or Accounts recovered or | duration (credit impairment | | | | | | duration (no credit impairment) | Other changes Provision | | months | | | | - Be transferred to Stage II single basis current period Balance as of January 1, 2024 | transferred back cancelled | Total 68,178,193.51 77,275,727.11 9,123,994.47 | Stage III occurred) Stage II -26,460.87 Stage I | 62,500,000.00 68,178,193.51 5,678,193.51 | Amount changed in the current period | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) | Provision for bad debts | Stage I | Stage II | Stage III | | --- | --- | --- | --- | | | Expected credit loss in the next 12 months | Expected credit loss for the whole duration (no credit impairment) | Expected credit loss for the whole duration (credit impairment occurred) | | - Be transferred to Stage III | | | | | - Be transferred back to Stage II | | | | | - Be transferred back to Stage I | | | | | Provision in the current period | 9,123,994.47 | | | | Reversal in the current period | | | | | Write-off in the current period | | | | | Verification in the current period | | | | | Derecognition in the current period | | | | | Other changes | -26,460.87 | | | | Balance as at December 31, 2024 | 14,775,727.11 | | 62,500,000.00 | Notes to Financial Statements Page 83 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (XI) Long-term equity investments 1. Details of long-term equity investments | Last year-end | | | | Notes to Financial Statements Page84 | | --- | --- | --- | --- | --- | | Ending balance of Profit or loss on | | | | | | balance of | Beginning Other | | | | | Ending balance Cash dividends Provision for impairment investments | | Investee | | | | Other changes in comprehensive impairment Additional | Reduced balance | | | | | recognized under | and profits provision Others accrued | | | | | investment investment provision | income equity | | | | | Jiangyin Ligang Power Generation Co., declared to pay impairment | the equity | | | | | 339,720,029.59 adjustments | 302,916,185.16 36,803,844.43 | | | | | Cloud Wind Farm Holdings AB Inch Cape Offshore Limited 2. Associates Tongshan China Resources Power Co., Ltd. SDIC Finance Co., Ltd. Ltd. Jiangxi Ganneng Co., Ltd. Jiangsu Ligang Electric Power Co., Ltd. 1. Joint ventures 102,408,384.11 244,080,053.02 2,738,004,000.52 2,110,191,096.16 -102,408,384.11 171,917,054.19 268,665,784.36 | -27,624,755.46 489,855,608.24 26,586,379.26 2,810,451,238.44 2,334,959,112.55 245,645,019.71 99,073,873.48 126,056,195.53 -1,564,966.69 64,188,134.60 63,949,990.99 525,984,642.99 48,942,376.70 method 36,962,134.47 -550,200.00 1,555,352.26 4,171,295.54 398,755.33 873,313.19 | | Current increase or decrease | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) | Last year-end | | | | Notes to Financial Statements Page85 | | --- | --- | --- | --- | --- | | Ending balance of Profit or loss on | | | | | | balance of | Beginning Other | | | | | Ending balance Cash dividends Provision for impairment investments | | Investee | | | | Other changes in comprehensive impairment Additional | Reduced balance | | | | | recognized under | and profits provision Others accrued | | | | | investment investment provision | income equity | | | | | Lanzhou New Area Vocational Education China Petroleum Green Energy (Hainan) Xiamen Haihua Electric Power Technology Fujian Sanchuan Offshore Wind Power Xiamen Haicang Thermal Energy declared to pay impairment | the equity | | | | | adjustments | 341,530,320.99 56,669,081.76 15,839,823.00 20,247,833.09 30,000,000.00 368,256,799.46 30,457,330.32 2,540,080.18 2,596,245.44 -692,333.56 15,147,489.44 20,180,033.12 2,667,562.28 30,329,848.22 257,058.83 2,853,304.27 38,200.03 106,000.00 57,396.71 | | | | | Co., Ltd. Hanlan Environment Co., Ltd. Liaoning Dalian Pumped-Storage Co., Ltd. Investment Co., Ltd. Jiangxi Enpu Energy Technology Co., Ltd. Park Power Distribution and Sales Co., Ltd. Capstone Energy (Yunnan) Co., Ltd. Co., Ltd. Co., Ltd. Xuzhou China Resources Power Co., Ltd. 1,396,518,708.23 134,717,817.45 | 1,502,037,216.40 31,686,971.04 63,030,000.00 method 93,842,081.60 4,765,179.03 5,000,000.00 63,030,000.00 -553,800.00 97,324,157.56 448,205.65 569,588.61 -15,436.22 4,999,541.91 -729,303.07 429,401.56 554,152.39 -458.09 | | Current increase or decrease | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) | Last year-end | | | | Notes to Financial Statements Page86 | | --- | --- | --- | --- | --- | | Ending balance of Profit or loss on | | | | | | balance of | Beginning Other | | | | | Ending balance Cash dividends Provision for impairment investments | | Investee | | | | Other changes in comprehensive impairment Additional | Reduced balance | | | | | recognized under | and profits provision Others accrued | | | | | investment investment provision | income equity | | | | | Beatrice Offshore Windfarm Holdco Hydrogen Era (Jieyang) Energy declared to pay impairment | the equity | | | | | 1,272,226,464.19 adjustments 188,211,517.40 | 28,140,668.27 1,369,573,587.00 123,490,816.48 4,485,753.62 12,000,000.00 800,000.00 12,800,000.00 | | | | | Technology Co., Ltd. Limited Lestari Listrik Pte. Ltd. Baiyin Daxia Electric Power Co., Ltd. 10,710,958,457.26 569,383,178.10 569,383,178.10 103,208,384.11 583,800,082.61 10,716,084,175.81 1,469,948,483.10 874,638,003.34 151,932,485.97 151,932,485.97 | 55,177,420.39 731,235,920.93 1,522,250,972.14 731,235,920.93 -36,351,534.30 440,333,931.82 -9,248,217.86 43,284,846.33 22,218,807.49 method 13,434,018.80 36,351,534.30 5,484,143.00 232,854.02 | Total | Current increase or decrease | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 2. Impairment test of long-term equity investments Determination of the net amount of the fair value of recoverable amount minus the disposal cost: Unit: Ten thousand U.S. dollars The fair value is valuated by | asset-based approach; the | | | | Notes to Financial Statements Page87 | | --- | --- | --- | --- | --- | | Installed capacity, Determined upon actual disposal cost is determined | | | | | | Lestari Listrik Pte. Ltd power generating operation in historical upon the intermediary | | 13,137.42 | 11,004.05 2,133.37 | | | service fee incurred during hours, discount rate years and forecast | | | | | | property transaction and Determination method of Basis for determining | | | | | | Impairment amount Key parameters Recoverable amount | Book value | | Item | | | fair value and disposal cost stamp tax. | key parameters | 13,137.42 | 11,004.05 2,133.37 Total | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (XII) Investment in other equity instruments 1. Investment in other equity instruments Notes to Financial Statements Page88 | Loss cumulatively Gain cumulatively Current loss Dividend Current gain | | | | | --- | --- | --- | --- | | included in other included in other included in other included in other Reasons for being | income | | | | Beginning balance recognized in Ending balance comprehensive designated as being comprehensive comprehensive comprehensive | | | Item | | income at the end of Guian New District Power Distribution Yunnan Coal Chemical Industry Group measured at FVTOCI income at the end of the current income in the Strategic long-term Strategic long-term Strategic long-term Strategic long-term Strategic long-term Strategic long-term Strategic long-term Strategic long-term income in the | | | | | Guangxi Power Exchange Center Co., Ltd. Beijing Power Exchange Center Co., Ltd. National Coal Exchange Center Co., Ltd. Tianjin Power Exchange Center Co., Ltd. Sichuan Power Exchange Center Co., Ltd. Zhongmin Energy Engineering Co., Ltd. 1,527,624.28 | 132,903,312.36 10,370,432.37 12,000,000.00 12,000,000.00 95,367,401.48 60,013,129.21 55,668,833.95 59,098,800.00 61,495,759.86 2,396,959.86 2,607,256.83 2,607,256.83 6,597,610.00 9,541,095.99 9,541,095.99 3,177,388.07 3,177,388.07 37,535,910.88 65,251,379.96 21,383,643.69 4,344,295.26 | 13,129.21 | | | and Sales Co., Ltd. Co., Ltd. the current period current period the current period current period | period holdings holdings holdings holdings holdings holdings holdings holdings | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statements Page89 | Loss cumulatively Gain cumulatively Current loss Dividend Current gain | | | | | --- | --- | --- | --- | | included in other included in other included in other included in other Reasons for being income | | | | | Beginning balance recognized in Ending balance comprehensive designated as being comprehensive comprehensive comprehensive | | | Item | | income at the end of measured at FVTOCI income at the end of the current income in the Strategic long-term income in the | | | | | SDIC Hami Industrial Co., Ltd. | 7,670,940.00 7,072,885.00 2,329,060.00 598,055.00 | | | | the current period current period the current period 1,527,624.28 current period | 297,382,354.83 253,528,231.18 period 2,396,959.86 42,478,261.14 88,964,083.65 holdings | 13,129.21 | Total | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (XIII) Investment properties 1. Investment properties in the mode of cost measurement | | | | | Notes to Financial Statements Page | 90 | | --- | --- | --- | --- | --- | --- | | 2. Accumulated depreciation and | -- Increase from business | | | | | | (1) Beginning balance combination (3) Decrease in the current period (3) Decrease in the current period (3) Decrease in the current period (2) Increase in the current period accumulated amortization 1. Original book value (4) Ending balance (1) Beginning balance (1) Beginning balance (2) Increase in the current period (4) Ending balance (2) Increase in the current period 3.Provision for impairment Houses and buildings Land right of uses | -- Purchase -- Transferred from fixed assets -- Transferred from fixed assets -- Disposal -- Disposal -- Provision -- Transferred to fixed assets -- Provision or amortization | 292,719,389.67 175,488,889.24 188,104,676.06 264,421,399.84 295,888,675.25 176,059,579.80 189,680,527.92 261,252,114.26 Total 31,467,275.41 12,615,786.82 31,467,275.41 13,620,948.12 2,716,048.52 2,716,048.52 5,885,334.10 5,885,334.10 5,885,334.10 5,885,334.10 5,885,334.10 5,885,334.10 5,885,334.10 5,885,334.10 6,456,024.66 1,005,161.30 7,461,185.96 2,716,048.52 2,716,048.52 6,096,441.74 1,005,161.30 7,101,603.04 359,582.92 359,582.92 | Item | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) | Item | Houses and buildings | Land right of uses | Total | | --- | --- | --- | --- | | -- Disposal | | | | | (4) Ending balance | | | | | 4. Book value | | | | | (1) Ending book value | 85,192,534.46 | 17,846,327.29 | 103,038,861.75 | | (2) Beginning book value | 88,932,510.60 | 18,851,488.59 | 107,783,999.19 | # **(XIV) Fixed assets** # 1. Fixed assets and disposal of fixed assets | Item | Ending balance | Beginning balance | | --- | --- | --- | | Fixed assets | 197,238,005,855.72 | 198,078,570,195.36 | | Disposal of fixed assets | 7,195,591.49 | 32,649,405.40 | | Total | 197,245,201,447.21 | 198,111,219,600.76 | Notes to Financial Statements Page91 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 2. Details of fixed assets Notes to Financial Statements Page92 | | Office and other -- Transferred from projects under | | | | | --- | --- | --- | --- | --- | | Transport equipment | Machinery Equipment Houses and buildings | 9,248,876,192.55 Total 34,581,652.78 12,268,422.32 | 7,453,459,528.62 1,748,566,588.83 | Item | | (2) Increase in the current period construction (3) Decrease in the current period 1. Original book value (1) Beginning balance | 293,723,225,024.62 -- Others -- Transferred to investment properties -- Purchase -- Increase from business combination -- Others -- Disposal or retirement -- Adjustments to forward fixed assets | equipment 9,907,824,880.29 1,068,211,681.84 450,940,670.83 145,912,984.49 150,231,446.71 362,804,256.54 614,554,962.49 736,575,316.81 82,536,933.22 44,879,781.05 35,347,123.40 28,938,952.33 507,389,327.29 48,368,714.93 2,716,048.52 33,989,760.04 13,579,914.25 13,579,914.25 | 6,408,171.07 2,979,614.63 99,661,191,821.79 2,110,532.57 7,933,920,142.76 192,818,068,558.73 95,884.76 100,654,583.02 103,518,039.27 310,670,500.21 432,265,940.12 331,611,357.10 1,842,999,089.38 66,272,074.66 | 343,877,916.74 587,018,704.07 240,424,738.81 49,154,141.70 44,506,990.11 2,716,048.52 771,368.74 | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statements Page93 | (4)Translation differences arising from foreign | Office and other -- Transferred from investment | | | | | | --- | --- | --- | --- | --- | --- | | Transport equipment | Machinery Equipment Houses and buildings | Total 3,550,344.98 | 292,440.85 204,712.99 | 2,995,790.14 Item | 57,401.00 | | 2. Accumulated depreciation (1) Beginning balance (2) Increase in the current period properties currency transactions (5) Ending balance (3) Decrease in the current period | 302,566,388,568.05 -- Disposal or retirement -- Transferred to investment properties -- Others -- Provision -- Increase from business combination -- Others 95,280,155,189.85 10,065,744,722.74 | equipment 9,947,543,051.93 379,917,677.63 389,111,158.97 543,630,294.04 784,057,567.48 90,520,222.71 27,681,448.10 28,031,528.22 313,659,687.26 85,404,115.80 85,149,909.77 542,382,840.96 31,669,522.99 107,165,841,814.57 12,966,483.84 35,556,462.53 8,833,898.42 33,575,129.96 13,038,974.77 | 3,637,994.77 46,891,182,838.99 1,981,332.57 870,564.75 359,582.92 132,257.48 5,021,710,564.58 4,958,116,641.43 187,771.27 194,074,106,345.04 66,434.76 199,432,600.65 79,359.93 47,531,682,369.56 72,490.93 204,556,013.37 | 4,923,073,579.83 4,870,701,370.77 44,605,212.33 18,988,710.82 5,123,412.72 139,487,064.92 139,846,647.84 645,088.54 43,867,243.05 | 8,504,966.01 359,582.92 13,858.80 | (4) Translation differences arising from Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statements Page94 | (4) Translation differences arising from | Office and other | | | | | --- | --- | --- | --- | --- | | Transport equipment | Machinery Equipment Houses and buildings | Total | | Item | | (2) Beginning book value foreign currency transactions (3) Decrease in the current period foreign currency transactions (5)Ending balance (5) Ending balance 3. Provision for impairment 4. Book value (1) Beginning balance (1) Ending book value (2) Increase in the current period | 198,078,570,195.36 104,957,659,318.37 197,238,005,855.72 -- Disposal or retirement -- Provision | equipment 370,723,393.96 364,499,639.41 192,791,288.87 597,497,144.33 186,331,507.70 20,386,331.74 20,386,331.74 26,610,086.29 26,610,086.29 193,722,034.45 336,256,534.95 205,893,535.37 | 52,414,713,939.69 51,708,982,478.74 55,096,941,552.74 228,915.45 153,733.90 123,872.81 123,872.81 145,277,342,932.35 232,770.64 141,748,839,259.91 230,155.26 230,155.26 48,691.26 48,691.26 359,917,783.09 52,314,923,160.35 355,295,043.11 19,950,159.32 4,990.20 19,950,159.32 4,990.20 7,605.58 24,572,899.30 24,572,899.30 | 10,343,924.78 9,043,256.82 1,683,158.92 1,683,158.92 382,490.96 382,490.96 | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated)--- # 3. Fixed assets whose property certificates are not obtained | Item | Book value | Reasons for failure to have property ownership certificate in place | | --- | --- | --- | | Houses and buildings | 188,348,404.75 | In progress | # 4. Disposal of fixed assets | Item | Ending balance | Beginning balance | | --- | --- | --- | | Houses and buildings | 988,917.09 | 170,141.40 | | Machinery equipment | 5,763,137.94 | 32,334,159.79 | | Transportation equipment | 364,373.91 | 66,091.32 | | Office equipment | 79,162.55 | 79,012.89 | | Total | 7,195,591.49 | 32,649,405.40 | Notes to Financial Statements Page95 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (XV) Projects under construction 1. Projects under construction and engineering materials 2. Details of projects under construction Notes to Financial Statements Page96 | Provision | | | Item | | | | --- | --- | --- | --- | --- | --- | | Provision for | Item | | | | | | Engineering Projects under Provision for Provision for Book balance | for Book balance Book value Book value | | | | | | impairment | Book balance Book balance Book value Book value | 29,026,671,539.28 29,026,671,539.28 16,789,473,986.65 16,789,473,986.65 1,240,588,607.89 1,240,588,607.89 508,737,274.18 508,737,274.18 | | | | | Kala Hydropower Station materials Mendigou Hydropower Station construction impairment impairment impairment | 2,857,170,066.37 3,282,758,026.08 Total 4,192,757,209.41 5,061,189,211.32 | 4,192,757,209.41 5,061,189,211.32 2,857,170,066.37 3,282,758,026.08 30,267,260,147.17 30,267,260,147.17 17,298,211,260.83 17,298,211,260.83 | | Ending balance Beginning balance | Beginning balance Ending balance | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statements Page97 Provision Item Provision for | Huaxia Phase I Equivalent Capacity Qinzhou Phase III Coal-fired Power Lianghekou Pumping and Storage Power | Book balance for Book balance | Book value Book value | | | | | --- | --- | --- | --- | --- | --- | | | impairment 1,848,956,333.88 | 440,121,979.34 204,578,402.77 1,422,245,403.08 1,422,245,403.08 934,428,586.31 956,607,143.04 | 1,848,956,333.88 934,428,586.31 956,607,143.04 440,121,979.34 204,578,402.77 | | | | Manas Light Storage Chabulang Photovoltaic Power Generation Generation Project (Units 1 and 2) Others Station Solar and PV of Aksay Maoniu Mountain Wind Power Zala Mountain Photovoltaic Project Replacement impairment | 16,789,473,986.65 6,224,894,187.02 1,624,168,782.10 | 29,026,671,539.28 218,334,383.19 1,490,403,673.28 1,202,419,214.55 9,694,438,954.29 1,137,346,023.97 2,057,459,510.55 29,026,671,539.28 88,491,825.90 16,789,473,986.65 1,490,403,673.28 1,202,419,214.55 9,694,438,954.29 1,137,346,023.97 977,376,609.48 2,057,459,510.55 | 6,224,894,187.02 1,624,168,782.10 977,376,609.48 218,334,383.19 88,491,825.90 | Total | Ending balance Beginning balance | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 3. Changes of important projects under construction in the current period | Proportio Capitaliz | | | | | --- | --- | --- | --- | | ation rate Including: | n of | | Notes to Financial Statements Page98 | | Self-fun Constr | Amount | | | | Self-fun of interest Self-fun Self-fun cumulativ Amount of | Accumulated Other | | | | d raising Source transferred into uction | Increase in the | | | | Zala Mountain decreases in the d raising Beginning balance d raising d raising e project Ending balance in the capitalized | Budget amount amount of | Item | | | and Mendigou Hydropower progres of funds fixed assets in the 2,057,459,510.55 33.84 | 7,867,684.32 current period 1,839,125,127.36 218,334,383.19 6,082,203,700.00 33.84 1.80 8,351,323.56 | | | | Photovoltaic Project Manas Light Storage and Kala Hydropower Station and capitalized interest and current period investmen interest in the current 25,279,781.57 56,899,359.05 1,490,403,673.28 4,192,757,209.41 21,236,608.11 5,061,189,211.32 67.30 2,857,170,066.37 24.49 3,282,758,026.08 14.58 | 1,401,911,847.38 17,121,092,800.00 1,335,941,402.36 34,721,993,739.05 1,779,188,968.28 2,223,690,100.00 111,303,301.19 88,491,825.90 67.30 24.49 14.58 2.21 2.30 2.41 34,119,870.61 63,308,858.42 354,259.32 757,783.04 | | | | borrowi Station s (%) current period | | | | | borrowi t in budget borrowi borrowi current period period | | | | ngs ngs ngs ngs (%) (%) Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) | Proportio Capitaliz | | | | | --- | --- | --- | --- | | ation rate Including: | n of | | Notes to Financial Statements Page99 | | Constr | Amount | | | | Self-fun Self-fun Self-fun of interest Self-fun Self-fun cumulativ Amount of | Accumulated Other | | | | Source transferred into uction | Increase in the | | | | d raising Beginning balance decreases in the d raising d raising d raising d raising e project Ending balance in the capitalized | Budget amount amount of | Item | | | Lianghekou Pumping and Maoniu Mountain Wind Chabulang Photovoltaic Huaxia Phase I Equivalent progres of funds fixed assets in the | current period | | | | capitalized interest and and Solar and PV of Aksay and and and investmen interest in the current period current 15,557,446.94 40,576,561.69 1,422,245,403.08 2,179,258,209.01 1,137,346,023.97 1,102,419,214.55 10.84 80.00 27.38 1,624,168,782.10 95.41 24.52 | 1,334,250.01 1,365,205.62 956,607,143.04 1,048,234,073.96 977,376,609.48 1,694,388,214.94 1,952,764.06 1,102,419,214.55 204,578,402.77 440,121,979.34 8,960,283,100.00 2,851,710,000.00 66,110,650.22 3,918,501,000.00 140,314.75 4,657,850,000.00 4,903,916,300.00 10.84 80.00 27.38 95.41 24.52 752,918,113.67 1.65 2.07 977,376,609.48 2.49 2.14 2.17 23,795,730.22 57,421,152.26 1,334,250.01 1,365,205.62 889,373.40 | 140,314.75 | | | Power Generation Storage Power Station Capacity Replacement Power s (%) current period | | | | | borrowi borrowi borrowi t in budget borrowi borrowi current period period | | | | | ngs ngs ngs ngs ngs | (%) (%) | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 4. Engineering materials | Proportio Capitaliz | | | | | | --- | --- | --- | --- | --- | | ation rate Including: | n of | | | Notes to Financial Statements Page100 | | Constr | Amount | | | | | Self-fun of interest cumulativ Amount of | Accumulated Other | | | | | Qinzhou Phase III Source transferred into uction | Increase in the | | | | | Beginning balance decreases in the d raising e project Ending balance in the capitalized | Budget amount amount of | Item | | | | Coal-fired Power progres of funds fixed assets in the | current period | | | | | capitalized interest and investmen interest in the current period current 21,895,234.55 1,672,505,053.01 1,848,956,333.88 71.72 | 9,550,171.57 934,428,586.31 6,222,720,000.00 71.72 767,527,477.01 2.45 81,124,316.73 | | | | | Generation Project (Units s (%) current period | | | Item | | | borrowi t in budget current period period | | | | | 1 and 2) Others Uninstalled equipment Tools and facilities for production Provision for impairment Provision for impairment Engineering materials ngs 192,152,446.61 10,564,579,799.63 19,332,232,584.99 3,919,875,328.00 12,699,031,048.99 11,502,935.63 382,264,323.37 (%) (%) Book balance Book balance Book value Book value 1,151,614,273.89 1,151,614,273.89 438,952,679.02 438,952,679.02 Total 88,950,847.66 88,950,847.66 67,488,681.24 67,488,681.24 1,917,593.25 1,917,593.25 378,320.67 378,320.67 23,486.34 23,486.34 Beginning balance Ending balance Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) | Item | Ending balance | | | Beginning balance | | | --- | --- | --- | --- | --- | --- | | | Book balance | Provision for impairment | Book value | Book balance | Provision for impairment | | Total | 1,240,588,607.89 | | 1,240,588,607.89 | 508,737,274.18 | | # (XVI) Right-of-use assets # 1. Details of right-of-use assets | Item | House and buildings | Machinery Equipment | Land | | --- | --- | --- | --- | | 1. Original book value | | | | | (1) Beginning balance | 168,466,607.76 | 68,642,586.12 | 1,130,096,740.6 | | (2) Increase in the current period | 92,932,368.53 | 186,743,066.93 | 583,595,891.0 | | -- New lease | 92,932,368.53 | 186,743,066.93 | 583,595,891.0 | | -- Increase from business combination | | | | | -- Revaluation adjustment | | | | | (3) Decrease in the current period | 11,047,799.80 | 66,376,773.10 | 31,746,317.9 | | -- Transferred to fixed assets | | | | | -- Revaluation adjustment | 11,047,799.80 | 66,376,773.10 | 31,746,317.9 | Notes to Financial Statements Page101 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statements Page102 | (4) Translation differences arising from foreign currency (4) Translation differences arising from foreign currency | | | | | | | --- | --- | --- | --- | --- | --- | | | | | 166,532.25 999,497.84 | 169,881.82 57,102.49 | 55,564.92 51,668.99 777,947.03 53,864.84 | | transactions (3) Decrease in the current period (5) Ending balance 3. Provision for impairment transactions 2. Accumulated depreciation (1) Beginning balance (5) Ending balance (2) Increase in the current period | House and buildings -- Provision Machinery Equipment -- Others -- Transferred to fixed assets -- Revaluation adjustment -- Others | 2,122,305,868.04 Total 109,836,481.18 181,013,329.84 274,137,371.36 109,836,481.18 16,878,971.91 16,878,971.91 | Land 250,521,058.31 112,597,997.76 46,359,210.77 74,610,848.49 46,359,210.77 | 8,429,163.99 1,682,724,260.79 8,429,163.99 189,060,548.94 151,950,489.46 7,865,784.81 55,611,485.60 7,392,528.28 7,392,528.28 9,060,062.69 97,342,418.66 9,588,884.14 7,865,784.81 55,611,485.60 | 1,057,279.64 1,057,279.64 Item | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) | Item | House and buildings | Machinery Equipment | Land | | --- | --- | --- | --- | | (1) Beginning balance | | | | | (2) Increase in the current period | | | | | -- Provision | | | | | (3) Decrease in the current period | | | | | -- Transferred to fixed assets | | | | | -- Disposal | | | | | (4) Translation differences arising from foreign currency transactions | | | | | (5) Ending balance | | | | | 4. Book value | | | | | (1) Ending book value | 137,923,060.55 | 179,471,664.80 | 1,530,773,771.35 | | (2) Beginning book value | 93,855,759.27 | 59,582,523.43 | 1,032,754,322.07 | Notes to Financial Statements Page 103 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (XVII) Intangible assets 1. Details of intangible assets Notes to Financial Statements Page104 Green Right to | Sea area right Highway right Land right of Housing electricity | | | | --- | --- | --- | | BOT franchise Software charge | Total | Item | | (3) Decrease in in the current right of use certificate for | of use of use -- The part that fails and -- Increase from business use | | | 1,643,433.31 subsidies 25,572,141.45 | 9,854,994.43 37,070,569.19 37,156.79 37,156.79 | | | 1. Original book value terminates recognition (1) Beginning balance 1,948,106,413.99 485,816,495.83 7,607,315,809.53 6,711,296.20 1,764,991,109.88 197,941,175.46 310,391,023.49 69,278,200.00 12,390,551,524.38 (2) Increase in the current period combination period 53,366,823.51 78,129,317.88 18,900,561.57 24,561,422.49 18,900,561.57 147,250,511.30 350,785,045.27 147,250,511.30 350,785,045.27 1,643,433.31 25,572,141.45 57,531,000.00 652,596,436.02 57,531,000.00 599,028,540.63 AFTON | 163,915.09 53,366,823.51 9,854,994.43 37,070,569.19 -- Internal R&D -- Others -- Disposal -- Purchase 163,915.09 | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statements Page105 Green Right to | (4) Translation differences Sea area right Highway right Land right of Housing electricity | | | | --- | --- | --- | | BOT franchise Software | charge Total | Item | | arising from foreign currency (3) Decrease in the current right of use certificate for 1,215,321.38 28,830,309.44 | 30,157,684.51 112,053.69 of use of use -- The part that fails and -- Increase from business use | | | 1,643,433.31 subsidies | 3,980,939.30 14,335,491.92 8,711,119.31 16,156.79 16,156.79 | | | (5) Ending balance 2,069,784,783.84 562,414,434.09 7,977,076,169.81 6,711,296.20 1,822,522,109.88 216,841,737.03 311,606,344.87 69,278,200.00 13,036,235,075.72 terminates recognition 2. Accumulated amortization (1) Beginning balance 306,711,152.46 4,499,813,968.73 3,985,859.06 combination period (2) Increase in the current period transactions 60,641,490.62 93,944,173.20 5,329,092.31 6,091,979,439.61 38,202,299.19 17,826,345.66 5,329,092.31 38,186,142.40 17,826,345.66 5,329,092.31 457,689,267.12 663,864,436.11 180,412,668.11 156,484.42 180,412,668.11 156,484.42 5,060,124.41 5,060,124.41 1,643,433.31 40,949,396.13 97,794,267.35 385,730,677.58 40,949,396.13 97,794,267.35 385,714,520.79 | AFTON 3,980,939.30 14,335,491.92 8,711,119.31 -- Others --Provision -- Others -- Disposal | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statements Page106 Green Right to | (4) Translation differences Sea area right Highway right Land right of Housing electricity | | | | --- | --- | --- | | BOT franchise Software | charge Total | Item | | (3) Decrease in the current arising from foreign currency right of use certificate for | 5,217,476.36 269,126.24 of use 53,996.62 5,540,599.22 of use -- The part that fails and use | | | subsidies | 797,143.64 797,143.64 | | | (5) Ending balance 343,324,014.96 4,681,463,173.90 4,142,343.48 112,039,645.10 10,658,184.62 3. Provision for impairment (1) Beginning balance (2) Increase in the current period period terminates recognition transactions 65,701,615.03 6,468,915,224.49 489,927,543.94 761,658,703.46 182,202,306.34 182,376,687.70 | AFTON -- Others 174,381.36 -- Others 818,326.81 -- Provision 818,326.81 -- Others -- Disposal 797,143.64 818,326.81 818,326.81 797,143.64 | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 2. Land use rights whose property certificates are not obtained Notes to Financial Statements Page107 Green Right to | (4) Translation differences Sea area right Highway right Land right of Housing electricity | | | | | | | --- | --- | --- | --- | --- | --- | | BOT franchise Software | charge Total | Item | | | | | arising from foreign currency right of use certificate for Reasons for failure to have property ownership certificate in | of use of use use | | | | | | subsidies | | Book value | | | Item | | (2) Beginning book value 1,490,242,765.51 179,105,343.37 2,925,299,534.46 2,725,437.14 1,101,126,673.77 137,299,684.84 216,446,850.29 63,949,107.69 4. Book value (1) Ending book value 1,579,682,858.54 219,090,419.13 3,113,389,506.40 2,568,952.72 1,060,863,406.42 151,140,122.00 199,566,699.77 58,620,015.38 Project construction land In process transactions (5) Ending balance 6,116,195,397.07 6,384,921,980.36 182,223,489.51 182,397,870.87 | AFTON 174,381.36 | | 9,144,133.29 9,144,133.29 | place | Total | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) # (XVIII) Development expenditures | Item | Beginning balance | Increase in the current period | | Decrease in the current period | | | | --- | --- | --- | --- | --- | --- | --- | | | | Internal development expenditures | Others | Recognized as intangible assets | Transferred to current profits and losses | | | Independent R&D | 163,915.09 | 5,698,797.34 | | 163,915.09 | | | | Total | 163,915.09 | 5,698,797.34 | | 163,915.09 | | | Notes to Financial Statements Page 108 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (XIX) Goodwill 1. Changes in goodwill 2. Composition of the asset group or the combination of asset groups to which a goodwill belongs and information on its operating segment Fixed asset, right-of-use asset, intangible asset and goodwill, | asset impairment amount on the combination date, | | | | Notes to Financial Statements Page | 109 | | --- | --- | --- | --- | --- | --- | | Electric power sector, Fixed asset, intangible asset and goodwill, asset impairment | | | | | | | Ningxiang Gushanfeng depreciation adjustment. | | | | | | | Electric power sector, electric power amount on the combination date, depreciation adjustment. | | | | | | | Hainan Dongfang New Energy Investees or items that generate | Beginning Ending | Yes | | | | | electric power production and selling | | | | | | | Basis: the group is the minimum asset group which can be Gaopai Wind Power Development Co., Ltd. | balance balance | Yes | goodwill | | | | Basis: the group is the minimum asset group which can be production and selling Consistent with | Arising from | | | | | | asset group Operating segment Composition of the asset group or the combination of | | | | | | | recognized by enterprise, and the cash inflow incurred is Generation Co., Ltd.. | | | | | | | Ningxiang Gushanfeng New Energy Jiangsu Tiansai New Energy Changzhou Tiansui New Energy Hainan Dongfang Gaopai Wind recognized by enterprise, and the cash inflow incurred is asset group Decrease in the previous year or | Increase in the Disposal business | Item | | | | | basically independent of other assets or asset groups. 