泸州老窖: 2025年半年度报告（英文版）
来源：证券之星
2025-09-09 17:05:16
Luzhou Laojiao Co., Ltd.
【August 2025】
Section I Important Statements, Contents and Definitions
The Board of Directors as well as directors and senior management guarantee that the information
presented in this report is free of any false records, misleading statements or material omissions, and
shall individually and together be legally liable for truthfulness, accuracy and completeness of its
contents.
Liu Miao, responsible person for the Company, Xie Hong, responsible person for accounting work and
Song Ying, responsible person for the Company’s financial affairs (Accounting Supervisor) have
warranted that the financial statements in this report are true, accurate and complete.
All the directors attended the board meeting to deliberate this report by themselves.
Affected by risks, uncertainties and assumptions, the forward-looking statements concerning business
objectives and future plans made in this report based on the subjective assumptions and judgments of
the future policies and economic conditions may be significantly different from the actual results. Such
statements shall not be considered as virtual promises of the Company to investors, and the investors
and relevant persons shall maintain adequate risk awareness and shall understand the differences
between plans, forecasts and commitments.
In this report, the potential risks in the operation of the Company have been disclosed. Investors are
kindly reminded to pay attention to possible investment risks.
The Company has no interim dividend plan, either in the form of cash or stock.
This report has been prepared in both Chinese and English. Should there be any discrepancies or
misunderstandings between the two versions, the Chinese version shall prevail.
Contents
Documents Available for Reference
responsible person for accounting work and the responsible person for the Company’s financial affairs
(Accounting Supervisor); and
the reporting period.
Definitions
Term Reference Definition
Company, the Company, Luzhou
Refer to Luzhou Laojiao Co., Ltd.
Laojiao
Laojiao Group Refer to Luzhou Laojiao Group Co., Ltd.
XingLu Group Refer to Luzhou XingLu Investment Group Co., Ltd.
State-owned Assets Supervision and Administration
SASAC of Luzhou Refer to
Commission of Luzhou
Huaxi Securities Refer to Huaxi Securities Co., Ltd.
Luzhou Bank Refer to Luzhou Bank Co., Ltd.
Sales Company Refer to Luzhou Laojiao Sales Co., Ltd.
Brewing Company Refer to Luzhou Laojiao Brewing Co., Ltd.
Golden Rudder Refer to Sichuan Golden Rudder Investment Co., Ltd.
Section II Company Profile and Key Financial Results
Stock abbreviation Luzhou Laojiao Stock code 000568
Stock exchange where
the shares of the Shenzhen Stock Exchange
Company are listed
Name of the Company
泸州老窖股份有限公司
in Chinese
Abbr. of the Company
name in Chinese (if 泸州老窖
any)
Name of the Company
Luzhou Laojiao Co., Ltd.
in English (if any)
Abbr. of the Company
name in English (if LZLJ
any)
Legal representative Liu Miao
Representative for securities
Secretary of the board
affairs
Name Li Yong Wang Chuan
Luzhou Laojiao Command Center, Nanguang Road, Luzhou City,
Address
Sichuan Province, China
Tel. （0830）2398826 （0830）2398826
Fax （0830）2398864 （0830）2398864
E-mail dsb@lzlj.com dsb@lzlj.com
Whether any change occurred to the registered address, office address and their zip codes, website
address, email address and other contact information of the Company in the reporting period.
Applicable N/A
No change occurred to the said information in the reporting period, which can be found in the 2024
Annual Report.
Whether any change occurred to the information disclosure and place where the interim report is kept.
Applicable N/A
No change occurred to the website of the stock exchange, media and other websites designated by
the Company for information disclosure, as well as to the place where the disclosed documents are
kept in the reporting period. The said information can be found in the 2024 Annual Report.
Whether any change occurred to other information in the reporting period.
Applicable N/A
Whether the Company performed a retroactive adjustment to or restatement of accounting data.
Yes No
H1 2025 H1 2024 Change
Operating revenues (CNY) 16,453,732,904.65 16,904,885,169.38 -2.67%
Net profits attributable to
shareholders of the 7,662,907,812.98 8,027,538,165.31 -4.54%
Company (CNY)
Net profits attributable to
shareholders of the
Company before non- 7,650,004,468.05 7,994,110,731.24 -4.30%
recurring gains and losses
(CNY)
Net cash flows from
operating activities (CNY)
Basic earnings per share
(CNY/share)
Diluted earnings per share
(CNY/share)
Weighted average ROE 15.42% 17.61% -2.19%
June 30, 2025 December 31, 2024 Change
Total assets (CNY) 70,190,246,185.31 68,334,595,564.58 2.72%
Net assets attributable to
shareholders of the 46,540,550,472.36 47,388,500,553.46 -1.79%
Company (CNY)
accounting standards
prepared under the international and China accounting standards
Applicable N/A
No such differences for the reporting period.
prepared under the overseas and China accounting standards
Applicable N/A
No such differences for the reporting period.
Applicable N/A
Unit: CNY
Item Amount Note
Profit or loss from disposal of non-
current assets (including the write-off 106,501.12 See "Section X Note 5.47" for details.
portion of the impairment provision)
Government grants accounted for, in
the profit or loss for the current
period (except for the government
grants closely related to the business
of the Company 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)
Gain or loss on fair-value changes in
financial assets and liabilities held by
a non-financial enterprise, as well as
on disposal of financial assets and See "Section X Note 5.44 and 5.45"
liabilities (exclusive of the effective for details.
portion of hedges that is related to
the Company's normal business
operations)
Other non-operating income and
See "Section X Note 5.48 and 5.49"
expenditure except above-mentioned -31,970,083.39
for details.
items
Less: Corporate income tax 4,374,431.76
Minority interests (after tax) -9,447.52
Total 12,903,344.93
Other items that meet the definition of non-recurring gain/loss:
Applicable N/A
No such cases for the reporting period.
Explain the reasons if the Company classifies any non-recurring gain/loss item mentioned in the
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to
the Public-Non-Recurring Gains and Losses as a recurring gain/loss item.
Applicable N/A
No such cases for the reporting period.
Section III Management Discussion and Analysis
The Company operates within the baijiu subdivision industry which belongs to the liquor & wine,
beverage and refined tea production industry with specialized baijiu product design, production and
sales as its main business model. Its primary products include baijiu series such as "National Cellar
baijiu industry.
In recent years, the baijiu industry has entered a period of consumption structure transformation,
differentiation, and deep adjustments in existing competition. Baijiu companies need to strategically
grasp the pulse of consumption iteration and industrial transformation, building differentiated
competitive advantages through proactive transformation. By innovating in categories, transforming
channels, and reshaping value, they aim to open new pathways for the high-quality development of
the baijiu industry.
The Company shall comply with the disclosure requirements for companies engaging in food & liquor
and wine production of the Guidelines No. 3 of the Shenzhen Stock Exchange on Self-regulation of
Listed Companies—Industry-specific Information Disclosure.
The Company holds three food business licenses, and its production model is self-production. The
Company’s main business is the research and development, production and sales of baijiu series
such as "National Cellar 1573" and "Luzhou Laojiao".
During the reporting period, the Company focused on the development theme of “Building Momentum
for Breakthroughs, Advancing Stable Growth through Intensive Cultivation; Seizing Opportunities to
Drive Development through Reform and Innovation”. It shifted its marketing focus toward “precise
reach” and “customer operation”, striving to achieve long-term business value returns and the
sustainable development of the Company. For H1 2025, operating revenue amounted to CNY 16.454
billion, down 2.67% year on year; and the net profit attributable to the shareholders of the listed
company reached CNY 7.663 billion, down 4.54% year on year.
A. Major work that has been done in the reporting period
a. Deepening the execution of marketing strategies, with significant results in market expansion
Market expansion made significant headway with deeper penetration. The “Hundred Cities
Program” was implemented in depth, the “East China Strategy 2.0” continued to advance, and cross-
industry cooperation in “Special Channels” was further deepened. The “Store Infrastructure” special
initiative was officially launched, with market expansion continuing to deepen. Digital marketing was
upgraded across the entire chain. The “Five Codes in One” product was rolled out nationwide. The
dealer portal system went live, and a marketing service platform was established and put into
operation, further refining channel management and elevating it to a new level. Consumer operation
continued to be optimized. Leveraging themed marketing campaigns and premium experiential
events, the Company achieved scenario-based engagement to activate users. It also built a new
media communication matrix to expand brand exposure through content marketing and interactive
activities. Additionally, the Company established a consumer digital authentication system to grow the
Company’s consumer data assets, providing strong support for precision marketing.
b. Deepening the brand culture and opening up a new chapter in the revival as a famous baijiu brand
The cultural connotations continued to be enriched. The Philosophy of Symbiosis—The
Corporate Culture Guidelines of Luzhou Laojiao was officially published. The Company was
recognized as a National Demonstration Base for Productive Protection of Intangible Cultural
Heritage for 2023–2025. The Luzhou Laojiao Archive Documents 1771-1983 was included in the
China Documentary Heritage Catalogue. Luzhou Laojiao became the only baijiu company to receive
all “three national distinctions”: Major Historical and Cultural Site Protected at the National Level,
National Intangible Cultural Heritage, and China Documentary Heritage. Branding highlights
emerged. Signature cultural IP events, such as the Baijiu Seal-off Ceremony and the Luzhou Laojiao
Bottled Vintage series, continued to engage audiences, while partnerships with popular sporting
events, including the ITTF World Cup and the Australian Open, further strengthened the brand’s
global presence. Luzhou Laojiao was ranked in Brand Finance Global 500 2025 and selected as one
of the “First Batch of China Famous Consumer Products: Corporate Brands”.
c. Consolidating quality control foundations and further improving production efficiency
The capacity guarantee gained new momentum. Distilling efficiency continued to be optimized and
upgraded, with the Luzhou Laojiao Technical Upgrade Project of Intelligent Brewing ongoing. The
leaven making MES system of the Huangyi Brewery Eco-Park became operational, marking
continuous breakthroughs in intelligent brewing processes. Quality control was solid and effective.
The pass rate for external audits in areas such as quality, food safety, environment, and
measurement management systems all reached 100%. The Company participated in drafting and
revising 16 national, industry, and local standards and received honors such as “Famous Product of
Sichuan”, “Consistently Qualified Product in the National Quality Inspection”, and “National Enterprise
Committed to Product and Service Quality Integrity”. Supply chain management was precise and
efficient. The rates of packaging material availability and product fulfillment have continued to
improve, and the supply chain data application system was continuously optimized. The data analysis
and application scenarios of the supply chain system were further refined.
d. Focusing on integrating sci-tech innovation resources, and building a thriving research ecosystem
Sci-tech platform capabilities were enhanced. The Huangyi Laboratory was CNAS-certified,
providing high-standard support for the Company’s technological innovation. Scientific
popularization was further strengthened. The Luzhou Laojiao Sci-tech Museum was built and
opened, creating the industry’s first comprehensive exhibition complex of technological innovation in
the baijiu industry. Specialized training continued to enhance the capabilities of research talent,
further leveraging the role of technological innovation in safeguarding quality, endorsing the brand,
and empowering sales. Scientific and technological innovation yielded fruitful achievements.
The Company led and participated in the formulation and revision of seven national, industry,
association, and local standards, filed 91 patent applications, and received 36 patent grants. The
Company was awarded the First Prize for Technological Progress by the China National Light
Industry Council.
e. Strengthening the foundation through refined management, with headquarters capabilities steadily
enhanced
Corporate governance has been continuously solidified. The Company has further deepened its
strategic decision-making mechanisms centered on the Party Committee, Board of Directors, the
Executive Management Meeting, the Joint Meeting for Marketing, and the Production and Operations
Scheduling Meeting. It has established and improved information disclosure mechanisms that are
digitalized, workflow-standardized, and form-based. The Company was awarded the “Tianma Award
for Investor Relations Management of Chinese Listed Companies” and recognized for “Best Practices
in Investor Relations Management” by the China Association for Public Companies. Risk prevention
and control continued to be strengthened. The Company carried out supervision and inspection of
key production and operational tasks, strictly controlled legal risks, and steadily advanced intellectual
property protection, receiving Sichuan’s first registered intellectual property certificate for baijiu-
related data. The “Two Paradises” have reached new heights. The Company recruited 194
professionals through campus and social recruitment, and actively carried out training and
certification of evaluation officers to ensure the quality and efficiency of talent recruitment.
Additionally, the Company successfully held the International Workers’ Day Commendation
Conference and the Second “Everyone Advocates Corporate Culture” Invitational, marking new
heights for Luzhou Laojiao’s “Employee Paradise” and “Talent Paradise”.
f. Fulfilling social responsibilities and fostering a green ecosystem
Pairing assistance was carried out to promote rural revitalization. The Company actively
promoted industry, consumption, and talent assistance projects in Hongyuan County, Gulin County,
and Xuyong County to assist in the revitalization of these regions. Social welfare was continuously
advanced. The Company continuously carried out donation projects for education, such as “Little
Schoolbag, Big Love” and “Pillars Project”. It also donated a total of CNY 20 million to support the
earthquake-affected areas in Xizang and the landslide-affected areas in Yibin Junlian County. These
efforts have truly demonstrated the commitment of Luzhou Laojiao as a state-owned enterprise.
Green, low carbon and sustainable development was promoted. The Company actively
developed carbon assets, continuously promoted energy-saving and consumption-reducing
measures, and launched its ESG system development project. The Company also compiled and
published the 2024 ESG Report in both Chinese and English, and its MSCI ESG rating ranked among
the best in the industry.
B. Priorities in the second half of the year
a. The Company will strengthen market penetration. As demand increases in counties and some
towns and villages, with rising brand awareness among the younger generation of consumers, the
Company will develop a medium- to long-term strategy for further market cultivation. Efforts will be
made to systematically advance consumer cultivation in markets below the county level, deepening
the penetration of branded baijiu into lower-tier channels.
b. The Company will continue to drive product innovation. In response to current demands for lower
alcohol content, health, smoothness, and diversification, the Company will proactively innovate and
speed up the development and promotion of new drinking methods, such as the development of the
National Cellar 1573 (28% ABV) for market introduction.
c. The Company will continue to solidify the core foundation. In response to the trend of consumption
diversification, the Company will channel resources toward mid- to high-end mainstream products,
actively plan for the high-growth plain bottle baijiu segment, and launch new Luzhou Laojiao Erqu
Baijiu to further consolidate its position in the mass market.
d. The Company will continue to promote channel transformation. The Company will fully implement
its AI-powered digital marketing strategy to further enhance cost-effectiveness. By building its own e-
commerce platform and deepening collaborations with mainstream e-commerce and instant retail
platforms, the Company will actively build an integrated online and offline omnichannel marketing
network, enhancing its direct reach to terminals and consumers.
Brand operation
The Company has always insisted on the strategy of "dual brands, three product series, and major
single products": The National Cellar 1573 series has been one of the three high-end baijiu products
in China; Luzhou Laojiao's brand rejuvenation plan saw remarkable results, and the product series
showed a momentum of sound development; innovative products such as Health and Chinese-style
fruit baijiu continued to be cultivated, and have become the driving force for the Company's young,
fashionable, healthy and international development.
Main sales models:
Currently, the Company has two main sales models:
Company establishes cooperative relationships with the distributors by product lines and regions. The
Company directly supplies goods to the distributors, and then distributors sell them to consumers and
terminal outlets.
cooperative relationships with e-commerce platforms, self-media and webcasters, and sells the goods
to consumers through flagship stores, specialty stores, live streaming rooms on online platforms and
other network terminals.
Distribution models:
Applicable □N/A
Unit: CNY
YoY YoY
Gross YoY change
change of change of
Operating revenue Cost of sales profit of operating
cost of gross profit
margin revenue
sales margin
By sales model
Traditional channel
operation model 15,465,210,242.79 1,948,035,410.61 87.40% -3.99% 10.83% -1.69%
Emerging channel
operation model 931,961,646.75 153,545,380.71 83.52% 27.55% 0.08% 4.52%
Unit: Number
Number of Increased Decreased
YoY change of Reason for any
distributors at the number during number during
Region number of significant
end of the the reporting the reporting
distributors (%) change
reporting period period period
Domestic 1703 88 86 -3.73
Overseas 88 10 7 -4.35
The Company's main settlement method for distributors is payment before delivery. The distribution
method is authorized distribution.
Total sales to top five customers (CNY) 11,923,072,076.23
Total sales to top five customers as % of the total sales 72.47%
Total sales to related parties among top five customers as % of the total sales 0.00%
The Company had no accounts receivable from the top five distributors at the end of the period.
As % of the total sales
No. Customer Sales amount (CNY)
for the reporting period
Total -- 11,923,072,076.23 72.47%
Store sales terminals accounted for more than 10%
□ Applicable N/A
Online direct sales
Applicable □N/A
For the main sales models of the Company, please refer to the contents under the heading “Distribution
models” in “1. Business scope in the reporting period” of Section III. For the sales of the Company's
main products, please refer to the contents under the heading "Business segment, products or
geographical segments contributing over 10% of the operating revenues or profits" in “3. Analysis of
main business” of Section III. The Company's main products are sold online. Its main cooperation
platforms include JD.com and Tmall.
Sales price of main products contributing over 10% of the total operating revenues for the current
period changed by more than 30% from the previous reporting period
□ Applicable N/A
Purchase model and purchase content
Unit: CNY
Purchase model Purchase content Amount of main purchase content
Organic raw grains are purchased
through cooperative model and
supplied by organic raw grain bases;
Raw materials 2,110,925,642.44
other raw grains and packaging
materials are purchased through bid
invitation
Purchase based on the unified
pricing of the National Development
and Reform Commission and the Fuels and energies 109,689,408.19
price bureau, and purchase through
bid invitation
Purchase through bid invitation Low-value consumables 16,227,657.74
The purchase of raw materials from cooperatives or farmers accounted for more than 30% of the total
purchase amount
□ Applicable N/A
The price of main raw materials purchased externally changed by more than 30% year-on-year
□ Applicable N/A
Main production model:
The Company's main production model is self-production.
Commissioned processing and production
□ Applicable N/A
Main breakdown items of cost of sales
Unit: CNY
H1 2025 H1 2024
By business
Item As % of cost of As % of cost of YoY Change
segment Amount Amount
sales sales
Baijiu Raw materials 1,637,912,557.83 77.94% 1,488,095,661.17 77.87% 10.07%
Baijiu Labor costs 153,965,706.69 7.33% 134,431,299.24 7.03% 14.53%
Manufacturing
Baijiu 309,702,526.80 14.74% 288,580,625.24 15.10% 7.32%
overhead
Production volume and inventory
YoY change YoY change
Production
Product Sales volume Inventory of production of sales YoY change Description of
volume
classification (ton) (ton) volume volume of inventory major changes
(ton)
(%) (%)
Mid- and high-
end baijiu
The closing
inventory
decreased
compared with the
opening inventory,
Other baijiu 23,919.68 24,798.63 9,476.93 -11.53 -6.89 55.28 but the inventory
increased year on
year due to a lower
inventory base in
the same period of
last year.
Unit: Ton
Finished baijiu Semi-finished baijiu (including base baijiu)
Unit: Ton
Main products Design capacity Actual capacity Capacity in progress
Baijiu 170,000 170,000 80,000
A. Geographical advantage
Luzhou City, where the Company is located, sits in the transitional area between the southern rim of the
Sichuan Basin and the Yunnan-Guizhou Plateau, featuring a warmer and more humid sub-tropical
climate compared to other areas at the same latitude, with a temperature above 0 ℃ throughout the
year. The unique climate and soil are agreeable to grow grains for baijiu brewing. The glutinous red
sorghum and soft wheat grown in this area are the primary raw materials for the baijiu of the Company.
The cellars in which the Company brews its baijiu are made of the local loessal clay characterized by
strong viscosity, rich minerals and excellent moisture retention. In addition, the abundant and quality
water in the region creates a unique geographical advantage for the production of the Company’s baijiu.
B. Advantage of cellars and brewing technique
Aged cellars are the most essential condition for a strong aromatic baijiu maker to produce good quality
baijiu. The Cellars of National Treasure 1573, founded in 1573, was granted by the State Council as the
first Cultural Relic of National Importance in the industry under the Protection of the State in December
with its 16 ancient brewing workshops and three natural cellar holes, were all selected as the fourth
batch of Cultural Relics of National Importance under the Protection of the State in 2013. They are
unique resources that cannot be replicated. In both 2006 and 2012, Luzhou Laojiao Daqu Cellars were
twice selected into the preliminary list of China for World Heritage. In November 2018, Luzhou Laojiao
Cellars and Brewing Workshops were selected into China’s Industrial Heritage List. The time-honored
Traditional Brewing Technique of Luzhou Laojiao is a 24-generation inheritance and a classic brewing
technique for strong aromatic baijiu. This technique was selected as the first batch of National
Intangible Cultural Heritage in May 2006. The Cellars of National Treasure 1573 and the Traditional
Brewing Technique of Luzhou Laojiao together provide the most essential basis and assurance for the
quality of the product series of National Cellar 1573 and Luzhou Laojiao. Additionally, Huangyi Brewery
Eco-Park has moved into full production in late 2020. Upholding the cultural connotations of
“inheritance of ancient ways, pure-grain brewing, traditional techniques, and intelligent technologies”,
the Company carried out brewing technical renovation featuring automatic, intelligent and information
technology-based transformation. As such, it has established a baijiu brewery eco-park comprising
brewing workshops, leaven making workshops, and base baijiu storage cellars, along with energy and
sewage treatment facilities. This brewery eco-park brings with it new production capacities of 100,000
tons of quality pure-grain solid baijiu and 100,000 tons of leaven in addition to a new storage capacity of
C. Brand advantage
Brand is a key business resource for baijiu producers. The Company’s reputation is greatly built on its
superiority in brand. National Cellar 1573, which is of a connoisseurship level, is a world-famous high-
end brand. Luzhou Laojiao Tequ, a classic brand for strong aromatic baijiu, was selected in 1952 by the
first national tasting competition judges as one of the four most famous baijiu brands in China. It is the
only strong aromatic baijiu brand that won the title of “National Famous Baijiu” for five consecutive times,
as well as the pioneer with regard to the “Tequ” variety of baijiu. In recent years, the Company has
successfully put in place a brand system of “dual brands, three product series, and major single
products” with great clarity and focus. The programs carried out to promote the brand of National Cellar
improvement in brand influence. The Company’s baijiu is increasingly known by consumers as a
national brand of strong aromatic baijiu and of authentic flavor.
D. Quality and R&D advantage
The Company is committed to producing high-quality baijiu, advocating a healthy lifestyle and “making
the quality visible”. The first “Organic Sorghum Planting Base” was established and the six-factor
management system (including organic, quality, safety, environment, measurement and energy) was
built and improved. The research platforms are established, including National Engineering Research
Center of Solid-State Brewing, National Liquor Test Center, National Postdoctoral Workstation, etc.,
which all support the innovation and upgrading of products with their strong technical force. In recent
years, the Company has put in a lot of efforts in researching Tequ production, informatization and
intelligent transformation of brewing and packaging. Relying on the technological innovation platforms
such as the National Industrial Design Center, and continuously deepening the cooperation with
universities and scientific research institutes including the Chinese Academy of Sciences and the
Jiangnan University, the Company has undertaken dozens of national- or provincial-level projects and
has been granted hundreds of invention or utility model patents. And remarkable results have been
achieved with respect to improvement of the quality of base Baijiu, as well as production efficiency
improvement.
E. Talent advantage
The Company has 1 inheritor of national intangible cultural heritage, 4 masters of Chinese brewing, 2
masters of Chinese baijiu, 2 Chinese liquor connoisseurs, 1 master of Chinese baijiu technique, 20
senior professor engineers, 8 experts who receive special allowances from the State Council, 4 national
technicians, 3 national model workers, 5 national Labor Day Medal winners, 4 academic and
technologic leaders of Sichuan province, 1 expert with outstanding contribution in Sichuan province, 1
technology leader of Tianfu, 1 excellent engineer of Tianfu, 1 skills leader of Tianfu, 3 craftsmen of
Tianfu, 5 craftsmen of Sichuan province, 1 technological elite of Tianfu, 2 young science and
technology talents of Tianfu, 4 technicians of Sichuan province, as well as hundreds of highly skilled
personnel including national baijiu judges, as well as master technicians, senior technicians and
technicians in baijiu brewing and tasting. The comprehensive and professional personnel system
assures the sound development of the Company.
Overview
See contents under the heading “1. Business scope in the reporting period” above.
Year-on-year changes in key financial data
Unit：CNY
Reason for any
H1 2025 H1 2024 YoY Change
significant change
Operating revenues 16,453,732,904.65 16,904,885,169.38 -2.67%
Cost of sales 2,124,120,485.84 1,932,074,493.16 9.94%
Selling and
distribution expenses
General and
administrative 428,272,440.13 504,694,175.31 -15.14%
expenses
Mainly due to the
decreased bond
interest expenses
and the
Finance expenses -263,955,897.52 -124,274,752.55
reclassification of
note discount
expenses in the
current period
Corporate income
tax
R&D investments 101,192,495.12 90,633,563.25 11.65%
Net cash flows from
operating activities
Mainly due to the
Net cash flows from
-628,134,413.89 1,108,797,050.00 decrease in the
investing activities
recovery of matured
investments
Mainly due to the
interim dividend
payout and the
Net cash flows from
-3,648,612,906.78 762,591,987.93 repayment of
financing activities
principals of
corporate bonds with
interest
Net increase in cash
and cash equivalents
Significant changes to the profit structure or sources of the Company in the reporting period
Applicable N/A
No such changes in the reporting period.
Breakdown of operating revenues
Unit：CNY
H1 2025 H1 2024
As % of As % of YoY Change
Amount operating Amount operating
revenues revenues
Total 16,453,732,904.65 100% 16,904,885,169.38 100% -2.67%
By business segment
Baijiu 16,397,171,889.54 99.66% 16,838,591,355.98 99.61% -2.62%
Other revenues 56,561,015.11 0.34% 66,293,813.40 0.39% -14.68%
By product
Mid- and high-
end baijiu
Other baijiu 1,349,581,161.17 8.20% 1,625,224,060.49 9.61% -16.96%
Other revenues 56,561,015.11 0.34% 66,293,813.40 0.40% -14.68%
By geographical segment
Domestic 16,350,903,115.95 99.38% 16,811,257,242.24 99.45% -2.74%
Overseas 102,829,788.70 0.62% 93,627,927.14 0.55% 9.83%
Business segment, products or geographical segments contributing over 10% of the operating
revenues or profits
Applicable N/A
Unit：CNY
YoY YoY
Gross YoY change
change of change of
Operating revenue Cost of sales profit of cost of
operating gross profit
margin sales
revenue margin
By business segment
Baijiu 16,397,171,889.54 2,101,580,791.32 87.18% -2.62% 9.97% -1.47%
By product
Mid- and high-
end baijiu
Other baijiu 1,349,581,161.17 751,267,112.67 44.33% -16.96% 2.44% -10.55%
By geographical segment
Domestic 16,350,903,115.95 2,108,882,906.84 87.10% -2.74% 9.91% -1.49%
Under the circumstances that the statistical standards for the Company’s main business data were
adjusted in the reporting period, the Company’s main business data in the current period is calculated
based on adjusted statistical standards at the end of the reporting period
Applicable N/A
The Company shall comply with the disclosure requirements for companies engaging in food & liquor
and wine production of the Guidelines No. 3 of the Shenzhen Stock Exchange on Self-regulation of
Listed Companies—Industry-specific Information Disclosure.
A. Breakdown of selling and distribution expenses
Unit：CNY
Selling and
Reason for any significant
distribution H1 2025 H1 2024 YoY Change
change
expenses
Advertising
expenses
Sales promotion
expenses
Warehousing
and logistics 102,069,423.35 81,048,424.07 25.94%
expenses
Labor costs 214,753,358.10 212,055,575.40 1.27%
Mainly due to the lower
Other 69,128,642.90 100,167,038.41 -30.99%
conference and other expenses
B. Breakdown of advertising expenses
Unit：CNY
Advertising Expenses
Online advertising (exclusive of TV advertising) 91,698,224.18
Offline advertising 108,949,222.74
TV advertising 169,506,871.15
Other (inclusive of branding ideas, exhibitions &
showcases, advertising materials, activity planning, 244,291,316.46
etc.)
Applicable N/A
Unit：CNY
June 30, 2025 December 31, 2024 Explanation
Change in
As % of total As % of total about any
Amount Amount percentage
assets assets material change
Cash and cash
equivalents
Accounts
receivable
Inventories 13,784,525,369.11 19.64% 13,392,794,475.96 19.60% 0.04%
Investment
property
Long-term equity
investments
Fixed assets 8,815,147,343.06 12.56% 9,131,776,915.51 13.36% -0.80%
Construction in
progress
Right-of-use
assets
Contract
liabilities
Mainly due to the
reclassification
Long-term loans 2,728,700,000.00 3.89% 6,279,900,000.00 9.19% -5.30% as non-current
liabilities due
within one year
Lease liabilities 21,014,302.06 0.03% 24,528,519.13 0.04% -0.01%
Applicable N/A
Applicable □ N/A
Unit：CNY
Changes in
Changes in
cumulative
Opening fair value Provision for Amount of Amount of Other Closing
Item fair value
balance through impairment purchase sale changes balance
recorded
profit or loss
into equity
Financial
asset
trading 95.97 12 .00 .85 17.24
financial
assets
(exclusive of
derivative
financial
assets)
ts in other 407,194,706 31,143,649. 182,059,451 438,338,355
equity .55 40 .67 .95
instruments
receivable 389,958,142
financing .92
Subtotal of -
financial 389,958,142
assets .92
Total 389,958,142
.92
Financial
liability
Information about other changes
N/A
Whether measurement attribution of main assets changes significantly in the reporting period
Yes No
Unit：CNY
Item Closing Balance Reason
Bank deposits 285,923,801.57 Accrued interest on bank deposits
Other cash and cash equivalents 10,000,000.00 Bank guarantees
Other cash and cash equivalents 1,657,815.68 Security deposits at e-commerce platforms
Total 297,581,617.25
Applicable N/A
Investment made in the Investment made in the same
YoY change
reporting period (CNY) period of last year (CNY)
Applicable N/A
Applicable N/A
Unit: CNY
Accum
Accum Reason
ulated
ulated s for
actual
Whethe Amount actual not
Industr input
r it is a of input income meetin Date of Disclos
Investm y of the amount Project Project
fixed in the Capital by the g the disclos ure
Item ent investm by the progres ed
asset reportin source end of schedul ure (if index
form ent end of s income
investm g the e and any) (if any)
project the
ent period reportin project
reportin
g ed
g
period income
period
Announ
cement
on the
Implem
Luzhou entatio
Laojiao n of
Technic Luzhou
al Laojiao
Upgrad Techni
e cal
Project Self- July 13, Upgrad
Yes Baijiu 6,002.6 64,557. financin 43.75% 0.00 0.00 N/A
of built 2022 e
Intellige Project
nt of
Brewin Intellige
g nt
(Phase Brewin
I) g
(Phase
I) by
Subsidi
ary
Total -- -- -- 6,002.6 64,557. -- -- 0.00 0.00 -- -- --
Applicable □ N/A
Unit: CNY
Chang
Chang es in Profit
es in the and
Abbre Accou Beginn
Categ Initial fair cumul Amou loss Closin
viation nting ing Amou Accou
ory of Stock invest value ative nt of during g book Capital
of measu book nt of nting
securit code ment recogn fair purcha the balanc source
securit rement balanc sale item
ies cost ized in value se reporti e
ies model e
profit record ng
or loss ed into period
equity
Invest
Dome ments
Fair
stic 12,719 219,64 212,92 225,64 in
and GTHT ,156.7 0,994. 8,105. 7,262. other
foreign 6 03 74 50 equity
rement
stock instru
ments
Invest
Dome ments
Fair
stic 15,870 21,829 22,859 in
and SNC ,083.2 ,174.0 ,174.0 other
foreign 4 9 9 equity
rement
stock instru
ments
Invest
Dome ments
Fair
stic 51,120 78,356 47,412 98,532 in
LZBA value 5,207, Own
and 01983 ,000.0 ,318.9 ,622.6 ,622.6 other
NK measu 040.00 fund
foreign 0 9 7 7 equity
rement
stock instru
ments
Invest
Dome ments
Fair -
stic CTG 542,28 60,069 58,041 in
value 93,157 1,282, Own
and 01880 Duty- 5,380. ,399.6 ,386.0 other
measu ,309.2 673.77 fund
foreign Free 80 4 4 equity
rement 4
stock instru
ments
Total 4,537. -- 6,795. 0.00 2,593. 0.00 0.00 0,445. -- --
Applicable N/A
No such cases in the reporting period
Applicable N/A
Applicable □ N/A
Unit：CNY 10,000
Raised
funds
used
Total Accum
Total as % Total
amoun ulated Amou
amoun Accum of total amoun Purpo
t of re- re- Total nt of
t of ulated raised t of se and
Date Total purpos purpos amoun funds
raised amoun funds accum directi
of amoun Net ed ed t of raised
Metho funds t of at the ulated on of
Year securit t of procee funds funds unuse idle for
d used raised end of re- unuse
ies funds ds (1) raised raised d more
in the funds the purpos d
listing raised in the as % funds than
reporti used reporti ed funds
reporti of total raised two
ng (2) ng funds raised
ng funds years
period period raised
period raised
(3) =
(2) /
(1)
Deposi
Public
ted in
offerin
March special
g of 150,00 149,40 6,048. 142,49 95.38 15,050
corpor 0 0 76 2.98 % .22
ate
raised
bond
funds
Total -- -- 0 0 0.00% -- 0
Notes for general use of funds raised
The total amount of unused funds raised of the corporate bond “20 Laojiao 01” includes interest on some funds raised.
Applicable □ N/A
Unit：CNY 10,000
Adjust
Com Whet Total ed Invest Accu Invest Date Realiz Cumu Whet Whet
Date
Finan mitted her amou Invest ment mulat ment of the ed lative her her
of Projec ment
cing invest the nt of amou ed progr projec benefi realiz the the
securi t total
projec ment projec funds amou nt in input ess ts ts ed expec feasib
ties nature
t projec t has raised nt the by the by the reach during benefi ted ility of
listing
ts and been for (1) reporti end of end of the the ts by benefi the
directi chang comm ng the reporti worki reporti the ts projec
on of ed itted period reporti ng ng ng end of have t has
over- (inclu invest ng period condit period the been chang
raised ding ment period (3)＝ ion for reporti achie ed
funds partial (2) (2)/(1) their ng ved signifi
chang intend period cantly
e) ed
use
Committed investment projects
Public Techn
Offeri ical
ng of Reno
Produ
Corpo vation
March ction June
rate Projec 4,301. 356,9
Bond t of 98 74.25
for Brewi
uction
Qualifi ng
ed (Phas
Invest e II)
ors
Projec
t of
Intelli
gent
Public
Upgra
Offeri
ding
ng of Opera
and
Corpo tion
March Buildi
rate and 1,746. 21,57
Bond mana 78 7.03
for geme
Inform
Qualifi nt
ation 398,4 398,4 99.29
ed
Mana 00 00 %
Invest
geme
ors
nt
Syste
m
Projec
t of
Public ing
Offeri Sealin
ng of g
Produ
Corpo Equip
March ction June
rate ment 12,04
Bond for the 3.3
for Cellar
uction
Qualifi of
ed Huan
Invest gyi
ors Brewi
ng
Base
Public 17, t of ction No 0 30, N/A N/A Yes No
Offeri 2020 Acquir and 2021
ng of ing constr
Corpo Acces uction
rate sory
Bond Equip
for ment
Qualifi for
ed Leave
Invest n
ors Makin
g for
Huan
gyi
Brewi
ng
Base
Subtotal of committed investment 398,4 398,4 6,048. 395,5
-- -- -- -- --
projects 001 00 76 74.83
Use of over-raised funds
None
Total -- -- -- 0 0 -- --
Explain project
by project the
situation and
reason for not
reaching plan
progress or
expected
benefits
N/A
(including
reason for
inputting “N/A”
for “Whether
the expected
benefits have
been
achieved”)
Significant
changes of
N/A
project
feasibility
Amount,
purpose and
progress of N/A
over-raised
funds
Unauthorized
change of the
purpose of
raised funds or N/A
illegal
occupation of
raised funds
Change of
N/A
implementation
site of
investment
projects
Adjustment of
the
implementation
mode of raised N/A
funds
investment
projects
Applicable
On May 14, 2019, the Company held the First Extraordinary General Meeting of Shareholders of 2019, which considered
and approved the Proposal on Requesting the Company’s General Meeting of Shareholders to Fully Authorize Chairman
Situation of
of the Board or Other Personnel Authorized by the Board to Go Through Procedures for the Public Offering of Corporate
advance
Bond. According to the Proposal, in the event of inconsistency between the payment of the raised funds and the progress
investment and
of the project implementation, the Company may make advance investments using other funds (including self-owned
replacement
funds, bank project loans, etc.) according to the actual situation, and replace fund investment other than capital funds
when the raised funds are in place. As of June 30, 2025, the Company had replaced advance investments of self-pooled
funds of CNY 653,444,758.68 using the raised funds.
Idle raised
funds used for
temporary N/A
supplementary
liquidity
Amount and
reason for
N/A
surplus of funds
raised
Purpose and The idle raised funds are deposited in the special account No. 9550880046723000135 for raised funds in the Chengdu
whereabouts of Branch of China Guangfa Bank Co., Ltd., the special account No. 517517460013000000860 for raised funds in the Luzhou
unused funds Branch of Bank of Communications Co., Ltd., and the special account No. 631395395 for raised funds in the Chengdu
raised Branch of China Minsheng Banking Corp., Ltd.
Problems and
other situation
when raised N/A
funds are used
and disclosed
Note 1: The subtotal of funds raised for committed projects was CNY 3,984 million, which was the
combined amount of CNY 4,000 million (CNY 2,500 million of corporate bonds issued in August 2019
plus CNY 1,500 million of corporate bonds issued in March 2020) minus the total issuance costs of
CNY 16 million.
Note 2: Because there are uncertainties in the approval and issue time for bond, in order to ensure
smooth progress of the projects and protect the interests of the Company’s shareholders, the
investment sequence and specific amounts of the corresponding raised funds should be determined
by the Chairman of the Board as authorized by the general meeting of shareholders or other persons
as authorized by the Board of Directors within the scope of the four raised funds investment projects
according to the actual needs, provided that the capital funds for each project is no less than 20% of
the total investment.
Note 3: As of June 30, 2025, the Project of Intelligent Upgrading and Building of the Information
Management System was in the process.
Note 4: These raised funds investment projects have helped further expand the Company’s
production and sales, and increase its comprehensive competitiveness. The economic benefits of
these projects cannot be measured separately.
Applicable N/A
No such cases in the reporting period
Applicable N/A
No such cases in the reporting period.
Applicable N/A
Applicable N/A
Main subsidiaries and joint companies with an over 10% influence on the Company’s net profit
Unit：CNY
Company Company Business Registere Total Operating Operating
Net assets Net profit
name type scope d capital assets revenue profit
Sales of
baijiu
series
Luzhou
such as
Laojiao 100,000,0 12,950,72 7,415,629, 15,862,81 6,708,257, 4,939,746,
Subsidiary “National
Sales Co., 00.00 4,743.96 635.09 0,394.75 108.28 679.16
Cellar
Ltd.
“Luzhou
Laojiao”
Acquisition and disposal of subsidiaries during the reporting period
□ Applicable N/A
Notes for major holding companies and joint stock companies
There were no major holding companies or joint stock companies during the reporting period of which
information shall be disclosed.
Applicable N/A
A. Risk of recovery in the consumer market falling short of expectations: Domestic effective demand
remains insufficient, with low per capita consumption levels. The foundation for economic recovery is
still in need of further strengthening. In response, the Company will leverage its development
advantages accumulated over years of exploration to actively address market adjustments, fully seize
market opportunities, expand its market share, and drive high-quality development.
B. Risk of industry competition and transformation: Currently, China’s baijiu industry is in a new round
of adjustment, characterized by a shift from volume growth to quality enhancement, and is accelerating
the transition from “stock competition” to “value creation”. To adapt, the Company will ride the wave of
these changes, seize opportunities, and drive transformation and innovation in market expansion,
management, technology upgrades, AI-powered digital applications, and the creation of consumer
scenarios. This will help build a more positive and sustainable corporate development ecosystem,
further strengthening the Company’s development resilience.
valuation enhancement plan
Indicate whether the Company has developed market value management rules.
Yes □ No
Indicate whether the Company has disclosed its valuation enhancement plan.
□ Yes No
In order to strengthen the Company's market value management, effectively promote the Company to
enhance investment value, enhance investor returns and safeguard investor interests, in accordance
with the Company Law of the People's Republic of China, the Securities Law of the People's Republic
of China, the Information Disclosure Management Measures for Listed Companies, the Listed
Company Regulatory Guideline No. 10 - Market Value Management and other applicable laws,
regulations, normative documents and the Company's Articles of Association, etc., the Market Value
Management Rules of Luzhou Laojiao Co., Ltd. has been formulated upon approval at the Sixth
Meeting of the11th Board of Directors.
Development Quality and Shareholder Returns"
Indicate whether the Company has disclosed its action plan for "Dual Enhancement of Development
Quality and Shareholder Returns".
Yes □ No
In accordance with the guiding ideology of "further invigorating the capital market and boosting investor
confidence" proposed at the Political Bureau meeting of the CPC Central Committee and "vigorously
improving the quality and investment value of listed companies, taking more powerful and effective
measures, and focusing on stabilizing the market and confidence" proposed at the State Council
Executive Meeting, in order to safeguard the interests of all shareholders, boost investor confidence,
and promote the long-term healthy and sustainable development of the Company, Luzhou Laojiao Co.,
Ltd. (hereinafter referred to as "the Company") has formulated its action plan for "Dual Enhancement of
Development Quality and Shareholder Returns" in combination with the Company's development
strategy, business picture, and financial condition. The specific measures are as follows:
A. Strengthening confidence in strategic planning and aiming at the Company's development
goals
The Company has formulated the "136" strategic plan for the 14th Five-Year Plan based on the
development idea of "giving play to advantages, tackling areas of weaknesses, improving quality,
building strength, and seeking rejuvenation". Specifically, "1" refers to one development goal, namely,
firmly insisting on the goal of regaining the "Top 3" ranking among the Chinese baijiu industry; "3" refers
to three major development principles, namely, insisting on brand leadership and fully enhancing the
value of Chinese famous baijiu brands, insisting on taking quality as foundation and sparing no efforts
to build a core production area of world famous baijiu, and insisting on taking culture as the foundation
and striving to build a pilgrimage site for Chinese baijiu culture; "6" refers to "Six-in-One" Luzhou
Laojiao, namely, building a strong-brand Luzhou Laojiao, a quality Luzhou Laojiao, a cultural Luzhou
Laojiao, an innovative Luzhou Laojiao, a digital and intelligent Luzhou Laojiao, and a harmonious
Luzhou Laojiao. Since the 14th Five-Year Plan period, the Company has firmly implemented the "136"
development strategy, won key battles such as expanding production capacity, upgrading brands, and
strengthening teams, and has entered a stage of high-quality development. The National Cellar 1573
brand achieved comprehensive coverage in the domestic market and was fully expanding in overseas
markets; the Luzhou Laojiao brand built a strong basis in the granary market, and has gained a stable
and penetrating presence in the opportunity market, with much good news of the revival of famous
baijiu; the breakthrough project of expanding key sales areas has been deeply promoted, market
consumption has been further activated, and market share has been further increased. In terms of
digital marketing and brand building, channel development and public relations empowerment, online
expansion and offline integration, and overseas layout and domestic boosting, a clearer and more
effective path has been created with the characteristics of Luzhou Laojiao, which has made
contributions to the healthy and rapid development of the Company. During the 14th Five-Year Plan
period, the compound growth rate of the Company's net profit attributable to the parent company
reached 22.38%. For the first half of 2025, operating revenue amounted to CNY 16.454 billion; and the
net profit attributable to the parent company reached CNY 7.663 billion. Moving forward, the Company
will continue to implement the development theme of "proceeding with confidence, overcoming
challenges, innovating, and collaborating", and strive for a comprehensive victory in the key battle of the
three cores, and promoting six improvements".
B. Deeply promoting technological innovation and strengthening the transformation of scientific
research achievements
In recent years, the Company has attached great importance to the development mode of innovation
leading progress, integrated innovation forces, gathered innovation resources, tackled the frontier and
common key technologies of the baijiu industry, and promoted the transfer and transformation of
achievements and industry sharing, thus promoting the transformation of the baijiu industry from
experience oriented to technological oriented. This has made important contributions to the
technological innovation, transformation and upgrading of the baijiu industry in China. First, the
Company has successfully established multiple major national-level technological innovation platforms,
including the National Engineering Research Centre of Solid-State Brewing, the National Industrial
Design Centre, and the National Postdoctoral Workstation. The Company has formed a comprehensive
technological innovation platform system with the National Engineering Research Centre of Solid-State
Brewing as the R&D core, covering basic R&D, talent cultivation, and engineering transformation in
multiple fields, and has built a highland for technological innovation in the entire industry. Second, the
Company has continuously increased investment in technological innovation, research and
development, and continuously enhanced its independent innovation capabilities. In the past five years,
the total R&D investment reached CNY 1,035.4329 million, and the compound annual growth rate of
innovation R&D investment reached 26.40%. Third, the Company has actively carried out collaborative
innovation between the Company, universities and research institutions, establishing cooperative
relationships with more than 30 universities and institutions such as Tsinghua University and Shanghai
Jiao Tong University. Through various forms including joint laboratory building, joint undertaking of
major projects, joint training of talents, and establishment of open projects, the Company has carried
out extensive technical exchange and cooperation, forming a good pattern of diversified cooperation,
innovative development, and mutual benefit between universities and the Company. Fourth, the
Company has attached great importance to the creation and protection of intellectual property rights,
and regarded intellectual property building as an important development strategy for the Company. The
number of applications and authorizations for invention and utility model patents has maintained a rapid
growth. Up to now, the Company has been granted 226 invention patents and 393 utility models, both
of which are at the forefront of the industry. In the future, the Company will continue to leverage its
advantages in scientific research platforms, talent, and publicity to comprehensively consolidate Luzhou
Laojiao's leading position in scientific research.
C. Highly valuing standardized operations and improving corporate governance level
The Company has continuously consolidated the foundation of corporate governance, improved the
corporate governance structure, actively studied laws and regulations and the latest regulatory policies,
and standardized the Company's management system. The Company has also clearly defined the
responsibilities and authorities of general meetings of shareholders, the Board of Directors, and the
management in decision-making, execution, and supervision, and regulated the rights and obligations
of the Company and shareholders. The Company has vigorously promoted the systematization,
standardization, and digitalization of corporate governance, synchronously enhanced the information-
based level in general meetings of shareholders and the Board of Directors, and incorporated the
building of the integrated securities business platform into the "digital and intelligent Luzhou Laojiao"
system, to continuously improve the level of corporate governance. In order to further improve the
Company's risk management system and ensure that the directors of the Company fully perform their
duties within their scope of responsibilities, the Company has actively promoted the purchase of liability
insurances for directors. Meanwhile, the Company has become the first listed company in the industry
to sign a liability insurance agreement for directors which has been approved by a general meeting of
shareholders. In the future, the Company will continue to promote information technology building to
empower corporate governance, continuously improve operational efficiency and scientific decision-
making level.
D. Fulfilling the information disclosure obligation compliantly and strictly guarding the defense
line of insider trading
The Company takes standardized information disclosure as the bottom line, conducts information
disclosure with high standards, and effectively respects and safeguards the legitimate rights and
interests of investors. First, the Company has established and improved a management system
centered on major information internal reporting system, temporary and periodic report preparation
procedure, insider information management system, and other policy documents, and continuously
promoted the standardized and procedural business work, to ensure accurate and rigorous information
disclosure. Second, the Company has adhered to investor demand orientation, actively promoted
voluntary information disclosure, attached importance to the pertinence, readability, and effectiveness
of disclosure content, and continuously improved the transparency of information disclosure of the
Company. The Company has been awarded the highest A grade in the information disclosure
assessment of listed companies on the Shenzhen Stock Exchange for several consecutive years. In the
future, the Company will continuously improve the transparency of information disclosure and
continuously display information on the Company's operations at multiple levels, angles, and
dimensions.
E. Efficiently carrying out investor relations activities and conveying the Company's investment
value
The Company has actively adapted to the needs of investor research and carried out investor
relationship management through a combination of "inviting in" and "going out" models. It has actively
communicated with investors on industry hot topics, the Company's business picture, and development
strategies through the Shenzhen Stock Exchange investor interaction platform, establishment of
investor hotlines, improvement of investor relationship websites, hosting online collective reception
days, and on-site investor surveys. In doing so, the Company has conveyed its investment value and
safeguarded investors' right to know. At the same time, the Company has adhered to investor demand
orientation. Based on the continuous growth of overseas shareholders in recent years, the Company
has innovatively used overseas accounts such as Facebook, X, and IG to simultaneously publish the
Company's performance promotion, shortened the disclosure time interval between Chinese and
English versions, and conducted overseas roadshows, to ensure the timeliness of information
acquisition for overseas investors. The Company held an online presentation of the 2024 annual results
on May 16, 2025. Mr. Liu Miao, chairman of the board, Mr. Chen You'an, Mr. Lyu Xianpei, Mr. Li
Guowang and Mr. Li Liangchen, non-executive directors, Ms. Xie Hong, CFO, and Mr. Li Yong, deputy
general manager and secretary of the board, attended the presentation and answered the questions of
investors. Going forward, the Company will continue to build a two-way communication mechanism for
a deep understanding and positive interaction with the capital market to transmit the Company's value.
(The Company's investor relations website has been updated. Investors are welcome to visit
https://000568.iryi.com/).
F. Improving shareholder returns and safeguarding the legitimate rights and interests of
shareholders
The Company adheres to the implementation of an active profit distribution policy, attaches importance
to reasonable returns to investors while considering the sustainable development of the Company, and
maintains the continuity and stability of profit distribution. The Company clearly stipulates in its Articles
of Association that the Company may distribute dividend in cash or stocks and the dividend should not
be less than 50% of the distributable profit realized for that year, and the profit to be distributed in cash
should not be less than 30% of the distributable profit realized for that year. On April 28, 2025, the
Company disclosed the 2024-2026 Shareholder Dividend Plan. The Company's annual cash dividends
shall account for no less than 65%, 70% and 75% of the net profit attributable to shareholders of the
listed company in 2024, 2025 and 2026, respectively, and shall not be less than CNY 8.5 billion (tax
inclusive). Since its listing, the Company has paid out a cumulative cash dividend amount of CNY
ranking among the top among more than 5,000 listed companies in the Shanghai and Shenzhen stock
markets. This has allowed all shareholders to fully share the Company's development achievements
and effectively maintained the Company's good image in the capital market. In the future, the Company
will formulate reasonable profit distribution policies while ensuring normal operation and long-term
development, and effectively allow investors to share the fruits of the Company's growth and
development.
G. Encouraging the controlling shareholder to actively increase its shareholdings to maintain
the stability of the capital market
Based on its recognition of the Company's long-term value and its firm belief in the Company's
development prospects, the controlling shareholder of the Company, Luzhou Laojiao Group Co., Ltd.,
increased its holdings in the Company by 1,140,200 shares in total during the period from December
amount of approximately CNY 200 million. Following the aforesaid shareholding increase in the
Company, Laojiao Group has initiated a new round of share purchases, intending to invest CNY 150
million to 300 million over a six-month period starting March 14, 2025, to further increase its holdings in
the Company. As of June 14, 2025, Laojiao Group had purchased 2,133,750 additional shares in this
round, representing 0.14% of the Company's total share capital, with a total amount of approximately
CNY 270 million. Subsequently, Laojiao Group will continue to increase its holdings as planned.
Moving forward, the Company will focus on the development theme of “Building Momentum for
Breakthroughs, Advancing Stable Growth through Intensive Cultivation; Seizing Opportunities to Drive
Development through Reform and Innovation”, actively take responsibility, keep diligent, and make solid
progress while striving for high-quality development. The Company will also firmly establish a sense of
return to shareholders, effectively implement the "dual enhancement of development quality and
shareholder returns" action plan, significantly enhance investors' satisfaction, and actively contribute to
stabilizing the capital market and investor confidence.
Section IV Environmental, Social and Governance Information
Applicable □ N/A
Name Title Type Date Reason
Qian Xu Director Resignation May 29, 2025 Personal reasons
Reform of the Board
Yang Ping Supervisor Resignation June 27, 2025
of Supervisors
Reform of the Board
Li Guangjie Supervisor Resignation June 27, 2025
of Supervisors
Reform of the Board
Li Lunyu Supervisor Resignation June 27, 2025
of Supervisors
Reform of the Board
Zhou Lei Supervisor Resignation June 27, 2025
of Supervisors
Reform of the Board
Zhang Li Supervisor Resignation June 27, 2025
of Supervisors
for the reporting period
Applicable N/A
The Company has no interim dividend plan, either in the form of cash or stock.
ownership plan or other incentive measures for employees
Applicable N/A
A. On September 26, 2021, relevant proposals such as the Proposal on the 2021 Restricted Share
Incentive Plan (Draft) and Summary of Luzhou Laojiao Co., Ltd. were approved at the Seventh Meeting
of the 10th Board of Directors and the Third Meeting of the 10th Board of Supervisors of the Company,
respectively.
B. On December 2, 2021, the Company received the Approval of Luzhou State-owned Assets
Supervision and Administration Commission on the Implementation of the Second Phase of the Equity
Incentive Plan for Listed Companies by Luzhou Laojiao Co., Ltd. (L.G.Z.K.P. [2021] No. 62) from the
Luzhou State-owned Assets Supervision and Administration Commission, which approved in principle
to the implementation of the Restricted Share Incentive Plan by the Company.
C. On December 24, 2021, the Board of Supervisors of the Company issued the review opinion, i.e.,
Explanation on the Review and Announcement of the List of Awardees of the 2021 Restricted Share
Incentive Plan.
D. On December 29, 2021, the relevant proposals such as the Proposal on the 2021 Restricted Share
Incentive Plan (Draft) and Summary of Luzhou Laojiao Co., Ltd. were approved at the First
Extraordinary General Meeting of Shareholders of 2021. Meanwhile, a self-inspection on the trading of
the Company's shares by insiders of the Incentive Plan and the proposed awardees was conducted,
and the Self-Inspection Report on the Trading of the Company's Shares by Insiders and Awardees in
the 2021 Restricted Share Incentive Plan was disclosed.
E. On December 29, 2021, the Company held the 12th Meeting of the 10th Board of Directors and the
Sixth Meeting of the 10th Board of Supervisors and reviewed and approved the Proposal on the Grant
of Restricted Shares to Awardees respectively. The independent directors consented to the relevant
matters.
F. On February 21, 2022, the Company disclosed the Announcement on the Completion of Registration
of Restricted Share Grant, completed the registration of the first grant of restricted shares. Upon the
registration of the grant, 6,862,600 restricted shares were granted to 437 objects, the grant price was
CNY 92.71 per share and the listing date was February 22, 2022.
G. On July 25, 2022, the Company held the 18th Meeting of the 10th Board of Directors and the Ninth
Meeting of the 10th Board of Supervisors and reviewed and approved the Proposal on the Grant of
Reserved Restricted Shares to Awardees respectively. The independent directors consented to this
matter.
H. On August 5, 2022, the Board of Supervisors of the Company issued the review opinion, i.e.,
Explanation on the Review and Announcement of the List of Awardees for the Reserved Restricted
Shares of the 2021 Restricted Share Incentive Plan.
I. On September 2, 2022, the Company held the 22nd Meeting of the 10th Board of Directors and the
Retirement of Certain Restricted Shares and the Adjustment of Repurchase Price and the Proposal on
the Adjustment of the Granted Price of Reserved Restricted Shares of 2021 Restricted Share Incentive
Plan were reviewed and approved respectively. In accordance with the relevant provisions of the
incentive plan of the Company and the authorization of the First Extraordinary General Meeting of
Shareholders of 2021, the Board of Directors of the Company agreed to adjust the grant price and
repurchase price of the reserved restricted shares under the incentive plan from CNY 92.71 per share
to CNY 89.466 per share in view of the implementation of the Company's profit distribution plan for
J. On September 3, 2022, the Company disclosed the Announcement on the Repurchase and
Retirement of Certain Restricted Shares to Reduce Registered Capital and Notice to Creditors. By the
expiration of the declaring period, the Company had not received any declaration from the relevant
creditors for early payout of debts or provision of guarantee.
K. On September 26, 2022, the Company disclosed the Announcement on the Completion of the
Registration of the Grant of the Reserved Restricted Shares under the 2021 Restricted Share Incentive
Plan. Upon the registration of the grant of the reserved restricted shares, 342,334 restricted shares
were granted to 46 awardees, the grant price was CNY 89.466 per share and the listing date was
September 28, 2022.
L. On November 29, 2022, the Company disclosed the Announcement on the Completion of the
Repurchase and Retirement of Certain Restricted Shares. The Company proposed to repurchase and
cancel a total of 62,310 restricted shares granted but not lifted from restricted sales. As at November 29,
M. On December 29, 2022, the Company held the 26th Meeting of the 10th Board of Directors and the
Reserved Restricted Shares to Awardees respectively. The independent directors consented to this
matter.
N. On January 13, 2023, the Board of Supervisors of the Company issued the review opinion, i.e.,
Explanation on the Review and Announcement of the List of Awardees for the Reserved Restricted
Shares of the 2021 Restricted Share Incentive Plan.
O. On February 16, 2023, the Company disclosed the Announcement on the Completion of the
Registration of the Grant of the Reserved Restricted Shares under the 2021 Restricted Share Incentive
Plan. Upon the registration of the grant of the reserved restricted shares, 92,669 restricted shares were
granted to 17 awardees, the grant price was CNY 89.466 per share and the listing date was February
P. On January 23, 2024, the Company held the 38th Meeting of the 10th Board of Directors and the
Retirement of Certain Restricted Shares and the Adjustment of Repurchase Price and the Proposal on
the Satisfaction of Unlocking Conditions for the First Unlocking Period of the 2021 Restricted Share
Incentive Plan were reviewed and approved respectively. The Company's Board of Supervisors issued
a review opinion, and the law firm and the independent financial advisor issued a legal opinion and the
independent financial advisor’s report respectively.
Q. On February 22, 2024, the Company disclosed the Reminder Announcement on Unlocked Shares in
the First Unlocking Period of the 2021 Restricted Share Incentive Plan Being Allowed for Public Trading.
As such, the unlocked restricted shares in the first unlocking period of the 2021 Restricted Share
Incentive Plan were allowed for public trading on February 22, 2024.
R. On June 4, 2024, the Proposal on the Repurchase and Retirement of Certain Restricted Shares was
approved at the 40th Meeting of the 10th Board of Directors and the 22nd Meeting of the Board of
Supervisors, respectively. On June 5, the Company disclosed the Announcement on the Repurchase
and Retirement of Certain Restricted Shares to Reduce Registered Capital and Notice to Creditors. By
the expiration of the declaring period, the Company had not received any declaration from the relevant
creditors for early payout of debts or provision of guarantee.
S. On August 14, 2024, the Company disclosed the Announcement on the Completion of the
Repurchase and Retirement of Certain Restricted Shares. As at August 14, 2024, the Company
completed the repurchase and retirement of 21,266 restricted shares.
T. On September 23, 2024, the Company held the Fourth Meeting of the 11th Board of Directors and
the Third Meeting of the 11th Board of Supervisors, at which the Proposal on the Satisfaction of
Unlocking Conditions for the First Unlocking Period of the Reserved Restricted Shares under the 2021
Restricted Share Incentive Plan and the Proposal on the Repurchase and Retirement of Certain
Restricted Shares and the Adjustment of Repurchase Price were reviewed and approved respectively.
The Company's Board of Supervisors issued a review opinion, and the law firm issued a legal opinion.
