五 粮 液: 2025年第三季度报告（英文版）

                                                                     Third Quarterly Report 2025 of Wuliangye Yibin Co., Ltd.
        Stock Code: 000858             Stock Name: Wuliangye                Announcement No.: 2025/ No. 031
                                     Wuliangye Yibin Co., Ltd.
                                  Third Quarterly Report 2025
     The Company and all members of its Board of Directors hereby guarantee that the information disclosed
herein are true, accurate and complete and free of any misrepresentations, misleading statements or material
omissions.
Important information:
Yibin Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee that the contents of this Report are
true, accurate and complete and free of any misrepresentations, misleading statements or material omissions,
and collectively and individually accept legal responsibility for such contents.
hereby guarantee that the financial statements carried in this Report are true, accurate and complete.
     □ Yes  No
I Key Financial Information
i. Key Accounting Data and Financial Indicators
     Indicate whether there is any retrospectively restated datum in the table below.
     □ Yes  No
                                   Q3 2025            YoY change (%)             Q1-Q3 2025             YoY change (%)
 Operating revenue (RMB)         8,174,336,700.05               -52.66%          60,945,321,083.57                 -10.26%
 Net profit attributable to
 the listed company’s            2,019,334,151.76               -65.62%          21,511,276,550.29                 -13.72%
 shareholders (RMB)
 Net profit attributable to
 the listed company’s
 shareholders before             2,015,318,996.60               -65.81%          21,494,962,886.91                 -13.44%
 exceptional gains and
 losses (RMB)
 Net cash generated
 from/used in operating              —                      —                    28,247,488,416.94                  -5.19%
 activities (RMB)
 Basic earnings per share
 (RMB/share)
 Diluted earnings per share
 (RMB/share)
 Weighted average return                                   Down by 2.97                                       Down by 2.96
 on equity (%)                                          percentage points                                  percentage points
                              September 30, 2025     December 31, 2024                        Change (%)
 Total assets (RMB)            181,073,423,202.77    188,252,218,704.17                                             -3.81%
 Equity attributable to the
 listed company’s              142,495,742,798.41    133,285,282,015.97                                              6.91%
 shareholders (RMB)
ii. Exceptional Gains and Losses
                                                                        Third Quarterly Report 2025 of Wuliangye Yibin Co., Ltd.
       Applicable □ Not applicable
                                                                                                                   Unit: RMB
                            Item                                     Q3 2025                  Q1-Q3 2025                Note
 Gain or loss on disposal of non-current assets (inclusive
                                                                        -6,725,119.22               1,988,503.74
 of impairment allowance write-offs)
 Government grants recognized in profit or loss
 (exclusive of those that are closely related to the
 Company's normal business operations and given in
 accordance with defined criteria and in compliance
 with government policies, and have a continuing
 impact on the Company's profit or loss)
 Capital occupation charges on non-financial enterprises
 that are recognized in profit or loss
 Non-operating income and expense other than the
                                                                        -2,709,116.38             -29,381,141.92
 above
 Less: Income tax effects                                                1,439,573.08               4,529,299.73
      Non-controlling interests effects (net of tax)                     5,708,113.31               4,640,691.80
 Total                                                                   4,015,155.16              16,313,663.38         --
      Particulars about other items that meet the definition of exceptional gain/loss:
      □ Applicable  Not applicable
      No such cases for the Reporting Period.
     Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Exceptional Gain/Loss Items:
      □ Applicable  Not applicable
      No such cases for the Reporting Period.
iii. Changes in Key Financial Statement Items and Reasons
       Applicable □ Not applicable
                                                                                                                         Main
                                                                                                                        reason
                  Item                             Q3 2025              Q3 2024                  Change (%)
                                                                                                                        for the
                                                                                                                        change
Operating revenue (RMB)                           8,174,336,700.05     17,267,553,533.60                      -52.66% Note 1
Net profit attributable to the listed
company’s shareholders (RMB)
Net profit attributable to the listed
company’s shareholders before                     2,015,318,996.60      5,893,768,253.73                      -65.81%
                                                                                                                         Note 2
exceptional gains and losses (RMB)
Basic earnings per share (RMB/share)                         0.520                1.513                       -65.63%
Diluted earnings per share (RMB/share)                       0.520                1.513                       -65.63%
      Note: “Q3 2025” refers to the three months ended September 30, 2025.
     Note 1: This is primarily because the Baijiu industry was in deep adjustment and effective demand did not
recover in an expected pace.
    Note 2: This is primarily driven by the decreased revenue and the increased inputs as a response to market
changes during Q3 2025.