49,614,744.38 38,038,486.54 58,099,601.67 | 49,614,744.38 38,038,486.54 58,099,601.67 539,284.94 and basis | 539,284.94 | asset groups and basis | | | | Book value 146,292,117.53 Development Co., Ltd. 146,292,117.53 Development Co., Ltd. Co., Ltd. Impairment reserve Power Generation Co., Ltd. Original book value basically independent of other assets or asset groups. current period | 146,292,117.53 current period 146,292,117.53 combination | not | Subtotal | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) | Fixed asset, intangible asset, goodwill, asset impairment Fixed asset, goodwill, asset impairment amount on the | | Notes to Financial Statements Page | 110 | | --- | --- | --- | --- | | Electric power sector, Electric power sector, amount on the combination date, depreciation adjustment. | | | | | combination date, depreciation adjustment. Jiangsu Tiansai New | | | | | electric power electric power Changzhou Tiansui New | | | | | Energy Development | Yes Yes | | | | Basis: the group is the minimum asset group which can be Basis: the group is the minimum asset group which can be production and selling Consistent with | | | | | production and selling Energy Co., Ltd. | | | | | Co., Ltd. Operating segment Composition of the asset group or the combination of | | | | | recognized by enterprise, and the cash inflow incurred is recognized by enterprise, and the cash inflow incurred is asset group previous year or | Item | | | asset group and basis asset groups and basis basically independent of other assets or asset groups. basically independent of other assets or asset groups. not Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) ### 3. Determination method of recoverable amount The recoverable amount is determined as per the present value of the future cash flow: | Item | Book value | Recoverable amount | Impairment amount | Remark | | --- | --- | --- | --- | --- | | Asset group of Ningxiang Gushanfeng New Energy Development Co., Ltd. | 330,035,064.06 | 357,989,643.33 | | | | Asset group of Hainan Dongfang Gaopai Wind Power Generation Co., Ltd. | 261,318,199.97 | 262,487,113.45 | | 1. The recoverable amount of the Group's goodwill related asset group was determined by estimated future cash flows. The discount rate used for the cash flow projections was a part of the specific risks of the related asset group and ranged from 8.05% to 8.94%. Based on the Group was not required to recognize any provision for goodwill impairment for the | | Asset group of Changzhou Tiansui New Energy Co., Ltd. | 142,281,557.04 | 211,215,357.99 | | 2. Other significant assumptions used for the impairment test include the expected selling effective utilization hours of the equipment and the cost of power generation. Management assumptions based on the past operating conditions of each asset group or combination of expectation of future market development. | | Asset group of Jiangsu Tiansui New Energy Development Co., Ltd. | 427,186,043.08 | 680,820,222.07 | | 3. The amounts allocated to these asset groups or portfolios of asset groups in relation to discount rates and industry trends are consistent with the Group's historical experience | | Total | 1,160,820,864.15 | 1,512,512,336.84 | | | Notes to Financial Statements Page 111 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (XX) Long-term prepaid expenses Note 1: The Meizhouwan Phase I Technical Transformation Project is due to the merger increase of Fujian Pacific Power Co., Ltd. in previous years, mainly including technical renovation projects such as denitration project, maritime ship right of use and power transmission and transformation facilities, low nitrogen burner transformation, | | | Notes to Financial Statements Page | 112 | | --- | --- | --- | --- | | Collection Meizhouwan | | | | | Huzhou Land Dongchuan Station Project of Collection Qinghai Gonghe Phase I | Other | | | | Qinghai Gonghe Turpan Step-up Yeniu Phase I Hami 220kV Station Project of Cheji Project Technical Lease Amortization in Increase in the decreases in | 16,980,652.18 44,346,238.78 18,989,604.86 14,178,606.66 1,299,598.62 229,114.71 20,289,203.48 41,773,307.97 | | | | Beginning balance Ending balance | 1,894,169.03 12,103,169.58 15,343,231.84 1,005,587.71 4,626,925.29 4,320,884.79 9,701,090.00 Item 16,302,183.88 958,952.04 404,869.68 507,910.55 5,031,794.97 5,326,472.50 | | | | Wind Power Collection Hami Santanghu Booster Station Transformation Compensation Cheji Project Substation current period the current | 1,529,567.84 this period 9,871,328.62 8,081,892.91 7,758,061.76 259,867.87 775,805.52 8,533,867.28 | | | | (Note 2) Route (Note 7) Others Project (Note 3) Project (Note 4) Station (Note 6) (Note 5) (Note 7) Project (Note 1) | 3,655,975.82 101,511,300.49 42,806,021.87 54,111,346.13 18,511,002.38 period 3,850,871.49 4,552,515.36 Total 116,472,600.57 19,215,770.49 3,124.24 | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) induced draft fan transformation, electrostatic precipitator high-frequency power transformation, ultra-low emission transformation, and house repair. The amortization deadline for the above technical transformation projects is June 2025. Note 2: The long-term prepaid expenses of Xianghui Nanxun 100MWp Fishery-PV Complementary Solar Power Generation Project in Huzhou are the compensation for fish ponds related to the land lease, with an original value of RMB 23,973,800.00 and amortized over the lease term of 25 years. Note 3: The long-term prepaid expenses of Turpan Step-up Substation Project are the payable project payment for the 220 kV Step-up Substation Project of Guodian Qingsong Turpan New Energy Co., Ltd., with an original value of RMB 15,080,683.76, and an amortization period of 20 years. Note 4: The long-term prepaid expenses of Dongchuan Yeniu Phase I Wind Power Project are the expenses paid for access roads, etc., with an original value of RMB 8,264.977.50 and an amortization period of 20 years. Note 5: The long-term prepaid expenses of Collection Station Project of Hami Santanghu are the payable project payment for Santanghu 220kV Collection Station of Longyuan Balikun Wind Power Generation Company, with an original value of RMB 10,652,944.97 and an amortization period of 20 years. Note 6: The long-term prepaid expenses of Collection Station Project of Hami 220kV Collection Station are the payable project payment for the 220kV collection station of Yandun 8A Wind Farm, with an original value of RMB 29,351,911.31 and an amortization period of 20 years. Note 7: The long-term prepaid expenses of Gonghe Cheji Project in Qinghai are a 110kV boost station and delivery route jointly built with Gonghe Meiheng New Energy Co., Ltd. The original value of the boost station is RMB 12,103,169.58, with an amortization period of 20 years; The original value of the route is RMB 9,871,328.62, amortization period is 30 years. Notes to Financial Statements Page 113 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (XXI) Deferred income tax assets and deferred income tax liabilities 1. Deferred income tax assets not offset 2. Deferred income tax liabilities not offset Notes to Financial Statements Page 114 Assets evaluation | Temporary difference appreciation in the business Depreciation of fixed | Deductible Deductible | Item | | | --- | --- | --- | --- | | Deferred income Deferred income | 126,741,360.45 128,886,340.69 725,430,345.72 721,032,153.59 | Item | | | combination not under the Preparation for the Provision for unpaid Cost for commissioning Unrealized internal Taxable temporary assets/Amortization of Provision for unpaid formed due to new lease Taxable temporary Deferred income Deferred income | temporary temporary 249,745,305.28 62,389,546.86 271,033,073.76 62,875,425.85 533,102,803.73 98,663,075.88 456,959,032.43 85,794,716.78 | | | | | 1,331,406,161.07 1,121,024,965.20 2,150,846,047.58 2,085,261,118.64 283,127,275.59 241,721,980.96 409,578,630.93 327,470,654.30 16,638,658.04 tax assets tax assets 14,099,520.69 12,041,136.95 87,795,536.35 11,221,820.75 44,887,283.00 48,164,547.80 13,563,303.22 11,247,844.50 73,796,474.95 2,034,495.48 1,687,176.68 | | | | same control transaction profit intangible assets employee compensation Deferred income standard Others impairment of assets expenses income Deductible losses | tax liabilities 1,040,561,531.93 tax liabilities 4,767,615,608.60 5,238,766,244.23 974,512,041.79 difference 207,016,844.47 difference difference difference 103,557,171.68 23,856,147.90 119,145,143.84 27,561,418.88 279,503,192.45 69,761,064.96 297,863,140.13 74,392,177.06 13,879,983.44 828,067,377.93 61,004,340.59 | Total Beginning balance | Beginning balance Ending balance Ending balance | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 3. Details of unrecognized deferred income tax assets 4. Deductible loss of the unrecognized deferred income tax assets will be due in the following years | | | | | Notes to Financial Statements Page | 115 | | --- | --- | --- | --- | --- | --- | | Temporary difference | | Item | | | | | Amortization of intangible Taxable temporary formed due to new lease Taxable temporary Deferred income Deferred income | 85,364,893.29 94,073,873.26 457,818,883.83 503,838,911.74 | | | | | | | 1,826,490,323.44 401,632,065.41 2,359,524,071.05 518,833,112.35 | | | | | | 2026 assets 2027 2028 Deductible temporary difference 2029 standard 2024 Deductible losses Others 2025 | tax liabilities 3,159,035,239.70 tax liabilities 645,752,014.78 Beginning balance Beginning balance 3,812,547,283.82 787,666,585.27 difference 15,375,037.59 difference 31,773,738.28 Ending balance Ending balance 154,355,672.49 61,500,150.36 | 7,468,428,912.39 7,561,821,781.00 2,156,401,213.76 2,773,179,420.67 1,550,027,851.78 7,468,428,912.39 8,201,401,089.92 8,300,406,481.93 Total 2,148,512,233.25 2,771,101,162.04 1,548,732,080.48 8,201,401,089.92 Beginning balance 180,210,339.30 808,610,086.88 93,392,868.61 941,062,692.82 791,992,921.33 Ending balance 99,005,392.01 | Total Total Year Item | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (XXII) Other non-current assets Notes to Financial Statements Page116 Item | Advance payments for | Provision for Provision for | | | | --- | --- | --- | --- | | | Book balance Book balance | Book value Book value 4,104,970,735.95 4,104,970,735.95 4,332,564,102.62 4,332,564,102.62 | | | Others long-term asset purchases Input VAT to be deducted Project upfront fees | impairment impairment 8,734,174.09 8,732,583.39 | Total 1,590.70 8,728,628.36 8,728,628.36 7,587,594,765.87 7,578,860,591.78 6,925,275,656.62 6,916,547,028.26 3,313,063,556.85 3,313,063,556.85 2,341,027,104.23 2,341,027,104.23 146,946,476.00 138,213,892.61 227,992,344.28 219,263,715.92 22,613,997.07 22,612,406.37 23,692,105.49 23,692,105.49 | Ending balance Beginning balance | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (XXIII) Assets with restricted ownership or use right Notes to Financial Statements Page117 Performance bond, house maintenance | Bank acceptance deposit, performance bond, land fund, bank guarantee and acceptance | | | | | | | --- | --- | --- | --- | --- | --- | | Monetary fund | 261,526,044.80 | Item | 240,926,921.29 | | | | Project mortgage loan, asset without title reclamation deposit, housing maintenance fund, etc. Project mortgage loan, asset without title deposit, land reclamation deposit, ETC | | | | | | | Intangible assets Project mortgage loan, asset without title document Fixed assets Project mortgage loan, asset without title document | 3,194,569,356.87 556,454,587.84 | | 2,707,175,367.07 101,485,651.05 | | | | document document freeze fund, etc. Accounts receivable Pledge of right of electricity charge Pledge of right of electricity charge | Book value 7,656,965,598.05 3,644,415,608.54 | Book value Total Restriction | 7,543,749,220.03 4,494,161,280.62 Restriction | Beginning balance | Ending balance | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated)--- # (XXIV) Short-term borrowings # 1. Classification of short-term borrowings | Item | Ending balance | Beginning balance | | --- | --- | --- | | Pledged loans | 116,480,668.78 | | | Loans in credit | 9,162,161,354.17 | 9,412,127,723.77 | | Total | 9,278,642,022.95 | 9,412,127,723.77 | # (XXV) Notes payable | Category | Ending balance | Beginning balance | | --- | --- | --- | | Bank acceptance notes | 922,270,717.35 | 1,123,317,749.75 | | Commercial acceptance notes | 40,000,000.00 | | | Total | 962,270,717.35 | 1,123,317,749.75 | The notes payable due but unpaid at the end of the current period is RMB 0.00. # (XXVI) Accounts payable # 1. Presentation of accounts payable | Item | Ending balance | Beginning balance | | --- | --- | --- | | Within 1 year (including 1 year) | 6,130,280,662.01 | 4,380,026,217.97 | | 1 to 2 years (including 2 years) | 376,538,520.70 | 124,644,236.12 | | 2 to 3 years (including 3 years) | 83,038,434.91 | 76,263,109.61 | | Over 3 years | 561,441,145.90 | 714,017,393.99 | | Total | 7,151,298,763.52 | 5,294,950,957.69 | Notes to Financial Statements Page 118 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Significant accounts payable with the aging over 1 year: | Item | Ending balance | Reasons for not repaying or carrying forward | | --- | --- | --- | | PowerChina Chengdu Engineering Corporation Limited | 430,991,354.57 | Not yet settled | | Jinfeng Technology Co., Ltd. | 167,865,787.63 | Not yet settled | | Sany Heavy Energy Co.,Ltd. | 77,175,000.00 | Not yet settled | | Jinko Power Technology Co., Ltd. | 47,338,898.06 | Not yet settled | | Xiangdian Wind Energy Co. Ltd. | 26,080,000.00 | Not yet settled | | Total | 749,451,040.26 | | # (XXVII) Advances from customers 1. Breakdown of advances from customers | Item | Ending balance | Beginning balance | | --- | --- | --- | | Within 1 year (including 1 year) | 5,553,249.09 | 5,815,676.05 | | Total | 5,553,249.09 | 5,815,676.05 | # (XXVIII)Contract liabilities 1. Details of contract liabilities | Item | Ending balance | Beginning balance | | --- | --- | --- | | Advance contract payment | 9,701,184.98 | 7,895,468.46 | | Others | 47,340.37 | 91,871.96 | | Total | 9,748,525.35 | 7,987,340.42 | Notes to Financial Statements Page119 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (XXIX) Employee compensation payable 1. Presentation of employee compensation payable 2. Presentation of short-term compensation | | | | Notes to Financial Statements Page | 120 | | --- | --- | --- | --- | --- | | Post-employment Including:Medical insurance | | | | | | I.Wages, salaries,bonuses, Short-term VI.Other short-term benefits - defined premiumsandmaternity V.Laborunion fundsand | Decrease in the Increase in the Increase in the Decrease in the Beginning 1,354,965.47 156,092,435.19 | 156,810,533.18 507,027,379.11 507,514,157.89 1,765,226.09 1,278,447.31 636,867.48 Work-related injury | | | | Beginning balance Ending balance Ending balance | 183,615,695.39 134,157,121.84 89,567,913.40 3,246,780,146.21 11,956,389.95 3,251,470,221.24 62,210,178.87 204,681,812.01 4,174,800,929.45 4,092,541,448.96 286,941,292.50 159,119,614.02 | 186,477,348.55 129,013,695.52 7,266,314.92 10,022,210.69 79,555,121.97 10,005,005.08 23,033.90 Item 5,828.29 Item | | | | III.Socialinsurancepremiums insurancepremiums compensation contribution plans insurancepremiums employeeeducationfunds Termination benefits Others IV.Housingaccumulation funds allowancesand subsidies II.Employeebenefits compensation | 286,941,292.50 current period current period current period current period 204,681,812.01 4,092,541,448.96 4,174,800,929.45 206,447,038.10 4,689,178,199.63 4,607,405,497.92 288,219,739.81 1,360,793.76 balance 167,005,540.75 258,240,014.46 181,841,011.55 | 167,706,433.13 258,292,219.46 181,841,011.55 440,500.00 659,901.38 388,295.00 Others Total 6,670,957.82 6,670,957.82 890,894.87 890,894.87 Total 678,933.25 678,933.25 | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 3. Presentation of defined contribution plans (XXX) Taxes payable (XXXI) Other payables Notes to Financial Statements Page 121 | Education surcharges (including local Unemployment insurance Basic endowment insurance | Decrease in the Increase in the Beginning | | | | | | --- | --- | --- | --- | --- | --- | | Ending balance | 288,890,265.73 288,733,862.77 | 10,129,746.52 10,124,604.34 176,271.90 19,868.94 5,851.79 | 709.61 Item | 18,845,837.80 20,880,075.72 | | | Other payables Dividends payable premiums Resource tax premiums Enterprise annuity payments Corporate income tax City maintenance and construction tax Property tax Land use tax surcharges) Value-added tax (VAT) Individual income tax Others | current period current period balance 1,765,226.09 1,278,447.31 1,744,647.54 1,096,323.62 Beginning balance 507,027,379.11 507,514,157.89 208,007,366.86 208,655,690.78 | Ending balance Beginning balance Ending balance | 17,558,984,685.19 Total 15,961,973,958.16 83,102,645.60 | 2,264,651,676.09 1,316,221,394.05 87,508,495.61 184,076,043.05 109,210,838.00 821,809,083.60 105,049,013.44 984,443,539.36 163,230,401.42 106,295,829.31 314,683,229.19 117,585,517.70 548,418,059.19 25,739,702.13 28,542,651.36 7,583,790.36 8,643,197.02 7,893,828.35 7,942,433.14 Total Item | Item | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 1. Dividends payable 2. Other payables (1) Other accounts payable by nature of payment (2) Significant other payables with the ageing over 1 year Notes to Financial Statements Page 122 | Preferred share/perpetual bond dividends Reasons for not repaying or | | | | | | | --- | --- | --- | --- | --- | --- | | | Ending balance | | | 56,519,999.98 54,483,287.69 | Item | | Tongwei Solar Energy (Hefei) Co. Ltd. Warranty not expired Ordinary share dividends Including: Perpetual bond dividends Transactions payable Others Guarantees and deposits payable Reservoir area fund Payment for project acquisition Insurance compensation Special-purpose fund classified as equity instrument | carrying forward Beginning balance | Ending balance Beginning balance Beginning balance Ending balance Ending balance | 92,301,188.70 17,642,087,330.79 16,049,482,453.77 17,558,984,685.19 13,340,231,528.62 15,961,973,958.16 12,564,434,292.90 1,084,629,871.47 1,995,802,294.64 | 1,931,772,599.79 387,053,083.55 701,448,550.00 185,261,052.87 531,981,114.43 671,448,550.00 83,102,645.60 26,582,645.62 56,519,999.98 44,556,760.24 87,508,495.61 33,025,207.92 54,483,287.69 67,063,888.24 10,012,459.93 5,262,596.67 Total Total Item Item | Total Item | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (XXXII) Non-current liabilities due within one year 1. Breakdown of long-term borrowings due within one year Notes to Financial Statements Page 123 | North China Power Engineering Co.,Ltd. of China Power Reasons for not repaying or | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | Warranty not expired | Ending balance | 36,882,293.54 | | | Item | | | | Bonds payable due within one year Pledged loans Long-term payables due within one year Mortgage loans Engineering Consulting Group Yunda Energy Technology Group Co., Ltd. Warranty not expired Harbin Boiler Factory Co. Ltd. Warranty not expired Lease liabilities due within one year Loans in credit Long-term borrowings due within one year | carrying forward Beginning balance | Ending balance 246,092,127.68 Ending balance Total 71,768,645.44 45,140,000.00 Item | 18,961,534,726.29 13,632,492,715.27 12,394,106,853.32 5,076,281,260.66 Beginning balance | 3,067,894,246.63 9,254,686,433.98 13,632,492,715.27 159,603,702.21 12,723,391,184.98 93,157,048.15 20,138,752.35 51,387,420.36 Total 844,785,958.03 Item 64,315,572.26 | Total | 9,254,686,433.98 8,303,611,130.36 951,020,630.28 | 54,673.34 | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 2. Bonds payable due within one year 2022 Green Corporate | Bond Issued 2022 Green | | | --- | --- | | Publically to Medium-term | | | Professional Note of | | | Investors of Yalong River | | | Yalong River Hydropower 2022/4/19 1,000,000,000.00 1,020,830,684.91 100.00 3 years 1,020,830,684.91 | 29,700,000.00 29,700,000.00 | | Hydropower Development | | | Development Co., Ltd. 2022/4/7 1,000,000,000.00 1,021,372,602.77 100.00 3 years 1,021,372,602.77 | 29,000,000.00 29,000,000.00 | | Co., Ltd. (Series 1) | | Notes to Financial Statements Page124 | (Series 1) (Carbon | | --- | | (G22 Yalong Neutral | | 1) Bond) (22 | Yalong River GN001) Face Value Issuing date Term of bond Beginning balance Reclassified amount Interest accrued at face value Amortization of premiums and discounts Refund in the current period Bond name Ending balance Issuing value Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 2022 Green Medium-term Note of Yalong River | 2022 Green Hydropower | | | | --- | --- | --- | | Medium-term Development | | | | Note of Co., Ltd. 2022/5/19 1,000,000,000.00 1,016,841,643.86 100.00 3 years 1,016,841,643.86 | 27,200,000.00 27,200,000.00 | | | Yalong River (Series 2) | | | | Hydropower (Carbon | | | | Development Neutral | | | | Co., Ltd. Bond) (22 2022/7/7 1,000,000,000.00 1,013,578,082.24 100.00 3 years 1,013,578,082.24 | 28,000,000.00 28,000,000.00 | | | (Series 3) Yalong River | | Notes to Financial Statements Page125 | | (Carbon GN002) | | | Neutral Bond) (22 Yalong River GN003) Face Value Issuing date Term of bond Beginning balance Reclassified amount Interest accrued at face value Amortization of premiums and discounts Refund in the current period Bond name Ending balance Issuing value Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 2021 Green Corporate Bond Issued Publically to Accredited | 2021 Green Investors of | | | | | --- | --- | --- | --- | | Medium-term Yalong River | | | | | Note of Hydropower 2021/4/8 1,000,000,000.00 100.00 1,025,676,712.36 3 years | 1,035,500,000.00 | 9,823,287.64 | | | Yalong River Development | | | | | Hydropower Co., Ltd. | | | | | Development (Series 1) | | | | | Co., Ltd. (Specifically 2021/2/7 100.00 3 years 300,000,000.00 309,780,000.00 | 310,950,000.00 | 1,170,000.00 | | | (Series 1) for Carbon | | | Notes to Financial Statements Page126 | | (Carbon Neutral) (GC | | | | | Neutral Yalong 01) | | | | Bond) (21 Yalong River GN001) Face Value Issuing date Term of bond Beginning balance Reclassified amount Interest accrued at face value Amortization of premiums and discounts Refund in the current period Bond name Ending balance Issuing value Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 2021 Green Medium-term Note of Yalong River | 2022 Hydropower 2021 | | | | | --- | --- | --- | --- | | Medium-term Development Medium-term | | | | | Note of SDIC Note of SDIC Co., Ltd. 2021/4/12 100.00 3 years 700,000,000.00 717,586,301.38 | 724,500,000.00 6,913,698.62 | | | | Power (Series 2) Power | | | Notes to Financial Statements Page127 | | Holdings (Carbon Holdings 2022/10/27 2021/7/12 1,000,000,000.00 1,003,658,246.88 1,000,000,000.00 100.00 100.00 1,014,851,232.89 3 years 3 years 1,002,625,723.98 | 1,031,700,000.00 25,700,000.00 25,770,411.00 16,848,767.11 | -962,111.90 | | | Co., Ltd. Co., Ltd. Neutral | | | | | (Series 1) (22 Bond) (21 (Series 1) (21 | | | | | SIDC Power Yalong River SIDC Power | | | | | MTN001) Face Value Issuing date Term of bond Beginning balance Reclassified amount Interest accrued at face value Amortization of premiums and discounts Refund in the current period MTN001) GN002) Bond name Ending balance 8,000,000,000.00 5,076,281,260.66 3,067,894,246.63 Issuing value Total 5,075,248,737.76 | 3,242,250,000.00 174,426,164.37 | -962,111.90 | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) # 3. Long-term payables due within one year | Entity | Period | Initial amount | Interest rate (%) | Accrued interest | | --- | --- | --- | --- | --- | | SDIC Leasing Co., Ltd. | Due to March 23, 2026 | 1,400,000,000.00 | 3.65 | 20.7 | | SDIC Leasing (Hainan) Co., Ltd. | Due to March 25, 2026 | 82,800,000.00 | 3.30 | 2.7 | | SDIC Leasing Co., Ltd. | Due to October 15, 2025 | 32,000,000.00 | 3.50 | 2.7 | | China Merchants Finance Leasing (Tianjin) Co., Ltd. | Due to December 3, 2027 | 60,000,000.00 | 3.50 | 2.7 | | SDIC Leasing Co., Ltd. | Due to October 27, 2025 | 562,177.83 | 3.90 | 2.7 | | Toyota Leasing (Thailand) Co., Ltd. | Due to June 25, 2027 | 183,141.84 | 7.13 | 2.7 | | Tisco Bank Public Company Limited | Due to June 10, 2027 | 265,867.25 | 4.36 | 2.7 | | Toyota Leasing (Thailand) Co., Ltd. | Due to March 9, 2029 | 123,279.47 | 4.78 | 2.7 | | Toyota Leasing (Thailand) Co., Ltd. | Due to December 26, 2029 | 236,957.15 | 6.95 | 2.7 | | Toyota Leasing (Thailand) Co., Ltd. | Due to March 9, 2029 | 123,279.47 | 4.78 | 2.7 | | Toyota Leasing (Thailand) Co., Ltd. | Due to December 29, 2029 | 236,957.15 | 6.95 | 2.7 | | SDIC Leasing Co., Ltd. | Due to December 17, 2029 | 60,000,000.00 | 3.10 | 2.7 | | Total | | 1,636,531,660.16 | | 26.4 | Notes to Financial Statements Page 128 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (XXXIII)Other current liabilities Notes to Financial Statements Page 129 Tax to be written off Beginning balance Ending balance Total Item 994,559.00 815,728.82 994,559.00 815,728.82 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Changes in short-term bonds payable: Note 1: Yalong River Hydropower Development Co., Ltd. issued the "Yalong River Hydropower Development Co., Ltd. 2024 First Ultra-Short Term Financing Bond" on May 17, 2024. The face value of each bond is RMB 100, the issue price is RMB 100 per bond, and the actual scale is RMB 500 million; The maturity of the current bond is 60 days, and the current bond is a fixed interest rate coupon with a coupon rate of 1.71%. | Yalong River Yalong River | | | | --- | --- | --- | | Hydropower Hydropower | | | | Development Development | | | | Co., Ltd. 2024 Co., Ltd. 2024 | | Notes to Financial Statements Page130 | | Second First Ultra-Short 100.00 2024/5/17 100.00 2024/6/18 60 days 90 days 502,169,863.01 500,000,000.00 500,000,000.00 501,405,479.45 500,000,000.00 500,000,000.00 | No No 2,169,863.01 1,405,479.45 1.71 1.76 | | | Term Financing Amortization Ultra-Short Term | | | Repayment in | Bond (24 Yalong Interest accrued Financing Bond of premiums Term of Ending Default Face Issuing Beginning Bond Issued in the | | | --- | --- | | Issuing amount the current | Bond name | | (24 Yalong River rate (&) River SCP001) value balance current period or not bond at face value balance | date and | period 1,003,575,342.46 1,000,000,000.00 1,000,000,000.00 (Note 1) SCP002) (Note 2) discounts 3,575,342.46 Total Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Note 2: Yalong River Hydropower Development Co., Ltd. issued the "Yalong River Hydropower Development Co., Ltd. 2024 Second Ultra-Short Term Financing Bond" on June 18, 2024. The face value of each bond is RMB 100, the issue price is RMB 100 per bond, and the actual scale is RMB 500 million; The maturity of the current bond is 90 days, and the current bond is a fixed interest rate coupon with a coupon rate of 1.76%. Notes to Financial Statements Page131 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (XXXIV) Long-term borrowings Long-term borrowings interest rate range is 1.31%-4.00%. (XXXV) Bonds payable 1. List of bonds payable Notes to Financial Statements Page 132 2022 Green Corporate Bond Issued Publically to Professional | Investors of Yalong River Hydropower Development Co., Ltd. 2023 Corporate Bond Issued Publically to Professional Investors 2022 Green Medium-term Note of Yalong River Hydropower 2023 Corporate Bond Issued Publically to Professional Investors | | 1,020,749,315.05 | | | | | | --- | --- | --- | --- | --- | --- | --- | | (Series 1) (G22 Yalong 1) Development Co., Ltd. (Series 1) (Carbon Neutral Bond) (22 2023 Corporate Bond Issued Publically to Professional Investors of SDIC Power Holdings Co., Ltd. (Series 1) (Variety 2) (23 2022 Medium-term Note of SDIC Power Holdings Co., Ltd. 2022 Medium-term Note of SDIC Power Holdings Co., Ltd. 2021 Corporate Bond Issued Publically to Accredited Investors of SDIC Power Holdings Co., Ltd (Series 1) (Variety 1) (23 2019 Corporate Bond Issued Publically to Accredited Investors | | 1,010,647,703.64 1,009,840,059.57 1,021,293,150.71 1,010,589,725.38 1,009,709,299.39 | | | | | | | | 1,230,784,438.37 1,005,147,720.01 1,002,280,458.05 1,230,935,342.51 1,004,939,262.33 1,001,265,501.08 1,002,625,723.98 615,813,698.61 615,813,698.58 | | | | | | Yalong River GN001) Power 02) (Series 2) (22 SDIC Power MTN002) (Series 1) (22 SDIC Power MTN001) Pledged loans of SDIC Power Holdings Co., Ltd. (Series 1) (21 SDIC Power) Mortgage loans Power 01) of SDIC Power Holdings Co., Ltd (Series 1) (19 SDIC Power) Loans in credit of SDIC Power Holdings Co., Ltd. (Series 2) (23 Power 03) | Beginning balance Ending balance | Beginning balance Ending balance | 117,794,355,019.78 113,672,147,814.97 106,591,368,921.02 101,912,662,228.66 10,818,236,098.76 11,292,110,211.31 | 384,750,000.00 467,375,375.00 | Total Item | Item | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) | | | | Notes to Financial Statements Page | 133 | | --- | --- | --- | --- | --- | | 2022 Green Medium-term Note of Yalong River Hydropower 2024 Green Medium-term Note of Yalong River Hydropower 2022 Green Medium-term Note of Yalong River Hydropower 2023 Green Medium-term Note of Yalong River Hydropower 2024 Carbon Neutral Green Rural Revitalization Corporate Bond | | | | | | Issued Publically to Professional Investors of Yalong River Development Co., Ltd. (Series 2) (Carbon Neutral Bond) (22 Development Co., Ltd. (Series 1) (Sci-tech Innovation Note) (23 Development Co., Ltd. (Series 3) (Carbon Neutral Bond) (22 Development Co., Ltd. (Series 1) (Carbon Neutral Bond) (24 | 1,009,948,493.09 1,018,441,095.86 1,011,550,684.84 1,016,767,123.31 1,009,948,493.09 1,013,578,082.24 | | | | | Yalong River GN003) Yalong River MTN001) Yalong River GN002) Yalong River GN001) Hydropower Development Co., Ltd. (Series 1) (GV Yalong V1) Beginning balance | Ending balance 11,958,214,717.65 8,914,454,352.04 | Total Item | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 2. Increase/decrease of bonds payable (exclusive of preferred shares, perpetual bonds and other financial instruments divided into financial liabilities) | 2019 Corporate Bond 2021 Corporate Bond 2022 Medium-term Note | | Notes to Financial Statements Page134 | | --- | --- | --- | | Issued Publically to 2022 Medium-term Note Issued Publically to of SDIC Power Holdings | | | | of SDIC Power Holdings Accredited Investors of Accredited Investors of Co., Ltd. (Series 1) (22 3 years -1,003,658,246.88 100.00 2.57 2022/10/27 1,000,000,000.00 1,002,625,723.98 25,700,000.00 25,770,411.00 -962,111.90 No | | | | 10 years 5 years 100.00 100.00 3.70 4.59 1,200,000,000.00 1,230,935,342.51 1,230,784,438.37 22,200,000.03 22,200,000.00 54,929,095.86 55,080,000.00 2021/4/15 615,813,698.61 No 2019/6/11 No | 600,000,000.00 615,813,698.58 | | | Co., Ltd. (Series 2) (22 SDIC Power Holdings SDIC Power Holdings SDIC Power MTN001) 5 years Amortization 100.00 Bond Repayment in 2.90 2022/10/27 1,000,000,000.00 1,001,265,501.08 1,002,280,458.05 29,079,452.04 29,000,000.00 -935,504.93 No | Interest | | | Term Default Due within one Face Issued in the | Beginning | | | Issuing date Co., Ltd. (Series 1) (21 SDIC Power MTN002) Co., Ltd (Series 1) (19 (Note 3) accrued at face of premiums Ending balance rate the current Issuing value | Bond name | | | of bond current period value or not | balance year | | | (Note 4) SDIC Power) (Note 1) SDIC Power) (Note 2) and discounts (%) | period value | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 2022 Green Corporate Bond Issued Publically to 2023 Corporate Bond 2023 Corporate Bond 2023 Corporate Bond Professional Investors of Issued Publically to Issued Publically to Notes to Financial Statements Page135 Issued Publically to | Yalong River Professional Investors Professional Investors of | | --- | | Professional Investors 3 years -1,020,830,684.91 100.00 2.97 1,000,000,000.00 1,020,749,315.05 29,781,369.86 29,700,000.00 2022/4/19 No | | Hydropower of SDIC Power Holdings SDIC Power Holdings 3 years 3 years 5 years 100.00 100.00 100.00 2.98 2023/10/25 1,000,000,000.00 1,004,939,262.33 1,005,147,720.01 2.68 1,000,000,000.00 1,009,709,299.39 1,009,840,059.57 2.92 1,000,000,000.00 1,010,589,725.38 1,010,647,703.64 29,881,643.82 29,800,000.00 26,800,000.00 26,800,000.00 29,200,000.00 29,200,000.00 -126,813.86 No 2023/8/15 -130,760.18 No 2023/8/15 No -57,978.26 | of SDIC Power Holdings | Development Co., Ltd. Co., Ltd (Series 1) Co., Ltd. (Series 1) Amortization Bond Repayment in | Interest | | --- | --- | | Co., Ltd. (Series 2) (23 Term Default Due within one Face Issued in the | Beginning | | (Series 1) (G22 Yalong Issuing date (Variety 1) (23 Power 01) (Variety 2) (23 Power 02) accrued at face of premiums Ending balance rate the current Issuing value | Bond name | | Power 03) (Note 6) of bond current period value or not | balance year | | 1) (Note 7) (Note 5) (Note 5) and discounts (%) | period value | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 2022 Green Medium-term Note of 2022 Green 2022 Green Yalong River Medium-term Note of Medium-term Note of Hydropower | Yalong River Yalong River | | | --- | --- | | Development Co., Ltd. 3 years -1,016,841,643.86 100.00 2.72 1,000,000,000.00 1,016,767,123.31 27,274,520.55 27,200,000.00 2022/5/19 No | | | Hydropower Hydropower | Notes to Financial Statements Page136 | (Series 2) (Carbon Development Co., Ltd. Development Co., Ltd. 3 years -1,013,578,082.24 3 years -1,021,372,602.77 100.00 100.00 2.80 1,000,000,000.00 1,013,578,082.24 2.90 1,000,000,000.00 1,021,293,150.71 28,000,000.00 28,000,000.00 29,079,452.06 29,000,000.00 No No 2022/7/7 2022/4/7 Neutral Bond) (22 (Series 1) (Carbon (Series 3) (Carbon Yalong River GN002) | Neutral Bond) (22 Neutral Bond) (22 Amortization Bond Repayment in | Interest | | --- | --- | | (Note 8) Term Default Due within one Face Issued in the | Beginning | | Yalong River GN003) Issuing date Yalong River GN001) accrued at face of premiums Ending balance rate the current Issuing value | Bond name | | of bond current period value or not | balance year | | (Note 8) (Note 8) and discounts (%) | period value | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 2024 Carbon Neutral | 2023 Green 2024 Green Green Rural | | | | --- | --- | --- | | Medium-term Note of Revitalization Corporate Medium-term Note of | | | | Bond Issued Publically to Yalong River Yalong River | | | | Hydropower Hydropower Professional Investors of | | Notes to Financial Statements Page137 | | 10 years 1,000,000,000.00 100.00 2.48 1,000,000,000.00 1,011,550,684.84 11,550,684.84 2024/7/12 No | | | | Development Co., Ltd. Yalong River Development Co., Ltd. 5 years 1,000,000,000.00 3 years 100.00 100.00 2.54 1,000,000,000.00 1,018,441,095.86 2.67 1,000,000,000.00 1,009,948,493.09 1,009,948,493.09 18,441,095.86 26,700,000.00 26,700,000.00 2024/4/10 No 2023/8/16 No | | | | Hydropower (Series 1) (Sci-tech (Series 1) (Carbon | | | | Innovation Note) (23 Neutral Bond) (24 Development Co., Ltd. Amortization Bond Repayment in | Interest | | | Term Default Due within one Face Issued in the | Beginning | | | Issuing date Yalong River MTN001) (Series 1) (GV Yalong Yalong River GN001) accrued at face of premiums Ending balance rate the current Issuing value | Bond name | | | of bond current period value or not | balance year | | | V1) (Note 11) (Note 9) (Note 10) 13,800,000,000.00 11,958,214,717.65 2,000,000,000.00 -5,076,281,260.66 and discounts 388,687,725.92 358,380,000.00 -2,213,169.13 8,914,454,352.04 (%) | period value Total | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) ote 1: With the approval by China Securities Regulatory Commission via ZJXK[2019]No.580 document, the Company can issue the corporate bond with face value not greater than RMB 1.80 billion on the open market. On June 11, 2019, the Company issued the company bond (series 1). In the series, the face value per bond is RMB 100, the issuing price is RMB 100/bond, and the actual size was RMB 1.20 billion, the bond period is 10 years, the bond is fixed-rate bond and the face interest rate is 4.59%, and the interest is paid once a year. Note 2: With the approval by China Securities Regulatory Commission via ZJXK[2019]No.580 document, the Company can issue the corporate bond with face value not greater than RMB 1.80 billion to accredited investors on the open market. On April 15, 2021, the Company issued the company bond (series 2). In the series, the face value per bond is RMB 100, the issuing price is RMB 100/bond, the actual size is RMB 0.60 billion, the bond period is 5 years, the bond is fixed-rate bond and the face interest rate is 3.70%, and the interest is paid once a year. Note 3: The First Issue of 2022 Medium-term Note is completed by the Company on October 27, 2022. The par value of each Medium-term Note in the current issue is RMB 100, the issue price is RMB 100/note and the actual scale is RMB 1.00 billion. The coupon rate is 2.57%, and the interest is paid once a year with a term of 3 years. Note 4: The Second Issue of 2022 Medium-term Notes is completed on October 27, 2022. The par value of each Medium-term Note in the current issue is RMB 100, the issue price is RMB 100/bond, and the actual scale is RMB 1.00 billion. The coupon rate is 2.90%, and the interest is paid once a year with a term of 5 years. Note 5: With the approval by China Securities Regulatory Commission via ZJXK[2021]No.3715 document, the Company can issue the corporate bond not greater than RMB 3.00 billion to professional investors on the open market. On August 15, 2023, the Company issued the corporate bond Notes to Financial Statements Page138 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated)--- (series 1). The series included 3-year bond and 5-year bond. In the series, the face value per bond is RMB 100, the issuing price actual size was RMB 2.00 billion, the bond is a fix-rated bond, the face interest rate is 2.68% for 3-year bond and 2.92% for interest is paid once a year. Note 6: With the approval by China Securities Regulatory Commission via ZJXK[2021]No.3715 document, the Company bond not greater than RMB 3.00 billion Yuan to professional investors on the open market. On October 25, 2023, the Company bond (series 2). In the series, the face value per bond is RMB 100.00, the issuing price is RMB 100/bond, and the actual size is bond period is 3 years, the bond is a fix-rated bond and the face interest rate is 2.98%, and the interest is paid once a year. Note 7: With the approval of China Securities Regulatory Commission "ZJXK [2021] No. 3124', the Yalong River Hyd. Co., Ltd. was allowed to issue corporate bonds with a total par value not exceeding RMB 5.00 billion (including RMB 5.00 billion). First Issue of Yalong Hydropower's corporate bond was completed on April 19, 2022. The par value of each bond in the current issue price is RMB 100/bond, and the scale is RMB 1.00 billion; The bonds are fixed-rate bonds with a term of 3 years and 2.97%, and the interest is paid once a year. Note 8: The First Issue of Green Medium-term Note of Yalong River Hydropower Development Co., Ltd. was completed par value of each medium-term note in the current issue is RMB 100, the issue price is RMB 100/bond, and the actual scale is term of the current note is 3 years. The current note is a fixed-rate note with a coupon rate of 2.90% and an annual interest payment of Green Medium-term Note of Yalong River Hydropower Development Co., Ltd. was completed on May 19, 2022. The par value of each medium-term note in the current issue is RMB 100, the issue price is RMB 100/bond, and the actual scale is RMB 1.00 billion; Notes to Financial Statements Page 139 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) note is 3 years. The current note is a fixed-rate note with a coupon rate of 2.72% and an annual interest payment. The Third Issue of Green Medium-term Note of Yalong River Hydropower Development Co., Ltd. was completed on July 7, 2022. The par value of each medium-term note in the current issue is RMB 100, the issue price is RMB 100/bond, and the actual scale is RMB 1.00 billion; The term of the current note is 3 years. The current note is a fixed-rate note with a coupon rate of 2.80% and an annual interest payment. Note 9: On August 16, 2023, Yalong River Hydropower Development Co., Ltd. issued the 2023 Green Medium-term Note (series 1) (Sci-tech Innovation Note). In the series, the face value per note is RMB 100, the issuing price is RMB 100/note, the actual size is RMB 1.00 billion, the period is 3 years, the note is a fixed-rate note, the face interest rate is 2.67%, and the interest is paid once a year. Note 10: On April 10, 2024, Yalong River Hydropower Development Co., Ltd. issued the 2024 Green Medium-term Note (series 1) (Carbon Neutral Bond). In the series, the face value per note is RMB 100, the issuing price is RMB 100/note, the actual size is RMB 1.00 billion, the period is 5 years, the note is a fixed-rate note, the face interest rate is 2.54%, and the interest is paid once a year. Note 11: With the approval by China Securities Regulatory Commission via ZJXK[2024]No.257 document, Yalong River Hydropower Development Co., Ltd. can issue the corporate bond with face value not greater than RMB 4.00 billion to professional investors. On July 12, 2024, Yalong River Hydropower issued the first bond. The face value per note is RMB 100, the issuing price is RMB 100/note, the actual size is RMB 1.00 billion, the period is 10 years, the note is a fixed-rate note, the face interest rate is 2.48%, and the interest is paid once a year. Notes to Financial Statements Page140 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (XXXVI) Lease liabilities (XXXVII) Long-term payables 1. Long-term payables (XXXVIII) Long-term employee compensation payable 1. List of long-term employee compensation payable Notes to Financial Statement Page 141 | I. Post-employment benefits - Net liabilities in defined China Merchants Finance Leasing (Tianjin) Co., | Reclassified to non-current liabilities due | | | | | --- | --- | --- | --- | --- | | | 527,005,155.01 | 93,157,048.15 51,387,420.36 487,223,820.47 | 24,000,000.00 | | | II. Other long-term benefits benefit plan within one year Lease payment Ltd. Less: Unrecognized financing charges SDIC Finance Lease Co., Ltd. Others Long-term payables Ending balance | Beginning balance Ending balance Beginning balance Beginning balance Beginning balance Ending balance Ending balance 1,918,412.41 | 1,348,814,702.10 1,949,964,399.00 1,248,108,689.20 828,370,922.62 507,992,648.75 368,350,346.22 1,046,184,098.06 1,046,184,098.06 1,046,184,098.06 1,045,924,143.35 686,562,078.72 711,298,401.92 711,298,401.92 711,298,401.92 | 1,867,424.27 Total Total Item Item 736,323.20 259,954.71 | Total Item Item | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 2. Changes of defined benefit plan (1) Present value of obligations under defined benefit plan 2. Net liabilities (net assets) under defined benefit plan Notes to Financial Statement Page 142 | 2. Defined benefit cost included in the current profits and (3) Translation differences arising from foreign 2. Defined benefit cost included in the current profits 3. Defined benefit cost included in other comprehensive Amount in the previous Amount in the current Amount in the previous Amount in the current | | | | | | --- | --- | --- | --- | --- | | | | 13,584,088.39 43,971,923.37 13,584,088.39 14,506,618.11 14,506,618.11 -2,592,598.53 | 2,990,876.40 78,843.05 | Item Item | | 5. Ending balance losses 1. Beginning balance (1) Current service cost (2) Paid welfare 1. Beginning balance (2) Previous service cost income (3) Settlement gains (losses to be listed with “-”) (4) Net interest (1) Actuarial gains (losses to be listed with “-”) 4. Other changes currency transactions (1) Consideration paid in settlement and losses Ending balance | 528,923,567.42 Beginning balance | period period period period 487,223,820.47 527,005,155.01 487,223,820.47 487,223,820.47 484,447,065.30 484,447,065.30 -17,853,520.27 -17,774,677.22 -14,720,739.34 11,830,000.00 12,425,423.03 43,971,923.37 -9,833,199.68 -2,294,941.13 1,644,088.39 | 2,130,000.00 2,990,876.40 489,091,244.74 -48,804.92 110,000.00 | Total Item | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (XXXIX) Estimated liabilities Other notes, including important assumptions and estimates related to important estimated liabilities: Note 1:The disposal cost is the estimated costs for the future closure of Afton Wind Farm and Benbrack Wind Farm, which amounted to GBP 4,476,748.43 at the end of the period. (XL) Deferred income (XLI) Other non-current liabilities Notes to Financial Statement Page 143 Decrease in Increase in the | Obligation to 3. Defined benefit cost included in other comprehensive Beginning balance Government Increase in the current the current Ending balance | Amount in the current Amount in the previous Reason Decrease in the | Item | | | | | --- | --- | --- | --- | --- | --- | | current period | 5,805,531.01 Beginning balance Ending balance Note 1 Item 46,438,738.13 40,633,207.12 134,631,428.11 | 137,987,736.64 10,604,569.42 | 7,248,260.89 43,971,923.37 2,990,876.40 | Item | | | 5. Ending balance 220kV Collection Station of Naomao Lake Project 4. Other changes subsidies assets disposal Others income Beginning balance | 5,805,531.01 Ending balance Total period current period 48,515,308.38 42,717,908.08 Total | 134,631,428.11 2,076,570.25 2,084,700.96 87,581,662.60 58,504,088.38 137,987,736.64 period 10,604,569.42 period 8,130.71 8,130.71 | period 7,248,260.89 527,005,155.01 -17,774,677.22 487,223,820.47 -14,720,739.34 | | Item | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (XLII) Share capital Notes to Financial Statement Page 144 Conversion Issuance Beginning balance Ending balance Item of the Bonus Lease payment received in advance for Hanggin Banner Ducheng Green Others Subtotal of new reserve shares | Energy Step-up Substation Access, Operation and Maintenance funds into shares | Total | 3,479,594.20 3,672,904.99 | | | --- | --- | --- | --- | | | 7,454,179,797.00 7,454,179,797.00 | | | | Contract Shareholder loans BOWL over-allocation Iron tower leasing of Xinjiang Huaneng Xinhuozhou Power Co., Ltd. Beginning balance | shares Ending balance shares Increase (+)/decrease (-) in the current period | 635,144,504.31 364,838,169.68 178,212,967.75 608,124,104.39 367,328,289.18 177,517,904.42 1,032,110.08 1,100,917.42 | Total Item | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (XLIII) Other equity instruments 1. Basic information on other financial instruments as preferred shares and perpetual bonds externally issued at the end of the period Notes to Financial Statement Page145 Dividend Share | 2024 Issue 2 of Technology 2024 Issue 3 of Technology 2022 Issue 1 of Renewable 2024 Issue 1 of Technology 2024 Issue 2 of Technology Issuing Conversion | rate or Due date or Accounting | | | --- | --- | --- | | Outstanding financial instruments conversion November 13, November 14, | Issue date Other equity Other equity Other equity Other equity Other equity Total amount Quantity | | | Corporate Bonds (Variety 2) (22 Innovation Renewable Corporate Innovation Renewable Corporate Innovation Renewable Corporate Innovation Renewable Corporate 2023 Issue 1 of Renewable June 20, 2024 June 19, 2027 July 10, 2029 July 10, 2027 July 28, 2029 100.00 100.00 July 11, 2024 100.00 interest July 11, 2024 100.00 July 29, 2024 100.00 | price condition 3.05 2.20 2.30 2.20 2.19 None None None classification renewal None None None None None Other equity None None 1,200,000,000.00 1,000,000,000.00 1,000,000,000.00 1,000,000,000.00 1,000,000,000.00 | 12,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 | | May 26, 2023 May 25, 2026 100.00 condition | 3.00 None None instruments instruments instruments instruments instruments 2022 2027 | 500,000,000.00 5,000,000.00 | | Bonds (Power YK01) Bonds (Variety 2) (Power YK03) Bonds (Variety 1) (Power YK02) Bonds (Power YK04) Corporate Bonds (23 Power Y1) Power Y2) rate (%) | instruments 5,700,000,000.00 | 57,000,000.00 Total | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Additional information: The coupon rate for the The coupon rate for the The coupon rate for the first 3 The coupon rate for the first 3 first 3 interest years is first 5 interest years is The coupon rate for the first 5 | interest years is 3.00%. If the interest years is 2.20%. If the 2.20%. If the issuer does 2.30%. If the issuer does | | | | | | --- | --- | --- | --- | --- | | The coupon rate for the first 5 interest interest years is 3.05%. If the | | | | | | issuer does not exercise the issuer does not exercise the not exercise the not exercise the | | | | | | years is 2.19%. If the issuer does not issuer does not exercise the | | | | | | redemption right, the coupon redemption right, the coupon redemption right, the redemption right, the | | | | | | exercise the redemption right, the coupon redemption right, the coupon rate | | | | | | rate shall be reset every 3 years rate shall be reset every 3 years coupon rate shall be reset coupon rate shall be reset | | | | | | rate shall be reset every 3 years from the shall be reset every 5 years from | | | | | | from the 4th interest year, from the 4th interest year, every 3 years from the 4th every 5 years from the 6th | | | | | | Interest rate 6th interest year, which shall be the 6th interest year, which shall | | | | | | which shall be determined by which shall be determined by interest year, which shall interest year, which shall | | | | | | determined by resetting the current be determined by resetting the | | | | | | resetting the current benchmark resetting the current be determined by resetting be determined by resetting | | | | Notes to Financial Statement Page146 | | benchmark interest rate plus the initial current benchmark interest rate | | | | | | interest rate plus the initial benchmark interest rate plus the current benchmark the current benchmark | 2024 Issue 2 of 2024 Issue 2 of | | | | | interest rate spread at the time of issuance plus the initial interest rate spread 2024 Issue 1 of Technology | | | | | | interest rate spread at the time the initial interest rate spread at interest rate plus the interest rate plus the initial 2024 Issue 3 of Technology Innovation Technology Innovation Technology Innovation 2023 Issue 1 of Renewable | 2022 Issue 1 of Renewable | | | | | plus 300 basis points. at the time of issuance plus 300 | Innovation Renewable | | | | | of issuance plus 300 basis the time of issuance plus 300 initial interest rate spread interest rate spread at the Series Corporate Bonds (Variety 2) (22 Corporate Bonds (23 Power Renewable Corporate Renewable Corporate Bonds (Power Renewable Corporate | | | | | | basis points.points. | Corporate Bonds (Power | | | | | points. basis points. at the time of issuance time of issuance plus 300 Total amount actually At the end of each period, the Issuer has the right to choose to extend the term of the Bonds by one period or choose to pay the Bonds in full at the end of the period. The Issuer shall publish an announcement of Bonds (Variety 1) (Power Bonds (Variety 2) (Power | | Power Y2) Y1) | YK04) | | | Option of renewal | RMB 1.00 billion RMB 1.00 billion RMB 0.50 billion RMB 1.00 billion RMB 1.20 billion | RMB 1.00 billion YK01) | | | | plus 300 basis points. basis points. issued the exercise of the option of renewal on the relevant media at least 30 business days prior to the annual interest payment date for the exercise of the option of renewal. Period Approval number. Redemption rights (1) Redemption by the Issuer due to changes in tax policy; and (2) redemption by the Issuer due to changes in accounting standards. ZJXK [2022] No.1768 ZJXK [2022] No.1768 | ZJXK [2022] No.1768 ZJXK [2022] No.1768 ZJXK [2022] No.1768 | ZJXK [2022] No.1768 YK02) YK03) 3 years 5 years 3 years 3 years 5 years | 5 years | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 2. Variation to other financial instruments as preferred shares and perpetual bonds externally issued at the end of the period Notes to Financial Statement Page147 | 2024 Issue 1 of 2023 Issue 1 of 2022 Issue 1 of | | | | | --- | --- | --- | --- | | 2021 Issue 3 of 2021 Issue 1 of Renewable Corporate Technology Innovation Renewable Corporate 2021 Issue 2 of Outstanding financial | 5,000,000.00 499,764,150.94 499,764,150.94 | 5,000,000.00 | | | 10,000,000.00 | 10,000,000.00 12,000,000.00 999,528,301.89 1,199,433,962.27 1,199,433,962.27 999,528,301.89 | 12,000,000.00 | | | Bonds (Variety 2) (22 Renewable Corporate Bonds (23 Power Y1) Renewable Corporate Renewable Corporate Renewable Corporate 10,000,000.00 20,000,000.00 1,999,858,490.57 10,000,000.00 | 999,929,245.28 999,929,245.29 1,999,858,490.57 instruments 999,929,245.28 999,929,245.29 | 10,000,000.00 20,000,000.00 10,000,000.00 | | | Bonds (Power YK01) Bonds (21 Power Y2) Bonds (21 Power Y3) Bonds (21 Power Y1) Power Y2) | Quantity Quantity Book value Book value Increase in the current period Decrease in the current period Quantity Book value Book value Quantity | | Ending Beginning | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Note: After deducting relevant transaction expenses from the price received from the renewable corporate bonds issued by the Group, the remaining amount is included in other equity instruments. The bond terms are expected to meet the requirements of term permanence and deferred interest, and may be included in equity according to the Accounting Standards for Business Enterprises 37-Presentation of Financial Instruments (CK [2014] No.23) and the Notice on Issuing the Provisions on the Distinction between Financial Liabilities and Equity Instruments and the Relevant Accounting Treatment (CK [2014] No.13). Notes to Financial Statement Page148 | 2024 Issue 2 of 2024 Issue 2 of | | | | | --- | --- | --- | --- | | Technology Innovation 2024 Issue 3 of Technology Innovation | | | | | Renewable Corporate Technology Innovation Renewable Corporate Outstanding financial | 10,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 999,528,301.88 999,528,301.89 | 999,528,301.88 999,528,301.89 | | | | 10,000,000.00 10,000,000.00 999,528,301.89 | 999,528,301.89 | | | Bonds (Variety 2) Renewable Corporate Bonds (Variety 1) | instruments | | | | (Power YK03) Bonds (Power YK04) (Power YK02) | 40,000,000.00 3,998,113,207.55 40,000,000.00 3,999,716,981.14 Quantity Quantity 57,000,000.00 Increase in the current period Decrease in the current period Book value Book value Quantity 5,698,915,094.35 5,697,311,320.76 Book value Book value | Quantity 57,000,000.00 Total | Ending Beginning | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) # (XLIV) Capital reserve | Item | Beginning balance | Increase in the current period | Decrease in the current period | | --- | --- | --- | --- | | Capital premium (share premium) | 10,810,188,600.25 | | 283,018.86 | | Other capital reserves | 159,097,584.63 | 6,725,158.57 | 1,730,945.36 | | Total | 10,969,286,184.88 | 6,725,158.57 | 2,013,964.22 | The main reasons for the change of capital reserve in the current period are: ① The Group's share of the change in other capital reserves increased by RMB 6,725,158.57 due to accounting under the equity method; ② The Company disposed of the associated enterprise in accordance with the equity method to reduce the capital reserve of RMB 1,266,270.12 during the current period; ③ The reduction in the capital reserve during this period is RMB 283,018.86 from the redemption of the Company's perpetual bonds. Notes to Financial Statement Page 149 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (XLV) Other comprehensive income | Less: Amount Less: Amount | | | | | | | --- | --- | --- | --- | --- | --- | | included in other included in other | | | | | | | comprehensive comprehensive After-tax | Beginning | | | | | | Amount incurred After-tax amount Ending balance | | | Item | | | | income in the income in the | amount balance | | | | Notes to Financial Statement Page150 | | Less: Income tax attributable to before income | | | | | | | attributable to previous period previous period | | | | | | | tax in the current | the parent expenses | | | | | | and transferred and transferred minority | | | | | | | | company period | | | | | | Including: Amount of change to profit and loss II. Other comprehensive income I. Other comprehensive income shareholders to retained | | Changes in fair value of Other comprehensive | | | | | to be reclassified into profit or not to be reclassified into profit income not to be reclassified into arising from remeasurement of the investment in other equity -18,061,051.09 earnings in the -21,020,083.47 in the current 42,011,616.06 -128,004,545.65 -136,001,295.68 -124,668,874.40 -3,169,009.49 575,470,894.09 122,742,953.95 656,202,231.98 | -43,941,923.37 -25,880,872.28 -32,410,780.31 -88,133,221.48 40,081,301.28 39,871,324.17 80,731,337.89 11,332,421.28 -6,529,908.03 209,977.11 -9,687,662.19 -1,466,842.00 -5,827,040.10 -2,658,030.61 -4,124,872.61 | | | | | | defined benefit plan instruments loss and loss profit or loss by the equity method current period | period | | | Amount in the current year | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) | Less: Amount Less: Amount | | | | | | | --- | --- | --- | --- | --- | --- | | included in other included in other | | | | | | | comprehensive comprehensive After-tax | Beginning | | | | | | Amount incurred After-tax amount Ending balance | | | Item | | | | income in the income in the | amount balance | | | | Notes to Financial Statement Page151 | | Less: Income tax attributable to before income | | | | | | | attributable to previous period previous period | | | | | | | tax in the current | the parent expenses | | | | | | and transferred and transferred minority | | | | | | | | company period | | | | | | to profit and loss Including: Other comprehensive shareholders to retained | | Translation differences | | | | | income to be reclassified into arising from foreign currency earnings in the in the current 15,454,044.94 26,557,571.12 Total other comprehensive 577,014,783.03 622,565,198.58 | -41,749,657.69 -13,087,060.35 61,004,460.49 45,550,415.55 55,220,168.46 28,662,597.34 | Cash flow hedge | | | | | 20,991,532.59 439,469,598.41 113,055,291.76 531,533,357.58 | 92,063,759.17 40,269,593.29 46,787,918.29 6,518,325.00 6,518,325.00 | | | | | | reserve profit or loss by the equity method transactions current period | period | -63,824.54 -63,824.54 Others | income | Amount in the current year | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (XLVI) Special reserve The Work safety expenses are calculated according to the Administrative Measures for Calculation and Use of Enterprise Safety Production Cost issued by the Ministry of Finance and the Ministry of Emergency Management on November 21, 2022. (XLVII) Surplus reserves (XLVIII) Undistributed profits | | | | | Notes to Financial Statement Page | 152 | | --- | --- | --- | --- | --- | --- | | Discretionary surplus Add: Net profit attributable to owners of the parent Undistributed profits at the beginning of the period after Undistributed profits at the end of the previous period Decrease in the Increase in the Decrease in the Increase in the | | | | | | | Beginning balance Beginning balance Ending balance Ending balance | 2,384,187.23 2,384,187.23 30,951,017,846.73 26,818,018,726.07 30,951,017,846.73 26,818,018,726.07 | Item 6,643,033,266.19 6,704,936,953.85 Item | | | | | Undistributed profits at the end of the period reserve company during the current period adjustment Statutory surplus reserve Less: Appropriation to the statutory surplus reserve before adjustment Work safety expenses current period current period current period current period 3,447,373,397.89 3,899,807,561.42 3,444,989,210.66 3,897,423,374.19 | 452,434,163.53 452,434,163.53 Payable ordinary share dividends (Note 1) Others (Note 2) 106,287,031.23 278,954,867.87 227,945,479.32 157,296,419.78 Previous period 106,287,031.23 278,954,867.87 227,945,479.32 157,296,419.78 Current period Total 33,272,652,077.58 30,951,017,846.73 | Total 3,688,328,159.52 2,049,899,453.13 452,434,163.53 362,134,681.44 180,636,712.29 159,903,698.62 | Item | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Note 1: According to the Announcement of the Resolution of the 2023 Annual General Meeting of Shareholders of SDIC Power Holdings Co., Ltd. Approved by the General Meeting of Shareholders of the Group on June 19, 2024, a cash dividend of RMB 0.4948 (tax inclusive) per share will be distributed based on the total share capital of 7,454,179,797 shares at the end of 2023, with a total cash dividend of approximately RMB 3,688,328,159.52. Note 2: The Group made a total provision for interest on perpetual bonds of RMB 180,636,712.29 during the period. # (XLIX) Operating revenue and operating cost # 1. Operating revenue and operating cost | Item | Amount in the current period | | Amount in the previous period | | | --- | --- | --- | --- | --- | | | Revenue | Cost | Revenue | Cost | | Main business | 57,529,216,961.82 | 35,948,645,474.61 | 56,312,348,446.98 | 36,010,731,407.57 | | Other business | 290,062,319.62 | 201,646,005.90 | 399,514,022.71 | 238,813,869.16 | | Total | 57,819,279,281.44 | 36,150,291,480.51 | 56,711,862,469.69 | 36,249,545,276.73 | Notes to Financial Statement Page 153 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 2. Detailed information on operating revenue and operating cost In this period, the revenue from customer contract is as follows: Notes to Financial Statement Page154 Category | By type of By operating | Wind, Solar and Waste-to-energy | | | | --- | --- | --- | --- | | | | Thermal power Hydropower | Others Total | | Northeast China South China product: Central China Electricity Others regions: North China East China Operating revenue Operating revenue Operating revenue Operating revenue Operating revenue 23,280,642,026.32 21,774,525,490.08 Operating cost Operating cost | Operating cost Operating cost Operating cost 1,506,116,536.24 2,700,311,970.40 2,571,438,539.14 6,363,409,793.33 20,538,091,236.12 26,643,554,184.94 10,237,516,967.34 5,048,985,568.81 2,754,470,745.02 2,846,097,501.37 2,620,212,532.03 57,819,279,281.44 36,150,291,480.51 9,085,755,820.01 6,905,919,079.88 18,803,526,186.27 26,623,991,171.02 10,229,316,765.65 4,959,730,380.16 2,695,879,963.88 53,504,032,572.23 31,777,496,908.69 1,734,565,049.85 4,315,246,709.21 6,031,531,390.23 6,588,498,146.49 7,786,088,571.69 9,519,430,022.21 5,832,641,627.02 7,417,682,631.51 4,372,794,571.82 221,614,899.87 110,747,664.43 6,142,327,675.26 433,455,371.64 174,398,321.83 7,965,905,357.66 443,114,245.54 244,100,809.84 6,088,101,850.91 145,785,530.97 Total 89,255,188.65 58,590,781.14 47,051,095.88 24,796,122.16 68,649,306.09 11,359,414.05 68,816,315.36 31,783,736.75 48,773,992.89 3,473,453.29 5,418,464.14 19,563,013.92 47,246,698.81 24,900,479.14 68,816,315.36 31,783,736.75 8,200,201.69 218,830.56 195,602.93 104,356.98 | 48,620.60 Generation | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page155 Category | State-owned Type of market Electricity | Wind, Solar and Waste-to-energy | | | | --- | --- | --- | --- | | 21,774,525,490.08 23,083,723,760.03 | 18,803,526,186.27 26,623,991,171.02 10,229,316,765.65 4,959,730,380.16 2,695,879,963.88 53,504,032,572.23 31,777,496,908.69 18,789,698,929.48 26,643,554,184.94 10,237,516,967.34 4,778,567,491.39 2,624,530,285.76 54,923,892,720.39 31,881,100,839.45 145,785,530.97 418,047,284.03 229,354,656.87 48,773,992.89 | Thermal power Hydropower | Others Total | | Others Others contract Contract type: Northwest China enterprise Southwest China or customer: Overseas Private enterprise Operating revenue Operating revenue Operating revenue Operating revenue Operating revenue 23,280,642,026.32 23,280,642,026.32 Operating cost Operating cost | Operating cost Operating cost Operating cost 1,685,186,629.45 25,760,886,492.23 1,898,957,623.43 1,126,376,868.26 28,694,939,215.76 11,914,367,545.32 2,629,222,698.51 2,502,768,660.39 1,506,116,536.24 2,700,311,970.40 2,571,438,539.14 20,538,091,236.12 26,643,554,184.94 10,237,516,967.34 5,048,985,568.81 2,754,470,745.02 2,846,097,501.37 2,620,212,532.03 57,819,279,281.44 36,150,291,480.51 2,409,216,253.43 2,377,183,775.33 20,538,091,236.12 26,643,554,184.94 10,237,516,967.34 5,048,985,568.81 2,754,470,745.02 2,846,097,501.37 2,620,212,532.03 57,819,279,281.44 36,150,291,480.51 2,602,654,165.15 9,832,733,976.13 2,880,012,086.15 1,696,067,720.18 1,734,565,049.85 4,315,246,709.21 2,702,740,535.93 924,853,758.94 1,362,722,712.27 109,537,767.00 250,789,387.64 117,413,462.81 2,620,182,123.20 1,713,423,797.96 4,372,794,571.82 264,289,959.61 126,258,481.31 2,555,766,843.10 925,557,333.10 167,683,943.40 Total Total 882,667,692.71 404,782,991.21 34,799,842.99 33,085,962.12 887,829,647.18 67,427,053.75 18,833,963.91 13,674,099.83 192,646,025.12 89,255,188.65 58,590,781.14 29,234,322.89 6,128,117.81 3,681,977.95 52,324,586.46 19,563,013.92 8,200,201.69 | Generation | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page156 Revenue | Revenue recognized | Category | | | | --- | --- | --- | --- | | | 2,553,939,639.23 2,515,350,788.85 2,715,104,751.21 131,625,761.92 2,619,479,793.41 12,937,058.58 89,437,049.69 16,602,291.48 8,603,620.56 6,088,334.31 | | | | recognized at a Classification by China Southern within a period of By time of 23,267,704,967.74 | 20,529,487,615.56 26,626,951,893.46 10,231,428,633.03 4,917,359,806.89 2,665,033,695.33 55,104,174,530.23 33,530,811,687.10 Wind, Solar and Waste-to-energy 292,157,862.14 104,861,743.18 | | | | | 6,688,805,467.98 