U. On September 28, 2024, the Company disclosed the Reminder Announcement on Unlocked Shares
in the First Unlocking Period of the Reserved Restricted Shares under the 2021 Restricted Share
Incentive Plan Being Allowed for Public Trading. As such, the unlocked restricted shares in the first
unlocking period of the reserved restricted shares under the 2021 Restricted Share Incentive Plan were
allowed for public trading on October 9, 2024.
V. On December 18, 2024, the Company disclosed the Announcement on the Completion of the
Repurchase and Retirement of Certain Restricted Shares. As at December 18, 2024, the Company
completed the repurchase and retirement of 15,000 restricted shares.
W. On January 21, 2025, the Company held the Eighth Meeting of the 11th Board of Directors and the
Sixth Meeting of the 11th Board of Supervisors, at which the Proposal on the Satisfaction of Unlocking
Conditions for the First Unlocking Period of the Reserved Restricted Shares under the 2021 Restricted
Share Incentive Plan and the Proposal on the Satisfaction of Unlocking Conditions for the Second
Unlocking Period of the 2021 Restricted Share Incentive Plan were reviewed and approved respectively.
X. On February 14, 2025, the Company disclosed the Reminder Announcement on Unlocked Shares in
the First Unlocking Period of the Reserved Restricted Shares under the 2021 Restricted Share
Incentive Plan Being Allowed for Public Trading. As such, the unlocked restricted shares in the first
unlocking period of the reserved restricted shares under the 2021 Restricted Share Incentive Plan were
allowed for public trading on February 17, 2025.
Y. On February 21, 2025, the Company disclosed the Reminder Announcement on Unlocked Shares in
the Second Unlocking Period of the 2021 Restricted Share Incentive Plan Being Allowed for Public
Trading. As such, the unlocked restricted shares in the second unlocking period of the 2021 Restricted
Share Incentive Plan were allowed for public trading on February 24, 2025.
Applicable N/A
Applicable N/A
Whether the listed company or any of its major subsidiaries is included in the list of companies that
are required by law to disclose environmental information.
Yes □ No
Number of companies included in the list of companies that are required by
law to disclose environmental information
Index to the report on required
No. Company
environmental information
Enterprise Required Environmental
Information Disclosure System
(Sichuan)
(https://103.203.219.138:8082/eps/in
dex/enterprise-
more?code=91510500204706718H&
uniqueCode=9935f5c0df9bbd14&dat
e=2024&type=true&isSearch=true)
Luzhou Laojiao has consistently focused on consolidating and expanding the achievements of poverty
alleviation and effectively linking them with rural revitalization. The Company has placed support for the
revitalization of the assisted regions at the core of its work. Following the principle of “what the locality
needs is what the enterprise can provide”, the Company has developed and launched several targeted,
beneficial, and long-term key projects in Hongyuan County, Gulin County, and Xuyong County, focusing
on six areas, including industrial assistance, consumption assistance, and talent assistance. The
Company has solidly advanced the work of rural revitalization, with a total investment of CNY 8.763
million in the first half of 2025.
First, the Company focused on industrial self-sufficiency and injected vitality into development. In line
with the requirements for essential support and the needs of county-level industrial development, the
Company funded the expansion and digitalization of the livestock trading market in Hongyuan County,
working together with the county to develop it into a highly practical and digitally advanced
demonstration market. Additionally, more than 9,000 chicks were distributed to farmers in Xiangtian
Village of Gulin County and Baiyang Village of Xuyong County, stimulating household-based economic
activity, strengthening village collective economies, and helping farmers increase income. Second, the
Company strengthened consumption assistance to expand income channels. With “consumption
assistance” as a key approach, the Company carried out comprehensive industrial assistance. It
purchased over CNY 1.2 million worth of specialty agricultural products such as yak jerky and yak milk
powder from Hongyuan County, creating a sustainable development model that benefits village
collectives and local residents through the Company’s support. Third, the Company strengthened talent
cultivation to build growth momentum. The Company invested CNY 100,000 to organize an “E-
Commerce Talent Training Program for Essential Assistance” at the Hongyuan County Party
Committee School. The training addressed the pain points of local specialty industries and provided
comprehensive training from senior experts to 40 participants, helping them make breakthroughs in e-
commerce practice. Promoting stable employment in underdeveloped counties was prioritized, with
multiple measures to provide jobs for unemployed youth and support individuals with entrepreneurial
intentions to start their own businesses, helping to alleviate local employment challenges. Fourth,
organizational collaboration was deepened to build consensus for development. The Company
organized a joint party-building activity between its grassroots Party branches and the Guntang Village
Party Branch in Hongyuan County. Through seminars, visits, and other activities, they encouraged
Party members and cadres to shoulder their responsibilities. The Company also donated CNY 20,000
to equip Guntang Village’s Party branch activity room with desks, chairs, and other facilities. This aimed
to create a multifunctional Party-building space for education, cultural display, and interactive exchange,
thereby reinforcing the image of the Party organization as a “red fortress”. Fifth, public welfare initiatives
were expanded to deliver heartfelt care. The Company invested CNY 150,000 to carry out New Year
care activities in supported villages, donating blankets, cooking oil, and other essential goods to help
residents address practical difficulties and boost their confidence in development. At Maiwa Primary
School in Hongyuan County, the Company also donated sports equipment, including basketballs and
badminton sets, providing local students with broader opportunities for physical exercise and supporting
their physical well-being and healthy growth. Sixth, professional advantages were leveraged to provide
matrixed support. The Company proactively leveraged its core responsibilities and business to provide
matrixed assistance. It undertook the testing and inspection for Jinchuan Snow Pear Brandy, offering
professional advice for the deep processing of agricultural products from Jinchuan County, from
laboratory testing to industrialization.
Luzhou Laojiao will continue to uphold the political and social responsibilities inherent to a state-owned
enterprise. In the second half of the year, the Company will focus on the central task, serve the broader
development agenda, and play its role. It will carry out social welfare activities with more practical
measures, better methods, and greater care. These efforts aim to make new and greater contributions
to the development of public welfare and charity, as well as the solid promotion of comprehensive rural
revitalization.
Section V Significant Events
related parties and acquirer, as well as the Company and other
commitment makers fulfilled in the reporting period or ongoing by the
end of this reporting period
Applicable N/A
Type of Date of
Term of
Commitment Promisor commitme Details of commitment commitme Fulfillment
commitment
nt nt making
Laojiao Group plans to
increase its holdings of the
Company's shares through
call auction trading, using a
special loan for the
shareholding increase and
own funds, within 6 months
from March 14, 2025, with
the amount of increase not
Other less than CNY 150 million
Other Laojiao March 14,
commitme and not more than CNY 300 6 months Unexpired
commitments Group 2025
nts million. Laojiao Group has
promised not to reduce its
holdings of the Company's
shares during the increase
period and the statutory
period, and will complete the
implementation of the
increase plan within the
above implementation
period.
Executed on
Yes
time or not
its related parties for non-operating purposes
Applicable N/A
No such cases in the reporting period.
Applicable N/A
No such cases in the reporting period.
Are the interim financial statements audited?
□ Yes No
The interim financial statements are not audited.
regarding the "Non-standard audit opinion" for the reporting period
Applicable N/A
audit opinion" of Last Year
Applicable N/A
Applicable N/A
No such cases in the reporting period.
Material litigation and arbitration
Applicable N/A
Profile of Amount Whether it Progress in Trial results Execution of Date of Disclosure
litigation involved in forms an litigation and impacts of judgment of disclosure index
(arbitration) the case (CNY estimate (arbitration) litigation litigation
The Company
applied to
The Company
Hunan
filed a lawsuit For the losses
Province
with ABC that the
Higher
Changsha Company
People's Court
Yingxin cannot
for
Branch over a recover
enforcement
deposit through
of the verdict.
dispute, and criminal
Hunan
the case has execution
Province
been The second procedures,
Higher
completed in trial has been 40% shall be
People's Court
the first concluded, borne by ABC
ruled that October 15, http://www.cni
instance of 14,942.5 No and the case Changsha
Hunan 2014 nfo .com.cn/
Hunan is now at the Yingxin
Changsha
Province stage of Branch, 20%
Intermediate
Higher enforcement. shall be borne
People’s Court
People's Court by ABC
should see to
and the final Changsha
the execution
trial of the Hongxin
of the verdict.
Supreme Branch and
Upon the
People's the rest shall
enforcement,
Court. The be borne by
the banks
case is now at the Company
have paid part
the stage of itself.
of the
enforcement.
compensation
s.
Other litigation
Applicable N/A
Amount Whether it Trial results Execution of
Profile of Progress in
involved in forms an and impacts of judgment of Date of Disclosure
litigation litigation
the case (CNY estimate litigation litigation disclosure index
(arbitration) (arbitration)
Other
litigations that
do not meet
the standard No significant
of a material impact
litigation which
is required to
be disclosed
Applicable N/A
No such cases in the reporting period.
shareholder and actual controller
Applicable N/A
Applicable N/A
No such cases in the reporting period.
interests
Applicable N/A
No such cases in the reporting period.
Applicable N/A
No such cases in the reporting period.
Applicable N/A
No such cases in the reporting period.
Applicable N/A
The Company did not make deposits in, receive loans or credit from and was not involved in any
other finance business with any related finance company or any of its related parties.
related parties
Applicable N/A
No related parties made deposits in, received loans or credit from or was involved in any other
finance business with any finance company controlled by the Company.
Applicable N/A
No such cases in the reporting period.
Applicable N/A
No such cases in the reporting period.
Applicable N/A
No such cases in the reporting period.
Applicable N/A
No such cases in the reporting period.
Applicable N/A
No such cases in the reporting period.
Applicable N/A
Unit: CNY 10,000
Impairment
Fund source for Amount of Overdue provisions for the
Type entrusted assets entrusted assets Undue balance outstanding overdue
management management amount outstanding
amount
Wealth
management
product of Own funds 50,000 160,000 0 0
securities
company
Total 50,000 160,000 0 0
Particulars of high risk wealth management products with a significant single amount, low security,
poor liquidity or no principal protection
Applicable N/A
Expected inability to recover the principal of entrusted assets management or other circumstances
that may result in impairment
Applicable N/A
Applicable N/A
No such cases in the reporting period.
Applicable N/A
A. The Company disclosed in October 2014 and January 2015 respectively the contract disputes
involving three savings deposits of CNY 500 million in total with banks including ABC Changsha
Yingxin Branch and ICBC Nanyang Zhongzhou Branch. As of the end of the reporting period, the
deposit dispute case with ICBC Nanyang Zhongzhou Branch has been concluded, the deposit
dispute case with ABC Changsha Yingxin Branch is currently in the court enforcement process, and
the Company had recovered a total amount of CNY 376 million for the three disputes.
B. On January 24, 2025, the Company carried out the 2024 interim dividend payout of CNY 13.58
(tax inclusive) for every 10 existing shares held, totaling CNY 1,998,910,141.07 (tax inclusive).
Applicable N/A
The Company invested in the technical upgrade program of intelligent brewing (Phase I) with the
wholly-owned subsidiary, Brewing Company, as the implementer. The total investment amount
approximated CNY 4,782.5090 million. For further information, see Announcement No. 2022-24 on
the Implementation of Luzhou Laojiao’s Technical Upgrade Program of Intelligent Brewing (Phase I)
by Subsidiary. The program is currently under construction.
Section VI Changes in Shares and Information about
Shareholders
Unit：Share
Before Changes in this period (＋，－) After
Capitalizati
Issuance
Bonus on of
Number Proportion of new Other Subtotal Number Proportion
shares capital
shares
reserves
I.
Restricted 4,649,959 0.32% -1,863,339 -1,863,339 2,786,620 0.19%
shares
Shares
held by the
state
Shares
held by
state-
owned
corporatio
ns
Shares
held by
other
domestic
investors
Of
which:
shares
held by
domestic
corporatio
ns
Share
s held by
domestic
individuals
Shares
held by
foreign
corporatio
ns
Of
which:
shares
held by
foreign
corporatio
ns
Share
s held by
foreign
individuals
II. Non-
restricted 99.68% 1,863,339 1,863,339 99.81%
shares
common 99.68% 1,863,339 1,863,339 99.81%
shares
Domestical
ly listed
foreign
shares
Overseas
listed
foreign
shares
III. Total 1,471,951, 1,471,951,
shares 503 503
Reasons for the change in shares
Applicable N/A
A. According to the provisions of the 2021 Restricted Share Incentive Plan (Draft), 37,069 restricted
shares of 17 awardees that satisfied the unlocking conditions for the first unlocking period of the
reserved restricted shares under the 2021 Restricted Share Incentive Plan, and 2,022,530 restricted
shares of 434 awardees that satisfied the unlocking conditions for the second unlocking period of the
respectively.
B. During the reporting period, due to the unlocking of restricted shares under the restricted share
incentive plan, locked shares of the Company’s senior management increased by 196,260 shares.
Approval of share changes
Applicable □ N/A
On January 21, 2025, the Company held the Eighth Meeting of the 11th Board of Directors and the
Sixth Meeting of the 11th Board of Supervisors, at which the Proposal on the Satisfaction of
Unlocking Conditions for the First Unlocking Period of the Reserved Restricted Shares under the
for the Second Unlocking Period of the 2021 Restricted Share Incentive Plan were approved. As such,
period of the reserved restricted shares under the 2021 Restricted Share Incentive Plan, and
unlocking period of the 2021 Restricted Share Incentive Plan were allowed for public trading on
February 17 and 24, 2025, respectively.
Transfer of share ownership
Applicable N/A
Implementation progress of shares repurchases
□ Applicable N/A
Implementation progress of share buyback reduction through call auction trading
□ Applicable N/A
Effects of changes in shares on the basic EPS, diluted EPS, net assets per share attributable to
common shareholders of the Company and other financial indexes over the last year and the last
reporting period
Applicable N/A
Other contents that the Company considers it necessary or required by the securities regulatory
authorities to disclose
Applicable N/A
Applicable □ N/A
Unit：Share
Number of
Number of
restricted Decrease in Increase in
restricted
shares held at restricted restricted
Name of shares held at Reason for Date of
the beginning shares during shares during
shareholder the end of the restriction unlocking
of the the reporting the reporting
reporting
reporting period period
period
period
In accordance
with the
Restricted
relevant
unlocking
Restricted the 2021
Share Restricted
the 2021
Incentive Plan Share
Restricted
Incentive Plan
Share
Incentive Plan
Locked In accordance
Locked
shares of with the
shares of
senior
management unlocking
management
converted provisions of
from unlocked the 2021
restricted Restricted
shares under Share
the 2021 Incentive Plan
Restricted
Share
Incentive Plan
Total 4,649,959 2,059,599 196,260 2,786,620 -- --
Applicable N/A
Unit：Share
Total number of common Total number of preferred shareholders with
shareholders at the end of 208,133 resumed voting rights by the end of the reporting 0
the reporting period period (if any) (see Note 8)
Shareholdings of shareholders with a shareholding percentage over 5% or the top 10 shareholders (exclusive of shares lent in refinancing)
Pledged, marked or
Shareho Total shares Increase/decre Number of
Number of frozen shares
Name of Nature of lding held by the end ase during the holding
holding non- Status
shareholder shareholder percenta of the reporting reporting restricted Number of
restricted shares of
ge period period shares shares
shares
Luzhou
Laojiao State-owned
Group Co., corporation
Ltd.
Luzhou
XingLu
State-owned
Investment 24.86% 365,971,142.00 0 0 365,971,142.00 N/A 0
corporation
Group Co.,
Ltd.
Bank of
China Co.,
Ltd. – Baijiu
index
classification
securities Other 3.50% 51,466,392.00 630,623.00 0 51,466,392 N/A 0
investment
fund by
China
Merchants
Fund
China
Securities
Finance Other 2.30% 33,842,059.00 0 0 33,842,059.00 N/A 0
Corporation
Limited
Hong Kong
Securities
Outbound
Clearing 2.22% 32,699,498.00 -3,214,148.00 0 32,699,498.00 N/A 0
corporation
Company
Limited
Bank of
China Co.,
Ltd.－Blue
chip
selected
Other 2.02% 29,679,112.00 7,429,112.00 0 29,679,112.00 N/A 0
hybrid
securities
investment
fund by E
Fund
Central
Huijin Asset State-owned
Managemen corporation
t Co., Ltd.
Industrial
and
Commercial
Bank of
China Co.,
Ltd.- Huatai- Other 0.89% 13,128,005.00 366,870.00 0 13,128,005.00 N/A 0
Pinebridge
CSI 300
Exchange-
Traded
Fund
China
Construction
Bank
Corporation
－Penghua
Other 0.83% 12,217,823.00 2,210,103.00 0 12,217,823.00 N/A 0
Wine &
Liquor
Exchange-
Traded
Fund
Bank of
China Co.,
Ltd.－E
Fund High
Quality
Other 0.74% 10,829,050.00 2,878,950.00 0 10,829,050.00 N/A 0
Selected
Mixed
Securities
Investment
Fund
Strategic investors or
general corporations
become the top-ten
N/A
shareholders due to placing
of new shares (if any) (see
note 3)
Related parties or acting-in- 1. Luzhou Laojiao Group Co., Ltd. and Luzhou XingLu Investment Group Co., Ltd. are both state-owned
concert holding companies under the jurisdiction of SASAC of Luzhou. The two companies have signed the
agreement of persons acting in concert. For details, please refer to the announcement of the Company on
May 23, 2024 - Announcement on the Renewed Agreement of Persons Acting in Concert Signed by
Shareholders (Announcement No. 2024-22).
Ltd. and Golden Rudder collectively held 384,362,339 shares in the Company, representing 26.11% of the
total share capital of the Company.
acting in concert is unknown.
Explain if any of the
shareholders above was
involved in entrusting/being N/A
entrusted with voting rights
or waiving voting rights
Special account for
repurchased shares among
N/A
the top 10 shareholders (if
any) (see note 11)
Shareholdings of the top 10 non-restricted shareholders (exclusive of shares lent in refinancing and locked shares of senior management)
Type of shares
Name of shareholder Number of non-restricted shares held by the end of the reporting period
Type Number
CNY
Luzhou Laojiao Group Co., 383,222,139
Ltd. .00
shares
CNY
Luzhou XingLu Investment 365,971,142
Group Co., Ltd. .00
shares
Bank of China Co., Ltd. –
CNY
Baijiu index classification 51,466,392.
securities investment fund 00
shares
by China Merchants Fund
CNY
China Securities Finance 33,842,059.
Corporation Limited 00
shares
CNY
Hong Kong Securities 32,699,498.
Clearing Company Limited 00
shares
Bank of China Co., Ltd.－
CNY
Blue chip selected hybrid 29,679,112.
securities investment fund 00
shares
by E Fund
CNY
Central Huijin Asset 13,539,862.
Management Co., Ltd. 00
shares
Industrial and Commercial
CNY
Bank of China Co., Ltd.- 13,128,005.
Huatai-Pinebridge CSI 300 00
shares
Exchange-Traded Fund
China Construction Bank
CNY
Corporation－Penghua Wine 12,217,823.
& Liquor Exchange-Traded 00
shares
Fund
Bank of China Co., Ltd.－E CNY
Fund High Quality Selected 10,829,050.00 common
Mixed Securities Investment shares
Fund
The statement of association
or acting-in-concert between
the top 10 shareholders of
unrestricted shares and
See the upper part of this table
between the top 10
shareholders of unrestricted
shares and top 10
shareholders
Top 10 common
shareholders participating in
None
securities margin trading (if
any) (see note 4)
refinancing shares lending
□ Applicable N/A
Changes in top 10 shareholders and top 10 non-restricted shareholders due to refinancing shares
lending/return compared with the prior period
□ Applicable N/A
Did any of the top 10 common shareholders or the top non-restricted common shareholders of the
Company conduct any promissory repurchase during the reporting period.
Yes No
The top 10 non-restricted common shareholders, the top 10 common shareholders did not conduct
any promissory repurchase during the reporting period.
management
Applicable N/A
No changes occurred to shares held by directors, supervisors and senior management in the
reporting period. See the 2024 Annual Report for more details.
Change of the controlling shareholder during the reporting period
Applicable N/A
No such cases in the reporting period.
Change of the actual controller during the reporting period
Applicable N/A
The actual controller of the Company has not changed during the reporting period.
Applicable N/A
No preferred stock in the Company during the reporting period.
Section VII Information about Bond
Applicable N/A
Applicable N/A
No such cases in the reporting period.
Applicable N/A
Unit: CNY 10,000
Way of
Issue Value Bond Interest Place of
Name Abbr. Code Due date redempti
date date balance rate trading
on
In terms
of the
bonds of
this
phase,
interests
will be
paid by
year and
the
principal
Public repaid in
Offering lump
of sum at Shenzhe
Corporat 20 Lao 149062. maturity. n Stock
March March March 150,000 3.50%
e Bond Jiao 01 SZ The Exchang
for interests e
Qualified will be
Investors paid
(Phase I) once
every
year and
the
interests
for the
last
installme
nt will be
paid
together
with the
principal.
The bonds are applicable to eligible investors who have qualified securities
accounts with Shenzhen Branch of China Securities Depository and Clearing Co.,
Ltd., are permitted to engage in the subscription and transfer of corporate bonds
in accordance with the Management Measures for the Issue and Transaction
Appropriate arrangement of the
Management of Corporate Bonds, Management Measures for the Suitability of
investors (if any)
Securities and Futures Investors, Management Measures of Shenzhen Stock
Exchange for the Suitability of Securities Market Investors, and relevant laws and
regulations, and have the corresponding risk identification and bearing capacity
(excluding those prohibited by laws and regulations)
Trading systems applicable Tradable by way of bidding, offering, inquiry and agreement
Risk of termination of listing and
trading (if any) and N/A
countermeasures
Overdue bonds
□ Applicable N/A
protection clauses
□ Applicable N/A
Applicable N/A
other repayment-ensuring measures in the reporting period, as well as the impact
on the interests of bond holders
Applicable N/A
Applicable N/A
No such cases in the reporting period.
Applicable N/A
No such cases in the reporting period.
at the end of last year
Applicable N/A
Unit：CNY 10,000
Item June 30, 2025 December 31, 2024 Change
Current ratio 2.56 3.56 -28.09%
Debt/asset ratio 33.49% 30.48% 3.01%
Quick ratio 1.88 2.60 -27.69%
H1 2025 H1 2024 Change
Net profits before non-
recurring gains and losses
EBITDA/debt ratio 136.00% 92.02% 43.98%
Interest cover (times) 113.29 41.93 170.19%
EBITDA-to-interest cover
(times)
Section VIII Financial Report
Are these interim financial statements audited by an independent auditor?
□Yes No
The interim financial statements are not audited by an independent auditor.
Monetary unit for the financial statements and the notes thereto: CNY
Prepared by: Luzhou Laojiao Co., Ltd.
Consolidated balance sheet
As at June 30, 2025
Unit: CNY
Item Balance as at June 30, 2025 Balance as at January 1, 2025
Current assets:
Cash and cash equivalents 35,451,080,327.05 33,578,396,831.33
Settlement reserves
Lending funds
Held-for-trading financial assets 1,610,560,917.24 1,694,282,295.97
Derivative financial assets
Notes receivables
Accounts receivable 16,077,566.15 11,022,302.31
Accounts receivable financing 1,411,989,312.86 1,801,947,455.78
Prepayment 228,470,687.43 123,870,282.65
Premiums receivable
Reinsurance accounts receivable
Reinsurance contract reserve
Other receivables 42,044,835.12 13,053,645.00
Including：Interests receivable
Dividends receivable 32,879,641.22
Buying back the sale of financial
assets
Inventories 13,784,525,369.11 13,392,794,475.96
Including: Data resources
Contract assets
Assets held for sale
Non-current assets due within one
year
Other current assets 44,247,521.17 241,081,908.89
Total current assets 52,588,996,536.13 50,856,449,197.89
Non-current assets:
Disbursement of loans and advances
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 2,836,552,287.45 2,801,252,317.93
Investments in other equity
instruments
Other non-current financial assets
Investment property 48,802,205.54 50,246,694.16
Fixed assets 8,815,147,343.06 9,131,776,915.51
Construction in progress 1,165,735,552.56 807,233,988.90
Productive biological assets
Oil and gas assets
Use right assets 24,433,390.10 29,254,214.23
Intangible assets 3,452,040,130.07 3,417,898,796.19
Including：Data resources
Development expenses
Including：Data resources
Goodwill
Long-term deferred expenses 1,322,375.90 1,756,272.03
Deferred tax assets 229,979,417.63 424,185,093.04
Other non-current assets 588,898,590.92 407,347,368.15
Total non-current assets 17,601,249,649.18 17,478,146,366.69
Total assets 70,190,246,185.31 68,334,595,564.58
Current liabilities:
Short-term loans
Borrowings from the central bank
Loans from other banks
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 1,414,396,921.39 1,844,497,206.78
Advance from customer 5,419,308.10
Contract liabilities 3,529,323,175.67 3,978,131,528.88
Financial assets sold for repurchase
Deposits from customers and inter-
bank
Customer brokerage deposits
Securities underwriting brokerage
deposits
Employee benefits payable 443,931,205.42 553,580,768.99
Taxes payable 2,014,142,202.18 3,233,948,597.08
Other payable 7,377,857,167.86 873,595,429.08
Including：Interests payable
Dividends payable 6,788,869,591.98 29,668,290.20
Handling charges and commissions
payable
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within one 5,274,717,368.79 3,276,628,616.74
year
Other current liabilities 458,655,396.27 516,729,820.48
Total current liabilities 20,518,442,745.68 14,277,111,968.03
Non-current liabilities:
Insurance contract reserves
Long-term loans 2,728,700,000.00 6,279,900,000.00
Bonds payable
Including：Preferred shares
Perpetual bonds
Lease liabilities 21,014,302.06 24,528,519.13
Long-term payables
Long-term payroll payables
Accrued liabilities
Deferred income 82,445,141.55 86,672,726.83
Deferred tax liabilities 159,027,020.27 158,375,714.88
Other non-current liabilities
Total non-current liabilities 2,991,186,463.88 6,549,476,960.84
Total liabilities 23,509,629,209.56 20,826,588,928.87
Owners' equity
Share capital 1,471,951,503.00 1,471,951,503.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 5,407,442,311.41 5,365,763,566.55
Less: treasury stock 167,794,796.51 345,699,443.89
Other comprehensive income 111,904,482.40 84,235,115.38
Special reserves
Surplus reserves 1,471,951,503.00 1,471,951,503.00
General risk reserve
Undistributed profits 38,245,095,469.06 39,340,298,309.42
Total equity attributable to owners of
the parent company
Non-controlling interests 140,066,503.39 119,506,082.25
Total owners' equity 46,680,616,975.75 47,508,006,635.71
Total liabilities and owners' equity 70,190,246,185.31 68,334,595,564.58
Legal representative：Liu Miao
Person in charge of accounting affairs：Xie Hong
Person in charge of accounting department：Song Ying
Balance sheet of parent company
As at June 30, 2025
Unit: CNY
Item Balance as at June 30, 2025 Balance as at January 1, 2025
Current assets:
Cash and cash equivalents 33,424,508,197.88 26,651,132,665.66
Held-for-trading financial assets 1,610,560,917.24 1,694,282,295.97
Derivative financial assets
Notes receivables
Accounts receivable 63,278.92 14,701.83
Accounts receivable financing
Prepayment 14,622,548.97 12,888,111.51
Other receivables 12,362,790,450.59 14,619,833,493.32
Including: Interests receivable
Dividends receivable 32,879,641.22
Inventories 1,195,509.25 898,380.40
Including: Data resources
Contract assets
Assets held for sale
Non-current assets due within one
year
Other current assets 11,137,299.40 172,283,759.93
Total current assets 47,424,878,202.25 43,151,333,408.62
Non-current assets:
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 6,788,166,538.86 6,735,926,560.88
Investments in other equity
instruments
Other non-current financial assets
Investment property 48,802,205.54 50,246,694.16
Fixed assets 835,833,921.54 866,342,467.75
Construction in progress 209,250,208.80 174,069,734.13
Productive biological assets
Oil and gas assets
Use right assets 29,596.10 118,384.41
Intangible assets 837,368,752.09 770,645,637.66
Including：Data resources
Development expenses
Including：Data resources
Goodwill
Long-term deferred expenses 102,077.37 341,637.85
Deferred tax assets 101,695,396.21 124,327,561.74
Other non-current assets 394,639,276.12 215,109,132.46
Total non-current assets 9,653,922,406.95 9,344,018,595.96
Total assets 57,078,800,609.20 52,495,352,004.58
Current liabilities:
Short-term loans
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 23,980,178.04 36,143,495.43
Advance from customer 3,481,290.65
Contract liabilities 410,132.74 3,354,639.36
Employee benefits payable 135,166,898.27 175,075,638.37
Taxes payable 169,724,244.57 94,520,857.23
Other payables 16,668,741,953.09 2,980,878,449.35
Including：Interests payable
Dividends payable 6,759,201,301.78
Liabilities held for sale
Non-current liabilities due within one
year
Other current liabilities 53,317.26 436,103.12
Total current liabilities 22,266,753,236.00 6,557,349,450.58
Non-current liabilities:
Long-term loans 2,728,700,000.00 6,279,900,000.00
Bonds payable
Including：Preferred shares
Perpetual bonds
Lease liabilities
Long-term payables
Long-term payroll payables
Accrued liabilities
Deferred income 7,828,100.00 8,714,300.00
Deferred tax liabilities 90,168,317.20 82,430,689.59
Other non-current liabilities
Total non-current liabilities 2,826,696,417.20 6,371,044,989.59
Total liabilities 25,093,449,653.20 12,928,394,440.17
Owners' equity
Share capital 1,471,951,503.00 1,471,951,503.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 5,403,387,906.51 5,361,333,958.25
Less: treasury stock 167,794,796.51 345,699,443.89
Other comprehensive income 109,165,623.55 80,803,192.66
Special reserves
Surplus reserves 1,471,951,503.00 1,471,951,503.00
Undistributed profits 23,696,689,216.45 31,526,616,851.39
Total owners' equity 31,985,350,956.00 39,566,957,564.41
Total liabilities and owners' equity 57,078,800,609.20 52,495,352,004.58
Consolidated income statement
Unit: CNY
Item H1 2025 H1 2024
Including: Operating revenue 16,453,732,904.65 16,904,885,169.38
Interest income
Earned premium
Fee and commission
income
Including: Cost of sales 2,124,120,485.84 1,932,074,493.16
Interest expense
Handling charges and
commission expenses
Refunded premiums
Net payments for
insurance claims
Net provision for
insurance policy reserve
Bond insurance expense
Reinsurance Expenses
Taxes and surcharges 2,182,376,054.10 2,043,377,033.97
Selling and distribution
expenses
General and administrative
expenses
Research and
Development expenses
Financial expenses -263,955,897.52 -124,274,752.55
Including：Interest
expenses
Interest
income
Plus: Other income 27,222,431.63 21,379,290.54
Investment income ("-" for
losses)
Including: income from
investment in associates and joint 54,787,007.14 14,536,085.02
ventures
Income from the
derecognition of financial assets
measured at amortized cost (“-” for
losses)
Foreign exchange gains ("-"
for losses)
Net gain on exposure hedges
(“-” for losses)
Gains from the changes in fair
values(“-“ for losses)
Credit impairment losses (“-”
-51,195.97 1,109,313.81
for losses)
Impairment losses(“-“ for
losses)
Gains from disposal of
assets("-" for losses)
Plus: non-operating income 7,221,769.50 8,564,749.87
Less: non-operating expenses 39,191,852.89 7,663,658.92
total losses)
Less: income tax expenses 2,726,585,021.21 2,870,561,488.56
operation ("-" for net loss)
operation ("-" for net loss)
parent company ("-" for net loss)
interests ("-" for net loss)
comprehensive income
Net of tax from other comprehensive
income to the owner of the parent 27,670,156.53 -34,652,321.08
company
that cannot be reclassified into the 24,665,797.66 -50,739,026.64
profit and loss:
indebtedness or net asset of defined
benefit plans
income that cannot be classified into 1,308,060.60 -98,594.78
profit and loss under equity method
investments in other equity 23,357,737.06 -50,640,431.86
instruments
company’s credit risks
that will be reclassified into the profit 3,004,358.87 16,086,705.56
and loss
income that will be classified into 3,697,422.74 15,828,975.10
profit and loss under equity method
investments in other debt obligations
arising from the reclassification of
financial assets
investments in other debt obligations
translation of foreign currency -693,063.87 257,730.46
financial statements
Net of tax from other comprehensive
-567,128.91 210,075.58
income to non-controlling interests
Total comprehensive income
attributable to owners of the parent 7,690,577,969.51 7,992,885,844.23
company
Total comprehensive income
attributable to non-controlling 20,185,217.73 18,930,936.66
interests
(1) Basic earnings per share 5.21 5.46
(2) Diluted earnings per share 5.21 5.46
Legal representative：Liu Miao
Person in charge of accounting affairs：Xie Hong
Person in charge of accounting department：Song Ying
Income statement of parent company
Unit: CNY
Item H1 2025 H1 2024
Less: Cost of sales 5,349,358,286.51 4,408,209,268.20
Taxes and surcharges 28,088,121.60 36,744,352.82
Selling and distribution
expenses
General and administrative
expenses
Research and Development
expenses
Financial expenses -253,357,166.74 -223,823,444.31
Including：Interest expenses 91,402,233.60 169,177,810.84
Interest income 346,058,343.12 393,493,177.13
Plus: Other income 5,139,818.51 7,114,640.09
Investment income ("-" for
losses)
Including: income from
investment in associates and joint 51,892,249.87 2,318,263.38
ventures
Income from the
derecognition of financial assets at
amortized cost (“-” for losses)
Net gain on exposure hedges
(“-” for losses)
Gains from the changes in fair
values(“-“ for losses)
Credit impairment losses (“-” for
losses)
Asset impairment losses (“-” for
losses)
Gains from disposal of assets("-"
for losses)
Plus: non-operating income 9,521,138.73 5,240,384.69
Less: non-operating expenses 27,000,000.00 6,645,726.27
total losses)
Less: income tax expenses 361,312,965.19 312,060,472.19
operation ("-" for net loss)
operation ("-" for net loss)
comprehensive income
that cannot be reclassified into the 24,665,797.66 -50,739,026.64
profit and loss:
indebtedness or net asset of defined
benefit plans
income that cannot be classified into 1,308,060.60 -98,594.78
profit and loss under equity method
investments in other equity 23,357,737.06 -50,640,431.86
instruments
company’s credit risks
that will be reclassified into the profit 3,697,422.74 15,828,975.10
and loss
income that will be classified into 3,697,422.74 15,828,975.10
profit and loss under equity method
investments in other debt obligations
arising from the reclassification of
financial assets
investments in other debt obligations
translation of foreign currency
financial statements
(1) Basic earnings per share 0.62 0.50
(2) Diluted earnings per share 0.62 0.50
Consolidated statement of cash flows
Unit: CNY
Item H1 2025 H1 2024
activities
Cash received from sale of goods
and rendering of services
Net increase in customer bank
deposits and placement from banks
and other financial institutions
Net increase in loans from central
bank
Net increase in loans from other
financial institutions
Premiums received from original
insurance contracts
Net cash received from reinsurance
business
Net increase in deposits and
investments from policyholders
Cash received from interest, handling
charges and commissions
Net increase in placements from
other financial institutions
Net capital increase in repurchase
business
Net cash received from customer
brokerage deposits
Refunds of taxes and surcharges 5,221,168.92 1,262,805.77
Cash received from other operating
activities
Subtotal of cash inflows from
operating activities
Cash paid for goods purchased and
services received
Net increase in loans and advances
to customers
Net increase in deposits in central
bank and other banks and financial
institutions
Cash paid for original insurance
contract claims
Net increase in lending funds
Cash paid for interests, handling
charges and commissions
Cash paid for policy dividends
Cash paid to and on behalf of
employees
Cash paid for taxes and surcharges 7,401,832,684.30 7,651,967,240.46
Cash paid for other operating
activities
Subtotal of cash outflows from
operating activities
Net cash flows from operating
activities
activities
Cash received from disposal of
investments
Cash received from returns on 31,271.10 23,970,473.40
investments
Net cash received from disposal of
fixed assets, intangible assets and 291,388.41 10,363,496.03
other long-term assets
Net cash received from disposal of
subsidiaries and other business units
Cash received from other investing
activities
Subtotal of cash inflows from
investing activities
Cash paid to acquire and construct
fixed assets, intangible assets and 736,919,110.77 344,186,871.61
other long-term assets
Cash paid for investments 500,000,000.00 671,700,000.00
Net increase in pledge loans
Net cash paid to acquire subsidiaries
and other business units
Cash paid for other investing
activities
Subtotal of cash outflows from
investing activities
Net cash flows from investing
-628,134,413.89 1,108,797,050.00
activities
activities
Cash received from investors 79,496.11
Including: cash received by
subsidiaries from investments by 79,496.11
minority shareholders
Cash received from borrowings 2,000,000,000.00
Cash received from other financing
activities
Subtotal of cash inflows from
financing activities
Cash paid for debt repayments 1,510,500,000.00 1,010,300,000.00
Cash paid for distribution of
dividends and profits or payment of 2,134,326,492.66 216,195,804.05
interest
Including: dividends and profits paid
to minority shareholders by 29,684,819.82
subsidiaries
Cash paid for other financing
activities
Subtotal of cash outflows from
financing activities
Net cash flows from financing
-3,648,612,906.78 762,591,987.93
activities
-1,892,014.14 5,571,990.19
rate on cash and cash equivalents
equivalents
Plus: balance of cash and cash
equivalents at the beginning of the 33,367,668,014.46 25,893,029,277.86
period
equivalents at the end of the
period
Cash flow statements of parent company
Unit: CNY
Item H1 2025 H1 2024
activities
Cash received from sale of goods
and rendering of services
Refunds of taxes and surcharges
Cash received from other operating
activities
Subtotal of cash inflows from
operating activities
Cash paid for goods purchased and
services received
Cash paid to and on behalf of
employees
Cash paid for taxes and surcharges 417,998,907.85 457,806,064.04
Cash paid for other operating
activities
Subtotal of cash outflows from
operating activities
Net cash flows from operating
activities
activities
Cash received from disposal of
investments
Cash received from returns on
investments
Net cash received from disposal of
fixed assets, intangible assets and 72,786.91 10,363,496.03
other long-term assets
Net cash received from disposal of
subsidiaries and other business units
Cash received from other investing
activities
Subtotal of cash inflows from
investing activities
Cash paid to acquire and construct
fixed assets, intangible assets and 299,172,584.54 19,773,238.28
other long-term assets
Cash paid for investments 500,000,000.00 660,000,000.00
Net cash paid to acquire subsidiaries
and other business units
Cash paid for other investing
activities
Subtotal of cash outflows from
investing activities
Net cash flows from investing -190,606,489.16 1,444,928,046.04
activities
activities
Cash received from investors
Cash received from loans 2,000,000,000.00
Cash received from other financing
activities
Subtotal of cash inflows from
financing activities
Cash paid for debt repayments 1,510,500,000.00 1,010,300,000.00
Cash paid for distribution of
dividends and profits or payment of 2,134,326,492.66 186,510,984.23
interest
Cash paid for other financing
activities
Subtotal of cash outflows from
financing activities
Net cash flows from financing
-3,647,006,492.66 801,340,099.96
activities
-122,323.51 124,251.99
rate on cash and cash equivalents
equivalents
Plus: balance of cash and cash
equivalents at the beginning of the 26,476,599,296.11 24,225,475,946.42
period
equivalents at the end of the 33,150,621,043.18 31,795,504,116.47
period
Consolidated statement of changes in owners' equity
For the six months ended June 30, 2025
Unit: CNY
H1 2025
Equity attributable to owners of the parent company
Other equity Othe Non-
instruments Less r Total
Gene contr
Item Shar Capit ： Com Spec Surpl Undi owne
ral ollin
e al Trea preh ial us strib Othe Subt rs'
Prefe risk g
capit Perp reser sury ensiv reser reser uted r otal equit
rred Othe reser inter
al etual ve stoc e ve ve profit y
stoc r ve ests
bond k Inco
k
me
Bala
nce 1,471 5,365 1,471 39,34 47,38 47,50
as at 345,6 84,23 119,5
,951, ,763, ,951, 0,298 8,500 8,006
Dece 99,44 5,115 06,08
mber 503.0 566.5 503.0 ,309. ,553. ,635.
last
year
Plus:
adjus
tment
s for
chan
ges
in
acco
untin
g
polici
es
Adjus
tment
s for
corre
ction
of
acco
untin
g
error
s in
prior
year
Other
s
Bala
nce
as at 1,471 5,365 1,471 39,34 47,38 47,50
Janu 345,6 84,23 119,5
,951, ,763, ,951, 0,298 8,500 8,006
ary 1 99,44 5,115 06,08
of 503.0 566.5 503.0 ,309. ,553. ,635.
the 0 5 0 42 46 71
curre
nt
year
reas
es/de
crea
ses -
in - - -
the 41,67 27,66 1,095 20,56
curre 8,744 9,367 ,202, 0,421
nt 04,64 50,08 89,65
.86 .02 840.3 .14
perio 7.38 1.10 9.96
d (“-” 6
for
decr
ease
s)
(1)
Total 7,662 7,690 7,710
comp 27,67 20,18
,907, ,577, ,763,
rehen 0,156 5,217
sive 812.9 969.5 187.2
.53 .73
inco 8 1 4
me
(2)
Capit
al
contri 41,64 219,5 219,9
buted 177,9 375,2
or 9,948 54,59 29,79
reduc .11 5.49 8.90
ed by 7.38
owne
rs
Capit
al -
contri 161,6 161,6
butio 43,50 43,50
ns by 43,50
owne 8.32
rs
Capit
al
contri
butio
ns by
other
equit
y
instru
ment
s
holde
rs
Amo
unts
of
share
base
d 41,64 57,91 58,28
paym 16,26 375,2
ents 9,948 1,087 6,290
recog .11 .17 .58
nized .06
in
owne
rs'
equit
y
Other
s
- - -
(3)
Profit 8,758 8,758 8,758
distri ,111, ,111, ,111,
butio
n
Withd
rawal
of
surpl
us
reser
ves
Withd
rawal
of
gener
al
risk
reser
ve
Profit
distri - - -
buted
to 8,758 8,758 8,758
owne ,111, ,111, ,111,
rs (or
share
holde 5 5 5
rs)
Other
s
(4)
Intern
al
carry- -
forwa 789.5
rd of 789.5
owne 1
rs'
equit
y
Conv
ersio
n of
capit
al
reser
ves
into
paid-
in
capit
al
Conv
ersio
n of
surpl
us
reser
ves
into
paid-
in
capit
al
Surpl
us
reser
ves
offset
ting
losse
s
Carry
forwa
rd of
retain
ed
earni
ngs
from
chan
ges
in
defin
ed
benef
it
plans
Carry
forwa
rd of
retain
ed
earni -
ngs 789.5
from 1
other
comp
rehen
sive
inco
me
Other
s
(5)
Speci
al
reser
ves
Withd
rawal
for
the
perio
d
Use
for
the
perio
d
(6)
Other
s 6.75 6.75 6.75
Bala
nce
as at 1,471 5,407 1,471 38,24 46,54 46,68
Dece 167,7 111,9 140,0
,951, ,442, ,951, 5,095 0,550 0,616
mber 94,79 04,48 66,50
the 0 1 0 06 36 75
curre
nt
year
For the six months ended June 30, 2024
Unit: CNY
H1 2024
Equity attributable to owners of the parent company
Other equity Othe Non-
instruments Less r Total
Gene contr
Item Shar Capit ： Com Spec Surpl Undi owne
ral ollin
e al Trea preh ial us strib Othe Subt rs'
Prefe risk g
capit Perp reser sury ensiv reser reser uted r otal equit
rred Othe reser inter
al etual ve stoc e ve ve profit y
stoc r ve ests
bond k Inco
k
me
Bala
nce 1,471 5,185 1,471 33,81 41,39 41,53
as at 616,7 63,13 140,2
,987, ,481, ,987, 5,566 1,410 1,707
Dece 43,61 0,469 97,23
mber 769.0 523.2 769.0 ,574. ,494. ,729.
last
year
Plus:
adjus
tment
s for
chan
ges
in
acco
untin
g
polici
es
Adjus
tment
s for
corre
ction
of
acco
untin
g
error
s in
prior
year
Other
s
Bala
nce
as at 1,471 5,185 1,471 33,81 41,39 41,53
Janu 616,7 63,13 140,2
,987, ,481, ,987, 5,566 1,410 1,707
ary 1 43,61 0,469 97,23
of 769.0 523.2 769.0 ,574. ,494. ,729.
the 0 2 0 75 89 85
curre
nt
year
reas
es/de
crea
ses
in - -
the 100,1 78,80 401,5 15,10 416,6
curre 07,77 4,212 52,15 0,943 53,09
nt 92,48 2,321
perio 7.50 .08
d (“-”
for
decr
ease
s)
(1)
Total - 8,027 7,992 8,011
comp 18,93
rehen 0,936
sive 2,321 165.3 844.2 780.8
.66
inco .08 1 3 9
me
(2)
Capit
al
- -
contri 100,1 357,4 353,5
buted 257,2 3,829
or 07,77 00,26 70,26
reduc 3.11 0.61 7.54
ed by 7.50 07
owne
rs
Capit
al -
contri 410,9 644,0 644,1
butio 89,04 92,49 72,09
ns by 03,44 4.28
owne 8.24
rs
Capit
al
contri
butio
ns by
other
equit
y
instru
ment
s
holde
rs
Amo
unts
of
share
base
- - - -
d
paym 310,8 24,18 286,6 977,9 285,7
ents 81,27 9,039 92,23 02.65 14,33
recog
nized 2.49 .26 3.23 0.58
in
owne
rs'
equit
y
- -
Other 4,887 4,887
s ,500. ,500.
(3) - - -
Profit
distri
butio ,733, ,733, ,733,
n 952.6 952.6 952.6
Withd
rawal
of
surpl
us
reser
ves
Withd
rawal
of
gener
al
risk
reser
ve
Profit
distri - - -
buted
to 7,948 7,948 7,948
owne ,733, ,733, ,733,
rs (or
share
holde 0 0 0
rs)
Other
s
(4)
Intern
al
carry-
forwa
rd of
owne
rs'
equit
y
Conv
ersio
n of
capit
al
reser
ves
into
paid-
in
capit
al
Conv
ersio
n of
surpl
us
reser
ves
into
paid-
in
capit
al
Surpl
us
reser
ves
offset
ting
losse
s
Carry
forwa
rd of
retain
ed
earni
ngs
from
chan
ges
in
defin
ed
benef
it
plans
Carry
forwa
rd of
retain
ed
earni
ngs
from
other
comp
rehen
sive
inco
me
Other
s
(5)
Speci
al
reser
ves
Withd
rawal
for
the
perio
d
Use
for
the
perio
d
(6)
Other
s
Bala
nce
as at 1,471 5,285 1,471 33,89 41,79 41,94
Dece 359,4 28,47 155,3
,987, ,589, ,987, 4,370 2,962 8,360
mber 51,12 8,148 98,17
the 0 3 0 46 13 68
curre
nt
year
Statement of changes in owners' equity of parent company
For the six months ended June 30, 2025
Unit: CNY
H1 2025
Item Share Other equity instruments Other Specia Surplu
Capital Less： Undistr Other Total
capital Compr l s
Preferr Perpet Other reserv Treasu ibuted owners
ehensi reserv reserv
ed ual e ry ve e e profit ' equity
stock bond stock Incom
e
Balanc
e as at 1,471,9 5,361,3 345,69 1,471,9 31,526, 39,566,
Decem 51,503. 33,958. 9,443.8 51,503. 616,85 957,56
ber 31 192.66
of last
year
Plus:
adjust
ments
for
change
s in
accoun
ting
policies
Adjust
ments
for
correcti
on of
accoun
ting
errors
in prior
year
Others
Balanc
e as at 1,471,9 5,361,3 345,69 1,471,9 31,526, 39,566,
Januar 80,803,
y 1 of 51,503. 33,958. 9,443.8 51,503. 616,85 957,56
the 00 25 9 00 1.39 4.41
current
year
ases/d
ecreas
- - -
es in
the 42,053, 177,90 28,362, 7,829,9 7,581,6
current 948.26 4,647.3 430.89 27,634. 06,608.
period
(“-” for 8 94 41
decrea
ses)
(1)
Other 928,18 956,54
compre 3,018.4 6,238.8
hensive 220.40
income
(2)
Capital -
contrib 219,92
uted or 9,798.8
reduce 151.51 4,647.3
d by 8
owners
Capital -
contrib 161,64
utions 3,508.3
by 3,508.3
owners 2
Capital
contrib
utions
by
other
equity
instrum
ents
holders
Amount 42,025, - 58,286,
s of 151.51 16,261, 290.57
share-
based 139.06
payme
nts
recogni
zed in
owners'
equity
Others
- -
(3)
Profit 8,758,1 8,758,1
distribu 11,442. 11,442.
tion
Withdra
wal of
surplus
reserve
s
Profit
distribu - -
ted to 8,758,1 8,758,1
owners
(or 11,442. 11,442.
shareh 85 85
olders)
Others
(4)
Internal
carry-
forward -789.51 789.51
of
owners'
equity
Conver
sion of
capital
reserve
s into
paid-in
capital
Conver
sion of
surplus
reserve
s into
paid-in
capital
Surplus
reserve
s
offsetti
ng
losses
Carry-
forward
of
retaine
d
earning
s from
change
s in
defined
benefit
plans
Carry-
forward
of
retaine
-789.51 789.51
d
earning
s from
other
compre
hensive
income
Others
(5)
Special
reserve
s
Withdra
wal for
the
period
Use for
the
period
(6) 28,796. 28,796.
Others 75 75
Balanc
e as at 1,471,9 5,403,3 167,79 109,16 1,471,9 23,696, 31,985,
Decem
ber 31 51,503. 87,906. 4,796.5 5,623.5 51,503. 689,21 350,95
of the 00 51 1 5 00 6.45 6.00
current
year
For the six months ended June 30, 2024
Unit: CNY
H1 2024
Other equity instruments Other
Less： Compr Specia Surplu
Item Capital Undistr Total
Share Preferr Perpet Treasu ehensi l s
reserv ibuted Other owners
capital ed ual Other ry ve reserv reserv
e profit ' equity
stock bond stock Incom e e
e
Balanc
e as at 1,471,9 5,179,3 616,74 1,471,9 28,176, 35,743,
Decem 87,769. 07,881. 3,610.5 87,769. 372,59 425,97
ber 31 567.32
of last
year
Plus:
adjust
ments
for
change
s in
accoun
ting
policies
Adjust
ments
for
correcti
on of
accoun
ting
errors
in prior
year
Others
Balanc
e as at 1,471,9 5,179,3 616,74 1,471,9 28,176, 35,743,
Januar 60,513,
y 1 of 87,769. 07,881. 3,610.5 87,769. 372,59 425,97
the 00 60 9 00 6.42 2.75
current
year
ases/d
ecreas
- - -
es in 101,08 -
the 257,29 7,191,2 6,867,7
current 5,675.7 34,910,
period 6 051.54
(“-” for 0 49 77
decrea
ses)
(1)
Other - 757,48 722,57
compre 34,910, 5,022.1 4,970.5
hensive
income
(2)
Capital -
contrib 101,08 358,37
uted or 5,675.7 8,163.2
reduce 2,487.5
d by 0
owners
Capital -
contrib 410,98 644,09
utions 9,045.6 2,493.8
by 3,448.2
owners 4
Capital
contrib
utions
by
other
equity
instrum
ents
holders
Amount
s of
share-
- -
based -
payme 309,90 285,71
nts 24,189,
recogni 039.26
zed in 4 8
owners'
equity
Others
- -
(3)
Profit 7,948,7 7,948,7
distribu 33,952. 33,952.
tion
Withdra
wal of
surplus
reserve
s
Profit
distribu - -
ted to 7,948,7 7,948,7
owners
(or 33,952. 33,952.
shareh 60 60
olders)
Others
(4)
Internal
carry-
forward
of
owners'
equity
Conver
sion of
capital
reserve
s into
paid-in
capital
Conver
sion of
surplus
reserve
s into
paid-in
capital
Surplus
reserve
s
offsetti
ng
losses
Carry-
forward
of
retaine
d
earning
s from
change
s in
defined
benefit
plans
Carry-
forward
of
retaine
d
earning
s from
other
compre
hensive
income
Others
(5)
Special
reserve
s
Withdra
wal for
the
period
Use for
the
period
(6)
Others
Balanc
e as at 1,471,9 5,280,3 359,45 1,471,9 20,985, 28,875,
Decem 25,603,
ber 31 87,769. 93,557. 1,123.0 87,769. 123,66 645,15
of the 00 36 9 00 5.93 3.98
current
year
Luzhou Laojiao Co., Ltd. (hereinafter referred to as "Company" or "the Company"), formerly known as
Luzhou City Qu Liquor Factory and Luzhou Laojiao Distillery in Sichuan Province. It was established in
March 1950 on the basis of 36 brewing workshops from the Ming and Qing dynasties. On September
exclusively from its operational assets. On October 25, 1993, the public offering of shares was
approved by Sichuan Provincial People's Government and CSRC with two documents of ChuanFuHan
(1993) No.673 and FaShenZi (1993) No.108. After the offering, the total share capital was 86,880,000
shares, which were listed and traded in Shenzhen stock exchange on May 9, 1994.
As at December 31, 2004, the Company's total share capital reached 841,399,673 shares after multiple
rights issues, among which the controlling shareholder, State Assets Management Bureau of Luzhou
(later renamed as State-owned Assets Supervision and Administration Commission of Luzhou,
hereinafter referred to as "SASAC of Luzhou") held 585,280,800 shares of the Company, with a
shareholding ratio of 69.56%.
On October 27, 2005, the Company implemented the non-tradable share reform. After the
implementation, the total share capital remained unchanged, and the shareholding ratio of SASAC of
Luzhou decreased from 69.56% to 60.43%.
In November 2006, the Company implemented private placement, and the total share capital increased
from 841,399,673 shares to 871,399,673 shares. The shareholding ratio of SASAC of Luzhou
decreased from 60.43% to 58.35%.
As at February 27, 2007, SASAC of Luzhou sold 42,069,983 shares of the Company, and after the sale,
it still held 466,375,156 shares of the Company, with its shareholding ratio reduced to 53.52%.
On May 19, 2008, the Company increased 522,839,803 shares of capital stock resulting from capital
reserve and undistributed profits transferred to increase capital stock. After the implementation, the total
share capital reached 1,394,239,476 shares, among which, SASAC of Luzhou held 746,200,250 shares
of the Company, and the shareholding ratio was still 53.52%.
On September 3, 2009, the 300,000,000 shares and the 280,000,000 shares held by SASAC of Luzhou
were separately transferred to Luzhou Laojiao Group Co., Ltd. (hereinafter referred to as the "Laojiao
Group") and Luzhou XingLu Investment Group Co., Ltd. (hereinafter referred to as the "XingLu Group").
After the transfer, Laojiao Group, XingLu Group, and SASAC of Luzhou respectively held 300,000,000
shares, 280,000,000 shares and 166,200,250 shares. So far, Laojiao Group became the first majority
shareholder and SASAC of Luzhou was the actual controller.
From June 6, 2012 to November 20, 2013, the first and second phases of the Company's equity
incentive plan were exercised. After the exercise, the total share capital of the Company was changed
to 1,402,252,476 shares.
On April 10, 2014 and July 18, 2016, SASAC of Luzhou transferred 81,088,320 shares and 84,000,000
shares to Laojiao Group and XingLu Group respectively. In addition, Laojiao Group has increased its
equity stake through the secondary market of 13,137,100 shares. So far, Laojiao Group, XingLu Group
and SASAC of Luzhou held 394,225,489 shares, 365,971,142 shares and 1,111,930 shares
respectively, with the shareholding ratios of 28.11%, 26.10% and 0.08% respectively.
On August 23, 2017, the Company issued CNY 62,500,000 ordinary shares (A shares) privately, raising
a total capital of CNY 3,000,000,000. After the additional issuance, the total capital stock of the
Company was changed to 1,464,752,476 shares. In addition, from 2017 to 2018, Laojiao Group
decreased 13,137,100 shares that were increased through the secondary market from April 2014 to
December 2015. After share reduction, Laojiao Group, XingLu Group and SASAC of Luzhou held
shareholding ratios of 26.02%, 24.99% and 0.08% respectively. Laojiao Group still was the first majority
shareholder and SASAC of Luzhou still was the actual controller.
In February 2022, the registration of 6,862,600 shares of the Restricted Share Incentive Plan granted
by the Company for the first time was completed; in September 2022, the Company granted 342,334
shares of the Restricted Share Incentive Plan for the second time; in September 2022, with seven
awardees no longer eligible, the Company decided to repurchase and retire the 62,310 restricted
shares of them that had been granted to the aforesaid awardees but remained in lockup; in December
From December 2023 to June 2024, Luzhou Laojiao Group Co., Ltd., through its wholly-owned
subsidiary Sichuan Golden Rudder Investment Co., Ltd., increased its holdings in the Company by
Company. Following that, Luzhou Laojiao Group Co., Ltd. and Sichuan Golden Rudder Investment Co.,
Ltd. collectively held 382,228,589 shares in the Company.
In January, June and September 2024, as five awardees were no longer eligible for the incentives, the
Company decided to repurchase and retire a total of 36,266 restricted shares that had been granted to
the aforesaid awardees but remained in lockup. As of December 31, 2024, the repurchase and
retirement of the said restricted shares had been completed, the total shares of the Company changed
to 1,471,951,503 shares, and the grants and repurchases under the restricted share incentive plan did
not lead to change of the Company’s controlling shareholder or actual controller. As of December 31,
XingLu Group held 381,088,389 shares, 1,140,200 shares and 365,971,142 shares respectively in the
Company, with the shareholding ratios of 25.89%, 0.08% and 24.86% respectively. Laojiao Group held
a total of 50.83% of the Company's voting rights.
From January to June 2025, Laojiao Group increased its holdings in the Company by 2,133,750 shares
through call auction trading, representing 0.14% of the Company's total share capital. As of June 30,
XingLu Group, held 383,222,139 shares, 1,140,200 shares, and 365,971,142 shares in the Company,
respectively, representing shareholding percentages of 26.03%, 0.08%, and 24.86%, respectively; and
Laojiao Group held a total of 50.98% of the Company's voting rights.
Registered address and headquarter address of the Company are located in Sichuan Luzhou Laojiao
Square and company type is other incorporated company (Listed).
Industry of the Company is the baijiu subdivision industry of the liquor and wine, beverage and refined
tea production industry.
The principal operations are research and development, production and sales of “National Cellar
The main products are: “National Cellar 1573 Series”, ”Century-old Luzhou Laojiao Jiaoling
Series” , ”Luzhou Laojiao Tequ”, ”Touqu”, ”Hey Guys” and other baijiu series.
The controlling shareholder is Luzhou Laojiao Group Co., Ltd.; the ultimate substantive control is
SASAC of Luzhou.
The financial report is approved for issue by the Board of Directors of the Company on August 28,
The Company has prepared its financial statements on a going concern basis, and the preparation is
based on actual transactions and events in compliance with Accounting Standards for Business
Enterprises and relevant guidance and explanation (hereinafter referred to as the “ASBE”) issued by
Ministry of Finance, and Rules on Company Information Disclosure and Preparation of Publicly Issued
Securities No.15- General Rules on Financial Reporting Rules (2023 Revision) issued by CSRC.
The Company’s business activities have adequate financial support. Based on the current information
obtained by the Company, comprehensively considering factors such as macro-policy risk, market
operation risk, current or long-term profitability, debt repayment ability of the Company, as well as its
resource of financial support, the Company believes that it is reasonable to prepare the financial
statements on a going concern basis and there are no events or situations resulting in significant
doubts over going concern for at least 12 months.
The Company shall comply with the disclosure requirements for companies engaging in food & liquor
and wine production of the Guidelines No. 3 of the Shenzhen Stock Exchange on Self-regulation of
Listed Companies—Industry-specific Information Disclosure.