II Shareholder Information
                                                                              Third Quarterly Report 2025 of Wuliangye Yibin Co., Ltd.
i. Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as well
as Holdings of Top 10 Shareholders
                                                                                                                            Unit: share
Number of ordinary shareholders at                                      Number of preference shareholders with resumed
the period-end                                                          voting rights at the period-end (if any)
                                     Top 10 shareholders (exclusive of shares lent in refinancing)
                                       Nature of                                                               Shares in pledge, marked
                                                     Shareholdin                               Restricted              or frozen
       Name of shareholder             sharehold                         Total shares held
                                                     g percentage                             shares held
                                           er                                                                      Status          Shares
                                         State-
Yibin Development Holding Group          owned
Co., Ltd.                              corporatio
                                           n
                                         State-
Sichuan Yibin Wuliangye Group            owned
Co., Ltd.                              corporatio
                                           n
                                       Overseas
Hong Kong Securities Clearing
                                       corporatio          2.85%               110,457,065
Company Limited
                                           n
China Securities Finance
                                         Other             2.38%                92,385,936
Corporation Limited
Bank of China Limited－China
Merchants China Securities Baijiu
                                         Other             1.39%                53,773,766
Index Classification Securities
Investment Fund
                                         State-
Central Huijin Asset Management          owned
Co., Ltd.                              corporatio
                                           n
Industrial and Commercial Bank of
China Limited -Huatai-PineBridge
CSI 300 Exchange-traded Open-            Other             0.85%                33,141,465
ended Index Securities Investment
Fund
Bank of China Limited－E Fund
Blue Chip Selected Mixed                 Other             0.74%                28,566,600
Securities Investment Fund
China Construction Bank
Corporation－E Fund CSI 300
Exchange-traded Open-ended Index         Other             0.62%                23,884,695
Promoter Securities Investment
Fund
China Construction Bank
Corporation－Penghua China
Securities Liquor Exchange-traded        Other             0.61%                23,737,440
Open-ended Index Securities
Investment Fund
         Top 10 unrestricted shareholders (exclusive of shares lent in refinancing and locked shares of senior management)
                                                                                                             Shares by class
       Name of shareholder                          Unrestricted shares held
                                                                                                     Class                     Shares
                                                                                Third Quarterly Report 2025 of Wuliangye Yibin Co., Ltd.
Yibin Development Holding Group                                                                  RMB-denominated
Co., Ltd.                                                                                         ordinary shares
Sichuan Yibin Wuliangye Group                                                                    RMB-denominated
Co., Ltd.                                                                                         ordinary shares
Hong Kong Securities Clearing                                                                    RMB-denominated
Company Limited                                                                                   ordinary shares
China Securities Finance                                                                         RMB-denominated
Corporation Limited                                                                               ordinary shares
Bank of China Limited－China
Merchants China Securities Baijiu                                                                RMB-denominated
Index Classification Securities                                                                   ordinary shares
Investment Fund
Central Huijin Asset Management                                                                  RMB-denominated
Co., Ltd.                                                                                         ordinary shares
Industrial and Commercial Bank of
China Limited -Huatai-PineBridge                                                                 RMB-denominated
CSI 300 Traded Open-ended Index                                                                   ordinary shares
Securities Investment Fund
Bank of China Limited－E Fund
                                                                                                 RMB-denominated
Blue Chip Selected Mixed                                                          28,566,600                                    28,566,600
                                                                                                  ordinary shares
Securities Investment Fund
China Construction Bank
Corporation－E Fund CSI 300                                                                       RMB-denominated
Traded Open-ended Index Promoter                                                                  ordinary shares
Securities Investment Fund
China Construction Bank
Corporation－Penghua China
                                                                                                 RMB-denominated
Securities Liquor Exchange-traded                                                 23,737,440                                    23,737,440
                                                                                                  ordinary shares
Open-ended Index Securities
Investment Fund
                                                                         Among the top 10 shareholders, Sichuan Yibin Wuliangye Group
                                                                         Co., Ltd. is a wholly-owned subsidiary of Yibin Development
Related or acting-in-concert parties among the shareholders
                                                                         Holding Group Co., Ltd. And the Company is not aware of any
above
                                                                         related or acting-in-concert parties among the other public
                                                                         shareholders.
Top 10 shareholders involved in securities margin trading (if any)       None
refinancing shares lending:
      □ Applicable  Not applicable
     Changes in top 10 shareholders and top 10 unrestricted public shareholders due to shares lent/returned in
refinancing compared with the prior period:
      □ Applicable  Not applicable
ii. Number of Preference Shareholders and Shareholdings of Top 10 of Them
      □ Applicable  Not applicable
III Other Significant Events
      □ Applicable  Not applicable
IV Quarterly Financial Statements
i. Financial Statements
Prepared by Wuliangye Yibin Co., Ltd.                                September 30, 2025                                   Unit: RMB
                                                             Third Quarterly Report 2025 of Wuliangye Yibin Co., Ltd.