1,190,645,140.26 5,712,667,192.60 1,122,209,235.51 9,031,456,097.76 549,775,239.11 6,596,707,967.08 308,134,152.83 29,796,254.01 26,131,382.54 | Thermal power Hydropower | Others Total | | sales channel Power Grid time State Grid Others transfer of goods: point of time Operating revenue Operating revenue Operating revenue Operating revenue Operating revenue 23,280,642,026.32 23,280,642,026.32 23,280,642,026.32 15,084,854,529.10 Operating cost Operating cost | 20,538,091,236.12 26,643,554,184.94 10,237,516,967.34 5,048,985,568.81 2,754,470,745.02 2,846,097,501.37 2,620,212,532.03 57,819,279,281.44 36,150,291,480.51 Operating cost Operating cost Operating cost 20,538,091,236.12 26,643,554,184.94 10,237,516,967.34 5,048,985,568.81 2,754,470,745.02 2,846,097,501.37 2,620,212,532.03 57,819,279,281.44 36,150,291,480.51 20,538,091,236.12 26,643,554,184.94 10,237,516,967.34 5,048,985,568.81 2,754,470,745.02 2,846,097,501.37 2,620,212,532.03 57,819,279,281.44 36,150,291,480.51 13,114,848,134.77 25,515,241,157.58 3,571,033,026.09 2,020,312,832.25 44,234,286,066.49 25,105,313,388.56 1,506,982,029.24 2,753,143,893.64 2,551,158,299.76 9,927,229,571.81 1,710,575,908.75 4,553,537,117.19 287,307,402.46 184,382,673.66 4,448,270,124.87 Total Total Total 63,157,353.72 42,922,849.73 6,103,791.85 2,153,242.70 | Generation | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) # (L) Taxes and surcharges | Item | Amount in the current period | Amount in the previous period | | --- | --- | --- | | Water resource tax | 469,582,332.03 | 423,278,576.33 | | Urban maintenance and construction tax | 208,260,806.53 | 190,458,299.51 | | Education surcharges | 155,926,603.82 | 142,244,341.69 | | Real estate tax | 88,603,505.47 | 93,784,835.72 | | Land use tax | 48,069,856.88 | 47,165,670.84 | | Environmental protection tax | 63,230,891.03 | 12,886,673.04 | | Stamp duty | 27,167,628.21 | 28,151,633.66 | | Vehicle and vessel use tax | 1,077,039.37 | 800,273.01 | | Others | 6,562,088.33 | 402,555.85 | | Total | 1,068,480,751.67 | 939,172,859.65 | # (LI) Selling expenses | Item | Amount in the current period | Amount in the previous period | | --- | --- | --- | | Sales service fee | 4,898,097.28 | 377,337.97 | | Employee benefits payable | 44,230,661.80 | 38,578,274.18 | | Business expenses | 512,512.09 | 496,511.60 | | Travel expenses | 955,798.39 | 853,635.27 | | Consultancy cost | 1,175,633.67 | 1,144,418.14 | | Others | 8,029,035.16 | 4,600,205.84 | | Total | 59,801,738.39 | 46,050,383.00 | Notes to Financial Statement Page 157 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) # **(LII) Administration expenses** | Item | Amount in the current period | Amount in the previous period | | --- | --- | --- | | Employee benefits payable | 1,272,506,696.72 | 1,185,723,280.71 | | Insurance premium | 15,911,972.55 | 14,483,673.46 | | Depreciation expenses | 105,223,594.65 | 98,028,134.91 | | Repair expenses | 6,640,345.83 | 8,559,826.15 | | Amortization of intangible assets | 68,356,741.99 | 70,931,059.43 | | Business entertainment expenses | 4,890,524.44 | 5,732,919.62 | | Travel expenses | 38,170,523.04 | 38,220,429.45 | | Office expenses | 12,300,934.83 | 13,632,342.98 | | Conference expenses | 1,486,581.53 | 2,541,106.44 | | Expenses on employment of intermediary organizations | 24,906,669.63 | 24,637,700.65 | | Consulting fees | 67,085,843.69 | 50,108,345.65 | | Expense of board of directors | 920,616.36 | 1,265,336.70 | | Property management expenses | 35,161,605.64 | 35,611,941.19 | | Rental expenses | 15,201,759.58 | 11,502,872.01 | | Water and electricity charges | 11,608,910.34 | 10,884,076.73 | | Traveling expenses | 5,276,887.75 | 7,652,782.46 | | Amortization of long-term prepaid expenses | 1,280,091.05 | 1,484,256.35 | | Labour fees | 7,159,414.88 | 6,440,175.40 | | Others | 200,850,980.54 | 181,833,314.60 | | Total | 1,894,940,695.04 | 1,769,273,574.89 | Notes to Financial Statement Page 158 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) # **(LIII) R&D expenses** | Item | Amount in the current period | Amount in the previous period | | --- | --- | --- | | Independent R&D | 126,074,412.98 | 83,157,989.50 | | Entrusted R&D | 43,627,076.94 | 17,447,491.73 | | Total | 169,701,489.92 | 100,605,481.23 | # **(LIV) Financial expenses** | Item | Amount in the current period | Amount in the previous period | | --- | --- | --- | | Interest expenses | 4,367,875,052.72 | 4,612,319,271.08 | | Including: Interest expenses of lease liabilities | 25,459,343.75 | 9,575,198.27 | | Less: Interest income | 1,011,831,337.25 | 661,326,040.50 | | Exchange gain or loss | 17,049,207.55 | -9,867,803.03 | | Others | 38,956,809.30 | 34,163,174.11 | | Total | 3,412,049,732.32 | 3,975,288,601.66 | # **(LV) Other income** | Item | Amount in the current period | Amount in the previous period | | --- | --- | --- | | Government subsidies | 94,259,821.58 | 106,937,429.27 | | Handling charges for withholding individual income tax | 4,185,852.08 | 3,365,131.74 | | Others | 333,410.91 | 3,990,457.17 | | Total | 98,779,084.57 | 114,293,018.18 | Details of government subsidies: | Item | Current amount | Asset-related/ Income-related | | --- | --- | --- | Notes to Financial Statement Page 159 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (LVI) Investment income (LVII) Profit arising from changes in fair value (LVIII) Credit impairment loss Notes to Financial Statement Page 160 | Dividend income during the holding period of other equity Investment income from long-term equity investments calculated by | Amount in the Amount in the | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 874,638,003.34 699,693,753.70 | 1,527,624.28 2,182,320.40 | | | Item | | Investment income from disposal of long-term equity investments Others Loss on bad debts of other receivables Loss on bad debts of notes receivable VAT is collected and refunded Amount in the current period Loss on bad debts of accounts receivable Ttransfer from deferred income Financial assets held for trading instruments Others equity method Amount in the previous period Amount in the previous period Current amount Amount in the current period Sources of income from changes in fair value | Asset-related/ Income-related previous period current period 94,259,821.58 49,157,884.81 10,577,253.91 34,524,682.86 1,086,271,364.06 | 697,331,135.83 195,345,009.70 14,760,726.74 -4,775,877.44 Income-related Income-related | Asset-related 230,939.17 | -174,608,982.05 -146,550,638.39 2,708,575.20 2,708,575.20 -1,467,144.90 -1,467,144.90 | 2,057,361.49 1,972,425.12 Item Total -1,462.50 4,744.46 | Total Item Total | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (LIX) Asset impairment loss (LX) Income of assets disposal (LXI) Non-operating revenue Notes to Financial Statement Page 161 Amount included in | Amount in the previous Amount in the current Amount included in non-recurring non-recurring profits | | | | | | --- | --- | --- | --- | --- | | Amount in the current | Amount in the | | Item | | | Gain from scrapping of non-current Loss from impairment of long-term equity Income from disposal of Inventory impairment loss and contract Income from disposal of | profits and losses in the current and losses in the | period period Item | | | | | previous period | period -9,248,250.01 1,542,725.65 3,712,474.25 6,770,643.64 6,770,643.64 | 801,489.28 -5,181.20 -151,932,485.97 -200,212,806.08 -58,821,148.27 -23,153,624.13 | -9,248,250.01 1,542,725.65 | | assets Loss from impairment of intangible assets Others Loss on bad debts of long-term receivables investments right-of-use assets Loss from impairment of fixed assets performance cost impairment loss non-current assets Amount in the previous period Amount in the previous period Amount in the current period Amount in the current period | current period | -7,705,524.36 Total 3,707,293.05 | period -238,411,162.05 -249,952,077.33 -181,670,870.57 -147,550,079.35 -26,610,086.29 -24,201,549.13 -9,123,994.47 -2,970,403.58 -1,184,893.47 -1,199,204.52 | Total Total Item Item -818,326.81 -229,114.71 -7,705,524.36 | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Government subsidies included in the current profits and losses: (LXII) Non-operating expenses | | | | | Notes to Financial Statement Page | 162 | | --- | --- | --- | --- | --- | --- | | Amount included in Amount included in | | | | | | | Amount in the previous Amount in the current Amount in the current non-recurring profits non-recurring profits Amount in the | | | | | | | | | Item Item | | | | | Losses of retirement of non-current Government subsidies not related to Transaction payment for carbon and losses in the previous period and losses in the | period period period | | | | | | | 142,065,783.64 64,362,114.42 64,362,114.42 6,135,905.55 9,839,576.10 | 354,115.51 354,115.51 | | | | | assets Donations ordinary activities of the enterprise emission rights Revenue from breach indemnity Others Unpayable dues Insurance claim Ttransfer from deferred income Compensation for litigation Others Others Amount in the current period Asset-related /income-related current period current period | 148,330,528.02 148,330,528.02 Income-related Income-related 209,476,472.51 42,304,545.01 16,676,640.06 16,676,640.06 67,291,773.54 31,751,864.58 67,291,773.54 30,332,353.64 30,332,353.64 12,913,070.02 12,913,070.02 19,837,814.75 16,119,311.37 4,416,774.88 7,382,663.92 5,505,444.80 7,382,663.92 7,746,530.60 2,685,829.89 7,560,521.97 2,685,829.89 | 226,030.66 226,030.66 Total Total | Total Item 354,115.51 326,800.00 27,315.51 | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (LXIII) Income tax expenses 1. List of income tax expenses 2. Accounting profit and income tax expense adjustment process (LXIV) Earnings per share 1. Basic EPS The basic EPS is calculated by dividing the consolidated net profit attributable to the common shareholders of the company by the weighted mean of the outstanding common stock of the Company: | | | | | Notes to Financial Statement Page | 163 | | --- | --- | --- | --- | --- | --- | | Impact of using deductible losses of unrecognized deferred income tax assets in the Impact of deductible temporary difference or deductible losses on unrecognized | | | | | | | Impact of non-deductible costs, expenses and losses | 235,265,673.21 -52,022,628.82 19,095,866.56 | | | | | | Income tax expenses Impact of non-taxable revenue Total profit deferred income tax assets in the current period Current income tax expenses Income tax expense based on legal/applicable tax rate Deferred income tax expenses Impact of different tax rates applied to subsidiaries Others previous period Impact of income tax in previous periods before adjustment Amount in the current period Amount in the previous period Amount in the current period | 15,707,613,928.61 -1,140,246,200.34 3,681,221,844.56 3,926,903,482.15 -271,974,651.65 3,681,221,844.56 2,055,201,264.80 3,484,571,990.55 1,912,902,433.58 971,138,071.41 196,649,854.01 -6,937,767.96 142,298,831.22 | Total Item | Item | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 2. Diluted EPS The diluted EPS is calculated by dividing the consolidated net profit (dilution) attributable to the common shareholders of the company by the weighted mean (dilution) of the outstanding common stock of the Company: (LXV) Items of cash flow statement 1. Cash related to operating activities (1) Other cash received related to operating activities | | | | Notes to Financial Statement Page | 164 | | --- | --- | --- | --- | --- | | Weighted mean of the outstanding common stock of the Weighted mean (dilution) of the outstanding common Consolidated net profit attributable to the common Consolidated net profit (dilution) attributable to the Amount in the previous Amount in the previous Amount in the previous Amount in the current Amount in the current Amount in the current | | | | | | | 7,454,179,797.00 7,454,179,797.00 6,525,123,255.23 6,525,123,255.23 7,454,179,797.00 7,454,179,797.00 6,462,396,553.90 6,462,396,553.90 | Item Item Item | | | | Including: basic EPS of going concern Including: diluted EPS of going concern Government subsidies Intercourse funds Interest income Company stock of the Company Basic EPS Diluted EPS Security deposit shareholders of the Company common shareholders of the company | period period period period period period 342,892,713.67 438,859,833.15 103,234,315.77 133,222,123.09 193,229,382.68 34,106,299.84 49,503,997.62 51,587,836.63 | 0.8669 0.8754 0.8669 0.8754 0.8669 0.8754 0.8669 0.8754 | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (2) Other cash paid related to operating activities 2. Cash related to investment activities (1)Other cash received related to investment activities Notes to Financial Statement Page 165 | Amount in the current Amount in the previous Amount in the previous Amount in the current Amount in the current | | | | | | --- | --- | --- | --- | --- | | Amount in the previous period | | | | Item Item Item | | Reserve funds Project upfront fees Others Reserve funds Compensation for loss of electricity Transaction payment for carbon emission rights Sewerage, water treatment expenses Insurance compensation Security deposit Restricted monetary funds Rental income Period expenses Others Collection for others Intercourse funds | period period period period period 1,038,285,219.73 1,089,368,022.17 1,099,759,385.43 | 308,289,712.28 463,125,925.63 289,205,039.45 241,832,027.90 377,132,500.38 249,667,577.36 680,061,450.93 151,294,706.66 29,283,424.75 55,773,868.47 92,312,323.61 17,716,385.90 27,568,699.94 26,065,707.77 12,436,038.19 40,384,580.72 67,696,339.89 74,978,563.89 2,665,190.86 4,671,969.23 6,085,436.43 2,521,861.90 4,396,115.63 | 7,592,422.85 2,958,976.83 4,291,911.27 690,268.02 200,000.00 | Total Total | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (2) Other cash payments related to investing activities 3. Cash related to financing activities (1) Other cash received related to financing activities Notes to Financial Statement Page 166 | Amount in the current Amount in the previous Amount in the current Amount in the previous Amount in the current | | | | | --- | --- | --- | --- | | Amount in the previous period | | | Item Item Item | | Security deposit Performance bond Interest income Security deposit Performance bond Land reclamation deposit Income from escrow fees Others Others Bill deposit Financial lease Shareholder loans Others | period period period period period 2,881,746,080.16 2,057,276,340.00 | 666,281,447.36 608,453,699.44 772,222,310.00 758,356,757.07 309,379,874.78 57,472,747.92 112,136,729.70 195,000,000.00 448,980,234.46 304,319,022.61 50,000,000.00 2,032,830.16 3,443,495.83 3,443,495.83 2,407,500.00 1,330,625.08 2,650,000.00 355,000.00 214,600.00 912,520.00 | 1,041,615.81 Total 674,815.61 366,800.20 Total Total | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated)--- # (2) Other cash paid related to financing activities | Item | Amount in the current period | Amount in the previous period | | --- | --- | --- | | Handling charges for financing | 30,465,879.03 | 88,540,269.57 | | Lease fees | 440,275,165.44 | 127,654,875.28 | | Reduction of contribution | | 9,120,200.00 | | Repayment of perpetual bond | 4,000,414,492.00 | 500,000,000.00 | | Bill deposit | 93,382,975.99 | | | Others | 19,434,558.76 | 5,732,417.18 | | Total | 4,583,973,071.22 | 731,047,762.03 | Notes to Financial Statement Page 167 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (3) Changes in liabilities arising from financing activities Notes to Financial Statement Page168 Long-term borrowings | (including due within one Bonds payable (including due | Beginning balance Ending balance 131,426,847,735.05 122,926,834,248.95 | 30,379,762,524.55 34,774,126,312.23 | 4,105,649,698.42 Item | | --- | --- | --- | --- | | | 13,990,735,612.70 15,026,108,964.28 | 4,464,755,559.68 | 2,999,500,000.00 429,882,208.10 | | year) within one year) Short-term borrowings Changes in non-cash | Changes in non-cash Changes in cash Changes in cash 9,278,642,022.95 | 9,412,127,723.77 17,179,482,078.90 16,829,203,382.90 | Decrease in the current period 216,792,995.18 Increase in the current period | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (LXVI) Supplementary information of cash flow statement 1. Supplementary information of cash flow statement Notes to Financial Statement Page 169 | 1. Reconciliation of net profits into cash flow from operating Amount in the current Amount in the previous | Losses from retirement of fixed assets (gains to be listed Decrease of deferred income tax assets (increase to be Losses from disposal of fixed assets, intangible assets and Increase of operating payables (decrease to be listed with Losses from changes in fair value (gains to be listed with Increase of deferred income tax liabilities (decrease to be Decrease of operating receivables (increase to be listed | | | | | --- | --- | --- | --- | --- | | | | -4,450,390,747.86 3,031,441,386.70 -7,683,364,483.00 2,430,062,741.79 141,914,570.49 | 57,591,470.78 65,641,041.34 -49,888,910.59 -2,708,575.20 122,355,686.05 7,705,524.36 -3,707,293.05 5,334,416.27 1,467,144.90 | Item | | Net profit Add: Credit impairment losses Net cash flows from operating activities “-”) “-”) listed with “-”) with “-”) with “-”) listed with “-”) activities: other long-term assets (gains to be listed with “-”) | Amortization of long-term prepaid expenses Asset impairment provision Depreciation of fixed assets Others Depreciation of right-of-use assets Financial expenses (gains to be listed with “-”) Decrease of inventories (increase to be listed with “-”) Amortization of intangible assets Investment losses (gains to be listed with “-”) 24,657,128,874.02 12,024,764,841.50 | -1,086,271,364.06 9,922,104,553.17 4,427,677,825.78 21,268,122,590.08 12,160,259,100.71 period -402,100,104.13 9,449,536,291.14 4,602,726,591.64 period 238,411,162.05 381,419,402.72 181,670,870.57 -697,331,135.83 | 81,082,652.13 37,174,363.68 249,952,077.33 375,107,685.22 147,550,079.35 61,888,982.14 60,667,311.24 35,506,304.77 | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 2. Net cash received from disposal of subsidiaries in the current period 3. Composition of cash and cash equivalents Notes to Financial Statement Page 170 | Less: Cash and cash equivalents held by the Company at the date of loss of 2. Significant investment or finance activities not involving Add: Disposal of cash or cash equivalents received by subsidiaries in the current Amount in the current Amount in the previous | | | | | | --- | --- | --- | --- | --- | | | | | 113,144.98 Item | | | Net cash received on disposal of subsidiaries Net increase in cash and cash equivalents Conversion of debts into capital Add: Ending balance of cash equivalents Including: Aksai Kazakh Autonomous County Boying Energy Co. Ltd. Including: Aksai Kazakh Autonomous County Boying Energy Co. Ltd. I. Cash Convertible corporate bonds due within one year Less: Beginning balance of cash equivalents Acquisition of right-of-use assets by assuming lease liabilities 3. Net changes in cash and cash equivalents: Ending balance of cash control Less: Beginning balance of cash Disposal of cash or cash equivalents received by subsidiaries in the current period cash period in prior periods | Beginning balance Ending balance Amount in current year | 11,096,479,048.67 11,096,479,048.67 -1,167,190,070.10 9,929,288,978.57 9,929,288,978.57 11,096,479,048.67 11,386,037,121.72 period period -289,558,073.05 | 153,400.00 113,144.98 153,400.00 40,255.02 Item | Item | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (LXVII) Monetary items in foreign currency 1. Monetary items in foreign currency Notes to Financial Statement Page 171 | Including: Cash and cash equivalents with limited use of the Exchange rate | Ending balance in foreign | Other monetary funds available for payment at any | | | | | --- | --- | --- | --- | --- | --- | | Ending balance in RMB | | 55,138,078.01 | Item 13,323.16 | | | | parent company or subsidiaries of the Group Other receivables III. Ending balance of cash and cash equivalents upon translation Monetary fund Accounts receivable time Including: Cash on hand Including: USD Including: USD II. Cash equivalents Including: Investments in bonds due within three months | Beginning balance Ending balance 11,096,479,048.67 11,041,340,970.66 | 9,929,288,978.57 9,929,275,655.41 7.1884 9.0765 9.0765 0.2126 0.2126 0.0005 5.3214 109,526,590.83 IDR IDR SGD SGD 682,329,205.75 210,829,874.56 Cash in bank available for payments at any time GBP 283,958,133.31 GBP THB 185,040,125.43 THB 70,318,780.02 48,085,733.12 22,233,046.90 | currency 2,137,673.14 363,399.31 | 4,275,346,270.01 870,367,476.16 104,576,890.41 29,329,179.59 31,284,981.36 5,297,827.70 | 68,290.17 Item | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page 172 | Exchange rate | Ending balance in foreign | | | | | | --- | --- | --- | --- | --- | --- | | Ending balance in RMB | | | Item | | | | Including: USD Long-term receivables Accounts payable Other payables Short-term borrowings upon translation Including: USD Including: USD Including: USD Including: USD | | 11,756,355,994.58 3,355,192,216.23 2,547,453,553.85 8,401,163,778.35 9.0765 9.0765 9.0765 9.0765 0.2126 0.2126 0.2126 0.0005 7.1884 7.1884 7.1884 7.1884 GBP GBP GBP GBP THB THB THB THB IDR IDR IDR IDR SGD SGD SGD SGD 159,041,671.94 887,595,524.48 860,566,157.84 | 79,196,092.46 14,322,749.13 64,679,710.18 12,706,617.51 41,792,254.84 29,315,973.26 52,493,706.92 currency 1,014,525.11 | 76,000.00 1,168,711,226.19 369,657,050.21 196,576,927.77 152,000,000.00 119,715,953.18 | 59,767,721.10 8,725,399.93 1,578,003.54 7,126,062.93 4,771,990.18 4,078,233.44 7,302,557.86 | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 2. Description of overseas business entity 1) The Company agreed to acquire 100% equity interest of Red Rock Renewables Limited, a wholly-owned subsidiary of Repsol Nuevas Energias S.A, for GBP 185.4 million (subject to the availability of a contract of price difference or such preferential support for the acquisition of the subject-owned Inch Cape Offshore Wind Power Project to determine whether to pay an additional GBP 16.6 million) after deliberation and approval at the 29th Meeting of the Company's 9th Board of Directors on February 24, 2016. The acquired company, which is based in Scotland, UK, and has a bookkeeping currency of GBP, is mainly engaged in offshore wind power development and is currently operating a Beatrice project and a pre-infrastructure Inch Cape project. 2) The Company agreed with Red Rock Renewables Limited to acquire 100% equity interest | | | | | | | Notes to Financial Statement Page | 173 | | --- | --- | --- | --- | --- | --- | --- | --- | | Non-current liabilities due Exchange rate | Ending balance in foreign | | | | | | | | Ending balance in RMB | | 1,562,532,570.17 | Item | | | | | | Including: USD upon translation within one year Including: USD Long-term borrowings | | 1,518,932,099.07 9,636,322,735.64 7,373,210,169.80 2,413,863,586.60 2,263,112,565.84 0.2126 7.1884 9.0765 0.2126 7.1884 9.0765 9.0765 SGD THB GBP IDR GBP THB 133,589,967.25 THB IDR IDR SGD SGD GBP | 42,923,297.12 currency 677,173.98 | 1,025,709,500.00 628,362,969.19 211,303,224.51 265,946,519.76 249,337,582.31 | 4,729,058.24 3,185,202.15 | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) of Afton Wind Farm (Holdings) Limited, a wholly-owned subsidiary of InfraRed Capital Partners for GBP 121 million after deliberation and approval at the 20th Meeting of the Company's 10th Board of Directors on December 15, 2017. The acquired company, which is based in Scotland, UK, and has a bookkeeping currency of GBP, is mainly engaged in onshore wind power development and is currently operating a Wind Farm Limited project and an Asset Management Company of Afton Wind Farm (BMO) Limited. 3) The subsidiary of the Company, SDIC Huanneng Electric Power Co., Ltd., increased the capital to Xiamen Newsky Energy Environmental Technology Co., Ltd. (Previous name : Newsky (China) Environment & Technology Co., Ltd.) by USD 43 million through the resolution of the 51st Meeting of the 10th Board of Directors of the Company on May 28, 2019, and held 60% of the equity interest of the Company after the increase of capital. The main business places of Newsky Energy are Guizhou Newsky Environment & Tech. Co., Ltd. located in Guizhou Province, China, and C&G Environmental Protection (Thailand) Co., Ltd. located in Thailand, both of which are mainly engaged in waste-to-energy power generation. The bookkeeping currency of Guizhou Newsky is RMB; the bookkeeping base currency of C&G Environmental Protection (Thailand) Co., Ltd. is THB. 4) The Company agreed with Red Rock Renewables Limited to acquire 100% equity interest of Benbrack Wind Farm Limited, a wholly-owned subsidiary of RWE Renewables UK Limited after deliberation and approval at the 15th meeting of the Office of General Manager on January 22, 2021. The acquired company, which is based in Scotland, UK, and has a bookkeeping currency of GBP, is mainly engaged in onshore wind power development. 5) The Company agreed with Jaderock Investment Singapore Pte. Ltd. to acquire 93.33% equity interest of Fareast Green Energy Pte. Ltd., a wholly-owned subsidiary of HYDRO SUMATRA PTE. LTD. after deliberation and approval at the 28th Meeting of the 11th Board of Directors of the Company on June 11, 2021. The acquired company, which is based in Singapore, and has a bookkeeping currency of USD, is mainly engaged in hydropower development. Notes to Financial Statement Page 174 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (LXVIII) Lease 1. As lessee 2. As lessor (1) Operating lease Undiscounted lease receivables to be received after the balance sheet date are as follows: Notes to Financial Statement Page 175 Simplified low-value asset lease expense charged to | Including: Income related to the variable lease payment not Simplified short-term lease expense charged to relevant relevant asset cost or current profit and loss (except for Amount in the previous Amount in the previous Amount in the previous Amount in the current Amount in the current Amount in the current | | 109,477.92 181,020.05 | | | --- | --- | --- | --- | | | | 15,734,028.86 20,459,150.88 1,689,660.87 1,400,297.38 Remaining lease term | Item Item | | Cash outflows of sale-leaseback included in lease receivables 2 to 3 years Cash inflows of sale-leaseback Within 1 year asset cost or current profit and loss 1 to 2 years Interest cost of lease liability short-term lease expense of low-value asset) Total cash outflows related to lease Income from operating lease Relevant profit and loss from sale-leaseback | period period period period period period 164,600,702.46 241,350,432.50 287,345,723.49 287,000,000.00 338,668,125.18 | 37,392,422.39 32,075,820.57 36,491,575.97 26,015,017.38 1,166,126.58 1,198,266.24 7,035,934.05 844,063.09 910,250.70 344,000.00 69,497.00 | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) | Remaining lease term | Amount in the current period | Amount in the previous period | | --- | --- | --- | | 3 to 4 years | 844,063.09 | | | 4 to 5 years | 844,063.09 | | | Over 5 years | | | | Total | 4,608,566.55 | 1,611,763.24 | ## VI. Research and development expenditure ### (I) Research and development expenditure | Item | Amount in the current period | Amount in the previous period | | --- | --- | --- | | Employee benefits payable | 80,458,301.51 | 37,206,998.41 | | Materials consumed | 58,291.84 | 802,626.22 | | Depreciation and amortization | 519,884.63 | 325,226.47 | | Consigned research and development expenses | 49,325,874.28 | 15,477,197.86 | | National basic research | 30,000,000.00 | 30,000,000.00 | | Technical service expenses | | 375,471.70 | | Others | 15,037,935.00 | 6,642,993.55 | | Total | 175,400,287.26 | 90,830,514.21 | | Including: Expensed R&D expenditures | 169,701,489.92 | 90,830,514.21 | | Capitalized R&D expenditures | 5,698,797.34 | | Notes to Financial Statement Page 176 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (II) Development expenditures Notes to Financial Statement Page 177 Ending Beginning Item | balance balance | | | | | --- | --- | --- | --- | | Independent Less:Provision Recognized as intangible Increase in the current Decrease in the current Internal development | | | | | 5,698,797.34 | 163,915.09 | | 5,698,797.34 163,915.09 | | R&D for impairment 5,698,797.34 5,698,797.34 Subtotal Total | 163,915.09 163,915.09 expenditures | period period assets | 5,698,797.34 5,698,797.34 163,915.09 163,915.09 | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) VII. Changes in consolidation scope (I) Business combinations not under common control 1. Business combinations not under common control in this period Unit: 10,000.00 RMB Notes:SDIC Gansu Xiaosanxia Power Co., Ltd. a subsidiary of the Company, holds 46.7004% of the equity of Baiyin Daxia Power Co., Ltd., and is its largest shareholder. In January 2024, through exercising the governance rights stipulated in the shareholder agreement, obtained operational decision-making authority and gained actual control over Baiyin Daxia. Notes to Financial Statement Page178 | Acquisition Time point Income of acquiree Basis for | | | | | --- | --- | --- | --- | | Acquisition Net profit of acquiree Cash flow of acquiree | | | | | Baiyin Daxia determination Acquisition cost proportion from acquisition date Acquisition Name of | of | | | | Transfer of from acquisition date to method of from acquisition date to | | | | | Power Co., of acquisition acquisition of equity acquiree | 46.70 to the end of the of equity date 2024/1/1 2024/1/1 3,567.55 | 2,443.54 1,278.40 | 649.47 | | control right the end of the period equity the end of the period | | | | | Ltd. of equity | (%) date period | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) # 2. Combination cost and goodwill | Item | Unit: 10,000.00 RMB Baiyin Daxia Power Co., Ltd. | | --- | --- | | Combination cost | | | -- The fair value of equity held prior to the purchase date at the purchase date | 5,031.49 | | Total combination cost | 5,031.49 | | Less: Fair value of net identifiable asset acquired | 5,031.49 | | Goodwill / The amount by which the cost of consolidation is less than the acquired share of the fair value of identifiable net assets | | Recognition methods of the fair value of consolidation cost: Asset-based approach. # 3. Identifiable assets and liabilities of acquiree on the acquisition date | Item | Unit: 10,000.00 RMB Baiyin Daxia Power Co., Ltd. | | | --- | --- | --- | | | Fair value on the acquisition date | Book value on the acquisition date | | Assets: | 11,722.12 | 8,034.14 | | Monetary fund | 5,721.08 | 5,721.08 | | Receivables | 27.82 | 27.82 | | Fixed assets | 5,971.12 | 2,284.24 | | Intangible assets | 2.10 | 1.00 | | Liabilities: | 948.05 | 394.85 | | Current liabilities | 394.85 | 394.85 | | Non-current liabilities | 553.20 | | | Net assets | 10,774.07 | 7,639.29 | | Less: Minority shareholders' equity | | | | Net assets acquired | 10,774.07 | 7,639.29 | Recognition methods of the fair value of identifiable assets and liabilities: Asset-based approach. Notes to Financial Statement Page 179 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (II) Disposal of subsidiary 1. Transactions or events in which control of a subsidiary is lost in the current period Unit:10,000.00 RMB Determin ation method Amount Difference transferred and main between the assumptio from other Fair value of disposal price Gains or comprehens Book value of ns of the losses and the the fair value ive income equity Proportion remaining arising disposal Proportion Disposal remaining at related to Disposal of investment at equity at the from the of equity Basis for price at the of disposal Point of residual previous of the the remeasure the level of the judging the consolidated Name of remaining at the point subsidiary equity at point of consolidated point of loss of subsidiary on the date point of loss consolidated ment of financial of loss of control loss of loss of financial equity the of loss of of control statement financial the control (%) statement level consolidat investments control control remaining statements is level at the control Aksai at the date of ed to date of loss of entitled to the equity at The property Kazakh loss of control investment financial Notes to Financial Statement Page180 | fair value share of the control | | | | --- | --- | --- | | rights