The financial statements of the Company have been prepared in accordance with ASBE, and present
truly and completely, the financial position and the Company’s results of operations, changes in
shareholders’ equity and cash flows. In addition, in all material respects, the financial statements of the
Company comply with disclosure requirements of the financial statements and their notes in
accordance with Rules on Company Information Disclosure and Preparation of Publicly Issued
Securities No.15- General Rules on Financial Reporting Rules revised by CSRC in 2023.
The Company adopts the calendar year as its accounting year, i.e. from January 1 to December 31.
The Company’s business cycle is 12 months.
The Company has adopted China Yuan (CNY) as functional currency.
Applicable □ N/A
Item Materiality standard
Material receivables withdrawal of bad debt
provision separately accrued
Material bad debt provision recovered or
reversed in accounts receivable The carrying balance at the end of the Reporting
Significant write-off of accounts receivable Period ≥ CNY 5 million
Significant prepayments aging over one year,
accounts payable, contract liabilities and other
payables
Single project under construction with a budget
exceeding CNY 150 million and a total amount
Material construction in progress
accounted for the current period exceeding CNY
Material overseas operating entity The overseas operating entities' external revenue
accounts for ≥ 3% of the consolidated operating
revenue, and the total profit accounts for ≥ 0.5%
of the consolidated total profit
The revenue of non-wholly-owned subsidiaries
accounts for ≥ 3% of the consolidated operating
Material non-wholly-owned subsidiary
revenue, and the total profit accounts for ≥ 0.5%
of the consolidated total profit
The book value of long-term equity investments
in associated enterprises accounts for ≥ 3% of
Significant associated enterprise
the total assets in the consolidated financial
statements
common control and business combinations not involving enterprises under
common control
(1) Business combination under common control
Assets and liabilities obtained by the Company from the combine through business combination under
common control shall be measured at the book value as stated in the consolidated financial statements
of ultimate controlling party at the combination date. The share of the book value of the merged party’s
owner’s equity in the consolidated financial statements is taken as the initial investment cost of long-
term equity investments in individual financial statements. The capital reserve (stock premium or capital
premium) is adjusted according to the difference between the book value of net asset acquired through
combination and the book value of consideration paid for the combination (or total par value of shares
issued). If the capital reserve (stock premium or capital premium) is insufficient to offset, the retained
earnings shall be adjusted.
(2) Business combination not under common control
Assets paid, liabilities incurred or assumed and the equity securities issued as consideration for
combination shall be measured based on fair value on the acquisition date, the difference between fair
value and its book value shall be included in current profit and loss. The Company shall recognize the
difference of the combination costs in excess of the fair value of the net identifiable asset acquired from
the acquiree through combination as goodwill. After the review, if the combination costs are still short of
the fair value of the net identifiable asset acquired from the acquiree through combination, include the
difference in the current profit and loss.
Fees, commissions, and other transaction expenses paid on issuance of equity securities as
combination consideration in the business combination shall be included in the initial measurement
amount of equity securities.
(1) Consolidated Financial Statement Scope
The scope of the Company’s consolidated financial statements is based on control, and all subsidiaries
controlled are included in the consolidation scope of the consolidated financial statements.
(2) Consolidation procedures
The consolidated financial statements are based on the financial statements of the Company and its
subsidiaries, and are prepared by the parent company with other relevant information. When preparing
consolidated financial statements, the Company considers the Group as an accounting entity, adopts
unified accounting policies, and applies the requirements of ASBE related to recognition, measurement
and presentation to reflect the Group’s financial position, operating results and cash flows.
All the subsidiaries within the consolidation scope of consolidated financial statements shall adopt the
same accounting policies and accounting periods as those of the Company. If the accounting policies or
accounting periods of a subsidiary are different from those of the Company, the financial statements of
the subsidiary, upon preparation of consolidated financial statements, shall be made necessary
adjustment based on its own accounting policies and accounting periods of the Company. For
subsidiaries acquired from the business combination not under common control, the financial
statements shall be adjusted on the basis of the fair value of identifiable net assets on the date of
purchase. For the subsidiary acquired from the business combination under common control, its assets
and liabilities (including the goodwill formed by the acquisition of the subsidiary by the ultimate
controlling party) shall be adjusted on the basis of the book value in the consolidated statements of the
ultimate controlling party.
The portion of a subsidiary’s equity, the current net profit and loss of subsidiaries, and the current
comprehensive income attributable to non-controlling interests shall be separately presented as non-
controlling interests in consolidated balance sheet within owners' equity, below the net profit line item
and below the total comprehensive income line item in the consolidated income statement respectively.
When the amount of current loss attributable to non-controlling shareholders of a subsidiary exceeds
the balance of the non-controlling shareholders’ portion in the opening balance of owner's equity of the
subsidiary, the excess shall be allocated against the non-controlling interests.
① Acquisition of subsidiaries or business
During the reporting period, if the Company acquires subsidiaries from the business combination under
common control, the opening balance in the consolidated balance sheet shall be adjusted. The income,
expenses and profits of the newly acquired subsidiaries from the beginning to the end of the reporting
period shall be included in the consolidated income statement. The cash flows of the newly acquired
subsidiaries from the beginning to the end of the reporting period shall be included in the consolidated
statement of cash flows. At the same time, the relevant items of the comparative information shall be
adjusted as the combined entity existed since the control point of the ultimate controlling party.
If the Company can control the investee from the business combination under common control due to
additional investment or other reasons, the parties involved in the combination shall be deemed to
adjust in the current state when the ultimate controlling party starts to control them. For the equity
investment before obtaining control of the investee, the recognized relevant profit or loss and other
comprehensive income and other changes in net assets between the later of acquisition date of
previous equity and the date on which both the investor and the investee are under common control
and the combination date shall respectively be written down the beginning retained earnings or current
profits and losses during the period of comparative information.
During the reporting period, if the Company acquires subsidiaries from the business combination not
under common control, the opening balance in the consolidated balance sheet shall not be adjusted.
The income, expenses and profits of the newly acquired subsidiaries from the acquisition date to the
end of the reporting period shall be included in the consolidated income statement. The cash flows of
the newly acquired subsidiaries from the acquisition date to the end of the reporting period shall be
included in the consolidated statement of cash flows.
When the Company becomes capable of exercising control over an investee not under common control
due to additional investment or other reasons, the Company shall re-measure the previously held equity
interests to its fair value on the acquisition date, and the difference shall be recognized as investment
income. When the previously held equity investment is accounted for under equity method, any other
comprehensive income previously recognized and other equity changes (excluding other
comprehensive, net profit and loss and profit distribution ) in relation to the acquiree’s equity changes
shall be transferred to profit and loss for the current period when acquisition took place, except for other
comprehensive income resulting from changes in net liabilities or net assets due to re-measurement of
defined benefit plan by investee.
② Disposal of subsidiaries and business
General treatments
During the reporting period, if the Company disposes subsidiaries, the income, expenses and profits of
the newly disposed subsidiaries from the beginning to the disposal date shall be included in the
consolidated income statement. The cash flows from the beginning to the disposal date shall be
included in the consolidated statement of cash flows.
In case of loss of control over the investee due to partial disposal of the equity investment or other
reasons, the Company shall re-measure the remaining equity investment at its fair value at the date of
loss of control. The amount of the consideration obtained from the disposal of the equity and the fair
value of the remaining equity, minus the net asset shares calculated continuously from the acquisition
date based on the previous shareholding proportion and the goodwill, the difference shall be included in
the investment income of the period when the control is lost. Other comprehensive income related to
the former subsidiary’s equity investment of or other changes in owners' equity excluding net profit and
loss, other comprehensive income and profit distribution shall be transferred to investment income for
the current period when control is lost. Other comprehensive income resulting from changes in net
liabilities or net assets due to re-measurement of defined benefit plan by investee is excluded.
Disposal of subsidiaries by step
If the Company loses control of a subsidiary that through multiple transactions by steps, the terms,
conditions and economic impact of the disposal transaction shall be considered. When one or more of
the following conditions may indicate that multiple transactions should be treated as a package of
transactions for accounting treatment:
A. These arrangements were entered into at the same time or in contemplation of each other;
B. These arrangements work together to achieve an overall commercial effect;
C. The occurrence of one arrangement depends on the occurrence of at least one other arrangement;
D. One arrangement alone is not economically justified, but it is economically justified when considered
together with other arrangements
If the transactions of the disposal of the equity investment of the subsidiary until the loss of control
belong to a package transaction, the Company shall account for as a transaction; However, the
difference between each disposal consideration received and the corresponding proportion of the
subsidiary’s net assets before the loss of control shall be recognized as other comprehensive income in
the consolidated financial statements and transferred into the profit and loss of the current period when
the control is lost.
If the transactions from the disposal of the equity investment of the subsidiary to the loss of control are
not considered as a package transactions, the accounting treatment shall be conducted according to
the relevant policies on the partial disposal of the equity investment of the subsidiary where control is
retained before the loss of control. When the control is lost, the disposal shall be accounted for
according to the general treatment.
③ Purchase of non-controlling interests
The difference between the increase in the cost of long-term equity investment resulting from
acquisition of non-controlling shareholders and the share of net assets of the subsidiary calculated
continuously from the acquisition date or combination date based on newly acquired shareholding
proportion shall be adjusted to equity (share) premium of capital reserves in the consolidated balance
sheet. If the capital reserve is insufficient, any excess shall be adjusted against retained earnings.
④ Partial disposals of equity investment in subsidiaries without loss of control
When the Company disposes of a portion of a long-term equity investment in a subsidiary without loss
of control, the difference between disposal consideration and net assets of the subsidiary calculated
continuously since the acquisition date or the combination date related to the disposal of long-term
equity investment shall be adjusted to equity (share) premium of capital reserves in the consolidated
balance sheet. If the capital reserve is insufficient, any excess shall be adjusted against retained
earnings.
method of common operation
(1) Classification of joint venture arrangements
A joint arrangement is classified as either a joint operation or a joint venture according to the structure,
legal form, agreed terms and other facts and conditions of a joint arrangement. A joint arrangement that
is structured through a separate vehicle is usually classified as a joint venture. However, when a joint
arrangement provides clear evidence that it meets any of the following requirements and complies with
applicable laws and regulations as a joint operation:
① The legal form of the joint arrangement indicates that the parties that have joint control have rights to
the assets, and obligations for the liabilities, relating to the arrangement.
② The terms of the joint arrangement specify that the parties that have joint control have the rights to
the assets, and the obligations for the liabilities, relating to the arrangement.
③ Other facts and circumstances indicate that the parties that have joint control have rights to the
assets, and the obligations for the liabilities, relating to the arrangement. The parties that have joint
control have rights to substantially all of the output of the arrangement, and the arrangement depends
on the parties that have joint control on a continuous basis for settling the liabilities of the arrangement.
(2) Accounting by parties of a joint operator
A joint operator shall recognize the following items in relation to its interest in a joint operation, and
account for them in accordance with relevant accounting standards:
① Its solely-held assets, and its share of any assets held jointly;
② Its solely-assumed liabilities, and its share of any liabilities incurred jointly;
③ Its revenue from the sale of its share of the output arising from the joint operation;
④ Its share of the revenue from sale of the output by the joint operation; and
⑤ Its solely-incurred expenses and its share of any expenses incurred jointly.
The Company shall only recognize the portion of the profit and loss attributable to other participants in
the joint venture, resulting from investment or sale of assets to the joint venture by the Company
(excluding those assets constituting the business), prior to the sale of such assets to a third party. The
Company shall fully recognize impairment loss when there is any impairment loss of invested or sold
assets occurring in accordance with the ASBE No.8-Asset Impairment. The Company shall only
recognize the part of the profit and loss attributable to other participants in the joint venture before
selling the assets and other assets purchased from the joint venture (excluding those assets
constituting the business) to a third party. When the impairment loss of the purchased assets is in
accordance with the ASBE No.8-Asset Impairment, the Company shall recognize such losses
according to its share. When the Company does not have common control over the joint venture, if the
Company enjoys the assets related to the joint venture and assumes the liabilities related to the joint
venture, the accounting treatment shall be conducted according to the above principles. Otherwise, the
accounting treatment shall be conducted in accordance with the relevant accounting standards.
When preparing the cash flow statement, the Company recognizes cash on hand and deposits that can
be readily withdrawn on demand as cash. Cash equivalents are the Company’s short-term (due within 3
months from purchase date), highly liquid investments that are readily convertible to known amounts of
cash and which are subject to an insignificant risk of changes in value. Restricted bank deposits are not
recognized as cash and cash equivalents in the cash flow statement.
(1) Foreign currency transactions
At the time of initial recognition of a foreign currency transaction of the Company, the amount in the
foreign currency shall be translated into the amount in CNY currency at the spot exchange rate of the
transaction date. For the monetary items of foreign currencies, the translation is done according to spot
rate of the balance sheet date. The exchange difference generated from the difference of spot rate of
the current balance sheet date and the time of initial recognition of a foreign currency or the previous
balance sheet date is charged to the profit or loss of the current period except that the exchange
difference generated from foreign currency borrowings relating to assets of which the acquisition or
production satisfies the capitalization conditions is capitalized.
Non-monetary items measured at fair value that is reflected in foreign currency at the end of the period,
the Company shall firstly translate the foreign currency into the amount in functional currency at the
spot exchange rate on the date when the fair value is determined, and then compare it with the original
functional currency amount. Difference between the translated functional currency amount and the
original functional currency amount is treated as profit or loss from changes in fair value (including
changes in exchange rate) and is recognized in current profit and loss. If there is a non-monetary item
of available-for-sale financial assets, the differences are recorded into other comprehensive income.
(2) Translation of foreign currency statements
Assets and liabilities in the balance sheets shall be translated at the spot exchange rates on balance
sheet date. Shareholders’ equity items, except for the item of "undistributed profits", are translated at
the spot exchange rates on the dates when the transactions occur. Revenue and expense items in the
income statement are translated at the spot exchange rates on the dates when the transactions occur
or at the exchange rate determined in a systematic and reasonable method and similar to the spot
exchange rate on the day when the transactions occur. Differences arising from the above translations
of foreign currency financial statements are separately listed under other comprehensive income in the
consolidated balance sheet. If the overseas business is partly disposed of, the foreign currency
financial statements exchange difference shall be calculated in proportion to the percentage of disposal
and transferred to gain or loss on disposal for the current period.
Foreign currency cash flow and cash flow of foreign subsidiaries shall be translated at approximate
exchange rate of spot rate on the date of cash flow.
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity. When the Company becomes a party to a financial
instrument contract, the related financial asset or financial liability should be recognized.
(1) Classification, recognition and measurement of financial assets
Based on the business model of financial asset management and the contract cash flow characteristics
of financial assets, the Company classifies financial assets into: financial assets measured at amortized
cost; financial assets measured at fair value with their changes included into other comprehensive
income; and financial assets measured at fair value with their changes included into current
profits/losses.
At the initial recognition, financial assets are measured at fair value. For financial assets measured at
fair value with their changes included into current profits/losses, the expenses involved in the
transaction are directly recorded into current profits/losses; for other financial liabilities, the expenses
involved in the transaction are recorded into the initially recognized amount.
① Financial assets measured at amortized cost
The business model in which the Company manages financial assets measured at amortized cost aims
to receive contract cash flow. Furthermore, the characteristics of the contract cash flow of such financial
assets are consistent with basic borrowing and lending arrangements, which means that cash flow
generated on a specific date serves only as payment for principal and interests based on the amount of
unpaid principal. The Company adopts the effective interest method for such financial interests,
performs subsequent measurement of them at amortized cost, and includes the gains or losses from
derecognition, changes or impairment of them into current profits/losses.
② Financial assets measured at fair value with their changes included into other comprehensive
income
The business model in which the Company manages such financial assets both aims to receive
contract cash flow and for the purpose of sale. Furthermore, the characteristics of the contract cash
flow of such financial assets are consistent with basic borrowing and lending arrangements. The
Company measure such financial assets at fair value and include their changes into other
comprehensive income, but record impairment losses or gains, exchange gains or losses and interest
income calculated in the effective interest method into current profits/losses.
At the initial recognition, the Company may specify non-trading equity instrument investment as a
financial asset measured at fair value with its changes included into other comprehensive income and
should recognize the dividend income according to regulations; the specification is irrevocable once
made. When the financial asset is derecognized, the cumulative gains or losses previously included into
other comprehensive income should be transferred into retained earnings.
③ Financial assets measured at fair value with their changes included into current profits/losses
For financial assets other than the above financial assets measured at amortized cost and financial
assets measured at fair value with their changes included into other comprehensive income, the
Company classifies them as financial assets measured at fair value with their changes included into
current profits/losses. In addition, at the initial recognition, the Company specifies partial financial
assets as financial assets measured at fair value with their changes included into current profits/losses,
in order to eliminate or substantially reduce accounting mismatch. For such financial assets, the
Company performs subsequent measurement using fair value and records changes in the fair value
into current profits/losses.
(2) Classification, recognition and measurement of financial liabilities
At their initial recognition, financial liabilities are divided into financial liabilities measured at fair value
with their changes included into current profits/losses and other financial liabilities. For financial
liabilities measured at fair value with their changes included into current profits/losses, the expenses
involved in the transaction are directly recorded into the current profits/losses. For other financial
liabilities, the expenses involved in the transaction are recorded into the initially recognized value.
① Financial liabilities measured at fair value with their changes included into current profits/losses
Financial liabilities measured at fair value with their changes included into current profits/losses include
trading financial liabilities (including derivatives classified as financial liabilities) and the financial
liabilities specified to be measured at fair value with their changes included into current profits/losses at
the initial recognition.
Trading financial liabilities (including derivatives classified as financial liabilities) are subsequently
measured at fair value, with changes in fair value recorded into current profits/losses, except for those
related to hedge accounting.
For those specified as financial liabilities measured at fair value with their changes included into current
profits/losses, changes in the fair value of such liabilities caused by changes in the Company’s own
credit risk should be included into other comprehensive income. In derecognition of such liabilities,
cumulative changes in their value caused by the Company’s own credit risk that have been recorded
into other comprehensive income should be transferred into retained earnings. Other changes in their
fair value should be recorded into current profits/losses. If treatment of the impact of the Company’s
own credit risk changes of such financial liabilities in the above manner causes or expands accounting
mismatch in profits/losses, the Company will include all gains or losses of such financial liabilities
(including the amount of the impact of the Company’s own credit risk changes) into current
profits/losses.
② Other financial liabilities
Financial liabilities other than those formed from the transfer of financial assets not meeting
derecognition conditions or continuous involvement into transferred financial assets and those outside
financial guarantee contracts are classified as financial liabilities measured at amortized cost. Such
financial liabilities should be subsequently measured at amortized cost and the gains or losses from
derecognition or amortization should be included into current profits/losses.
(3) Recognition basis and measurement method of transfer of financial assets
If a financial asset meets any of the following conditions, it shall be derecognized: 1)The contractual
right for collecting the cash flow of the financial asset has been terminated; 2)The financial asset has
been transferred and almost all the risks and remunerations in respect of the ownership of the financial
asset have been transferred to the transferee; 3)The financial asset has been transferred, and although
the enterprise neither transfers nor retains almost all the risks and remunerations in respect of the
ownership of the financial asset, it has abandoned its control over the asset.
If the enterprise neither transfers nor retains almost all the risks and remunerations in respect of the
ownership of the financial asset and does not abandon its control over the asset, the involved financial
asset shall be recognized according to the level of continuous involvement of the transferred financial
asset and the relevant liabilities shall be recognized accordingly. The level of continuous involvement of
the transferred financial asset refers to the level of risk faced by the enterprise due to changes in the
value of the financial asset.
If the overall transfer of the financial asset meets the recognition conditions, the difference between the
carrying value of the transferred financial asset as well as the consideration received from the transfer
and the cumulative amount of fair value changes originally-recorded into other comprehensive incomes
shall be recorded into the current profits/losses.
If partial transfer of the financial asset meets the recognition conditions, the carrying value of the
transferred financial asset shall be apportioned at the relative fair value between the derecognition and
underecognition part. The difference between the summation of the consideration received from the
transfer and the cumulative amount of fair value changes originally-recorded into other comprehensive
incomes that should be apportioned to the derecognition part and the apportioned aforementioned
carrying value shall be recorded into the current profits/losses.
For a financial asset sold with the right of recourse or with the transfer of the financial asset
endorsement, the Company shall decide whether almost all the risks and remunerations in respect of
the ownership of the financial asset should be transferred. If they are transferred, the financial asset
shall be derecognized; if they are retained, the financial asset shall not be derecognized; if they are
neither transferred nor retained, the Company will continue to decide whether the enterprise should
retain control over the asset and perform the accounting treatment according to the principles stated in
previous paragraphs.
(4) Derecognition of financial liabilities
When the current obligation of a financial liability (or a part of it) is relieved, the Company will
derecognize the financial liability (or the part of it). When the Company (borrower) signs an agreement
with a lender to replace an original financial liability in the form of bearing a new financial liability and
the contract terms for the new financial liability differ from those for the original in substance, the
original financial liability should be derecognized and the new one should be recognized. When the
Company makes substantial changes to the contract terms of an original financial liability (or a part of it),
the original financial liability should be derecognized and a new financial liability should be recognized
according to the amended contract terms.
When a financial liability (or a part of it) is derecognized, the Company will include the difference
between its carrying value and the consideration paid (including non-cash assets or liabilities borne that
are transferred out) into current profits/losses.
(5) Offsetting of financial assets and financial liabilities
When the Company has the legal right to offset recognized financial assets and financial liabilities and
may execute the legal right currently and simultaneously, the Company plans to settle or
simultaneously encash the financial assets in net amounts and pay off the financial liabilities, the
financial assets and the financial liabilities which are presented in the net amount after the mutual offset
in the balance sheet. Other than that, they shall be presented separately in the balance sheet without
the mutual offset.
(6) Method of determining the fair value of financial assets and financial liabilities
Fair value refers to the price that a market participant can receive for selling an asset or transferring a
liability in an orderly transaction on the measurement date. For an existing financial instrument in an
active market, the Company adopts the quotations in the active market to determine its fair value.
Quotations in the active market refer to prices that can be easily obtained from exchanges, brokers,
industrial associations and pricing service institutions and represent the actual prices in the market
transactions happening in a fair trade. For a non-existing financial instrument in an active market, the
Company adopts the valuation technique to determine its fair value. The valuation technique includes
references to familiar situations and the prices used by the parties voluntarily participating in the recent
market transactions, as well as references to the present fair value of other financial instruments of the
same nature, discounted cash flow method and options pricing model. In the valuation, the Company
uses a valuation technique that is applicable in the current situation with sufficient data available and
other information support, chooses input values that are consistent with the asset or liability
characteristics considered by market players in related asset or liability transactions, and makes
maximum effort to use related observable input values on a preferential basis. When it is unable or
unfeasible to obtain related observable input values, unobservable will be used.
(7) Equity instruments
Equity instruments refer to the contracts that can prove the Company’s residual equity of assets after
the deduction of all liabilities. The Company’s issuance (including refinancing), repurchase, sale or
cancellation of equity instruments serve as the change treatment of equity. Transaction expenses
related to the equity transactions are deducted from the equity. The Company does not recognize
changes in the fair value of equity instruments.
Dividends from the Company’s equity instruments distributed during the validity (including the “interests”
from instruments classified as equity instruments) are treated as profit distribution.
(8) Impairment of financial instruments
Based on the expected credit loss, the Company treats financial assets measured at amortized cost
and debt instrument investment measured at fair value with their changes included into other
comprehensive income by impairment and recognizes the provision for loss.
Credit loss means the difference between all contract cash flow discounted at the original effective
interest rate to be received according to contracts and all contract cash flow expected to be received,
namely, the present value of all cash shortage. For a financial asset with credit impairment purchased
by or originated from the Company, it should be discounted by the effective interest rate after credit
adjustment to the financial asset.
For accounts receivable that do not contain significant financing components, the Company adopts
simplified measurement to measure loss provisions according to the amount equivalent to the expected
credit loss for the entire duration.
For a financial asset other than those using the above simplified measurement, the Company assesses
on each balance sheet date whether its credit risk has substantially increased since the initial
recognition. If it has not and is in the first stage, the Company will measure the loss provision at the
amount equivalent to the expected credit loss for the next 12 months and calculate the interest income
according to the book balance and the effective interest rate; if it has substantially increased since the
initial recognition without credit impairment and is in the second stage, the Company will measure the
loss provision at the amount equivalent to the expected credit loss for the entire duration and calculate
the interest income according to the book balance and the effective interest rate; if credit impairment
has occurred since the initial recognition and is in the third stage, the Company will measure the loss
provision by the amount equivalent to the expected credit loss for the entire duration and calculate the
interest income according to the amortization cost and the effective interest rate. For financial
instruments with low credit risks on balance sheet dates, the Company assumes that their credit risks
have not substantially increased since the initial recognition.
The Company assesses expected credit losses of financial instruments based on individual and group
assessment. The Company considers the credit risk characteristics of different customers and
assesses the expected credit losses of accounts receivable and other receivables based on account
age portfolio. When assessing expected credit losses, the Company considers reasonable and well-
founded information on past matters, present conditions and forecast of future economic conditions.
When it no longer reasonably expects to recover all or part of the contract cash flow of financial assets,
the Company will directly write down the book balance of such financial assets.
The types of portfolios for which bad debt provisions are made according to the portfolios of credit risk
characteristics and the basis for determining them:
Divide notes receivables into various portfolios according to common risk characteristics based on the
credit risk characteristics of acceptors and determine the accounting estimate policies of expected
credit loss：
Portfolio name Provision method
Bank acceptance bill The management evaluates that this type has low credit risk and its fixed bad
portfolio debt provision ratio is 0%.
Trade acceptance The provision for impairment is made according to the expected loss rate with
portfolio the same portfolio classification of accounts receivable
The types of portfolios for which bad debt provisions are made according to the portfolios of credit risk
characteristics and the basis for determining them:
As for accounts receivable, regardless of whether there is a significant financing component, the
Company always measures the provision for loss based on the amount equivalent to the expected
credit loss over the entire life, and the resulting increase or reversal of provision for loss shall be
included in the current profit or loss as gains or losses on impairment. The accrual method is as follows:
(1) When there is objective evidence showing that an account receivable has incurred credit impairment,
the Company shall make bad debt provision for the account receivable and recognize the expected
credit loss.
(2) When the information about the expected credit loss of a single financial asset cannot be evaluated
at a reasonable cost, the Company shall divide the accounts receivable portfolio according to credit risk
characteristics and measure the expected credit loss based on portfolios:
Portfolio name Provision method
Risk portfolio Expected credit loss
Other portfolio No bad debt provision
Other portfolio refers to the normal intercompany funds among the Company and businesses under
common control, the recovery of which is controllable with no risks. Thus, no bad debt provision was
made.
The aging calculation method of credit risk characteristic portfolio based on aging:
The Company combines the accounts receivable classified as risk portfolio in accordance with similar
credit risk characteristics (aging), and calculates the expected credit loss through the exposure at
default and expected credit loss rate over the entire life based on the current situation and prediction of
future economic situation consulting historical credit loss experience. The comparative table of the
credit loss rate is as follows:
Aging Expected loss provision rate %
Within 1 year 5
Over 5 years 100
The ageing of accounts receivable is calculated from the month in which the amounts are actually
incurred.
The accounts receivable financing of the Company refer to the notes receivables measured at fair value
through other comprehensive income on the balance sheet date. For more details, see Note 5.11
Financial instruments.
Determination method and accounting treatment of expected credit losses of other receivables
The types of portfolios for which bad debt provisions are made according to the portfolios of credit risk
characteristics and the basis for determining them:
As for other receivables, regardless of whether there is a significant financing component, the Company
always calculates the expected credit loss through the exposure at default and expected credit loss rate
in the next 12 months or over the entire life based on the current situation and prediction of future
economic situation consulting historical credit loss experience, and the resulting increase or reversal of
provision for loss shall be included in the current profit or loss as gains or losses on impairment. The
accrual method is as follows:
(1) When there is objective evidence showing that the other receivable has incurred credit impairment,
the Company shall make bad debt provision for the other receivable and recognize the expected credit
loss.
(2) When the information about the expected credit loss of a single financial asset cannot be evaluated
at a reasonable cost, the Company shall divide the other receivables portfolio according to credit risk
characteristics and measure the expected credit loss based on portfolios.
Portfolio name Provision method
Risk portfolio Expected credit loss
Other portfolio No bad debt provision
Other portfolio refers to the normal intercompany funds among the Company and businesses under
common control, the recovery of which are controllable with no risks. Thus, no bad debt provision was
made.
The Company combines the other receivables classified as risk portfolio in accordance with similar
credit risk characteristics, and calculates the expected credit loss through the exposure at default and
expected credit loss rate in the next 12 months or over the entire life based on the current situation and
prediction of future economic situation consulting historical credit loss experience.
The Company presents contract assets or contract liabilities on the balance sheet according to the
relationship between the fulfillment of its contract performance obligations and its customers’ payment.
Considerations that the Company has the right to collect for commodities transferred or services
provided to customers (and such right depends on other factors than time lapses) are presented as
contract assets. The Company presents the right possessed to collect consideration from customers
unconditionally (only depending on the passing of time) as accounts receivable. Refer to “The method
of determining the expected credit loss of accounts receivable and accounting treatment method” for
the detail on the Company’s method of determining the expected credit loss of contract assets and
accounting treatment method.
(1) Classification of inventory
Inventories are classified as: raw materials, goods in progress (including semi-finished goods), stock
commodities, and dispatched inventories.
(2) Measurement method of acquiring and dispatching inventories
The standard cost is used for daily accounting of raw materials, and the difference of material cost
should be carried forward on a monthly basis to adjust the standard cost into the actual cost; The goods
in progress (including semi-finished goods) shall be accounted according to the actual cost, and the
weighted average method shall be used when they are received and delivered. The actual cost of the
inventory at the end of the month above shall be taken as the standard cost, and the delivery shall be
priced according to the standard cost. At the end of the month, the standard cost of the inventory at the
end of the month shall be adjusted into the actual cost through the cost-sharing difference.
(3) Determining criteria and method of provision for stock obsolescence
At the end of the period, inventory is measured according to the lower of cost and net realizable value.
The difference between inventory cost and net realizable value is higher than the provision for stock
obsolescence, which is recorded into current profit and loss. For inventories that are related to product
ranges produced and sold in the same district or used for the same or similar ultimate purpose and are
difficult to be measured separately from other inventories, the Company provides for stock
obsolescence as a whole. For inventories that have large quantities but low value, the Company
provides for stock obsolescence on a category basis.
The materials held for production shall be measured at cost if the net realizable value of the finished
products is higher than the cost. If a decline in the value of materials shows that the net realizable value
of the finished products is lower than the cost, the materials shall be measured at the net realizable
value.
(4) Inventory system
The Company adopts perpetual inventory system.
(5) Packing materials and low-cost consumables are amortized in full at once.
(1) Determining criteria for non-current assets held for sale or disposal groups
The Company shall classify the non-current assets or disposal group meeting the following conditions
into the held-for-sale category: The assets (or disposal group) must be available for immediate sale in
its present condition subject only to terms that are usual and customary for sales of such assets (or
disposal groups); Its sale must be highly probable.; The Company has already made a decision to
dispose the component and has a commitment from the purchaser, the transfer will be completed within
one year.
The non-current assets or disposal group acquired by the Company for resale shall be divided into the
held-for-sale category on the acquisition date if it meets the condition that "the sale is expected to be
completed within one year" and if it is likely to meet other conditions for the held-for-sale category within
a short period (usually three months).
Due to one of the following reasons that the Company is unable to control, leading to the transactions
not completed with non-related party within one year, and the Company still commits to selling non-
current assets or disposal groups, it can continue to account for non-current assets or disposal groups
as held-for-sale: the buyer or any other party accidentally set sale extension condition. The Company
has to take action in time according to these conditions and the extension problem is expected to be
solved within one year; In rare cases, the Company has taken the necessary steps and re-satisfies the
hold for sale category condition within the first year for the new circumstances which caused it unable to
complete the sale of the non-current assets or disposal group within one year.
(2) Accounting treatment of non-current assets or disposal groups held for sale
① Initial measurement and subsequent measurement
When the Company measure a non-current asset or disposal group held for sale initially or re-measure
at balance sheet date subsequently, the impairment loss should be recognized if the book value is
higher than fair value less costs to sell by the amount of the difference between these two in profit and
loss, the provision for assets held for sale need to be recognized at the same time.
For the non-current assets or disposal groups divided into held-for-sale category on the acquisition date,
they shall be measured as the lower of the initial measurement amount and the net amount after
deducting the selling expenses from the fair value under the assumption that it is not divided into held-
for-sale categories at the initial measurement. Except for the non-current assets or the disposal groups
obtained in the enterprise merger, the difference caused by the non-current assets or the disposal
groups taking the net amount after the fair value minus the selling expenses as the initial measurement
amount shall be recorded into the current profit and loss.
For the impairment of disposal group, it should write off goodwill if existing, and then write down the
related assets proportionally.
Depreciation or amortization should cease for the non-current asset held for sale. Interest and other
charges on liabilities in the disposal groups held for sale continue to be recognized.
② Accounting treatment of reversal of impairment loss
If the net amount of the non-current assets held for sale on the subsequent balance sheet date
increases after the fair value minus the selling expenses, the amount previously written down shall be
reversed, and the amount of the impairment loss recognized after being classified as the held-for-sale
shall be reversed, and the reversed amount shall be included in the current profit and loss. The
impairment loss recognized before the classification of the held-for-sale shall not be reversed.
If the net amount of the disposal groups held for sale on the subsequent balance sheet date increases
after the fair value deducting the selling expenses, the amount previously written down shall be
reversed, and the amount of the impairment loss recognized as non-current assets after being
classified as the held-for-sale shall be reversed, and the reversed amount shall be included in the
current profit and loss. The book value of the goodwill that has been written down and the impairment
losses recognized before the classification of the held-for-sale shall not be reversed.
The subsequent reversed amount of the impairment loss recognized by the disposal groups held for
sale shall be increased in proportion to the book value of non-current assets except goodwill in the
disposal groups.
③ Recognition criteria and presentation of discontinued operations
Non-current assets or disposal groups that are no longer divided into held-for-sale category or non-
current assets are removed from disposal groups held for sale because of no longer meeting the
condition of classification of held-for-sale, they are measured at lower of the following two: book value
before being classified as the held-for-sale considering depreciation, amortization or impairment that
should have been recognized under the assumption that it is not divided into held-for-sale categories;
and recoverable amount.
When terminating the recognition of the non-current assets held for sale or the disposal groups, the
unrecognized gains or losses shall be recorded into the current profit and loss.
Not applicable.
Not applicable.
For details, see “5.11 Financial Instruments” above.
(1) Judgment criteria of common control and significant influence
Common control on an agreement with other participants refers to the Company share control with
other participants on an arrangement according to relevant conventions, which exists only when
decisions about the relevant activities require the unanimous consent of the parties sharing control.
This arrangement belongs to joint venture. Where the joint venture arrangement is made by a separate
entity and the Company is judged to have rights to the net assets of such a separate entity according to
the relevant conventions. Such a separate entity shall be regarded as a joint venture and accounted by
the equity method. If the Company is judged to be not entitled to the net assets of the separate entity
according to relevant conventions, the separate entity shall be regarded as a joint venture and the
Company shall recognize the items related to the shares of the joint venture and perform accounting
treatment in accordance with relevant accounting standards.
The term ‘significant influence’ refers to the power to participate in decision-making on the financial and
operating policies of the investee, but with no control or joint control over the formulation of these
policies. The Company judges that it has a significant impact on the invested entity through one or more
of the following situations and taking all the facts and circumstances into consideration:
① Dispatch representatives to the board of directors or similar authorities of the investee.
② To participate in the financial and business policy making process of the investee.
③ Significant transactions with the investee.
④ Dispatch management personnel to the investee.
⑤ To provide key technical data to the investee.
(2) Determination of the initial investment cost
① Long-term equity investment resulting from combination
Business combination under common control：For the long-term equity investments obtained by cash
paid, non-monetary assets paid or assumed liabilities and the equity securities issued by the acquirer,
on the merger date, the initial investment cost of long-term equity investment shall be taken as the
share of the owner's equity of the investee in the book value of the final control party's consolidated
financial statements. If the investee under business combination under common control can be
controlled due to additional investment or other reasons, the initial investment cost of long-term equity
investment shall be determined on the merger date according to the share of the net assets of the
investee in the book value of the final control party's consolidated financial statements. The difference
between the initial investment cost of the long-term equity investment on the merger date and sum of
the book value of the long-term equity investment before the merger and the new consideration of
acquiring shares on the merger date shall be recorded to adjust the equity premium. If the equity
premium is insufficient to be written down, the retained earnings shall be written down.
Business combination not under common control ： The Company takes the initial investment cost of
long-term equity investment as the merger cost determined on the purchase date. If the investee can be
controlled under business combination not under common control due to additional investment or other
reasons, the previous book value of the equity investment held plus the sum of the newly added
investment cost shall be taken as the initial investment cost calculated according to the cost method.
② Long-term equity investment obtained by other means
For the long-term equity investments obtained by cash paid, the Company recognizes their fair value as
the initial investment costs.
For the long-term equity investments acquired by the issue of equity securities, the initial investment
cost shall be the fair value of the equity securities issued.
For long-term equity investments obtained by non-monetary assets exchange, under the condition that
an exchange of non-monetary assets is of commerce nature and the fair value of assets exchanged
can be reliably measured, non-monetary assets traded in is initially stated at the fair value of the assets
traded out, unless there is conclusive evidence indicating that the fair value of the assets traded in is
more reliable; if the above conditions are not satisfied, initial investment costs of long-term equity
investments traded in shall be recognized at the book value of the assets traded out and the relevant
taxes and surcharges payable.
For long-term equity investments obtained by debt restructuring, the Company recognizes the fair value
of shares of debt-for-equity swap as the initial investment costs.
(3) Subsequent measurement and recognition of profit and loss
① Long-term equity investments measured under the cost method
Long-term equity investments that can control the investee are measured under the cost method. For
long-term equity investments accounted at the cost method, except cash dividends or profits declared
but not yet distributed which are included in the actual payments or the consideration actually paid for
the investment, the cash dividends or profits declared by the investee shall be recognized as the
investment income irrespective of net profits realized by the investee before investment or after
investment.
② Long-term equity investments measured under the equity method
For the long-term equity investment which has joint control or significant influence over the investee, the
equity method is adopted for accounting. For long-term equity investments measured at the equity
method, if the initial investment costs are higher than the investor’s attributable share of the fair value of
the investee’s identifiable net assets, no adjustment will be made to the initial costs of the long-term
equity investments; if the initial investment costs are lower than the investor’s attributable share of the
fair value of the investee’s identifiable net assets, the difference shall be recognized in current profit and
loss.
The Company shall, according to the shares of net profits and other comprehensive income realized by
the investee that shall be enjoyed or borne by the Company, recognize the profit and loss on the
investments and adjust the book value of the long-term equity investments. When recognizing the net
profits and losses and other comprehensive income of the investee that the Company shall enjoy or
bear, the Company shall make a recognition and calculation based on the net book profits and losses of
the investee after appropriate adjustments. However, where the Company is unable to obtain the
relevant information due to failure to reasonably determine the fair value of the investee’s identifiable
assets, minor difference between the investee’s identifiable assets and the book value thereof or other
reasons, the profits or losses on the investments shall be directly calculated and recognized based on
the net book profits and losses of the investee. The Company shall calculate the part distributed from
cash dividends or profits declared by the investee and correspondingly reduce the book value of the
long-term equity investments. When recognizing the income from investments in associates and joint
ventures, the Company shall write off the part of income from internal unrealized transactions between
the Company and associates and joint ventures which are attributable to the Company and recognize
the profit and loss on investments on such basis. Where the losses on internal transactions between
the Company and the investee are impairment of related assets, full amounts of such losses shall be
recognized. Profit and loss from internal unrealized transactions between the Company’s subsidiaries
included into the combination scope and associates and joint ventures shall be written off according to
the above principles and the profit and loss on investments thereafter shall be recognized on such basis.
When the share of net loss of the investee attributable to the Company is recognized, it is treated in the
following sequence: Firstly, write off the book value of the long-term equity investments; where the book
value of the long-term equity investments is insufficient to cover the loss, investment losses are
recognized to the extent that book value of long-term equity which form net investment in the investee
in other substances and the book value of long-term receivables shall be written off; after all the above
treatments, if the Company still assumes additional obligation according to investment contracts or
agreements, the obligation expected to be assumed should be recognized as provision and included
into the investment loss in the current period. If the investee is profitable in subsequent accounting
periods, the Company shall treat the loss in reverse order against that described above after deducting
unrecognized share of loss: i.e. write down the book value of the recognized provision, then restore the
book value of long-term interests which substantially form net investments in the investee, then restore
the book value of long-term investments, and recognize investment income at the same time.
Measurement model of investment property
Cost model
Method of depreciation or amortization
Investment property is the property that is held to earn rent or capital appreciation or both and can be
measured and sold separately. The Company’s investment property includes land use right already rent,
land use right held for appreciation and then sold, and buildings already rent.
(1) Initial Recognition
When the Company can obtain the rental income or value-added income related to the investment
property and the cost of the investment property that can be measured reliably, the Company will
initially measure it according to the actual expenditure of purchase or construction:
The cost of the purchased investment property includes the purchase price and related taxes directly
attributable to the asset;
The cost of self-built investment property consists of the necessary expenses incurred before the asset
reaches the intended use condition;
The cost of the investment property obtained by other means shall be recognized in accordance with
relevant accounting standards.
(2) Subsequent measurement
In general, the Company adopts the cost model to measure the follow-up expenditure of investment
property. The depreciation or amortization of investment property shall be carried out in accordance
with the accounting policies for the Company's fixed assets or intangible assets.
If there is solid evidence suggests that the investment property acquired can be measured at fair value
continuously and reliably, the Company can use fair value model for subsequent measurement. For the
investment property measured at fair value model, the Company does not provide depreciation or
amortization and adjusts its book value based on the fair value of investment property at the balance
sheet date. The difference between the fair value and book value is recorded into current profit or loss.
(3) When the Company changes the use of investment property, the relevant investment property will
be transferred to other assets.
(1) Recognition of fixed assets
Fixed assets refer to tangible assets held for the purpose of producing commodities, providing
services, renting or business management with useful life exceeding one accounting year. Fixed
assets are recognized when the following criteria are satisfied simultaneously: It is probable that the
economic benefits relating to the fixed assets will flow into the Company; the cost of the fixed assets
can be measured reliably.
(2) Depreciation of fixed assets
Estimated Annual
Depreciation Estimated useful
Category residual value depreciation rate
method life (Year)
rate (%) (%)
Buildings and
Constructions Straight-line 10－45 5% 9.50%－2.11%
method
Special Straight-line
equipment 5－35 5% 19.00%－2.71%
method
Universal Straight-line
equipment
method
Transportation Straight-line
equipment 6 5% 15.83%
method
Straight-line
Other equipment 4－16 5% 23.75%－5.94%
method
Except for fixed assets still in use after full depreciation, the Company depreciates all fixed assets and
calculates the depreciation in the straight-line depreciation method.
Based on the nature and use of fixed assets, the Company determines their service life and estimated
net salvage value and reviews their service life, estimated net salvage value and depreciation method
at the end of the year. Changes in the service life, estimated net salvage value and depreciation
method of the same type of assets are treated as changes in accounting estimation.
(3) Impairment test method and impairment provision accrued method of fixed assets
At the end of the period, the fixed assets shall be measured at the lower of the book value and the
recoverable amount. If the recoverable amount of fixed assets is lower than the book value due to a
continuous decline in the market value, or technological obsolescence, damage, or long-term idleness,
a provision for impairment of the fixed assets shall be made for the difference between the recoverable
amount and the book value of individual fixed assets. If the recoverable amount of the individual asset
is difficult to estimate, the Company will determine the recoverable amount of the asset group based on
the asset group to which the asset belongs. The impairment losses on fixed assets must not be
reversed in subsequent accounting periods once recognized.
For fixed assets for which depreciation provision has been made, the depreciation rate and depreciation
amount shall be remeasured according to the book value of the fixed assets (the original price of fixed
assets minus accumulated depreciation and provision for impairment), and the remaining service life.
On the balance sheet date, the fixed assets shall be measured at the lower of the book value and the
recoverable amount.
(1) Construction in progress refers to various construction and installation works carried out for the
construction or repair of fixed assets, including the actual expenditure incurred in new construction,
reconstruction and expansion, and the net value of fixed assets transferred from the reconstruction and
expansion projects.
(2) Construction in progress is accounted on an individual project basis with actual cost valuation
method. The borrowing costs incurred before the projects reach the intended use condition shall be
included in the project cost. The fixed assets shall be carried forward in the month when the project is
qualified for acceptance and delivery for use. For those that have reached the intended use condition
but have not yet completed the final account, from the date of reaching the intended use condition,
according to the project budget, construction cost or the actual cost of the project, the cost transferred
to the fixed assets shall be determined according to the estimated value, and the depreciation shall be
recognized; After the completion of the final account, the original provisional value shall be adjusted
according to the actual cost, but the amount of depreciation accrued shall not be adjusted.
(3) The loan interest and related expenses incurred during the construction period shall be capitalized
into the cost of the construction in Progress.
(4) On the balance sheet date, the construction in progress is recognized at the lower of book value and
recoverable amount.
(1) Scope of borrowing costs and its capitalization conditions
The Company’s borrowing costs capitalized during period of capitalization are relevant loan expenses
directly attributable to the assets eligible for capitalization, including interest thereon, amortization of
discounts or premiums, ancillary expenses and exchange differences incurred from foreign currency
loan, etc.
Borrowing costs are capitalized when the following three conditions are met simultaneously: ① the
asset expenditure has occurred, ② the borrowing costs have occurred, ③ the purchase and
construction activities necessary to make the assets reach the intended use condition have started.
(2) Recognition of capitalized amounts
The capitalized amount of borrowing expenses is calculated as follows: As for special loan borrowed for
acquiring and constructing or producing assets eligible for capitalization, borrowing costs of special loan
actually incurred in the current period less the interest income of the loans unused and deposited in
bank or return on temporary investment should be recognized as the capitalization amount of borrowing
costs. As for general loans used for acquiring and constructing or producing assets eligible for
capitalization, the interest of general loans to be capitalized should be calculated by multiplying the
weighted average of asset disbursements of the part of accumulated asset disbursements in excess of
special loans by the capitalization rate of used general loans. During the period of capitalization, the
capitalized amount of interest of each accounting period shall not exceed the current actual interest of
the relevant loans. Where there are discounts or premiums on loans, the amounts of interest for each
accounting period should be adjusted taking account of amortizable discount or premium amounts for
the period by effective interest method. Auxiliary expenses incurred from special loans before the
acquired or constructed assets eligible for capitalization reach the working condition for their intended
use or sale should be capitalized when they incur and charged to the costs of assets eligible for
capitalization; those incurred after the acquired or constructed assets eligible for capitalization reach the
working condition for their intended use or sale should be recognized as costs according to the
amounts incurred when they incur and charged to the current profit or loss.
(3) Recognition of capitalization rate
① For a special loan for the purchase and construction of fixed assets, the capitalization rate is the
interest rate of the loan;
② For more than one special loan for the acquisition and construction of fixed assets, the capitalization
rate is a weighted average interest rate of these loans.
(4) Capitalization suspension of borrowing costs
If the acquisition and construction or production activities of assets eligible for capitalization are
interrupted abnormally and this condition lasts for more than three months, the capitalization of
borrowing costs should be suspended. The borrowing costs incurred during interruption are charged to
profit or loss for the current period, and the capitalization of borrowing costs continues when the
acquisition and construction or production activities of the asset resume.
(5) Capitalization cessation of borrowing costs
Capitalization of borrowing costs should cease when the acquired and constructed or produced assets
eligible for capitalization have reached the working condition for their intended use or sale. Borrowing
costs incurred after the assets eligible for capitalization have reached the working condition for their
intended use or sale should be recognized as the current profit and loss when they incur. If parts of the
acquired and constructed or produced assets are completed separately but the assets cannot be used
or sold externally until overall completion, the capitalization of borrowing costs should cease at the time
of overall completion of the said assets.
(1) Useful life and the basis for its determination, estimation, amortization methodology or
review procedures
Intangible assets refer to identifiable non-monetary assets that are owned or controlled by the Company
without a physical form.
① Measurement method
A. Costs of intangible assets purchased include purchase price, related tax and expenses and other
expenditure that can be distributed to the asset directly to reach its expected use.
B. Intangible assets invested by investors shall be valued at the value agreed upon in the investment
contract or agreement;
C. Expenses on the research phase of internally researched and developed intangible assets shall be
included in the current profit and loss when they incur; The expenditures incurred in the development
stage of the internal research and development projects shall be recognized as intangible assets when
the following conditions are met; otherwise, they shall be recorded into the current profit and loss when
they incur.
a. It is technically feasible to finish intangible assets for use or sale;
b. It is intended to finish and use or sell the intangible assets;
c. The usefulness of methods for intangible assets to generate economic benefits shall be proved,
including being able to prove that there is a potential market for the products manufactured by applying
the intangible assets or there is a potential market for the intangible assets themselves or the intangible
assets will be used internally;
d. 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.
e. The expenditure attributable to the intangible asset during its development phase can be measured
reliably.
D. If payment of the purchase price of intangible assets can be deferred and exceeds normal credit
conditions, the purchase has the nature of finance in fact and cost of the intangible asset shall be
determined on the basis of present value of the purchase price. The difference between the amount
actually paid and the present value of the purchase price should be recorded into current profit or loss
other than the differences that should be capitalized during the credit period.
② Useful life and the basis for its determination, estimation, amortization methodology or review
procedures
For intangible assets with limited useful life, amortization shall be carried out according to the straight-
line method within the period that brings economic benefits to the enterprise. At the end of each period,
the useful life and amortization method of intangible assets with limited service life shall be reviewed. If
there are differences with the original estimates, corresponding adjustments shall be made.
Intangible assets whose useful life is uncertain shall be regarded as intangible assets if it is impossible
to foresee the term in which intangible assets bring economic benefits to the enterprise. Intangible
assets with uncertain useful life shall not be amortized during the holding period, and the life of
intangible assets shall be reviewed at the end of each period. If it is still uncertain after the review at the
end of the period, the impairment test shall continue during each accounting period. At the end of each
period, the useful life of intangible assets with uncertain service life shall be reviewed.
③ Impairment test
On the balance sheet date, intangible assets are valued at the lower of book value and recoverable
amount.
(2) The scope of research and development expenditure collection and the related accounting
treatment
The R&D expenditure of the Company mainly include the materials consumed in the implementation of
R&D activities, salaries of R&D department employees, depreciation and amortization of assets such as
equipment and software used in research and development, R&D testing, R&D technical service fees,
and licensing fees.
The expenditures incurred in the development stage of the research and development projects shall be
recognized as intangible assets when the following conditions are met; otherwise, they shall be
recorded into the current profit and loss when they occur.
① It is technically feasible to finish intangible assets for use or sale;
② It is intended to finish and use or sell the intangible assets;
③ The usefulness of methods for intangible assets to generate economic benefits shall be proved,
including being able to prove that there is a potential market for the products manufactured by applying
the intangible assets or there is a potential market for the intangible assets themselves or the intangible
assets will be used internally;
④ 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 expenditure attributable to the intangible asset during its development phase can be measured
reliably.
Development expenditures that have been recorded into profit and loss in previous periods are not
recognized as assets in subsequent periods. The capitalized expenditure in the development stage is
listed as development expenditure in the balance sheet, and it will be recorded into intangible assets
from the date when the project reaches its intended purpose.
On the balance sheet date, the Company makes a judgment on whether there are signs of possible
impairment of long-term assets. If there are impairment indicators of non-current assets, the Company
estimates the recoverable amount based on individual asset. If recoverable amount of individual asset
is difficult to be estimated, the Company should recognize the recoverable amount of the asset group
which the individual asset belongs to.
The recoverable amount is the higher of fair values less costs of disposal and the present values of the
future cash flows expected to be derived from the asset.
If the measurement result of recoverable amount shows that recoverable amount of the non-current
assets is less than its book value, the book value shall be written down to the recoverable amount, and
the amount written down shall be recognized as the impairment loss of assets, recorded into the current
profit and loss, and the corresponding impairment provision of assets shall be made at the same time.
Once impairment loss stated above is recognized, reversal is not allowed in the subsequent accounting
periods.
After the recognition of the impairment loss, the depreciation or amortization expense of the impairment
asset shall be adjusted accordingly in the future period so as to systematically apportion the adjusted
book value of the asset (deducting the expected net salvage value) within the remaining service life of
the asset.
The Company should perform impairment test for goodwill and intangible assets with indefinite life at
least at each year end, no matter whether there is impairment indicator.
Goodwill shall be combined with its related asset group or asset group portfolio so as to perform an
impairment test. When the Company performs an impairment test on relevant asset group or asset
group portfolio including goodwill, if there are signs of impairment, the Company shall firstly perform an
impairment test on asset group or asset group portfolio excluding goodwill and calculate the
recoverable amount, and compare with the related book value, recognize the corresponding impairment
loss. Then, the Company performs an impairment test on relevant asset group or asset group portfolio
including goodwill, and compares the book value of the relevant asset groups or asset group portfolio
(including proportional book value of goodwill) with its recoverable amount. If the recoverable amount of
relevant asset group or asset group portfolio is less than its book value, the Company shall recognize
impairment loss of goodwill.
Long-term deferred expenses shall be initially measured according to the actual costs incurred. It is
amortized using the straight-line method over the beneficial period. If it cannot benefit the following
accounting period, the amortized value of the item that has not been amortized will be transferred to the
current profit and loss.
The recognition method of contract liabilities: The Company presents contract assets or contract
liabilities on the balance sheet according to the relationship between the fulfillment of its contract
performance obligations and its customers’ payment. Obligations to be fulfilled by the Company of
transferring commodities or providing services to customers, as the Company has received or should
receive customers’ considerations, are presented as contract liabilities.
(1) Accounting treatment method of short-term benefits
Short-term benefits are the benefits that the Company expects to pay in full within 12 months after the
reporting period in which the employee provided relevant services, excluding the compensation for
employment termination. Accrued short term benefits will be recognized as liability during the
accounting period in which the employee is providing the relevant service to the Company. The liability
will be included in the current profit and loss or the relevant assets cost.
(2) Accounting treatment method of post-employment benefits
① Defined contribution plan
The defined contribution plan of the Company includes payments of basic pension and unemployment
insurance calculated according to the local payment base and proportion. The amount shall be included
into the profit and loss or the relevant assets cost for the accounting period in which the employee
provides the service to the Company.
② Defined benefit plan
According to the formula determined by the expected accumulative projected unit credit method, the
Company will record the benefit obligation generated by the defined benefit plan belonging to the period
during which the employee provides the service into the current profit and loss or the relevant assets
cost.
The deficit or surplus resulting from the present value minus the fair value of the assets of a defined
benefit plan is recognized as a net liability or net asset of a defined benefit plan. If there is surplus in the
defined benefit plan, the net assets of the defined benefit plan shall be measured at the lower of the
surplus and the upper limit of assets of the defined benefit plan.
All defined benefit plan obligations, including those expected to be paid within the twelve months
following the end of the annual reporting period in which the employee provides the service, are
discounted based on the market yield and high quality corporate bonds in an active market that match
the duration and currency of defined benefit plan obligations on the balance sheet date.
The service costs generated by the defined benefit plan and the net interest on net liabilities or net
assets of the defined benefit plan are included in the current profit and loss or relevant assets cost;
Changes in net liabilities or net assets generated by the re-measurement of the defined benefit plan are
included in other comprehensive income and are not reversed to profit and loss in subsequent
accounting periods.
At the time of settlement of the defined benefit plan, the settlement gains or losses shall be recognized
according to the difference between the present value of the obligations of the defined benefit plan and
the settlement price determined on the settlement date.
(3) Accounting treatment method of termination benefits
Employee benefits liabilities shall be recognized and included into profit or loss for the current period on
the earlier date of the two following circumstances: a. When the Company is not able to withdraw the
benefits from termination of employment or resignation persuasion unilaterally; b. When the Company
recognizes costs and fees relevant to reforming the termination benefits payment. As for the termination
benefits that cannot be fully paid within 12 months after the end of the annual report period, the
Company shall choose an appropriate discount rate and record it into current profit and loss based on it.
(4) Accounting treatment method of other long-term employee benefits
Other long-term employee benefits are all employee benefits other than short-term benefits, post-
employment benefits and termination benefits.
Other long-term employee benefits provided by the Company to the employee that meet the conditions
of the defined contribution plan shall be treated in accordance with the same principles of the defined
contribution plan; If the conditions for defined benefits are met, net liabilities or net assets of other long-
term employee benefits shall be recognized and measured in accordance with the relevant principles of
the defined benefits plan.
(1) Recognition criteria of estimated liabilities
If the contingent obligations meet the following conditions simultaneously, the Company shall recognize
it as an estimated liability:
This obligation is the Company's current obligation; the performance of this obligation is highly likely to
result in an outflow of economic benefits from the Company; The amount of the obligation can be
measured reliably.
(2) Measurement method of estimated liabilities
The Company's estimated liabilities are initially measured in terms of the best estimate of the
expenditure of fulfilling the relevant current obligations.
For determining the best estimate, the Company takes various factors into account such as the risk,
uncertainty and time value of money related to contingencies. If the time value of money has a
significant impact, the best estimate is determined by discounting the relevant future cash outflows.
The best estimate is processed as follows:
Where there is a continuous range (or range) of required expenditures and the probability of the
occurrence of various results within the range is the same, the best estimate is determined according to
the mean of the middle value of the range, namely the mean value of the upper and lower limits.
Where there is no continuous range (or range) of required expenditures, or where there is a continuous
range but the possibility of various outcomes within the range is different, if the contingencies involve a
single item, the best estimate is determined according to the most likely amount; If the contingencies
involve more than one item, the best estimate is calculated and determined according to various
possible results and relevant probabilities.
Where all or part of the expenses required for the liquidation of the estimated liabilities of the Company
are expected to be compensated by a third party, the amount of compensation shall be recognized as
an asset when it is basically confirmed that it can be received, and the confirmed amount of
compensation shall not exceed the book value of the estimated liabilities.
(1) The type of share-based payment
Share-based payment is classified as equity-settled share-based payment and cash-settled share-
based payment.
(2) The method of determining the fair value of equity instruments
For equity-settled share-based payment related to employees, the equity instrument is measured at fair
value. The cash-settled share-based payment shall be measured according to the fair value of the
liabilities calculated and determined on the basis of shares or other equity instruments undertaken by
the Company.
For the fair value of the stock option granted, the fair value is determined by using the stock option
pricing model, and the following factors are taken into account: the current price of the underlying
shares, the exercise price of the option, the risk-free interest rate within the period of the option, the
option life, and the expected volatility of the stock price.
(3) Recognition of the best estimate basis of instrument that can be exercised
For the equity-settled share-based payment settled immediately after the grant, the fair value of the
equity instrument shall be included in the relevant costs or expenses on the grant date, and the capital
reserve shall be increased accordingly. Grant date means the date on which the share-payment
agreement is approved.
For the equity-settled share-based payment, in which the services during waiting period are completed
and the performance conditions are met, in return for services of employees, on each balance sheet
date during waiting period, the current obtained service shall be included in the relevant costs or
expenses and the capital reserves in accordance with the fair value of the equity instruments on the
grant date, based on best estimate of the number of vested equity instruments, and the subsequent
changes in fair value shall not be recognized. On each balance sheet date during waiting period, the
Company makes the best estimate based on the latest available employee number change and other
subsequent information, and modifies the number of equity instruments for the estimated vesting. On
the vesting date, the final expected number of vesting instruments is the same as the actual number of
vesting instruments.
(4) Relevant accounting treatment of implementation, modification and termination of share-based
payment plan
For equity-settled share-based payment, no adjustments will be made to the recognized costs and total
owners' equity after the vesting date. On the vesting date, the Company shall recognize the share
capital and the equity premium according to the exercise situation, and carry forward the capital reserve
recognized in the waiting period.