                    Item                   September 30, 2025                           January 1, 2025
Current assets:
     Monetary assets                                   136,305,976,701.21                       127,398,915,484.11
     Settlement reserve
      Loans to other banks and financial
institutions
     Held-for-trading financial assets
     Derivative financial assets
     Notes receivable                                                                                10,297,383.00
     Accounts receivable                                    98,282,128.50                            37,346,561.95
     Receivables financing                               3,344,614,674.60                        19,566,397,992.11
     Prepayments                                          218,139,264.18                            144,877,853.45
     Premiums receivable
     Reinsurance receivables
     Receivable reinsurance contract
reserve
     Other receivables                                      72,405,486.74                            47,264,361.93
       Of which: Interest receivable
                    Dividends receivable
     Financial assets purchased under
resale agreements
     Inventories                                        17,540,752,483.71                        18,233,702,166.62
       Of which: Data resources
     Contract assets
     Assets held for sale
     Current portion of non-current
assets
     Other current assets                                 144,067,086.88                            344,496,042.69
Total current assets                                   157,724,237,825.82                       165,783,297,845.86
Non-current assets:
     Loans and advances to customers
     Debt investments
     Other debt investments
     Long-term receivables
     Long-term equity investments                        2,173,006,025.05                         2,081,612,703.43
     Other equity investments
     Other non-current financial assets                      1,200,000.00                              1,200,000.00
     Investment property
     Fixed assets                                        7,687,485,550.51                         7,264,740,683.62
     Construction in progress                            6,484,847,916.38                         5,795,172,321.07
     Productive living assets
     Oil and gas assets
     Right-of-use assets                                  490,464,355.20                            796,264,399.72
                                                        Third Quarterly Report 2025 of Wuliangye Yibin Co., Ltd.
     Intangible assets                              2,684,563,454.08                         2,671,286,519.55
        Of which: Data resources
     Development costs
        Of which: Data resources
     Goodwill                                           1,621,619.53                              1,621,619.53
     Long-term prepaid expense                       140,572,950.75                            141,764,604.11
     Deferred income tax assets                     3,196,298,448.85                         3,397,108,317.96
     Other non-current assets                        489,125,056.60                            318,149,689.32
Total non-current assets                           23,349,185,376.95                        22,468,920,858.31
Total assets                                      181,073,423,202.77                       188,252,218,704.17
Current liabilities:
     Short-term borrowings
     Borrowings from the central bank
     Loans from other banks and
financial institutions
     Held-for-trading financial liabilities
     Derivative financial liabilities
     Notes payable                                   736,518,894.64                            416,456,848.09
     Accounts payable                               8,679,053,511.82                         9,076,595,227.75
     Advances from customers                            8,948,411.36                              9,237,322.95
     Contract liabilities                           9,267,919,774.58                        11,689,880,975.04
      Financial assets sold under
repurchase agreements
      Customer deposits and deposits
from other banks and financial
institutions
      Payables for acting trading of
securities
      Payables for underwriting of
securities
     Employee benefits payable                      4,023,641,039.53                         4,574,708,782.13
     Taxes and levies payable                       1,556,311,785.78                         7,287,276,026.82
     Other payables                                 9,346,039,409.35                        16,507,125,170.07
        Of which: Interest payable
                   Dividends payable                3,770,700,637.80                         9,999,022,175.17
     Fees and commissions payable
     Reinsurance payables
      Liabilities directly associated with
assets held for sale
      Current portion of non-current
liabilities
     Other current liabilities                       385,754,602.64                          1,056,550,277.52
Total current liabilities                          34,373,163,809.18                        51,026,506,357.06
Non-current liabilities:
     Insurance contract reserve
     Long-term borrowings
                                                                              Third Quarterly Report 2025 of Wuliangye Yibin Co., Ltd.