Autonomo statement profit or | | | | Public subsidiary's | | | | transaction us County loss/retaine 2024/1/12 level at | 15.34 65.00 | 227.50 2.65 | | transfer net assets | | | | has been Boying d earnings the date | | | | completed Energy Co. of loss of | | | | Ltd. control | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (III) Changes in consolidation scope for other reasons Entity newly included in consolidated scope in this period: Notes to Financial Statement Page 181 | SDIC Panjiang (Panzhou) New SDIC (Guangdong) New Energy Co., Guoyuan (Xi 'an) New Energy Co., Guangxi Guoqin Naleng Wind Power SDIC (Qingyang) New energy Co., Ganzi Yalong River Energy SDIC (Hainan) New Energy Xiangzhou Yuansheng new energy Pubei Fengguang New energy Co. Lingshan Yuansheng New energy Fuzhou Changle Guomin New Yalong River (Sichuan) New Energy | | | | | --- | --- | --- | --- | | Establishment by investment Establishment by investment Establishment by investment Establishment by investment Establishment by investment Establishment by investment Establishment by investment Establishment by investment Establishment by investment Establishment by investment Establishment by investment Establishment by investment | | | 3 2 3 2 2 3 3 2 3 3 2 3 | | Energy Co., Ltd Co., Ltd. Development Co., Ltd. Co., Ltd. Ltd. Beijing Kemao Technology Co., Ltd. Establishment by investment Co., Ltd. Beijing Damao Technology Co., Ltd. Establishment by investment Energy Co., Ltd. Ltd. Ltd. Co. Ltd. Ltd. Development Co., Ltd. Yijun Guoyuan New Energy Co., Ltd. Establishment by investment | Formation of control right Name of the subsidiaries | Hierarchy | 2 2 3 | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Entity not included in consolidated scope in this period: Notes to Financial Statement Page 182 Reason why it Voting Shareholding | Dongying SDIC Yichang SDIC Bangda Shenyang Jingbu Chengde Lifeng Guangxi Guoling | Place of power is not | | --- | --- | | Dongying, Shenyang, Liupanshui, Wuzhou, Business nature Yichang, Wanning, No. proportion | Name | | Shengyue New New energy New Energy Co., (Hainan) New New energy New energy New energy New energy New energy Photovoltaic New Energy Co., New Energy Co., proportion registration subsidiary in | 6 2 4 1 3 5 100 Logout Logout Logout 100 Logout 100 Logout Logout 95 55 51 100 100 100 95 55 51 | | Shandong Hubei Hainan Liaoning Guzhou Guangxi | (%) | | Energy Co., Ltd. Power Co., Ltd. Ltd. Ltd. Ltd. Energy Co., Ltd. this period | (%) | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) VIII. Equity in other entities (I) Equity in subsidiaries 1. Composition of the Group Unit: 10,000.00 RMB Notes to Financial Statement Page183 Main place of | Place of registration Nature of business | Acquisition method | Name of the subsidiaries | | --- | --- | --- | | Business combinations not under 1-4 Yalong River Hydropower Panzhihua Tongzilin Business combinations not under Logistics Engineering Shareholding proportion | business | | | 1-2 Sichuan Ertan Industrial Development Co., Ltd Chengdu, Sichuan Chengdu, Sichuan Establishment by investment Panzhihua, Sichuan Panzhihua, Sichuan Hydropower Establishment by investment 1-6 Yalong River Huili New Energy Co., Ltd. Huili, Sichuan Huili, Sichuan Solar power 1-1 Sichuan Ertan Construction Consultancy Co., Ltd. Chengdu, Sichuan Chengdu, Sichuan Establishment by investment 1-7 Yalong River Mianning New Energy Co., Ltd. Mianning, Sichuan Mianning, Sichuan Solar power 100.00 100.00 100.00 51.00 60.00 | | | | common control Co., Ltd. common control management service 1-3 Yalong River Hydropower Liangshan Co., Ltd. Liangshan, Sichuan Liangshan, Sichuan Hydropower Establishment by investment 1-5 Yalong River Sichuan Energy Co., Ltd. Chengdu, Sichuan Chengdu, Sichuan Power supply Establishment by investment supervision service 1 Yalong River Hydropower Development Co., Ltd. Chengdu, Sichuan Chengdu, Sichuan Hydropower Establishment by investment Direct Indirect 100.00 100.00 52.00 | (%) | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page184 Main place of | Place of registration Nature of business | Acquisition method | Name of the subsidiaries | | --- | --- | --- | | Business combinations not under Business combinations not under Shareholding proportion | business | | | 2-1 Yunnan Dachao Industry Co., Ltd Kunming, Yunnan Kunming, Yunnan Property management 1-9 Dechang Wind Power Development Co., Ltd. Dechang, Sichuan Dechang, Sichuan Wind power 100.00 100.00 | | | | 1-15 Yalong River (Litang) New Energy Co., Ltd. Garze, Sichuan Garze, Sichuan Solar power Establishment by investment common control 3 SDIC Gansu Xiaosanxia Power Co., Ltd. Lanzhou, Gansu Lanzhou, Gansu Hydropower Establishment by investment 1-16 Yalong River (Sichuan) New Energy Co., Ltd. Chengdu, Sichuan Chengdu, Sichuan Solar power Establishment by investment 1-8 Yalong River Hydropower Garze Co., Ltd. Garze, Sichuan Garze, Sichuan Hydropower Establishment by investment 1-10 Yalong River (Muli) New Energy Co., Ltd. Liangshan, Sichuan Liangshan, Sichuan Solar power Establishment by investment common control 1-11 Yalong River (Panzhihua) Energy Co., Ltd. Panzhihua, Sichuan Panzhihua, Sichuan Solar power Establishment by investment 1-17 Ganzi Yalong River Energy Development Co., Ltd. Garze, Sichuan Garze, Sichuan Solar power Establishment by investment 1-12 Yalong River (Yajiang) New Energy Co., Ltd. Yajiang, Sichuan Yajiang, Sichuan Solar power Establishment by investment 2 SDIC Yunnan Dachaoshan Hydropower Co., Ltd. Kunming, Yunnan Kunming, Yunnan Hydropower Establishment by investment 1-13 Yalong River (Yanyuan) New Energy Co., Ltd. Yanyuan, Sichuan Yanyuan, Sichuan Solar power Establishment by investment 1-14 Yalong River (Xichang) New Energy Co., Ltd. Xichang, Sichuan Xichang, Sichuan Wind power Establishment by investment Direct Indirect 100.00 60.45 100.00 100.00 100.00 100.00 50.00 100.00 100.00 66.00 75.00 | (%) | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page185 Main place of | Place of registration Nature of business | Acquisition method | Name of the subsidiaries | | --- | --- | --- | | Business combinations not under 4-1 Tianjin Beijiang Environmental Protection Management of Business combinations not under Shareholding proportion | business | | | 3-1 Baiyin Daxia Power Co., Ltd. (Note 1) Baiyin, Gansu Baiyin, Gansu Hydropower Tianjin Tianjin Establishment by investment 6 SDIC Qinzhou Electric Power Co., Ltd. Qinzhou, Guangxi Qinzhou, Guangxi Thermal power 100.00 61.00 46.70 | | | | 7-2 SDIC Panjiang (Panzhou) New Energy Co., Ltd. Liupanshui, Guizhou Liupanshui, Guizhou Wind power Establishment by investment 4 Tianjin SDIC Jinneng Electric Power Co., Ltd. Tianjin Tianjin Thermal power Establishment by investment 5 SDIC Genting Meizhouwan Electric Power Co., Ltd. Putian, Fujian Putian, Fujian Thermal power Establishment by investment common control 5-1 SDIC Meizhouwan Power Sales Co., Ltd. Putian, Fujian Putian, Fujian Power supply Establishment by investment 6-1 Guangxi Guoqin Energy Co., Ltd. Qinzhou, Guangxi Qinzhou, Guangxi Power supply Establishment by investment 6-2 Guangxi Guokai Energy Sales Co., Ltd. Nanning, Guangxi Nanning, Guangxi Power supply Establishment by investment 6-3 Guangxi Guoqin Naleng Wind Power Co. Ltd. Qinzhou, Guangxi Qinzhou, Guangxi Wind power Establishment by investment 7 SDIC Panjiang Electric Power Co., Ltd. Liupanshui, Guizhou Liupanshui, Guizhou Thermal power Establishment by investment 7-1 SDIC Guizhou Power Sales Co., Ltd. Guiyang, Guizhou Guiyang, Guizhou Power supply Establishment by investment common control Technology Co., Ltd. building materials Direct Indirect 100.00 64.00 51.00 100.00 100.00 55.00 100.00 51.00 99.00 | (%) | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page186 | Investment and assets Business combinations not under | Main place of | | | | --- | --- | --- | --- | | 11-1-2 Asia Ecoenergy Development B Pte. Ltd. Singapore Singapore Place of registration Nature of business | 100.00 | Acquisition method | Name of the subsidiaries | | management common control Investment and assets Business combinations not under 8 Xiamen Huaxia International Power Development Business combinations under common Investment and assets Business combinations not under Investment and assets Investment and assets Business combinations not under 10 SDIC Jineng (Zhoushan) Gas Power Generation Co., Shareholding proportion | | business | | | 11-1-2-1 PT Dharma Hydro Nusantara Indonesia Indonesia 11-1-1 Asia Ecoenergy Development A Pte. Ltd. Singapore Singapore Xiamen, Fujian Xiamen, Fujian Thermal power 11-1 Fareast Green Energy Pte. Ltd. Singapore Singapore 11 Jaderock Investment Singapore Pte. Ltd. Singapore Singapore Establishment by investment Zhoushan, Zhejiang Zhoushan, Zhejiang Gas-fired power Establishment by investment | 100.00 100.00 100.00 56.00 51.00 93.33 | | | | 8-1 Xiamen Huaxia Electric Energy Sales Co., Ltd. Xiamen, Fujian Xiamen, Fujian Power supply Establishment by investment management management common control Ltd. 9 SDIC Qinzhou Second Electric Power Co., Ltd. Qinzhou, Guangxi Qinzhou, Guangxi Thermal power Establishment by investment 9-1 Guangxi Qinqin Power Sales Co., Ltd. Qinzhou, Guangxi Qinzhou, Guangxi Power supply Establishment by investment management common control Co., Ltd. control management common control | Direct Indirect 100.00 90.00 100.00 | (%) | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page187 Main place of | Place of registration Nature of business | Acquisition method | Name of the subsidiaries | | --- | --- | --- | | Investment and assets Business combinations not under Business combinations not under Other organizational Business combinations not under Business combinations not under Investment and assets Business combinations not under Investment and assets Business combinations not under Investment and assets Business combinations not under Investment and assets Shareholding proportion | business | | | 12-1-1 Beatrice Wind Limited The UK The UK 12-1-4 Aska Windfarm Holdings Limited The UK The UK Establishment by investment 12-1 Red Rock Renewables Limited The UK The UK 12 Redrock Investment Limited The UK The UK Establishment by investment 12-1-3 Benbrack Wind Farm Limited The UK The UK Wind power 11-1-2-1-1 PT North Sumatera Hydro Energy Indonesia Indonesia Hydropower 12-1-2-2Afton Wind Farm (BMO) Limited The UK The UK 12-1-2-1Afton Wind Farm Limited The UK The UK Wind power 12-1-2 Afton Wind Farm (Holdings) Limited The UK The UK 100.00 100.00 100.00 100.00 100.00 100.00 100.00 51.00 75.00 | | | | common control management common control 13 SDIC Gansu Power Sales Co., Ltd. Lanzhou, Gansu Lanzhou, Gansu Power supply Establishment by investment management common control management common control management management common control common control management service common control Direct Indirect 65.00 | (%) | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page188 Main place of | Place of registration Nature of business | Acquisition method | Name of the subsidiaries | | --- | --- | --- | | 15 Xiamen Newsky Energy Environmental Technology Power technology Business combinations not under Other organizational 14 SDIC Kingrock Overseas Investment Management Other organizational Biomass power Business combinations not under 15-2-1 C&G Environmental Protection (Thailand) Biomass power Business combinations not under Investment and assets Business combinations not under 15-1-1 Guizhou Newsky Kitchen Waste Treatment Co., Solid waste Business combinations not under Biomass power Business combinations not under Investment and assets Shareholding proportion | business | | | Liupanshui, Guizhou Liupanshui, Guizhou 16. SDIC New Energy Investment Co., Ltd. Beijing Beijing Establishment by investment 15-1 Guizhou Newsky Environment & Tech Co.,Ltd. Liupanshui, Guizhou Liupanshui, Guizhou Xiamen, Fujian Xiamen, Fujian 15-3 Newsky (Philippines) Holdings Corporation Philippines Philippines Establishment by investment Xiamen, Fujian Xiamen, Fujian Establishment by investment 15-2-2 Newsky Energy (Bangkok) Company Limited Thailand Thailand Thailand Thailand 15-2 Newsky Energy (Thailand) Company Limited Thailand Thailand 100.00 64.89 100.00 60.00 100.00 100.00 100.00 99.00 99.99 | | | | Company Limited generation common control management common control 16-1 SDIC Baiyin Wind Power Co., Ltd. Baiyin, Gansu Baiyin, Gansu Wind power Establishment by investment Ltd. management common control generation common control management Co., Ltd. service common control management service Co., Ltd. management service generation common control Direct Indirect 100.00 | (%) | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page189 Main place of | Place of registration Nature of business | Acquisition method | Name of the subsidiaries | | --- | --- | --- | | Shareholding proportion | business | | | 16-14 SDIC Hami Wind Power Co., Ltd. Hami, Xinjiang Hami, Xinjiang Wind power Establishment by investment 16-7 SDIC Dunhuang Photovoltaic Power Co., Ltd. Dunhuang, Gansu Dunhuang, Gansu Solar power Establishment by investment 16-13 SDIC Guangxi Wind Power Co., Ltd. Qinzhou, Guangxi Qinzhou, Guangxi Wind power Establishment by investment 16-2 SDIC Jingyuan First Wind Power Co., Ltd. Jiuquan, Gansu Jiuquan, Gansu Wind power Establishment by investment 16-8 SDIC Shizuishan Photovoltaic Power Co., Ltd. Shizuishan, Ningxia Shizuishan, Ningxia Solar power Establishment by investment 16-3 SDIC Jingyuan Second Wind Power Co., Ltd. Jiuquan, Gansu Jiuquan, Gansu Wind power Establishment by investment 16-9 SDIC Geermu Photovoltaic Power Co., Ltd. Geermu, Qinghai Geermu, Qinghai Solar power Establishment by investment 16-4 SDIC Qinghai Wind Power Co., Ltd. Haixi, Qinghai Haixi, Qinghai Wind power Establishment by investment 16-10 SDIC Yunnan New Energy Co., Ltd. Kunming, Yunnan Kunming, Yunnan Wind power Establishment by investment 16-5 SDIC Turpan Wind Power Co., Ltd. Turpan, Xinjiang Turpan, Xinjiang Wind power Establishment by investment 16-11 SDIC Chuxiong Wind Power Co., Ltd. Chuxiong, Yunnan Chuxiong, Yunnan Wind power Establishment by investment 16-6 SDIC Ningxia Wind Power Co., Ltd. Zhongwei, Ningxia Zhongwei, Ningxia Wind power Establishment by investment 16-12 SDIC Dali Photovoltaic Power Co., Ltd. Dali, Yunnan Dali, Yunnan Solar power Establishment by investment Direct Indirect 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 65.00 79.60 90.00 90.00 | (%) | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page190 Main place of | Place of registration Nature of business | Acquisition method | Name of the subsidiaries | | --- | --- | --- | | Other organizational 16-18 Akse Kazakh Autonomous County Huidong New Business combinations not under Business combinations not under Business combinations not under Shareholding proportion | business | | | 16-16 SDIC Gansu New Energy Co., Ltd. Lanzhou, Gansu Lanzhou, Gansu Establishment by investment Jiuquan, Gansu Jiuquan, Gansu Solar power 20 SDIC New Energy (Honghe) Co., Ltd. Honghe, Yunnan Honghe, Yunnan Solar power 19 Toksun Trina Solar Energy Co., Ltd. Turpan, Xinjiang Turpan, Xinjiang Solar power 22 Guiding Guoneng New Energy Co., Ltd. Qiannan, Guizhou Qiannan, Guizhou Solar power Establishment by investment 21 Yunxian Ganrun New Energy Co., Ltd. Lincang, Yunnan Lincang, Yunnan Solar power Establishment by investment 100.00 100.00 100.00 100.00 90.00 95.00 10.00 | | | | 23 Pingtang Leyang New Energy Co., Ltd. Qiannan, Guizhou Qiannan, Guizhou Solar power Establishment by investment management service Energy Co., Ltd. common control common control common control 16-15 Tianjin SDIC New Energy Co., Ltd. Tianjin Tianjin Wind power Establishment by investment 16-17 SDIC Balikun New Energy Co., Ltd. Hami, Xinjiang Hami, Xinjiang Wind power Establishment by investment 17 Tongcheng Jinjia New Energy Co., Ltd. Anqing, Anhui Anqing, Anhui Solar power Establishment by investment 18 SDIC Jiuquan New Energy Co., Ltd. Jiuquan, Gansu Jiuquan, Gansu Wind power Establishment by investment 100.00 Direct Indirect 100.00 100.00 100.00 51.00 | (%) | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page191 Main place of | Business combinations not under Place of registration Nature of business | Acquisition method | Name of the subsidiaries | | --- | --- | --- | | 31 Hengfeng Jinko Electric Power Co., Ltd. Shangrao, Jiangxi Shangrao, Jiangxi Solar power Business combinations not under Erdos, Inner Business combinations not under Business combinations not under Business combinations not under Business combinations not under Other organizational 26 Jingbian Zhiguang New Energy Development Co., Business combinations not under Shareholding proportion 90.00 | business | | | common control 32 Yancheng Zhihui Energy Power Co., Ltd. Yancheng, Jiangsu Yancheng, Jiangsu Power supply 27 SDIC Jiangsu New Energy Co., Ltd. Nanjing, Jiangsu Nanjing, Jiangsu Establishment by investment Yulin, Shaanxi Yulin, Shaanxi Solar power 25 Dingbian Angli Photovoltaic Technology Co., Ltd. Yulin, Shaanxi Yulin, Shaanxi Solar power 24 SDIC (Erdos City) New Energy Co., Ltd. Erdos, Inner Mongolia Wind power Establishment by investment 30 Xiangshui Yongneng Solar Power Co., Ltd. Yancheng, Jiangsu Yancheng, Jiangsu Solar power 29 Xiangshui Hengneng Solar Power Co., Ltd. Yancheng, Jiangsu Yancheng, Jiangsu Solar power 28 Huzhou Xianghui Photovoltaic Power Co., Ltd. Huzhou, Zhejiang Huzhou, Zhejiang Solar power 100.00 100.00 100.00 100.00 100.00 100.00 100.00 81.00 | | | | common control common control common control management service Ltd. common control common control Mongolia common control Direct Indirect | (%) | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page192 Main place of | Place of registration Nature of business | Acquisition method | Name of the subsidiaries | | --- | --- | --- | | Business combinations not under Business combinations not under Investment and assets Business combinations not under 37 Guyuan Guanghui New Energy Power Generation Business combinations not under Other organizational Business combinations not under Business combinations not under Investment and assets Business combinations not under Shareholding proportion | business | | | 34-1 Suixi Tianhuai New Energy Co., Ltd. Suixi, Anhui Suixi, Anhui Solar power 34 Changzhou Tiansui New Energy Co., Ltd. Changzhou, Jiangsu Changzhou, Jiangsu 33-1 Yingshang Runneng New Energy Co., Ltd. Yingshang, Anhui Yingshang, Anhui Solar power 33 Jiangsu Tiansai New Energy Development Co., Ltd. Changzhou, Jiangsu Changzhou, Jiangsu 38 Fuxin Jingbu Solar Power Co., Ltd. Fuxin, Liaoning Fuxin, Liaoning Solar power Zhangjiakou, Hebei Zhangjiakou, Hebei Solar power 35 SDIC New Energy Co., Ltd. Shanghai Shanghai Establishment by investment 36 Zhangjiakou Jinko New Energy Co., Ltd. Zhangjiakou, Hebei Zhangjiakou, Hebei Solar power 100.00 100.00 100.00 100.00 100.00 100.00 100.00 90.00 | | | | 39 SDIC (Hainan) New Energy Co., Ltd. Wenchang, Hainan Wenchang, Hainan Solar power Establishment by investment Co., Ltd. common control management service common control common control 35-1 Yudu Guoli New Energy Co., Ltd. Ganzhou, Jiangxi Ganzhou, Jiangxi Solar power Establishment by investment management common control common control common control management common control 100.00 Direct Indirect 95.00 | (%) | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page193 Main place of | Place of registration Nature of business | Acquisition method | Name of the subsidiaries | | --- | --- | --- | | Other organizational Business combinations not under Investment and assets Other organizational Shareholding proportion | business | | | 48 SDIC Guizhou New Energy Co., Ltd. Guiyang, Guizhou Guiyang, Guizhou Establishment by investment 41 SDIC Tibet New Energy Co., Ltd. Lhasa, Tibet Lhasa, Tibet Establishment by investment 40 Hainan Dongfang Gaopai Wind Power Co., Ltd. Dongfang, Hainan Dongfang, Hainan Wind power 46 SDIC Xinjiang New Energy Co., Ltd. Urumchi, Xinjiang Urumchi, Xinjiang Establishment by investment 100.00 100.00 100.00 100.00 | | | | 43 SDIC Shanxi Hejin Pumped Storage Co., Ltd. Hejin, Shanxi Hejin, Shanxi Hydropower Establishment by investment management 44 SDIC (Hunan Anren) Pumped Storage Co., Ltd. Chenzhou, Hunan Chenzhou, Hunan Hydropower Establishment by investment 49 Ceheng Huifeng New Energy Co., Ltd. Ceheng, Guizhou Ceheng, Guizhou Wind power Establishment by investment 45 Tianjin Baodi Huifeng New Energy Co., Ltd. Tianjin Tianjin Wind power Establishment by investment 46-1 Manas Guoli New Energy Co., Ltd. Changji, Xinjiang Changji, Xinjiang Solar power Establishment by investment management service 46-2 Ruoqiang Guoli New Energy Co., Ltd. Bayingolin, Xinjiang Bayingolin, Xinjiang Solar power Establishment by investment 47 Yuanjiang Qianrun New Energy Co., Ltd. Yuxi, Yunnan Yuxi, Yunnan Solar power Establishment by investment management service 42 Beijing Damao Technology Co., Ltd. Beijing Beijing Solar power Establishment by investment common control Direct Indirect 100.00 100.00 100.00 100.00 100.00 51.00 100.00 100.00 | (%) | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page194 Main place of | Place of registration Nature of business | Acquisition method | Name of the subsidiaries | | --- | --- | --- | | 58 SDIC Yunnan New Energy Technology Co., New energy vehicles 50 SDIC (Guangdong) Offshore Wind Power Other organizational Other organizational Shareholding proportion | business | | | Kunming, Yunnan Kunming, Yunnan Establishment by investment Shantou, Guangdong Shantou, Guangdong Wind power Establishment by investment 52 SDIC Hebei New Energy Co., Ltd. Shijiazhuang, Hebei Shijiazhuang, Hebei Establishment by investment 55 SDIC Guangxi New Energy Development Co., Ltd. Nanning, Guangxi Nanning, Guangxi Establishment by investment 100.00 100.00 40.00 51.00 | | | | 50-1 SDIC (Huilai) Kuiyang New Energy Co., Ltd. Jieyang, Guangdong Jieyang, Guangdong Solar power Establishment by investment management service management service 51 SDIC Shiyan New Energy Co., Ltd. Shiyan, Hubei Shiyan, Hubei Solar power Establishment by investment 53 SDIC Jilin Dunhua Pumped Storage Co., Ltd. Dunhua, Jilin Dunhua, Jilin Hydropower Establishment by investment Ltd.(Note 2) manufacturing 54 Huaning Qianrun New Energy Co., Ltd. Yuxi, Yunnan Yuxi, Yunnan Solar power Establishment by investment 55-1 Pubei Fengguang New energy Co. Ltd. Qinzhou, Guangxi Qinzhou, Guangxi Solar power Establishment by investment 55-2 Xiangzhou Yuansheng new energy Co., Ltd. Laibin, Guangxi Laibin, Guangxi Wind power Establishment by investment 56 Quanzhou Yuansheng New Energy Co., Ltd. Guilin, Guangxi Guilin, Guangxi Wind power Establishment by investment 57 Pingyang Aoqi New Energy Co., Ltd. Wenzhou, Zhejiang Wenzhou, Zhejiang Solar power Establishment by investment Development Co., Ltd. Direct Indirect 100.00 100.00 100.00 99.60 100.00 60.00 51.00 99.00 | (%) | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page195 Main place of | Place of registration Nature of business | Acquisition method | Name of the subsidiaries | | --- | --- | --- | | Investment and assets 60 SDIC Inner Mongolia New Energy Development Hohhot, Inner Hohhot, Inner Other organizational Guangzhou, Guangzhou, Other organizational Shareholding proportion | business | | | 61 SDIC Shaanxi New Energy Co., Ltd. Xi’an, Shaanxi Xi’an, Shaanxi Establishment by investment Establishment by investment 62 SDIC (Guangdong) New Energy Co., Ltd. Establishment by investment 100.00 100.00 100.00 | | | | 67 Zhangjiakou Kaitou New Energy Co., Ltd. Zhangjiakou, Hebei Zhangjiakou, Hebei Solar power Establishment by investment 61-1 Mizhi Guoyuan New Energy Co., Ltd. Yulin, Shaanxi Yulin, Shaanxi Wind power Establishment by investment Co., Ltd. Mongolia Mongolia management service Guangdong Guangdong management service 59 Kunming Dongchuan Qianrun New Energy Co. Ltd. Kunming, Yunnan Kunming, Yunnan Solar power Establishment by investment 61-2 Guoyuan (Xi 'an) New Energy Co., Ltd. Xi’an, Shaanxi Xi’an, Shaanxi Solar power Establishment by investment 61-3 Yijun Guoyuan New Energy Co., Ltd. Tongchuan, Shaanxi Tongchuan, Shaanxi Wind power Establishment by investment 63 Shangyi Ruida New Energy Co., Ltd. Zhangjiakou, Hebei Zhangjiakou, Hebei Solar power Establishment by investment 64 Pubei Yuansheng New Energy Co., Ltd Qinzhou, Guangxi Qinzhou, Guangxi Solar power Establishment by investment 65 Tianjin Binhai Guoli New Energy Co., Ltd. Tianjin Tianjin Solar power Establishment by investment 66 Yuxi Qianrun New Energy Co., Ltd., Yuxi, Yunnan Yuxi, Yunnan Solar power Establishment by investment management 100.00 Direct Indirect 100.00 100.00 100.00 100.00 51.00 100.00 100.00 51.00 | (%) | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page196 Main place of | Place of registration Nature of business | Acquisition method | Name of the subsidiaries | | --- | --- | --- | | 70 Yunnan Kunming Wuhua Qianrun New Energy Co., Other organizational 69 Ningxiang Gushanfeng New Energy Development Business combinations not under 68 SDIC Genting Meizhouwan (Putian) New Energy Other power Shareholding proportion | business | | | Kunming, Yunnan Kunming, Yunnan Solar power Establishment by investment 73 Pubei Yuanli New Energy Co., Ltd. Qinzhou, Guangxi Qinzhou, Guangxi Establishment by investment 72 SDIC Zhejiang New Energy Co., Ltd. Hangzhou, Zhejiang Hangzhou, Zhejiang Establishment by investment Changsha, Hunan Changsha, Hunan Wind power Putian, Fujian Putian, Fujian Solar power Establishment by investment 100.00 100.00 100.00 40.00 61.00 | | | | Ltd.（Notes 3） 78 SDIC Tibet Nierong New Energy Co., Ltd. Nagchu, Tibet Nagchu, Tibet Solar power Establishment by investment 76 SDIC Tibet Seni New Energy Co., Ltd. Nagchu, Tibet Nagchu, Tibet Solar power Establishment by investment 77 SDIC Tibet Nima New Energy Co., Ltd. Nagchu, Tibet Nagchu, Tibet Solar power Establishment by investment generation management service 74 SDIC (Qionghai) New Energy Co., Ltd. Qionghai, Hainan Qionghai, Hainan Solar power Establishment by investment Co., Ltd. common control 71 Yangquan Guoli New Energy Co., Ltd. Yangquan, Shanxi Yangquan, Shanxi Solar power Establishment by investment 75 SDIC Tibet Renbu New Energy Co., Ltd. Shigatse, Tibet Shigatse, Tibet Solar power Establishment by investment Co., Ltd. 100.00 100.00 Direct Indirect 100.00 100.00 100.00 100.00 | (%) | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page197 Main place of | Place of registration Nature of business | Acquisition method | Name of the subsidiaries | | --- | --- | --- | | Other organizational Investment and assets Shareholding proportion | business | | | 81 SDIC Qinghai New Energy Co., Ltd. Xining, Qinghai Xining, Qinghai Establishment by investment 83 SDIC (Fujian) New Energy Co., Ltd. Fuzhou, Fujian Fuzhou, Fujian Establishment by investment 100.00 100.00 | | | | 87 Zhangjiakou Yuanli New Energy Co., Ltd. Zhangjiakou, Hebei Zhangjiakou, Hebei Solar power Establishment by investment 90 Lingshan Yuansheng New energy Co., Ltd. Qinzhou, Guangxi Qinzhou, Guangxi Wind power Establishment by investment 88 SDIC (Qingyang) New energy Co., Ltd. Qingyang, Gansu Qingyang, Gansu Wind power Establishment by investment management service management 79 Zhangjiakou Fufeng New Energy Co., Ltd. Zhangjiakou, Hebei Zhangjiakou, Hebei Wind power Establishment by investment 80 Shilin Qianrun New Energy Co., Ltd.(Note 4) Kunming, Yunnan Kunming, Yunnan Wind power Establishment by investment 82 SDIC (Shandong) New Energy Co., Ltd. Jinan, Shandong Jinan, Shandong Solar power Establishment by investment 83-1 Zhangzhou Gulei Guozhang New Energy Co., Ltd. Zhangzhou, Fujian Zhangzhou, Fujian Solar power Establishment by investment 89 Fuzhou Changle Guomin New Energy Co., Ltd. Fuzhou, Fujian Fuzhou, Fujian Wind power Establishment by investment 84 Xingtai Guoli New Energy Co., Ltd. Xingtai, Hebei Xingtai, Hebei Wind power Establishment by investment 85 SDIC Meizhouwan (Putian) Power Co., Ltd. Putian, Fujian Putian, Fujian Thermal power Establishment by investment 86 Xundian Qianrun New Energy Co., Ltd.