No matter how it modifies the terms and conditions of the granted equity instruments or it cancels the
granted equity instruments or its settlement, the equity instruments granted by the Company shall be
recognized at fair value on the grant date and it measures the corresponding services obtained, unless
it cannot be vested because it cannot meet the vesting conditions of equity instruments (except market
conditions).
Accounting policies for recognition and measurement of revenue disclosed by type of business
(1) Basic principles of revenue identification
The Company recognizes revenue when it has fulfilled the performance obligations under the contract,
that is, when the customers obtain the control of relevant goods or services, at the transaction price
allocated to the performance obligations.
Performance obligations refer to the Company's promise that it will transfer clearly distinguishable
goods or services to customers under the contract.
Obtaining control of related goods refers to that customers can control the use of the goods and obtain
almost all the economic benefits from the goods.
The Company will evaluate the contract on the contract start date, identify each individual performance
obligation contained in the contract, and judge whether each individual performance obligation will be
performed within a certain period of time or at a certain point in time. If one of the following conditions is
met, and the performance obligation is performed within a certain period of time, the Company will
identify revenue within a period of time according to the performance progress: 1) The customers obtain
and consume the economic profits while the Company performs the contract. 2) The customers can
control the products under construction during the performance of the Company; 3) The products
produced during the performance of the Company cannot be replaced, and the Company has the right
to collect payment for the completed performance accumulated during the entire contract period.
Otherwise, the Company will identify revenue when the customers obtain control rights of the relevant
goods or services.
For the performance obligations performed within a certain period of time, the Company will apply the
input-output method to identify the appropriate performance progress based on the nature of the goods
and services. The input-output method is to identify the performance progress based on the value of the
goods that have been transferred to the customers. When the performance progress cannot be
reasonably identified and the Company's incurred costs are expected to be compensated, the Company
will identify the revenue according to the amount of the incurred costs until the performance progress
can be reasonably identified.
(2) The methods of revenue identification
The Company primarily sells baijiu, which involve performance obligations fulfilled at a certain point in
time. For the recognition of the revenue of domestic products, the following conditions must be met:
The Company has delivered the products to the customer as per the contract, and the customer has
accepted the goods; payment has been received or a receipt voucher has been obtained, and the
relevant economic benefits are likely to flow in; and control of the goods has transferred to the customer.
The following requirements must be met to recognise the revenue of export products: The Company
has declared the products according to the contract, obtained the bill of lading, received the payment or
obtained the receipt voucher, and relevant economic benefits are likely to flow in, and control of the
goods has transferred to the customer. The following requirements must be met to recognise the
revenue of sales through third-party platforms or company-owned websites: The sales platform is
responsible for delivering the goods to the customer, or the Company entrusts a logistics company to
deliver the goods to the customer, and revenue is recognised upon receipt of the platform settlement
statement or upon delivery of the goods.
Different business models for the same type of business involve different revenue recognition and
measurement methods
N/A
Contract costs comprise incremental costs incurred as the Company obtains a contract, and costs for
contract performance. Incremental costs incurred as the Company obtains a contract refer to those
costs which will not incur without entering into a contract (such as sales commission). If it is expected
that the costs are recoverable, the Company will recognize the costs incurred to obtain a contract as
one form of assets. In case that the term of asset amortization is shorter than one year or one normal
operating cycle, the costs will be recognized as profit and loss of the current period after occurrence.
If the costs incurred from contract performance fall outside the inventory or the scope of other
enterprise accounting standards and satisfy all of the following conditions, the Company will recognize
the costs for contract performance as assets: a) The costs are directly related to one existing contract
or contract that is expected to be obtained; b) The costs enrich the Company's resources for future
contract performance (including continual fulfillment); c) The costs are estimated to be recovered.
Assets recognized from costs incurred to obtain a contract and costs for contract performance
(hereinafter referred to as "assets related to contract costs") will be amortized based on the same basis
as the income from commodities or services related to the assets, and will be recognized as profit and
loss of the current period. In case that the book value of assets related to contract costs is higher than
the difference of the two items below, the Company will set aside provisions for assets impairment to
deal with the extra part, and recognize that part as impairment losses: a) Estimated residual
consideration to be obtained from transfer of commodities or services related to the assets; b)
Estimated costs incurred from transfer of the relevant commodities or services.
Government grants are monetary assets and non-monetary assets acquired free of charge by the
Company from the government like fiscal subsidies.
(1) Judgment basis and accounting treatment method of government grants related to assets
Government grants related to assets are government grants that are acquired by the Company and
used for forming long-term assets through purchasing and constructing or other ways. If the
government documents do not clearly specify the target of the subsidy, the Company shall separately
explain judgment basis of classifying the government grants into the government grants related to
assets or income.
Accounting method: it shall be recognized as deferred income allocated evenly over the useful lives
(the period of depreciation and amortization) of the relevant assets from the month of commencement
of depreciation or amortization when the relevant assets have reached the intended use condition, and
included in the current profit or loss. However, government grants measured at the nominal amount
shall be directly included in current profit and loss.
(2) Judgment basis and accounting treatment method of government grants related to income
Government grants related to income are government grants other than government grants related to
assets;
Accounting method:
① If it is used to compensate the Company’s relevant expenses or losses in future periods, it should be
recognized as deferred income and included into the current profit and loss or written off the related
costs when the relevant expenses, losses are recognized.
② If it is used to compensate the Company’s relevant expenses or losses incurred, it is directly
included into the current profit and loss on acquisition or written off of the related costs.
③ Recognition time-point of government grants
Government grants are recognized when the Company can meet the attached conditions for the
government grants and the Company can receive the grants.
④ Measurement of government grants
If a government grant is a monetary asset, it shall be measured in the light of the received or receivable
amount. If a government grant is a non-monetary asset, it shall be measured at its fair value; and if its
fair value cannot be obtained in a reliable way, it shall be measured at a nominal amount.
The Company adopts the balance sheet liability method to account for income tax.
The Company recognizes deferred tax assets when the following conditions are met simultaneously:
(1) Temporary differences are highly likely to be reversed in the foreseeable future;
(2) Taxable income that may be used to offset the deductible temporary difference is likely to be
obtained in the future and is limited to the amount of taxable income that is likely to be obtained.
On each balance sheet date, the current income tax liabilities (or assets) incurred in the current period
or prior periods shall be measured by the Company in light of the expected payable (refundable)
amount of income taxes according to the tax law; The deferred income tax assets and deferred income
tax liabilities shall be measured at the tax rate applicable to the period during which the assets are
expected to be recovered or the liabilities are expected to be settled.
The Company shall review the carrying amount of deferred income tax assets on each balance sheet
date. The current income tax and deferred income tax shall be recorded into the current profit and loss
as income tax expense or income, except for the income tax generated from the enterprise merger,
transactions or events directly recognized in the owner's equity.
Basis for deferred income tax assets and deferred income tax liabilities presented as a net amount after
offset:
When the following conditions are simultaneously met, deferred income tax assets and deferred income
tax liabilities are presented as a net amount after offset:
(1) The enterprise has the legal right to settle the current income tax assets and current income tax
liabilities on a net basis;
(2) Deferred income tax assets and deferred income tax liabilities were related to the income tax levied
by the same tax administration department on the same taxpayer or different taxpayers, but during the
period when each significant deferred income tax assets and liabilities would be reversed in the future,
the involved taxpayer intended to settle the current income tax assets and liabilities on a net basis or to
acquire assets and settle liabilities at the same time.
(1) Accounting treatment with the Company as lessee
① Judgment criteria and accounting treatment for short-term leases and leases of low-value assets as
a lessee for simplified treatment
On the beginning date of the lease term, the Company will recognize the lease with a lease term not
exceeding 12 months and exclude the purchase option as a short-term lease. Leases with a value
below CNY 40,000 when a single leased asset is a brand-new asset are identified as low-value asset
leases. If the Company sublets or expects to sublet the leased assets, the original lease shall not be
deemed as a low-value asset lease.
The Company records the payments of short-term and low-value asset leases incurred during each
period of the lease term in the relevant asset costs or the profit or loss for the current period by the
straight-line method.
The Company will recognize right-of-use assets and lease liabilities on the inception date of the lease
term, excluding the above short-term and low-value asset leases.
② Right-of-use assets
Right-of-use assets are initially measured at costs, including: A. The initial measurement amount of
lease liabilities; B. If there is a lease incentive for the lease payment paid on or before the start date of
the lease term, the relevant amount of the lease incentive already enjoyed shall be deducted; C. Initial
direct expenses incurred by the Company; D. The expected cost to be borne by the Company in order
to dismantle and remove the assets leased, restore original state of the place where the assets leased
are in, or restore the assets leased to the state stipulated in the lease terms.
③ Lease liabilities
The Company initially measures the lease obligation at the present value of the lease payments
outstanding at the commencement date of the lease term. When calculating the present value of lease
payments, the Company uses the interest rate implicit in lease as the rate of discount. If the interest
rate implicit in lease cannot be determined, the Company’s incremental lending rate is used as the rate
of discount.
After the commencement of the lease term, the Company uses the cost model for subsequent
measurement of right-of-use assets, depreciates right-of-use assets on a straight-line basis, calculates
the interest expense on the lease liability within the lease term and includes it in the current profit or
loss, unless such interest charge is stipulated to be included in the underlying asset cost. Variable lease
payments that are not included in the measurement of the lease obligation should be included in the
current profit or loss when they are actually incurred, unless such payments are stipulated to be
included in the underlying asset cost.
After the commencement of the lease term, the Company remeasures the lease liability and adjusts the
corresponding right-of-use asset, and if the carrying value of the right-of-use asset has been reduced to
zero but the lease liability is subject to further reduction, the difference is recorded in current profit or
loss: (1) When there is a change in the valuation of the purchase option, renewal option or termination
option, or actual exercise, the Company remeasures the lease liabilities at the present value of the
lease payments after the change and the revised discount rate; (2) When there is a change in the
actual fixed payment, the estimated residual value of the guarantee payable, the index or rate used to
confirm the lease payment, the Company calculated the present value based on the changed lease
payment amount and the original discount rate to remeasure the lease liabilities. However, where
changes in lease payments arise from changes in floating interest rates, a revised discount rate was
used to calculate the present value.
(2) Accounting treatment with the Company as lessor
① Lease classification
The Company classifies leases into finance leases and operating leases at the inception of leases. A
finance lease refers to a lease where almost all the risks and rewards, related to the ownership of the
leased asset, are substantially transferred, regardless of whether the ownership is eventually
transferred or not. All leases other than finance leases are classified as operating leases.
② Operating leases
The Company recognizes the lease payments receivable of the operating lease as rental earnings in
each period within the lease term on a straight-line basis or according to other systematic and
reasonable methods. The initial direct costs related to the operating lease are capitalized, amortized
within the lease term on the same basis as the recognition of rental earnings, and included in profit or
loss for the current period. The received variable lease payments related to the operating lease that are
not included in the lease payments receivable are included in profit or loss for the current period when
they are actually incurred.
③ Finance leases
On the commencement date of the lease term, the Company recognizes the finance lease receivables
for the finance lease and derecognizes the leased asset of the finance lease. In the initial measurement
of finance lease receivables, the sum of the unsecured residual value and the present value of the
lease payments receivable not yet received on the commencement date of the lease term discounted at
the interest rate implicit in lease is the entry value of the finance lease receivables. The Company
calculates and recognizes the interest income in each period within the lease term at a fixed interest
rate implicit in the lease. The received variable lease payments that are not included in the
measurement of the net investment in the lease are included in profit or loss for the current period when
they are actually incurred.
The Company adopts the balance sheet liability method to account for income tax.
The Company recognizes deferred tax assets when the following conditions are met simultaneously:
in the future and is limited to the amount of taxable income that is likely to be obtained.
On each balance sheet date, the current income tax liabilities (or assets) incurred in the current period
or prior periods shall be measured by the Company in light of the expected payable (refundable)
amount of income taxes according to the tax law; The deferred income tax assets and deferred income
tax liabilities shall be measured at the tax rate applicable to the period during which the assets are
expected to be recovered or the liabilities are expected to be settled.
The Company shall review the carrying amount of deferred income tax assets on each balance sheet
date. The current income tax and deferred income tax shall be recorded into the current profit and loss
as income tax expense or income, except for the income tax generated from the enterprise merger,
transactions or events directly recognized in the owner's equity.
None.
□ Applicable N/A
□ Applicable N/A
Implementation of the New Accounting Standards Implemented since 2025
□ Applicable N/A
Tax type Tax base Tax rate
Value-added tax Taxable sales income 13 %, 9%, 6%
Urban maintenance and construction
Taxable turnover tax 7%, 5%
tax
Corporate income tax Taxable income 25%, 15%, 16.5%, 9%, 0%
Consumption tax (based on price) Baijiu tax price or ex-factory price 20%
Consumption tax (based on quantity) Quantity of baijiu CNY 1.00/kg
Education surcharge Taxable turnover tax 3%
Local education surcharge Taxable turnover tax 2%
Original value of the property*70%;
Property tax 1.2%, 12%
house rent
Land use tax Land area CNY 1.2-20/m2
Others According to national regulation
Tax payment subject using different corporate income tax rates, the corporate income tax rates are
as follows:
Company name Corporate income tax rate
Luzhou Pinchuang Technology Co., Ltd. 15%
Luzhou Laojiao International Development (Hong Kong)
Co., Ltd.
Luzhou Laojiao Commercial Development (North
America) Co., Ltd.
Mingjiang Co., Ltd. 21%-40%
Luzhou Red Sorghum Modern Agricultural Development
Exempted from corporate income tax
Co., Ltd.
Guangxi Luzhou Laojiao Imported Liquor Industry Co.,
Ltd.
Luzhou Laojiao International Trade (Hainan) Co., Ltd. 15%
(1) According to Announcement of the Ministry of Finance, State Taxation Administration and National
Development and Reform Commission on Continuing the Corporate Income Tax Policies Concerning
the Western Development Strategy (No. 23 in 2020, Ministry of Finance), from 1 January 2021 to 31
December 2030, companies located in the western region whose primary business is listed in the
Catalogue of Encouraged Industries in the Western Region, and the primary business income
accounting for over 60% of the total enterprise income. These companies shall be subject to the
corporate income tax at a reduced rate of 15%. The Company's holding subsidiary, Luzhou Pinchuang
Technology Co., Ltd., whose primary business income meets the requirements of scope and standard
of the Catalogue of Encouraged Industries in the Western Region, is paid at the rate of 15% for
corporate income tax.
(2) According to Article 27 of the Corporate Income Tax Law of the People's Republic of China and
Article 86, Item 1 of the Implementation Regulations of the Corporate Income Tax Law, companies are
exempted from enterprise income tax when they engage in agricultural, forestry, animal husbandry and
fishery industries. The holding subsidiary of the Company, Luzhou Red Sorghum Modern Agricultural
Development Co., Ltd., is engaged in the cultivation and sale of organic sorghum and enjoys the
reduction of corporate income tax preferences.
(3) According to the Article 15, Item 1 of the Provisional Regulations on Value-Added Tax, agricultural
producers sell self-produced agricultural products exempt from value-added tax. The holding subsidiary
of the Company, Luzhou Red Sorghum Modern Agricultural Development Co., Ltd., is engaged in the
cultivation and sale of organic sorghum and enjoys the value-added tax exemption.
(4) According to the Article 3, Item 7 of the Notice on Revision of Interim Measures of Accelerating the
Development in Headquarters Economy of China-Malaysia Qinzhou Industrial Park, till 31 December
with the half reduction in the tax period of preferential policies shall enjoy the local share of corporate
income tax exemption (namely 40% of corporate income tax was exempted, and the proportion
adjusted by the state shall be executed according to new proportion); Guangxi Luzhou Laojiao Imported
Liquor Industry Co., Ltd., the wholly-owned subsidiary of the Company, pays corporate income tax at
the rate of 9% according to the tax preference policies.
(5) According to Announcement on Preferential Corporate Income Tax Policies in Hainan Free Trade
Port (Cai Shui [2020] No. 31), the Company's wholly-owned subsidiary, Luzhou Laojiao International
Trade (Hainan) Co., Ltd., whose primary business income meets the requirements of scope and
standard of the Catalogue of Encouraged Industries in Hainan Free Trade Port, is paid at the rate of
currency unit is CNY, unless otherwise stated)
Unit: CNY
Item Closing Balance Opening Balance
Cash 27,220.19 27,640.75
Bank deposit 35,415,830,084.93 33,506,712,545.24
Other cash and cash equivalents 35,223,021.93 71,656,645.34
Total 35,451,080,327.05 33,578,396,831.33
Including: Total deposit
outbound
Other statements:
Note 1: The deposit outbound is the balance of cash and cash equivalents of the foreign holding
subsidiary of the Company.
Note 2: The closing balance of other monetary funds mainly consists of the remaining funds in
securities accounts of the Company in the amount of CNY 2,776,318.70, bank guarantee deposits of
CNY 10,000,000.00 for the subsidiary, Luzhou Laojiao Sales Co., Ltd., and the closing balance of
funds in self-owned accounts on third-party platforms for subsidiaries such as Luzhou Laojiao New
Retail Co., Ltd., Luzhou Laojiao New Liquor Industry Co., Ltd. and Luzhou Laojiao Nostalgic Liquor
Marketing Co., Ltd., in the amount of CNY 22,446,703.23.
Note 3: There is no special benefit arrangement such as establishing a fund co-management account
with related parties in the current period.
Liquor and wine manufacturing companies shall disclose in detail whether there are special interest
arrangements such as establishing co-management accounts with related parties.
□Applicable N/A
Unit: CNY
Item Closing Balance Opening Balance
Financial assets measured at fair
value with their changes included into 1,610,560,917.24 1,694,282,295.97
current profits/losses
Including:
Wealth management products 1,610,560,917.24 1,694,282,295.97
Including:
Total 1,610,560,917.24 1,694,282,295.97
Unit: CNY
Aging Closing book balance Opening book balance
Within 1 year (including 1 year) 16,916,369.57 11,602,423.49
Total 16,924,164.08 11,602,423.49
Unit: CNY
Closing Balance Opening Balance
Provision for bad Provision for bad
Book balance Book balance
Type debt Book debt Book
Proporti Proporti value Proporti Proporti value
Amount Amount Amount Amount
on on on on
Inclu
ding:
Account
s
receiva
ble
tested 16,924, 100.00 846,597 16,077, 11,602, 100.00 580,121 11,022,
for 164.08 % .93 566.15 423.49 % .18 302.31
impairm
ent by
the
portfolio
Inclu
ding:
Account 16,924, 100.00 846,597 5.00% 16,077, 11,602, 100.00 580,121 5.00% 11,022,
s 164.08 % .93 566.15 423.49 % .18 302.31
receiva
ble
tested
for
impairm
ent on
the
portfolio
with
charact
eristics
of credit
risk
Total 5.00% 5.00%
The category name of provision for bad debt by the portfolio: Accounts receivable tested for
impairment on the portfolio with characteristics of credit risk
Unit: CNY
Closing Balance
Name
Book balance Provision for bad debt Proportion
Risk portfolio 16,924,164.08 846,597.93 5.00%
Including: within 1 year 16,916,369.57 845,818.48 5.00%
Total 16,924,164.08 846,597.93
Notes to the determination basis for the portfolio:
Accounts receivable of the same age have similar credit risk characteristics.
If adopting the general mode of expected credit loss to withdraw provision for bad debt of accounts
receivable
□Applicable N/A
Provision for bad debt:
Unit: CNY
Changes in current period
Opening Closing
Type Reversal or
Balance Provision Write-off Other Balance
recovery
Provision by
risk portfolio
Total 580,121.18 266,476.75 846,597.93
Unit: CNY
Closing balance Closing balance Closing balance Proportion to Closing balance
Company name
of accounts of contract of accounts total closing of provision for
receivable assets receivable and balance of bad debt
contract assets accounts provision of
receivable and accounts
contract assets receivable and
impairment
provision of
contract assets
China Duty Free
International Ltd
Sazerac
Company, Inc
Beijing User
Growth Network
Technology Co.,
Ltd.
Hangzhou
Youzan 360,925.43 360,925.43 2.13% 18,046.27
Technology Inc.
Beijing Jingdong
Electric 96,596.60 96,596.60 0.57% 4,829.83
Commerce Co.,
Ltd.
Total 16,235,858.08 16,235,858.08 95.93% 811,792.91
Unit: CNY
Item Closing Balance Opening Balance
Bank acceptance bill 1,411,989,312.86 1,801,947,455.78
Total 1,411,989,312.86 1,801,947,455.78
Unit: CNY
Closing Balance Opening Balance
Provision for bad Provision for bad
Book balance Book balance
Type debt Book debt Book
Proporti Proporti value Proporti Proporti value
Amount Amount Amount Amount
on on on on
Including:
Provisio 1,411,9 1,411,9 1,801,9 1,801,9
n by 89,312. 89,312. 47,455. 47,455.
% %
portfolio 86 861 78 78
Including:
Bank 1,411,9 1,411,9 1,801,9 1,801,9
accepta 89,312. 89,312. 47,455. 47,455.
% %
nce bill 86 86 78 78
Total
Note: 1. The notes receivable under accounts receivable financing comprise bank acceptance, and
the Company believes that the bank acceptance it holds does not pose significant credit risks. It does
not anticipate significant losses due to defaults by banks or other drawers, therefore, no provision for
credit impairment losses has been recognized.
The category name of provision for bad debt by the portfolio: Accounts receivable financing tested for
impairment on the portfolio with characteristics of credit risk
Unit: CNY
Closing Balance
Name
Book balance Provision for bad debt Proportion
Risk portfolio 1,411,989,312.86 0.00 0.00%
Total 1,411,989,312.86 0.00
Notes to the determination basis for the portfolio:
The notes receivable under accounts receivable financing comprise bank acceptance, and the
Company believes that the bank acceptance it holds does not pose significant credit risks. It does not
anticipate significant losses due to defaults by banks or other drawers, therefore, no provision for
credit impairment losses has been recognized.
Increase in current Decrease in current
Item Opening Balance Closing Balance
period period
Notes receivable 1,801,947,455.78 8,843,945,003.30 9,233,903,146.22 1,411,989,312.86
Total 1,801,947,455.78 8,843,945,003.30 9,233,903,146.22 1,411,989,312.86
Note: Accounts receivable financing represents bank acceptance, with a short remaining maturity.
The book value closely aligns with the fair value; hence, the book value is used as its fair value.
Unit: CNY
Item Closing Balance Opening Balance
Dividend receivable 32,879,641.22
Other receivables 9,165,193.90 13,053,645.00
Total 42,044,835.12 13,053,645.00
Unit: CNY
Item (investee) Closing Balance Opening Balance
Guotai Haitong Securities Co., Ltd. 3,297,559.16
Huaxi Securities Co., Ltd. 23,190,647.24
North Chemical Industries Co., Ltd. 31,271.10
China Tourism Group Duty Free
Corporation Limited
Luzhou Bank Co., Ltd. 5,207,040.00
Total 32,879,641.22
Unit: CNY
Nature Closing book balance Opening book balance
Intercompany funds 6,102,234.01 10,388,747.89
Petty cash 686,635.22 243,853.22
Saving deposits involving contract
disputes 1
Total 130,628,122.40 134,731,854.28
Note 1: The saving deposits involving contract disputes are three deposits amounting to CNY
Zhongzhou Sub-branch of Industrial and Commercial Bank of China disclosed by the Company in the
contract disputes and have thus been transferred into “other receivables”. The closing balance of this
account as at the date of the statement was CNY 123,839,253.17.
Unit: CNY
Aging Closing book balance Opening book balance
Within 1 year (including 1 year) 5,390,092.41 9,264,632.85
Over 3 years 125,014,191.04 125,321,113.23
Over 5 years 125,007,311.04 125,284,233.23
Total 130,628,122.40 134,731,854.28
Note: 1 Other receivables with significant single amount exceeding three years in age relates to
savings deposit of CNY 123,839,253.17, which are yet to be recovered due to contractual disputes.
Applicable □ N/A
Unit: CNY
Closing balance Opening Balance
Provision for bad Provision for bad
Book balance Book balance
Type debt Book debt Book
Proporti Proporti value Proporti Proporti value
Amount Amount Amount Amount
on on on on
Provisio
n for 94.80% 96.90% 92.11% 96.70%
,253.17 ,000.00 53.17 ,253.17 ,000.00 53.17
bad
debt by
individu
al item
Including:
Other
receiva
bles
that are
individu
ally
material
and for
which a 123,839 120,000 3,839,2 124,099 120,000 4,099,2
separat ,253.17 ,000.00 53.17 ,253.17 ,000.00 53.17
e
provisio
n for
bad
debts
has
been
made
Provisio
n for
bad 6,788,8 1,462,9 5,325,9 10,632, 1,678,2 8,954,3
debt by 69.23 28.50 40.73 601.11 09.28 91.83
the
portfolio
Including:
Other
receiva
bles
tested
for
impairm
ent on 6,788,8 1,462,9 5,325,9 10,632, 1,678,2 8,954,3
the 69.23 28.50 40.73 601.11 09.28 91.83
portfolio
with
charact
eristics
of credit
risk
Total 92.98% 90.31%
,122.40 % ,928.50 93.90 ,854.28 % ,209.28 645.00
The category name of provision for bad debt by individual item: Other receivables that are individually
material and for which a separate provision for bad debts has been made
Unit: CNY
Opening Balance Closing Balance
Name Provision for Provision for
Book balance Book balance Proportion Reason
bad debt bad debt
Saving Provision
deposits 96.90% based on
involving legal opinion
contract
disputes
Total
The category name of provision for bad debt by the portfolio: Other receivables tested for impairment
on the portfolio with characteristics of credit risk
Unit: CNY
Closing Balance
Name
Book balance Provision for bad debt Proportion
Risk portfolio 6,788,869.23 1,462,928.50 21.55%
Including: within 1 year 5,390,092.41 269,504.62 5.00%
Over 5 years 1,168,057.87 1,168,057.87 100.00%
Total 6,788,869.23 1,462,928.50
Notes to the determination basis for the portfolio:
Accounts receivable of the same age have similar credit risk characteristics.
Provision for bad debt adopting the general mode of expected credit loss:
Unit: CNY
First stage Second stage Third stage
Provision for bad Expected loss in the
Expected credit loss Expected loss in the Total
debt duration (credit
of the next 12 duration (credit
impairment not
months impairment occurred)
occurred)
Balance of January
Balance of January
period
Reversal of the
current period
Balance of June 30,
The basis for the division of each stage and the withdrawal proportion of bad debt provision
The basis for division is that other receivables with single bad debt provision represent credit
impairment losses incurred since initial recognition (Stage 3), while the remaining portion is
categorized based on expected credit risk. Withdrawal proportions of bad debt provision are 21.55%
for Stage 1 and 96.90% for Stage 3, totaling 92.98%.
Changes of book balance with significant amount changes of loss provision in the current period
□Applicable N/A
Provision for bad debt:
Unit: CNY
Changes in current period
Opening Closing
Type Reversal or Write-off or
Balance Provision Other Balance
recovery verification
Other
receivables
tested for 120,000,000.00 120,000,000.00
impairment
individually
Other
receivables
tested for 1,678,209.28 215,280.78 1,462,928.50
impairment by
the portfolio
Total 121,678,209.28 215,280.78 121,462,928.50
Unit: CNY
Provisioning
Proportion in
Company Name Nature Closing Balance Aging amount at period
total receivables
end
Saving deposits Saving deposits
involving involving 123,839,253.17 Over 5 years 94.80% 120,000,000.00
contract disputes contract disputes
Chen Weirong Petty cash 328,635.22 Within 1 year 0.25% 16,431.76
Hu Siyuan Petty cash 200,000.00 Within 1 year 0.15% 10,000.00
TOWNE
CENTRE Intercompany
OFFICES-PI funds and other 133,854.74 Within 1 year 0.10% 6,692.74
PROPERTIES accounts
NO 111 LLC
Wang Lan Petty cash 100,000.00 Within 1 year 0.08% 5,000.00
Total 124,601,743.13 95.38% 120,038,124.50
Unit: CNY
Closing Balance Opening Balance
Aging
Amount Proportion Amount Proportion
Within 1 year 220,731,553.23 96.61% 115,124,824.62 92.95%
Over 3 years 4,405,959.86 1.93% 3,820,520.70 3.08%
Total 228,470,687.43 123,870,282.65
Reasons for significant prepayments whose aging is longer than 1 year without timely settlement:
There is no significant prepayment whose aging is longer than 1 year.
Proportion to the total
Company Name Closing Balance Aging closing balance of
prepayment
Shanghai Merlot Advertising Co., Ltd. 94,698,234.65 Within 1 year 41.45%
Luzhou Western Gas Co., Ltd. 20,890,808.11 Within 1 year 9.14%
Luzhou Power Supply Company of State Grid
Sichuan Electric Power Company
Luzhou Laojiao Group Co., Ltd. 9,669,374.03 Within 1 year 4.23%
WTMG 8,729,693.06 Within 1 year 3.82%
Total 143,861,198.63 62.96%
Whether the Company needs to comply with the disclosure requirements of real estate industry
No
Unit: CNY
Closing Balance Opening Balance
Provision for Provision for
stock stock
obsolescence obsolescence
Category or impairment or impairment
Book Balance Book Value Book Balance Book Value
provision of provision of
contract contract
performance performance
costs costs
Raw materials 67,553,568.31 67,553,568.31
Goods in 11,425,804,47 11,425,804,47 10,739,545,76 10,739,545,76
progress 6.39 6.391 4.82 4.82
Finished 2,278,606,448 2,278,606,448 2,505,218,578 2,505,218,578
goods .84 .84 .73 .73
Goods in
transit
Total
Note: 1 The increase in goods in progress was mainly due to the Company’s promotion of high-
quality production capacity reserve and quality improvement plan, which increased the strategic
reserve of high-quality base liquor.
There was no capitalized borrowing expense in the closing balance of inventories.
Unit: CNY
Item Closing Balance Opening Balance
VAT to be deducted 10,882,180.86 217,415,843.41
Corporate income tax 19,111,691.42 20,441,701.15
Other taxes 14,253,648.89 3,224,364.33
Total 44,247,521.17 241,081,908.89
Other statements:
Note 1: The value-added tax expected to be deducted in the following fiscal period and corporate
income tax and other taxes are disclosed in other current assets.
Note 2: The closing balance of other current assets decreased by CNY 196,834,387.72 or 81.65%
compared with the opening, which was mainly due to the impact of deducting the remaining tax
credits from the previous period.
Unit: CNY
Reason
for
Accumulat Accumulat assigning
Gains Losses
ive gains ive losses to
recorded recorded
recorded recorded Dividend measure
in other in other
in other in other income in fair
comprehe comprehe
Opening comprehe comprehe recognize Closing value of
Item nsive nsive
Balance nsive nsive d in Balance which
income in income in
income in income in current changes
the the
the the year included
current current
current current other
period period
period period comprehe
nsive
income
Financial
assets
assigned
to
measure
in fair
value of
which
changes
included
other
comprehe
nsive
income:
Including:
According
to the
Guotai
mode of
Haitong 219,640,9 6,006,268. 212,928,1 3,297,559. 225,647,2
managing
Securities 94.03 47 05.74 16 62.50
assets by
Co., Ltd.
managem
ent layer
China According
Tourism to the
Group 60,069,39 2,028,013. 93,157,30 1,282,673. 58,041,38 mode of
Duty Free 9.64 60 9.24 77 6.04 managing
Corporatio assets by
n Limited managem
ent layer
According
to the
Luzhou mode of
Bank Co., managing
Ltd. 8.99 3.68 2.67 00 2.67
assets by
managem
ent layer
According
Guotai
Junan to the
Investmen mode of
t managing
Managem 4.24 4.24
assets by
ent Co., managem
Ltd.
ent layer
According
to the
North mode of
Chemical 15,870,08 6,989,090. 21,829,17 22,859,17
Industries 3.24 85 4.09 4.09
Co., Ltd. assets by
managem
ent layer
According
to the
Guojiu Big mode of
Data Co., managing
Ltd. 78 22 78
assets by
managem
ent layer
Sichuan
China
Baijiu
Golden
According
Triangle
Brand to the
Operation mode of
Developm managing
ent Co., 63 37 63
assets by
Ltd. and managem
other
ent layer
equity
instrument
investmen
ts
Total
Categories of non-trading equity instrument investment in the current period:
Unit: CNY
Reason for
Amount of
assigning to Reason of
other
measure at other
comprehen
Recognized fair value and comprehensiv
Accumulative Accumulative sive
Item dividends changes e income
gains losses income
income recorded into transferred to
transferred
other retained
to retained
comprehensiv earnings
earnings
e income
Guotai 3,297,559.16 212,928,105.74 According to
Haitong the mode of
Securities managing
Co., Ltd. assets by
management
layer
China According to
Tourism the mode of
Group Duty managing
Free assets by
Corporation management
Limited layer
According to
the mode of
Luzhou Bank managing
Co., Ltd. assets by
management
layer
According to
Guotai Junan the mode of
Investment managing
Management assets by
Co., Ltd. management
layer
According to
North the mode of
Chemical managing
Industries Co., assets by
Ltd. management
layer
According to
the mode of
Guojiu Big managing
Data Co., Ltd. assets by
management
layer
Sichuan
China Baijiu
Golden According to
Triangle the mode of
Brand
managing
Operation 5,752,926.37
Development assets by
Co., Ltd. and management
other equity layer
instrument
investments
Unit: CNY
Changes in current period
Openi Closin
Openi ng Gain Adjust Closin g
ng Balan or ments Cash g Balan
Invest Balan ce of loss of Other divide Provis Balan ce of
ee ce provisi Increa Decre recog other chang d or ion for ce provisi
Other
(book on for se ase nized compr es in profit impair (book on for
value) impair under ehens equity declar ment value) impair
ment equity ive ed ment
metho incom
d e
Huaxi
Securi 2,614, 2,567, 53,23 5,005, 23,19 2,649, 2,567,
ties 807,0 098.8 0,119. 483.3 0,647. 851,9 098.8
Co., 32.57 0 49 4 24 88.16 0
Ltd.
Luzho
u
Laojia
o
Postd
octora
l 36,68 - 36,11
Works 1,718. 562,0 9,676.
tation 10 41.18 92
Techn
ology
Innov
ation
Co.,
Ltd.
Sichu
an
Devel
opme 5,878, 5,878,
nt
Liquor
Invest 3 3
ment
Co.,
Ltd.
CTS
Luzho
u
Laojia
o
Cultur 123,1 123,4
al 273,7 28,79
Touris 55.98 6.75
m 9.13 1.86
Devel
opme
nt
Co.,
Ltd.
Sichu
an
Tianfu
Grana 12,50 13,10
ry 602,7
Liquor 44.86
Indust 27 13
ry
Co.,
Ltd.
Sichu
an
Tongn 8,272, - 8,184,
iang 966.9 88,24 724.4
Baijiu 3 2.48 5
Indust
ry
Techn
ology
Resea
rch
Institu
te
Co.,
Ltd.
Subtot 28,79
al 6.75
Total 252,3 098.8 6,336. 483.3 0,647. 552,2 098.8
The recoverable amount is determined based on the net amount of the fair value minus disposal
costs
□Applicable N/A
The recoverable amount is determined by the present value of the forecasted future cash flow
□Applicable N/A
Applicable □ N/A
Unit: CNY
Buildings and Construction in
Item Land use right Total
constructions progress
I. Original cost:
period
(1) External
purchase
(2) Transfer from
inventories/fixed
assets/construction
in progress
(3) Increase from
business
combination
current period
(1) Disposal
(2) Other transfer out
II. Accumulated
depreciation and
amortization
period
(1) Provision or
amortization
current period
(1) Disposal
(2) Other transfer out
III. Provision for
impairment
period
(1) Provision
current period
(1) Disposal
(2) Other transfer out
IV. Book Value
Value
The recoverable amount is determined based on the net amount of the fair value minus disposal
costs
□Applicable N/A
The recoverable amount is determined by the present value of the forecasted future cash flow
□Applicable N/A
Unit: CNY
Reason for not having the
Item Book value
certification of right
Buildings of the Company 13,683,748.84 In procedure
Unit: CNY
Item Closing Balance Opening Balance
Fixed assets 8,813,460,695.48 9,131,607,204.08
Disposal of fixed assets 1,686,647.58 169,711.43
Total 8,815,147,343.06 9,131,776,915.51
Unit: CNY
Buildings and Specialized General Transportation Other
Item Total
constructions equipment equipment equipment equipment
I. Original
cost:
balance .77 .44 .68 .58 3.16
current period
(1) External
purchase
(2) Transfer
from
construction in
progress
(3) Increase
from business
combination
(4) Changes
of exchange -183,474.68 -183,474.68
rates
(5) Adjustment
for completion 192,748.65 -19,351.98 -169,992.99 3,403.68
settlement
current period
(1) Disposal
or retirement
(2) Adjustment
for completion
settlement
Balance .49 .06 .49 .27 6.02
II.
Accumulated
depreciation
Balance .03 8 4 2 .08
current period 3 4
(1) Provision 80,434,767.04 78,262,100.04 2,145,972.21 49,825,361.91
(2) Changes
of exchange -180,809.29 -180,809.29
rates
(3) Adjustment
for completion
settlement
current period
(1) Disposal
or retirement
(2) Adjustment
for completion
settlement
Balance .58 4 3 7 .54
III. Provision
for impairment
Balance
current period
(1) Provision
current period
(1) Disposal
or retirement
Balance
IV. Book Value
Book Value .91 2 6 .70 .48
Book Value .74 6 4 .46 .08
Unit: CNY
Item Closing book value
Buildings and constructions 27,594,908.07
Equipment 14,117,661.55
Total 41,712,569.62
Unit: CNY
Reason for not having the
Item Book value
certification of right
The property ownership certificate
has not been processed yet for the
Buildings of the Company 4,211,625.06 historical reasons, and it plans to be
processed after gradually improving
procedures.
Buildings of the Company 17,846,500.33 In procedure
Buildings of the subsidiary-brewing
company
Total 4,601,370,219.54
Unit: CNY
Item Closing Balance Opening Balance
Disposal and retirement of assets 1,686,647.58 169,711.43
Total 1,686,647.58 169,711.43
Unit: CNY
Item Closing Balance Opening Balance
Construction in progress 1,165,735,552.56 807,233,988.90
Total 1,165,735,552.56 807,233,988.90
Unit: CNY
Closing Balance Opening Balance
Item
Book balance Provision for Book value Book balance Provision for Book value
impairment impairment
Technical
renovation of
Luzhou
Laojiao 17,330,941.91 17,330,941.91 6,367,929.36 6,367,929.36
Intelligent
packaging
center
Technical
renovation
project of
Luzhou
Laojiao
intelligent
brewing (I)
Project of
Luzhou
Laojiao's
Flexible 61,656,976.56 61,656,976.56 60,955,418.59 60,955,418.59
Intelligent
Filling Pilot
Line
Construction
Project of
Luzhou
Laojiao's
Strong Aroma 50,680,337.94 50,680,337.94 22,407,884.55 22,407,884.55
Baijiu
Experience
Marketing
Centre
The
expansion
and
renovation
project of the
office area of
Luzhou 37,750,468.92 37,750,468.92 22,751,740.43 22,751,740.43
Laojiao
Marketing
Network
Command
Center-Staff
Home
Other projects
Total
.561 .56 0 0
Note: 1. The closing balance of construction in progress increased by CNY 358,501,563.66 or
construction in progress for the current period.
Unit: CNY
Propo
rtion
Includi
of Accu
ng: Capita
Increa accu mulati
Openi Transf Closin Capita lizatio
se in Other mulati Progr ve Sourc
Budge ng er into g lized n rate
Item curren decre ve ess capital e of
t Balan fixed Balan intere for the
t ases projec (%) ized funds
ce assets ce st for period
period t input intere
the (%)
in st
period
budge
t
Techn
ical
renov
ation
projec
t of
Luzho 30.43 43.75
u % %
Laojia
o
intellig
ent
brewi
ng (I)
Total 509,0 82,37 66,00 48,37
□Applicable N/A
Unit: CNY
Buildings and
Item Land use right Equipment Total
constructions
I. Original cost
-352,812.66 307,059.82 -45,752.84
period
(1) Increase in
leases
(2) Changes of
-352,812.66 -17,163.38 -369,976.04
exchange rates
current period
(1) Lease expiration 2,080,967.24 2,080,967.24
(2) Adjustment for
change of lease term
II. Accumulated
amortization
period
(1) Provision 1,712,319.46 2,875,902.06 162,111.60 4,750,333.12
(2) Changes of
-257,544.34 -15,712.63 -273,256.97
exchange rates
current period
(1) Disposal
(2) Lease expiration 2,080,967.24 2,080,967.24
(3) Adjustment for
change of lease term
III. Provision for
impairment
period
(1) Provision
current period
(1) Disposal
IV. Book Value
Value
Value
□Applicable N/A
Unit: CNY
No-patent
Computer Trademark
Item Land use right Patent right right Total
software right
technology
I. Original cost
Balance .61 9 .93
current period
(1) Acquired 1,475,097.00 8,849.56 1,483,946.56
(2) Internal
developed
amount
(3) Business
combination
(4)
Transferred
from 77,704,994.22 5,079,266.90 82,784,261.12
construction in
progress
(5) Changes
of exchange -959.17 -959.17
rates
current period
(1) Disposal
Balance .83 5 .44
II.
Accumulated
amortization
Balance 3 4
current period
(1) Provision 43,806,211.63 65,002.52 6,254,250.40 450.08 50,125,914.63
current period
(1) Disposal
Balance 6 7
III. Provision
for impairment
Balance
current period
(1) Provision
current period
(1) Disposal
Balance
IV. Book Value
Book Value .87 .07
Book Value .28 .19
There is no proportion of intangible assets formed by internal development to the balance of
intangible assets at the period-end.
Other statements:
There was no land use right without certification of right at the period-end.
Unit: CNY
Item Opening Balance Increase Amortization Other decrease Closing Balance
Improvement
expense of
rented fixed
assets
Total 1,756,272.03 413,938.32 19,957.811 1,322,375.90
Note: 1 Other decrease was generated from changes of exchange rates.
Unit: CNY
Closing Balance Opening Balance
Item Deductible temporary Deductible temporary
Deferred tax assets Deferred tax assets
differences differences
Provision for asset
impairment
Unrealized profits
from internal 158,006,154.36 39,501,538.59 742,790,841.94 185,697,710.49
transactions
Impact from salary 388,464,863.06 96,035,942.39 493,996,524.17 121,948,421.27
Impact from deferred
earnings
Impact from fixed
assets depreciation
Recognition costs of
restricted shares for
equity incentive in
the vesting period
Impact from fair
value changes of
other equity 117,535,647.33 29,383,911.84 115,507,633.77 28,876,908.44
instrument
investment
Impact from fair
value changes of
held-for-trading
financial assets
Impact of income tax
from initial
recognition of lease
liabilities
Total 927,251,928.26 229,979,417.632 1,706,092,646.18 424,185,093.04
Note: 1. Deductible temporary differences of CNY 41,181,661.13 of costs and expenses recognized
during the vesting period of restricted shares for share incentives represent the estimated future pre-
tax deductible amounts based on the Company's share price less the grant price at the end of the
period.
compared with the opening, which was mainly due to the impact of a decrease in unrealized profits
from intra-company transactions and the reversal of restricted share lifting.
Unit: CNY
Closing Balance Opening Balance
Item Taxable temporary Deferred tax Taxable temporary Deferred tax
differences liabilities differences liabilities
Fair value changes
of other equity
instrument
investment
Fair value changes
of held-for-trading 19,461,048.36 4,865,262.09 11,520,444.76 2,880,111.17
financial assets
Impact from the
policy of one-time
pre-tax deduction of 341,101,163.76 83,185,058.42 379,464,834.32 92,542,193.36
fixed assets
depreciation
Impact of income tax
from initial
recognition of right-
of-use assets
Total 644,873,859.18 159,027,020.27 643,326,393.08 158,375,714.88
Unit: CNY
Item Closing Balance Opening Balance
Deductible losses 305,230,845.87 272,750,289.72
Credit impairment losses and asset
impairment provision
Impact from employee benefits
payable
Total 316,834,616.10 288,667,814.53
years
Unit: CNY
Year Closing Amount Opening Amount Notes
The 1st year 15,884,395.00 15,884,395.00
The 2nd year 8,417,566.87 8,417,566.87
The 3rd year 42,092,277.59 41,945,012.30
The 4th year 170,989,292.08 170,459,479.62
The 5th year 67,847,314.33 36,043,835.93
Total 305,230,845.87 272,750,289.72
Unit: CNY
Item Closing Balance Opening Balance
Provision
Provision
for
Book balance Book value Book balance for Book value
impairme
impairment
nt
Prepayment
for
engineering 239,777,024.13 239,777,024.13 235,101,375.05 235,101,375.05
and
equipment
Prepayment
for long-term 349,121,566.79 349,121,566.79 172,245,993.10 172,245,993.10
assets
Total 588,898,590.92 588,898,590.92 407,347,368.15 407,347,368.15
Other statements:
Note 1: The prepayment for long-term assets was the corresponding advance payment for the
progress of the Chengdu Innovation and Development Center Building customized and constructed
by the Company.
Note 2: The closing balance of other non-current assets increased by CNY 181,551,222.77 or
assets.
Unit: CNY
Period-end Period-beginning
Item Book Book Type of Status of Book Book Type of Status of
balance value restriction restriction balance value restriction restriction
Provision Provision
Cash and
for deposit for deposit
cash 285,923,8 285,923,8 Interest on 181,100,9 181,100,9 Interest on
interest on interest on
equivalent 01.57 01.57 deposit 55.95 55.95 deposit
an accrual an accrual
s
basis basis
Cash and
cash 18,000,00 18,000,00 Litigation Frozen by
equivalent 3.44 3.44 freeze the court
s
Cash and
Bank cash Bank cash
cash 10,000,00 10,000,00 10,000,00 10,000,00
Margin deposits Margin deposits
equivalent 0.00 0.00 0.00 0.00
for L/G for L/G
s
Cash and E- E-
cash 1,657,815. 1,657,815. commerce 1,627,857. 1,627,857. commerce
Margin Margin
equivalent 68 68 platform 48 48 platform
s margin margin
Total
Unit: CNY
Category Closing Balance Opening Balance
Engineering equipment expense 796,852,684.86 854,220,902.47
Materials and service expense 617,544,236.53 990,276,304.31
Total 1,414,396,921.39 1,844,497,206.78
Unit: CNY
Reason for non-payment or carrying
Category Closing Balance
forward
China Construction First Group Project payment within the contract
Corporation Limited settlement period
China Second Metallurgy Group Co., Project payment within the contract
Ltd. settlement period
KSEC Intelligent Technology Co., Equipment payment within the
Ltd. contract settlement period
Luzhou Branch of Zhongqi
Project payment within the contract
Construction Group Huamao Co., 21,826,780.23
settlement period
Ltd.
China Credit Investment Construction Equipment payment within the
Group Co., Ltd. contract settlement period
Total 558,685,185.62
Unit: CNY
Item Closing Balance Opening Balance
Dividend payable 6,788,869,591.98 29,668,290.20
Other payables 588,987,575.88 843,927,138.88
Total 7,377,857,167.86 873,595,429.08
Unit: CNY
Item Closing Balance Opening Balance
Ordinary share dividends 6,748,820,103.09
Restricted share dividends 10,381,198.69
Dividend payable to minority
shareholders of the Company’s 29,668,290.20 29,668,290.20
subsidiary
Total 6,788,869,591.98 29,668,290.20
Unit: CNY
Item Closing Balance Opening Balance
Security deposit 371,707,663.98 447,066,962.39
Intercompany funds 18,041,282.31 28,522,739.40
Repurchase obligations of restricted
shares
Others 31,443,833.08 22,637,993.20
Total 588,987,575.88 843,927,138.88
Unit: CNY
Reason for not payment or carrying
Item Closing Balance
forward
Within the contract performance
Security deposits from suppliers 44,803,391.16
period
Security deposits from customers Within the contract performance
and dealers period
Total 69,632,437.93
Unit: CNY
Item Closing Balance Opening Balance
Advance rent receipts 5,419,308.10
Total 5,419,308.10
Unit: CNY
Item Closing Balance Opening Balance
Within 1 year 3,502,227,692.03 3,960,810,214.93
Over 3 years 5,213,700.68 3,845,860.89
Total 3,529,323,175.67 3,978,131,528.88
Unit: CNY
Increase in current Decrease in current
Item Opening Balance Closing Balance
period period
benefits
benefits- defined 29,543,709.32 90,907,831.42 85,930,129.38 34,521,411.36
contribution plans
benefits
Total 553,580,768.99 682,312,797.75 791,962,361.32 443,931,205.42
Unit: CNY
Increase in current Decrease in current
Item Opening Balance Closing Balance
period period
allowances and 474,157,091.74 480,958,169.25 592,764,686.25 362,350,574.74
grants
welfare
premiums
Including:
Medical insurance 4,102,608.47 44,794,168.16 48,757,430.42 139,346.21
premium
Work-related injury
insurance
expenditures and
employee education
funds
Total 524,037,059.67 590,916,302.48 705,543,568.09 409,409,794.06
Unit: CNY
Increase in current Decrease in current
Item Opening Balance Closing Balance
period period
insurance premium
insurance premium
Total 29,543,709.32 90,907,831.42 85,930,129.38 34,521,411.36
Other statements:
Unit: CNY
Item Closing Balance Opening Balance
Value-added tax 537,030,395.44 712,774,935.04
Consumption tax 493,081,226.27 1,446,813,372.13
Enterprise income tax 848,922,145.28 798,281,280.17
Individual income tax 4,936,094.52 11,091,390.13
Urban maintenance and construction
tax
Education surcharge 30,579,403.65 63,919,687.59
Local education surcharge 20,931,909.74 43,486,324.21
Stamp duty 7,057,326.98 9,583,849.31
Land use tax 0.00 437,618.74
Others 406,670.09 401,983.65
Total 2,014,142,202.18 3,233,948,597.08
Other statements:
The closing balance of taxes payable decreased by CNY 1,219,806,394.90 or 37.72% compared with
the opening balance, which was mainly due to the payment of taxes payable from the previous year
during the current period.
Unit: CNY
Item Closing Balance Opening Balance
Long-term loans due within one year 5,260,900,000.00 1,720,200,000.00
Bonds payable due within one year 1,499,788,498.36
Lease liabilities due within one year 9,522,147.41 9,688,349.02
Interest of long-term loans due within
one year
Interest of bonds payable due within
one year
Total 5,274,717,368.79 3,276,628,616.74
Other statements:
The closing balance of non-current liabilities due within one year increased by CNY 1,998,088,752.05
or 60.98% compared with the opening balance, which was mainly due to the reclassification of long-
term loans due within one year.
Unit: CNY
Item Closing Balance Opening Balance
Output VAT to be transferred 458,655,396.27 516,729,820.48
Total 458,655,396.27 516,729,820.48
Unit: CNY
Item Closing Balance Opening Balance
Credit loans 7,989,600,000.00 8,000,100,000.00
Less: Long-term loans due within one
-5,260,900,000.00 -1,720,200,000.00
year
Total 2,728,700,000.00 6,279,900,000.00
Other statements, including interest rate range:
Loan prime rate (LPR) - corresponding basic points (BP) for 1-year/5-year and above loan terms.
The closing balance of long-term loans decreased by CNY 3,551,200,000.00 or 56.55% compared
with the opening balance, which was mainly due to the reclassification as non-current liabilities due
within one year.
Unit: CNY
Item Closing Balance Opening Balance
Lease payment 34,163,102.60 38,789,939.06
Less: unrecognized financing cost -3,626,653.13 -4,573,070.91
Lease liabilities due within one year -9,522,147.41 -9,688,349.02
Total 21,014,302.06 24,528,519.13
Unit: CNY
Increase in Decrease in
Item Opening Balance Closing Balance Reason
current period current period
Reception of
Government
grants
allocation
Total 86,672,726.83 8,517,000.00 12,744,585.28 82,445,141.55
Details:
Non-
oper
ating
Cost Relate
inco
Other income reducti Other d to
Opening Increase in me Closing
Item in current on in decrea assets/
Balance current period in Balance
period current se incom
curre
period e
nt
perio
d
Technologic
al
transformatio
n project of Relate
Luzhou 58,625,350.00 8,517,000.00 6,271,609.10 60,870,740.90 d to
Laojiao assets
Intelligent
Packing
Center
Digital
upgrade
project of
supply chain
Relate
management
for Luzhou
assets
Laojiao
Intelligent
Packing
Center
New mode Relate
application d to
Non-
oper
ating
Cost Relate
inco
Other income reducti Other d to
Opening Increase in me Closing
Item in current on in decrea assets/
Balance current period in Balance
period current se incom
curre
period e
nt
perio
d
project of assets
digital
workshop for
solid state
baijiu
production
Construction
project of
liquor room
Relate
of Luzhou
Laojiao
assets
brewing
technical
renovation
Luzhou
Laojiao
automatic
Relate
baijiu
production
assets
line technical
renovation
project
Boiler
reconstructio
n project of
Relate
Luohan
Brewing
assets
Base of
Luzhou
Laojiao
Brewing
Relate
wastewater
treatment
assets
project
Improvement
and technical
renovation
Relate
project of
Luzhou
assets
Laojiao
production
supporting
Total 86,672,726.83 8,517,000.00 12,744,585.28 82,445,141.55
Unit: CNY
Increases/decreases in the current period (+, -)
Opening Conversion Closing
Balance Issuance of of reserves Balance
Bonus issue Others Subtotal
new shares funds into
shares
Total 1,471,951,5 1,471,951,5
number of 03.00 03.00
shares
Unit: CNY
Increase in current Decrease in current
Item Opening Balance Closing Balance
period period
Share premium
(capital premium)
Other capital
reserves
Total 5,365,763,566.55 350,452,776.14 308,774,031.28 5,407,442,311.41
Note: 1. The share premium increased for the current period because some restricted shares granted
have been released from restrictions upon maturity.
to the parent company to be recognized in the current period for the issuance of restricted shares.
Unit: CNY
Increase in current Decrease in current
Item Opening Balance Closing Balance
period period
Perform the
repurchase
obligations under the
equity incentive
Total 345,699,443.89 177,904,647.38 167,794,796.51
Other statements, including notes to increase and decrease during the reporting period and the
reasons for changes:
The closing balance of treasury shares decreased by CNY 177,904,647.38 or 51.46% compared with
the opening balance, which was mainly due to the impact of the reversal of restricted share lifting
during the period.
Unit: CNY
Current Period
Less:
Less:
Previously
Previously
recognize Amount
Amount in recognize Amount
d in other attributabl
Opening current d in other attributabl Closing
Item comprehe Less: e to non-
Balance period comprehe e to Balance
nsive Income controlling
before nsive parent
income tax sharehold
income income company
transferre ers after
tax transferre after tax
d to tax
d to profit
retained
and loss
earnings
I. Other 100,246,1 24,665,79 24,665,00 124,911,1
comprehe 34.07 7.66 8.15 42.22
nsive
income
that will
not be
reclassifie
d into
profit and
loss
Other
comprehe
nsive
income
that will
not be 178,179.7 1,308,060. 1,307,271. 1,485,450.
reclassifie 0 60 09 79
d into
profit and
loss under
equity
method
Fair
value
changes
of other 100,067,9 23,357,73 23,357,73 123,425,6
equity 54.37 7.06 7.06 91.43
instrument
investmen
t
II. Other
comprehe
nsive
income - - -
that will be 16,011,01 567,128.9 13,006,65
reclassifie 8.69 1 9.82
d into
profit and
loss
Including:
Other
comprehe
nsive
income
- -
that will be 3,697,422. 3,697,422.
reclassifie 74 74
d into
profit and
loss under
equity
method
Difference
from
conversio - - -
n of 1,260,192. 693,063.8 567,128.9
financial 78 7 1
statement
s in
foreign
currency
Total 789.51 567,128.9
Other statements, including the adjustment of the effective gain/loss on cash flow hedges to the initial
recognized amount:
The closing balance of other comprehensive income increased by CNY 27,669,367.02 or 32.85%
compared with the opening balance, which was mainly due to the impact of an increase in the fair
value of equity investments during the period.
Unit: CNY
Increase in current Decrease in current
Item Opening Balance Closing Balance
period period
Statutory surplus
reserves
Total 1,471,951,503.00 1,471,951,503.00
Unit: CNY
Item Current Period Previous Period
Undistributed profit before
adjustment at the end of the last year
Undistributed profit after adjustment
at the beginning of year
Plus: Net profit attributable to owners
of the parent company for the current 7,662,907,812.98 8,027,538,165.31
period
Ordinary share dividends
payable
Plus: Other transfer in 789.51
Undistributed profits at the end of the
period
Unit: CNY
Current Period Previous Period
Item
Revenue Cost of sales Revenue Cost of sales
Primary business 16,344,514,364.43 2,078,404,503.02 16,638,234,607.68 1,829,724,587.15
Other business 109,218,540.22 45,715,982.82 266,650,561.70 102,349,906.01
Total 16,453,732,904.65 2,124,120,485.84 16,904,885,169.38 1,932,074,493.16
Details:
Unit: CNY
Contract Current Period Total
category Operating revenue Cost of sales Operating revenue Cost of sales
Commodit
y type
Including:
Medium
and high
grade
baijiu
Other
baijiu
Other
revenue
By
operating
segment
Including:
Domestic 16,350,903,115.95 2,108,882,906.84 16,350,903,115.95 2,108,882,906.84
Outbound 102,829,788.70 15,237,579.00 102,829,788.70 15,237,579.00
Market or
customer
type
Including:
Contract
type
Including:
Recognize
revenue at
point in
time
Recognize
revenue
by time
period
By
commodit
y transfer
time
Including:
By
contract
term
Including:
By sales
channel
Including:
Total 16,453,732,904.65 2,124,120,485.84 16,453,732,904.65 2,124,120,485.84
Other statements:
The Company's main business is the production and sale of baijiu. Revenue is recognized at the point
when the Company transfers control of the relevant goods to the customer and fulfills its performance
obligations.
Information in relation to the transaction price apportioned to the residual contract performance
obligation:
The amount of revenue corresponding to performance obligations of contracts signed but not
performed or not fully performed yet was CNY 3,534,295,017.97 at the period-end, among which
CNY 3,534,295,017.97 was expected to be recognized in 2025.
Unit: CNY
Item Current Period Previous Period
Consumption tax 1,721,547,760.08 1,569,134,676.20
Urban maintenance and construction
tax
Educational surcharge 98,825,128.48 101,935,040.80
Property tax 38,179,783.28 38,124,428.64
Land use tax 14,046,008.98 16,728,210.45
Stamp duty 15,911,225.58 14,952,384.57
Local education surcharge 65,883,418.92 67,956,693.84
Others 134,475.75 150,460.39
Total 2,182,376,054.10 2,043,377,033.97
Unit: CNY
Item Current Period Previous Period
Employee compensation 227,469,245.07 245,671,985.85
Depreciation and amortization 56,332,188.25 55,441,149.62
Management fee and service
expense
Others 122,315,434.98 173,072,349.73
Total 428,272,440.13 504,694,175.31
Unit: CNY
Item Current Period Previous Period
Advertising promotion expense 614,445,634.53 771,086,934.79
Promotion expense 518,115,123.16 465,935,051.00
Employee compensation 214,753,358.10 212,055,575.40
Storage and logistics costs 102,069,423.35 81,048,424.07
Others 69,128,642.90 100,167,038.41
Total 1,518,512,182.04 1,630,293,023.67
Unit: CNY
Item Current Period Previous Period
Comprehensive research and
development expenses
Total 83,864,133.32 75,028,702.85
Unit: CNY
Item Current Period Previous Period
Interest expenses 91,402,233.60 266,707,454.54
Less: Interest income -357,946,373.68 -391,537,705.76
Losses from currency exchange 359,030.95 -1,947,832.81
Handling charges 1,744,034.24 1,979,786.54
Amortization of unrecognized
financing costs
Total -263,955,897.52 -124,274,752.55
Other statements:
The financial expenses decreased by CNY 139,681,144.97 year-on-year, mainly due to the decline in
bond interest expense and reclassification of bill discounting expenses during the current period.