      Bonds payable
         Of which: Preference shares
                      Perpetual bonds
      Lease liabilities                                                    129,249,122.67                            393,922,062.84
      Long-term payables
     Long-term employee benefits
 payable
      Provisions
      Deferred income                                                      249,633,760.00                            242,976,829.32
      Deferred income tax liabilities                                      120,890,303.81                            194,019,722.26
      Other non-current liabilities
 Total non-current liabilities                                             499,773,186.48                            830,918,614.42
 Total liabilities                                                       34,872,936,995.66                        51,857,424,971.48
 Owners’ equity:
      Share capital                                                       3,881,608,005.00                         3,881,608,005.00
      Other equity instruments
         Of which : Preference shares
                      Perpetual bonds
      Capital reserves                                                    2,682,647,086.15                         2,682,647,086.15
      Less: Treasury shares
      Other comprehensive income
      Specific reserve
      Surplus reserves                                                   39,064,267,000.43                        39,064,267,000.43
      General reserve
      Retained earnings                                                  96,867,220,706.83                        87,656,759,924.39
 Total equity attributable to owners of the
 parent company
      Non-controlling interests                                           3,704,743,408.70                         3,109,511,716.72
 Total owners’ equity                                                   146,200,486,207.11                       136,394,793,732.69
 Total liabilities and owners’ equity                                   181,073,423,202.77                       188,252,218,704.17
Legal representative: Zeng Congqin            Chief Financial Officer: Zhang Xin        Head of the accounting department: Liu Min
                                                                                                                        Unit: RMB
                                  Item                                              Q1-Q3 2025                   Q1-Q3 2024
 I Total revenues                                                                     60,945,321,083.57           67,915,580,112.25
   Of which: Operating revenue                                                        60,945,321,083.57           67,915,580,112.25
               Interest income
               Insurance premium income
               Fee and commission income
 II Total costs and expenses                                                          31,612,218,311.25           33,665,334,544.84
   Of which: Cost of sales                                                            15,281,724,786.58           15,580,442,572.51
               Interest costs
                                                                         Third Quarterly Report 2025 of Wuliangye Yibin Co., Ltd.
               Fee and commission costs
               Surrenders
               Net insurance claims paid
               Net amount provided as insurance policy reserve
               Expenditure on policy dividends
               Reinsurance premium expense
               Taxes and levies                                                   9,116,314,571.01            9,733,428,853.88
               Selling expense                                                    6,630,015,165.78            7,788,724,892.28
               Administrative expense                                             2,298,633,729.54            2,431,749,943.54
               R&D expense                                                          318,925,867.64              250,817,550.34
               Finance costs                                                     -2,033,395,809.30            -2,119,829,267.71
                 Of which: Interest expense                                          21,402,505.61               24,305,073.85
                            Interest income                                       2,057,066,902.39            2,152,610,740.32
     Add: Other income                                                               78,983,849.16              230,243,412.13
             Return on investment (“－” for loss)                                     51,393,321.62               21,877,331.70
               Of which: Share of profit or loss of joint ventures and
associates
                       Income from the derecognition of financial
assets at amortized cost
             Exchange gain (“－” for loss)
             Net gain on exposure hedges (“－” for loss)
             Gain on changes in fair value (“－” for loss)
             Credit impairment loss (“－” for loss)                                    -1,147,073.49               -2,190,011.01
             Asset impairment loss (“－” for loss)                                                                15,179,531.45
             Asset disposal income (“－” for loss)                                    12,464,939.03                -3,534,415.45
III Operating profit (“－” for loss)                                              29,474,797,808.64           34,511,821,416.23
     Add: Non-operating income                                                       37,926,665.12               28,601,160.05
     Less: Non-operating expense                                                     76,560,968.27               56,846,089.02
IV Gross profit (“－” for gross loss)                                             29,436,163,505.49           34,483,576,487.26
     Less: Income tax expense                                                     7,224,309,566.72            8,542,465,967.81
V Net profit (“－” for net loss)                                                  22,211,853,938.77           25,941,110,519.45
  i. By operating continuity
  ii. By ownership
company (“－” for net loss)                                                       21,511,276,550.29           24,930,782,556.55
net loss)
VI Other comprehensive income, net of tax
   Other comprehensive income, net of tax attributable to owners of
the parent company
     i. Other comprehensive income that will not be reclassified to
                                                                        Third Quarterly Report 2025 of Wuliangye Yibin Co., Ltd.
 profit or loss
 schemes
 profit or loss under the equity method
 credit risk
      ii. Other comprehensive income that will be reclassified to
 profit or loss
 profit or loss under the equity method
 reclassification of financial assets
 denominated financial statements
   Other comprehensive income, net of tax attributable to non-
 controlling interests
 VII Total comprehensive income                                                 22,211,853,938.77            25,941,110,519.45
      i. Total comprehensive income attributable to owners of the
 parent company
      ii. Total comprehensive income attributable to non-controlling
 interests
 VIII Earnings per share:
      i. Basic earnings per share                                                            5.542                       6.423
      ii. Diluted earnings per share                                                         5.542                       6.423
Where business combinations involving entities under common control occurred during the period, the net profit achieved by the
acquirees before the combinations was RMB0.00, with the amount for the same period of last year being RMB0.00.