(Note 5) Kunming, Yunnan Kunming, Yunnan Solar power Establishment by investment Direct Indirect 100.00 100.00 100.00 100.00 100.00 100.00 40.00 51.00 51.00 35.00 80.00 | (%) | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes1: SDIC Gansu Xiaosanxia Power Generation Co., Ltd., a subsidiary of SDIC Power Holdings Co., Ltd., holds 46.7004% of the equity of Baiyin Daxia Power Co., Ltd., and is its largest shareholder. In January 2024, due to the waiver of 8.5756% of the voting rights by some minority shareholders, the voting rights of SDIC XiaoSanxia reached 51.08%, so it can control the main body. Notes2: SDIC Power Holdings Co., Ltd. holds 40% equity in SDIC Yunnan New Energy Technology Co., Ltd. In August 2022, SDIC Power and Kunming Yao Yang Technology Co., Ltd. (holding 30%, hereinafter referred to as Kunming Yao Yang) signed a joint action agreement, which stipulated that Kunming Yao Yang will take actions consistent with SDIC Power when exercising its convening rights, proposal rights and voting rights. SDIC Power effectively controls 70% of the equity, so it can control the main body. Notes3: SDIC Power Holdings Co., Ltd. holds 40% equity in Yunnan Kunming Wuhua District Qianrun New Energy Co., Ltd. In March 2023, SDIC Power signed a joint action agreement with Shiyan Hechang Macalline Commercial Management Co., Ltd. (holding 27.10%, hereinafter referred to as Shiyan Hechang). The agreement stipulates that Shiyan Hechang shall take actions consistent with SDIC Power when exercising its convening rights, proposing rights and voting rights, and SDIC Power shall actually control 67.10% of the equity, so it can control the main body. Notes to Financial Statement Page198 Main place of | Place of registration Nature of business | Acquisition method | Name of the subsidiaries | | --- | --- | --- | | Other power Other organizational Shareholding proportion | business | | | 93 SDIC Huanneng Electric Power Co.,Ltd. Chengde, Hubei Chengde, Hubei Establishment by investment 91 SDIC (Hainan) New Energy Development Co., Ltd. Haikou, Hainan Haikou, Hainan Establishment by investment 100.00 100.00 | | | | generation 92 Beijing Kemao Technology Co., Ltd. Beijing Beijing Solar power Establishment by investment management service Direct Indirect 100.00 | (%) | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes4: SDIC Power Holdings Co., Ltd. holds 40% equity in Shilin Qianrun New Energy Co., Ltd. In August 2023, SDIC Power signed a joint action agreement with Yunnan Longjun New Energy Automobile Co., Ltd. (Holding 30%, hereinafter referred to as Yunnan Longjun) and Yunnan Xianglong New Energy Co., Ltd. (Holding 30%, hereinafter referred to as Yunnan Xianglong). The agreement stipulates that Yunnan Longjun and Yunnan Xianglong take the same actions as SDIC Power when exercising the right to propose and vote, and SDIC Power actually controls the equity proportion of 100%, so it can control the main body. Notes5: SDIC Power Holdings Co., Ltd. holds 40% equity in Xuandian Qianrun New Energy Co., Ltd. In September 2023, SDIC Power and Yunnan Longjun New Energy Automobile Co., Ltd. (holding 25%, hereinafter referred to as Yunnan Longjun), Kunming Yaoyang Technology Co., Ltd. (holding 25%, Kunming Yao Yang), Kunming Pingmin Lindong New Energy Co., Ltd. (holding 15%, hereinafter referred to as Lindong New Energy) signed a concerted action agreement,which stipulates that Yunnan Longjun, Kunming Yao Yang, Lindong New Energy in the exercise of the right to propose and voting rights are consistent with the action of SDIC Power, SDIC Power actually controls 100% of the equity, so it can control the main body. Notes to Financial Statement Page199 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 2. Important non-wholly-owned subsidiaries | | | | | Notes to Financial Statement Page | 200 | | --- | --- | --- | --- | --- | --- | | Shareholding Profits and losses | | | | | | | Dividends declared Balance of minority | | | | | | | attributable to the proportion of | | | | | | | stockholders’ equity | to minority | | | | | | Xiamen Newsky Energy | minority Name of subsidiaries minority | | | | | | shareholders in the at the end of the | | | | | | | SDIC Gansu Xiaosanxia SDIC Panjiang Electric Power shareholders in the SIC Qinzhou Second Power SDIC Yunnan Dachaoshan SDIC Qinzhou Electric Power Xiamen Huaxia International SDIC Genting Meizhouwan SDIC New Energy Investment Tianjin SDIC Jinneng Electric Environmental Technology Yalong River Hydropower shareholders | 40.00 10,801,561.63 529,349,187.25 | | 0.04 | | | | current period 3,969,586,045.64 2,883,830,000.00 | 35,021,924,186.43 1,742,979,131.53 1,267,362,973.22 1,724,507,802.75 2,758,984,090.04 39.55 145,974,366.56 36.00 48.00 45.00 10.00 50.00 332,081,780.75 294,456,653.27 39.00 268,833,888.67 201,803,331.37 44.00 133,351,680.19 49.00 265,523,858.01 35.11 210,320,077.59 -29,021,170.65 62,206,239.58 32,850,000.00 83,915,863.96 760,340,724.89 350,491,221.06 230,466,340.59 106,722,384.89 745,538,992.25 period 5,314,636.18 | 55,510.22 | | | | | Power Co., Ltd. Co., Ltd. Power Development Co., Ltd. Co., Ltd. Electric Power Co., Ltd. Power Co., Ltd. Co., Ltd. Development Co., Ltd. Co., Ltd. Generation Co., Ltd. Hydropower Co., Ltd. current period | (%) | | | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 3. Main financial information of important non-wholly owned subsidiaries Notes to Financial Statement Page201 | Tianjin SDIC Jinneng Electric Power SDIC Yunnan Dachaoshan Hydropower Yalong River Hydropower Xiamen Newsky Energy Environmental Xiamen Huaxia International Power SDIC Genting Meizhouwan Electric SIC Qinzhou Second Power Generation | | Name of subsidiaries | | | --- | --- | --- | --- | | | 10,583,515,310.54 1,565,180,159.01 1,108,294,430.23 1,281,270,769.16 35,556,575,203.61 174,365,320,772.85 184,948,836,083.39 76,493,360,442.42 112,049,935,646.03 1,055,446,492.44 4,360,868,361.43 | 1,584,011,246.05 4,510,878,300.00 4,047,876,422.41 632,004,978.09 850,685,131.53 564,583,865.72 1,583,002,198.49 2,215,007,176.58 632,766,385.78 3,128,099,703.47 3,978,784,835.00 700,366,788.38 2,284,378,034.43 3,305,084,538.29 4,870,264,697.30 1,341,639,564.33 5,962,502,856.30 6,527,086,722.02 669,984,573.08 5,180,862,873.08 8,274,037,078.79 9,382,331,509.02 8,408,744,783.84 2,359,078,446.80 3,640,349,215.96 114,981,488.44 243,526,348.74 286,193,071.89 876,292,734.52 154,390,952.90 39,409,464.46 | | | Co., Ltd. Technology Co., Ltd. Development Co., Ltd. Power Co., Ltd. Co., Ltd. SDIC New Energy Investment Co., Ltd. SDIC Qinzhou Electric Power Co., Ltd. Co., Ltd. Development Co., Ltd. Non-current liabilities | Current liabilities Non-current assets Current assets Total liabilities 3,431,119,591.78 1,384,934,211.18 Total assets 2,897,024,074.24 | 16,046,161,398.69 19,477,280,990.47 9,521,384,251.34 12,418,408,325.58 1,179,508,307.79 3,601,065,142.22 4,985,999,353.40 573,879,549.78 1,753,387,857.57 | Ending balance | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page202 | SDIC Gansu Xiaosanxia Power Co., SDIC Yunnan Dachaoshan Hydropower SDIC Genting Meizhouwan Electric Tianjin SDIC Jinneng Electric Power Xiamen Huaxia International Power Yalong River Hydropower | | Name of subsidiaries Name of subsidiaries | | | --- | --- | --- | --- | | | 1,123,556,267.52 1,852,113,843.90 1,486,595,563.96 8,941,587,510.41 170,252,986,551.01 179,194,574,061.42 30,090,737,689.68 81,170,950,522.73 111,261,688,212.41 | 7,394,154,985.60 1,414,303,250.00 1,936,116,006.89 10,528,059,938.28 2,144,918,117.80 299,468,505.90 808,716,995.45 1,895,986,922.49 2,195,455,428.39 234,286,122.31 2,434,032,709.40 3,557,588,976.92 3,962,610,538.67 5,814,724,382.57 2,805,785,463.16 9,041,464,374.32 9,539,073,103.40 2,367,441,399.90 3,176,158,395.35 1,789,030,461.91 131,121,345.95 107,168,264.97 869,669,456.27 374,727,211.91 365,407,468.26 42,160,294.81 149,328,559.78 | | | Ltd. SDIC New Energy Investment Co., Ltd. Development Co., Ltd. Co., Ltd. SDIC Panjiang Electric Power Co., Ltd. Power Co., Ltd. Co., Ltd. SDIC Qinzhou Electric Power Co., Ltd. Development Co., Ltd. Non-current liabilities Non-current liabilities | Current liabilities Current liabilities Non-current assets Non-current assets Current assets Current assets Total liabilities Total liabilities 3,476,215,498.78 1,606,055,175.72 | 7,802,643,322.99 Total assets Total assets 1,861,430,848.66 13,478,579,018.45 16,954,794,517.23 3,020,075,437.53 10,822,718,760.52 321,099,783.48 1,426,430,016.12 1,747,529,799.60 671,677,126.06 1,235,382,376.06 3,922,029,070.73 5,528,084,246.45 2,498,895,787.14 563,705,250.00 637,464,938.48 | Beginning balance Ending balance | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page203 Name of subsidiaries | SDIC Gansu Xiaosanxia Power Co., Xiamen Newsky Energy Environmental Technology Co., | Cash flows from operating | Name of subsidiaries | | | | | | --- | --- | --- | --- | --- | --- | --- | | Total comprehensive income | Operating revenue | 165,022,154.29 1,967,441,608.78 2,132,463,763.07 291,327,237.53 258,629,535.23 549,956,772.76 Net profit | 679,545,383.54 27,888,359.63 | 51,648,240.27 35,924,687.42 | | | | Ltd. Yalong River Hydropower Development Co., Ltd. Tianjin SDIC Jinneng Electric Power Co., Ltd. SDIC Genting Meizhouwan Electric Power Co., Ltd. Xiamen Huaxia International Power Development Co., Ltd. Ltd. SDIC Panjiang Electric Power Co., Ltd. SDIC Qinzhou Electric Power Co., Ltd. SIC Qinzhou Second Power Generation Co., Ltd. SDIC New Energy Investment Co., Ltd. Non-current liabilities Current liabilities | Non-current assets Current assets Total liabilities Total assets | 265,100,286.12 1,506,495,252.39 1,771,595,538.51 1,124,377,063.74 401,040,649.51 723,336,414.23 25,724,605,032.15 | 6,364,036,204.71 6,204,176,268.20 2,890,543,533.72 5,761,591,120.97 1,175,488,654.45 2,026,648,072.07 8,266,623,398.62 activities 512,654,285.06 303,072,000.41 688,963,946.15 557,209,770.36 53,146,361.80 | 8,247,251,584.27 17,861,951,114.72 511,204,285.06 300,992,000.41 695,103,946.15 557,647,825.36 154,195.06 1,230,200,751.93 1,343,017,441.54 1,514,914,501.65 53,146,361.80 1,272,266,738.42 456,041,005.18 160,929,102.75 -185,804.94 | Amount in the current period | Beginning balance | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page204 Name of subsidiaries | | Cash flows from operating | | Name of subsidiaries | | | | --- | --- | --- | --- | --- | --- | | Total comprehensive income | Operating revenue | Net profit | | | | | SDIC Gansu Xiaosanxia Power Co., Ltd. SDIC Qinzhou Electric Power Co., Ltd. SDIC Yunnan Dachaoshan Hydropower Co., Ltd. SDIC New Energy Investment Co., Ltd. SDIC Panjiang Electric Power Co., Ltd. SDIC Panjiang Electric Power Co., Ltd. Cash flows from operating activities Xiamen Huaxia International Power Development Co., Ltd. Yalong River Hydropower Development Co., Ltd. SDIC Yunnan Dachaoshan Hydropower Co., Ltd. Tianjin SDIC Jinneng Electric Power Co., Ltd. SDIC Genting Meizhouwan Electric Power Co., Ltd. Total comprehensive income | Operating revenue | Net profit 24,485,411,155.03 7,904,543,074.22 2,182,571,417.76 2,648,555,543.60 1,035,141,794.56 7,163,097,368.39 5,732,778,536.30 1,126,563,435.00 1,039,680,115.86 883,490,803.42 activities 927,268,430.66 8,657,958,958.86 | 360,657,024.20 664,163,561.49 949,475,677.72 737,865,223.53 -64,491,490.33 135,846,569.59 588,689,373.80 251,757,314.73 81,547,241.29 8,653,151,033.46 10,494,680.43 342,552,933.09 950,035,677.72 665,833,561.49 735,388,348.53 135,836,569.59 15,380,802,284.56 586,739,373.80 253,837,314.73 -64,491,490.33 81,547,241.29 10,514,680.43 | 1,468,847,680.40 1,460,844,762.48 496,400,123.48 704,216,191.10 221,320,375.14 252,834,840.94 697,835,379.19 948,591,489.35 934,725,550.04 48,213,225.22 | Amount in the previous period Amount in the current period | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page205 Name of subsidiaries SDIC Gansu Xiaosanxia Power Co., Ltd. Cash flows from operating activities Total comprehensive income Operating revenue Net profit 832,422,670.91 324,531,523.90 323,117,089.90 491,455,168.59 Amount in the previous period Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (II) Equity in joint ventures or associates 1. Important joint ventures or associates Basis for holding 20% below of voting right but having significant influence: Note 1: the Company holds 8.10% of shares of Hanlan Environment Co., Ltd., is the third-largest shareholder of the latter, and dispatches one director to the latter, having significant influence on the business decision of the latter. Accounting methods for Notes to Financial Statement Page 206 the | Main placeof Nameof jointventures or | Placeof | | | --- | --- | --- | | Natureofbusiness investment | | | | | business registration | associates | | Beatrice Offshore Environmental | in joint | | | Hanlan Environment Co., Direct Indirect | Foshan, Foshan, Equity Equity | | | Financial Tongshan Huarun Electric Investment Xuzhou Huarun Electric protection Inch Cape Offshore Cloud Wind Farm Wind power Windfarm Holding Power ventures or Nanchang, 8.10 25.00 | Xuzhou, Xuzhou, Nanchang, Shareholding Equity Xuzhou, Equity Equity Xuzhou, Equity Equity Equity Equity UK UK | | | SDIC Finance Co., Ltd. Jiangxi Ganneng Co., Ltd. Thermal power Thermal power Lestari Listrik Pte. Ltd. Wind power Ltd. (Note1) Wind power 33.22 21.00 30.00 Guangdong Singapore 0.80 34.60 42.11 50.00 50.00 | Guangdong Sweden Beijing Singapore method method Sweden Beijing UK UK | | | investment industry Limited Holdings AB Limited generation Power Co., Ltd. management Power Co., Ltd. proportion (%) associates | Jiangxi Jiangsu Jiangsu method method method method method method method Jiangxi Jiangsu Jiangsu | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 2. Main financial information of important joint ventures Notes to Financial Statement Page 207 Fair value of equity | Equity attributable to Book value of equity investments in joint Shares of net assets at | | | | | | --- | --- | --- | --- | --- | | shareholders of the investments to joint ventures with public the shareholding Minority shareholders' -- Unrealized profit of Including: cash and cash Cloud Wind Farm Cloud Wind Farm Inch Cape Offshore Inch Cape Offshore | Ending balance/Amount in the current -158,006,624.55 Beginning balance/Amount in the -79,003,312.28 14,721,853.44 178,898,560.22 | 163,595,527.54 64,188,134.60 7,360,926.72 89,449,280.11 36,962,134.47 81,797,763.77 | | | | | 15,480,384.13 | 16,212,803.65 536,500,877.98 51,502,825.05 | | | | ventures Current liabilities Financial expenses Non-current liabilities offer percentage equity internal transaction Total liabilities Adjustments Operating revenue equivalents -- Goodwill -- Others Current assets Non-current assets parent company Total assets | 1,294,555,100.77 1,882,475,178.65 1,762,909,915.34 1,897,197,032.09 1,412,841,059.88 1,519,054,590.34 Holdings AB Holdings AB 1,319,981,974.37 1,361,047,965.79 2,891,465,129.64 -109,599,833.19 3,001,413,250.58 2,992,779,126.65 3,180,311,810.80 587,920,077.88 134,287,116.75 7,014,415,510.74 -94,814,529.51 106,213,530.46 7,187,559,078.88 1,861,512,191.94 5,489,642,414.48 7,351,154,606.42 109,948,120.94 42,943,094.53 187,532,684.15 | -10,183,955.72 79,003,312.28 -7,360,926.72 -25,261,145.51 88,980,874.28 Limited 79,003,312.28 -7,360,926.72 -25,261,145.51 41,065,991.42 173,143,568.14 Limited -44,835,629.30 -44,835,629.30 -6,947,579.30 -4,045,538.79 | 818,639.94 previous period | period | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 3. Main financial information of important associates Notes to Financial Statement Page 208 Minority shareholders' Dividends received from Equity attributable to Tongshan Huarun Tongshan Huarun Xuzhou Huarun Xuzhou Huarun 3,059,641.45 3,471,105.91 equity | joint ventures in the Total comprehensive Other comprehensive shareholders of the Net profit from Electric Power Co., Electric Power Co., Cloud Wind Farm Cloud Wind Farm Inch Cape Offshore Inch Cape Offshore Electric Power Co., | Electric Power Ending balance/Amount in the current 2,512,014,213.14 2,339,971,190.49 Ending balance/Amount in the current Beginning balance/Amount in the 333,501,243.90 Beginning balance/Amount in the | 345,108,163.78 | | | | --- | --- | --- | --- | --- | | | -188,027,301.89 -293,579,363.17 | -17,131,526.24 16,089,379.26 | | | | current period Income tax expenses Non-current assets parent company discontinued operations Total assets Net profit Current liabilities Non-current liabilities Total liabilities income Current assets income | 1,126,494,596.36 2,029,129,928.58 1,692,569,043.23 Holdings AB Holdings AB 1,763,199,866.44 2,101,522,581.52 3,473,043,833.19 3,862,728,214.25 -188,027,301.89 1,522,757,023.76 1,709,843,966.75 1,761,205,632.73 -293,579,363.17 909,477,535.81 783,091,507.42 902,635,332.22 945,984,949.59 751,899,550.74 770,857,473.02 961,029,620.05 Co., Ltd. | 1,030,530,803.38 1,956,764,102.50 -17,131,526.24 1,608,184,832.81 Limited Limited 15,044,670.46 16,089,379.26 749,768,352.11 858,416,480.70 Ltd. Ltd. 926,233,299.12 Ltd. | previous period previous period | period period | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page 209 Fair value of equity | Dividends received Book value of equity Net profit from Shares of net assets at investments in Tongshan Huarun Tongshan Huarun Xuzhou Huarun | Xuzhou Huarun | | | | | --- | --- | --- | --- | --- | | from associates in the Other comprehensive investments in discontinued the shareholding associates with public -- Unrealized profit of Total comprehensive Electric Power Co., Electric Power Co., Electric Power Co., | Electric Power Ending balance/Amount in the current Beginning balance/Amount in the 100,050,373.17 525,984,642.99 489,855,608.24 527,522,984.76 491,393,950.00 53,771,631.92 93,842,081.60 | 63,949,990.99 103,532,449.13 97,324,157.56 | | | | | -141,017,469.52 469,160,349.91 536,213,641.15 | -2,620,000.00 15,101,126.68 408,000.00 -1,846,000.00 468,000.00 | | | | current period percentage offer internal transaction Adjustments Operating revenue -- Goodwill -- Others Net profit income income associates operations | 2,311,654,139.72 4,025,376,403.54 4,295,612,608.68 -141,425,469.52 471,780,349.91 535,745,641.15 Co., Ltd. | -6,208,291.57 2,285,092,395.59 -6,208,291.57 -1,538,341.77 -1,538,341.76 -1,538,341.77 -1,538,341.76 Ltd. Ltd. 16,947,126.68 Ltd. -6,208,291.57 -6,208,291.57 | previous period | period | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Continued 1: Notes to Financial Statement Page 210 Fair value of equity | investments in Shares of net assets at Net profit from Equity attributable to Book value of equity | Hanlan Hanlan | | | --- | --- | --- | | Jiangxi Ganneng Co., Jiangxi Ganneng | 2,508,701,958.00 1,144,031,683.59 1,559,263,033.26 2,823,100,007.00 | | | discontinued shareholders of the Beginning balance/Amount in the previous investments in Minority shareholders' associates with public the shareholding -- Unrealized profit of Environment Co., Environment Co., 12,118,946,662.81 | 13,402,321,274.80 5,251,767,394.98 Ending balance/Amount in the current 2,110,191,096.16 1,396,518,708.23 1,744,637,128.61 1,500,427,161.85 1,085,118,942.01 5,834,345,303.78 2,334,959,112.55 1,938,169,509.92 981,210,516.55 | | | | 1,818,547,594.42 720,923,449.50 Co., Ltd. 93,672,947.02 186,186,778.33 Ltd. | | | operations Total assets Current liabilities associates equity Non-current liabilities offer percentage Total liabilities Adjustments Operating revenue internal transaction Net profit Current assets -- Goodwill -- Others parent company Non-current assets 13,749,003,059.42 35,797,699,471.38 13,049,588,671.21 22,957,829,359.07 12,541,288,979.45 11,703,811,865.45 27,990,196,386.09 | 39,305,355,208.01 10,396,588,702.52 13,687,897,636.27 24,084,486,338.79 11,886,247,107.45 10,943,098,916.82 28,362,256,291.19 2,205,503,979.17 9,908,240,687.86 6,198,058,738.25 8,403,562,717.42 7,090,130,359.08 1,469,648,851.09 2,045,191,193.97 7,807,503,085.29 17,511,832,029.24 11,491,299,947.13 15,139,063,723.31 1,684,092,595.19 2,604,512,428.89 8,886,787,518.24 365,553,967.55 415,308,191.68 6,925,415,991.95 585,061,914.33 2,372,768,305.93 365,553,967.55 415,308,191.68 415,308,219.84 415,308,219.84 396,789,602.63 803,822,733.12 396,789,602.63 Ltd. Ltd. | period period | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Continued 2: | | | | | Notes to Financial Statement Page | 211 | | --- | --- | --- | --- | --- | --- | | Dividends received Equity attributable to Beatrice Offshore Beatrice Offshore | Hanlan Hanlan | | | | | | Jiangxi Ganneng Co., Lestari Listrik Pte. Lestari Listrik Pte. Jiangxi Ganneng | | | | | | | from associates in the shareholders of the parent Beginning balance/Amount in the previous Total comprehensive Minority shareholders' Other comprehensive Shares of net assets at the Environment Co., Ending balance/Amount in the current Environment Co., 2,566,098,551.58 1,993,812,133.00 | 2,046,409,808.55 2,004,387,873.53 Ending balance/Amount in the current Beginning balance/Amount in the Windfarm Windfarm 14,523,195.06 31,686,971.04 48,942,376.70 | | | | | | Adjustments | 1,473,759,825.04 728,048,949.10 773,773,430.94 641,524,637.90 498,453,033.25 1,689,628,390.28 -70,652,402.01 861,667,453.22 844,047,733.54 Co., Ltd. 585,979,758.49 102,034,043.89 56,517,571.46 806,451,610.88 4,110,973.95 Ltd. Ltd. 5,535,795.09 Ltd. 2,628,877.76 917,844.16 | | | | | | current period -- Goodwill Current liabilities Non-current liabilities equity income income Total liabilities shareholding percentage Current assets Non-current assets company Total assets Holding Limited Holding Limited 15,919,825,436.10 16,212,542,704.93 15,881,824,515.18 16,309,912,651.20 17,413,236,620.72 17,614,792,292.94 18,447,923,066.76 18,303,724,784.20 1,034,686,446.04 | 5,209,046,529.22 5,411,666,357.18 5,934,011,090.16 6,021,012,031.30 2,352,996,136.96 2,230,147,151.19 5,729,458,805.64 5,795,252,753.64 8,082,454,942.60 8,025,399,904.83 688,932,491.26 -38,000,920.92 724,964,560.94 609,345,674.12 97,369,946.27 Ltd. Ltd. | previous period | period - period period | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Continued 3: | | | | | | | Notes to Financial Statement Page | 212 | | --- | --- | --- | --- | --- | --- | --- | --- | | Dividends received from Fair value of equity Beatrice Offshore Beatrice Offshore Jiangyin Ligang | | | | | | | | | SDIC Finance Co., Lestari Listrik Pte. Lestari Listrik Pte. | | | | | | | | | associates in the current Total comprehensive investments in associates Other comprehensive Net profit from -- Unrealized profit of Book value of equity Power Stock Co., Ending balance/Amount in the current Ending balance/Amount in the current | Beginning balance/Amount in the 123,490,816.48 183,903,010.69 Beginning balance/Amount in the Windfarm Windfarm 13,434,018.80 26,585,078.04 | SDIC Finance Co., Ltd. | | | | | | | | 1,369,573,587.00 1,272,226,464.19 1,127,014,063.04 953,264,020.36 791,015,051.21 900,565,305.00 144,989,235.55 244,758,034.26 69,051,542.71 | Ltd. Ltd. Ltd. 582,120.64 | | - | | | | | period Operating revenue Current assets discontinued operations Current liabilities Net profit Non-current assets internal transaction investments in associates Total assets -- Others income with public offer income Holding Limited Holding Limited 11,512,226,009.48 38,547,000,990.18 34,852,360,836.41 46,364,586,845.89 | 2,702,911,521.23 3,132,858,356.58 2,147,972,944.46 1,810,930,420.16 1,057,962,520.33 5,714,037,930.08 7,862,010,874.54 1,649,526,630.67 1,791,966,726.80 953,264,020.36 728,048,949.10 773,773,430.94 144,407,114.91 244,758,034.26 -70,652,402.01 56,517,571.46 | Ltd | previous period previous period | period period | 33,605,304,514.71 31,974,967,925.11 41,640,033,784.70 9,665,065,859.59 | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page 213 Dividends received from Fair value of equity Equity attributable to Jiangyin Ligang SDIC Finance Co., | associates in the current Minority shareholders' Other comprehensive investments in associates Net profit from discontinued Shares of net assets at the shareholders of the parent -- Unrealized profit of Book value of equity Power Stock Co., Ending balance/Amount in the current | 7,734,474,577.75 3,331,089,142.21 Beginning balance/Amount in the 113,058,558.32 | SDIC Finance Co., Ltd. | | | 7,939,127,792.19 126,056,195.53 | | --- | --- | --- | --- | --- | --- | | | 2,738,004,000.52 2,738,004,000.52 182,688,309.27 305,460,874.34 302,916,185.16 42,054,570.99 | Ltd. | | | 2,810,451,238.44 2,810,451,238.44 75,102,766.25 | | period Net profit shareholding percentage Adjustments company internal transaction investments in associates -- Goodwill -- Others Non-current liabilities equity income with public offer operations Total liabilities Operating revenue Total comprehensive income 38,630,112,268.14 | 2,537,303,002.90 4,348,233,423.06 1,105,173,196.53 7,130,971,601.09 404,003,357.98 446,057,928.97 632,552,763.44 632,552,763.44 83,111,277.96 -2,544,689.18 -2,544,689.18 | Ltd | previous period | period | 33,700,905,992.51 485,641,395.99 963,484,019.17 560,744,162.24 95,601,477.80 | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 4. Summary of financial information of unimportant joint ventures and associates IX. Government subsidies (I) Type, amount and presentation of government subsidies 1. Government subsidy charged to profit and loss Government subsidies related to assets Note: Details of government subsidies items are detailed in "V (XL)" of this report. Government subsidies related to income | | | | Notes to Financial Statement Page | 214 | | --- | --- | --- | --- | --- | | The amount The amount The amount | | | | | | The amount of The amount | The amount | | | | | of subsidies recognized in recognized in | | | | | | recognized in other Other recognized in other Other Beginning Ending Beginning subsidies Ending | | | | | | increased in non-operating non-operating Item | Item | | | | | changes changes increased in the Balance balance income in the Balance income in the | balance | | | | | Total number calculated as per shareholding Deferred Ending balance/Amount in the Beginning balance/Amount in the current revenue in the revenue in the | | | | | | Total Deferred income current period 133,681,553.12 2,000,000.00 133,681,553.12 2,000,000.00 4,306,183.52 current period current period 5,248,260.89 | 10,577,253.91 10,577,253.91 27,315.51 | | | | | --Total comprehensive income 125,104,299.21 Total book value of investments -- Net profit --Other comprehensive income Associates: proportion income 125,104,299.21 9,527,128.90 current period current period period | the previous period current period | 518,151,168.81 773,267,695.46 58,796,192.93 59,926,385.89 58,796,192.93 59,926,385.89 | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Note: Details of government subsidies items are detailed in "V (XL)", "V (LV)" and "V (LXI)" of this report. X. Risk related to financial instrument (I) Various risks caused by financial instrument The main financial instruments of the Group include loans, receivables, financial assets held for trading, etc.; refer to Note V for detailed information on all financial instruments. The Group's risk management aims to achieve a proper balance between risk and benefit, to minimize the negative effect of risks on the business performance of the Group, and to maximize the interest of shareholders and other equity investors. Based on this risk management objective, The Group’s Board of Directors is fully responsible for the formulation of objectives and policies of risk management, and takes ultimate responsibility for such objectives and policies. However, it has authorized the audit department of the Group to design and implement procedures to ensure the effective execution of the risk management objectives and policies. The Board of Directors reviews the effectiveness of the implemented procedures and rationality of the risk management objectives and policies according to monthly reports submitted by the audit supervisor. The internal auditor of the Group also audits these risk management policies and procedures and reports relevant findings to the audit committee. The overall objective of the Group’s risk management is to formulate risk management policies that reduce risks as much as possible without unduly affecting the company’s competitiveness and contingency ability. Notes to Financial Statement Page 215 The amount The amount of The amount recognized in | Other recognized in other Beginning Ending subsidies | | | --- | --- | | non-operating | Item | | changes increased in the Balance balance income in the | | | Non-operating revenue in the | | | current period current period | 326,800.00 326,800.00 | | revenue Other income 9,527,128.90 current period 4,306,183.52 89,257,628.56 83,682,567.67 | 354,115.51 83,682,567.67 83,682,567.67 Total | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated)--- ## 1. Credit risks On December 31, 2024, the greatest credit risk exposure causing the financial loss of the Group is mainly from the loss of the financial assets of the Group that the other party to the contract failed to perform obligations, including: accounts receivable. Most current assets of the Group are deposited with several large state-owned banks and a non-bank financial institution that is a related party of the Group. Because these state-owned banks have strong state support and have seats on the Board of Directors of the related non-bank financial institution, the directors believe that there is no significant credit risk for these assets. For accounts receivable arising from electricity sales, most power plants of the Group sell electricity to a single customer (Grid Company) in the province or territory where the power plant is located. The Group communicates regularly with grid companies and is confident that the accounts receivable can be fully recovered. The total amount of accounts receivable owed by the top five debtors is RMB 10,747,465,125.87 as of December 31, 2024 (2023: RMB 8,710,326,118.91), accounting for 64.72% (2023: 59.54%) of the total accounts receivable. Except for accounts receivable, no significant concentrated credit risk exists in the Group. Other receivables and long-term receivables mainly include receivables from related parties. The Group evaluates the credit risk of related parties by regularly checking their operating results and asset-liability ratio. ## 2. Liquidity risks Liquidity risk is the risk that the Group cannot perform its financial obligations on the maturity date. The Group has managed the liquidity risk in a way by ensuring sufficient financial liquidity to perform due debts, so as to avoid causing unacceptable loss or causing damage to enterprise reputation. The Group has analyzed the liability structure and duration on a regular basis, so as to ensure sufficient fund. The management of the Group supervises the usage of the bank loans and ensures to obey the loan agreement. Meanwhile, the Group will perform financing negotiations with financial institutions to keep certain credit lines and reduce liquidity risk. Notes to Financial Statement Page 216 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 3. Market risks Market risk of financial instruments refers to the risk of fluctuation in fair value or future cash flow of financial instruments due to market price development, including interest rate risk, exchange rate risk and other price risks. (1) Interest rate risk Interest rate risk refers to the risk of fluctuation in fair value or future cash flow of financial instruments due to the fluctuation in the market interest rate. The interest rate risk of the Group comes from the interest-bearing debts, such as bank loans and bonds payable. Due to financial liabilities with a floating interest rate, the Group faces cash flow interest rate risk; due to financial liabilities with a fixed interest rate, the Group faces fair value interest rate risk. The Group determines the ratio of fixed-rate and floating-rate instruments based on the market environment and maintains an appropriate combination of fixed-rate and floating-rate instruments through regular review and monitoring. The Group uses interest rate swap instruments to hedge interest rate risk when necessary. (2) Exchange rate risk Exchange rate risk refers to the risk arising from the change of exchange rate in the foreign currency business conducted by the Group. The foreign currency exchange risk of the Group mainly comes from some borrowings and deposits of USD, GBP, THB, INR and SGD. The Group pays close attention to the changes in exchange rates in the international foreign exchange market and considers the impact of exchange rates when financing foreign currency borrowings and investing foreign currency deposits.The Group continually monitors the scale of the foreign currency trading and the foreign currency assets and liabilities to minimize the foreign exchange rate risks it faces. The amount of foreign currency financial assets and foreign currency financial liabilities converted into RMB at the end of the period is listed as follows: Notes to Financial Statement Page 217 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page218 | Non-current liabilities Derivative financial | 27,481,098,214.13 1,562,532,570.17 | 69,621,586.87 363,399.31 | 2,213,673.14 18,446,511,759.80 8,634,955,670.86 397,053,711.02 1,518,932,099.07 | 69,621,586.87 42,923,297.12 677,173.98 | | --- | --- | --- | --- | --- | | Monetary fund Long-term borrowings Short-term borrowings Accounts payable Other payable Accounts receivable Other receivables Long-term receivables | 11,756,355,994.58 9,636,322,735.64 2,547,453,553.85 | 159,041,671.94 109,526,590.83 682,329,205.75 887,595,524.48 70,318,780.02 363,399.31 Total | 2,137,673.14 3,355,192,216.23 185,040,125.43 2,263,112,565.84 2,413,863,586.60 133,589,967.25 41,792,254.84 22,233,046.90 8,401,163,778.35 7,373,210,169.80 12,706,617.51 283,958,133.31 | 1,014,525.11 64,679,710.18 76,000.00 48,085,733.12 79,196,092.46 14,322,749.13 210,829,874.56 860,566,157.84 52,493,706.92 29,315,973.26 | | assets due within one year | | SGD Total Item INR | THB GBP USD | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) # (3) Other price risk For the 5,642,900 shares of Yunnan Yunwei Stock Co., Ltd. held by the Group at the end of the period, the management believes that the market price risk faced by these investment activities is acceptable. The equity investment in listed company held by the Group is listed below: | Item | Ending balance | Beginning balance | | --- | --- | --- | | Financial assets held for trading | 19,072,883.70 | 16,364,308.50 | | Total | 19,072,883.70 | 16,364,308.50 | On December 31, 2024, if the value of equity instruments increases or decreases by 5%, the Group will increase or decrease the net profit by RMB 953,600 under the condition that all other variables remain unchanged. The management believes that 5% reasonably reflects the reasonable range of potential changes in the value of equity instruments for the next year. Notes to Financial Statement Page 219 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (II) Risk management of hedging operations 1. Disclosure of qualitative and quantitative information relating to hedged items and related hedging instruments, and hedged risks in accordance with the hedging category （1）Cash flow hedges | Income Change in fair Amounts | | | | --- | --- | --- | | Change in fair Balance | Income | | | stateme reclassifi | value of | | | value of hedged statement Change in fair Hedge | sheet | | | ed from nt line | hedging | | | value of hedging ineffectiv presentati items used as a line items | | | | cash flow item instruments | | | | Notional amount eness in on items | instruments that basis for | | | contain used as a basis hedge | Cash flow | Notes to Financial Statement Page220 | | profit or recognized in | recognizing include of hedging that | | | for recognizing hedge reserve reserve | ing | | | recognized Liabi loss for include | instrument hedge other | | | reclassi | to Assets hedge | | | lities comprehensive ineffectiveness hedging | hedge the | | | fication ineffectiveness current | | | | ineffectiven instrumen period in the current | income | | | Cash profit or adjust | during the Carrying value of | | | 69,621,586.87 | 69,621,586.87 484,305,564.34 ess 6,518,325.00 period ts | | | flow ments hedging instruments | loss period | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) XI. Disclosure of fair value (I) Ending fair value of the assets and liabilities measured at fair value (II) Basis for determination of market prices of items subject to continuous and non-continuous level 1 fair value measurement 5,642,865.00 shares of SSE A-share Yunnan Yunwei Stock Co., Ltd. (security code: Yunwei 600725) are held by the company and the market price is based on the