Unit: CNY
Source Current Period Previous Period
Government grants 24,391,252.80 18,852,624.09
Other refund (Individual income tax
handling fee refund)
Total 27,222,431.63 21,379,290.54
Unit: CNY
Source Current Period Previous Period
Held-for-trading financial assets 23,005,153.12 33,247,170.87
Held-for-trading financial liabilities 9,796.97
Total 23,005,153.12 33,256,967.84
Other statements:
The gain on changes in fair value decreased by CNY 10,251,814.72 or 30.83% year-on-year, mainly
due to changes in net value of wealth management products during the current period.
Unit: CNY
Item Current Period Previous Period
Investment income from long-term
equity investments under the equity 54,787,007.14 14,536,085.02
method
Investment income gained during the
period of holding held-for-trading 20,065,193.40
financial assets
Investment income from disposal of
held-for-trading financial assets
Dividend income gained during the
period of holding other equity 9,849,815.13 10,709,905.00
instrument investment
Investment losses from foreign
-17,362.71
exchange forward transaction
Income from derecognition of
financial assets measured at fair
-54,983,460.21
value with changes recorded in other
comprehensive income
Total 11,388,867.58 15,422,563.74
Other statements:
Note 1: There is no major restriction on the repatriation of the Company's investment income.
Including: investment income from long-term equity investments under the equity method:
Item Current Period Previous Period
Huaxi Securities Co., Ltd. 53,230,119.49 4,109,114.62
Luzhou Laojiao Postdoctoral Workstation Technology Innovation
-562,041.18 -999,373.92
Co., Ltd.
Sichuan Development Liquor Investment Co., Ltd. 2,657.73
Sichuan Tongniang Baijiu Industry Technology Research
-88,242.48 -34,056.17
Institute Co., Ltd.
CTS Luzhou Laojiao Cultural Tourism Development Co., Ltd. 1,403,972.64 11,068,257.58
Sichuan Tianfu Granary Liquor Industry Co., Ltd. 803,198.67 389,485.18
Total 54,787,007.14 14,536,085.02
Including: dividend income gained during the period of holding other equity instrument investment:
Item Current Period Previous Period
North Chemical Industries Co., Ltd. 62,542.20 78,177.75
Guotai Haitong Securities Co., Ltd. 3,297,559.16 4,710,798.80
Luzhou Bank Co., Ltd. 5,207,040.00 3,905,280.00
China Tourism Group Duty Free Corporation Limited 1,282,673.77 2,015,648.45
Total 9,849,815.13 10,709,905.00
Unit: CNY
Item Current Period Previous Period
Bad debt loss of accounts receivable -266,476.75 704,797.18
Bad debt loss of other receivables 215,280.78 404,516.63
Total -51,195.97 1,109,313.81
Unit: CNY
Source Current Period Previous Period
Gains from disposal of non-current
assets
Including: Gains from disposal of
fixed assets
Gains from disposal of use right
assets
Total 106,501.12 1,058,795.10
Unit: CNY
The amount included in the
Item Current Period Previous Period extraordinary gains and
losses of the current period
Compensation for default 7,048,594.20 7,708,473.69 7,048,594.20
Others 173,175.30 856,276.18 173,175.30
Total 7,221,769.50 8,564,749.87 7,221,769.50
Unit: CNY
The amount included in the
Item Current Period Previous Period extraordinary gains and
losses of the current period
Donation 27,000,000.00 3,617,355.00 27,000,000.00
Losses from damage
retirement of non-current 3,177,543.69
assets
Others 12,191,852.89 868,760.23 12,191,852.89
Total 39,191,852.89 7,663,658.92 39,191,852.89
Other statements:
The non-operating costs increased by CNY 31,528,193.97 or 411.40% year-on-year, mainly due to
increase in donations during the current period.
Unit: CNY
Item Current Period Previous Period
Current period income tax 2,418,125,334.36 2,463,970,373.02
Deferred income tax 308,459,686.85 406,591,115.54
Total 2,726,585,021.21 2,870,561,488.56
Unit: CNY
Item Current Period
Total profit 10,410,245,180.83
Income tax expenses determined by statutory/applicable
tax rate
Impact from subsidiaries’ different tax rates 540,618.18
Impact from adjusting for impact from income tax
expense in previous period
Impact from non-taxable income -3,085,279.04
Impact from deductible temporary difference or losses
due to unrecognized deferred tax asset in current period
Income tax impact of expected pre-tax deductible
amounts of restricted shares in future periods that are 15,104,174.80
less than the recognized cost and expenses
Deduction impact of research and development costs -6,198,062.71
Income tax expense 2,726,585,021.21
Details in Note 7.34. Other comprehensive income.
Cash received from other operating activities
Unit: CNY
Item Current Period Previous Period
Recovery of saving deposits
involving contract disputes
Government grants 19,593,915.55 16,005,375.97
Interest income from bank deposit 257,885,009.81 335,265,300.54
Others 80,473,241.56 103,140,673.60
Total 358,212,166.92 454,611,350.11
Cash paid for other operating activities
Unit: CNY
Item Current Period Previous Period
Cash paid for expenses 1,319,418,488.50 1,392,511,609.29
Cash paid to E-commerce platform
as security deposit
Total 1,319,439,008.50 1,392,976,695.09
Cash received from significant investing activities
Unit: CNY
Item Current Period Previous Period
Recovering the principal invested in
held-for-trading financial assets
Total 600,000,000.00 2,060,000,000.00
Cash paid for other investing activities
Unit: CNY
Item Current Period Previous Period
Loss on forward exchange settlement 17,362.71
Total 17,362.71
Cash paid for significant investing activities
Unit: CNY
Item Current Period Previous Period
Cash paid for purchasing long-term
assets
Cash paid for purchasing held-for-
trading financial assets
Total 1,236,919,110.77 1,004,186,871.61
Cash paid for other financing activities
Unit: CNY
Item Current Period Previous Period
Cash paid for rent of right-of-use
assets
Cancellation of residual net assets
enjoyed by minority shareholders by 4,887,500.00
subsidiaries
Cash paid for repurchasing restricted
shares
Total 3,786,414.12 10,991,704.13
Changes in liabilities arising from financing activities
Applicable □ N/A
Unit: CNY
Increase in current period Decrease in current period
Opening Closing
Item Non-cash Non-cash
Balance Cash change Cash change Balance
change change
Long-term
loans
(including
long-term 80,259,225.10 91,847,279.94
.22 .38
loans due
within one
year)
Bonds
payable
(including
bonds 11,143,008.50
.50 .00
payable due
within one
year)
Lease
liabilities
(including
lease liabilities
due within one
year)
Other
payables
(Repurchase 345,699,443.8 177,904,647.3 167,794,796.5
obligations of 9 8 1
restricted
shares)
Total 91,508,229.04
.76 .06 8 .36
Unit: CNY
Item Current Period Previous Period
flow from operating activities:
Net profit 7,683,660,159.62 8,046,259,026.39
Plus: Provision for asset impairment 51,195.97 -1,109,313.81
Depreciation of fixed asset, oil and
gas assets and productive biological 343,126,216.83 336,899,433.68
assets
Depreciation of right-of-use assets 4,750,333.12 4,581,615.90
Amortization of intangible assets 50,125,914.63 45,676,838.28
Amortization of long-term deferred
expense
Losses from disposal of fixed assets,
intangible assets and other long-term -106,501.12 -1,058,795.10
assets (Gains use “-”)
Losses from retirement of fixed
assets (Gains use “-”)
Losses from change in fair value
-23,005,153.12 -33,256,967.84
(Gains use “-”)
Financial expenses (Gains use “-”) -263,955,897.52 -124,274,752.55
Losses on investments (Gains use “-
-11,388,867.58 -15,422,563.74
”)
Decrease in deferred income tax
assets (Increase uses “-”)
Increase in deferred income tax
-7,641,610.35 -13,586,593.09
liabilities (Decrease uses “-”)
Decrease in inventories (Increase
-391,730,893.15 -732,279,804.13
use “-”)
Decrease in operating receivables
(Increase use “-”)
Increase in operating payables
-1,995,566,797.43 -1,642,612,998.46
(Decrease use “-”)
Others
Net cash flows from operating
activities
activities not involving cash:
Conversion of debt into capital
Convertible corporate bonds due
within one year
Fixed assets under financing lease
equivalents:
Closing balance of cash 35,153,498,709.80 35,995,050,518.55
Less: Opening balance of cash 33,367,668,014.46 25,893,029,277.86
Plus: Closing balance of cash
equivalents
Less: Opening balance of cash
equivalents
Net change in cash and cash
equivalents
Unit: CNY
Item Opening Balance Closing Balance
Including: Cash on hand 27,220.19 27,640.75
Unrestricted bank deposit 35,129,906,283.36 33,325,611,589.29
Other unrestricted cash
and cash equivalents
equivalents
Unit: CNY
Item Current Period Previous Period Reason
Other monetary funds 10,000,000.00 10,000,000.00 Bank cash deposits for L/G
Provision for deposit
Bank deposit 285,923,801.57 94,715,340.26
interest on an accrual basis
Restricted cash deposit in
Other monetary funds 1,657,815.68 992,930.88
E-commerce platforms
Total 297,581,617.25 105,708,271.14
Unit: CNY
Closing Balance in Foreign
Item Exchange Rate Closing Balance in CNY
Currency
Cash at Bank and on Hand
Including: USD 54,331,291.47 7.1586 388,935,983.12
EUR 328.11 8.4024 2,756.91
HKD 5,877,929.80 0.91195 5,360,378.08
GBP 39.99 9.8300 393.10
AUD 339.12 4.6817 1,587.66
CAD 53,951.15 5.2358 282,477.43
Accounts Receivable
Including: USD
EUR
HKD 16,809,722.03 0.91195 15,329,626.01
Long-term Loans
Including: USD
EUR
HKD
Other Receivables
Including: USD 18,697.65 7.1586 133,849.00
HKD 1,360,254.01 0.91195 1,240,483.64
Accounts Payable
Including: USD 0.50 7.1586 3.58
HKD 848,421.06 0.91195 773,717.59
Other Payables
Including: USD 13,201.33 7.1586 94,503.04
HKD 15,798,003.17 0.91195 14,406,988.99
Non-current liabilities due
within one year
Including: USD 69,491.62 7.1586 497,462.71
HKD 4,056,876.28 0.91195 3,699,668.32
Lease liabilities
Including: USD 42,473.21 7.1586 304,048.72
HKD 2,772,906.91 0.91195 2,528,752.46
entity, shall disclose its main foreign business place, bookkeeping standard currency and
selection basis, and shall also disclose the reason for the change of the bookkeeping
standard currency
Applicable □ N/A
Bookkeeping
Company Operation site Choosing Reason
currency
Luzhou Laojiao International Development Currency in the registration
Hong Kong, China HKD
(Hong Kong) Co., Ltd. place
Luzhou Laojiao Commercial Development Currency in the registration
USA USD
(North America) Co., Ltd. place
Currency in the registration
Mingjiang Co., Ltd. USA USD
place
Applicable □ N/A
Variable lease payments that are not covered in the measurement of the lease liabilities
□Applicable N/A
Simplified short-term lease or lease expense for low-value assets
Applicable □ N/A
The Company uses a simplified approach for short-term leases, where the right-of-use assets and
lease liabilities are not recognized. Short-term leases accounted for as expenses in the current period
are listed below:
Item H1 2025 H1 2024
Short-term lease expenses recognized as current profit or loss in the
current period using the simplified approach
Total cash outflows related to leases 6,597,043.05 8,967,410.96
Note: The leased assets of the Company include the buildings and constructions and the land use
right involved in operation. The leasing period of land use right is normally 15-30 years and the lease
contract of land use right generally includes the renewal option clause.
Circumstances involving sale and leaseback transactions
N/A
Operating leases with the Company as lessor
Applicable □ N/A
Unit: CNY
Of which: income related to variable
Item Rental income lease payments not included in lease
receipts
Income from rental of buildings,
equipment, etc.
Total 6,531,252.01
Finance leases with the Company as lessor
□Applicable N/A
Undiscounted lease receipts for each of the next five years
□Applicable N/A
Reconciliation of undiscounted lease receipts to net lease investments
manufacturer or dealer
□Applicable N/A
N/A
Unit: CNY
Item Current Period Previous Period
Material consumption 5,317,522.73 17,183,933.44
Research and development and
technical services
Share payment expense 2,719,532.04 6,131,957.28
Other indirect costs 64,274,699.81 39,780,343.08
Total 83,864,133.32 75,028,702.85
Of which: Expensed research and
development expenditure
Unit: CNY
The
The The
acquiree’s
acquiree’s acquiree’s
cash
Basis for revenue net profit
Date of Cost of Method of flows from
Name of Proportion determini from the from the
equity equity equity Acquisitio the
the of equities ng the acquisitio acquisitio
acquisitio acquisitio acquisitio n date acquisitio
acquiree acquired acquisitio n date to n date to
n n n n date to
n date the the
the
period- period-
period-
end end
end
Other statements:
There is no business combination not under common control during current period.
Unit: CNY
The The
combined combined
party’s party’s net
Basis for revenue profit from
Proportion
the from the the The The
of equity
judgment Basis for beginning beginning combined combined
Name of interests
about the determinin of the of the party’s party’s net
the acquired in Combinatio
business g the current current revenue profit
combined the n date
combinatio combinatio period, in period, in during the during the
party business
n under n date which the which the comparison comparison
combinatio
common combinatio combinatio period period
n
control n occurred, n occurred,
to the to the
combinatio combinatio
n date n date
Other statements:
There is no business combination under common control during current period.
The basic information of the transaction, the basis of the transaction constitutes the reverse purchase,
whether the assets and liabilities retained by the listed company constitute the business and its basis,
the determination of the merger cost, and the adjustment of the equity amount and its calculation
according to the equity transaction:
There is no reverse purchase during current period.
Whether there is a situation of losing control after disposing of the investment in the subsidiary only
once
□ Yes No
Whether there is a situation of disposing the investment in the subsidiary through several transactions
step by step and losing control during the period
□ Yes No
Explain other reasons for changing consolidated scope (such as establishing a new subsidiary,
liquidating a subsidiary) and its related situation:
No
No
Unit: CNY
Major Shareholding Proportion
Name of Registered Place of Nature of Acquisition
business
Subsidiaries capital registration business Direct Indirect method
location
Luzhou
Baijiu
Laojiao 487,582,23
Luzhou Luzhou manufactur 100.00% Investment
Brewing 6.00 e and sales
Co., Ltd.
Luzhou Red Business
Agricultural
Sorghum combination
Modern Luzhou Luzhou 60.00% under
Agricultural common
sales
Developme control
nt Co., Ltd.
Luzhou
Laojiao 100,000,00
Luzhou Luzhou Baijiu sales 100.00% Investment
Sales Co., 0.00
Ltd.
Luzhou
Laojiao
Nostalgic 5,000,000.0
Luzhou Luzhou Baijiu sales 100.00% Investment
Liquor 0
Marketing
Co., Ltd.
Luzhou
Laojiao
Selected
Supply Luzhou Luzhou Baijiu sales 100.00% Investment
Chain 00
Manageme
nt Co., Ltd.
Guangxi
Luzhou
Laojiao Red wine
Imported Qinzhou Qinzhou production 100.00% Investment
Liquor 00 and sales
Industry
Co., Ltd.
Luzhou
Dingli
Liquor Luzhou Luzhou Baijiu sales 100.00% Investment
Industry 0
Co., Ltd.
Luzhou
Laojiao
Qiankun
Cheteau 5,000,000.0
Luzhou Luzhou Baijiu sales 100.00% Investment
Custom 0
Liquor
Sales Co.,
Ltd.2
Luzhou
Laojiao
New Liquor Luzhou Luzhou Baijiu sales 100.00% Investment
Industry 0
Co., Ltd.
Luzhou Liquor
Laojiao I & Luzhou Luzhou import and 100.00% Investment
E Co., Ltd. 0 export trade
Luzhou
Laojiao
Boda Liquor 120,000,00
Luzhou Luzhou Baijiu sales 75.00% Investment
Industry 0.00
Marketing
Co., Ltd.
Luzhou
Laojiao
Fruit Wine Luzhou Luzhou 41.00% Investment
Industry
Co., Ltd.
Mingjiang
Co., Ltd. America America Baijiu sales 54.00% Investment
(USD) 0
Luzhou
Laojiao
Internationa 20,000,000. Food import
Hainan Hainan 100.00% Investment
l Trade 00 and export
(Hainan)
Co., Ltd.
Luzhou Technology
Pinchuang 50,000,000. developmen
Luzhou Luzhou 100.00% Investment
Technology 00 t and
Co., Ltd. service
Luzhou
Laojiao
Internationa
l
Developme
nt (Hong
Kong) Co.,
Ltd. (HKD)
Luzhou
Laojiao
Commercial
Business
Developme
nt (North
t
America)
Co., Ltd.
(USD)
Luzhou
Laojiao
Electronic Luzhou Luzhou Liquor sales 90.00% Investment
Commerce 00
Co., Ltd.
Luzhou
Business
Laojiao Health care
combination
Health 10,000,000. liquor
Luzhou Luzhou 100.00% under
Liquor 00 manufactur
common
Industry e and sales
control
Co., Ltd.
Luzhou Business
Laojiao combination
Health Luzhou Luzhou 100.00% under
Sales Co., common
Ltd. control
Luzhou
Laojiao 50,000,000.
Luzhou Luzhou Baijiu sales 40.00% 60.00% Investment
New Retail 00
Co., Ltd.
Luzhou
Technology
Laojiao
Technology Chengdu Chengdu 40.00% 60.00% Investment
Innovation
service
Co., Ltd.
Statement that the proportion of share-holding is different from the proportion of voting rights:
Although the Company holds less than 51% of the equity in Luzhou Laojiao Fruit Wine Industry Co.,
Ltd., of the five members of the board of directors of it, three members are appointed by the Company,
which represents a majority, and the Company exercises substantive control over that company.
Therefore, it is included in the scope of consolidation.
Unit: CNY
Gains and losses
Proportion of share Dividends paid to
attributable to non- Closing balance of
holdings of non- non-controlling
Name of subsidiary Controlling non-controlling
Controlling shareholders during
shareholders during shareholders interest
shareholders current period
current period
Luzhou Laojiao Boda
Liquor Industry 25.00% 18,573,295.78 80,417,168.07
Marketing Co., Ltd.
Unit: CNY
Closing Balance Opening Balance
Name Non- Non-
of Non- Curre Non- Curre
Curre curren Total Curre curren Total
subsid curren Total nt curren Total nt
nt t liabiliti nt t liabiliti
iary t assets liabiliti t assets liabiliti
assets liabiliti es assets liabiliti es
assets es assets es
es es
Luzho
u
Laojia
o
Boda
Liquor
Indust
ry
Marke
ting
Co.,
Ltd.
Unit: CNY
Current Period Previous Period
Name of Total Total
subsidiary Operating comprehe Operating Operating comprehe Operating
Net profit Net profit
revenue nsive cash flow revenue nsive cash flow
income income
Luzhou
Laojiao
Boda
Liquor
Industry
Marketing
Co., Ltd.
Company
N/A
scope of consolidated financial statements
N/A
the company still controls the subsidiary
N/A
equity attributable to the company as the parent
N/A
Name of joint Major Shareholding proportion
Place of Business Accounting
venture/associ business
registration nature Direct Indirect Method
ates location
Important joint
ventures:
none
Important
associates:
Huaxi
Chengdu, Chengdu,
Securities Securities 10.39% Equity method
Sichuan Sichuan
Co., Ltd.
Basis of holding less than 20% of the voting rights but has a significant impact or holding 20% or
more voting rights but does not have a significant impact:
The Company has the substantive decision-making power, so the Company still has significant
influence on Huaxi Securities.
Unit: CNY
Closing Balance/Amount in current Opening Balance/Amount in previous
period period
Current assets 95,365,137,767.34 93,869,804,524.81
Non-current assets 7,914,509,209.36 6,470,872,129.58
Total assets 103,279,646,976.70 100,340,676,654.39
Current liabilities 56,961,720,403.43 55,278,203,069.28
Non-current liabilities 22,419,056,138.32 21,499,772,518.55
Total liabilities 79,380,776,541.75 76,777,975,587.83
Non-controlling shareholder interest 15,008,821.31 16,018,731.95
Shareholder interest attributable to
parent company
Share of net assets calculated based
on shareholding proportion
Adjusted
--Goodwill
--Unrealized profits of internal
transactions
--Others 167,466,735.90 167,466,735.90
Book value of equity investments in 2,649,851,988.16 2,614,807,032.57
associate companies
Fair value of equity investments in
associate companies that have public 2,439,110,427.36 2,267,226,806.64
quote
Operating revenue 2,073,360,322.47 1,413,115,470.65
Net profit 511,153,449.44 37,975,534.90
Net profit from discontinued
operation
Other comprehensive income 48,159,435.11 160,843,265.08
Total comprehensive income 559,312,884.55 198,818,799.98
Dividends from associate companies
this year
companies
Unit: CNY
Closing Balance/Amount in current Opening Balance/Amount in previous
period period
Joint ventures:
Total following items calculated on
the basis of shareholding proportion
Associate companies:
Total book value of investments 186,700,299.29 186,445,285.36
Total following items calculated on
the basis of shareholding proportion
--Net profit -1,901,298.01 -4,006,494.78
-- Total comprehensive income -1,901,298.01 -4,006,494.78
Other statements:
Unimportant associate companies refer to Luzhou Laojiao Postdoctoral Workstation Technology
Innovation Co., Ltd., Sichuan Development Liquor Investment Co., Ltd., Sichuan Tongniang Baijiu
Industry Technology Research Institute Co., Ltd., Sichuan Tianfu Granary Liquor Industry Co., Ltd.
and CTS Luzhou Laojiao Cultural Tourism Development Co., Ltd.
companies to transfer funds to the Company
None
None
None
None
amount receivable
□Applicable N/A
Reasons for failing to receive government grants in the estimated amount at the estimated point in
time
□Applicable N/A
Applicable □ N/A
Unit: CNY
Non-
Other
Increase in operating Related to
Opening income in Other Closing
Item current income in assets/
Balance current changes Balance
period current income
period
period
Deferred 86,672,726. 8,517,000.0 12,744,585. 82,445,141. Related to
income 83 0 28 55 assets
Total
Applicable □ N/A
Unit: CNY
Item Amount in current period Amount in previous period
Other income 24,391,252.80 18,852,624.09
Non-operating revenue
Total 24,391,252.80 18,852,624.09
Other statements:
The specific details of government grants included in current profit or loss are provided in Note 7.43.
The Company's primary financial instruments include monetary capital, trading financial assets,
accounts receivable, receivables financing, receivables other than tax refundable, other equity
instruments, held-for-trading financial liabilities, notes payable, accounts payable, other payables, lease
liabilities, some other current liabilities and loans. A detailed description of each financial instrument is
set out in Note V and notes to the Consolidated Financial Statement.
Risks related to these financial instruments, and risk management policies the Company has adopted
to reduce these risks are described as follows. The Company management manages and monitors the
risk exposure to ensure the above risks are controlled in a limited scope.
The Company adopts sensitivity analysis technology to analyze the possible impact of reasonable and
possible changes of risk variables on current profits/losses or shareholders' equity. As any risk variable
rarely changes in isolation, and the correlation between variables will have a significant effect on the
final impact amount of the change of a risk variable, the following content is based on the assumption
that the change of each variable is independent.
Risk management objective: The Company strikes an appropriate balance between risk and return, and
strives to minimize the negative impact of risk on the Company's operating performance and maximize
the interests of shareholders and other equity investors.
Risk management policy: The Board of Directors shall be responsible for planning and establishing a
risk management framework, formulating risk management policies and related guidelines, and
supervising the implementation of risk management measures. The Risk Management Committee shall
carry out risk management through close collaboration (including the identification, evaluation and
avoidance of relevant risks) with other business units of the Company in accordance with the policies
approved by the Board of Directors. The internal audit department shall conduct regular audits on risk
management controls and procedures and report the results to the Audit Committee.
The Company has formulated risk management policies to identify and analyze the risks it faces,
clarifying specific risks and covering many aspects such as credit risk, liquidity risk and market risk
management. On a regular basis, the Company evaluates the specific market environment and various
changes in the Company's business operations to determine whether any risk management policy and
system should be updated. The Company diversifies the risks to financial instruments through
appropriately diversified investments and business portfolios, and reduces the risk of concentration in
any single industry, specific geographic area or specific counter-party by formulating appropriate risk
management policies.
Credit risk refers to the risk that one party to a financial instrument cannot perform its obligations,
causing financial losses to the other party. The Company only trades with recognized, reputable, and
large third parties. In accordance with the Company's policy, the terms of sale with customers are
based on transactions of payment before delivery, with only a small amount of credit transactions, and
credit review for all customers who require credit to trade. In addition, the Company continuously
monitors and controls the balance of the receivables to ensure that the Company does not face
significant bad debt risks. In addition, the Company makes full provision for expected credit losses at
each balance sheet date based on the collection of receivables. Therefore, the Company's
management believes that the Company's credit risk has been greatly reduced.
The Company's working capital is deposited in banks with high credit rating, so the credit risk of working
capital is low.
The Company's risk exposures are spread across multiple contract parties and customers in multiple
geographies, with customers in the commerce industry in addition to the alcohol distribution industry
(the main industry). No systemic risk has been identified in the relevant industries. Therefore, the
Company has no significant credit concentration risk. As at June 30, 2025, the balance of the top five
customers of the Company's accounts receivable amounted to CNY 16.2359 million, accounting for
Liquidity risk refers to the risk unable to obtain sufficient funds in time to meet business development
needs or to repay debts due and other payment obligations. The Company has sufficient working
capital. The liquidity risk is extremely small. The Company's objective is to use a variety of financing
instruments such as bank clearing, bank loans and issuing corporate bonds to maintain a balance
between financing sustainability and flexibility. As at June 30, 2025, the Company has been able to
meet its own continuing operation requirements through the use of cash flow from operations.
The analysis of the financial liabilities held by the Company based on the maturity period of the
undiscounted remaining contractual obligations is as follows:
Closing Balance
Item Contract amount
Book value Within 1 year 1-2 years 2-3 years Over 3 years
not discounted
Account
s
payable
Other
payable
Non-
current
liabilities
due
within
one
year
Long-
term
loans
Lease 10,286,309.5
liabilities 8
Total
① Foreign exchange risk
The foreign exchange risk refers to the risk of loss due to exchange rate changes. Apart from the three
subsidiaries of the Company which make purchases and sales in USD and HKD, the other major
business activities are denominated and settled in CNY. The Company closely monitors the impact of
exchange rate fluctuations on its foreign exchange risk, and actively tracks the scale of foreign currency
transactions, as well as foreign currency assets and liabilities, to minimize exposure to exchange rate
risks. In order to hedge risks in the foreign exchange market, prevent adverse effects from significant
fluctuations in exchange rates, control financial expenses and reduce exchange rate risks in overseas
operations, the Company's subsidiary, Luzhou Laojiao International Development (Hong Kong) Co.,
Ltd., has engaged in forward foreign exchange contract transactions. As at June 30, 2025, the
Company's assets and liabilities are mainly in CNY balance. At present, the Company's management
considers the impact of changes in foreign exchange risk on the Company's financial statements to be
less.
② Rate risk
The Company's interest rate risk mainly arises from the long-term loans from banks. Financial liabilities
based on the floating interest rate will cause the cash flow interest rate risk to the Company, and
financial liabilities based on the fixed interest rate cause the fair value interest rate risk. The Company
will determine the corresponding proportion between the contracts with fixed interest rate and those
with floating interest rate in combination with current market condition.
③ Other price risks
Other price risk refers to the risk of fluctuation caused by market price changes other than foreign
exchange risk and interest rate risk, whether these changes are caused by factors related to a single
financial instrument or its issuer or all similar financial instruments traded in the market. Other price
risks faced by the Company mainly come from held-for-trading financial assets and investments in
other equity instruments measured at fair value.
Applicable □ N/A
Unit: CNY
Amount of
Nature of transferred Basis for
Transfer method transferred financial Derecognized or not
financial assets derecognition
assets
Outstanding bank
Almost all its risks
Endorsement of acceptance bills in
notes accounts receivable
been transferred
financing
Outstanding bank
Almost all its risks
acceptance bills in
Discount of notes 7,033,238,550.80 Yes and rewards have
accounts receivable
been transferred
financing
Total 7,231,909,718.76
Applicable □ N/A
Unit: CNY
Method of financial assets Amount of derecognized Gains or losses related to
Item
transfer financial assets derecognition
Outstanding bank
acceptance bills in
Endorsement of notes 198,671,167.96
accounts receivable
financing
Outstanding bank Discount of notes 7,033,238,550.80 -37,605,419.36
acceptance bills in
accounts receivable
financing
Total 7,231,909,718.76 -37,605,419.36
□Applicable N/A
Other statement:
Unit: CNY
Closing fair value
Item
Level 1 Level 2 Level 3 Total
measurement at fair -- -- -- --
value
financial assets
assets measured at
fair value with their
changes included
into current
profits/losses
management 1,610,560,917.24 1,610,560,917.24
products
other equity 405,080,445.30 33,257,910.65 438,338,355.95
instruments
receivable financing
Total assets
continuously
measured at fair
value
measurement at fair -- -- -- --
value
discontinuously within Level 1 of the fair value hierarchy
The listed companies in mainland China determine the fair value of other equity instrument investment
according to the closing price on the last trading day of Shenzhen Stock Exchange or Shanghai Stock
Exchange at the period-end. The companies listed in Hong Kong determine the fair value of other
equity instrument investment according to the closing price of Hong Kong Dollar on the last trading day
of Hong Kong Stock Exchange at the period-end and the median price of CNY exchange rate disclosed
on the same day by China Foreign Exchange Trade System.
important parameters for either continuously or discontinuously within Level 2 of
the fair value hierarchy
None
important parameters for either continuously or discontinuously within Level 3 of
the fair value hierarchy
Trading financial assets: The fair value is measured based on market quotations for similar types of
instruments.
Accounts receivable financing: As the timing and price of bills discounted may not be reliably estimated
due to the short maturity of the bills all being less than one year and the endorsement of the negotiable
bills being valued at book value, the Company measures the bills receivable at their book value as a
reasonable estimate of fair value.
Other equity instrument investment: Due to no significant changes in business environment, business
condition and financial situation of invested companies, the Company shall measure the fair value
according to the lower one between investment cost and the share of net assets enjoyed by invested
companies on the base date according to the reasonable estimation.
beginning carrying value and the ending carrying value and sensitivity analysis on
unobservable parameters
None
conversion happens if conversion happens among continuous fair value
measurement items at different level
None
changes
None
None
Shareholding Voting rights
Registration Registered
Parent company Business nature proportion by the proportion by the
place capital
parent company parent company
Investment and
Luzhou Laojiao 2,798,818,800.0
Luzhou, Sichuan asset 26.03% 50.98%
Group Co., Ltd. 0
management
Statements for situation of parent company:
The reason for the inconsistency between the shareholding proportion and voting rights proportion by
the parent company is that on May 23, 2024, Laojiao Group and XingLu Investment Group renewed
the concerted action agreement which is valid as of June 1, 2024 and ends on May 31, 2027. The
agreement: when the parties in deal with the Company’s business development and make decisions
by shareholders meeting and board of directors according to the company law and other relevant
laws and regulations and the articles of association, the parties should adopt the consistent actions.
During the effective period of this agreement, before any party submits proposals involving the major
issues of the Company's business development to the shareholders meeting or exercise the voting
rights at the shareholders meeting and the board of directors, the internal coordination for relevant
proposals and voting events shall be conducted by persons acting in concert. If there are different
opinions, it will be subject to Laojiao Group’s opinion.
The nature of parent company: Limited liability company (state-owned and wholly-owned);
Registration place: Innovation and Entrepreneurship Center, Liquor Industry Park, Huangyi Town,
Jiangyang District, Luzhou City, Sichuan Province; Business Scope: General project: Social economy
consulting services; business management consulting; financial consulting; business headquarters
management; import and export agency; trade brokerage; crops planting services; trees planting
operation; elder care services; tourism development project planning and consulting; technical
agency services; engineering and technological research and experimental development; display
device manufacturing; supply chain management services; technical services, technical development,
technical consulting, technical communication, technical transfer, and technical promotion; domestic
freight transport agency; equity fund-invested asset management services, passenger ticket agent
and business agency service. It shall also include licensed projects (business activities can be carried
out legally and independently with business license in addition to projects that must be approved by
law): Agency bookkeeping; career intermediary activities; food production; food sales; medical
services. (business activities that require approval in accordance with laws can be carried out upon
approval of relevant authorities, and the specific business projects shall be subject to the approval
document or license of relevant departments)
The final control party of the Company is SASAC of Luzhou.
For details, please see Note 10.1. Interests in subsidiaries.
For details, please see Note 10.3. Interests in joint ventures and associates.
Other statements:
There are no other joint ventures or associates that have related party transactions with the Company
in the current period or in the previous period and result in balance.
Name of Other Related Party Relationship with the Company
Luzhou XingLu Investment Group Co., Ltd. The second largest shareholder
Luzhou Airport (Group) Co., Ltd. Subsidiary of the second largest shareholder
Luzhou XingLu Water (Group) Co., Ltd. Subsidiary of the second largest shareholder
Luzhou Public Transport Group Co., Ltd. Subsidiary of the second largest shareholder
Luzhou XingLu Property Management Co., Ltd. Subsidiary of the second largest shareholder
CTS Luzhou Laojiao Cultural Tourism Development Co.,
Associate
Ltd.
Sichuan Tianfu Granary Liquor Industry Co., Ltd. Associate
Sichuan Development Liquor Investment Co., Ltd. Associate
Luzhou Sanrenxuan Liquor Industry Co., Ltd. Associate of the controlling shareholder
Sichuan Jianxing Park Operation Management Co., Ltd. Associate of the controlling shareholder
Luzhou COSCO Shipping Logistics Co., Ltd. Associate of the controlling shareholder
Sichuan Landstar Supply Chain Technology Co., Ltd. Associate of the controlling shareholder
Shijiazhuang Chengtong Lianzhong Storage and
Associate of the controlling shareholder
Transportation Co., Ltd.
Sichuan Sidu Chishui Red Culture Development Co., Ltd. Associate of the controlling shareholder
Sichuan Geyuan Equity Investment Fund Management
Associate of the controlling shareholder
Co., Ltd.
Luzhou Bank Co., Ltd. Associate of the controlling shareholder
Luzhou Rural Commercial Bank Co., Ltd. Associate of the controlling shareholder
Sichuan Xinyichuang Technology Co., Ltd Associate of the controlling shareholder
Sichuan Lianzhong Supply Chain Service Co., Ltd. Other subsidiary of the controlling shareholder
Sichuan Kangrun Group Construction and Installation
Other subsidiary of the controlling shareholder
Engineering Co., Ltd.
Shenzhen Mingxincheng Lighting Technology Co., Ltd. Other subsidiary of the controlling shareholder
Luzhou Yuanhai Lianzhong Supply Chain Co., Ltd. Other subsidiary of the controlling shareholder
APTCC Other subsidiary of the controlling shareholder
Luzhou Laojiao Innovation Industry Holdings Co., Ltd. Other subsidiary of the controlling shareholder
Luzhou Jiachuang Liquor Supply Chain Management
Other subsidiary of the controlling shareholder
Co., Ltd.
Luzhou Laojiao Property Service Co., Ltd. Other subsidiary of the controlling shareholder
Luzhou Huguo Condiment Co., Ltd. Other subsidiary of the controlling shareholder
SC Global Wine Corporation Limited Other related party
Sichuan Meihe Winery Industry Co., Ltd. Minority shareholder of the subsidiary Fruit Wine Industry
services
Table of purchase of goods / receipt of services
Unit: CNY
Whether over
Name of Related Amount in Approved trading Amount in
Transaction approved trading
Party current period amount previous period
amount
Receipt of
services:
Warehousing,
Laojiao Group loading and
and its unloading,
subsidiaries, joint transportation 53,202,616.22 28,060,346.21
ventures and services and
associates property costs,
etc.
Luzhou XingLu
Investment Property service,
Group Co., Ltd. advertising 11,047,012.90 12,009,761.14
and its other service, etc.
subsidiaries
CTS Luzhou
Laojiao Cultural Conference fees,
Tourism travel service 1,928,927.96 756,487.33
Development fee, etc.
Co., Ltd.
Purchase of
goods:
Laojiao Group
and its Raw materials,
subsidiaries, joint water, power, 148,992,178.31 173,569,090.18
ventures and etc.
associates
Luzhou XingLu
Investment
Group Co., Ltd. Gas, water, etc. 7,755,406.66 8,014,683.80
and its other
subsidiaries
Total 222,926,142.05 222,410,368.66
Table of sales of goods and rendering of service
Unit: CNY
Name of Related Party Transaction Amount in current period Amount in previous period
Laojiao Group and its
Liquor, etc. 14,662,647.08 6,239,724.87
subsidiaries
CTS Luzhou Laojiao
Cultural Tourism Liquor, etc. 9,716,805.71 44,376,913.68
Development Co., Ltd.
Luzhou Sanrenxuan Liquor
Liquor 15,897,725.61 5,106,000.00
Industry Co., Ltd.
Sichuan Tianfu Granary
Liquor 4,966,490.75 1,532,509.47
Liquor Industry Co., Ltd.
Total 45,243,669.15 57,255,148.02
The Company as lessor:
Unit: CNY
Leasing income recognized Leasing income recognized
Name of lessee Type of leased asset
during current period during previous period
Laojiao Group and its House and equipment
subsidiaries lease
The Company as lessee:
Unit: CNY
Rental expenses
of short-term Variable lease
lease with payments not
Income expense
simplified included in the Increased use
Paid rent of lease liabilities
treatment and measurement of right assets
Type undertaken
Name low-value asset lease liabilities (if
of lease (if applicable)
of
assets applicable)
lessor
leased
Amoun Amoun Amoun Amoun Amoun
Amoun Amoun Amoun Amoun Amoun
t in t in t in t in t in
t in t in t in t in t in
previo previo previo previo previo
current current current current current
us us us us us
period period period period period
period period period period period
Laojiao
Group
House 1,824, 1,751,
and its
lease 096.72 897.99
subsidi
aries
Unit: CNY
Item Amount in current period Amount in previous period
Key management compensation 4,079,866.03 3,494,377.65
The Company has daily fund deposit business with its related parties, Luzhou Bank Co., Ltd. and
Luzhou Rural Commercial Bank Co., Ltd. As of June 30, 2025, the bank deposit balances of the
Company in Luzhou Bank Co., Ltd. and Luzhou Rural Commercial Bank Co., Ltd. were CNY
deposits in Luzhou Bank Co., Ltd. and Luzhou Rural Commercial Bank Co., Ltd. were CNY 5.4129
million and CNY 10.5001 million respectively. This year and last year, the Company did not conduct
loan business with the above two banks.
Unit: CNY
Closing Balance Opening Balance
Item Related party Provision for bad Provision for bad
Book value Book value
debt debt
Luzhou Laojiao
Prepayment 9,669,374.03 9,180,164.89
Group Co., Ltd.
Luzhou XingLu
Prepayment Water (Group) 794,885.29 691,263.37
Co., Ltd.
Luzhou Public
Prepayment Transport Group 15,123.28 161,232.86
Co., Ltd.
Sichuan Meihe
Prepayment Winery Industry 2,961,479.50 2,961,479.50
Co.,Ltd.
Luzhou China
Resources
Prepayment 26,287.24
Xinglu Gas Co.,
Ltd.
Other Luzhou Airport
receivables (Group) Co., Ltd.
Unit: CNY
Item Related party Closing Balance Opening Balance
Sichuan Lianzhong Supply
Accounts payable 838,699.53 3,302,166.70
Chain Service Co., Ltd.
Sichuan Kangrun Group
Construction and
Accounts payable 3,738.20 3,738.20
Installation Engineering
Co., Ltd.
Luzhou Xinglu Property
Accounts payable 342,099.50
Management Co., Ltd.
Luzhou Laojiao Group Co.,
Accounts payable 716,135.57
Ltd.
Sichuan Xinyichuang
Accounts payable 7,728.00
Technology Co., Ltd.
Advances from customers APTCC 1,363,841.65
Sichuan Jianxing Park
Advances from customers Operation Management 1,832,937.25
Co., Ltd.
CTS Luzhou Laojiao
Contractual liabilities (tax
Cultural Tourism 12,448,765.81 30,406,394.92
inclusive)
Development Co., Ltd.
Contractual liabilities (tax
APTCC 709,197.66
inclusive)
Contractual liabilities (tax Luzhou Sanrenxuan Liquor
inclusive) Industry Co., Ltd.
Contractual liabilities (tax Sichuan Jianxing Park
inclusive) Operation Management
Co., Ltd.
Contractual liabilities (tax Sichuan Lianzhong Supply
inclusive) Chain Service Co., Ltd.
Contractual liabilities (tax Luzhou Laojiao Innovation
inclusive) Industry Holdings Co., Ltd.
Shijiazhuang Chengtong
Contractual liabilities (tax
Lianzhong Storage and 768.78
inclusive)
Transportation Co., Ltd.
Contractual liabilities (tax Sichuan Tianfu Granary
inclusive) Liquor Industry Co., Ltd.
Contractual liabilities (tax Luzhou Huguo Condiment
inclusive) Co., Ltd.
Contractual liabilities (tax SC Global Wine
inclusive) Corporation Limited
Luzhou Xinglu Property
Other payables 154,920.20 154,920.20
Management Co., Ltd.
Sichuan Kangrun Group
Construction and
Other payables 70,000.00 70,000.00
Installation Engineering
Co., Ltd.
Other payables APTCC 150,000.00 150,000.00
Luzhou Laojiao Group Co.,
Other payables 5,000.00 5,000.00
Ltd.
CTS Luzhou Laojiao
Other payables Cultural Tourism 1,455,000.00 1,355,000.00
Development Co., Ltd.
Sichuan Jianxing Park
Other payables Operation Management 100,000.00 100,000.00
Co., Ltd.
Luzhou Laojiao Innovation
Other payables 201,000.00 206,000.00
Industry Holdings Co., Ltd.
Sichuan Development
Other payables 4,494,000.00 4,494,000.00
Liquor Investment Co., Ltd.
Sichuan Lianzhong Supply
Other payables 32,412,333.24 47,074,343.00
Chain Service Co., Ltd.
Luzhou Yuanhai Lianzhong
Other payables 50,000.00 50,000.00
Supply Chain Co., Ltd.
Luzhou Laojiao Property
Other payables 130,020.58 30,020.58
Service Co., Ltd.
Luzhou Sanrenxuan Liquor
Other payables 300,000.00 300,000.00
Industry Co., Ltd.
Sichuan Tianfu Granary
Other payables 100,000.00 100,000.00
Liquor Industry Co., Ltd.
Luzhou Laojiao Real
Other payables 950,000.00
Estate Co., Ltd.
None
Applicable □ N/A
Unit: CNY
Type of Granted in the Current Exercised in the Unlocked in the Current Invalid in the Current
granting Period Current Period Period Period
object Number Amount Number Amount Number Amount Number Amount
Total 2,059,599
Outstanding stock options or other equity instruments at the end of the reporting period
□Applicable N/A
Other statements
Note 1: There were no outstanding stock options or other equity instruments at the end of the reporting
period.
Note 2: At the 12th Meeting of the 10th Board of Directors of the Company held on December 29, 2021,
the Proposal on the Grant of Restricted Shares to Awardees was reviewed and approved and it was
agreed to grant 6.9286 million restricted shares to 441 awardees for the first time at CNY 92.71 per
share with December 29, 2021 as the grant date.
According to the incentive plan, its validity period lasts from the date of registration for the grant of
restricted shares until all restricted shares are lifted from restricted sales or repurchased and retired, for
a maximum of 60 months. The lifting restriction period of the restricted shares shall be 24 months from
the date of completion of registration. The restricted shares will be lifted from restricted sales in three
batches after 24 months from the date of completion of registration, in the proportion of 40.00%,
In February 2024, the Company announced that 435 awardees met the lifting conditions in the first
lifting restriction period under the 2021 Restricted Share Incentive Plan of the Company. The number of
restricted shares that can be lifted from restricted sales was 2,734,640, accounting for 0.19% of the
current total share capital of the Company.
In September 2024, the Company announced that 45 awardees met the lifting conditions in the first
lifting restriction period under the 2021 Restricted Share Incentive Plan Reserved Portion of the
Company. The number of restricted shares that can be lifted from restricted sales was 134,534,
accounting for 0.01% of the current total share capital of the Company.
In 2024, as five awardees no longer met the incentive conditions, the Company repurchased and
canceled a total of 36,266 restricted shares that had been granted but not yet released from restrictions
for these incentive recipients. As at the end of 2024, the Company had completed the repurchase and
cancellation of the above-mentioned shares.
In February 2025, the Company announced that 17 awardees met the lifting conditions in the first lifting
restriction period under the 2021 Restricted Share Incentive Plan Reserved Portion of the Company,
and the number of restricted shares that can be lifted from restricted sales was 37,069, accounting for
met the lifting conditions in the second lifting restriction period under the 2021 Restricted Share
Incentive Plan of the Company, and the number of restricted shares that can be lifted from restricted
sales was 2,022,530, accounting for 0.1374% of the current total share capital of the Company.
Applicable □ N/A
Unit: CNY
Method of determining the fair value of equity instruments The closing price of restricted stocks on the grant date
on the grant date deduct the grant price thereof
Important parameters of fair value of equity instruments
The closing price of restricted stocks on the grant date
on the grant date
The Company's management considered factors such as
Basis to determine number of equity instrument that can changes in the number of eligible employees for the latest
be exercised exercisable options and the level of performance
achievement to make the best estimate.
Reason for remarkable difference between the estimate
N/A
of the current period and that of previous period
Total amount of equity-settled share-based payments
included into capital reserves
Total costs of recognizing equity-settled share-based
payments in the current period
□ Applicable N/A
Applicable □ N/A
Unit: CNY
Expenses for equity-settled share- Expenses for cash-settled share-
Type of granting object
based payments based payments
Production staff 5,491,871.34
Sales staff 10,482,011.07
Administrative staff 23,331,737.06
R&D staff 2,719,532.04
Total 42,025,151.51
None
Significant commitments at the balance sheet date
None
On October 15, 2014 and January 10, 2015, the Company disclosed three saving deposits involving
contract disputes in Agricultural Bank of China Changsha Yingxin Sub-branch, Industrial and
Commercial Bank of China Nanyang Zhongzhou Sub-branch and another bank, with a total amount of
CNY 500 million. The public security organization has investigated, and the investigation of related
cases and the preservation of assets are under way. The Company has initiated a civil procedure to
recover the loss from the responsible unit. As of the period-end, the deposit dispute case with Industrial
and Commercial Bank of China Nanyang Zhongzhou Sub-branch has been concluded; the deposit
dispute case with Agricultural Bank of China Changsha Yingxin Sub-branch is currently undergoing
court enforcement procedures. As of the period-end, the Company has recovered the above-mentioned
saving deposits involving contract disputes with CNY 376 million.
Except for the above matters, the Company has no other significant contingencies that need to be
disclosed as of the end of the reporting period.
to disclose
There was no significant contingency in the Company to disclose.
Dividends to be distributed for every 10 existing shares
held (CNY)
Amount to be distributed for every 10 existing shares held
after consideration and approval (CNY)
Based on the current 1,471,951,503 shares, a cash
dividend of CNY 45.92 (tax included) will be distributed
for every 10 existing shares held, representing a total
Profit distribution plan
cash dividend amount of CNY 6,759,201,301.78 (tax
included). The profit distribution plan has been
implemented on August 8, 2025.
There are no important sales returning after balance sheet date.
On June 4, 2025, the Company reviewed and approved the Proposal on Cancellation of Luzhou
Laojiao E-Commerce Co., Ltd. at the 11th Meeting of the 11th Board of Directors and decided to
cancel Luzhou Laojiao E-Commerce Co., Ltd.
The Company carried out the enterprise annuity payment work normally during the reporting period.
The enterprise annuity funds are paid by both the Company and employees. The Company's
contribution shall not exceed 8% of the Company's total salary in the previous year as stipulated by the
state, and the individual contribution shall be withheld by the Company according to 1% of total salary
of the employee in the previous year.
Except for the business on baijiu sales, the Company does not operate other businesses that have a
significant impact on operation results. In addition, the Company operates mainly from China and
main assets also located in China, so the Company does not need to disclose segment data.
As stated in Note 16.2, three saving deposits involved contract disputes in Agricultural Bank of China
Changsha Yingxin Sub-branch, Industrial and Commercial Bank of China Nanyang Zhongzhou Sub-
branch and another bank, with a total amount of CNY 500 million. At present, the investigation of
related cases and the preservation of assets have been under way. The Company has initiated a civil
procedure to recover the loss from the responsible unit. As of the period-end, the deposit dispute case
with Industrial and Commercial Bank of China Nanyang Zhongzhou Sub-branch has been concluded;
the deposit dispute case with Agricultural Bank of China Changsha Yingxin Sub-branch is currently
undergoing court enforcement procedures.
Taking into account the current amount of assets preserved by the public security authorities and the
contents of the professional legal opinion issued by Beijing Weiheng (Chengdu) Law Firm on January 6,
achieved through the criminal and civil execution, totaling CNY 376 million. At the same time, it is
suggested that the total amount of bad debt provision for the three aforementioned places remain CNY
involved in contractual disputes as of the end of the period, and the amount of the bad debt provision
may be adjusted in the future based on the litigation process and recovery.
company (all currency unit is CNY, unless otherwise stated)
Unit: CNY
Aging Closing book balance Opening book balance
Within 1 year (including 1 year) 59,225.12 15,421.83
Total 67,019.63 15,421.83
Unit: CNY
Closing Balance Opening Balance
Provision for bad Provision for bad
Book balance Book balance
Type debt Book debt Book
Proporti Proporti value Proporti Proporti value
Amount Amount Amount Amount
on on on on
Inclu
ding:
Account
s
receiva
ble that
are not
individu
ally
material
but for
which a
separat
e
provisio
n for
bad
debts
has
been
made
Account 67,019. 100.00 3,740.7 63,278. 15,421. 100.00 14,701.
s 63 % 1 92 83 % 83
receiva
ble
tested
for
impairm
ent by
the
portfolio
Inclu
ding:
Account
s
receiva
ble
tested
for
impairm
ent on 5.58% 720.00 4.67%
the
portfolio
with
charact
eristics
of credit
risk
Total 5.58% 720.00 4.67%
The category name of provision for bad debt by the portfolio: Accounts receivable tested for
impairment on the portfolio with characteristics of credit risk
Unit: CNY
Closing Balance
Name
Book balance Provision for bad debt Proportion
Risk portfolio 67,019.63 3,740.71 5.58%
Including: within 1 year 59,225.12 2,961.26 5.00%
Other portfolio
Total 67,019.63 3,740.71
Notes to the determination basis for the portfolio:
Accounts receivable of the same age exhibit similar credit risk characteristics.
If adopting the general mode of expected credit loss to withdraw provision for bad debt of accounts
receivable
□Applicable N/A
Provision for bad debt:
Unit: CNY
Type Opening Changes in current period Closing
Balance Reversal or Balance
Provision Write-off Other
recovery
Provision by
individual item
Provision by
risk portfolio
Total 720.00 3,020.71 3,740.71
Of which significant amount of recovered or transferred-back bad debt provision for the current period:
There is no significant provision in accounts receivable reversed or recovered in the reporting period.
Notes to accounts receivable written-off:
There are no accounts receivable written-off in the current period.
Unit: CNY
Closing balance
of provision for
Proportion to
bad debt
Closing balance total closing
Closing balance Closing balance provision of
of accounts balance of
Company name of accounts of contract accounts
receivable and accounts
receivable assets receivable and
contract assets receivable and
impairment
contract assets
provision of
contract assets
China Railway
Group Co., Ltd.
Wang Huiying 14,400.03 14,400.03 21.49% 1,109.73
Total 67,019.63 67,019.63 100.00% 3,740.71
Unit: CNY
Item Closing Balance Opening Balance
Dividend receivable 32,879,641.22
Other receivables 12,329,910,809.37 14,619,833,493.32
Total 12,362,790,450.59 14,619,833,493.32
Unit: CNY
Item (investee) Closing Balance Opening Balance
Guotai Haitong Securities Co., Ltd. 3,297,559.16
Huaxi Securities Co., Ltd. 23,190,647.24
North Chemical Industries Co., Ltd. 31,271.10
China Tourism Group Duty Free
Corporation Limited
Luzhou Bank Co., Ltd. 5,207,040.00
Total 32,879,641.22
Unit: CNY
Nature Closing book balance Opening book balance
Intercompany funds of subsidiaries in
the consolidation scope
Intercompany funds and others 2,273,920.00 3,139,064.91
Saving deposits involving contract
disputes1
Total 12,450,102,391.26 14,740,066,642.10
Note: 1. The saving deposits involving contract disputes refer to three deposits amounting to CNY
Zhongzhou Sub-branch of Industrial and Commercial Bank of China disclosed by the Company in the
contract disputes and have thus been transferred into “other receivables”. As of June 30, 2025, the
closing balance of that fund was CNY 123,839,253.17.
Unit: CNY
Aging Closing book balance Opening book balance
Within 1 year (including 1 year) 12,326,057,100.15 14,615,795,158.37
Over 3 years 123,918,933.17 124,178,933.17
Over 5 years 123,912,053.17 124,172,053.17
Total 12,450,102,391.26 14,740,066,642.10
Note: 1 Other receivables with significant single amount exceeding three years in age relates to
savings deposit of CNY 123,839,253.17, which are yet to be recovered due to contractual disputes.
Unit: CNY
Closing balance Opening Balance
Provision for bad Provision for bad
Type Book balance Book Book balance Book
debt debt
value value
Amount Proporti Amount Proporti Amount Proporti Amount Proporti
on on on on
Provisio
n for
bad 123,839 120,000 3,839,2 124,099 120,000 4,099,2
debt by ,253.17 ,000.00 53.17 ,253.17 ,000.00 53.17
individu
al item
Inclu
ding:
Other
receiva
bles
that are
individu
ally
material
and for
which a 123,839 120,000 3,839,2 124,099 120,000 4,099,2
separat ,253.17 ,000.00 53.17 ,253.17 ,000.00 53.17
e
provisio
n for
bad
debts
has
been
made
Provisio
n for
bad 191,581 233,148
debt by .89 .78
.09 .20 .93 .15
the
portfolio
Inclu
ding:
Other
receiva
bles
tested
for
impairm
ent on 191,581 233,148
the .89 .78
.09 .20 .93 .15
portfolio
with
charact
eristics
of credit
risk
Total 102,391 0.97% 910,809 066,642 0.82% 833,493
% ,581.89 % ,148.78
.26 .37 .10 .32
The category name of provision for bad debt by individual item: Other receivables that are individually
material and for which a separate provision for bad debts has been made
Unit: CNY
Opening Balance Closing Balance
Name Provision for Provision for
Book balance Book balance Proportion Reason
bad debt bad debt
Saving
deposits Provision
involving 96.90% based on
contract legal opinion
disputes
Total
The category name of provision for bad debt by the portfolio: Other receivables tested for impairment
on the portfolio with characteristics of credit risk
Unit: CNY
Closing Balance
Name
Book balance Provision for bad debt Proportion
Risk portfolio 2,273,920.00 191,581.89 8.43%
Including: within 1 year 2,067,882.06 103,394.10 5.00%
Over 5 years 72,800.00 72,800.00 100.00%
Other portfolio 1 12,323,989,218.09
Total 12,326,263,138.09 191,581.89
Note: 1 Other portfolios represent inter-subsidiary funds within the scope of consolidation in respect
of receivables, which are deemed risk-free and thus no bad debt provision is made.
Notes to the determination basis for the portfolio:
Accounts receivable of the same age have similar credit risk characteristics.
Provision for bad debt adopting the general mode of expected credit loss:
Unit: CNY
First stage Second stage Third stage
Provision for bad Expected loss in the
Expected credit loss Expected loss in the Total
debt duration (credit
of the next 12 duration (credit
impairment not
months impairment occurred)
occurred)
Balance of January
Balance of January
period
Reversal of the
current period
Balance of June 30,
The basis for the division of each stage and the withdrawal proportion of bad debt provision
The basis for division is that other receivables with single bad debt provision represent credit
impairment losses incurred since initial recognition (Stage 3), while the remaining portion is
categorized based on aging portfolio. Withdrawal proportions of bad debt provision are 0.00% for
Stage 1 and 96.90% for Stage 3, totaling 0.97%.
Changes of book balance with significant amount changes of loss provision in the current period
□Applicable N/A
Provision for bad debt:
Unit: CNY
Changes in current period
Opening Closing
Type Reversal or Write-off or
Balance Provision Other Balance
recovery verification
Other
receivables
tested for
impairment
individually
Other
receivables
tested for 233,148.78 41,566.89 191,581.89
impairment by
the portfolio
Total 41,566.89
Of which significant amount of recovered or transferred-back bad debt provision for the current period:
There is no significant provision in other receivables reversed or recovered in the reporting period.
Unit: CNY
Provisioning
Proportion in
Company Name Nature Closing Balance Aging amount at period
total receivables
end
Luzhou Laojiao Internal 11,675,201,901.
Within 1 year 93.78%
Brewing Co., Ltd. transactions 10
Luzhou Laojiao
Import and Internal
Export Trade transactions
Co., Ltd.
Luzhou Laojiao
Internal
New Retail Co., 164,769,430.31 Within 1 year 1.32%
transactions
Ltd.
Luzhou Laojiao
Nostalgic Liquor Internal
Marketing Co., transactions
Ltd.
Agricultural Bank Saving deposits
of China involving 123,839,253.17 Over 5 years 0.99% 120,000,000.00
Changsha contract disputes
Yingxin Sub-
branch, Industrial
and Commercial
Bank of China
Nanyang
Zhongzhou Sub-
branch and
another bank
Total 99.45% 120,000,000.00
Other statements:
There were no other receivables presented in the financial statements due to the centralized
management of funds in the current period.
Unit: CNY
Closing Balance Opening Balance
Item Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Investment in 3,971,352,596 3,971,352,596 3,952,848,501 3,952,848,501
subsidiary .59 .59 .33 .33
Investment in
associates 2,819,381,041 2,816,813,942 2,785,645,158 2,783,078,059
and joint .07 .27 .35 .55
venture
Total 2,567,098.80 2,567,098.80
.66 .86 .68 .88
Unit: CNY
Opening Changes in current period Closing
Opening balance of Closing balance of
Balance provision Provision Balance provision
Investee for
(book for Increase Decrease Other (book for
value) impairmen impairmen value) impairmen
t t t
Luzhou
Pinchuang 101,624,4 906,691.2 102,531,1
Technolog 59.30 7 50.57
y Co., Ltd.
Luzhou
Laojiao 337,977,8 9,519,115. 347,497,0
Sales Co., 95.51 35 10.86
Ltd.
Luzhou
Laojiao 3,395,515, 6,494,518. 3,402,010,
Brewing 670.97 44 189.41
Co., Ltd.
Luzhou
Laojiao
Internation
al 14,741,36 463,069.9 15,204,43
Developm 2.82 8 2.80
ent (Hong
Kong)
Co., Ltd.
Luzhou
Laojiao
Electronic
Commerc
e Co., Ltd.
Luzhou
Laojiao
New
Retail Co.,
Ltd.
Luzhou
Laojiao
Health 11,441,32 379,846.9 11,821,16
Liquor 0.72 8 7.70
Industry
Co., Ltd.
Total
Note: 1. Other increases in the current period are due to the Company's restricted share incentive
business, where the parent company (the settlement enterprise) is an investor in the recipient
subsidiary (the service enterprise) and is recognized as a long-term equity investment in the
subsidiary (the recipient service enterprise) based on the fair value of the equity instruments at the
date of grant, and the capital reserve (other capital reserves) is recognized at the same time.