Legal representative: Zeng Congqin      Chief Financial Officer: Zhang Xin        Head of the accounting department: Liu Min
                                                                                                                   Unit: RMB
                                Item                                        Q1-Q3 2025                     Q1-Q3 2024
 I Cash flows from operating activities:
      Proceeds from sale of goods and rendering of services                   76,608,043,515.75              77,859,685,171.17
     Net increase in customer deposits and deposits from other
 banks and financial institutions
      Net increase in borrowings from the central bank
      Net increase in loans from other financial institutions
      Premiums received on original insurance contracts
      Net proceeds from reinsurance
      Net increase in deposits and investments of policy holders
      Interest, fees and commissions received
       Net increase in loans from other banks and financial
 institutions
      Net increase in proceeds from repurchase transactions
                                                                       Third Quarterly Report 2025 of Wuliangye Yibin Co., Ltd.
     Net proceeds from acting trading of securities
     Tax and levy rebates                                                         3,869,080.00                 44,310,389.47
     Cash generated from other operating activities                           1,819,040,428.91              1,740,241,977.27
Subtotal of cash generated from operating activities                         78,430,953,024.66             79,644,237,537.91
     Payments for goods and services                                         10,050,827,765.03             10,242,836,807.45
     Net increase in loans and advances to customers
     Net increase in deposits in the central bank and other banks
and financial institutions
     Payments for claims on original insurance contracts
      Net increase in loans to other banks and financial
institutions
     Interest, fees and commissions paid
     Policy dividends paid
     Cash paid to and for employees                                           6,596,712,338.73              6,594,871,661.42
     Taxes and levies paid                                                   28,696,500,647.97             28,231,492,921.43
     Cash used in other operating activities                                  4,839,423,855.99              4,780,917,414.02
Subtotal of cash used in operating activities                                50,183,464,607.72             49,850,118,804.32
Net cash generated from/used in operating activities                         28,247,488,416.94             29,794,118,733.59
II Cash flows from investing activities:
     Proceeds from the disposal of investments
     Return on investment                                                                                      13,952,640.00
     Net proceeds from the disposal of fixed assets, intangible
assets and other long-term assets
     Net proceeds from the disposal of subsidiaries and other
business units
     Cash generated from other investing activities
Subtotal of cash generated from investing activities                             29,998,282.66                 17,943,707.39
     Payments for the acquisition and construction of fixed
assets, intangible assets and other long-term assets
     Payments for the acquisition of investments                                 40,000,000.00
     Net increase in pledge loans
     Net payments for the acquisition of subsidiaries and other
business units
     Cash used in other investing activities
Subtotal of cash used in investing activities                                 1,528,528,821.02              1,615,700,079.03
Net cash generated from/used in investing activities                         -1,498,530,538.36              -1,597,756,371.64
III Cash flows from financing activities:
     Capital contributions received                                                                            46,080,668.01
    Of which: Capital contributions received by subsidiaries
from non-controlling interests
     Borrowings received
     Cash generated from other financing activities
Subtotal of cash generated from financing activities                                                           46,080,668.01
     Repayment of borrowings
     Interest and dividends paid                                             18,536,483,001.72             19,232,909,999.74
                                                                     Third Quarterly Report 2025 of Wuliangye Yibin Co., Ltd.
      Of which: Dividends paid by subsidiaries to non-controlling
 interests
      Cash used in other financing activities                                 414,824,117.82                300,080,899.96
 Subtotal of cash used in financing activities                             18,951,307,119.54             19,532,990,899.70
 Net cash generated from/used in financing activities                     -18,951,307,119.54            -19,486,910,231.69
 IV Effect of foreign exchange rate changes on cash and cash
 equivalents
 V Net increase in cash and cash equivalents                                7,797,650,759.04              8,709,452,130.26
      Add: Cash and cash equivalents, beginning of the period             124,771,274,417.68            113,095,684,224.30
 VI Cash and cash equivalents, end of the period                          132,568,925,176.72            121,805,136,354.56
ii. Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation of
the New Accounting Standards Implemented since 2025
     □ Applicable  Not applicable
iii. Independent Auditor’s Report
     Indicate whether the financial statements in this Report have been audited by an independent auditor.
     □ Yes  No
     These financial statements are unaudited by such an auditor.
                                                        The Board of Directors of Wuliangye Yibin Co., Ltd.
                                                                                          October 31, 2025