open price of the securities market; 21,823,204.00 shares of SSE Zhongmin Energy Co., Ltd. (security code: Zhongmin Energy 600163) are held by the company and the market price is based on the open price Notes to Financial Statement Page 221 Level 1 Level 2 Level 3 Item (1) Debt instrument | Total assets continuously ◆Financial assets held for ◆Investment in other equity (1) Debt instrument 2. Designated financial assets at I. Continuous fair value (2) Equity instrument measurement at measurement at measurement at | Total | | | --- | --- | --- | | investments | 508,609,575.40 211,227,220.57 297,382,354.83 122,532,750.00 344,130,532.93 164,479,042.47 211,227,220.57 132,903,312.36 164,479,042.47 122,532,750.00 19,072,883.70 19,072,883.70 | | | measured at fair value (2) Others investments (3) Derivative financial assets FVTPL trading investments measurement 1. Financial assets at FVTPL (4) Others instruments | 122,532,750.00 122,532,750.00 fair value fair value fair value 69,621,586.87 88,694,470.57 69,621,586.87 88,694,470.57 | Ending fair value | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) of the securities market. (III) Valuation techniques and qualitative and quantitative information about key parameters of items subject to continuous and non-continuous level 2 fair value measurement None. (IV) Valuation techniques and qualitative and quantitative information about key parameters of items subject to continuous and non-continuous level 3 fair value measurement Investment in other 297,382,354.83 Notes to Financial Statement Page 222 equity instruments Discounted cash Comparison flow method | approach of listed Liquidity discount Long-term income growth Weighted average cost of Ending fair Range interval | | 27% | | --- | --- | --- | | Valuation technique Unobservable input values | 8.52%-10.77% Item | 0% | | companies rate capital (weighted average) | value | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (V) Information on adjustment between beginning book value and ending book value of items subject to continuous level 3 fair value measurement and sensitivity analysis of non-observable parameters (VI) Reasons for transfer and the policies applicable at the time of transfer for items subject to continuous fair value measurement and having transferred between levels in the current period None. (VII) Change of valuation techniques incurred in the current period and the reasons therefore For assets None. held at the end of the reporting period, | Transfer unrealized | | | | --- | --- | --- | | Transfer Ending balance of | | | | Recognized in other | from Ending balance gains or Item | | | to Level 3 Recognized in the previous period | | | | Sale Level 3 changes in Issuance Settlement Purchase | comprehensive | Notes to Financial Statement Page223 | | profit or loss the current | | | income | Investment | period | | --- | --- | | in other included in | | | 3,772,822.37 | 253,528,231.18 297,382,354.83 40,081,301.28 | | equity profit or | | | instruments Profit or loss in the current period | loss Purchase, issuance, sale and settlement | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (VIII) Fair value of financial assets and liabilities not measured at fair value None. Notes to Financial Statement Page224 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) XII. Related parties and related party transactions (I) Parent company Unit: 10,000.00RMB The ultimate controller of the Company is the State-owned Assets Supervision and Administration Commission of the State Council. (II) Subsidiaries of the Company For detailed information about subsidiaries of the Company, see “VIII. Equity in other entities”. (III) Joint ventures and associates of the Company For detailed information about subsidiaries of the Company, see “VIII. Equity in other entities”. Other joint ventures or associates with which the Company had related party transactions during the period or in prior periods that resulted in balances are as follows: | Shareholding Voting right | | | Notes to Financial Statement Page | | 225 | | --- | --- | --- | --- | --- | --- | | percentage of percentage of | | | | | | | Registered the parent the parent Nature of | Place of | | | N | | | company in company in Name of parent company business | registration capital | | | | | | State Development & the Company the Company | | | | | | | 3,380,000.00 Investment | 51.32 51.32 Beijing | | | | | | Investment Corp., Ltd. Xuzhou Huarun Electric Power Co., Ltd. Associates SDIC Finance Co., Ltd. Associates Xiamen Haicang Thermal Energy Investment Co.,Ltd. Associates Jiangxi Ganneng Co., Ltd. Associates Lestari Listrik Pte. Ltd. Associates Inch Cape Offshore Limited Subsidiaries of joint ventures Tongshan Huarun Electric Power Co., Ltd. Associates Cloud Snurran AB Subsidiaries of joint ventures | Relationship with the Company (%) (%) | Name of joint ventures or associates | | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (IV) Other related parties Notes to Financial Statement Page 226 Shandong Special Equipment Inspection and Testing Group Co., Relationship between other related parties and Controlled subsidiary of parent company Name of other related parties GUOXIN International Investment Corporation Limited Other related relationship SDIC Transportation Holdings Co., Ltd. Wholly-owned subsidiary of parent company China Electronics Engineering Design Institute Co., Ltd. Wholly-owned subsidiary of parent company SDIC Mining Investment Co., Ltd. Wholly-owned subsidiary of parent company Zhongmin Energy Co., Ltd. Other related relationship SDIC Intelligent Technology Co., Ltd. Wholly-owned subsidiary of parent company SDIC Finance Lease Co., Ltd. Other related relationship SDIC Human Resource Service Co., Ltd. Wholly-owned subsidiary of parent company China SDIC high-tech Industry Investment Co., Ltd. Controlled subsidiary of parent company SDIC Health Industrial Investment Co., Ltd. Wholly-owned subsidiary of parent company China Investment Consulting Co. Ltd. Other related relationship Ltd. Beijing Yahua Real Estate Development Co., Ltd. Wholly-owned subsidiary of parent company Rongshi International Treasury Management Co., Ltd. Other related relationship SDIC Engineering Inspection and Testing Co., Ltd. Other related relationship SDIC Zhonglu Fruit Juice Co., Ltd. Controlled subsidiary of parent company SDIC Property Co., Ltd. Wholly-owned subsidiary of parent company SDIC International Trade Co., Ltd. Wholly-owned subsidiary of parent company Xiamen Fuyun Information Technology Co., Ltd. Other related relationship China National Investment and Guaranty Corporation Controlled subsidiary of parent company SDIC Asset Management Co., Ltd. Wholly-owned subsidiary of parent company SDIC Inspection and Testing Certification Co., Ltd. Wholly-owned subsidiary of parent company Zhongneng Integrated Intelligence Technology Co., Ltd. Other related relationship the Company Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (V) Related party transactions 1. Related party transactions of purchase/sale of goods and rendering/receiving of labour services (1) Information on purchase of commodities and receipt of services Notes to Financial Statement Page 227 Software purchase, commodity | Software purchase, equipment SDIC Health Industrial Investment | | | | | --- | --- | --- | --- | | SDIC Human Resource Service Co., Software purchase, technical SDIC Intelligence Technology Co., procurement, organizational | | 543,570.19 688,072.88 | | | procurement, lease, fee, service China Electronics Engineering Design Report preparation costs, SDIC Transportation Holdings Co., Beijing Yahua Real Estate Handing fees, labor service Xiamen Haicang Thermal Energy Beijing Guozhi Yunding Technology Technical service expense, Co., Ltd. Relationship between other related parties and Content of related party | Amount in the Amount in the 14,757,420.83 16,790,833.08 | 9,099,372.27 8,386,398.62 | | | Ltd. service fees, consulting fees Ltd Port operating expense Depreciation, rental costs SDIC Asset Management Co., Ltd. Steam transfer charge work funds, training fee | 255,409,250.19 243,778,343.18 11,060,517.60 13,282,226.10 10,563,414.48 12,266,632.63 | 3,125,142.83 1,173,392.80 9,391,118.98 1,813,424.53 Related parties 702,188.66 20,886.78 | Name of other related parties | | Jiangsu Tianhe Solar Power Development Co., Ltd. Other related relationship fee SDIC Finance Co. Ltd. Handing fees Development Co.,Ltd. fees, asset disposal services SDIC Property Co.,Ltd. Property costs Investment Co., Ltd. Asia Hydria Pte. Ltd. Other related relationship Co., Ltd. office equipment purchase Beijing Guozhi Yunding Technology Co., Ltd. Other related relationship Institute Co., Ltd. technical service expenses Ltd. previous period current period | | 6,264,791.69 1,974,907.01 6,297,228.65 transactions 837,937.96 | the Company | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (2) Information on sales of commodities and provision of services | | | | | | Notes to Financial Statement Page | 228 | | --- | --- | --- | --- | --- | --- | --- | | Entrusted | Content of | | | | | | | | Amount in the Amount in the | | | | | | | China SDIC High-tech Industry Rongshi International Treasury Financing arrangement fees, Electric sale, port Shandong Special Inspection Group Equipment purchase fees, Management management Cloud Snurran AB Acting as an agent Fortcloud (Xiamen) Security Info Management | related party Content of related party Amount in the Amount in the | 1,615,548.22 | | Related parties | | | | Inspection equipment services Service fees SDIC Transportation Holdings Co., Ltd. Jiangxi Ganneng Co.,Ltd. SDIC Human Resources Service Co., Ltd. Lestari Listrik Pte. Ltd. | previous period current period | 16,028,434.95 15,453,488.10 1,363,540.83 4,368,954.00 793,349.54 966,671.02 191,037.74 295,943.40 | 376,122.89 390,572.07 Related parties 77,502.00 2,830.19 6,132.08 | | | | | CDM transaction Investment Co., Ltd. SDIC Mining Investment Co., Ltd service for bidding Waste disposal Tech Co., Ltd. advisory service Management Co., Ltd. handing fees operating expense Co., Ltd. testing fees consulting service SDIC Mining Investment Co., Ltd. | previous period transactions current period | 23,234,622.65 transactions | 7,546.90 | | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 2. Related entrusted management/contracting and entrusting management/outsourcing The Company's Entrusted management/contracting: 3. Related lease The Company as the lessor: Pricing basis Notes to Financial Statement Page 229 Entrusting | Termination Name of Name of | for | | | | --- | --- | --- | --- | | revenue/contract Type of asset Start date of | | | | | entrusting entrusted entrusting | date of | | | | entrusted/cont entrusting/cont | ing revenue | | | | Inch Cape Red Rock revenue/cont party/contra party/contr Lease of rights to entrusting/c | | | | | Trusteeship of November 5, Negotiated recognized in the SDIC Transportation Holdings Co., | racted racting | | | | Beijing Guozhi Yunding Technology Office equipment Offshore Renewables State Development & Investment SDIC Intelligence Technology Co., Office equipment use maritime areas, Lease revenue recognized Lease income recognized ontracting ct issuer | Type of asset racting actor 19,625,260.03 / | 1,111,829.76 1,111,829.76 | | | other assets 2020 price House use right Ltd. current period | Name of the lessee | 779,816.51 779,816.51 | 28,073.39 4,954.13 | | Limited Limited Co., Ltd. use right Ltd. use right Land use right Corp., Ltd. in the previous period | revenue in the current period leased | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) The Company as the lessee: Rental | Variable Variable | | | | --- | --- | --- | | expenses Rental | | | | Type of lease lease | | | | expenses for Name of the for | | | | payments not payments not asset Interest Interest | | | | simplified Increased Increased simplified lessor | | Notes to Financial Statement Page230 | | included in included in expenses on expenses on leased | | | | Beijing right-of-use right-of-use short-term short-term Rents paid Rents paid | | | | lease liabilities lease liabilities the the | | | | Yahua Real Real SDIC leases and leases and assets assets | | | | measurement measurement assumed assumed | | | | Estate estate and Machine, Finance low-value 40,904.88 low-value 12,029,507.27 10,915,498.16 30,678.66 760,022.55 154,871.53 | | | | 29,799,340.57 22,223,451.25 369,592,924.33 104,792,422.39 of lease of lease | | | | Development furniture equipment Lease Co., asset leases asset | | | | liabilities liabilities | | | | Co., Ltd. Ltd. leases | Amount in the previous period Amount in the current period | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 4. Related guarantees The Company as the guarantor: Unit: 10,000.00 RMB Subsidiaries of the Company as Guarantors: Unit: 10,000.00 RMB The subsidiaries of the Company as guaranteed parties: | | | | Notes to Financial Statement Page | 231 | | --- | --- | --- | --- | --- | | Commenceme | Whether the Whether the Upon | | | | | Starting date of Expiry date for Commencement Whether the guarantee Expiry date for Amount of Guarantee Guarantee | | | | | | Benbrack Wind FarmLimited Newsky Energy (Bangkok) C&G Environmental Protection Upon completion of Upon completion of Upon completion of Guarantee amount completion of guarantee has guarantee has nt date of | 2022/10/01 Guaranteed parties Guarantors | No Guaranteed Party 145.14 | | | | Benbrack Wind FarmLimited Inch Cape Offshore Limited Inch Cape Offshore Limited expiration date date of guarantee 2034/08/09 2034/08/09 guarantee | amount 2021/08/09 2021/08/09 guarantee guarantee 2024-10-31 guarantee 2022-8-11 has been fulfilled 2024-7-3 29,680.16 5,889.86 1,881.43 | 6,123.69 8,273.58 No No No No No | | | | Pt North Sumatera Hydro Energy Afton Wind Farm Limited (Thailand) Company Limited SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. Company Limited Inch Cape Offshore Limited 2023-09-28 2022-11-22 performance guarantee 2034/05/01 2025-03-16 2028-04-30 been fulfilled | been fulfilled 2019/05/02 performance performance performance 2064-10-10 411,392.13 2023-2-15 2041-2-14 2016-5-11 48,430.56 2,269.13 | 48,000,000.00 30,000,000.00 No No No No No | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page 232 Commenceme | Expiry date for Whether the guarantee | | | | --- | --- | --- | | Guarantee amount nt date of | Guarantors | | | | guarantee has been fulfilled | | | SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. 2023-11-21 2023-12-01 2023-12-15 2024-02-06 2024-06-24 2023-11-22 2023-12-01 2023-12-27 2024-02-06 2023-11-23 2023-12-08 2024-01-05 2024-06-24 2023-10-30 2023-11-24 2023-12-12 2024-01-05 2023-11-24 2023-12-12 2024-01-05 2023-11-15 2023-11-21 2023-11-30 2023-12-12 2024-01-26 guarantee 2025-03-01 2025-06-30 2026-06-30 2024-12-31 2031-01-31 2025-03-31 2025-02-28 2027-07-31 2024-12-31 2025-03-31 2025-06-30 2026-12-31 2031-01-31 2028-04-30 2025-03-01 2025-06-30 2025-12-31 2025-03-16 2025-03-01 2025-12-31 2025-03-31 2025-03-01 2025-03-31 2025-03-01 2026-12-31 | 121,644,074.00 121,644,074.00 16,000,000.00 20,000,000.00 28,000,000.00 60,822,037.00 45,000,000.00 65,000,000.00 | 2,000,000.00 8,000,000.00 1,000,000.00 2,400,000.00 2,000,000.00 2,800,000.00 5,000,000.00 2,000,000.00 3,000,000.00 1,599,779.70 3,000,000.00 1,800,000.00 1,600,000.00 3,200,000.00 253,944.75 237,051.20 73,429.85 Yes Yes No No No No No No No No No No No No No No No No No No No No No No No | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page 233 Commenceme | Expiry date for Whether the guarantee | | | | --- | --- | --- | | Guarantee amount nt date of | Guarantors | | | | guarantee has been fulfilled | | | SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. 2024-08-06 2024-10-25 2024-11-11 2024-11-27 2024-12-02 2024-08-21 2024-10-25 2024-11-11 2024-11-28 2024-08-21 2024-10-31 2024-11-15 2024-12-02 2024-06-24 2024-09-05 2024-11-07 2024-11-22 2024-09-23 2024-11-07 2024-11-25 2024-07-09 2024-08-06 2024-10-08 2024-11-07 2024-11-25 guarantee 2028-04-30 2026-12-31 2026-03-31 2026-03-31 2028-07-31 2026-12-31 2025-03-31 2028-10-31 2026-03-31 2025-12-31 2026-03-31 2026-03-31 2028-01-31 2031-01-31 2027-12-31 2026-02-28 2026-03-31 2025-03-31 2026-02-28 2026-03-31 2027-01-31 2028-03-28 2026-07-25 2026-03-31 2030-06-30 | 133,671,760.00 196,156,651.00 80,000,000.00 33,417,940.00 49,039,163.00 | 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 1,000,000.00 2,800,000.00 3,000,000.00 6,400,000.00 2,000,000.00 1,000,000.00 100,000.00 100,000.00 129,999.90 680,325.95 147,378.80 649,999.94 616,696.50 575,421.65 308,811.35 633,033.85 No No No No No No No No No No No No No No No No No No No No No No No No No | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 5. Fund lending/borrowing of related parties Notes to Financial Statement Page 234 Commenceme | Expiry date for Whether the guarantee | | | | | --- | --- | --- | --- | | Rongshi International Treasury Guarantee amount nt date of | Lending/borrowing Guarantors | | | | Starting date 2023-03-16 2024-03-17 Return Due date Note | guarantee has been fulfilled | Related parties 187,691,552.61 | | | SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. Management Company Limited SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow 2023-12-01 2024-11-30 Return 2024-03-15 2025-03-15 2024-06-14 2025-06-14 2022-12-23 2025-12-23 2024-03-19 2025-03-19 2023-04-28 2026-04-28 2024-03-20 2025-03-20 2023-05-19 2026-04-28 2023-07-20 2026-07-20 2024-12-24 2039-05-20 2024-12-26 2024-12-09 2024-12-09 2024-12-09 2024-12-03 2024-12-17 2024-12-19 2024-12-04 2024-12-06 2024-12-20 guarantee 2026-03-31 2026-07-31 2026-03-01 2026-03-01 2026-06-30 2026-03-31 2026-03-31 2026-03-16 2026-02-28 2026-06-30 | 28,000,000.00 11,000,000.00 2,710,000.00 2,400,000.00 8,000,000.00 2,400,000.00 4,000,000.00 2,400,000.00 | amount 512,828.40 800,000.00 No No No No No No No No No No 300,000,000.00 100,000,000.00 100,000,000.00 100,000,000.00 50,000,000.00 12,000,000.00 14,000,000.00 | 9,000,000.00 8,412,500.00 131,792.00 | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page 235 Lending/borrowing Starting date Due date Note Related parties SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow 2021-12-22 2033-12-09 2024-09-06 2027-09-06 2024-12-24 2027-12-24 2024-10-15 2027-10-15 2024-04-26 2027-04-26 2024-09-10 2027-09-10 2022-05-30 2027-05-30 2022-12-26 2033-12-26 2024-08-12 2027-08-12 2024-09-12 2027-09-12 2022-09-28 2025-09-28 2024-12-20 2025-12-20 2022-06-24 2027-06-23 2024-08-13 2027-08-13 2024-10-15 2027-10-15 2022-07-27 2025-07-27 2024-02-04 2025-02-03 2022-09-16 2025-09-16 2024-08-14 2027-08-14 2024-10-16 2027-10-16 2022-12-08 2037-12-08 2024-06-20 2025-06-20 2024-08-23 2027-08-23 2024-12-23 2027-12-23 2022-12-26 2025-12-26 amount 1,400,000,000.00 200,000,000.00 120,000,000.00 100,000,000.00 300,000,000.00 250,000,000.00 550,000,000.00 43,000,000.00 50,000,000.00 28,024,811.10 12,000,000.00 37,000,000.00 52,107,228.11 9,000,000.00 5,000,000.00 6,000,000.00 8,000,000.00 5,000,000.00 5,500,000.00 9,000,000.00 8,000,000.00 8,000,000.00 6,587,500.00 2,000,000.00 8,000,000.00 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page 236 Lending/borrowing Starting date Due date Note Related parties SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Return Return Return Return Return 2023-04-17 2024-03-12 Return 2024-05-06 2027-05-06 2021-03-18 2024-03-12 Return 2023-06-26 2024-06-26 Return 2023-05-05 2024-03-12 Return 2024-06-17 2027-06-17 2021-05-07 2024-05-07 Return 2024-02-02 2041-09-13 2023-05-05 2024-05-05 Return 2024-07-10 2027-07-10 2021-07-28 2024-07-10 Return 2024-08-29 2041-09-13 2024-09-05 2041-09-30 2023-06-15 2024-06-17 Return 2024-08-14 2027-08-14 2022-05-06 2024-05-15 Return 2024-12-19 2041-09-13 2022-05-06 2024-11-15 2023-08-31 2024-08-14 2024-09-20 2027-09-20 2024-02-02 2041-09-30 2023-03-16 2024-03-12 2023-11-07 2024-11-06 2024-11-06 2027-11-06 2023-03-17 2024-03-17 amount 200,000,000.00 200,000,000.00 111,000,000.00 110,000,000.00 40,000,000.00 27,000,000.00 26,000,000.00 25,000,000.00 47,000,000.00 27,000,000.00 29,000,000.00 29,000,000.00 23,000,000.00 5,000,000.00 5,000,000.00 9,600,000.00 5,000,000.00 4,000,000.00 9,000,000.00 5,000,000.00 8,000,000.00 6,600,000.00 1,500,000.00 500,000.00 500,000.00 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page 237 Lending/borrowing Starting date Due date Note Related parties SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow 2024-12-19 2041-09-30 2024-03-14 2025-03-14 2024-05-28 2025-05-28 2024-07-12 2025-07-12 2022-12-15 2030-12-15 2024-06-17 2041-10-18 2024-06-17 2025-06-17 2024-11-22 2042-11-22 2023-12-20 2029-12-15 2024-11-15 2039-11-15 2024-07-08 2025-07-08 2024-12-04 2042-11-22 2024-02-06 2025-02-06 2024-11-15 2042-11-15 2023-11-17 2024-11-17 Return 2024-07-19 2025-07-19 2024-12-17 2042-11-22 2024-05-06 2025-05-06 2024-11-28 2042-11-28 2024-04-12 2025-04-12 2024-12-13 2039-12-13 2024-12-11 2041-09-30 2024-03-19 2025-03-19 2024-05-13 2025-05-13 2024-07-12 2025-07-12 amount 148,000,000.00 179,246,000.00 15,000,000.00 14,000,000.00 21,000,000.00 14,000,000.00 26,000,000.00 38,000,000.00 57,000,000.00 38,000,000.00 13,000,000.00 14,000,000.00 22,000,000.00 51,200,000.00 10,000,000.00 16,000,000.00 10,000,000.00 10,000,000.00 1,500,000.00 3,200,000.00 8,000,000.00 9,000,000.00 5,000,000.00 5,000,000.00 4,500,000.00 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page 238 Lending/borrowing Starting date Due date Note Related parties SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Financing Leasing Co., Ltd SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Return Return Return Return 2024-07-22 2041-12-21 2023-10-13 2024-10-14 Return 2024-12-17 2029-06-15 2024-10-18 2025-10-18 2024-08-27 2041-12-21 2023-11-17 2024-10-14 Return 2024-10-18 2025-10-18 2024-10-18 2025-10-18 2024-09-27 2041-12-21 2023-11-22 2024-10-14 Return 2024-10-18 2025-10-18 2024-12-27 2025-12-27 2024-12-11 2041-12-21 2023-12-15 2024-10-14 Return 2024-10-18 2025-10-18 2024-06-28 2033-11-20 2024-10-18 2025-10-18 2023-06-15 2024-06-17 2024-02-06 2024-10-14 2024-12-26 2044-12-26 2024-05-27 2025-05-27 2023-09-14 2024-09-14 2024-05-27 2024-10-14 2024-10-18 2025-10-18 2044-5-30 2024-5-30 amount 200,000,000.00 400,000,000.00 200,000,000.00 145,000,000.00 100,000,000.00 400,000,000.00 500,000,000.00 100,000,000.00 521,740,000.00 200,000,000.00 300,000,000.00 60,000,000.00 10,000,000.00 10,000,000.00 14,000,000.00 53,000,000.00 20,000,000.00 57,000,000.00 93,000,000.00 16,000,000.00 40,000,000.00 16,000,000.00 1,000,000.00 5,000,000.00 1,000,000.00 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page 239 | State Development & Investment Corp., State Development & Investment Corp., | Lending/borrowing | | | | --- | --- | --- | --- | | Starting date Borrow Borrow 2024-07-10 2039-06-29 2024-07-30 2039-07-18 | Due date Note | 1,000,000,000.00 1,500,000,000.00 Related parties | | | SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Return 2024-07-11 2025-07-11 Return 2024-11-29 2040-11-29 2024-12-12 2025-12-12 2023-12-26 2024-09-30 Return 2024-07-26 2025-07-25 2012-09-11 2030-09-10 2023-11-08 2024-11-08 Return 2023-11-03 2024-09-30 Return 2023-12-26 2024-09-30 Return 2024-05-28 2025-05-28 2024-07-17 2024-08-15 Return 2023-11-03 2024-09-30 Return 2024-01-30 2025-01-29 2024-10-31 2025-10-31 2023-11-06 2024-09-30 Return 2024-02-01 2025-01-31 2023-12-20 2024-09-30 2024-07-12 2025-07-11 2024-11-20 2025-11-20 2024-06-19 2025-06-19 2023-12-26 2024-09-30 2024-07-19 2025-07-18 2042-8-28 | 2024-8-28 | amount 1,500,000,000.00 100,000,000.00 | 50,000,000.00 25,850,160.10 29,450,000.00 25,000,000.00 23,920,000.00 60,000,000.00 95,680,000.00 15,000,000.00 70,000,000.00 89,000,000.00 10,000,000.00 20,000,000.00 6,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 8,000,000.00 4,500,000.00 9,000,000.00 9,000,000.00 1,656,847.00 | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page 240 | Rongshi International Treasury Rongshi International Treasury Rongshi International Treasury Rongshi International Treasury | Lending/borrowing | | | | --- | --- | --- | --- | | Starting date Borrow Borrow Borrow Borrow 2024-12-18 2026-09-10 2024-06-18 2026-09-10 2022-04-06 2025-04-07 2021-09-10 2026-09-10 | Due date Note | 1,437,680,000.00 3,140,611,960.00 Related parties | 79,072,400.00 79,072,400.00 | | SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. Management Company Limited SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. Management Company Limited SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. Management Company Limited SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. Management Company Limited SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow 2023-06-19 2026-06-19 2024-08-19 2025-08-19 2024-11-15 2025-11-14 2021-07-27 2036-05-20 Return 2024-09-20 2025-09-19 2024-08-28 2025-08-28 2024-11-28 2025-11-27 2023-03-16 2036-05-20 Return 2024-12-19 2025-12-18 2024-09-12 2025-09-12 2024-12-25 2025-12-25 2024-09-27 2025-09-27 2024-12-27 2025-12-27 2022-08-12 2032-08-11 2024-10-21 2025-10-21 2021-07-27 2036-05-20 2024-07-22 2025-07-22 2024-10-28 2025-10-28 2023-03-16 2036-05-20 2022-07-25 2032-07-24 | | amount | 10,000,000.00 20,000,000.00 15,000,000.00 20,000,000.00 20,000,000.00 92,700,000.00 15,000,000.00 47,000,000.00 10,300,000.00 1,000,000.00 1,000,000.00 4,100,000.00 8,000,000.00 1,000,000.00 4,000,000.00 1,872,200.00 1,000,000.00 1,533,000.00 142,600.00 108,500.00 | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page 241 Lending/borrowing Starting date Due date Note Related parties SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Return Return Return Return Return Return 2023-11-30 2026-11-30 2023-11-16 2024-11-16 Return 2023-04-07 2024-04-07 Return 2023-12-21 2024-12-21 Return 2023-12-19 2026-12-19 2024-05-24 2027-05-24 2023-06-26 2024-06-26 Return 2024-05-28 2025-05-28 2024-03-20 2027-03-19 2024-06-14 2027-06-14 2023-08-31 2024-08-31 Return 2024-07-16 2025-07-16 2024-11-27 2025-11-27 2024-06-20 2027-06-19 2024-01-25 2032-12-30 2023-09-01 2024-09-01 Return 2024-07-25 2025-07-25 2023-11-02 2024-11-02 2023-05-24 2024-05-24 2023-09-21 2024-11-16 2024-10-16 2025-10-16 2023-09-20 2026-09-20 2023-06-16 2024-06-16 2023-03-17 2024-03-17 2023-11-13 2024-11-13 amount 12,000,000.00 10,000,000.00 26,000,000.00 22,000,000.00 22,000,000.00 12,000,000.00 13,000,000.00 36,000,000.00 69,200,000.00 27,020,149.96 17,500,000.00 17,000,000.00 25,500,000.00 10,000,000.00 48,000,000.00 5,000,000.00 8,000,000.00 5,000,000.00 8,500,000.00 7,000,000.00 8,000,000.00 7,000,000.00 3,000,000.00 8,000,000.00 5,000,000.00 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page 242 Lending/borrowing Starting date Due date Note Related parties SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Return Return Return Return 2024-04-25 2027-04-25 2024-11-01 2027-11-01 2024-08-14 2027-08-14 2022-03-25 2037-03-24 2024-08-14 2027-08-14 2024-12-12 2027-12-12 2024-09-19 2027-09-19 2024-06-19 2027-06-18 2024-11-12 2027-11-12 2023-03-17 2024-03-17 Return 2023-03-17 2024-03-12 Return 2024-06-21 2025-06-21 2024-12-03 2025-12-03 2024-12-12 2027-12-12 2023-05-04 2024-05-04 Return 2023-08-31 2024-03-12 Return 2024-07-17 2025-07-17 2023-08-31 2024-08-15 2024-05-06 2027-05-06 2023-10-26 2024-10-26 2024-07-31 2025-07-31 2024-11-27 2025-11-27 2024-10-28 2027-10-28 2023-12-21 2024-12-21 2023-12-21 2024-10-22 amount 10,000,000.00 22,228,428.00 23,000,000.00 13,000,000.00 23,821,338.00 60,000,000.00 11,000,000.00 20,000,000.00 21,000,000.00 10,000,000.00 18,000,000.00 18,000,000.00 5,000,000.00 8,000,000.00 1,000,000.00 4,000,000.00 2,000,000.00 1,000,000.00 4,000,000.00 1,000,000.00 8,000,000.00 2,000,000.00 6,000,000.00 4,000,000.00 800,000.00 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page 243 Lending/borrowing Starting date Due date Note Related parties SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow 2024-07-10 2025-09-19 2024-07-10 2025-12-26 2024-12-24 2041-05-15 2024-02-06 2025-02-06 2024-07-10 2025-09-27 2024-02-06 2025-02-06 2023-03-30 2036-11-20 2024-03-13 2025-03-13 2024-07-10 2025-09-29 2024-04-28 2025-04-28 2024-02-22 2036-11-20 2024-03-29 2025-03-29 2024-05-22 2025-05-22 2024-07-10 2025-10-18 2024-05-28 2025-05-28 2022-10-13 2036-12-21 2024-04-16 2025-04-16 2023-03-24 2036-12-21 2024-07-10 2025-10-21 2024-12-12 2041-05-15 2024-04-29 2025-04-29 2024-07-10 2025-07-19 2024-07-10 2025-12-11 2024-12-19 2041-05-15 2023-03-30 2036-12-21 amount 16,000,000.00 17,000,000.00 13,000,000.00 25,589,473.68 13,000,000.00 18,000,000.00 43,000,000.00 18,105,405.40 1,000,000.00 9,000,000.00 2,000,000.00 1,000,000.00 1,000,000.00 3,000,000.00 1,968,421.05 5,000,000.00 9,000,000.00 3,000,000.00 9,483,783.77 2,000,000.00 6,897,297.30 3,000,000.00 1,000,000.00 1,000,000.00 8,000,000.00 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page 244 Lending/borrowing Starting date Due date Note Related parties SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Return 2024-07-25 2025-07-25 2024-03-26 2025-03-26 2024-05-29 2025-05-29 2024-12-19 2042-09-25 2024-08-26 2025-08-26 2024-03-29 2025-03-29 2024-06-12 2026-06-12 2024-12-19 2042-12-19 2024-12-30 2025-12-30 2024-04-08 2025-04-08 2024-06-18 2025-06-18 2024-12-26 2042-09-25 2023-02-16 2024-02-04 2024-01-16 2025-01-16 2024-04-17 2025-04-17 2024-09-25 2042-09-25 2024-12-26 2042-12-19 2024-10-25 2042-09-25 2024-02-20 2025-02-20 2024-04-26 2025-04-26 2024-01-26 2025-01-26 2024-06-14 2025-06-14 2024-03-15 2025-03-15 2024-05-09 2025-05-09 2024-11-27 2042-09-25 amount 120,000,000.00 18,000,000.00 45,000,000.00 10,000,000.00 25,000,000.00 26,000,000.00 21,000,000.00 58,000,000.00 14,000,000.00 59,500,000.00 15,000,000.00 27,000,000.00 8,000,000.00 5,000,000.00 4,500,000.00 1,000,000.00 8,000,000.00 6,000,000.00 7,000,000.00 4,000,000.00 9,000,000.00 3,000,000.00 9,000,000.00 2,000,000.00 5,000,000.00 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page 245 Lending/borrowing Starting date Due date Note Related parties SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Return Return Return Return Return 2023-03-13 2024-02-04 Return 2023-09-26 2024-08-14 Return 2023-02-16 2024-02-05 Return 2024-03-20 2025-03-20 2023-04-18 2024-02-20 Return 2023-10-31 2024-10-28 Return 2023-03-03 2024-03-01 Return 2024-04-15 2025-04-15 2023-04-18 2024-04-17 Return 2023-11-28 2024-11-28 Return 2023-08-29 2024-08-29 Return 2024-05-20 2025-05-20 2024-08-20 2025-08-20 2023-06-19 2024-06-19 Return 2023-12-19 2024-12-19 Return 2023-09-21 2024-09-21 Return 2024-06-20 2025-06-20 2023-11-29 2024-11-28 2023-08-14 2024-08-14 2024-03-27 2044-03-27 2024-07-15 2025-07-15 2023-03-09 2024-02-04 2023-08-22 2024-08-13 2024-01-29 2025-01-29 2023-12-14 2024-12-14 amount 370,000,000.00 416,483,278.85 180,000,000.00 140,000,000.00 100,000,000.00 96,000,000.00 20,000,000.00 84,000,000.00 87,000,000.00 56,000,000.00 28,000,000.00 47,000,000.00 50,000,000.00 75,000,000.00 91,500,000.00 29,000,000.00 17,000,000.00 6,000,000.00 9,000,000.00 1,000,000.00 2,000,000.00 2,000,000.00 5,000,000.00 5,000,000.00 2,000,000.00 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page 246 Lending/borrowing Starting date Due date Note Related parties SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Borrow Return Return Return Return 2024-09-19 2025-09-19 2023-05-18 2024-05-18 Return 2024-06-04 2025-06-04 2014-06-25 2024-11-20 Return 2024-09-20 2025-09-20 2023-11-16 2024-11-16 Return 2024-09-20 2025-09-20 2023-05-23 2026-05-26 Return 2024-10-23 2025-10-23 2023-11-16 2024-11-16 Return 2023-03-20 2024-03-20 Return 2023-05-23 2026-05-26 Return 2023-04-23 2024-07-17 2024-10-23 2025-10-23 2023-12-19 2024-12-19 Return 2023-05-19 2024-05-19 Return 2024-04-23 2025-04-23 2023-06-19 2024-06-19 2024-12-19 2025-12-19 2024-04-07 2025-04-07 2024-03-21 2024-04-23 2024-09-13 2025-09-13 2024-12-27 2025-12-27 2024-05-20 2025-05-20 2014-06-25 2024-05-20 amount 40,000,000.00 38,000,000.00 30,000,000.00 15,000,000.00 27,000,000.00 15,000,000.00 29,250,000.00 30,000,000.00 10,000,000.00 38,000,000.00 20,000,000.00 12,000,000.00 8,000,000.00 3,000,000.00 5,000,000.00 2,000,000.00 3,000,000.00 5,000,000.00 2,000,000.00 5,000,000.00 6,000,000.00 5,000,000.00 6,750,000.00 3,000,000.00 500,000.00 Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 6. Remuneration of key executives Unit: 10,000.00 RMB 7. Other related transactions Notes to Financial Statement Page 247 | Rongshi International Treasury Rongshi