Unit: CNY
Changes in current period
Openi Gain Adjust Closin
Openi ng or ments Closin g
ng Balan Cash g Balan
loss of
Invest Balan ce of Other divide Provis Balan ce of
recog other
ee ce provisi Increa Decre chang d or ion for ce provisi
nized compr Other
(book on for se ase es in profit impair (book on for
under ehens
value) impair equity declar ment value) impair
equity ive
ment ed ment
metho incom
d e
Huaxi
Securi 2,614, 2,567, 53,23 5,005, 23,19 2,649, 2,567,
ties 807,0 098.8 0,119. 483.3 0,647. 851,9 098.8
Co., 32.57 0 49 4 24 88.16 0
Ltd.
Luzho 36,68 - 36,11
u 1,718. 562,0 9,676.
Laojia 10 41.18 92
o
Postd
octora
l
Works
tation
Techn
ology
Innov
ation
Co.,
Ltd.
Sichu
an
Devel
opme
nt
Liquor
Invest
ment
Co.,
Ltd.
CTS
Luzho
u
Laojia
o
Cultur
al 28,79
Touris 6.75
m
Devel
opme
nt
Co.,
Ltd.
Subtot 28,79
al 6.75
Total 078,0 098.8 2,249. 483.3 0,647. 813,9 098.8
The recoverable amount is determined based on the net amount of the fair value minus disposal
costs
□Applicable N/A
The recoverable amount is determined by the present value of the forecasted future cash flow
□Applicable N/A
Unit: CNY
Current Period Previous Period
Item
Revenue Cost of sales Revenue Cost of sales
Primary business 6,751,574,108.93 5,347,666,530.18 5,685,739,150.15 4,407,296,167.84
Other business 10,286,269.47 1,691,756.33 12,419,703.81 913,100.36
Total 6,761,860,378.40 5,349,358,286.51 5,698,158,853.96 4,408,209,268.20
Details:
Unit: CNY
Contract Current Period Total
category Operating revenue Cost of sales Operating revenue Cost of sales
Business
type
Including:
Medium
and high
grade
baijiu
Other
baijiu
Other
revenue
By
operating
segment
Including:
Domestic 6,761,860,378.40 5,349,358,286.51 6,761,860,378.40 5,349,358,286.51
Outbound
Market or
customer
type
Including:
Contract
type
Including:
Recognize
revenue at
point in
time
Recognize
revenue
by time
period
By
commodit
y transfer
time
Including:
By
contract
term
Including:
By sales
channel
Including:
Total 6,761,860,378.40 5,349,358,286.51 6,761,860,378.40 5,349,358,286.51
Other statements
The Company's main business is the production and sale of baijiu. Revenue is recognized at the point
when the Company transfers control of the relevant goods to the customer and fulfills its performance
obligations.
Information in relation to the transaction price apportioned to the residual contract performance
obligation:
The amount of revenue corresponding to performance obligations of contracts signed but not
performed or not fully performed yet was CNY 3,603,977.38 at the period-end, among which CNY
Unit: CNY
Item Current Period Previous Period
Investment income from long-term
equity investments under equity 51,892,249.87 2,318,263.38
method
Investment income gained during the
period of holding held-for-trading 20,065,193.40
financial assets
Investment income from disposal of
held-for-trading financial assets
Dividends income gained during the
period of holding other equity 9,849,815.13 10,709,905.00
instrument investment
Income from derecognition of
financial assets measured at fair
-18,095,201.45
value with changes recorded in other
comprehensive income
Total 45,382,369.07 3,222,104.81
Note: There is no major restriction on the repatriation of the Company's investment income.
Including: investment income from long-term equity investments under the equity method:
Item Current Period Previous Period
Huaxi Securities Co.,Ltd. 53,230,119.49 4,109,114.62
Luzhou Laojiao Postdoctoral Workstation Technology Innovation
-562,041.18 -999,373.92
Co., Ltd.
Sichuan Development Liquor Investment Co., Ltd. 2,657.73
CTS Luzhou Laojiao Cultural Tourism Development Co., Ltd. -775,828.44 -794,135.05
Total 51,892,249.87 2,318,263.38
Including: dividend income gained during the period of holding other equity instrument investment:
Item Current Period Previous Period
North Chemical Industries Co., Ltd. 62,542.20 78,177.75
Guotai Haitong Securities Co., Ltd. 3,297,559.16 4,710,798.80
Luzhou Bank Co., Ltd. 5,207,040.00 3,905,280.00
China Tourism Group Duty Free Corporation Limited 1,282,673.77 2,015,648.45
Total 9,849,815.13 10,709,905.00
for gain, - for loss)
Applicable □ N/A
Unit: CNY
Item Amount Note
Profit or loss from disposal of non-
current assets (including the write-off 106,501.12 See "Section X Note 5.47" for details.
portion of the impairment provision)
Government grants accounted for, in
the profit or loss for the current
period (except for the government
grants closely related to the business
of the Company 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)
Gain or loss on fair-value changes in
financial assets and liabilities held by
a non-financial enterprise, as well as
on disposal of financial assets and See "Section X Note 5.44 and 5.45"
liabilities (exclusive of the effective for details.
portion of hedges that is related to
the Company's normal business
operations)
Other non-operating income and
See "Section X Note 5.48 and 5.49"
expenditure except above-mentioned -31,970,083.39
for details.
items
Less: Corporate income tax 4,374,431.76
Minority interests (after tax) -9,447.52
Total 12,903,344.93 --
Other items that meet the definition of non-recurring gain/loss:
□ Applicable N/A
No such cases for the reporting period.
Explain the reasons if the Company classifies any non-recurring gain/loss item mentioned in the
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities
to the Public-Non-Recurring Gains and Losses as a recurring gain/loss item.
□ Applicable N/A
Profit during reporting EPS (CNY/Share)
Weighted average ROE
period Basic EPS Diluted EPS
Net profits attributable to
common shareholders of 15.42% 5.21 5.21
the Company
Net profits attributable to
common shareholders of
the Company before non-
recurring gains and losses
accounting standards
international and Chinese accounting standards
□ Applicable N/A
overseas and Chinese accounting standards
□ Applicable N/A
overseas accounting standards; for any adjustment made to the difference existing in the data
audited by the foreign auditing agent, such foreign auditing agent’s name shall be clearly
stated
N/A
Section IX Other Reported Information
Are there any other major social security issues involving the listed company and its subsidiaries
□Yes □No N/A
Whether subject to administrative penalties in the reporting period
□Yes □No N/A
communication, interview, etc. in the reporting period
Applicable □ N/A
Main inquiry
Index to main
information
Date of visit Place of visit Way of visit Type of visitor Visitor inquiry
and materials
information
provided
Room, Industry
March 21, Conference Institutional trends and http://www.cni
Field survey Institution
Huaxi performance
Securities
Communicatio
Company n through an Institutional Company http://www.cni
April 29, 2025 Institution
Headquarters online investor performance nfo.com.cn/
platform
Communicatio Industry
Company n through an trends and http://www.cni
May 16, 2025 Other All investors
Headquarters online company nfo.com.cn/
platform performance
Conference
Room on the Institutional Industry
First Floor of and individual trends and http://www.cni
June 27, 2025 Field survey Other
the East investors and company nfo.com.cn/
Building of the media performance
Company
controlling shareholder and other related parties
Applicable □ N/A
Unit：CNY 10,000
Repayment
Name of the Amount in
Nature of Opening amount for Closing Interest Interest
counter- current
transaction balance the current balance income expenses
party period
period
Luzhou Business
Airport transactions
(Group)
Co., Ltd.
Luzhou
Laojiao Business
Group Co., transactions
Ltd.
Luzhou
XingLu
Business
Water 69.13 427.27 416.91 79.49
transactions
(Group)
Co., Ltd.
Luzhou
China
Business
Resources 13.38 10.75 2.63
transactions
Xinglu Gas
Co., Ltd.
Luzhou
Public
Business
Transport 16.12 14 28.61 1.51
transactions
Group Co.,
Ltd.
Total -- 1,004.27 778.35 731.05 1,051.57 0 0
【August 2025】
Section I Important Statements, Contents and Definitions
The Board of Directors as well as directors and senior management guarantee that the information
presented in this report is free of any false records, misleading statements or material omissions, and
shall individually and together be legally liable for truthfulness, accuracy and completeness of its
contents.
Liu Miao, responsible person for the Company, Xie Hong, responsible person for accounting work and
Song Ying, responsible person for the Company’s financial affairs (Accounting Supervisor) have
warranted that the financial statements in this report are true, accurate and complete.
All the directors attended the board meeting to deliberate this report by themselves.
Affected by risks, uncertainties and assumptions, the forward-looking statements concerning business
objectives and future plans made in this report based on the subjective assumptions and judgments of
the future policies and economic conditions may be significantly different from the actual results. Such
statements shall not be considered as virtual promises of the Company to investors, and the investors
and relevant persons shall maintain adequate risk awareness and shall understand the differences
between plans, forecasts and commitments.
In this report, the potential risks in the operation of the Company have been disclosed. Investors are
kindly reminded to pay attention to possible investment risks.
The Company has no interim dividend plan, either in the form of cash or stock.
This report has been prepared in both Chinese and English. Should there be any discrepancies or
misunderstandings between the two versions, the Chinese version shall prevail.
Contents
Documents Available for Reference
responsible person for accounting work and the responsible person for the Company’s financial affairs
(Accounting Supervisor); and
the reporting period.
Definitions
Term Reference Definition
Company, the Company, Luzhou
Refer to Luzhou Laojiao Co., Ltd.
Laojiao
Laojiao Group Refer to Luzhou Laojiao Group Co., Ltd.
XingLu Group Refer to Luzhou XingLu Investment Group Co., Ltd.
State-owned Assets Supervision and Administration
SASAC of Luzhou Refer to
Commission of Luzhou
Huaxi Securities Refer to Huaxi Securities Co., Ltd.
Luzhou Bank Refer to Luzhou Bank Co., Ltd.
Sales Company Refer to Luzhou Laojiao Sales Co., Ltd.
Brewing Company Refer to Luzhou Laojiao Brewing Co., Ltd.
Golden Rudder Refer to Sichuan Golden Rudder Investment Co., Ltd.
Section II Company Profile and Key Financial Results
Stock abbreviation Luzhou Laojiao Stock code 000568
Stock exchange where
the shares of the Shenzhen Stock Exchange
Company are listed
Name of the Company
泸州老窖股份有限公司
in Chinese
Abbr. of the Company
name in Chinese (if 泸州老窖
any)
Name of the Company
Luzhou Laojiao Co., Ltd.
in English (if any)
Abbr. of the Company
name in English (if LZLJ
any)
Legal representative Liu Miao
Representative for securities
Secretary of the board
affairs
Name Li Yong Wang Chuan
Luzhou Laojiao Command Center, Nanguang Road, Luzhou City,
Address
Sichuan Province, China
Tel. （0830）2398826 （0830）2398826
Fax （0830）2398864 （0830）2398864
E-mail dsb@lzlj.com dsb@lzlj.com
Whether any change occurred to the registered address, office address and their zip codes, website
address, email address and other contact information of the Company in the reporting period.
Applicable N/A
No change occurred to the said information in the reporting period, which can be found in the 2024
Annual Report.
Whether any change occurred to the information disclosure and place where the interim report is kept.
Applicable N/A
No change occurred to the website of the stock exchange, media and other websites designated by
the Company for information disclosure, as well as to the place where the disclosed documents are
kept in the reporting period. The said information can be found in the 2024 Annual Report.
Whether any change occurred to other information in the reporting period.
Applicable N/A
Whether the Company performed a retroactive adjustment to or restatement of accounting data.
Yes No
H1 2025 H1 2024 Change
Operating revenues (CNY) 16,453,732,904.65 16,904,885,169.38 -2.67%
Net profits attributable to
shareholders of the 7,662,907,812.98 8,027,538,165.31 -4.54%
Company (CNY)
Net profits attributable to
shareholders of the
Company before non- 7,650,004,468.05 7,994,110,731.24 -4.30%
recurring gains and losses
(CNY)
Net cash flows from
operating activities (CNY)
Basic earnings per share
(CNY/share)
Diluted earnings per share
(CNY/share)
Weighted average ROE 15.42% 17.61% -2.19%
June 30, 2025 December 31, 2024 Change
Total assets (CNY) 70,190,246,185.31 68,334,595,564.58 2.72%
Net assets attributable to
shareholders of the 46,540,550,472.36 47,388,500,553.46 -1.79%
Company (CNY)
accounting standards
prepared under the international and China accounting standards
Applicable N/A
No such differences for the reporting period.
prepared under the overseas and China accounting standards
Applicable N/A
No such differences for the reporting period.
Applicable N/A
Unit: CNY
Item Amount Note
Profit or loss from disposal of non-
current assets (including the write-off 106,501.12 See "Section X Note 5.47" for details.
portion of the impairment provision)
Government grants accounted for, in
the profit or loss for the current
period (except for the government
grants closely related to the business
of the Company 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)
Gain or loss on fair-value changes in
financial assets and liabilities held by
a non-financial enterprise, as well as
on disposal of financial assets and See "Section X Note 5.44 and 5.45"
liabilities (exclusive of the effective for details.
portion of hedges that is related to
the Company's normal business
operations)
Other non-operating income and
See "Section X Note 5.48 and 5.49"
expenditure except above-mentioned -31,970,083.39
for details.
items
Less: Corporate income tax 4,374,431.76
Minority interests (after tax) -9,447.52
Total 12,903,344.93
Other items that meet the definition of non-recurring gain/loss:
Applicable N/A
No such cases for the reporting period.
Explain the reasons if the Company classifies any non-recurring gain/loss item mentioned in the
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to
the Public-Non-Recurring Gains and Losses as a recurring gain/loss item.
Applicable N/A
No such cases for the reporting period.
Section III Management Discussion and Analysis
The Company operates within the baijiu subdivision industry which belongs to the liquor & wine,
beverage and refined tea production industry with specialized baijiu product design, production and
sales as its main business model. Its primary products include baijiu series such as "National Cellar
baijiu industry.
In recent years, the baijiu industry has entered a period of consumption structure transformation,
differentiation, and deep adjustments in existing competition. Baijiu companies need to strategically
grasp the pulse of consumption iteration and industrial transformation, building differentiated
competitive advantages through proactive transformation. By innovating in categories, transforming
channels, and reshaping value, they aim to open new pathways for the high-quality development of
the baijiu industry.
The Company shall comply with the disclosure requirements for companies engaging in food & liquor
and wine production of the Guidelines No. 3 of the Shenzhen Stock Exchange on Self-regulation of
Listed Companies—Industry-specific Information Disclosure.
The Company holds three food business licenses, and its production model is self-production. The
Company’s main business is the research and development, production and sales of baijiu series
such as "National Cellar 1573" and "Luzhou Laojiao".
During the reporting period, the Company focused on the development theme of “Building Momentum
for Breakthroughs, Advancing Stable Growth through Intensive Cultivation; Seizing Opportunities to
Drive Development through Reform and Innovation”. It shifted its marketing focus toward “precise
reach” and “customer operation”, striving to achieve long-term business value returns and the
sustainable development of the Company. For H1 2025, operating revenue amounted to CNY 16.454
billion, down 2.67% year on year; and the net profit attributable to the shareholders of the listed
company reached CNY 7.663 billion, down 4.54% year on year.
A. Major work that has been done in the reporting period
a. Deepening the execution of marketing strategies, with significant results in market expansion
Market expansion made significant headway with deeper penetration. The “Hundred Cities
Program” was implemented in depth, the “East China Strategy 2.0” continued to advance, and cross-
industry cooperation in “Special Channels” was further deepened. The “Store Infrastructure” special
initiative was officially launched, with market expansion continuing to deepen. Digital marketing was
upgraded across the entire chain. The “Five Codes in One” product was rolled out nationwide. The
dealer portal system went live, and a marketing service platform was established and put into
operation, further refining channel management and elevating it to a new level. Consumer operation
continued to be optimized. Leveraging themed marketing campaigns and premium experiential
events, the Company achieved scenario-based engagement to activate users. It also built a new
media communication matrix to expand brand exposure through content marketing and interactive
activities. Additionally, the Company established a consumer digital authentication system to grow the
Company’s consumer data assets, providing strong support for precision marketing.
b. Deepening the brand culture and opening up a new chapter in the revival as a famous baijiu brand
The cultural connotations continued to be enriched. The Philosophy of Symbiosis—The
Corporate Culture Guidelines of Luzhou Laojiao was officially published. The Company was
recognized as a National Demonstration Base for Productive Protection of Intangible Cultural
Heritage for 2023–2025. The Luzhou Laojiao Archive Documents 1771-1983 was included in the
China Documentary Heritage Catalogue. Luzhou Laojiao became the only baijiu company to receive
all “three national distinctions”: Major Historical and Cultural Site Protected at the National Level,
National Intangible Cultural Heritage, and China Documentary Heritage. Branding highlights
emerged. Signature cultural IP events, such as the Baijiu Seal-off Ceremony and the Luzhou Laojiao
Bottled Vintage series, continued to engage audiences, while partnerships with popular sporting
events, including the ITTF World Cup and the Australian Open, further strengthened the brand’s
global presence. Luzhou Laojiao was ranked in Brand Finance Global 500 2025 and selected as one
of the “First Batch of China Famous Consumer Products: Corporate Brands”.
c. Consolidating quality control foundations and further improving production efficiency
The capacity guarantee gained new momentum. Distilling efficiency continued to be optimized and
upgraded, with the Luzhou Laojiao Technical Upgrade Project of Intelligent Brewing ongoing. The
leaven making MES system of the Huangyi Brewery Eco-Park became operational, marking
continuous breakthroughs in intelligent brewing processes. Quality control was solid and effective.
The pass rate for external audits in areas such as quality, food safety, environment, and
measurement management systems all reached 100%. The Company participated in drafting and
revising 16 national, industry, and local standards and received honors such as “Famous Product of
Sichuan”, “Consistently Qualified Product in the National Quality Inspection”, and “National Enterprise
Committed to Product and Service Quality Integrity”. Supply chain management was precise and
efficient. The rates of packaging material availability and product fulfillment have continued to
improve, and the supply chain data application system was continuously optimized. The data analysis
and application scenarios of the supply chain system were further refined.
d. Focusing on integrating sci-tech innovation resources, and building a thriving research ecosystem
Sci-tech platform capabilities were enhanced. The Huangyi Laboratory was CNAS-certified,
providing high-standard support for the Company’s technological innovation. Scientific
popularization was further strengthened. The Luzhou Laojiao Sci-tech Museum was built and
opened, creating the industry’s first comprehensive exhibition complex of technological innovation in
the baijiu industry. Specialized training continued to enhance the capabilities of research talent,
further leveraging the role of technological innovation in safeguarding quality, endorsing the brand,
and empowering sales. Scientific and technological innovation yielded fruitful achievements.
The Company led and participated in the formulation and revision of seven national, industry,
association, and local standards, filed 91 patent applications, and received 36 patent grants. The
Company was awarded the First Prize for Technological Progress by the China National Light
Industry Council.
e. Strengthening the foundation through refined management, with headquarters capabilities steadily
enhanced
Corporate governance has been continuously solidified. The Company has further deepened its
strategic decision-making mechanisms centered on the Party Committee, Board of Directors, the
Executive Management Meeting, the Joint Meeting for Marketing, and the Production and Operations
Scheduling Meeting. It has established and improved information disclosure mechanisms that are
digitalized, workflow-standardized, and form-based. The Company was awarded the “Tianma Award
for Investor Relations Management of Chinese Listed Companies” and recognized for “Best Practices
in Investor Relations Management” by the China Association for Public Companies. Risk prevention
and control continued to be strengthened. The Company carried out supervision and inspection of
key production and operational tasks, strictly controlled legal risks, and steadily advanced intellectual
property protection, receiving Sichuan’s first registered intellectual property certificate for baijiu-
related data. The “Two Paradises” have reached new heights. The Company recruited 194
professionals through campus and social recruitment, and actively carried out training and
certification of evaluation officers to ensure the quality and efficiency of talent recruitment.
Additionally, the Company successfully held the International Workers’ Day Commendation
Conference and the Second “Everyone Advocates Corporate Culture” Invitational, marking new
heights for Luzhou Laojiao’s “Employee Paradise” and “Talent Paradise”.
f. Fulfilling social responsibilities and fostering a green ecosystem
Pairing assistance was carried out to promote rural revitalization. The Company actively
promoted industry, consumption, and talent assistance projects in Hongyuan County, Gulin County,
and Xuyong County to assist in the revitalization of these regions. Social welfare was continuously
advanced. The Company continuously carried out donation projects for education, such as “Little
Schoolbag, Big Love” and “Pillars Project”. It also donated a total of CNY 20 million to support the
earthquake-affected areas in Xizang and the landslide-affected areas in Yibin Junlian County. These
efforts have truly demonstrated the commitment of Luzhou Laojiao as a state-owned enterprise.
Green, low carbon and sustainable development was promoted. The Company actively
developed carbon assets, continuously promoted energy-saving and consumption-reducing
measures, and launched its ESG system development project. The Company also compiled and
published the 2024 ESG Report in both Chinese and English, and its MSCI ESG rating ranked among
the best in the industry.
B. Priorities in the second half of the year
a. The Company will strengthen market penetration. As demand increases in counties and some
towns and villages, with rising brand awareness among the younger generation of consumers, the
Company will develop a medium- to long-term strategy for further market cultivation. Efforts will be
made to systematically advance consumer cultivation in markets below the county level, deepening
the penetration of branded baijiu into lower-tier channels.
b. The Company will continue to drive product innovation. In response to current demands for lower
alcohol content, health, smoothness, and diversification, the Company will proactively innovate and
speed up the development and promotion of new drinking methods, such as the development of the
National Cellar 1573 (28% ABV) for market introduction.
c. The Company will continue to solidify the core foundation. In response to the trend of consumption
diversification, the Company will channel resources toward mid- to high-end mainstream products,
actively plan for the high-growth plain bottle baijiu segment, and launch new Luzhou Laojiao Erqu
Baijiu to further consolidate its position in the mass market.
d. The Company will continue to promote channel transformation. The Company will fully implement
its AI-powered digital marketing strategy to further enhance cost-effectiveness. By building its own e-
commerce platform and deepening collaborations with mainstream e-commerce and instant retail
platforms, the Company will actively build an integrated online and offline omnichannel marketing
network, enhancing its direct reach to terminals and consumers.
Brand operation
The Company has always insisted on the strategy of "dual brands, three product series, and major
single products": The National Cellar 1573 series has been one of the three high-end baijiu products
in China; Luzhou Laojiao's brand rejuvenation plan saw remarkable results, and the product series
showed a momentum of sound development; innovative products such as Health and Chinese-style
fruit baijiu continued to be cultivated, and have become the driving force for the Company's young,
fashionable, healthy and international development.
Main sales models:
Currently, the Company has two main sales models:
Company establishes cooperative relationships with the distributors by product lines and regions. The
Company directly supplies goods to the distributors, and then distributors sell them to consumers and
terminal outlets.
cooperative relationships with e-commerce platforms, self-media and webcasters, and sells the goods
to consumers through flagship stores, specialty stores, live streaming rooms on online platforms and
other network terminals.
Distribution models:
Applicable □N/A
Unit: CNY
YoY YoY
Gross YoY change
change of change of
Operating revenue Cost of sales profit of operating
cost of gross profit
margin revenue
sales margin
By sales model
Traditional channel
operation model 15,465,210,242.79 1,948,035,410.61 87.40% -3.99% 10.83% -1.69%
Emerging channel
operation model 931,961,646.75 153,545,380.71 83.52% 27.55% 0.08% 4.52%
Unit: Number
Number of Increased Decreased
YoY change of Reason for any
distributors at the number during number during
Region number of significant
end of the the reporting the reporting
distributors (%) change
reporting period period period
Domestic 1703 88 86 -3.73
Overseas 88 10 7 -4.35
The Company's main settlement method for distributors is payment before delivery. The distribution
method is authorized distribution.
Total sales to top five customers (CNY) 11,923,072,076.23
Total sales to top five customers as % of the total sales 72.47%
Total sales to related parties among top five customers as % of the total sales 0.00%
The Company had no accounts receivable from the top five distributors at the end of the period.
As % of the total sales
No. Customer Sales amount (CNY)
for the reporting period
Total -- 11,923,072,076.23 72.47%
Store sales terminals accounted for more than 10%
□ Applicable N/A
Online direct sales
Applicable □N/A
For the main sales models of the Company, please refer to the contents under the heading “Distribution
models” in “1. Business scope in the reporting period” of Section III. For the sales of the Company's
main products, please refer to the contents under the heading "Business segment, products or
geographical segments contributing over 10% of the operating revenues or profits" in “3. Analysis of
main business” of Section III. The Company's main products are sold online. Its main cooperation
platforms include JD.com and Tmall.
Sales price of main products contributing over 10% of the total operating revenues for the current
period changed by more than 30% from the previous reporting period
□ Applicable N/A
Purchase model and purchase content
Unit: CNY
Purchase model Purchase content Amount of main purchase content
Organic raw grains are purchased
through cooperative model and
supplied by organic raw grain bases;
Raw materials 2,110,925,642.44
other raw grains and packaging
materials are purchased through bid
invitation
Purchase based on the unified
pricing of the National Development
and Reform Commission and the Fuels and energies 109,689,408.19
price bureau, and purchase through
bid invitation
Purchase through bid invitation Low-value consumables 16,227,657.74
The purchase of raw materials from cooperatives or farmers accounted for more than 30% of the total
purchase amount
□ Applicable N/A
The price of main raw materials purchased externally changed by more than 30% year-on-year
□ Applicable N/A
Main production model:
The Company's main production model is self-production.
Commissioned processing and production
□ Applicable N/A
Main breakdown items of cost of sales
Unit: CNY
H1 2025 H1 2024
By business
Item As % of cost of As % of cost of YoY Change
segment Amount Amount
sales sales
Baijiu Raw materials 1,637,912,557.83 77.94% 1,488,095,661.17 77.87% 10.07%
Baijiu Labor costs 153,965,706.69 7.33% 134,431,299.24 7.03% 14.53%
Manufacturing
Baijiu 309,702,526.80 14.74% 288,580,625.24 15.10% 7.32%
overhead
Production volume and inventory
YoY change YoY change
Production
Product Sales volume Inventory of production of sales YoY change Description of
volume
classification (ton) (ton) volume volume of inventory major changes
(ton)
(%) (%)
Mid- and high-
end baijiu
The closing
inventory
decreased
compared with the
opening inventory,
Other baijiu 23,919.68 24,798.63 9,476.93 -11.53 -6.89 55.28 but the inventory
increased year on
year due to a lower
inventory base in
the same period of
last year.
Unit: Ton
Finished baijiu Semi-finished baijiu (including base baijiu)
Unit: Ton
Main products Design capacity Actual capacity Capacity in progress
Baijiu 170,000 170,000 80,000
A. Geographical advantage
Luzhou City, where the Company is located, sits in the transitional area between the southern rim of the
Sichuan Basin and the Yunnan-Guizhou Plateau, featuring a warmer and more humid sub-tropical
climate compared to other areas at the same latitude, with a temperature above 0 ℃ throughout the
year. The unique climate and soil are agreeable to grow grains for baijiu brewing. The glutinous red
sorghum and soft wheat grown in this area are the primary raw materials for the baijiu of the Company.
The cellars in which the Company brews its baijiu are made of the local loessal clay characterized by
strong viscosity, rich minerals and excellent moisture retention. In addition, the abundant and quality
water in the region creates a unique geographical advantage for the production of the Company’s baijiu.
B. Advantage of cellars and brewing technique
Aged cellars are the most essential condition for a strong aromatic baijiu maker to produce good quality
baijiu. The Cellars of National Treasure 1573, founded in 1573, was granted by the State Council as the
first Cultural Relic of National Importance in the industry under the Protection of the State in December
with its 16 ancient brewing workshops and three natural cellar holes, were all selected as the fourth
batch of Cultural Relics of National Importance under the Protection of the State in 2013. They are
unique resources that cannot be replicated. In both 2006 and 2012, Luzhou Laojiao Daqu Cellars were
twice selected into the preliminary list of China for World Heritage. In November 2018, Luzhou Laojiao
Cellars and Brewing Workshops were selected into China’s Industrial Heritage List. The time-honored
Traditional Brewing Technique of Luzhou Laojiao is a 24-generation inheritance and a classic brewing
technique for strong aromatic baijiu. This technique was selected as the first batch of National
Intangible Cultural Heritage in May 2006. The Cellars of National Treasure 1573 and the Traditional
Brewing Technique of Luzhou Laojiao together provide the most essential basis and assurance for the
quality of the product series of National Cellar 1573 and Luzhou Laojiao. Additionally, Huangyi Brewery
Eco-Park has moved into full production in late 2020. Upholding the cultural connotations of
“inheritance of ancient ways, pure-grain brewing, traditional techniques, and intelligent technologies”,
the Company carried out brewing technical renovation featuring automatic, intelligent and information
technology-based transformation. As such, it has established a baijiu brewery eco-park comprising
brewing workshops, leaven making workshops, and base baijiu storage cellars, along with energy and
sewage treatment facilities. This brewery eco-park brings with it new production capacities of 100,000
tons of quality pure-grain solid baijiu and 100,000 tons of leaven in addition to a new storage capacity of
C. Brand advantage
Brand is a key business resource for baijiu producers. The Company’s reputation is greatly built on its
superiority in brand. National Cellar 1573, which is of a connoisseurship level, is a world-famous high-
end brand. Luzhou Laojiao Tequ, a classic brand for strong aromatic baijiu, was selected in 1952 by the
first national tasting competition judges as one of the four most famous baijiu brands in China. It is the
only strong aromatic baijiu brand that won the title of “National Famous Baijiu” for five consecutive times,
as well as the pioneer with regard to the “Tequ” variety of baijiu. In recent years, the Company has
successfully put in place a brand system of “dual brands, three product series, and major single
products” with great clarity and focus. The programs carried out to promote the brand of National Cellar
improvement in brand influence. The Company’s baijiu is increasingly known by consumers as a
national brand of strong aromatic baijiu and of authentic flavor.
D. Quality and R&D advantage
The Company is committed to producing high-quality baijiu, advocating a healthy lifestyle and “making
the quality visible”. The first “Organic Sorghum Planting Base” was established and the six-factor
management system (including organic, quality, safety, environment, measurement and energy) was
built and improved. The research platforms are established, including National Engineering Research
Center of Solid-State Brewing, National Liquor Test Center, National Postdoctoral Workstation, etc.,
which all support the innovation and upgrading of products with their strong technical force. In recent
years, the Company has put in a lot of efforts in researching Tequ production, informatization and
intelligent transformation of brewing and packaging. Relying on the technological innovation platforms
such as the National Industrial Design Center, and continuously deepening the cooperation with
universities and scientific research institutes including the Chinese Academy of Sciences and the
Jiangnan University, the Company has undertaken dozens of national- or provincial-level projects and
has been granted hundreds of invention or utility model patents. And remarkable results have been
achieved with respect to improvement of the quality of base Baijiu, as well as production efficiency
improvement.
E. Talent advantage
The Company has 1 inheritor of national intangible cultural heritage, 4 masters of Chinese brewing, 2
masters of Chinese baijiu, 2 Chinese liquor connoisseurs, 1 master of Chinese baijiu technique, 20
senior professor engineers, 8 experts who receive special allowances from the State Council, 4 national
technicians, 3 national model workers, 5 national Labor Day Medal winners, 4 academic and
technologic leaders of Sichuan province, 1 expert with outstanding contribution in Sichuan province, 1
technology leader of Tianfu, 1 excellent engineer of Tianfu, 1 skills leader of Tianfu, 3 craftsmen of
Tianfu, 5 craftsmen of Sichuan province, 1 technological elite of Tianfu, 2 young science and
technology talents of Tianfu, 4 technicians of Sichuan province, as well as hundreds of highly skilled
personnel including national baijiu judges, as well as master technicians, senior technicians and
technicians in baijiu brewing and tasting. The comprehensive and professional personnel system
assures the sound development of the Company.
Overview
See contents under the heading “1. Business scope in the reporting period” above.
Year-on-year changes in key financial data
Unit：CNY
Reason for any
H1 2025 H1 2024 YoY Change
significant change
Operating revenues 16,453,732,904.65 16,904,885,169.38 -2.67%
Cost of sales 2,124,120,485.84 1,932,074,493.16 9.94%
Selling and
distribution expenses
General and
administrative 428,272,440.13 504,694,175.31 -15.14%
expenses
Mainly due to the
decreased bond
interest expenses
and the
Finance expenses -263,955,897.52 -124,274,752.55
reclassification of
note discount
expenses in the
current period
Corporate income
tax
R&D investments 101,192,495.12 90,633,563.25 11.65%
Net cash flows from
operating activities
Mainly due to the
Net cash flows from
-628,134,413.89 1,108,797,050.00 decrease in the
investing activities
recovery of matured
investments
Mainly due to the
interim dividend
payout and the
Net cash flows from
-3,648,612,906.78 762,591,987.93 repayment of
financing activities
principals of
corporate bonds with
interest
Net increase in cash
and cash equivalents
Significant changes to the profit structure or sources of the Company in the reporting period
Applicable N/A
No such changes in the reporting period.
Breakdown of operating revenues
Unit：CNY
H1 2025 H1 2024
As % of As % of YoY Change
Amount operating Amount operating
revenues revenues
Total 16,453,732,904.65 100% 16,904,885,169.38 100% -2.67%
By business segment
Baijiu 16,397,171,889.54 99.66% 16,838,591,355.98 99.61% -2.62%
Other revenues 56,561,015.11 0.34% 66,293,813.40 0.39% -14.68%
By product
Mid- and high-
end baijiu
Other baijiu 1,349,581,161.17 8.20% 1,625,224,060.49 9.61% -16.96%
Other revenues 56,561,015.11 0.34% 66,293,813.40 0.40% -14.68%
By geographical segment
Domestic 16,350,903,115.95 99.38% 16,811,257,242.24 99.45% -2.74%
Overseas 102,829,788.70 0.62% 93,627,927.14 0.55% 9.83%
Business segment, products or geographical segments contributing over 10% of the operating
revenues or profits
Applicable N/A
Unit：CNY
YoY YoY
Gross YoY change
change of change of
Operating revenue Cost of sales profit of cost of
operating gross profit
margin sales
revenue margin
By business segment
Baijiu 16,397,171,889.54 2,101,580,791.32 87.18% -2.62% 9.97% -1.47%
By product
Mid- and high-
end baijiu
Other baijiu 1,349,581,161.17 751,267,112.67 44.33% -16.96% 2.44% -10.55%
By geographical segment
Domestic 16,350,903,115.95 2,108,882,906.84 87.10% -2.74% 9.91% -1.49%
Under the circumstances that the statistical standards for the Company’s main business data were
adjusted in the reporting period, the Company’s main business data in the current period is calculated
based on adjusted statistical standards at the end of the reporting period
Applicable N/A
The Company shall comply with the disclosure requirements for companies engaging in food & liquor
and wine production of the Guidelines No. 3 of the Shenzhen Stock Exchange on Self-regulation of
Listed Companies—Industry-specific Information Disclosure.
A. Breakdown of selling and distribution expenses
Unit：CNY
Selling and
Reason for any significant
distribution H1 2025 H1 2024 YoY Change
change
expenses
Advertising
expenses
Sales promotion
expenses
Warehousing
and logistics 102,069,423.35 81,048,424.07 25.94%
expenses
Labor costs 214,753,358.10 212,055,575.40 1.27%
Mainly due to the lower
Other 69,128,642.90 100,167,038.41 -30.99%
conference and other expenses
B. Breakdown of advertising expenses
Unit：CNY
Advertising Expenses
Online advertising (exclusive of TV advertising) 91,698,224.18
Offline advertising 108,949,222.74
TV advertising 169,506,871.15
Other (inclusive of branding ideas, exhibitions &
showcases, advertising materials, activity planning, 244,291,316.46
etc.)
Applicable N/A
Unit：CNY
June 30, 2025 December 31, 2024 Explanation
Change in
As % of total As % of total about any
Amount Amount percentage
assets assets material change
Cash and cash
equivalents
Accounts
receivable
Inventories 13,784,525,369.11 19.64% 13,392,794,475.96 19.60% 0.04%
Investment
property
Long-term equity
investments
Fixed assets 8,815,147,343.06 12.56% 9,131,776,915.51 13.36% -0.80%
Construction in
progress
Right-of-use
assets
Contract
liabilities
Mainly due to the
reclassification
Long-term loans 2,728,700,000.00 3.89% 6,279,900,000.00 9.19% -5.30% as non-current
liabilities due
within one year
Lease liabilities 21,014,302.06 0.03% 24,528,519.13 0.04% -0.01%
Applicable N/A
Applicable □ N/A
Unit：CNY
Changes in
Changes in
cumulative
Opening fair value Provision for Amount of Amount of Other Closing
Item fair value
balance through impairment purchase sale changes balance
recorded
profit or loss
into equity
Financial
asset
trading 95.97 12 .00 .85 17.24
financial
assets
(exclusive of
derivative
financial
assets)
ts in other 407,194,706 31,143,649. 182,059,451 438,338,355
equity .55 40 .67 .95
instruments
receivable 389,958,142
financing .92
Subtotal of -
financial 389,958,142
assets .92
Total 389,958,142
.92
Financial
liability
Information about other changes
N/A
Whether measurement attribution of main assets changes significantly in the reporting period
Yes No
Unit：CNY
Item Closing Balance Reason
Bank deposits 285,923,801.57 Accrued interest on bank deposits
Other cash and cash equivalents 10,000,000.00 Bank guarantees
Other cash and cash equivalents 1,657,815.68 Security deposits at e-commerce platforms
Total 297,581,617.25
Applicable N/A
Investment made in the Investment made in the same
YoY change
reporting period (CNY) period of last year (CNY)
Applicable N/A
Applicable N/A
Unit: CNY
Accum
Accum Reason
ulated
ulated s for
actual
Whethe Amount actual not
Industr input
r it is a of input income meetin Date of Disclos
Investm y of the amount Project Project
fixed in the Capital by the g the disclos ure
Item ent investm by the progres ed
asset reportin source end of schedul ure (if index
form ent end of s income
investm g the e and any) (if any)
project the
ent period reportin project
reportin
g ed
g
period income
period
Announ
cement
on the
Implem
Luzhou entatio
Laojiao n of
Technic Luzhou
al Laojiao
Upgrad Techni
e cal
Project Self- July 13, Upgrad
Yes Baijiu 6,002.6 64,557. financin 43.75% 0.00 0.00 N/A
of built 2022 e
Intellige Project
nt of
Brewin Intellige
g nt
(Phase Brewin
I) g
(Phase
I) by
Subsidi
ary
Total -- -- -- 6,002.6 64,557. -- -- 0.00 0.00 -- -- --
Applicable □ N/A
Unit: CNY
Chang
Chang es in Profit
es in the and
Abbre Accou Beginn
Categ Initial fair cumul Amou loss Closin
viation nting ing Amou Accou
ory of Stock invest value ative nt of during g book Capital
of measu book nt of nting
securit code ment recogn fair purcha the balanc source
securit rement balanc sale item
ies cost ized in value se reporti e
ies model e
profit record ng
or loss ed into period
equity
Invest
Dome ments
Fair
stic 12,719 219,64 212,92 225,64 in
and GTHT ,156.7 0,994. 8,105. 7,262. other
foreign 6 03 74 50 equity
rement
stock instru
ments
Invest
Dome ments
Fair
stic 15,870 21,829 22,859 in
and SNC ,083.2 ,174.0 ,174.0 other
foreign 4 9 9 equity
rement
stock instru
ments
Invest
Dome ments
Fair
stic 51,120 78,356 47,412 98,532 in
LZBA value 5,207, Own
and 01983 ,000.0 ,318.9 ,622.6 ,622.6 other
NK measu 040.00 fund
foreign 0 9 7 7 equity
rement
stock instru
ments
Invest
Dome ments
Fair -
stic CTG 542,28 60,069 58,041 in
value 93,157 1,282, Own
and 01880 Duty- 5,380. ,399.6 ,386.0 other
measu ,309.2 673.77 fund
foreign Free 80 4 4 equity
rement 4
stock instru
ments
Total 4,537. -- 6,795. 0.00 2,593. 0.00 0.00 0,445. -- --
Applicable N/A
No such cases in the reporting period
Applicable N/A
Applicable □ N/A
Unit：CNY 10,000
Raised
funds
used
Total Accum
Total as % Total
amoun ulated Amou
amoun Accum of total amoun Purpo
t of re- re- Total nt of
t of ulated raised t of se and
Date Total purpos purpos amoun funds
raised amoun funds accum directi
of amoun Net ed ed t of raised
Metho funds t of at the ulated on of
Year securit t of procee funds funds unuse idle for
d used raised end of re- unuse
ies funds ds (1) raised raised d more
in the funds the purpos d
listing raised in the as % funds than
reporti used reporti ed funds
reporti of total raised two
ng (2) ng funds raised
ng funds years
period period raised
period raised
(3) =
(2) /
(1)
Deposi
Public
ted in
offerin
March special
g of 150,00 149,40 6,048. 142,49 95.38 15,050
corpor 0 0 76 2.98 % .22
ate
raised
bond
funds
Total -- -- 0 0 0.00% -- 0
Notes for general use of funds raised
The total amount of unused funds raised of the corporate bond “20 Laojiao 01” includes interest on some funds raised.
Applicable □ N/A
Unit：CNY 10,000
Adjust
Com Whet Total ed Invest Accu Invest Date Realiz Cumu Whet Whet
Date
Finan mitted her amou Invest ment mulat ment of the ed lative her her
of Projec ment
cing invest the nt of amou ed progr projec benefi realiz the the
securi t total
projec ment projec funds amou nt in input ess ts ts ed expec feasib
ties nature
t projec t has raised nt the by the by the reach during benefi ted ility of
listing
ts and been for (1) reporti end of end of the the ts by benefi the
directi chang comm ng the reporti worki reporti the ts projec
on of ed itted period reporti ng ng ng end of have t has
over- (inclu invest ng period condit period the been chang
raised ding ment period (3)＝ ion for reporti achie ed
funds partial (2) (2)/(1) their ng ved signifi
chang intend period cantly
e) ed
use
Committed investment projects
Public Techn
Offeri ical
ng of Reno
Produ
Corpo vation
March ction June
rate Projec 4,301. 356,9
Bond t of 98 74.25
for Brewi
uction
Qualifi ng
ed (Phas
Invest e II)
ors
Projec
t of
Intelli
gent
Public
Upgra
Offeri
ding
ng of Opera
and
Corpo tion
March Buildi
rate and 1,746. 21,57
Bond mana 78 7.03
for geme
Inform
Qualifi nt
ation 398,4 398,4 99.29
ed
Mana 00 00 %
Invest
geme
ors
nt
Syste
m
Projec
t of
Public ing
Offeri Sealin
ng of g
Produ
Corpo Equip
March ction June
rate ment 12,04
Bond for the 3.3
for Cellar
uction
Qualifi of
ed Huan
Invest gyi
ors Brewi
ng
Base
Public 17, t of ction No 0 30, N/A N/A Yes No
Offeri 2020 Acquir and 2021
ng of ing constr
Corpo Acces uction
rate sory
Bond Equip
for ment
Qualifi for
ed Leave
Invest n
ors Makin
g for
Huan
gyi
Brewi
ng
Base
Subtotal of committed investment 398,4 398,4 6,048. 395,5
-- -- -- -- --
projects 001 00 76 74.83
Use of over-raised funds
None
Total -- -- -- 0 0 -- --
Explain project
by project the
situation and
reason for not
reaching plan
progress or
expected
benefits
N/A
(including
reason for
inputting “N/A”
for “Whether
the expected
benefits have
been
achieved”)
Significant
changes of
N/A
project
feasibility
Amount,
purpose and
progress of N/A
over-raised
funds
Unauthorized
change of the
purpose of
raised funds or N/A
illegal
occupation of
raised funds
Change of
N/A
implementation
site of
investment
projects
Adjustment of
the
implementation
mode of raised N/A
funds
investment
projects
Applicable
On May 14, 2019, the Company held the First Extraordinary General Meeting of Shareholders of 2019, which considered
and approved the Proposal on Requesting the Company’s General Meeting of Shareholders to Fully Authorize Chairman
Situation of
of the Board or Other Personnel Authorized by the Board to Go Through Procedures for the Public Offering of Corporate
advance
Bond. According to the Proposal, in the event of inconsistency between the payment of the raised funds and the progress
investment and
of the project implementation, the Company may make advance investments using other funds (including self-owned
replacement
funds, bank project loans, etc.) according to the actual situation, and replace fund investment other than capital funds
when the raised funds are in place. As of June 30, 2025, the Company had replaced advance investments of self-pooled
funds of CNY 653,444,758.68 using the raised funds.
Idle raised
funds used for
temporary N/A
supplementary
liquidity
Amount and
reason for
N/A
surplus of funds
raised
Purpose and The idle raised funds are deposited in the special account No. 9550880046723000135 for raised funds in the Chengdu
whereabouts of Branch of China Guangfa Bank Co., Ltd., the special account No. 517517460013000000860 for raised funds in the Luzhou
unused funds Branch of Bank of Communications Co., Ltd., and the special account No. 631395395 for raised funds in the Chengdu
raised Branch of China Minsheng Banking Corp., Ltd.
Problems and
other situation
when raised N/A
funds are used
and disclosed
Note 1: The subtotal of funds raised for committed projects was CNY 3,984 million, which was the
combined amount of CNY 4,000 million (CNY 2,500 million of corporate bonds issued in August 2019
plus CNY 1,500 million of corporate bonds issued in March 2020) minus the total issuance costs of
CNY 16 million.
Note 2: Because there are uncertainties in the approval and issue time for bond, in order to ensure
smooth progress of the projects and protect the interests of the Company’s shareholders, the
investment sequence and specific amounts of the corresponding raised funds should be determined
by the Chairman of the Board as authorized by the general meeting of shareholders or other persons
as authorized by the Board of Directors within the scope of the four raised funds investment projects
according to the actual needs, provided that the capital funds for each project is no less than 20% of
the total investment.
Note 3: As of June 30, 2025, the Project of Intelligent Upgrading and Building of the Information
Management System was in the process.
Note 4: These raised funds investment projects have helped further expand the Company’s
production and sales, and increase its comprehensive competitiveness. The economic benefits of
these projects cannot be measured separately.
Applicable N/A
No such cases in the reporting period
Applicable N/A
No such cases in the reporting period.
Applicable N/A
Applicable N/A
Main subsidiaries and joint companies with an over 10% influence on the Company’s net profit
Unit：CNY
Company Company Business Registere Total Operating Operating
Net assets Net profit
name type scope d capital assets revenue profit
Sales of
baijiu
series
Luzhou
such as
Laojiao 100,000,0 12,950,72 7,415,629, 15,862,81 6,708,257, 4,939,746,
Subsidiary “National
Sales Co., 00.00 4,743.96 635.09 0,394.75 108.28 679.16
Cellar
Ltd.
“Luzhou
Laojiao”
Acquisition and disposal of subsidiaries during the reporting period
□ Applicable N/A
Notes for major holding companies and joint stock companies
There were no major holding companies or joint stock companies during the reporting period of which
information shall be disclosed.
Applicable N/A
A. Risk of recovery in the consumer market falling short of expectations: Domestic effective demand
remains insufficient, with low per capita consumption levels. The foundation for economic recovery is
still in need of further strengthening. In response, the Company will leverage its development
advantages accumulated over years of exploration to actively address market adjustments, fully seize
market opportunities, expand its market share, and drive high-quality development.
B. Risk of industry competition and transformation: Currently, China’s baijiu industry is in a new round
of adjustment, characterized by a shift from volume growth to quality enhancement, and is accelerating
the transition from “stock competition” to “value creation”. To adapt, the Company will ride the wave of
these changes, seize opportunities, and drive transformation and innovation in market expansion,
management, technology upgrades, AI-powered digital applications, and the creation of consumer
scenarios. This will help build a more positive and sustainable corporate development ecosystem,
further strengthening the Company’s development resilience.
valuation enhancement plan
Indicate whether the Company has developed market value management rules.
Yes □ No
Indicate whether the Company has disclosed its valuation enhancement plan.
□ Yes No
In order to strengthen the Company's market value management, effectively promote the Company to
enhance investment value, enhance investor returns and safeguard investor interests, in accordance
with the Company Law of the People's Republic of China, the Securities Law of the People's Republic
of China, the Information Disclosure Management Measures for Listed Companies, the Listed
Company Regulatory Guideline No. 10 - Market Value Management and other applicable laws,
regulations, normative documents and the Company's Articles of Association, etc., the Market Value
Management Rules of Luzhou Laojiao Co., Ltd. has been formulated upon approval at the Sixth
Meeting of the11th Board of Directors.
Development Quality and Shareholder Returns"
Indicate whether the Company has disclosed its action plan for "Dual Enhancement of Development
Quality and Shareholder Returns".
Yes □ No
In accordance with the guiding ideology of "further invigorating the capital market and boosting investor
confidence" proposed at the Political Bureau meeting of the CPC Central Committee and "vigorously
improving the quality and investment value of listed companies, taking more powerful and effective
measures, and focusing on stabilizing the market and confidence" proposed at the State Council
Executive Meeting, in order to safeguard the interests of all shareholders, boost investor confidence,
and promote the long-term healthy and sustainable development of the Company, Luzhou Laojiao Co.,
Ltd. (hereinafter referred to as "the Company") has formulated its action plan for "Dual Enhancement of
Development Quality and Shareholder Returns" in combination with the Company's development
strategy, business picture, and financial condition. The specific measures are as follows:
A. Strengthening confidence in strategic planning and aiming at the Company's development
goals
The Company has formulated the "136" strategic plan for the 14th Five-Year Plan based on the
development idea of "giving play to advantages, tackling areas of weaknesses, improving quality,
building strength, and seeking rejuvenation". Specifically, "1" refers to one development goal, namely,
firmly insisting on the goal of regaining the "Top 3" ranking among the Chinese baijiu industry; "3" refers
to three major development principles, namely, insisting on brand leadership and fully enhancing the
value of Chinese famous baijiu brands, insisting on taking quality as foundation and sparing no efforts
to build a core production area of world famous baijiu, and insisting on taking culture as the foundation
and striving to build a pilgrimage site for Chinese baijiu culture; "6" refers to "Six-in-One" Luzhou
Laojiao, namely, building a strong-brand Luzhou Laojiao, a quality Luzhou Laojiao, a cultural Luzhou
Laojiao, an innovative Luzhou Laojiao, a digital and intelligent Luzhou Laojiao, and a harmonious
Luzhou Laojiao. Since the 14th Five-Year Plan period, the Company has firmly implemented the "136"
development strategy, won key battles such as expanding production capacity, upgrading brands, and
strengthening teams, and has entered a stage of high-quality development. The National Cellar 1573
brand achieved comprehensive coverage in the domestic market and was fully expanding in overseas
markets; the Luzhou Laojiao brand built a strong basis in the granary market, and has gained a stable
and penetrating presence in the opportunity market, with much good news of the revival of famous
baijiu; the breakthrough project of expanding key sales areas has been deeply promoted, market
consumption has been further activated, and market share has been further increased. In terms of
digital marketing and brand building, channel development and public relations empowerment, online
expansion and offline integration, and overseas layout and domestic boosting, a clearer and more
effective path has been created with the characteristics of Luzhou Laojiao, which has made
contributions to the healthy and rapid development of the Company. During the 14th Five-Year Plan
period, the compound growth rate of the Company's net profit attributable to the parent company
reached 22.38%. For the first half of 2025, operating revenue amounted to CNY 16.454 billion; and the
net profit attributable to the parent company reached CNY 7.663 billion. Moving forward, the Company
will continue to implement the development theme of "proceeding with confidence, overcoming
challenges, innovating, and collaborating", and strive for a comprehensive victory in the key battle of the
three cores, and promoting six improvements".
B. Deeply promoting technological innovation and strengthening the transformation of scientific
research achievements
In recent years, the Company has attached great importance to the development mode of innovation
leading progress, integrated innovation forces, gathered innovation resources, tackled the frontier and
common key technologies of the baijiu industry, and promoted the transfer and transformation of
achievements and industry sharing, thus promoting the transformation of the baijiu industry from
experience oriented to technological oriented. This has made important contributions to the
technological innovation, transformation and upgrading of the baijiu industry in China. First, the
Company has successfully established multiple major national-level technological innovation platforms,
including the National Engineering Research Centre of Solid-State Brewing, the National Industrial
Design Centre, and the National Postdoctoral Workstation. The Company has formed a comprehensive
technological innovation platform system with the National Engineering Research Centre of Solid-State
Brewing as the R&D core, covering basic R&D, talent cultivation, and engineering transformation in
multiple fields, and has built a highland for technological innovation in the entire industry. Second, the
Company has continuously increased investment in technological innovation, research and
development, and continuously enhanced its independent innovation capabilities. In the past five years,
the total R&D investment reached CNY 1,035.4329 million, and the compound annual growth rate of
innovation R&D investment reached 26.40%. Third, the Company has actively carried out collaborative
innovation between the Company, universities and research institutions, establishing cooperative
relationships with more than 30 universities and institutions such as Tsinghua University and Shanghai
Jiao Tong University. Through various forms including joint laboratory building, joint undertaking of
major projects, joint training of talents, and establishment of open projects, the Company has carried
out extensive technical exchange and cooperation, forming a good pattern of diversified cooperation,
innovative development, and mutual benefit between universities and the Company. Fourth, the
Company has attached great importance to the creation and protection of intellectual property rights,
and regarded intellectual property building as an important development strategy for the Company. The
number of applications and authorizations for invention and utility model patents has maintained a rapid
growth. Up to now, the Company has been granted 226 invention patents and 393 utility models, both
of which are at the forefront of the industry. In the future, the Company will continue to leverage its
advantages in scientific research platforms, talent, and publicity to comprehensively consolidate Luzhou
Laojiao's leading position in scientific research.
C. Highly valuing standardized operations and improving corporate governance level
The Company has continuously consolidated the foundation of corporate governance, improved the
corporate governance structure, actively studied laws and regulations and the latest regulatory policies,
and standardized the Company's management system. The Company has also clearly defined the
responsibilities and authorities of general meetings of shareholders, the Board of Directors, and the
management in decision-making, execution, and supervision, and regulated the rights and obligations
of the Company and shareholders. The Company has vigorously promoted the systematization,
standardization, and digitalization of corporate governance, synchronously enhanced the information-
based level in general meetings of shareholders and the Board of Directors, and incorporated the
building of the integrated securities business platform into the "digital and intelligent Luzhou Laojiao"
system, to continuously improve the level of corporate governance. In order to further improve the
Company's risk management system and ensure that the directors of the Company fully perform their
duties within their scope of responsibilities, the Company has actively promoted the purchase of liability
insurances for directors. Meanwhile, the Company has become the first listed company in the industry
to sign a liability insurance agreement for directors which has been approved by a general meeting of
shareholders. In the future, the Company will continue to promote information technology building to
empower corporate governance, continuously improve operational efficiency and scientific decision-
making level.
D. Fulfilling the information disclosure obligation compliantly and strictly guarding the defense
line of insider trading
The Company takes standardized information disclosure as the bottom line, conducts information
disclosure with high standards, and effectively respects and safeguards the legitimate rights and
interests of investors. First, the Company has established and improved a management system
centered on major information internal reporting system, temporary and periodic report preparation
procedure, insider information management system, and other policy documents, and continuously
promoted the standardized and procedural business work, to ensure accurate and rigorous information
disclosure. Second, the Company has adhered to investor demand orientation, actively promoted
voluntary information disclosure, attached importance to the pertinence, readability, and effectiveness
of disclosure content, and continuously improved the transparency of information disclosure of the
Company. The Company has been awarded the highest A grade in the information disclosure
assessment of listed companies on the Shenzhen Stock Exchange for several consecutive years. In the
future, the Company will continuously improve the transparency of information disclosure and
continuously display information on the Company's operations at multiple levels, angles, and
dimensions.
E. Efficiently carrying out investor relations activities and conveying the Company's investment
value
The Company has actively adapted to the needs of investor research and carried out investor
relationship management through a combination of "inviting in" and "going out" models. It has actively
communicated with investors on industry hot topics, the Company's business picture, and development
strategies through the Shenzhen Stock Exchange investor interaction platform, establishment of
investor hotlines, improvement of investor relationship websites, hosting online collective reception
days, and on-site investor surveys. In doing so, the Company has conveyed its investment value and
safeguarded investors' right to know. At the same time, the Company has adhered to investor demand
orientation. Based on the continuous growth of overseas shareholders in recent years, the Company
has innovatively used overseas accounts such as Facebook, X, and IG to simultaneously publish the
Company's performance promotion, shortened the disclosure time interval between Chinese and
English versions, and conducted overseas roadshows, to ensure the timeliness of information
acquisition for overseas investors. The Company held an online presentation of the 2024 annual results
on May 16, 2025. Mr. Liu Miao, chairman of the board, Mr. Chen You'an, Mr. Lyu Xianpei, Mr. Li
Guowang and Mr. Li Liangchen, non-executive directors, Ms. Xie Hong, CFO, and Mr. Li Yong, deputy
general manager and secretary of the board, attended the presentation and answered the questions of
investors. Going forward, the Company will continue to build a two-way communication mechanism for
a deep understanding and positive interaction with the capital market to transmit the Company's value.
(The Company's investor relations website has been updated. Investors are welcome to visit
https://000568.iryi.com/).
F. Improving shareholder returns and safeguarding the legitimate rights and interests of
shareholders
The Company adheres to the implementation of an active profit distribution policy, attaches importance
to reasonable returns to investors while considering the sustainable development of the Company, and
maintains the continuity and stability of profit distribution. The Company clearly stipulates in its Articles
of Association that the Company may distribute dividend in cash or stocks and the dividend should not
be less than 50% of the distributable profit realized for that year, and the profit to be distributed in cash
should not be less than 30% of the distributable profit realized for that year. On April 28, 2025, the
Company disclosed the 2024-2026 Shareholder Dividend Plan. The Company's annual cash dividends
shall account for no less than 65%, 70% and 75% of the net profit attributable to shareholders of the
listed company in 2024, 2025 and 2026, respectively, and shall not be less than CNY 8.5 billion (tax
inclusive). Since its listing, the Company has paid out a cumulative cash dividend amount of CNY
ranking among the top among more than 5,000 listed companies in the Shanghai and Shenzhen stock
markets. This has allowed all shareholders to fully share the Company's development achievements
and effectively maintained the Company's good image in the capital market. In the future, the Company
will formulate reasonable profit distribution policies while ensuring normal operation and long-term
development, and effectively allow investors to share the fruits of the Company's growth and
development.
G. Encouraging the controlling shareholder to actively increase its shareholdings to maintain
the stability of the capital market
Based on its recognition of the Company's long-term value and its firm belief in the Company's
development prospects, the controlling shareholder of the Company, Luzhou Laojiao Group Co., Ltd.,
increased its holdings in the Company by 1,140,200 shares in total during the period from December
amount of approximately CNY 200 million. Following the aforesaid shareholding increase in the
Company, Laojiao Group has initiated a new round of share purchases, intending to invest CNY 150
million to 300 million over a six-month period starting March 14, 2025, to further increase its holdings in
the Company. As of June 14, 2025, Laojiao Group had purchased 2,133,750 additional shares in this
round, representing 0.14% of the Company's total share capital, with a total amount of approximately
CNY 270 million. Subsequently, Laojiao Group will continue to increase its holdings as planned.
Moving forward, the Company will focus on the development theme of “Building Momentum for
Breakthroughs, Advancing Stable Growth through Intensive Cultivation; Seizing Opportunities to Drive
Development through Reform and Innovation”, actively take responsibility, keep diligent, and make solid
progress while striving for high-quality development. The Company will also firmly establish a sense of
return to shareholders, effectively implement the "dual enhancement of development quality and
shareholder returns" action plan, significantly enhance investors' satisfaction, and actively contribute to
stabilizing the capital market and investor confidence.
