Guangzhou Development bids on two pumped storage projects

Guangzhou Development Group Co., Ltd. is participating in the bidding for 50% equity in China Power Construction (Fumin) Pumped Storage Development Co., Ltd. with a transfer floor price of 53,228,400 yuan. Concurrently, its wholly-owned subsidiary, Guangzhou Development Power Group Co., Ltd., is bidding for 35% equity in China Power Construction (Lufeng) Pumped Storage Development Co., Ltd., with a transfer floor price of 53,253,500 yuan. Both transactions are publicly tendered through the Beijing Equity Exchange.

These bids align with the company's strategy to fulfill national "dual carbon" goals, construct a new power system, and expand its new energy business. The Fumin project, approved on December 29, 2023, is a 1.4 m kW pumped-storage project, while the Lufeng project, approved on February 8, 2024, is a 1.2 m kW project. Both are key "14th Five-Year Plan" initiatives in Yunnan Province.

In a separate development, the company announced the resignation of Wu Hong as board secretary, effective October 31, 2025. Jiang Yun has been appointed as the new board secretary, with her term effective until December 28, 2026.