International Treasury Beijing Yahua Real Estate Development Rongshi International Treasury Management Rongshi International Treasury Management Rongshi International Treasury | Amount in the Lending/borrowing Amount in the | | | | | | | --- | --- | --- | --- | --- | --- | --- | | Interest expenses Interest expenses Interest revenue Starting date Borrow Borrow Borrow 2022-04-18 2025-04-18 2024-05-30 2025-05-30 2024-12-04 2025-06-12 | Due date Note 228,667,744.31 Features | 234,412,105.85 760,022.55 | 1,804,408,200.00 2,880.64 Related parties 453,825,000.00 580,896,000.00 154,871.53 10,015.82 Related party | | | | | Management Company Limited Remuneration of key executives SDIC Finance Co., Ltd. Interest revenue SDIC Financing Leasing Co., Ltd Interest expenses State Development & Investment Corp., Ltd. Interest expenses SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. Management Company Limited SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. Amount in the previous period Management Company Limited Co.,Ltd. Company Limited Company Limited SDIC Finance Co., Ltd. SDIC Finance Co., Ltd. Interest expenses Borrow 2023-09-20 2024-09-20 Return 2023-09-20 2024-09-20 Return 2023-09-20 2024-09-20 Return 2016-12-27 2030-11-15 Return 2024-09-20 2025-04-23 | current period Amount in the current period previous period 132,829,875.68 256,458,177.97 | 38,816,862.66 27,927,083.34 224,908,503.08 amount 94,579,313.18 52,392,822.84 | 47,000,000.00 30,000,000.00 56,000,000.00 2,996,776.36 2,000,000.00 | Item | 981.02 | 994.09 | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (VI) Receivables and payables by related parties 1. Receivables | | | | | Notes to Financial Statement Page | 248 | | --- | --- | --- | --- | --- | --- | | Rongshi International | Item Related parties | | | | | | Inch Cape Offshore Beijing Guozhi Yunding SDIC Transportation Advances to SDIC Intelligent Accounts SDIC Human Resources Treasury Management Beijing Guozhi Yunding SDIC Consulting Monetary Other Provision for Provision for | Amount in the Amount in the 37,471,465.58 | 4,156,590.15 | | | | | | Book balance Book balance 13,043.57 4,941.04 | 9,978,443.15 2,790,394.66 6,056,334.72 Features 156,320.75 948,168.83 575,663.76 20,000.00 14,400.00 5,400.00 | Related party | | | | SDIC Consulting Co.,Ltd. Interest revenue Lestari Listrik Pte. Ltd. receivable Service Co., Ltd. Technology Co., Ltd. Company Limited Limited Co.,Ltd. Fund receivables SDIC Finance Co., Ltd Technology Co., Ltd. Holdings Co., Ltd. suppliers Technology Co., Ltd. 10,072,035,357.52 9,014,189,023.58 bad debts | bad debts current period previous period | 184,970.39 Beginning balance Ending balance | 365.66 | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 2. Payables Notes to Financial Statement Page 249 | | Item Related parties | | | | | --- | --- | --- | --- | --- | | Shandong Special Equipment Inspection and Inch Cape Offshore | | | | | | Xiamen Fuyun Information Technology Co., Xiamen Haicang Thermal Energy Investment Rongshi International Treasury Management Long-term Short-term Provision for Provision for Book balance at the | | 2,501,836.41 | | | | Testing Group Co., Ltd. Beginning book balance 5,108,698.34 3,369,967,943.34 14,775,727.11 1,163,437,650.24 | Book balance Book balance 1,044,448,972.59 Item | 187,691,552.61 917,015.23 | 13,622.70 1,813,560.00 Related parties | 6,132.08 | | Limited SDIC Transportation Holdings Co., Ltd. Company Limited SDIC Finance Co., Ltd. borrowings receivables Cloud Snurran AB Lestari Listrik Pte. Ltd. SDIC Financing Leasing Co., Ltd Cloud Snurran AB Accounts payable Beijing Guozhi Yunding Technology Co., Ltd. Ltd. Co.,Ltd. SDIC Intelligence Technology Co., Ltd. SDIC Human Resource Service Co., Ltd. bad debts end of the period | bad debts 569,495.17 325,142,359.15 340,103,824.39 129,694,899.90 4,177,067,174.24 | 312,014,198.78 980.81 225,055.81 40,316,653.99 132,542.53 Beginning balance 292.54 6,315,372,541.05 2,480,910.07 1,159,231.12 Ending balance | 35,732,280.04 8,372.00 874,769.73 436,914.55 | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page 250 Non-current | Rongshi International Treasury Management Zhongneng Integrated Intelligence China Electronics Engineering Design China Electronics Engineering Design liabilities due China SDIC High tech Industry Investment Jiangsu Tianhe Solar Power Development Co., Rongshi International Treasury Management Long-term Long-term Rongshi International Treasury Management Shandong Special Equipment Inspection and Book balance at the | | | | | | --- | --- | --- | --- | --- | | Beginning book balance | 1,442,667,096.27 5,121,658,537.69 Item | 6,327,576,154.77 7,412,833.95 4,150,000.00 286,510.50 | 88,000.00 9,120.00 Related parties 286,510.50 | 64,416.00 3,465.00 | | Company Limited within one year Other payables Co., Ltd Ltd. SDIC Finance Co., Ltd. Company Limited Beijing Guozhi Yunding Technology Co., Ltd. SDIC Intelligence Technology Co., Ltd. payables borrowings Company Limited SDIC Consulting Co.,Ltd. Testing Group Co., Ltd. SDIC Finance Lease Co., Ltd SDIC Finance Co., Ltd State Development & Investment Corp., Ltd. Technology Co., Ltd. Institute Co.,Ltd. Institute Co.,Ltd. end of the period | 6,030,874,756.73 2,500,000,000.00 1,334,720,942.16 686,639,578.72 | 1,045,924,143.35 4,563,976,277.07 365,257,465.72 382,075.47 282,063.77 203,290.00 | 839,622.64 471,423.00 | 13,834.95 | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (VII) Centralized management of funds 1. Funds pooled by the Company to the Group Funds deposited directly into the finance company without being pooled into the Group's parent company's account Notes to Financial Statement Page 251 Among them: funds Items | restricted due to centralized Other non-current Beijing Yahua Real Estate Development Dividends provision for bad provision for bad Book balance at the | | | | | --- | --- | --- | --- | | Beginning book balance | Book balance Book balance | Item 12,892,561.80 | Related parties | | management of funds Jiangxi Ganneng Co.,Ltd. liabilities payable Co.,Ltd. SDIC Finance Lease Co., Ltd. CNIC Co.,Ltd. State Development & Investment Corp., Ltd. Asia Hydria Pte. Ltd. Monetary funds end of the period | 9,051,660,489.16 10,076,191,947.67 9,051,660,489.16 10,076,191,947.67 | debts debts 153,247,307.23 6,648,972.18 1,883,750.00 139,610,215.38 227,718,672.92 | Total 20,043,662.05 Beginning balance Ending balance | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) XIII. Commitments and Contingencies (I) Important commitments Unit: 10,000.00 RMB In addition to the above matters, the Group has no other commitments that should be disclosed as of December 31, 2024. C&G Notes to Financial Statement Page 252 Newsky Environmental Whether Xiamen Newsky | Protection Commencement Expiry date Other Energy Xiamen Newsky | Upon Upon Upon Upon the | | --- | --- | | Benbrack Inch Cape Other Inch Cape Energy Environmental Guarantee Guarantee Benbrack Guaranteed 2034/8/9 | 8,273.58 2021/8/9 No | | Red Rock Renewables Credit Pt North Inch Cape SDIC Power Holdings Credit (Bangkok) Energy Environmental SDIC Power Holdings Credit (Thailand) SDIC Power Holdings Credit guarantee completion completion completion completion guarantee 2034/8/9 | 6,123.69 2021/8/9 for No date of Guarantor | | Wind Farm Technology Co., Ltd. Wind Farm SDIC Power Holdings Credit SDIC Power Holdings Credit Offshore guarantee Offshore 29,680.16 amount method | 5,889.86 1,881.43 2024/10/31 2022/10/1 2022/8/11 2024/7/3 145.14 party No No No No | | Limited guarantee Red Rock Renewables Afton Wind Pledges Co., Ltd. guarantee Company Technology Co., Ltd. Co., Ltd. guarantee Company Co., Ltd. guarantee Sumatera 411,392.13 Offshore 2064/10/10 guarantee 2041/2/14 has been | 2,269.13 guarantee 2016/5/11 2023/2/15 of of of of No No | | Limited Co., Ltd. guarantee Co., Ltd. guarantee Limited Limited Limited 48,430.56 2034/5/1 | 2019/5/2 No | | performance Limited performance Hydro Energy Limited performance Limited Farm Limited guarantee Limited performance | fulfilled | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (II) Contingencies None. XIV. Post balance sheet events (I) Important non-adjusting events Note: For details, please refer to the Announcement of SIDC Power Holding Co., Ltd. on the Results of the 2024 Issuance of A share to the Specific Object - National Council for Social Security Fund and Changes in Share Capital. (II) Profit distribution Note: The proposed profit distribution for the year 2024 as considered and approved at the 42nd meeting of the 12th session of the Board of Directors of the Group: the Board of Directors of the Company proposed to distribute a cash dividend of 0.4565 yuan (including tax) per share on the basis of the total share capital of 8,004,494,262 shares as of March 31, 2025, totaling a cash dividend of 3,654,051,630.60 yuan for the year 2024, which represents approximately 55% of the net profit attributable to the shareholders of the listed company of that year, and the resolution is subject to the approval of the general meeting. (III) Notes on other events after the balance sheet date None. The Company issued 550,314,465 A XV. Notes to major items of parent company’s financial statements shares to the specific object — National Council for Social Security Notes to Financial Statement Page 253 Fund and completed the registration Stock issuance 0.00 and custody procedures at the | Shanghai Branch of China Securities | Impact on financial The reason for the | | | | | --- | --- | --- | --- | --- | | Depository and Clearing Co., Ltd. on influence number cannot position and operating | Item | | Content | | | Profit or dividend to be distributed March 4, 2025. | | be estimated results | | 3,654,051,630.60 | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (I) Other receivables 1. Dividends receivable (1) List of dividends receivable Notes to Financial Statement Page 254 | Guyuan Guanghui New Energy Power Ningxiang Gushanfeng New Energy Jiangsu Tiansai New Energy Development Co., | | | | | | | --- | --- | --- | --- | --- | --- | | | | | | 20,457,001.68 55,239,955.15 55,239,955.15 4,572,973.85 | | | Generation Co., Ltd. Zhangjiakou Jinko New Energy Co., Ltd. Hengfeng Jinko Electric Power Co., Ltd. SDIC (Ordos City) New Energy Co., Ltd. Interests receivable Development Co., Ltd. SDIC New Energy (Honghe) Co., Ltd. Dividends receivable SDIC Hebei New Energy Co., Ltd. Ltd. Other receivables SDIC Gansu Xiaosanxia Power Co., Ltd. Xiangshui Hengneng Solar Power Co., Ltd. Less: provision for bad debts Xiangshui Yongneng Solar Power Co., Ltd. | Beginning balance | Ending balance Beginning balance Ending balance | Item (or the investee) 319,722,449.37 233,889,453.05 553,611,902.42 505,016,209.59 254,075,994.10 250,940,215.49 | 254,075,994.10 319,722,449.37 254,075,994.10 319,722,449.37 105,006,423.07 Subtotal 14,770,359.28 10,927,339.64 59,840,749.61 59,840,749.61 23,156,303.68 35,776,856.05 13,530,676.41 53,530,676.41 25,177,305.49 35,177,305.49 Total 1,553,812.90 | Total Item | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (1)Significant dividends receivable with aging over 1 year 2. Other receivables (1) Disclosure by aging Notes to Financial Statement Page 255 Jiangsu Tiansai 1 - 2 years: | Hengfeng Jinko Xiangshui Whether impairment New Energy Zhangjiakou Xiangshui | | | | | | --- | --- | --- | --- | --- | | 25,539,955.15; 2 - 3 Item (or the | Reason for 55,239,955.15 Unpaid | No | | | | Hengneng Solar Development Co., Jinko New Energy Electric Power Yongneng Solar Ending balance | occurs and its 1 - 2 years 1 - 2 years 1 - 2 years 1 - 2 years 13,530,676.41 59,840,749.61 25,177,305.49 Aging 9,427,339.64 Unpaid Unpaid Unpaid Unpaid | No No No No | | | | yers: 29,700,000.00 | investee) non-recovery | | | | | 3 to 4 years Including: Sub-items within 1 year Co., Ltd. Power Co., Ltd. Subtotal (within 1 year) 1 to 2 years Within 1 year 2 to 3 years Ltd. Co., Ltd. Power Co., Ltd. judgment basis | 163,216,026.30 Beginning balance Total Ending balance | 1 to 6 months 7 to 12 months | 140,230,800.00 140,084,800.00 28,938,274.77 14,117,669.59 32,230,114.77 14,744,122.03 32,230,114.77 14,744,122.03 | 3,291,840.00 626,452.44 129,724.59 646,415.39 63,500.00 Aging | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (2) Provision for bad debts | | | | | Notes to Financial Statement Page | 256 | | --- | --- | --- | --- | --- | --- | | Expected credit Expected credit | | | | | | | Expected credit loss for the whole loss for the whole Provision for bad debts | Total | | | | | | loss in the next duration (credit duration (no | | | | | | | Balance as at December 31, Balance as of January 1, 2024 -- Be transferred back to Stage Verification in the current 12 months impairment | credit | | | | | | | 328,451.98 328,451.98 | | | | | | 2024 Less: provision for bad debts -- Be transferred to Stage III -- Be transferred back to Stage I Provision in the current period period Reversal in the current period 4 to 5 years Write-off in the current period Other changes Over 5 years in the current period II Balance as of January 1, 2024 -- Be transferred to Stage II impairment) | occurred) Stage I Stage II Stage III Beginning balance 306,134.49 Ending balance 306,134.49 22,317.49 22,317.49 | 250,940,215.49 233,889,453.05 251,268,667.47 234,195,587.54 34,459,707.96 78,760,528.11 44,114,542.16 | 328,451.98 306,134.49 Subtotal Aging Total | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (3) Provision for bad debts made, reversed or recovered during the period (4) Classification as per nature (5) Other receivables with top five ending balances collected as per the borrowers | | | | | | | Notes to Financial Statement Page | 257 | | --- | --- | --- | --- | --- | --- | --- | --- | | Other receivables | Ending | | | | | | | | Proportion in the Beginning | Ending | | | | | | | | with provision for balance of Accounts | Category | | | | | | | | | Accounts total ending balance balance | | | | | | | | People’s Finance Bureau expected credit Company name recovered or provision | Aging 306,134.49 Ending balance 22,317.49 328,451.98 Other Nature | | | | | | | | written off or balance of other Provision | | | | | | | | | of Quanzhou Performance bond loss on a single Government of Performance bond transferred 2 - 3 years 2 - 3 years | 117,645.70 changes for bad 65,358.72 | 90,000,000.00 50,000,000.00 | 35.82 19.90 | | | | | | receivables (%) | cancelled | | | | | | | | County Reserve fund Anren County Transaction payments Others Deposit Security deposit basis | 306,134.49 22,317.49 328,451.98 debts back Total | Nature of amount Beginning balance | Ending balance Amount changed in the current period Total | 251,268,667.47 234,195,587.54 174,005,000.00 173,460,000.00 47,760,528.11 47,574,250.12 28,487,984.77 11,227,424.59 | 1,344,697.44 811,364.59 203,790.00 589,215.39 | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (II) Long-term equity investment Notes to Financial Statement Page 258 Investment Ending Proportion in the | in balance of | | | | | | --- | --- | --- | --- | --- | | | Item total ending | | | | | Finance Bureau Redrock PT North People’s Investment associates Company name Provision Provision provision | 4,542,426,258.69 4,542,426,258.69 4,723,408,110.71 4,723,408,110.71 Aging Ending balance Nature | | | | | balance of other Within 1 | | | | | | Sumatera Hydro Government of Performance bond Energy Bureau Performance bond Advance payments Over 5 years of Quanzhou Investment Co., Security deposit and joint in 2 - 3 years 2 - 3 years 45,796,204,189.83 45,796,204,189.83 49,945,533,464.11 49,945,533,464.11 | 117,645.70 Book balance Book balance for bad 37,215.24 65,358.72 62,431.35 Book value Book value for for | 28,469,984.77 50,000,000.00 90,000,000.00 47,760,528.11 | 11.33 19.90 35.82 19.01 | | | Over 5 years Performance bond receivables (%) | 39,215.23 year | 30,000,000.00 | 11.94 | | | Anren County of Hangjinqi County Ltd. Energy ventures subsidiaries impairment impairment 54,487,959,722.80 54,487,959,722.80 50,519,612,300.54 50,519,612,300.54 | 321,866.24 Total debts Total | 246,230,512.88 | 98.00 | Beginning balance Ending balance | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 1. Investment in subsidiaries Notes to Financial Statement Page259 | Provision Ending balance of | | | | | --- | --- | --- | --- | | Impairment provision | Beginning | | | | Ending balance | provision for for | Investee | | | Prior year-end balance Decrease in Increase in | balance | | | | Xiamen Huaxia International impairment | Others impairment | | | | SDIC New Energy investments investments | | | | | Power Development Co., SDIC Panjiang Electric Yalong River Hydropower Tianjin SDIC Jinneng SDIC Yunnan Dachaoshan SDIC Qinzhou Electric 2,171,255,773.92 374,049,130.16 662,562,474.52 for the | 2,545,304,904.08 662,562,474.52 | | | | Investment Co., Ltd. 25,103,077,741.92 1,404,000,000.00 2,389,990,905.46 2,716,163,606.65 1,353,960,836.59 283,794,500.00 | 26,507,077,741.92 2,389,990,905.46 2,716,163,606.65 1,353,960,836.59 283,794,500.00 | | | | Electric Power Co.,Ltd. Hydropower Co., Ltd. Ltd. Power Co., Ltd. Power Co., Ltd. Development Co., Ltd. period | | | Changes during the period | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page260 | Provision Ending balance of | | | | | | --- | --- | --- | --- | --- | | Impairment provision | Beginning | | | | | Ending balance | provision for for | Investee | | | | Prior year-end balance Decrease in Increase in | balance | | | | | Boying Energy Co., Ltd., impairment SDIC Kingrock Overseas | Others impairment | | | | | Jaderock Investment investments investments | | | | | | Aksai Kazakh Autonomous Investment Management SDIC New Energy (Honghe) SDIC Gansu Power Sales SDIC Genting Meizhouwan SDIC Gansu Xiaosanxia 2,275,000.00 for the | 50,000,000.00 2,275,000.00 | 50,000,000.00 | 4.60 | 4.60 | | Singapore Pte Ltd 1,637,490,000.00 539,678,000.00 657,470,034.43 | 71,500,000.00 1,637,490,000.00 539,678,000.00 657,470,034.43 | 71,500,000.00 | | | | Co., Ltd. Co., Ltd. Redrock Investment Limited Electric Power Co., Ltd. Power Co., Ltd. County Co., Ltd 1,358,786,331.45 period | 1,358,786,331.45 | | | Changes during the period | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page261 | Provision Ending balance of | | | | | --- | --- | --- | --- | | Impairment provision | Beginning | | | | Ending balance | provision for for | Investee | | | Prior year-end balance Decrease in Increase in | balance | | | | impairment Xiamen Newsky Energy | Others impairment | | | | Dingbian Angli Photovoltaic investments investments | | | | | Xiangshui Hengneng Solar Huzhou Xianghui Environmental Technology SDIC Jiangsu New Energy Tokson County Tianhe Solar SDIC Huanneng Electric SDIC (Erdos City) New 768,465,144.12 for the 155,580,000.00 | 768,465,144.12 155,580,000.00 | | | | Technology Co., Ltd. 446,732,488.20 438,000,000.00 533,000,000.00 93,000,000.00 200,000,000.00 177,000,000.00 | 20,000,000.00 446,732,488.20 438,000,000.00 626,000,000.00 200,000,000.00 177,000,000.00 | 20,000,000.00 | | | Co., Ltd. Energy Co., Ltd. Power Co., Ltd. Power Co.,Ltd. Energy Co., Ltd. Photovoltaic Power Co., Ltd. Co., Ltd. period | | | Changes during the period | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page262 | Provision Ending balance of | | | | | --- | --- | --- | --- | | Impairment provision | Beginning | | | | Ending balance | provision for for | Investee | | | Prior year-end balance Decrease in Increase in | balance | | | | impairment Jingbian Zhiguang New | Others impairment | | | | investments investments | | | | | Guyuan Guanghui New Yancheng Zhihui Energy Fuxin Jingbu Solar Power Shenyang Jingbu Energy Development Co., Hengfeng Jinko Electric Xiangshui Yongneng Solar Zhangjiakou Jinko New for the | 82,000,000.00 | 82,000,000.00 | | | -125,500,000.00 125,500,000.00 125,500,000.00 158,400,000.00 100,000,000.00 | 16,200,000.00 40,000,000.00 63,000,000.00 158,400,000.00 100,000,000.00 125,500,000.00 | 16,200,000.00 40,000,000.00 63,000,000.00 | | | Power Co., Ltd. Photovoltaic Power Co., Ltd. Ltd. SDIC New Energy Co., Ltd. Power Co., Ltd. Power Co., Ltd. Energy Co., Ltd. Energy Power Co., Ltd. Co., Ltd. period | 20,000,000.00 | 20,000,000.00 | Changes during the period | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page263 | Provision Ending balance of | | | | | --- | --- | --- | --- | | Impairment provision | Beginning | | | | Ending balance | provision for for | Investee | | | SDIC Jineng (Zhoushan) Prior year-end balance Decrease in Increase in | balance | | | | impairment | Others impairment | | | | Gas Power Generation Co., investments 124,950,000.00 investments 127,500,000.00 | 252,450,000.00 | | | | Jiangsu Tiansai New Energy SDIC (Hainan) New Energy Changzhou Tiansui New SDIC Jiuquan New Energy SDIC Tibet New Energy Hainan Dongfang Gaopai SDIC Qinzhou Second for the | | | | | Ltd. 279,000,000.00 124,000,000.00 10,760,000.00 127,800,000.00 900,000,000.00 150,905,682.40 | 44,780,000.00 40,525,809.69 1,179,000,000.00 5,000,000.00 134,760,000.00 127,800,000.00 150,905,682.40 | 44,780,000.00 40,525,809.69 5,000,000.00 | | | Co., Ltd. Co., Ltd. Co., Ltd. Wind Power Co., Ltd. Electric Power Co., Ltd. Development Co., Ltd. Energy Co., Ltd. period | | | Changes during the period | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page264 | Provision Ending balance of | | | | | --- | --- | --- | --- | | Impairment provision | Beginning | | | | Ending balance | provision for for | Investee | | | Prior year-end balance Decrease in Increase in | balance | | | | impairment | Others impairment | | | | investments investments | | | | | Yuanjiang Qianrun New Pingyang Aoqi New Energy Tianjin Baodi Huifeng New Yunxian Qianrun New Ceheng Huifeng New Guiding Guoneng New SDIC Guizhou New Energy Pingtang Leyang New Huaning Qianrun New for the | | | | | 120,000,000.00 445,560,000.00 100,000,000.00 18,500,000.00 228,100,000.00 28,000,000.00 25,500,000.00 186,000,000.00 36,700,000.00 66,300,000.00 | 12,000,000.00 21,500,000.00 15,000,000.00 40,000,000.00 19,890,000.00 445,560,000.00 220,000,000.00 256,100,000.00 222,700,000.00 | 12,000,000.00 40,000,000.00 15,000,000.00 65,500,000.00 86,190,000.00 | | | Co., Ltd. Energy Co., Ltd. Energy Co., Ltd. Energy Co., Ltd. Co., Ltd. Energy Co., Ltd. Energy Co., Ltd. Energy Co., Ltd. Energy Co., Ltd. period | | | Changes during the period | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page265 | Provision Ending balance of | | | | | --- | --- | --- | --- | | Impairment provision | Beginning | | | | Ending balance | provision for for | Investee | | | Prior year-end balance Decrease in Increase in | balance | | | | impairment SDIC (Guangdong) Offshore | Others impairment | | | | SDIC Guangxi New Energy investments investments | | | | | SDIC (Hunan Anren) Wind Power Development Quanzhou Yuansheng New SDIC Shiyan New Energy SDIC Xinjiang New Energy SDIC Shanxi Hejin Pumped SDIC Jilin Dunhua Pumped for the | 30,000,000.00 25,500,000.00 | 30,000,000.00 25,500,000.00 | | | Development Co., Ltd. 125,000,000.00 194,740,000.00 722,000,000.00 | 20,450,000.00 50,000,000.00 89,800,000.00 65,000,000.00 8,000,000.00 125,000,000.00 916,740,000.00 | 20,450,000.00 50,000,000.00 89,800,000.00 73,000,000.00 | | | Energy Co., Ltd. Co., Ltd. Co., Ltd. Storage Co., Ltd. Storage Co., Ltd. Pumped Storage Co., Ltd. Co., Ltd. period | | | Changes during the period | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page266 | Provision Ending balance of | | | | | --- | --- | --- | --- | | Impairment provision | Beginning | | | | Ending balance | provision for for | Investee | | | Prior year-end balance Decrease in Increase in | balance | | | | Kunming Dongchuan impairment SDIC Inner Mongolia New | Others impairment | | | | investments investments | | | | | Pubei Yuansheng New Qianrun New Energy Co., Tianjin Binhai Guoli New Shangyi Ruida New Energy SDIC Shanxi New Energy Energy Development Co., SDIC Yunnan New Energy SDIC Hebei New Energy for the | 48,450,000.00 2,730,000.00 10,000,000.00 | 51,180,000.00 10,000,000.00 | | | 97,950,000.00 36,000,000.00 | 45,500,000.00 20,000,000.00 10,000,000.00 7,000,000.00 6,375,000.00 8,000,000.00 143,450,000.00 | 43,000,000.00 20,000,000.00 10,000,000.00 6,375,000.00 8,000,000.00 | | | Co., Ltd. Co., Ltd Ltd. Energy Co., Ltd Technology Co., Ltd. Co., Ltd. Ltd. Energy Co., Ltd. period | | | Changes during the period | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page267 | Provision Ending balance of | | | | | --- | --- | --- | --- | | Impairment provision | Beginning | | | | Ending balance | provision for for | Investee | | | Prior year-end balance Decrease in Increase in | balance | | | | impairment SDIC Genting Meizhouwan Ningxiang Gushanfeng New | Others impairment | | | | investments investments | | | | | SDIC Tibet Renbu New Yangquan Guoli New (Putian) New Energy Co., Zhangjiakou Kaitou New Energy Development Co., SDIC Zhejiang New Energy Yuxi Qianrun New Energy Pubei Yuanli New Energy for the 30,500,000.00 179,700,000.00 | 179,700,000.00 | 30,500,000.00 | | | 44,050,000.00 60,000,000.00 | 94,000,000.00 20,000,000.00 10,000,000.00 90,700,000.00 2,800,000.00 35,950,000.00 | 94,000,000.00 20,000,000.00 10,000,000.00 93,500,000.00 80,000,000.00 60,000,000.00 | | | Ltd. Energy Co., Ltd. Co., Ltd. Co., Ltd. Co., Ltd. Energy Co., Ltd. Ltd. Energy Co., Ltd. period | | | Changes during the period | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) Notes to Financial Statement Page268 | Provision Ending balance of | | | | | --- | --- | --- | --- | | Impairment provision | Beginning | | | | Ending balance | provision for for | Investee | | | Prior year-end balance Decrease in Increase in | balance | | | | impairment | Others impairment | | | | investments investments | | | | | SDIC (Fujian) New Energy SDIC (Shandong) New Shilin Qianrun New Energy SDIC Meizhouwan (Putian) Zhangjiakou Fufeng New Fuzhou Changle Guomin SDIC Tibet Nyima New SDIC (Guangdong) New for the | | | | | 30,000,000.00 46,210,000.00 40,000,000.00 20,400,000.00 20,000,000.00 24,000,000.00 20,000,000.00 | 45,800,000.00 | 30,000,000.00 46,210,000.00 40,000,000.00 20,400,000.00 45,800,000.00 20,000,000.00 24,000,000.00 20,000,000.00 | | | 45,796,204,189.83 4,151,604,274.28 Co., Ltd Power Co., Ltd Energy Co., Ltd New Energy Co. Energy Co., Ltd. Energy Co., Ltd. Co., Ltd. Energy Co., Ltd. 2,275,000.00 period | 49,945,533,464.11 | Total | Changes during the period | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) 2. Investment in associates and joint ventures | Beginning Ending | | | Notes to Financial Statement Page269 | | --- | --- | --- | --- | | Profit or loss balance of balance of | Beginning Cash | | | | Ending balance | Investee Other | | | | on investments Jiangyin Ligang impairment dividends and impairment Provision | Other balance | | | | comprehensive Additional Reduced | | | | | Jiangsu Ligang Xuzhou Huarun Others for accrued Tongshan Power changes in provision provision recognized | profits | | | | 339,720,029.59 investment 36,803,844.43 investment 302,916,185.16 | income | | | | impairment Jiangxi Ganneng Huarun Electric Generation Co., 244,080,053.02 Electric Power Electric Power 1,555,352.26 99,073,873.48 63,949,990.99 declared to -1,564,966.69 -729,303.07 489,855,608.24 525,984,642.99 245,645,019.71 under the 4,765,179.03 | equity 93,842,081.60 97,324,157.56 -550,200.00 -553,800.00 | | | | Hanlan 2,110,191,096.16 268,665,784.36 2,334,959,112.55 4,171,295.54 48,942,376.70 adjustments | 873,313.19 | | | | Co., Ltd. Co., Ltd. Co., Ltd. Power Co., Ltd. 1. Associates Ltd. 1,396,518,708.23 1,500,427,161.85 equity method 31,686,971.04 429,401.56 | 448,205.65 pay | Increase/decrease in the current period | | Environment Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) | Beginning Ending | | Notes to Financial Statement Page270 | | --- | --- | --- | | Profit or loss balance of balance of Beginning | Cash | | | Ending balance | Investee Other | | | on investments Jiangxi Enpu impairment dividends and impairment Provision | Other balance | | | comprehensive Additional Reduced | | | | Energy CPC Green Capstone Energy Others for accrued Liaoning Dalian changes in provision provision recognized | profits | | | investment investment | income -15,436.22 554,152.39 569,588.61 | | | Energy (Hainan) (Yunnan) Co., impairment Pumped Storage Technology Co., declared to under the 15,839,823.00 15,147,489.44 equity 63,030,000.00 63,030,000.00 | -692,333.56 5,000,000.00 4,999,541.91 -458.09 | | adjustments 583,800,082.61 Co., Ltd. Co., Ltd. Ltd. Co., Ltd Ltd. 4,723,408,110.71 541,753,304.19 144,579,338.73 4,542,426,258.69 equity method 134,717,817.45 5,426,746.29 217,518.84 Total pay Increase/decrease in the current period Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) (III) Operating revenue and operating cost 1. Details of operating revenue and operating cost List of operating revenue: (IV) Investment income | | | | | | Notes to Financial Statement Page | 271 | | --- | --- | --- | --- | --- | --- | --- | | Investment income from long-term equity investments calculated by Dividend income during the holding period of other equity Investment income from long-term equity investments calculated by | Amount in the current Amount in the | Item | | | | | | | 3,460,538,700.38 440,240,380.87 | 4,737,316.07 4,159,365,182.73 541,753,304.19 | 4,376,351.86 | Item | | | | equity method instruments cost method Guarantee fee Investment income from disposal of long-term equity investments Others Other business | previous period 3,976,833,290.51 Revenue Revenue | Amount in the previous period Amount in the previous period 28,469,984.77 10,484,858.09 28,469,984.77 10,484,858.09 Amount in the current period Amount in the current period 29,000,000.00 42,316,893.19 Cost Cost Total Total 4,937,046,536.07 Item period 193,186,917.39 | 38,364,779.90 | Total 28,469,984.77 10,484,858.09 28,469,984.77 10,484,858.09 | | | Notes to the Financial Statements of SDIC Power Holdings Co., Ltd. From January 1, 2024 to December 31, 2024 (Monetary unit for the notes to these Financial Statements is RMB unless otherwise stated) XVI. Supplementary information ( 一) Breakdown of non-recurring profit or loss in the current period Notes to Financial Statement Page 272 Profit or loss from the change in fair value of financial asset and liability held by The cost of investments in subsidiaries, associates and joint ventures acquired by an Government subsidies included in the current profits and losses (exclusive of those non-financial enterprise and gain or loss from the disposal of financial asset and 2,708,575.20 Gains or losses arising from changes in the fair value of investment properties which are closely related with the enterprise business or government subsidies Occupancy fees charged to non-financial enterprises included in profit or loss for liability, except for the effective hedging business in relation to the normal business Reversal of provision for impairment of receivables individually tested for For cash-settled share-based payments, gains or losses arising from changes in the Profit and loss from the disposal of non-current assets, including the write-off with One-time recognition of share-based payment expenses due to the cancellation or Net current gain or loss of subsidiaries from the beginning of the period to the date One-time impact on current profit or loss due to adjustments in tax, accounting and enterprise is less than its share of the gain arising from the fair value of the One-time costs incurred by the enterprise due to the fact that the relevant operating 43,909,282.81 14,760,726.74 189,959,714.51 impairment fair value of employee compensation payable after the feasible date of entitlement Gains and losses on entrusted external loans provision for asset impairment modification of the share incentive plan Losses on assets due to force majeure factors, such as natural disasters of consolidation arising from a business combination under the same control other laws and regulations subsequently measured using the fair value model Gain or loss on exchange of non-monetary assets investee's identifiable net assets at the time of investment acquisition activities are no longer continuing, such as expenses for relocating employees Gains and losses on debt restructuring granted according to national standard fixed rate or quantity) the period Gains and losses on entrusted investment or asset management of the Company -62,069,792.26 Note Amount Item