Section IV Environmental, Social and Governance Information
Applicable □ N/A
Name Title Type Date Reason
Qian Xu Director Resignation May 29, 2025 Personal reasons
Reform of the Board
Yang Ping Supervisor Resignation June 27, 2025
of Supervisors
Reform of the Board
Li Guangjie Supervisor Resignation June 27, 2025
of Supervisors
Reform of the Board
Li Lunyu Supervisor Resignation June 27, 2025
of Supervisors
Reform of the Board
Zhou Lei Supervisor Resignation June 27, 2025
of Supervisors
Reform of the Board
Zhang Li Supervisor Resignation June 27, 2025
of Supervisors
for the reporting period
Applicable N/A
The Company has no interim dividend plan, either in the form of cash or stock.
ownership plan or other incentive measures for employees
Applicable N/A
A. On September 26, 2021, relevant proposals such as the Proposal on the 2021 Restricted Share
Incentive Plan (Draft) and Summary of Luzhou Laojiao Co., Ltd. were approved at the Seventh Meeting
of the 10th Board of Directors and the Third Meeting of the 10th Board of Supervisors of the Company,
respectively.
B. On December 2, 2021, the Company received the Approval of Luzhou State-owned Assets
Supervision and Administration Commission on the Implementation of the Second Phase of the Equity
Incentive Plan for Listed Companies by Luzhou Laojiao Co., Ltd. (L.G.Z.K.P. [2021] No. 62) from the
Luzhou State-owned Assets Supervision and Administration Commission, which approved in principle
to the implementation of the Restricted Share Incentive Plan by the Company.
C. On December 24, 2021, the Board of Supervisors of the Company issued the review opinion, i.e.,
Explanation on the Review and Announcement of the List of Awardees of the 2021 Restricted Share
Incentive Plan.
D. On December 29, 2021, the relevant proposals such as the Proposal on the 2021 Restricted Share
Incentive Plan (Draft) and Summary of Luzhou Laojiao Co., Ltd. were approved at the First
Extraordinary General Meeting of Shareholders of 2021. Meanwhile, a self-inspection on the trading of
the Company's shares by insiders of the Incentive Plan and the proposed awardees was conducted,
and the Self-Inspection Report on the Trading of the Company's Shares by Insiders and Awardees in
the 2021 Restricted Share Incentive Plan was disclosed.
E. On December 29, 2021, the Company held the 12th Meeting of the 10th Board of Directors and the
Sixth Meeting of the 10th Board of Supervisors and reviewed and approved the Proposal on the Grant
of Restricted Shares to Awardees respectively. The independent directors consented to the relevant
matters.
F. On February 21, 2022, the Company disclosed the Announcement on the Completion of Registration
of Restricted Share Grant, completed the registration of the first grant of restricted shares. Upon the
registration of the grant, 6,862,600 restricted shares were granted to 437 objects, the grant price was
CNY 92.71 per share and the listing date was February 22, 2022.
G. On July 25, 2022, the Company held the 18th Meeting of the 10th Board of Directors and the Ninth
Meeting of the 10th Board of Supervisors and reviewed and approved the Proposal on the Grant of
Reserved Restricted Shares to Awardees respectively. The independent directors consented to this
matter.
H. On August 5, 2022, the Board of Supervisors of the Company issued the review opinion, i.e.,
Explanation on the Review and Announcement of the List of Awardees for the Reserved Restricted
Shares of the 2021 Restricted Share Incentive Plan.
I. On September 2, 2022, the Company held the 22nd Meeting of the 10th Board of Directors and the
Retirement of Certain Restricted Shares and the Adjustment of Repurchase Price and the Proposal on
the Adjustment of the Granted Price of Reserved Restricted Shares of 2021 Restricted Share Incentive
Plan were reviewed and approved respectively. In accordance with the relevant provisions of the
incentive plan of the Company and the authorization of the First Extraordinary General Meeting of
Shareholders of 2021, the Board of Directors of the Company agreed to adjust the grant price and
repurchase price of the reserved restricted shares under the incentive plan from CNY 92.71 per share
to CNY 89.466 per share in view of the implementation of the Company's profit distribution plan for
J. On September 3, 2022, the Company disclosed the Announcement on the Repurchase and
Retirement of Certain Restricted Shares to Reduce Registered Capital and Notice to Creditors. By the
expiration of the declaring period, the Company had not received any declaration from the relevant
creditors for early payout of debts or provision of guarantee.
K. On September 26, 2022, the Company disclosed the Announcement on the Completion of the
Registration of the Grant of the Reserved Restricted Shares under the 2021 Restricted Share Incentive
Plan. Upon the registration of the grant of the reserved restricted shares, 342,334 restricted shares
were granted to 46 awardees, the grant price was CNY 89.466 per share and the listing date was
September 28, 2022.
L. On November 29, 2022, the Company disclosed the Announcement on the Completion of the
Repurchase and Retirement of Certain Restricted Shares. The Company proposed to repurchase and
cancel a total of 62,310 restricted shares granted but not lifted from restricted sales. As at November 29,
M. On December 29, 2022, the Company held the 26th Meeting of the 10th Board of Directors and the
Reserved Restricted Shares to Awardees respectively. The independent directors consented to this
matter.
N. On January 13, 2023, the Board of Supervisors of the Company issued the review opinion, i.e.,
Explanation on the Review and Announcement of the List of Awardees for the Reserved Restricted
Shares of the 2021 Restricted Share Incentive Plan.
O. On February 16, 2023, the Company disclosed the Announcement on the Completion of the
Registration of the Grant of the Reserved Restricted Shares under the 2021 Restricted Share Incentive
Plan. Upon the registration of the grant of the reserved restricted shares, 92,669 restricted shares were
granted to 17 awardees, the grant price was CNY 89.466 per share and the listing date was February
P. On January 23, 2024, the Company held the 38th Meeting of the 10th Board of Directors and the
Retirement of Certain Restricted Shares and the Adjustment of Repurchase Price and the Proposal on
the Satisfaction of Unlocking Conditions for the First Unlocking Period of the 2021 Restricted Share
Incentive Plan were reviewed and approved respectively. The Company's Board of Supervisors issued
a review opinion, and the law firm and the independent financial advisor issued a legal opinion and the
independent financial advisor’s report respectively.
Q. On February 22, 2024, the Company disclosed the Reminder Announcement on Unlocked Shares in
the First Unlocking Period of the 2021 Restricted Share Incentive Plan Being Allowed for Public Trading.
As such, the unlocked restricted shares in the first unlocking period of the 2021 Restricted Share
Incentive Plan were allowed for public trading on February 22, 2024.
R. On June 4, 2024, the Proposal on the Repurchase and Retirement of Certain Restricted Shares was
approved at the 40th Meeting of the 10th Board of Directors and the 22nd Meeting of the Board of
Supervisors, respectively. On June 5, the Company disclosed the Announcement on the Repurchase
and Retirement of Certain Restricted Shares to Reduce Registered Capital and Notice to Creditors. By
the expiration of the declaring period, the Company had not received any declaration from the relevant
creditors for early payout of debts or provision of guarantee.
S. On August 14, 2024, the Company disclosed the Announcement on the Completion of the
Repurchase and Retirement of Certain Restricted Shares. As at August 14, 2024, the Company
completed the repurchase and retirement of 21,266 restricted shares.
T. On September 23, 2024, the Company held the Fourth Meeting of the 11th Board of Directors and
the Third Meeting of the 11th Board of Supervisors, at which the Proposal on the Satisfaction of
Unlocking Conditions for the First Unlocking Period of the Reserved Restricted Shares under the 2021
Restricted Share Incentive Plan and the Proposal on the Repurchase and Retirement of Certain
Restricted Shares and the Adjustment of Repurchase Price were reviewed and approved respectively.
The Company's Board of Supervisors issued a review opinion, and the law firm issued a legal opinion.
U. On September 28, 2024, the Company disclosed the Reminder Announcement on Unlocked Shares
in the First Unlocking Period of the Reserved Restricted Shares under the 2021 Restricted Share
Incentive Plan Being Allowed for Public Trading. As such, the unlocked restricted shares in the first
unlocking period of the reserved restricted shares under the 2021 Restricted Share Incentive Plan were
allowed for public trading on October 9, 2024.
V. On December 18, 2024, the Company disclosed the Announcement on the Completion of the
Repurchase and Retirement of Certain Restricted Shares. As at December 18, 2024, the Company
completed the repurchase and retirement of 15,000 restricted shares.
W. On January 21, 2025, the Company held the Eighth Meeting of the 11th Board of Directors and the
Sixth Meeting of the 11th Board of Supervisors, at which the Proposal on the Satisfaction of Unlocking
Conditions for the First Unlocking Period of the Reserved Restricted Shares under the 2021 Restricted
Share Incentive Plan and the Proposal on the Satisfaction of Unlocking Conditions for the Second
Unlocking Period of the 2021 Restricted Share Incentive Plan were reviewed and approved respectively.
X. On February 14, 2025, the Company disclosed the Reminder Announcement on Unlocked Shares in
the First Unlocking Period of the Reserved Restricted Shares under the 2021 Restricted Share
Incentive Plan Being Allowed for Public Trading. As such, the unlocked restricted shares in the first
unlocking period of the reserved restricted shares under the 2021 Restricted Share Incentive Plan were
allowed for public trading on February 17, 2025.
Y. On February 21, 2025, the Company disclosed the Reminder Announcement on Unlocked Shares in
the Second Unlocking Period of the 2021 Restricted Share Incentive Plan Being Allowed for Public
Trading. As such, the unlocked restricted shares in the second unlocking period of the 2021 Restricted
Share Incentive Plan were allowed for public trading on February 24, 2025.
Applicable N/A
Applicable N/A
Whether the listed company or any of its major subsidiaries is included in the list of companies that
are required by law to disclose environmental information.
Yes □ No
Number of companies included in the list of companies that are required by
law to disclose environmental information
Index to the report on required
No. Company
environmental information
Enterprise Required Environmental
Information Disclosure System
(Sichuan)
(https://103.203.219.138:8082/eps/in
dex/enterprise-
more?code=91510500204706718H&
uniqueCode=9935f5c0df9bbd14&dat
e=2024&type=true&isSearch=true)
Luzhou Laojiao has consistently focused on consolidating and expanding the achievements of poverty
alleviation and effectively linking them with rural revitalization. The Company has placed support for the
revitalization of the assisted regions at the core of its work. Following the principle of “what the locality
needs is what the enterprise can provide”, the Company has developed and launched several targeted,
beneficial, and long-term key projects in Hongyuan County, Gulin County, and Xuyong County, focusing
on six areas, including industrial assistance, consumption assistance, and talent assistance. The
Company has solidly advanced the work of rural revitalization, with a total investment of CNY 8.763
million in the first half of 2025.
First, the Company focused on industrial self-sufficiency and injected vitality into development. In line
with the requirements for essential support and the needs of county-level industrial development, the
Company funded the expansion and digitalization of the livestock trading market in Hongyuan County,
working together with the county to develop it into a highly practical and digitally advanced
demonstration market. Additionally, more than 9,000 chicks were distributed to farmers in Xiangtian
Village of Gulin County and Baiyang Village of Xuyong County, stimulating household-based economic
activity, strengthening village collective economies, and helping farmers increase income. Second, the
Company strengthened consumption assistance to expand income channels. With “consumption
assistance” as a key approach, the Company carried out comprehensive industrial assistance. It
purchased over CNY 1.2 million worth of specialty agricultural products such as yak jerky and yak milk
powder from Hongyuan County, creating a sustainable development model that benefits village
collectives and local residents through the Company’s support. Third, the Company strengthened talent
cultivation to build growth momentum. The Company invested CNY 100,000 to organize an “E-
Commerce Talent Training Program for Essential Assistance” at the Hongyuan County Party
Committee School. The training addressed the pain points of local specialty industries and provided
comprehensive training from senior experts to 40 participants, helping them make breakthroughs in e-
commerce practice. Promoting stable employment in underdeveloped counties was prioritized, with
multiple measures to provide jobs for unemployed youth and support individuals with entrepreneurial
intentions to start their own businesses, helping to alleviate local employment challenges. Fourth,
organizational collaboration was deepened to build consensus for development. The Company
organized a joint party-building activity between its grassroots Party branches and the Guntang Village
Party Branch in Hongyuan County. Through seminars, visits, and other activities, they encouraged
Party members and cadres to shoulder their responsibilities. The Company also donated CNY 20,000
to equip Guntang Village’s Party branch activity room with desks, chairs, and other facilities. This aimed
to create a multifunctional Party-building space for education, cultural display, and interactive exchange,
thereby reinforcing the image of the Party organization as a “red fortress”. Fifth, public welfare initiatives
were expanded to deliver heartfelt care. The Company invested CNY 150,000 to carry out New Year
care activities in supported villages, donating blankets, cooking oil, and other essential goods to help
residents address practical difficulties and boost their confidence in development. At Maiwa Primary
School in Hongyuan County, the Company also donated sports equipment, including basketballs and
badminton sets, providing local students with broader opportunities for physical exercise and supporting
their physical well-being and healthy growth. Sixth, professional advantages were leveraged to provide
matrixed support. The Company proactively leveraged its core responsibilities and business to provide
matrixed assistance. It undertook the testing and inspection for Jinchuan Snow Pear Brandy, offering
professional advice for the deep processing of agricultural products from Jinchuan County, from
laboratory testing to industrialization.
Luzhou Laojiao will continue to uphold the political and social responsibilities inherent to a state-owned
enterprise. In the second half of the year, the Company will focus on the central task, serve the broader
development agenda, and play its role. It will carry out social welfare activities with more practical
measures, better methods, and greater care. These efforts aim to make new and greater contributions
to the development of public welfare and charity, as well as the solid promotion of comprehensive rural
revitalization.
Section V Significant Events
related parties and acquirer, as well as the Company and other
commitment makers fulfilled in the reporting period or ongoing by the
end of this reporting period
Applicable N/A
Type of Date of
Term of
Commitment Promisor commitme Details of commitment commitme Fulfillment
commitment
nt nt making
Laojiao Group plans to
increase its holdings of the
Company's shares through
call auction trading, using a
special loan for the
shareholding increase and
own funds, within 6 months
from March 14, 2025, with
the amount of increase not
Other less than CNY 150 million
Other Laojiao March 14,
commitme and not more than CNY 300 6 months Unexpired
commitments Group 2025
nts million. Laojiao Group has
promised not to reduce its
holdings of the Company's
shares during the increase
period and the statutory
period, and will complete the
implementation of the
increase plan within the
above implementation
period.
Executed on
Yes
time or not
its related parties for non-operating purposes
Applicable N/A
No such cases in the reporting period.
Applicable N/A
No such cases in the reporting period.
Are the interim financial statements audited?
□ Yes No
The interim financial statements are not audited.
regarding the "Non-standard audit opinion" for the reporting period
Applicable N/A
audit opinion" of Last Year
Applicable N/A
Applicable N/A
No such cases in the reporting period.
Material litigation and arbitration
Applicable N/A
Profile of Amount Whether it Progress in Trial results Execution of Date of Disclosure
litigation involved in forms an litigation and impacts of judgment of disclosure index
(arbitration) the case (CNY estimate (arbitration) litigation litigation
The Company
applied to
The Company
Hunan
filed a lawsuit For the losses
Province
with ABC that the
Higher
Changsha Company
People's Court
Yingxin cannot
for
Branch over a recover
enforcement
deposit through
of the verdict.
dispute, and criminal
Hunan
the case has execution
Province
been The second procedures,
Higher
completed in trial has been 40% shall be
People's Court
the first concluded, borne by ABC
ruled that October 15, http://www.cni
instance of 14,942.5 No and the case Changsha
Hunan 2014 nfo .com.cn/
Hunan is now at the Yingxin
Changsha
Province stage of Branch, 20%
Intermediate
Higher enforcement. shall be borne
People’s Court
People's Court by ABC
should see to
and the final Changsha
the execution
trial of the Hongxin
of the verdict.
Supreme Branch and
Upon the
People's the rest shall
enforcement,
Court. The be borne by
the banks
case is now at the Company
have paid part
the stage of itself.
of the
enforcement.
compensation
s.
Other litigation
Applicable N/A
Amount Whether it Trial results Execution of
Profile of Progress in
involved in forms an and impacts of judgment of Date of Disclosure
litigation litigation
the case (CNY estimate litigation litigation disclosure index
(arbitration) (arbitration)
Other
litigations that
do not meet
the standard No significant
of a material impact
litigation which
is required to
be disclosed
Applicable N/A
No such cases in the reporting period.
shareholder and actual controller
Applicable N/A
Applicable N/A
No such cases in the reporting period.
interests
Applicable N/A
No such cases in the reporting period.
Applicable N/A
No such cases in the reporting period.
Applicable N/A
No such cases in the reporting period.
Applicable N/A
The Company did not make deposits in, receive loans or credit from and was not involved in any
other finance business with any related finance company or any of its related parties.
related parties
Applicable N/A
No related parties made deposits in, received loans or credit from or was involved in any other
finance business with any finance company controlled by the Company.
Applicable N/A
No such cases in the reporting period.
Applicable N/A
No such cases in the reporting period.
Applicable N/A
No such cases in the reporting period.
Applicable N/A
No such cases in the reporting period.
Applicable N/A
No such cases in the reporting period.
Applicable N/A
Unit: CNY 10,000
Impairment
Fund source for Amount of Overdue provisions for the
Type entrusted assets entrusted assets Undue balance outstanding overdue
management management amount outstanding
amount
Wealth
management
product of Own funds 50,000 160,000 0 0
securities
company
Total 50,000 160,000 0 0
Particulars of high risk wealth management products with a significant single amount, low security,
poor liquidity or no principal protection
Applicable N/A
Expected inability to recover the principal of entrusted assets management or other circumstances
that may result in impairment
Applicable N/A
Applicable N/A
No such cases in the reporting period.
Applicable N/A
A. The Company disclosed in October 2014 and January 2015 respectively the contract disputes
involving three savings deposits of CNY 500 million in total with banks including ABC Changsha
Yingxin Branch and ICBC Nanyang Zhongzhou Branch. As of the end of the reporting period, the
deposit dispute case with ICBC Nanyang Zhongzhou Branch has been concluded, the deposit
dispute case with ABC Changsha Yingxin Branch is currently in the court enforcement process, and
the Company had recovered a total amount of CNY 376 million for the three disputes.
B. On January 24, 2025, the Company carried out the 2024 interim dividend payout of CNY 13.58
(tax inclusive) for every 10 existing shares held, totaling CNY 1,998,910,141.07 (tax inclusive).
Applicable N/A
The Company invested in the technical upgrade program of intelligent brewing (Phase I) with the
wholly-owned subsidiary, Brewing Company, as the implementer. The total investment amount
approximated CNY 4,782.5090 million. For further information, see Announcement No. 2022-24 on
the Implementation of Luzhou Laojiao’s Technical Upgrade Program of Intelligent Brewing (Phase I)
by Subsidiary. The program is currently under construction.
Section VI Changes in Shares and Information about
Shareholders
Unit：Share
Before Changes in this period (＋，－) After
Capitalizati
Issuance
Bonus on of
Number Proportion of new Other Subtotal Number Proportion
shares capital
shares
reserves
I.
Restricted 4,649,959 0.32% -1,863,339 -1,863,339 2,786,620 0.19%
shares
Shares
held by the
state
Shares
held by
state-
owned
corporatio
ns
Shares
held by
other
domestic
investors
Of
which:
shares
held by
domestic
corporatio
ns
Share
s held by
domestic
individuals
Shares
held by
foreign
corporatio
ns
Of
which:
shares
held by
foreign
corporatio
ns
Share
s held by
foreign
individuals
II. Non-
restricted 99.68% 1,863,339 1,863,339 99.81%
shares
common 99.68% 1,863,339 1,863,339 99.81%
shares
Domestical
ly listed
foreign
shares
Overseas
listed
foreign
shares
III. Total 1,471,951, 1,471,951,
shares 503 503
Reasons for the change in shares
Applicable N/A
A. According to the provisions of the 2021 Restricted Share Incentive Plan (Draft), 37,069 restricted
shares of 17 awardees that satisfied the unlocking conditions for the first unlocking period of the
reserved restricted shares under the 2021 Restricted Share Incentive Plan, and 2,022,530 restricted
shares of 434 awardees that satisfied the unlocking conditions for the second unlocking period of the
respectively.
B. During the reporting period, due to the unlocking of restricted shares under the restricted share
incentive plan, locked shares of the Company’s senior management increased by 196,260 shares.
Approval of share changes
Applicable □ N/A
On January 21, 2025, the Company held the Eighth Meeting of the 11th Board of Directors and the
Sixth Meeting of the 11th Board of Supervisors, at which the Proposal on the Satisfaction of
Unlocking Conditions for the First Unlocking Period of the Reserved Restricted Shares under the
for the Second Unlocking Period of the 2021 Restricted Share Incentive Plan were approved. As such,
period of the reserved restricted shares under the 2021 Restricted Share Incentive Plan, and
unlocking period of the 2021 Restricted Share Incentive Plan were allowed for public trading on
February 17 and 24, 2025, respectively.
Transfer of share ownership
Applicable N/A
Implementation progress of shares repurchases
□ Applicable N/A
Implementation progress of share buyback reduction through call auction trading
□ Applicable N/A
Effects of changes in shares on the basic EPS, diluted EPS, net assets per share attributable to
common shareholders of the Company and other financial indexes over the last year and the last
reporting period
Applicable N/A
Other contents that the Company considers it necessary or required by the securities regulatory
authorities to disclose
Applicable N/A
Applicable □ N/A
Unit：Share
Number of
Number of
restricted Decrease in Increase in
restricted
shares held at restricted restricted
Name of shares held at Reason for Date of
the beginning shares during shares during
shareholder the end of the restriction unlocking
of the the reporting the reporting
reporting
reporting period period
period
period
In accordance
with the
Restricted
relevant
unlocking
Restricted the 2021
Share Restricted
the 2021
Incentive Plan Share
Restricted
Incentive Plan
Share
Incentive Plan
Locked In accordance
Locked
shares of with the
shares of
senior
management unlocking
management
converted provisions of
from unlocked the 2021
restricted Restricted
shares under Share
the 2021 Incentive Plan
Restricted
Share
Incentive Plan
Total 4,649,959 2,059,599 196,260 2,786,620 -- --
Applicable N/A
Unit：Share
Total number of common Total number of preferred shareholders with
shareholders at the end of 208,133 resumed voting rights by the end of the reporting 0
the reporting period period (if any) (see Note 8)
Shareholdings of shareholders with a shareholding percentage over 5% or the top 10 shareholders (exclusive of shares lent in refinancing)
Pledged, marked or
Shareho Total shares Increase/decre Number of
Number of frozen shares
Name of Nature of lding held by the end ase during the holding
holding non- Status
shareholder shareholder percenta of the reporting reporting restricted Number of
restricted shares of
ge period period shares shares
shares
Luzhou
Laojiao State-owned
Group Co., corporation
Ltd.
Luzhou
XingLu
State-owned
Investment 24.86% 365,971,142.00 0 0 365,971,142.00 N/A 0
corporation
Group Co.,
Ltd.
Bank of
China Co.,
Ltd. – Baijiu
index
classification
securities Other 3.50% 51,466,392.00 630,623.00 0 51,466,392 N/A 0
investment
fund by
China
Merchants
Fund
China
Securities
Finance Other 2.30% 33,842,059.00 0 0 33,842,059.00 N/A 0
Corporation
Limited
Hong Kong
Securities
Outbound
Clearing 2.22% 32,699,498.00 -3,214,148.00 0 32,699,498.00 N/A 0
corporation
Company
Limited
Bank of
China Co.,
Ltd.－Blue
chip
selected
Other 2.02% 29,679,112.00 7,429,112.00 0 29,679,112.00 N/A 0
hybrid
securities
investment
fund by E
Fund
Central
Huijin Asset State-owned
Managemen corporation
t Co., Ltd.
Industrial
and
Commercial
Bank of
China Co.,
Ltd.- Huatai- Other 0.89% 13,128,005.00 366,870.00 0 13,128,005.00 N/A 0
Pinebridge
CSI 300
Exchange-
Traded
Fund
China
Construction
Bank
Corporation
－Penghua
Other 0.83% 12,217,823.00 2,210,103.00 0 12,217,823.00 N/A 0
Wine &
Liquor
Exchange-
Traded
Fund
Bank of
China Co.,
Ltd.－E
Fund High
Quality
Other 0.74% 10,829,050.00 2,878,950.00 0 10,829,050.00 N/A 0
Selected
Mixed
Securities
Investment
Fund
Strategic investors or
general corporations
become the top-ten
N/A
shareholders due to placing
of new shares (if any) (see
note 3)
Related parties or acting-in- 1. Luzhou Laojiao Group Co., Ltd. and Luzhou XingLu Investment Group Co., Ltd. are both state-owned
concert holding companies under the jurisdiction of SASAC of Luzhou. The two companies have signed the
agreement of persons acting in concert. For details, please refer to the announcement of the Company on
May 23, 2024 - Announcement on the Renewed Agreement of Persons Acting in Concert Signed by
Shareholders (Announcement No. 2024-22).
Ltd. and Golden Rudder collectively held 384,362,339 shares in the Company, representing 26.11% of the
total share capital of the Company.
acting in concert is unknown.
Explain if any of the
shareholders above was
involved in entrusting/being N/A
entrusted with voting rights
or waiving voting rights
Special account for
repurchased shares among
N/A
the top 10 shareholders (if
any) (see note 11)
Shareholdings of the top 10 non-restricted shareholders (exclusive of shares lent in refinancing and locked shares of senior management)
Type of shares
Name of shareholder Number of non-restricted shares held by the end of the reporting period
Type Number
CNY
Luzhou Laojiao Group Co., 383,222,139
Ltd. .00
shares
CNY
Luzhou XingLu Investment 365,971,142
Group Co., Ltd. .00
shares
Bank of China Co., Ltd. –
CNY
Baijiu index classification 51,466,392.
securities investment fund 00
shares
by China Merchants Fund
CNY
China Securities Finance 33,842,059.
Corporation Limited 00
shares
CNY
Hong Kong Securities 32,699,498.
Clearing Company Limited 00
shares
Bank of China Co., Ltd.－
CNY
Blue chip selected hybrid 29,679,112.
securities investment fund 00
shares
by E Fund
CNY
Central Huijin Asset 13,539,862.
Management Co., Ltd. 00
shares
Industrial and Commercial
CNY
Bank of China Co., Ltd.- 13,128,005.
Huatai-Pinebridge CSI 300 00
shares
Exchange-Traded Fund
China Construction Bank
CNY
Corporation－Penghua Wine 12,217,823.
& Liquor Exchange-Traded 00
shares
Fund
Bank of China Co., Ltd.－E CNY
Fund High Quality Selected 10,829,050.00 common
Mixed Securities Investment shares
Fund
The statement of association
or acting-in-concert between
the top 10 shareholders of
unrestricted shares and
See the upper part of this table
between the top 10
shareholders of unrestricted
shares and top 10
shareholders
Top 10 common
shareholders participating in
None
securities margin trading (if
any) (see note 4)
refinancing shares lending
□ Applicable N/A
Changes in top 10 shareholders and top 10 non-restricted shareholders due to refinancing shares
lending/return compared with the prior period
□ Applicable N/A
Did any of the top 10 common shareholders or the top non-restricted common shareholders of the
Company conduct any promissory repurchase during the reporting period.
Yes No
The top 10 non-restricted common shareholders, the top 10 common shareholders did not conduct
any promissory repurchase during the reporting period.
management
Applicable N/A
No changes occurred to shares held by directors, supervisors and senior management in the
reporting period. See the 2024 Annual Report for more details.
Change of the controlling shareholder during the reporting period
Applicable N/A
No such cases in the reporting period.
Change of the actual controller during the reporting period
Applicable N/A
The actual controller of the Company has not changed during the reporting period.
Applicable N/A
No preferred stock in the Company during the reporting period.
Section VII Information about Bond
Applicable N/A
Applicable N/A
No such cases in the reporting period.
Applicable N/A
Unit: CNY 10,000
Way of
Issue Value Bond Interest Place of
Name Abbr. Code Due date redempti
date date balance rate trading
on
In terms
of the
bonds of
this
phase,
interests
will be
paid by
year and
the
principal
Public repaid in
Offering lump
of sum at Shenzhe
Corporat 20 Lao 149062. maturity. n Stock
March March March 150,000 3.50%
e Bond Jiao 01 SZ The Exchang
for interests e
Qualified will be
Investors paid
(Phase I) once
every
year and
the
interests
for the
last
installme
nt will be
paid
together
with the
principal.
The bonds are applicable to eligible investors who have qualified securities
accounts with Shenzhen Branch of China Securities Depository and Clearing Co.,
Ltd., are permitted to engage in the subscription and transfer of corporate bonds
in accordance with the Management Measures for the Issue and Transaction
Appropriate arrangement of the
Management of Corporate Bonds, Management Measures for the Suitability of
investors (if any)
Securities and Futures Investors, Management Measures of Shenzhen Stock
Exchange for the Suitability of Securities Market Investors, and relevant laws and
regulations, and have the corresponding risk identification and bearing capacity
(excluding those prohibited by laws and regulations)
Trading systems applicable Tradable by way of bidding, offering, inquiry and agreement
Risk of termination of listing and
trading (if any) and N/A
countermeasures
Overdue bonds
□ Applicable N/A
protection clauses
□ Applicable N/A
Applicable N/A
other repayment-ensuring measures in the reporting period, as well as the impact
on the interests of bond holders
Applicable N/A
Applicable N/A
No such cases in the reporting period.
Applicable N/A
No such cases in the reporting period.
at the end of last year
Applicable N/A
Unit：CNY 10,000
Item June 30, 2025 December 31, 2024 Change
Current ratio 2.56 3.56 -28.09%
Debt/asset ratio 33.49% 30.48% 3.01%
Quick ratio 1.88 2.60 -27.69%
H1 2025 H1 2024 Change
Net profits before non-
recurring gains and losses
EBITDA/debt ratio 136.00% 92.02% 43.98%
Interest cover (times) 113.29 41.93 170.19%
EBITDA-to-interest cover
(times)
Section VIII Financial Report
Are these interim financial statements audited by an independent auditor?
□Yes No
The interim financial statements are not audited by an independent auditor.
Monetary unit for the financial statements and the notes thereto: CNY
Prepared by: Luzhou Laojiao Co., Ltd.
Consolidated balance sheet
As at June 30, 2025
Unit: CNY
Item Balance as at June 30, 2025 Balance as at January 1, 2025
Current assets:
Cash and cash equivalents 35,451,080,327.05 33,578,396,831.33
Settlement reserves
Lending funds
Held-for-trading financial assets 1,610,560,917.24 1,694,282,295.97
Derivative financial assets
Notes receivables
Accounts receivable 16,077,566.15 11,022,302.31
Accounts receivable financing 1,411,989,312.86 1,801,947,455.78
Prepayment 228,470,687.43 123,870,282.65
Premiums receivable
Reinsurance accounts receivable
Reinsurance contract reserve
Other receivables 42,044,835.12 13,053,645.00
Including：Interests receivable
Dividends receivable 32,879,641.22
Buying back the sale of financial
assets
Inventories 13,784,525,369.11 13,392,794,475.96
Including: Data resources
Contract assets
Assets held for sale
Non-current assets due within one
year
Other current assets 44,247,521.17 241,081,908.89
Total current assets 52,588,996,536.13 50,856,449,197.89
Non-current assets:
Disbursement of loans and advances
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 2,836,552,287.45 2,801,252,317.93
Investments in other equity
instruments
Other non-current financial assets
Investment property 48,802,205.54 50,246,694.16
Fixed assets 8,815,147,343.06 9,131,776,915.51
Construction in progress 1,165,735,552.56 807,233,988.90
Productive biological assets
Oil and gas assets
Use right assets 24,433,390.10 29,254,214.23
Intangible assets 3,452,040,130.07 3,417,898,796.19
Including：Data resources
Development expenses
Including：Data resources
Goodwill
Long-term deferred expenses 1,322,375.90 1,756,272.03
Deferred tax assets 229,979,417.63 424,185,093.04
Other non-current assets 588,898,590.92 407,347,368.15
Total non-current assets 17,601,249,649.18 17,478,146,366.69
Total assets 70,190,246,185.31 68,334,595,564.58
Current liabilities:
Short-term loans
Borrowings from the central bank
Loans from other banks
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 1,414,396,921.39 1,844,497,206.78
Advance from customer 5,419,308.10
Contract liabilities 3,529,323,175.67 3,978,131,528.88
Financial assets sold for repurchase
Deposits from customers and inter-
bank
Customer brokerage deposits
Securities underwriting brokerage
deposits
Employee benefits payable 443,931,205.42 553,580,768.99
Taxes payable 2,014,142,202.18 3,233,948,597.08
Other payable 7,377,857,167.86 873,595,429.08
Including：Interests payable
Dividends payable 6,788,869,591.98 29,668,290.20
Handling charges and commissions
payable
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within one 5,274,717,368.79 3,276,628,616.74
year
Other current liabilities 458,655,396.27 516,729,820.48
Total current liabilities 20,518,442,745.68 14,277,111,968.03
Non-current liabilities:
Insurance contract reserves
Long-term loans 2,728,700,000.00 6,279,900,000.00
Bonds payable
Including：Preferred shares
Perpetual bonds
Lease liabilities 21,014,302.06 24,528,519.13
Long-term payables
Long-term payroll payables
Accrued liabilities
Deferred income 82,445,141.55 86,672,726.83
Deferred tax liabilities 159,027,020.27 158,375,714.88
Other non-current liabilities
Total non-current liabilities 2,991,186,463.88 6,549,476,960.84
Total liabilities 23,509,629,209.56 20,826,588,928.87
Owners' equity
Share capital 1,471,951,503.00 1,471,951,503.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 5,407,442,311.41 5,365,763,566.55
Less: treasury stock 167,794,796.51 345,699,443.89
Other comprehensive income 111,904,482.40 84,235,115.38
Special reserves
Surplus reserves 1,471,951,503.00 1,471,951,503.00
General risk reserve
Undistributed profits 38,245,095,469.06 39,340,298,309.42
Total equity attributable to owners of
the parent company
Non-controlling interests 140,066,503.39 119,506,082.25
Total owners' equity 46,680,616,975.75 47,508,006,635.71
Total liabilities and owners' equity 70,190,246,185.31 68,334,595,564.58
Legal representative：Liu Miao
Person in charge of accounting affairs：Xie Hong
Person in charge of accounting department：Song Ying
Balance sheet of parent company
As at June 30, 2025
Unit: CNY
Item Balance as at June 30, 2025 Balance as at January 1, 2025
Current assets:
Cash and cash equivalents 33,424,508,197.88 26,651,132,665.66
Held-for-trading financial assets 1,610,560,917.24 1,694,282,295.97
Derivative financial assets
Notes receivables
Accounts receivable 63,278.92 14,701.83
Accounts receivable financing
Prepayment 14,622,548.97 12,888,111.51
Other receivables 12,362,790,450.59 14,619,833,493.32
Including: Interests receivable
Dividends receivable 32,879,641.22
Inventories 1,195,509.25 898,380.40
Including: Data resources
Contract assets
Assets held for sale
Non-current assets due within one
year
Other current assets 11,137,299.40 172,283,759.93
Total current assets 47,424,878,202.25 43,151,333,408.62
Non-current assets:
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 6,788,166,538.86 6,735,926,560.88
Investments in other equity
instruments
Other non-current financial assets
Investment property 48,802,205.54 50,246,694.16
Fixed assets 835,833,921.54 866,342,467.75
Construction in progress 209,250,208.80 174,069,734.13
Productive biological assets
Oil and gas assets
Use right assets 29,596.10 118,384.41
Intangible assets 837,368,752.09 770,645,637.66
Including：Data resources
Development expenses
Including：Data resources
Goodwill
Long-term deferred expenses 102,077.37 341,637.85
Deferred tax assets 101,695,396.21 124,327,561.74
Other non-current assets 394,639,276.12 215,109,132.46
Total non-current assets 9,653,922,406.95 9,344,018,595.96
Total assets 57,078,800,609.20 52,495,352,004.58
Current liabilities:
Short-term loans
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 23,980,178.04 36,143,495.43
Advance from customer 3,481,290.65
Contract liabilities 410,132.74 3,354,639.36
Employee benefits payable 135,166,898.27 175,075,638.37
Taxes payable 169,724,244.57 94,520,857.23
Other payables 16,668,741,953.09 2,980,878,449.35
Including：Interests payable
Dividends payable 6,759,201,301.78
Liabilities held for sale
Non-current liabilities due within one
year
Other current liabilities 53,317.26 436,103.12
Total current liabilities 22,266,753,236.00 6,557,349,450.58
Non-current liabilities:
Long-term loans 2,728,700,000.00 6,279,900,000.00
Bonds payable
Including：Preferred shares
Perpetual bonds
Lease liabilities
Long-term payables
Long-term payroll payables
Accrued liabilities
Deferred income 7,828,100.00 8,714,300.00
Deferred tax liabilities 90,168,317.20 82,430,689.59
Other non-current liabilities
Total non-current liabilities 2,826,696,417.20 6,371,044,989.59
Total liabilities 25,093,449,653.20 12,928,394,440.17
Owners' equity
Share capital 1,471,951,503.00 1,471,951,503.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 5,403,387,906.51 5,361,333,958.25
Less: treasury stock 167,794,796.51 345,699,443.89
Other comprehensive income 109,165,623.55 80,803,192.66
Special reserves
Surplus reserves 1,471,951,503.00 1,471,951,503.00
Undistributed profits 23,696,689,216.45 31,526,616,851.39
Total owners' equity 31,985,350,956.00 39,566,957,564.41
Total liabilities and owners' equity 57,078,800,609.20 52,495,352,004.58
Consolidated income statement
Unit: CNY
Item H1 2025 H1 2024
Including: Operating revenue 16,453,732,904.65 16,904,885,169.38
Interest income
Earned premium
Fee and commission
income
Including: Cost of sales 2,124,120,485.84 1,932,074,493.16
Interest expense
Handling charges and
commission expenses
Refunded premiums
Net payments for
insurance claims
Net provision for
insurance policy reserve
Bond insurance expense
Reinsurance Expenses
Taxes and surcharges 2,182,376,054.10 2,043,377,033.97
Selling and distribution
expenses
General and administrative
expenses
Research and
Development expenses
Financial expenses -263,955,897.52 -124,274,752.55
Including：Interest
expenses
Interest
income
Plus: Other income 27,222,431.63 21,379,290.54
Investment income ("-" for
losses)
Including: income from
investment in associates and joint 54,787,007.14 14,536,085.02
ventures
Income from the
derecognition of financial assets
measured at amortized cost (“-” for
losses)
Foreign exchange gains ("-"
for losses)
Net gain on exposure hedges
(“-” for losses)
Gains from the changes in fair
values(“-“ for losses)
Credit impairment losses (“-”
-51,195.97 1,109,313.81
for losses)
Impairment losses(“-“ for
losses)
Gains from disposal of
assets("-" for losses)
Plus: non-operating income 7,221,769.50 8,564,749.87
Less: non-operating expenses 39,191,852.89 7,663,658.92
total losses)
Less: income tax expenses 2,726,585,021.21 2,870,561,488.56
operation ("-" for net loss)
operation ("-" for net loss)
parent company ("-" for net loss)
interests ("-" for net loss)
comprehensive income
Net of tax from other comprehensive
income to the owner of the parent 27,670,156.53 -34,652,321.08
company
that cannot be reclassified into the 24,665,797.66 -50,739,026.64
profit and loss:
indebtedness or net asset of defined
benefit plans
income that cannot be classified into 1,308,060.60 -98,594.78
profit and loss under equity method
investments in other equity 23,357,737.06 -50,640,431.86
instruments
company’s credit risks
that will be reclassified into the profit 3,004,358.87 16,086,705.56
and loss
income that will be classified into 3,697,422.74 15,828,975.10
profit and loss under equity method
investments in other debt obligations
arising from the reclassification of
financial assets
investments in other debt obligations
translation of foreign currency -693,063.87 257,730.46
financial statements
Net of tax from other comprehensive
-567,128.91 210,075.58
income to non-controlling interests
Total comprehensive income
attributable to owners of the parent 7,690,577,969.51 7,992,885,844.23
company
Total comprehensive income
attributable to non-controlling 20,185,217.73 18,930,936.66
interests
(1) Basic earnings per share 5.21 5.46
(2) Diluted earnings per share 5.21 5.46
Legal representative：Liu Miao
Person in charge of accounting affairs：Xie Hong
Person in charge of accounting department：Song Ying
Income statement of parent company
Unit: CNY
Item H1 2025 H1 2024
Less: Cost of sales 5,349,358,286.51 4,408,209,268.20
Taxes and surcharges 28,088,121.60 36,744,352.82
Selling and distribution
expenses
General and administrative
expenses
Research and Development
expenses
Financial expenses -253,357,166.74 -223,823,444.31
Including：Interest expenses 91,402,233.60 169,177,810.84
Interest income 346,058,343.12 393,493,177.13
Plus: Other income 5,139,818.51 7,114,640.09
Investment income ("-" for
losses)
Including: income from
investment in associates and joint 51,892,249.87 2,318,263.38
ventures
Income from the
derecognition of financial assets at
amortized cost (“-” for losses)
Net gain on exposure hedges
(“-” for losses)
Gains from the changes in fair
values(“-“ for losses)
Credit impairment losses (“-” for
losses)
Asset impairment losses (“-” for
losses)
Gains from disposal of assets("-"
for losses)
Plus: non-operating income 9,521,138.73 5,240,384.69
Less: non-operating expenses 27,000,000.00 6,645,726.27
total losses)
Less: income tax expenses 361,312,965.19 312,060,472.19
operation ("-" for net loss)
operation ("-" for net loss)
comprehensive income
that cannot be reclassified into the 24,665,797.66 -50,739,026.64
profit and loss:
indebtedness or net asset of defined
benefit plans
income that cannot be classified into 1,308,060.60 -98,594.78
profit and loss under equity method
investments in other equity 23,357,737.06 -50,640,431.86
instruments
company’s credit risks
that will be reclassified into the profit 3,697,422.74 15,828,975.10
and loss
income that will be classified into 3,697,422.74 15,828,975.10
profit and loss under equity method
investments in other debt obligations
arising from the reclassification of
financial assets
investments in other debt obligations
translation of foreign currency
financial statements
(1) Basic earnings per share 0.62 0.50
(2) Diluted earnings per share 0.62 0.50
Consolidated statement of cash flows
Unit: CNY
Item H1 2025 H1 2024
activities
Cash received from sale of goods
and rendering of services
Net increase in customer bank
deposits and placement from banks
and other financial institutions
Net increase in loans from central
bank
Net increase in loans from other
financial institutions
Premiums received from original
insurance contracts
Net cash received from reinsurance
business
Net increase in deposits and
investments from policyholders
Cash received from interest, handling
charges and commissions
Net increase in placements from
other financial institutions
Net capital increase in repurchase
business
Net cash received from customer
brokerage deposits
Refunds of taxes and surcharges 5,221,168.92 1,262,805.77
Cash received from other operating
activities
Subtotal of cash inflows from
operating activities
Cash paid for goods purchased and
services received
Net increase in loans and advances
to customers
Net increase in deposits in central
bank and other banks and financial
institutions
Cash paid for original insurance
contract claims
Net increase in lending funds
Cash paid for interests, handling
charges and commissions
Cash paid for policy dividends
Cash paid to and on behalf of
employees
Cash paid for taxes and surcharges 7,401,832,684.30 7,651,967,240.46
Cash paid for other operating
activities
Subtotal of cash outflows from
operating activities
Net cash flows from operating
activities
activities
Cash received from disposal of
investments
Cash received from returns on 31,271.10 23,970,473.40
investments
Net cash received from disposal of
fixed assets, intangible assets and 291,388.41 10,363,496.03
other long-term assets
Net cash received from disposal of
subsidiaries and other business units
Cash received from other investing
activities
Subtotal of cash inflows from
investing activities
Cash paid to acquire and construct
fixed assets, intangible assets and 736,919,110.77 344,186,871.61
other long-term assets
Cash paid for investments 500,000,000.00 671,700,000.00
Net increase in pledge loans
Net cash paid to acquire subsidiaries
and other business units
Cash paid for other investing
activities
Subtotal of cash outflows from
investing activities
Net cash flows from investing
-628,134,413.89 1,108,797,050.00
activities
activities
Cash received from investors 79,496.11
Including: cash received by
subsidiaries from investments by 79,496.11
minority shareholders
Cash received from borrowings 2,000,000,000.00
Cash received from other financing
activities
Subtotal of cash inflows from
financing activities
Cash paid for debt repayments 1,510,500,000.00 1,010,300,000.00
Cash paid for distribution of
dividends and profits or payment of 2,134,326,492.66 216,195,804.05
interest
Including: dividends and profits paid
to minority shareholders by 29,684,819.82
subsidiaries
Cash paid for other financing
activities
Subtotal of cash outflows from
financing activities
Net cash flows from financing
-3,648,612,906.78 762,591,987.93
activities
-1,892,014.14 5,571,990.19
rate on cash and cash equivalents
equivalents
Plus: balance of cash and cash
equivalents at the beginning of the 33,367,668,014.46 25,893,029,277.86
period
equivalents at the end of the
period
Cash flow statements of parent company
Unit: CNY
Item H1 2025 H1 2024
activities
Cash received from sale of goods
and rendering of services
Refunds of taxes and surcharges
Cash received from other operating
activities
Subtotal of cash inflows from
operating activities
Cash paid for goods purchased and
services received
Cash paid to and on behalf of
employees
Cash paid for taxes and surcharges 417,998,907.85 457,806,064.04
Cash paid for other operating
activities
Subtotal of cash outflows from
operating activities
Net cash flows from operating
activities
activities
Cash received from disposal of
investments
Cash received from returns on
investments
Net cash received from disposal of
fixed assets, intangible assets and 72,786.91 10,363,496.03
other long-term assets
Net cash received from disposal of
subsidiaries and other business units
Cash received from other investing
activities
Subtotal of cash inflows from
investing activities
Cash paid to acquire and construct
fixed assets, intangible assets and 299,172,584.54 19,773,238.28
other long-term assets
Cash paid for investments 500,000,000.00 660,000,000.00
Net cash paid to acquire subsidiaries
and other business units
Cash paid for other investing
activities
Subtotal of cash outflows from
investing activities
Net cash flows from investing -190,606,489.16 1,444,928,046.04
activities
activities
Cash received from investors
Cash received from loans 2,000,000,000.00
Cash received from other financing
activities
Subtotal of cash inflows from
financing activities
Cash paid for debt repayments 1,510,500,000.00 1,010,300,000.00
Cash paid for distribution of
dividends and profits or payment of 2,134,326,492.66 186,510,984.23
interest
Cash paid for other financing
activities
Subtotal of cash outflows from
financing activities
Net cash flows from financing
-3,647,006,492.66 801,340,099.96
activities
-122,323.51 124,251.99
rate on cash and cash equivalents
equivalents
Plus: balance of cash and cash
equivalents at the beginning of the 26,476,599,296.11 24,225,475,946.42
period
equivalents at the end of the 33,150,621,043.18 31,795,504,116.47
period
Consolidated statement of changes in owners' equity
For the six months ended June 30, 2025
Unit: CNY
H1 2025
Equity attributable to owners of the parent company
Other equity Othe Non-
instruments Less r Total
Gene contr
Item Shar Capit ： Com Spec Surpl Undi owne
ral ollin
e al Trea preh ial us strib Othe Subt rs'
Prefe risk g
capit Perp reser sury ensiv reser reser uted r otal equit
rred Othe reser inter
al etual ve stoc e ve ve profit y
stoc r ve ests
bond k Inco
k
me
Bala
nce 1,471 5,365 1,471 39,34 47,38 47,50
as at 345,6 84,23 119,5
,951, ,763, ,951, 0,298 8,500 8,006
Dece 99,44 5,115 06,08
mber 503.0 566.5 503.0 ,309. ,553. ,635.
last
year
Plus:
adjus
tment
s for
chan
ges
in
acco
untin
g
polici
es
Adjus
tment
s for
corre
ction
of
acco
untin
g
error
s in
prior
year
Other
s
Bala
nce
as at 1,471 5,365 1,471 39,34 47,38 47,50
Janu 345,6 84,23 119,5
,951, ,763, ,951, 0,298 8,500 8,006
ary 1 99,44 5,115 06,08
of 503.0 566.5 503.0 ,309. ,553. ,635.
the 0 5 0 42 46 71
curre
nt
year
reas
es/de
crea
ses -
in - - -
the 41,67 27,66 1,095 20,56
curre 8,744 9,367 ,202, 0,421
nt 04,64 50,08 89,65
.86 .02 840.3 .14
perio 7.38 1.10 9.96
d (“-” 6
for
decr
ease
s)
(1)
Total 7,662 7,690 7,710
comp 27,67 20,18
,907, ,577, ,763,
rehen 0,156 5,217
sive 812.9 969.5 187.2
.53 .73
inco 8 1 4
me
(2)
Capit
al
contri 41,64 219,5 219,9
buted 177,9 375,2
or 9,948 54,59 29,79
reduc .11 5.49 8.90
ed by 7.38
owne
rs
Capit
al -
contri 161,6 161,6
butio 43,50 43,50
ns by 43,50
owne 8.32
rs
Capit
al
contri
butio
ns by
other
equit
y
instru
ment
s
holde
rs
Amo
unts
of
share
base
d 41,64 57,91 58,28
paym 16,26 375,2
ents 9,948 1,087 6,290
recog .11 .17 .58
nized .06
in
owne
rs'
equit
y
Other
s
- - -
(3)
Profit 8,758 8,758 8,758
distri ,111, ,111, ,111,
butio
n
Withd
rawal
of
surpl
us
reser
ves
Withd
rawal
of
gener
al
risk
reser
ve
Profit
distri - - -
buted
to 8,758 8,758 8,758
owne ,111, ,111, ,111,
rs (or
share
holde 5 5 5
rs)
Other
s
(4)
Intern
al
carry- -
forwa 789.5
rd of 789.5
owne 1
rs'
equit
y
Conv
ersio
n of
capit
al
reser
ves
into
paid-
in
capit
al
Conv
ersio
n of
surpl
us
reser
ves
into
paid-
in
capit
al
Surpl
us
reser
ves
offset
ting
losse
s
Carry
forwa
rd of
retain
ed
earni
ngs
from
chan
ges
in
defin
ed
benef
it
plans
Carry
forwa
rd of
retain
ed
earni -
ngs 789.5
from 1
other
comp
rehen
sive
inco
me
Other
s
(5)
Speci
al
reser
ves
Withd
rawal
for
the
perio
d
Use
for
the
perio
d
(6)
Other
s 6.75 6.75 6.75
Bala
nce
as at 1,471 5,407 1,471 38,24 46,54 46,68
Dece 167,7 111,9 140,0
,951, ,442, ,951, 5,095 0,550 0,616
mber 94,79 04,48 66,50
the 0 1 0 06 36 75
curre
nt
year
For the six months ended June 30, 2024
Unit: CNY
H1 2024
Equity attributable to owners of the parent company
Other equity Othe Non-
instruments Less r Total
Gene contr
Item Shar Capit ： Com Spec Surpl Undi owne
ral ollin
e al Trea preh ial us strib Othe Subt rs'
Prefe risk g
capit Perp reser sury ensiv reser reser uted r otal equit
rred Othe reser inter
al etual ve stoc e ve ve profit y
stoc r ve ests
bond k Inco
k
me
Bala
nce 1,471 5,185 1,471 33,81 41,39 41,53
as at 616,7 63,13 140,2
,987, ,481, ,987, 5,566 1,410 1,707
Dece 43,61 0,469 97,23
mber 769.0 523.2 769.0 ,574. ,494. ,729.
last
year
Plus:
adjus
tment
s for
chan
ges
in
acco
untin
g
polici
es
Adjus
tment
s for
corre
ction
of
acco
untin
g
error
s in
prior
year
Other
s
Bala
nce
as at 1,471 5,185 1,471 33,81 41,39 41,53
Janu 616,7 63,13 140,2
,987, ,481, ,987, 5,566 1,410 1,707
ary 1 43,61 0,469 97,23
of 769.0 523.2 769.0 ,574. ,494. ,729.
the 0 2 0 75 89 85
curre
nt
year
reas
es/de
crea
ses
in - -
the 100,1 78,80 401,5 15,10 416,6
curre 07,77 4,212 52,15 0,943 53,09
nt 92,48 2,321
perio 7.50 .08
d (“-”
for
decr
ease
s)
(1)
Total - 8,027 7,992 8,011
comp 18,93
rehen 0,936
sive 2,321 165.3 844.2 780.8
.66
inco .08 1 3 9
me
(2)
Capit
al
- -
contri 100,1 357,4 353,5
buted 257,2 3,829
or 07,77 00,26 70,26
reduc 3.11 0.61 7.54
ed by 7.50 07
owne
rs
Capit
al -
contri 410,9 644,0 644,1
butio 89,04 92,49 72,09
ns by 03,44 4.28
owne 8.24
rs
Capit
al
contri
butio
ns by
other
equit
y
instru
ment
s
holde
rs
Amo
unts
of
share
base
- - - -
d
paym 310,8 24,18 286,6 977,9 285,7
ents 81,27 9,039 92,23 02.65 14,33
recog
nized 2.49 .26 3.23 0.58
in
owne
rs'
equit
y
- -
Other 4,887 4,887
s ,500. ,500.
(3) - - -
Profit
distri
butio ,733, ,733, ,733,
n 952.6 952.6 952.6
Withd
rawal
of
surpl
us
reser
ves
Withd
rawal
of
gener
al
risk
reser
ve
Profit
distri - - -
buted
to 7,948 7,948 7,948
owne ,733, ,733, ,733,
rs (or
share
holde 0 0 0
rs)
Other
s
(4)
Intern
al
carry-
forwa
rd of
owne
rs'
equit
y
Conv
ersio
n of
capit
al
reser
ves
into
paid-
in
capit
al
Conv
ersio
n of
surpl
us
reser
ves
into
paid-
in
capit
al
Surpl
us
reser
ves
offset
ting
losse
s
Carry
forwa
rd of
retain
ed
earni
ngs
from
chan
ges
in
defin
ed
benef
it
plans
Carry
forwa
rd of
retain
ed
earni
ngs
from
other
comp
rehen
sive
inco
me
Other
s
(5)
Speci
al
reser
ves
Withd
rawal
for
the
perio
d
Use
for
the
perio
d
(6)
Other
s
Bala
nce
as at 1,471 5,285 1,471 33,89 41,79 41,94
Dece 359,4 28,47 155,3
,987, ,589, ,987, 4,370 2,962 8,360
mber 51,12 8,148 98,17
the 0 3 0 46 13 68
curre
nt
year
Statement of changes in owners' equity of parent company
For the six months ended June 30, 2025
Unit: CNY
H1 2025
Item Share Other equity instruments Other Specia Surplu
Capital Less： Undistr Other Total
capital Compr l s
Preferr Perpet Other reserv Treasu ibuted owners
ehensi reserv reserv
ed ual e ry ve e e profit ' equity
stock bond stock Incom
e
Balanc
e as at 1,471,9 5,361,3 345,69 1,471,9 31,526, 39,566,
Decem 51,503. 33,958. 9,443.8 51,503. 616,85 957,56
ber 31 192.66
of last
year
Plus:
adjust
ments
for
change
s in
accoun
ting
policies
Adjust
ments
for
correcti
on of
accoun
ting
errors
in prior
year
Others
Balanc
e as at 1,471,9 5,361,3 345,69 1,471,9 31,526, 39,566,
Januar 80,803,
y 1 of 51,503. 33,958. 9,443.8 51,503. 616,85 957,56
the 00 25 9 00 1.39 4.41
current
year
ases/d
ecreas
- - -
es in
the 42,053, 177,90 28,362, 7,829,9 7,581,6
current 948.26 4,647.3 430.89 27,634. 06,608.
period
(“-” for 8 94 41
decrea
ses)
(1)
Other 928,18 956,54
compre 3,018.4 6,238.8
hensive 220.40
income
(2)
Capital -
contrib 219,92
uted or 9,798.8
reduce 151.51 4,647.3
d by 8
owners
Capital -
contrib 161,64
utions 3,508.3
by 3,508.3
owners 2
Capital
contrib
utions
by
other
equity
instrum
ents
holders
Amount 42,025, - 58,286,
s of 151.51 16,261, 290.57
share-
based 139.06
payme
nts
recogni
zed in
owners'
equity
Others
- -
(3)
Profit 8,758,1 8,758,1
distribu 11,442. 11,442.
tion
Withdra
wal of
surplus
reserve
s
Profit
distribu - -
ted to 8,758,1 8,758,1
owners
(or 11,442. 11,442.
shareh 85 85
olders)
Others
(4)
Internal
carry-
forward -789.51 789.51
of
owners'
equity
Conver
sion of
capital
reserve
s into
paid-in
capital
Conver
sion of
surplus
reserve
s into
paid-in
capital
Surplus
reserve
s
offsetti
ng
losses
Carry-
forward
of
retaine
d
earning
s from
change
s in
defined
benefit
plans
Carry-
forward
of
retaine
-789.51 789.51
d
earning
s from
other
compre
hensive
income
Others
(5)
Special
reserve
s
Withdra
wal for
the
period
Use for
the
period
(6) 28,796. 28,796.
Others 75 75
Balanc
e as at 1,471,9 5,403,3 167,79 109,16 1,471,9 23,696, 31,985,
Decem
ber 31 51,503. 87,906. 4,796.5 5,623.5 51,503. 689,21 350,95
of the 00 51 1 5 00 6.45 6.00
current
year
For the six months ended June 30, 2024
Unit: CNY
H1 2024
Other equity instruments Other
Less： Compr Specia Surplu
Item Capital Undistr Total
Share Preferr Perpet Treasu ehensi l s
reserv ibuted Other owners
capital ed ual Other ry ve reserv reserv
e profit ' equity
stock bond stock Incom e e
e
Balanc
e as at 1,471,9 5,179,3 616,74 1,471,9 28,176, 35,743,
Decem 87,769. 07,881. 3,610.5 87,769. 372,59 425,97
ber 31 567.32
of last
year
Plus:
adjust
ments
for
change
s in
accoun
ting
policies
Adjust
ments
for
correcti
on of
accoun
ting
errors
in prior
year
Others
Balanc
e as at 1,471,9 5,179,3 616,74 1,471,9 28,176, 35,743,
Januar 60,513,
y 1 of 87,769. 07,881. 3,610.5 87,769. 372,59 425,97
the 00 60 9 00 6.42 2.75
current
year
ases/d
ecreas
- - -
es in 101,08 -
the 257,29 7,191,2 6,867,7
current 5,675.7 34,910,
period 6 051.54
(“-” for 0 49 77
decrea
ses)
(1)
Other - 757,48 722,57
compre 34,910, 5,022.1 4,970.5
hensive
income
(2)
Capital -
contrib 101,08 358,37
uted or 5,675.7 8,163.2
reduce 2,487.5
d by 0
owners
Capital -
contrib 410,98 644,09
utions 9,045.6 2,493.8
by 3,448.2
owners 4
Capital
contrib
utions
by
other
equity
instrum
ents
holders
Amount
s of
share-
- -
based -
payme 309,90 285,71
nts 24,189,
recogni 039.26
zed in 4 8
owners'
equity
Others
- -
(3)
Profit 7,948,7 7,948,7
distribu 33,952. 33,952.
tion
Withdra
wal of
surplus
reserve
s
Profit
distribu - -
ted to 7,948,7 7,948,7
owners
(or 33,952. 33,952.
shareh 60 60
olders)
Others
(4)
Internal
carry-
forward
of
owners'
equity
Conver
sion of
capital
reserve
s into
paid-in
capital
Conver
sion of
surplus
reserve
s into
paid-in
capital
Surplus
reserve
s
offsetti
ng
losses
Carry-
forward
of
retaine
d
earning
s from
change
s in
defined
benefit
plans
Carry-
forward
of
retaine
d
earning
s from
other
compre
hensive
income
Others
(5)
Special
reserve
s
Withdra
wal for
the
period
Use for
the
period
(6)
Others
Balanc
e as at 1,471,9 5,280,3 359,45 1,471,9 20,985, 28,875,
Decem 25,603,
ber 31 87,769. 93,557. 1,123.0 87,769. 123,66 645,15
of the 00 36 9 00 5.93 3.98
current
year
Luzhou Laojiao Co., Ltd. (hereinafter referred to as "Company" or "the Company"), formerly known as
Luzhou City Qu Liquor Factory and Luzhou Laojiao Distillery in Sichuan Province. It was established in
March 1950 on the basis of 36 brewing workshops from the Ming and Qing dynasties. On September
exclusively from its operational assets. On October 25, 1993, the public offering of shares was
approved by Sichuan Provincial People's Government and CSRC with two documents of ChuanFuHan
(1993) No.673 and FaShenZi (1993) No.108. After the offering, the total share capital was 86,880,000
shares, which were listed and traded in Shenzhen stock exchange on May 9, 1994.
As at December 31, 2004, the Company's total share capital reached 841,399,673 shares after multiple
rights issues, among which the controlling shareholder, State Assets Management Bureau of Luzhou
(later renamed as State-owned Assets Supervision and Administration Commission of Luzhou,
hereinafter referred to as "SASAC of Luzhou") held 585,280,800 shares of the Company, with a
shareholding ratio of 69.56%.
On October 27, 2005, the Company implemented the non-tradable share reform. After the
implementation, the total share capital remained unchanged, and the shareholding ratio of SASAC of
Luzhou decreased from 69.56% to 60.43%.
In November 2006, the Company implemented private placement, and the total share capital increased
from 841,399,673 shares to 871,399,673 shares. The shareholding ratio of SASAC of Luzhou
decreased from 60.43% to 58.35%.
As at February 27, 2007, SASAC of Luzhou sold 42,069,983 shares of the Company, and after the sale,
it still held 466,375,156 shares of the Company, with its shareholding ratio reduced to 53.52%.
On May 19, 2008, the Company increased 522,839,803 shares of capital stock resulting from capital
reserve and undistributed profits transferred to increase capital stock. After the implementation, the total
share capital reached 1,394,239,476 shares, among which, SASAC of Luzhou held 746,200,250 shares
of the Company, and the shareholding ratio was still 53.52%.
On September 3, 2009, the 300,000,000 shares and the 280,000,000 shares held by SASAC of Luzhou
were separately transferred to Luzhou Laojiao Group Co., Ltd. (hereinafter referred to as the "Laojiao
Group") and Luzhou XingLu Investment Group Co., Ltd. (hereinafter referred to as the "XingLu Group").
After the transfer, Laojiao Group, XingLu Group, and SASAC of Luzhou respectively held 300,000,000
shares, 280,000,000 shares and 166,200,250 shares. So far, Laojiao Group became the first majority
shareholder and SASAC of Luzhou was the actual controller.
From June 6, 2012 to November 20, 2013, the first and second phases of the Company's equity
incentive plan were exercised. After the exercise, the total share capital of the Company was changed
to 1,402,252,476 shares.
On April 10, 2014 and July 18, 2016, SASAC of Luzhou transferred 81,088,320 shares and 84,000,000
shares to Laojiao Group and XingLu Group respectively. In addition, Laojiao Group has increased its
equity stake through the secondary market of 13,137,100 shares. So far, Laojiao Group, XingLu Group
and SASAC of Luzhou held 394,225,489 shares, 365,971,142 shares and 1,111,930 shares
respectively, with the shareholding ratios of 28.11%, 26.10% and 0.08% respectively.
On August 23, 2017, the Company issued CNY 62,500,000 ordinary shares (A shares) privately, raising
a total capital of CNY 3,000,000,000. After the additional issuance, the total capital stock of the
Company was changed to 1,464,752,476 shares. In addition, from 2017 to 2018, Laojiao Group
decreased 13,137,100 shares that were increased through the secondary market from April 2014 to
December 2015. After share reduction, Laojiao Group, XingLu Group and SASAC of Luzhou held
shareholding ratios of 26.02%, 24.99% and 0.08% respectively. Laojiao Group still was the first majority
shareholder and SASAC of Luzhou still was the actual controller.
In February 2022, the registration of 6,862,600 shares of the Restricted Share Incentive Plan granted
by the Company for the first time was completed; in September 2022, the Company granted 342,334
shares of the Restricted Share Incentive Plan for the second time; in September 2022, with seven
awardees no longer eligible, the Company decided to repurchase and retire the 62,310 restricted
shares of them that had been granted to the aforesaid awardees but remained in lockup; in December
From December 2023 to June 2024, Luzhou Laojiao Group Co., Ltd., through its wholly-owned
subsidiary Sichuan Golden Rudder Investment Co., Ltd., increased its holdings in the Company by
Company. Following that, Luzhou Laojiao Group Co., Ltd. and Sichuan Golden Rudder Investment Co.,
Ltd. collectively held 382,228,589 shares in the Company.
In January, June and September 2024, as five awardees were no longer eligible for the incentives, the
Company decided to repurchase and retire a total of 36,266 restricted shares that had been granted to
the aforesaid awardees but remained in lockup. As of December 31, 2024, the repurchase and
retirement of the said restricted shares had been completed, the total shares of the Company changed
to 1,471,951,503 shares, and the grants and repurchases under the restricted share incentive plan did
not lead to change of the Company’s controlling shareholder or actual controller. As of December 31,
XingLu Group held 381,088,389 shares, 1,140,200 shares and 365,971,142 shares respectively in the
Company, with the shareholding ratios of 25.89%, 0.08% and 24.86% respectively. Laojiao Group held
a total of 50.83% of the Company's voting rights.
From January to June 2025, Laojiao Group increased its holdings in the Company by 2,133,750 shares
through call auction trading, representing 0.14% of the Company's total share capital. As of June 30,
XingLu Group, held 383,222,139 shares, 1,140,200 shares, and 365,971,142 shares in the Company,
respectively, representing shareholding percentages of 26.03%, 0.08%, and 24.86%, respectively; and
Laojiao Group held a total of 50.98% of the Company's voting rights.
Registered address and headquarter address of the Company are located in Sichuan Luzhou Laojiao
Square and company type is other incorporated company (Listed).
Industry of the Company is the baijiu subdivision industry of the liquor and wine, beverage and refined
tea production industry.
The principal operations are research and development, production and sales of “National Cellar
The main products are: “National Cellar 1573 Series”, ”Century-old Luzhou Laojiao Jiaoling
Series” , ”Luzhou Laojiao Tequ”, ”Touqu”, ”Hey Guys” and other baijiu series.
The controlling shareholder is Luzhou Laojiao Group Co., Ltd.; the ultimate substantive control is
SASAC of Luzhou.
The financial report is approved for issue by the Board of Directors of the Company on August 28,
The Company has prepared its financial statements on a going concern basis, and the preparation is
based on actual transactions and events in compliance with Accounting Standards for Business
Enterprises and relevant guidance and explanation (hereinafter referred to as the “ASBE”) issued by
Ministry of Finance, and Rules on Company Information Disclosure and Preparation of Publicly Issued
Securities No.15- General Rules on Financial Reporting Rules (2023 Revision) issued by CSRC.
The Company’s business activities have adequate financial support. Based on the current information
obtained by the Company, comprehensively considering factors such as macro-policy risk, market
operation risk, current or long-term profitability, debt repayment ability of the Company, as well as its
resource of financial support, the Company believes that it is reasonable to prepare the financial
statements on a going concern basis and there are no events or situations resulting in significant
doubts over going concern for at least 12 months.
The Company shall comply with the disclosure requirements for companies engaging in food & liquor
and wine production of the Guidelines No. 3 of the Shenzhen Stock Exchange on Self-regulation of
Listed Companies—Industry-specific Information Disclosure.
The financial statements of the Company have been prepared in accordance with ASBE, and present
truly and completely, the financial position and the Company’s results of operations, changes in
shareholders’ equity and cash flows. In addition, in all material respects, the financial statements of the
Company comply with disclosure requirements of the financial statements and their notes in
accordance with Rules on Company Information Disclosure and Preparation of Publicly Issued
Securities No.15- General Rules on Financial Reporting Rules revised by CSRC in 2023.
The Company adopts the calendar year as its accounting year, i.e. from January 1 to December 31.
The Company’s business cycle is 12 months.
The Company has adopted China Yuan (CNY) as functional currency.
Applicable □ N/A
Item Materiality standard
Material receivables withdrawal of bad debt
provision separately accrued
Material bad debt provision recovered or
reversed in accounts receivable The carrying balance at the end of the Reporting
Significant write-off of accounts receivable Period ≥ CNY 5 million
Significant prepayments aging over one year,
accounts payable, contract liabilities and other
payables
Single project under construction with a budget
exceeding CNY 150 million and a total amount
Material construction in progress
accounted for the current period exceeding CNY
Material overseas operating entity The overseas operating entities' external revenue
accounts for ≥ 3% of the consolidated operating
revenue, and the total profit accounts for ≥ 0.5%
of the consolidated total profit
The revenue of non-wholly-owned subsidiaries
accounts for ≥ 3% of the consolidated operating
Material non-wholly-owned subsidiary
revenue, and the total profit accounts for ≥ 0.5%
of the consolidated total profit
The book value of long-term equity investments
in associated enterprises accounts for ≥ 3% of
Significant associated enterprise
the total assets in the consolidated financial
statements
common control and business combinations not involving enterprises under
common control
(1) Business combination under common control
Assets and liabilities obtained by the Company from the combine through business combination under
common control shall be measured at the book value as stated in the consolidated financial statements
of ultimate controlling party at the combination date. The share of the book value of the merged party’s
owner’s equity in the consolidated financial statements is taken as the initial investment cost of long-
term equity investments in individual financial statements. The capital reserve (stock premium or capital
premium) is adjusted according to the difference between the book value of net asset acquired through
combination and the book value of consideration paid for the combination (or total par value of shares
issued). If the capital reserve (stock premium or capital premium) is insufficient to offset, the retained
earnings shall be adjusted.
(2) Business combination not under common control
Assets paid, liabilities incurred or assumed and the equity securities issued as consideration for
combination shall be measured based on fair value on the acquisition date, the difference between fair
value and its book value shall be included in current profit and loss. The Company shall recognize the
difference of the combination costs in excess of the fair value of the net identifiable asset acquired from
the acquiree through combination as goodwill. After the review, if the combination costs are still short of
the fair value of the net identifiable asset acquired from the acquiree through combination, include the
difference in the current profit and loss.
Fees, commissions, and other transaction expenses paid on issuance of equity securities as
combination consideration in the business combination shall be included in the initial measurement
amount of equity securities.
(1) Consolidated Financial Statement Scope
The scope of the Company’s consolidated financial statements is based on control, and all subsidiaries
controlled are included in the consolidation scope of the consolidated financial statements.
(2) Consolidation procedures
The consolidated financial statements are based on the financial statements of the Company and its
subsidiaries, and are prepared by the parent company with other relevant information. When preparing
consolidated financial statements, the Company considers the Group as an accounting entity, adopts
unified accounting policies, and applies the requirements of ASBE related to recognition, measurement
and presentation to reflect the Group’s financial position, operating results and cash flows.
All the subsidiaries within the consolidation scope of consolidated financial statements shall adopt the
same accounting policies and accounting periods as those of the Company. If the accounting policies or
accounting periods of a subsidiary are different from those of the Company, the financial statements of
the subsidiary, upon preparation of consolidated financial statements, shall be made necessary
adjustment based on its own accounting policies and accounting periods of the Company. For
subsidiaries acquired from the business combination not under common control, the financial
statements shall be adjusted on the basis of the fair value of identifiable net assets on the date of
purchase. For the subsidiary acquired from the business combination under common control, its assets
and liabilities (including the goodwill formed by the acquisition of the subsidiary by the ultimate
controlling party) shall be adjusted on the basis of the book value in the consolidated statements of the
ultimate controlling party.
The portion of a subsidiary’s equity, the current net profit and loss of subsidiaries, and the current
comprehensive income attributable to non-controlling interests shall be separately presented as non-
controlling interests in consolidated balance sheet within owners' equity, below the net profit line item
and below the total comprehensive income line item in the consolidated income statement respectively.
When the amount of current loss attributable to non-controlling shareholders of a subsidiary exceeds
the balance of the non-controlling shareholders’ portion in the opening balance of owner's equity of the
subsidiary, the excess shall be allocated against the non-controlling interests.
① Acquisition of subsidiaries or business
During the reporting period, if the Company acquires subsidiaries from the business combination under
common control, the opening balance in the consolidated balance sheet shall be adjusted. The income,
expenses and profits of the newly acquired subsidiaries from the beginning to the end of the reporting
period shall be included in the consolidated income statement. The cash flows of the newly acquired
subsidiaries from the beginning to the end of the reporting period shall be included in the consolidated
statement of cash flows. At the same time, the relevant items of the comparative information shall be
adjusted as the combined entity existed since the control point of the ultimate controlling party.
If the Company can control the investee from the business combination under common control due to
additional investment or other reasons, the parties involved in the combination shall be deemed to
adjust in the current state when the ultimate controlling party starts to control them. For the equity
investment before obtaining control of the investee, the recognized relevant profit or loss and other
comprehensive income and other changes in net assets between the later of acquisition date of
previous equity and the date on which both the investor and the investee are under common control
and the combination date shall respectively be written down the beginning retained earnings or current
profits and losses during the period of comparative information.
During the reporting period, if the Company acquires subsidiaries from the business combination not
under common control, the opening balance in the consolidated balance sheet shall not be adjusted.
The income, expenses and profits of the newly acquired subsidiaries from the acquisition date to the
end of the reporting period shall be included in the consolidated income statement. The cash flows of
the newly acquired subsidiaries from the acquisition date to the end of the reporting period shall be
included in the consolidated statement of cash flows.
When the Company becomes capable of exercising control over an investee not under common control
due to additional investment or other reasons, the Company shall re-measure the previously held equity
interests to its fair value on the acquisition date, and the difference shall be recognized as investment
income. When the previously held equity investment is accounted for under equity method, any other
comprehensive income previously recognized and other equity changes (excluding other
comprehensive, net profit and loss and profit distribution ) in relation to the acquiree’s equity changes
shall be transferred to profit and loss for the current period when acquisition took place, except for other
comprehensive income resulting from changes in net liabilities or net assets due to re-measurement of
defined benefit plan by investee.
② Disposal of subsidiaries and business
General treatments
During the reporting period, if the Company disposes subsidiaries, the income, expenses and profits of
the newly disposed subsidiaries from the beginning to the disposal date shall be included in the
consolidated income statement. The cash flows from the beginning to the disposal date shall be
included in the consolidated statement of cash flows.
In case of loss of control over the investee due to partial disposal of the equity investment or other
reasons, the Company shall re-measure the remaining equity investment at its fair value at the date of
loss of control. The amount of the consideration obtained from the disposal of the equity and the fair
value of the remaining equity, minus the net asset shares calculated continuously from the acquisition
date based on the previous shareholding proportion and the goodwill, the difference shall be included in
the investment income of the period when the control is lost. Other comprehensive income related to
the former subsidiary’s equity investment of or other changes in owners' equity excluding net profit and
loss, other comprehensive income and profit distribution shall be transferred to investment income for
the current period when control is lost. Other comprehensive income resulting from changes in net
liabilities or net assets due to re-measurement of defined benefit plan by investee is excluded.
Disposal of subsidiaries by step
If the Company loses control of a subsidiary that through multiple transactions by steps, the terms,
conditions and economic impact of the disposal transaction shall be considered. When one or more of
the following conditions may indicate that multiple transactions should be treated as a package of
transactions for accounting treatment:
A. These arrangements were entered into at the same time or in contemplation of each other;
B. These arrangements work together to achieve an overall commercial effect;
C. The occurrence of one arrangement depends on the occurrence of at least one other arrangement;
D. One arrangement alone is not economically justified, but it is economically justified when considered
together with other arrangements
If the transactions of the disposal of the equity investment of the subsidiary until the loss of control
belong to a package transaction, the Company shall account for as a transaction; However, the
difference between each disposal consideration received and the corresponding proportion of the
subsidiary’s net assets before the loss of control shall be recognized as other comprehensive income in
the consolidated financial statements and transferred into the profit and loss of the current period when
the control is lost.
If the transactions from the disposal of the equity investment of the subsidiary to the loss of control are
not considered as a package transactions, the accounting treatment shall be conducted according to
the relevant policies on the partial disposal of the equity investment of the subsidiary where control is
retained before the loss of control. When the control is lost, the disposal shall be accounted for
according to the general treatment.
③ Purchase of non-controlling interests
The difference between the increase in the cost of long-term equity investment resulting from
acquisition of non-controlling shareholders and the share of net assets of the subsidiary calculated
continuously from the acquisition date or combination date based on newly acquired shareholding
proportion shall be adjusted to equity (share) premium of capital reserves in the consolidated balance
sheet. If the capital reserve is insufficient, any excess shall be adjusted against retained earnings.
④ Partial disposals of equity investment in subsidiaries without loss of control
When the Company disposes of a portion of a long-term equity investment in a subsidiary without loss
of control, the difference between disposal consideration and net assets of the subsidiary calculated
continuously since the acquisition date or the combination date related to the disposal of long-term
equity investment shall be adjusted to equity (share) premium of capital reserves in the consolidated
balance sheet. If the capital reserve is insufficient, any excess shall be adjusted against retained
earnings.
method of common operation
(1) Classification of joint venture arrangements
A joint arrangement is classified as either a joint operation or a joint venture according to the structure,
legal form, agreed terms and other facts and conditions of a joint arrangement. A joint arrangement that
is structured through a separate vehicle is usually classified as a joint venture. However, when a joint
arrangement provides clear evidence that it meets any of the following requirements and complies with
applicable laws and regulations as a joint operation:
① The legal form of the joint arrangement indicates that the parties that have joint control have rights to
the assets, and obligations for the liabilities, relating to the arrangement.
② The terms of the joint arrangement specify that the parties that have joint control have the rights to
the assets, and the obligations for the liabilities, relating to the arrangement.
③ Other facts and circumstances indicate that the parties that have joint control have rights to the
assets, and the obligations for the liabilities, relating to the arrangement. The parties that have joint
control have rights to substantially all of the output of the arrangement, and the arrangement depends
on the parties that have joint control on a continuous basis for settling the liabilities of the arrangement.
(2) Accounting by parties of a joint operator
A joint operator shall recognize the following items in relation to its interest in a joint operation, and
account for them in accordance with relevant accounting standards:
① Its solely-held assets, and its share of any assets held jointly;
② Its solely-assumed liabilities, and its share of any liabilities incurred jointly;
③ Its revenue from the sale of its share of the output arising from the joint operation;
④ Its share of the revenue from sale of the output by the joint operation; and
⑤ Its solely-incurred expenses and its share of any expenses incurred jointly.
The Company shall only recognize the portion of the profit and loss attributable to other participants in
the joint venture, resulting from investment or sale of assets to the joint venture by the Company
(excluding those assets constituting the business), prior to the sale of such assets to a third party. The
Company shall fully recognize impairment loss when there is any impairment loss of invested or sold
assets occurring in accordance with the ASBE No.8-Asset Impairment. The Company shall only
recognize the part of the profit and loss attributable to other participants in the joint venture before
selling the assets and other assets purchased from the joint venture (excluding those assets
constituting the business) to a third party. When the impairment loss of the purchased assets is in
accordance with the ASBE No.8-Asset Impairment, the Company shall recognize such losses
according to its share. When the Company does not have common control over the joint venture, if the
Company enjoys the assets related to the joint venture and assumes the liabilities related to the joint
venture, the accounting treatment shall be conducted according to the above principles. Otherwise, the
accounting treatment shall be conducted in accordance with the relevant accounting standards.
When preparing the cash flow statement, the Company recognizes cash on hand and deposits that can
be readily withdrawn on demand as cash. Cash equivalents are the Company’s short-term (due within 3
months from purchase date), highly liquid investments that are readily convertible to known amounts of
cash and which are subject to an insignificant risk of changes in value. Restricted bank deposits are not
recognized as cash and cash equivalents in the cash flow statement.
(1) Foreign currency transactions
At the time of initial recognition of a foreign currency transaction of the Company, the amount in the
foreign currency shall be translated into the amount in CNY currency at the spot exchange rate of the
transaction date. For the monetary items of foreign currencies, the translation is done according to spot
rate of the balance sheet date. The exchange difference generated from the difference of spot rate of
the current balance sheet date and the time of initial recognition of a foreign currency or the previous
balance sheet date is charged to the profit or loss of the current period except that the exchange
difference generated from foreign currency borrowings relating to assets of which the acquisition or
production satisfies the capitalization conditions is capitalized.
Non-monetary items measured at fair value that is reflected in foreign currency at the end of the period,
the Company shall firstly translate the foreign currency into the amount in functional currency at the
spot exchange rate on the date when the fair value is determined, and then compare it with the original
functional currency amount. Difference between the translated functional currency amount and the
original functional currency amount is treated as profit or loss from changes in fair value (including
changes in exchange rate) and is recognized in current profit and loss. If there is a non-monetary item
of available-for-sale financial assets, the differences are recorded into other comprehensive income.
(2) Translation of foreign currency statements
Assets and liabilities in the balance sheets shall be translated at the spot exchange rates on balance
sheet date. Shareholders’ equity items, except for the item of "undistributed profits", are translated at
the spot exchange rates on the dates when the transactions occur. Revenue and expense items in the
income statement are translated at the spot exchange rates on the dates when the transactions occur
or at the exchange rate determined in a systematic and reasonable method and similar to the spot
exchange rate on the day when the transactions occur. Differences arising from the above translations
of foreign currency financial statements are separately listed under other comprehensive income in the
consolidated balance sheet. If the overseas business is partly disposed of, the foreign currency
financial statements exchange difference shall be calculated in proportion to the percentage of disposal
and transferred to gain or loss on disposal for the current period.
Foreign currency cash flow and cash flow of foreign subsidiaries shall be translated at approximate
exchange rate of spot rate on the date of cash flow.
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity. When the Company becomes a party to a financial
instrument contract, the related financial asset or financial liability should be recognized.
(1) Classification, recognition and measurement of financial assets
Based on the business model of financial asset management and the contract cash flow characteristics
of financial assets, the Company classifies financial assets into: financial assets measured at amortized
cost; financial assets measured at fair value with their changes included into other comprehensive
income; and financial assets measured at fair value with their changes included into current
profits/losses.
At the initial recognition, financial assets are measured at fair value. For financial assets measured at
fair value with their changes included into current profits/losses, the expenses involved in the
transaction are directly recorded into current profits/losses; for other financial liabilities, the expenses
involved in the transaction are recorded into the initially recognized amount.
① Financial assets measured at amortized cost
The business model in which the Company manages financial assets measured at amortized cost aims
to receive contract cash flow. Furthermore, the characteristics of the contract cash flow of such financial
assets are consistent with basic borrowing and lending arrangements, which means that cash flow
generated on a specific date serves only as payment for principal and interests based on the amount of
unpaid principal. The Company adopts the effective interest method for such financial interests,
performs subsequent measurement of them at amortized cost, and includes the gains or losses from
derecognition, changes or impairment of them into current profits/losses.
② Financial assets measured at fair value with their changes included into other comprehensive
income
The business model in which the Company manages such financial assets both aims to receive
contract cash flow and for the purpose of sale. Furthermore, the characteristics of the contract cash
flow of such financial assets are consistent with basic borrowing and lending arrangements. The
Company measure such financial assets at fair value and include their changes into other
comprehensive income, but record impairment losses or gains, exchange gains or losses and interest
income calculated in the effective interest method into current profits/losses.
At the initial recognition, the Company may specify non-trading equity instrument investment as a
financial asset measured at fair value with its changes included into other comprehensive income and
should recognize the dividend income according to regulations; the specification is irrevocable once
made. When the financial asset is derecognized, the cumulative gains or losses previously included into
other comprehensive income should be transferred into retained earnings.
③ Financial assets measured at fair value with their changes included into current profits/losses
For financial assets other than the above financial assets measured at amortized cost and financial
assets measured at fair value with their changes included into other comprehensive income, the
Company classifies them as financial assets measured at fair value with their changes included into
current profits/losses. In addition, at the initial recognition, the Company specifies partial financial
assets as financial assets measured at fair value with their changes included into current profits/losses,
in order to eliminate or substantially reduce accounting mismatch. For such financial assets, the
Company performs subsequent measurement using fair value and records changes in the fair value
into current profits/losses.
(2) Classification, recognition and measurement of financial liabilities
At their initial recognition, financial liabilities are divided into financial liabilities measured at fair value
with their changes included into current profits/losses and other financial liabilities. For financial
liabilities measured at fair value with their changes included into current profits/losses, the expenses
involved in the transaction are directly recorded into the current profits/losses. For other financial
liabilities, the expenses involved in the transaction are recorded into the initially recognized value.
① Financial liabilities measured at fair value with their changes included into current profits/losses
Financial liabilities measured at fair value with their changes included into current profits/losses include
trading financial liabilities (including derivatives classified as financial liabilities) and the financial
liabilities specified to be measured at fair value with their changes included into current profits/losses at
the initial recognition.
Trading financial liabilities (including derivatives classified as financial liabilities) are subsequently
measured at fair value, with changes in fair value recorded into current profits/losses, except for those
related to hedge accounting.
For those specified as financial liabilities measured at fair value with their changes included into current
profits/losses, changes in the fair value of such liabilities caused by changes in the Company’s own
credit risk should be included into other comprehensive income. In derecognition of such liabilities,
cumulative changes in their value caused by the Company’s own credit risk that have been recorded
into other comprehensive income should be transferred into retained earnings. Other changes in their
fair value should be recorded into current profits/losses. If treatment of the impact of the Company’s
own credit risk changes of such financial liabilities in the above manner causes or expands accounting
mismatch in profits/losses, the Company will include all gains or losses of such financial liabilities
(including the amount of the impact of the Company’s own credit risk changes) into current
profits/losses.
② Other financial liabilities
Financial liabilities other than those formed from the transfer of financial assets not meeting
derecognition conditions or continuous involvement into transferred financial assets and those outside
financial guarantee contracts are classified as financial liabilities measured at amortized cost. Such
financial liabilities should be subsequently measured at amortized cost and the gains or losses from
derecognition or amortization should be included into current profits/losses.
(3) Recognition basis and measurement method of transfer of financial assets
If a financial asset meets any of the following conditions, it shall be derecognized: 1)The contractual
right for collecting the cash flow of the financial asset has been terminated; 2)The financial asset has
been transferred and almost all the risks and remunerations in respect of the ownership of the financial
asset have been transferred to the transferee; 3)The financial asset has been transferred, and although
the enterprise neither transfers nor retains almost all the risks and remunerations in respect of the
ownership of the financial asset, it has abandoned its control over the asset.
If the enterprise neither transfers nor retains almost all the risks and remunerations in respect of the
ownership of the financial asset and does not abandon its control over the asset, the involved financial
asset shall be recognized according to the level of continuous involvement of the transferred financial
asset and the relevant liabilities shall be recognized accordingly. The level of continuous involvement of
the transferred financial asset refers to the level of risk faced by the enterprise due to changes in the
value of the financial asset.
If the overall transfer of the financial asset meets the recognition conditions, the difference between the
carrying value of the transferred financial asset as well as the consideration received from the transfer
and the cumulative amount of fair value changes originally-recorded into other comprehensive incomes
shall be recorded into the current profits/losses.
If partial transfer of the financial asset meets the recognition conditions, the carrying value of the
transferred financial asset shall be apportioned at the relative fair value between the derecognition and
underecognition part. The difference between the summation of the consideration received from the
transfer and the cumulative amount of fair value changes originally-recorded into other comprehensive
incomes that should be apportioned to the derecognition part and the apportioned aforementioned
carrying value shall be recorded into the current profits/losses.
For a financial asset sold with the right of recourse or with the transfer of the financial asset
endorsement, the Company shall decide whether almost all the risks and remunerations in respect of
the ownership of the financial asset should be transferred. If they are transferred, the financial asset
shall be derecognized; if they are retained, the financial asset shall not be derecognized; if they are
neither transferred nor retained, the Company will continue to decide whether the enterprise should
retain control over the asset and perform the accounting treatment according to the principles stated in
previous paragraphs.
(4) Derecognition of financial liabilities
When the current obligation of a financial liability (or a part of it) is relieved, the Company will
derecognize the financial liability (or the part of it). When the Company (borrower) signs an agreement
with a lender to replace an original financial liability in the form of bearing a new financial liability and
the contract terms for the new financial liability differ from those for the original in substance, the
original financial liability should be derecognized and the new one should be recognized. When the
Company makes substantial changes to the contract terms of an original financial liability (or a part of it),
the original financial liability should be derecognized and a new financial liability should be recognized
according to the amended contract terms.
When a financial liability (or a part of it) is derecognized, the Company will include the difference
between its carrying value and the consideration paid (including non-cash assets or liabilities borne that
are transferred out) into current profits/losses.
(5) Offsetting of financial assets and financial liabilities
When the Company has the legal right to offset recognized financial assets and financial liabilities and
may execute the legal right currently and simultaneously, the Company plans to settle or
simultaneously encash the financial assets in net amounts and pay off the financial liabilities, the
financial assets and the financial liabilities which are presented in the net amount after the mutual offset
in the balance sheet. Other than that, they shall be presented separately in the balance sheet without
the mutual offset.
(6) Method of determining the fair value of financial assets and financial liabilities
Fair value refers to the price that a market participant can receive for selling an asset or transferring a
liability in an orderly transaction on the measurement date. For an existing financial instrument in an
active market, the Company adopts the quotations in the active market to determine its fair value.
Quotations in the active market refer to prices that can be easily obtained from exchanges, brokers,
industrial associations and pricing service institutions and represent the actual prices in the market
transactions happening in a fair trade. For a non-existing financial instrument in an active market, the
Company adopts the valuation technique to determine its fair value. The valuation technique includes
references to familiar situations and the prices used by the parties voluntarily participating in the recent
market transactions, as well as references to the present fair value of other financial instruments of the
same nature, discounted cash flow method and options pricing model. In the valuation, the Company
uses a valuation technique that is applicable in the current situation with sufficient data available and
other information support, chooses input values that are consistent with the asset or liability
characteristics considered by market players in related asset or liability transactions, and makes
maximum effort to use related observable input values on a preferential basis. When it is unable or
unfeasible to obtain related observable input values, unobservable will be used.
(7) Equity instruments
Equity instruments refer to the contracts that can prove the Company’s residual equity of assets after
the deduction of all liabilities. The Company’s issuance (including refinancing), repurchase, sale or
cancellation of equity instruments serve as the change treatment of equity. Transaction expenses
related to the equity transactions are deducted from the equity. The Company does not recognize
changes in the fair value of equity instruments.
Dividends from the Company’s equity instruments distributed during the validity (including the “interests”
from instruments classified as equity instruments) are treated as profit distribution.
(8) Impairment of financial instruments
Based on the expected credit loss, the Company treats financial assets measured at amortized cost
and debt instrument investment measured at fair value with their changes included into other
comprehensive income by impairment and recognizes the provision for loss.
Credit loss means the difference between all contract cash flow discounted at the original effective
interest rate to be received according to contracts and all contract cash flow expected to be received,
namely, the present value of all cash shortage. For a financial asset with credit impairment purchased
by or originated from the Company, it should be discounted by the effective interest rate after credit
adjustment to the financial asset.
For accounts receivable that do not contain significant financing components, the Company adopts
simplified measurement to measure loss provisions according to the amount equivalent to the expected
credit loss for the entire duration.
For a financial asset other than those using the above simplified measurement, the Company assesses
on each balance sheet date whether its credit risk has substantially increased since the initial
recognition. If it has not and is in the first stage, the Company will measure the loss provision at the
amount equivalent to the expected credit loss for the next 12 months and calculate the interest income
according to the book balance and the effective interest rate; if it has substantially increased since the
initial recognition without credit impairment and is in the second stage, the Company will measure the
loss provision at the amount equivalent to the expected credit loss for the entire duration and calculate
the interest income according to the book balance and the effective interest rate; if credit impairment
has occurred since the initial recognition and is in the third stage, the Company will measure the loss
provision by the amount equivalent to the expected credit loss for the entire duration and calculate the
interest income according to the amortization cost and the effective interest rate. For financial
instruments with low credit risks on balance sheet dates, the Company assumes that their credit risks
have not substantially increased since the initial recognition.
The Company assesses expected credit losses of financial instruments based on individual and group
assessment. The Company considers the credit risk characteristics of different customers and
assesses the expected credit losses of accounts receivable and other receivables based on account
age portfolio. When assessing expected credit losses, the Company considers reasonable and well-
founded information on past matters, present conditions and forecast of future economic conditions.
When it no longer reasonably expects to recover all or part of the contract cash flow of financial assets,
the Company will directly write down the book balance of such financial assets.
The types of portfolios for which bad debt provisions are made according to the portfolios of credit risk
characteristics and the basis for determining them:
Divide notes receivables into various portfolios according to common risk characteristics based on the
credit risk characteristics of acceptors and determine the accounting estimate policies of expected
credit loss：
Portfolio name Provision method
Bank acceptance bill The management evaluates that this type has low credit risk and its fixed bad
portfolio debt provision ratio is 0%.
Trade acceptance The provision for impairment is made according to the expected loss rate with
portfolio the same portfolio classification of accounts receivable
The types of portfolios for which bad debt provisions are made according to the portfolios of credit risk
characteristics and the basis for determining them:
As for accounts receivable, regardless of whether there is a significant financing component, the
Company always measures the provision for loss based on the amount equivalent to the expected
credit loss over the entire life, and the resulting increase or reversal of provision for loss shall be
included in the current profit or loss as gains or losses on impairment. The accrual method is as follows:
(1) When there is objective evidence showing that an account receivable has incurred credit impairment,
the Company shall make bad debt provision for the account receivable and recognize the expected
credit loss.
(2) When the information about the expected credit loss of a single financial asset cannot be evaluated
at a reasonable cost, the Company shall divide the accounts receivable portfolio according to credit risk
characteristics and measure the expected credit loss based on portfolios:
Portfolio name Provision method
Risk portfolio Expected credit loss
Other portfolio No bad debt provision
Other portfolio refers to the normal intercompany funds among the Company and businesses under
common control, the recovery of which is controllable with no risks. Thus, no bad debt provision was
made.
The aging calculation method of credit risk characteristic portfolio based on aging:
The Company combines the accounts receivable classified as risk portfolio in accordance with similar
credit risk characteristics (aging), and calculates the expected credit loss through the exposure at
default and expected credit loss rate over the entire life based on the current situation and prediction of
future economic situation consulting historical credit loss experience. The comparative table of the
credit loss rate is as follows:
Aging Expected loss provision rate %
Within 1 year 5
Over 5 years 100
The ageing of accounts receivable is calculated from the month in which the amounts are actually
incurred.
The accounts receivable financing of the Company refer to the notes receivables measured at fair value
through other comprehensive income on the balance sheet date. For more details, see Note 5.11
Financial instruments.
Determination method and accounting treatment of expected credit losses of other receivables
The types of portfolios for which bad debt provisions are made according to the portfolios of credit risk
characteristics and the basis for determining them:
As for other receivables, regardless of whether there is a significant financing component, the Company
always calculates the expected credit loss through the exposure at default and expected credit loss rate
in the next 12 months or over the entire life based on the current situation and prediction of future
economic situation consulting historical credit loss experience, and the resulting increase or reversal of
provision for loss shall be included in the current profit or loss as gains or losses on impairment. The
accrual method is as follows:
(1) When there is objective evidence showing that the other receivable has incurred credit impairment,
the Company shall make bad debt provision for the other receivable and recognize the expected credit
loss.
(2) When the information about the expected credit loss of a single financial asset cannot be evaluated
at a reasonable cost, the Company shall divide the other receivables portfolio according to credit risk
characteristics and measure the expected credit loss based on portfolios.
Portfolio name Provision method
Risk portfolio Expected credit loss
Other portfolio No bad debt provision
Other portfolio refers to the normal intercompany funds among the Company and businesses under
common control, the recovery of which are controllable with no risks. Thus, no bad debt provision was
made.
The Company combines the other receivables classified as risk portfolio in accordance with similar
credit risk characteristics, and calculates the expected credit loss through the exposure at default and
expected credit loss rate in the next 12 months or over the entire life based on the current situation and
prediction of future economic situation consulting historical credit loss experience.
The Company presents contract assets or contract liabilities on the balance sheet according to the
relationship between the fulfillment of its contract performance obligations and its customers’ payment.
Considerations that the Company has the right to collect for commodities transferred or services
provided to customers (and such right depends on other factors than time lapses) are presented as
contract assets. The Company presents the right possessed to collect consideration from customers
unconditionally (only depending on the passing of time) as accounts receivable. Refer to “The method
of determining the expected credit loss of accounts receivable and accounting treatment method” for
the detail on the Company’s method of determining the expected credit loss of contract assets and
accounting treatment method.
(1) Classification of inventory
Inventories are classified as: raw materials, goods in progress (including semi-finished goods), stock
commodities, and dispatched inventories.
(2) Measurement method of acquiring and dispatching inventories
The standard cost is used for daily accounting of raw materials, and the difference of material cost
should be carried forward on a monthly basis to adjust the standard cost into the actual cost; The goods
in progress (including semi-finished goods) shall be accounted according to the actual cost, and the
weighted average method shall be used when they are received and delivered. The actual cost of the
inventory at the end of the month above shall be taken as the standard cost, and the delivery shall be
priced according to the standard cost. At the end of the month, the standard cost of the inventory at the
end of the month shall be adjusted into the actual cost through the cost-sharing difference.
(3) Determining criteria and method of provision for stock obsolescence
At the end of the period, inventory is measured according to the lower of cost and net realizable value.
The difference between inventory cost and net realizable value is higher than the provision for stock
obsolescence, which is recorded into current profit and loss. For inventories that are related to product
ranges produced and sold in the same district or used for the same or similar ultimate purpose and are
difficult to be measured separately from other inventories, the Company provides for stock
obsolescence as a whole. For inventories that have large quantities but low value, the Company
provides for stock obsolescence on a category basis.
The materials held for production shall be measured at cost if the net realizable value of the finished
products is higher than the cost. If a decline in the value of materials shows that the net realizable value
of the finished products is lower than the cost, the materials shall be measured at the net realizable
value.
(4) Inventory system
The Company adopts perpetual inventory system.
(5) Packing materials and low-cost consumables are amortized in full at once.
(1) Determining criteria for non-current assets held for sale or disposal groups
The Company shall classify the non-current assets or disposal group meeting the following conditions
into the held-for-sale category: The assets (or disposal group) must be available for immediate sale in
its present condition subject only to terms that are usual and customary for sales of such assets (or
disposal groups); Its sale must be highly probable.; The Company has already made a decision to
dispose the component and has a commitment from the purchaser, the transfer will be completed within
one year.
The non-current assets or disposal group acquired by the Company for resale shall be divided into the
held-for-sale category on the acquisition date if it meets the condition that "the sale is expected to be
completed within one year" and if it is likely to meet other conditions for the held-for-sale category within
a short period (usually three months).
Due to one of the following reasons that the Company is unable to control, leading to the transactions
not completed with non-related party within one year, and the Company still commits to selling non-
current assets or disposal groups, it can continue to account for non-current assets or disposal groups
as held-for-sale: the buyer or any other party accidentally set sale extension condition. The Company
has to take action in time according to these conditions and the extension problem is expected to be
solved within one year; In rare cases, the Company has taken the necessary steps and re-satisfies the
hold for sale category condition within the first year for the new circumstances which caused it unable to
complete the sale of the non-current assets or disposal group within one year.
(2) Accounting treatment of non-current assets or disposal groups held for sale
① Initial measurement and subsequent measurement
When the Company measure a non-current asset or disposal group held for sale initially or re-measure
at balance sheet date subsequently, the impairment loss should be recognized if the book value is
higher than fair value less costs to sell by the amount of the difference between these two in profit and
loss, the provision for assets held for sale need to be recognized at the same time.
For the non-current assets or disposal groups divided into held-for-sale category on the acquisition date,
they shall be measured as the lower of the initial measurement amount and the net amount after
deducting the selling expenses from the fair value under the assumption that it is not divided into held-
for-sale categories at the initial measurement. Except for the non-current assets or the disposal groups
obtained in the enterprise merger, the difference caused by the non-current assets or the disposal
groups taking the net amount after the fair value minus the selling expenses as the initial measurement
amount shall be recorded into the current profit and loss.
For the impairment of disposal group, it should write off goodwill if existing, and then write down the
related assets proportionally.
Depreciation or amortization should cease for the non-current asset held for sale. Interest and other
charges on liabilities in the disposal groups held for sale continue to be recognized.
② Accounting treatment of reversal of impairment loss
If the net amount of the non-current assets held for sale on the subsequent balance sheet date
increases after the fair value minus the selling expenses, the amount previously written down shall be
reversed, and the amount of the impairment loss recognized after being classified as the held-for-sale
shall be reversed, and the reversed amount shall be included in the current profit and loss. The
impairment loss recognized before the classification of the held-for-sale shall not be reversed.
If the net amount of the disposal groups held for sale on the subsequent balance sheet date increases
after the fair value deducting the selling expenses, the amount previously written down shall be
reversed, and the amount of the impairment loss recognized as non-current assets after being
classified as the held-for-sale shall be reversed, and the reversed amount shall be included in the
current profit and loss. The book value of the goodwill that has been written down and the impairment
losses recognized before the classification of the held-for-sale shall not be reversed.
The subsequent reversed amount of the impairment loss recognized by the disposal groups held for
sale shall be increased in proportion to the book value of non-current assets except goodwill in the
disposal groups.
③ Recognition criteria and presentation of discontinued operations
Non-current assets or disposal groups that are no longer divided into held-for-sale category or non-
current assets are removed from disposal groups held for sale because of no longer meeting the
condition of classification of held-for-sale, they are measured at lower of the following two: book value
before being classified as the held-for-sale considering depreciation, amortization or impairment that
should have been recognized under the assumption that it is not divided into held-for-sale categories;
and recoverable amount.
When terminating the recognition of the non-current assets held for sale or the disposal groups, the
unrecognized gains or losses shall be recorded into the current profit and loss.
Not applicable.
Not applicable.
For details, see “5.11 Financial Instruments” above.
(1) Judgment criteria of common control and significant influence
Common control on an agreement with other participants refers to the Company share control with
other participants on an arrangement according to relevant conventions, which exists only when
decisions about the relevant activities require the unanimous consent of the parties sharing control.
This arrangement belongs to joint venture. Where the joint venture arrangement is made by a separate
entity and the Company is judged to have rights to the net assets of such a separate entity according to
the relevant conventions. Such a separate entity shall be regarded as a joint venture and accounted by
the equity method. If the Company is judged to be not entitled to the net assets of the separate entity
according to relevant conventions, the separate entity shall be regarded as a joint venture and the
Company shall recognize the items related to the shares of the joint venture and perform accounting
treatment in accordance with relevant accounting standards.
The term ‘significant influence’ refers to the power to participate in decision-making on the financial and
operating policies of the investee, but with no control or joint control over the formulation of these
policies. The Company judges that it has a significant impact on the invested entity through one or more
of the following situations and taking all the facts and circumstances into consideration:
① Dispatch representatives to the board of directors or similar authorities of the investee.
② To participate in the financial and business policy making process of the investee.
③ Significant transactions with the investee.
④ Dispatch management personnel to the investee.
⑤ To provide key technical data to the investee.
(2) Determination of the initial investment cost
① Long-term equity investment resulting from combination
Business combination under common control：For the long-term equity investments obtained by cash
paid, non-monetary assets paid or assumed liabilities and the equity securities issued by the acquirer,
on the merger date, the initial investment cost of long-term equity investment shall be taken as the
share of the owner's equity of the investee in the book value of the final control party's consolidated
financial statements. If the investee under business combination under common control can be
controlled due to additional investment or other reasons, the initial investment cost of long-term equity
investment shall be determined on the merger date according to the share of the net assets of the
investee in the book value of the final control party's consolidated financial statements. The difference
between the initial investment cost of the long-term equity investment on the merger date and sum of
the book value of the long-term equity investment before the merger and the new consideration of
acquiring shares on the merger date shall be recorded to adjust the equity premium. If the equity
premium is insufficient to be written down, the retained earnings shall be written down.
Business combination not under common control ： The Company takes the initial investment cost of
long-term equity investment as the merger cost determined on the purchase date. If the investee can be
controlled under business combination not under common control due to additional investment or other
reasons, the previous book value of the equity investment held plus the sum of the newly added
investment cost shall be taken as the initial investment cost calculated according to the cost method.
② Long-term equity investment obtained by other means
For the long-term equity investments obtained by cash paid, the Company recognizes their fair value as
the initial investment costs.
For the long-term equity investments acquired by the issue of equity securities, the initial investment
cost shall be the fair value of the equity securities issued.
For long-term equity investments obtained by non-monetary assets exchange, under the condition that
an exchange of non-monetary assets is of commerce nature and the fair value of assets exchanged
can be reliably measured, non-monetary assets traded in is initially stated at the fair value of the assets
traded out, unless there is conclusive evidence indicating that the fair value of the assets traded in is
more reliable; if the above conditions are not satisfied, initial investment costs of long-term equity
investments traded in shall be recognized at the book value of the assets traded out and the relevant
taxes and surcharges payable.
For long-term equity investments obtained by debt restructuring, the Company recognizes the fair value
of shares of debt-for-equity swap as the initial investment costs.
(3) Subsequent measurement and recognition of profit and loss
① Long-term equity investments measured under the cost method
Long-term equity investments that can control the investee are measured under the cost method. For
long-term equity investments accounted at the cost method, except cash dividends or profits declared
but not yet distributed which are included in the actual payments or the consideration actually paid for
the investment, the cash dividends or profits declared by the investee shall be recognized as the
investment income irrespective of net profits realized by the investee before investment or after
investment.
② Long-term equity investments measured under the equity method
For the long-term equity investment which has joint control or significant influence over the investee, the
equity method is adopted for accounting. For long-term equity investments measured at the equity
method, if the initial investment costs are higher than the investor’s attributable share of the fair value of
the investee’s identifiable net assets, no adjustment will be made to the initial costs of the long-term
equity investments; if the initial investment costs are lower than the investor’s attributable share of the
fair value of the investee’s identifiable net assets, the difference shall be recognized in current profit and
loss.
The Company shall, according to the shares of net profits and other comprehensive income realized by
the investee that shall be enjoyed or borne by the Company, recognize the profit and loss on the
investments and adjust the book value of the long-term equity investments. When recognizing the net
profits and losses and other comprehensive income of the investee that the Company shall enjoy or
bear, the Company shall make a recognition and calculation based on the net book profits and losses of
the investee after appropriate adjustments. However, where the Company is unable to obtain the
relevant information due to failure to reasonably determine the fair value of the investee’s identifiable
assets, minor difference between the investee’s identifiable assets and the book value thereof or other
reasons, the profits or losses on the investments shall be directly calculated and recognized based on
the net book profits and losses of the investee. The Company shall calculate the part distributed from
cash dividends or profits declared by the investee and correspondingly reduce the book value of the
long-term equity investments. When recognizing the income from investments in associates and joint
ventures, the Company shall write off the part of income from internal unrealized transactions between
the Company and associates and joint ventures which are attributable to the Company and recognize
the profit and loss on investments on such basis. Where the losses on internal transactions between
the Company and the investee are impairment of related assets, full amounts of such losses shall be
recognized. Profit and loss from internal unrealized transactions between the Company’s subsidiaries
included into the combination scope and associates and joint ventures shall be written off according to
the above principles and the profit and loss on investments thereafter shall be recognized on such basis.
When the share of net loss of the investee attributable to the Company is recognized, it is treated in the
following sequence: Firstly, write off the book value of the long-term equity investments; where the book
value of the long-term equity investments is insufficient to cover the loss, investment losses are
recognized to the extent that book value of long-term equity which form net investment in the investee
in other substances and the book value of long-term receivables shall be written off; after all the above
treatments, if the Company still assumes additional obligation according to investment contracts or
agreements, the obligation expected to be assumed should be recognized as provision and included
into the investment loss in the current period. If the investee is profitable in subsequent accounting
periods, the Company shall treat the loss in reverse order against that described above after deducting
unrecognized share of loss: i.e. write down the book value of the recognized provision, then restore the
book value of long-term interests which substantially form net investments in the investee, then restore
the book value of long-term investments, and recognize investment income at the same time.
Measurement model of investment property
Cost model
Method of depreciation or amortization
Investment property is the property that is held to earn rent or capital appreciation or both and can be
measured and sold separately. The Company’s investment property includes land use right already rent,
land use right held for appreciation and then sold, and buildings already rent.
(1) Initial Recognition
When the Company can obtain the rental income or value-added income related to the investment
property and the cost of the investment property that can be measured reliably, the Company will
initially measure it according to the actual expenditure of purchase or construction:
The cost of the purchased investment property includes the purchase price and related taxes directly
attributable to the asset;
The cost of self-built investment property consists of the necessary expenses incurred before the asset
reaches the intended use condition;
The cost of the investment property obtained by other means shall be recognized in accordance with
relevant accounting standards.
(2) Subsequent measurement
In general, the Company adopts the cost model to measure the follow-up expenditure of investment
property. The depreciation or amortization of investment property shall be carried out in accordance
with the accounting policies for the Company's fixed assets or intangible assets.
If there is solid evidence suggests that the investment property acquired can be measured at fair value
continuously and reliably, the Company can use fair value model for subsequent measurement. For the
investment property measured at fair value model, the Company does not provide depreciation or
amortization and adjusts its book value based on the fair value of investment property at the balance
sheet date. The difference between the fair value and book value is recorded into current profit or loss.
(3) When the Company changes the use of investment property, the relevant investment property will
be transferred to other assets.
(1) Recognition of fixed assets
Fixed assets refer to tangible assets held for the purpose of producing commodities, providing
services, renting or business management with useful life exceeding one accounting year. Fixed
assets are recognized when the following criteria are satisfied simultaneously: It is probable that the
economic benefits relating to the fixed assets will flow into the Company; the cost of the fixed assets
can be measured reliably.
(2) Depreciation of fixed assets
Estimated Annual
Depreciation Estimated useful
Category residual value depreciation rate
method life (Year)
rate (%) (%)
Buildings and
Constructions Straight-line 10－45 5% 9.50%－2.11%
method
Special Straight-line
equipment 5－35 5% 19.00%－2.71%
method
Universal Straight-line
equipment
method
Transportation Straight-line
equipment 6 5% 15.83%
method
Straight-line
Other equipment 4－16 5% 23.75%－5.94%
method
Except for fixed assets still in use after full depreciation, the Company depreciates all fixed assets and
calculates the depreciation in the straight-line depreciation method.
Based on the nature and use of fixed assets, the Company determines their service life and estimated
net salvage value and reviews their service life, estimated net salvage value and depreciation method
at the end of the year. Changes in the service life, estimated net salvage value and depreciation
method of the same type of assets are treated as changes in accounting estimation.
(3) Impairment test method and impairment provision accrued method of fixed assets
At the end of the period, the fixed assets shall be measured at the lower of the book value and the
recoverable amount. If the recoverable amount of fixed assets is lower than the book value due to a
continuous decline in the market value, or technological obsolescence, damage, or long-term idleness,
a provision for impairment of the fixed assets shall be made for the difference between the recoverable
amount and the book value of individual fixed assets. If the recoverable amount of the individual asset
is difficult to estimate, the Company will determine the recoverable amount of the asset group based on
the asset group to which the asset belongs. The impairment losses on fixed assets must not be
reversed in subsequent accounting periods once recognized.
For fixed assets for which depreciation provision has been made, the depreciation rate and depreciation
amount shall be remeasured according to the book value of the fixed assets (the original price of fixed
assets minus accumulated depreciation and provision for impairment), and the remaining service life.
On the balance sheet date, the fixed assets shall be measured at the lower of the book value and the
recoverable amount.
(1) Construction in progress refers to various construction and installation works carried out for the
construction or repair of fixed assets, including the actual expenditure incurred in new construction,
reconstruction and expansion, and the net value of fixed assets transferred from the reconstruction and
expansion projects.
(2) Construction in progress is accounted on an individual project basis with actual cost valuation
method. The borrowing costs incurred before the projects reach the intended use condition shall be
included in the project cost. The fixed assets shall be carried forward in the month when the project is
qualified for acceptance and delivery for use. For those that have reached the intended use condition
but have not yet completed the final account, from the date of reaching the intended use condition,
according to the project budget, construction cost or the actual cost of the project, the cost transferred
to the fixed assets shall be determined according to the estimated value, and the depreciation shall be
recognized; After the completion of the final account, the original provisional value shall be adjusted
according to the actual cost, but the amount of depreciation accrued shall not be adjusted.
(3) The loan interest and related expenses incurred during the construction period shall be capitalized
into the cost of the construction in Progress.
(4) On the balance sheet date, the construction in progress is recognized at the lower of book value and
recoverable amount.
(1) Scope of borrowing costs and its capitalization conditions
The Company’s borrowing costs capitalized during period of capitalization are relevant loan expenses
directly attributable to the assets eligible for capitalization, including interest thereon, amortization of
discounts or premiums, ancillary expenses and exchange differences incurred from foreign currency
loan, etc.
Borrowing costs are capitalized when the following three conditions are met simultaneously: ① the
asset expenditure has occurred, ② the borrowing costs have occurred, ③ the purchase and
construction activities necessary to make the assets reach the intended use condition have started.
(2) Recognition of capitalized amounts
The capitalized amount of borrowing expenses is calculated as follows: As for special loan borrowed for
acquiring and constructing or producing assets eligible for capitalization, borrowing costs of special loan
actually incurred in the current period less the interest income of the loans unused and deposited in
bank or return on temporary investment should be recognized as the capitalization amount of borrowing
costs. As for general loans used for acquiring and constructing or producing assets eligible for
capitalization, the interest of general loans to be capitalized should be calculated by multiplying the
weighted average of asset disbursements of the part of accumulated asset disbursements in excess of
special loans by the capitalization rate of used general loans. During the period of capitalization, the
capitalized amount of interest of each accounting period shall not exceed the current actual interest of
the relevant loans. Where there are discounts or premiums on loans, the amounts of interest for each
accounting period should be adjusted taking account of amortizable discount or premium amounts for
the period by effective interest method. Auxiliary expenses incurred from special loans before the
acquired or constructed assets eligible for capitalization reach the working condition for their intended
use or sale should be capitalized when they incur and charged to the costs of assets eligible for
capitalization; those incurred after the acquired or constructed assets eligible for capitalization reach the
working condition for their intended use or sale should be recognized as costs according to the
amounts incurred when they incur and charged to the current profit or loss.
(3) Recognition of capitalization rate
① For a special loan for the purchase and construction of fixed assets, the capitalization rate is the
interest rate of the loan;
② For more than one special loan for the acquisition and construction of fixed assets, the capitalization
rate is a weighted average interest rate of these loans.
(4) Capitalization suspension of borrowing costs
If the acquisition and construction or production activities of assets eligible for capitalization are
interrupted abnormally and this condition lasts for more than three months, the capitalization of
borrowing costs should be suspended. The borrowing costs incurred during interruption are charged to
profit or loss for the current period, and the capitalization of borrowing costs continues when the
acquisition and construction or production activities of the asset resume.
(5) Capitalization cessation of borrowing costs
Capitalization of borrowing costs should cease when the acquired and constructed or produced assets
eligible for capitalization have reached the working condition for their intended use or sale. Borrowing
costs incurred after the assets eligible for capitalization have reached the working condition for their
intended use or sale should be recognized as the current profit and loss when they incur. If parts of the
acquired and constructed or produced assets are completed separately but the assets cannot be used
or sold externally until overall completion, the capitalization of borrowing costs should cease at the time
of overall completion of the said assets.
(1) Useful life and the basis for its determination, estimation, amortization methodology or
review procedures
Intangible assets refer to identifiable non-monetary assets that are owned or controlled by the Company
without a physical form.
① Measurement method
A. Costs of intangible assets purchased include purchase price, related tax and expenses and other
expenditure that can be distributed to the asset directly to reach its expected use.
B. Intangible assets invested by investors shall be valued at the value agreed upon in the investment
contract or agreement;
C. Expenses on the research phase of internally researched and developed intangible assets shall be
included in the current profit and loss when they incur; The expenditures incurred in the development
stage of the internal research and development projects shall be recognized as intangible assets when
the following conditions are met; otherwise, they shall be recorded into the current profit and loss when
they incur.
a. It is technically feasible to finish intangible assets for use or sale;
b. It is intended to finish and use or sell the intangible assets;
c. The usefulness of methods for intangible assets to generate economic benefits shall be proved,
including being able to prove that there is a potential market for the products manufactured by applying
the intangible assets or there is a potential market for the intangible assets themselves or the intangible
assets will be used internally;
d. 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.
e. The expenditure attributable to the intangible asset during its development phase can be measured
reliably.
D. If payment of the purchase price of intangible assets can be deferred and exceeds normal credit
conditions, the purchase has the nature of finance in fact and cost of the intangible asset shall be
determined on the basis of present value of the purchase price. The difference between the amount
actually paid and the present value of the purchase price should be recorded into current profit or loss
other than the differences that should be capitalized during the credit period.
② Useful life and the basis for its determination, estimation, amortization methodology or review
procedures
For intangible assets with limited useful life, amortization shall be carried out according to the straight-
line method within the period that brings economic benefits to the enterprise. At the end of each period,
the useful life and amortization method of intangible assets with limited service life shall be reviewed. If
there are differences with the original estimates, corresponding adjustments shall be made.
Intangible assets whose useful life is uncertain shall be regarded as intangible assets if it is impossible
to foresee the term in which intangible assets bring economic benefits to the enterprise. Intangible
assets with uncertain useful life shall not be amortized during the holding period, and the life of
intangible assets shall be reviewed at the end of each period. If it is still uncertain after the review at the
end of the period, the impairment test shall continue during each accounting period. At the end of each
period, the useful life of intangible assets with uncertain service life shall be reviewed.
③ Impairment test
On the balance sheet date, intangible assets are valued at the lower of book value and recoverable
amount.
(2) The scope of research and development expenditure collection and the related accounting
treatment
The R&D expenditure of the Company mainly include the materials consumed in the implementation of
R&D activities, salaries of R&D department employees, depreciation and amortization of assets such as
equipment and software used in research and development, R&D testing, R&D technical service fees,
and licensing fees.
The expenditures incurred in the development stage of the research and development projects shall be
recognized as intangible assets when the following conditions are met; otherwise, they shall be
recorded into the current profit and loss when they occur.
① It is technically feasible to finish intangible assets for use or sale;
② It is intended to finish and use or sell the intangible assets;
③ The usefulness of methods for intangible assets to generate economic benefits shall be proved,
including being able to prove that there is a potential market for the products manufactured by applying
the intangible assets or there is a potential market for the intangible assets themselves or the intangible
assets will be used internally;
④ 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 expenditure attributable to the intangible asset during its development phase can be measured
reliably.
Development expenditures that have been recorded into profit and loss in previous periods are not
recognized as assets in subsequent periods. The capitalized expenditure in the development stage is
listed as development expenditure in the balance sheet, and it will be recorded into intangible assets
from the date when the project reaches its intended purpose.
On the balance sheet date, the Company makes a judgment on whether there are signs of possible
impairment of long-term assets. If there are impairment indicators of non-current assets, the Company
estimates the recoverable amount based on individual asset. If recoverable amount of individual asset
is difficult to be estimated, the Company should recognize the recoverable amount of the asset group
which the individual asset belongs to.
The recoverable amount is the higher of fair values less costs of disposal and the present values of the
future cash flows expected to be derived from the asset.
If the measurement result of recoverable amount shows that recoverable amount of the non-current
assets is less than its book value, the book value shall be written down to the recoverable amount, and
the amount written down shall be recognized as the impairment loss of assets, recorded into the current
profit and loss, and the corresponding impairment provision of assets shall be made at the same time.
Once impairment loss stated above is recognized, reversal is not allowed in the subsequent accounting
periods.
After the recognition of the impairment loss, the depreciation or amortization expense of the impairment
asset shall be adjusted accordingly in the future period so as to systematically apportion the adjusted
book value of the asset (deducting the expected net salvage value) within the remaining service life of
the asset.
The Company should perform impairment test for goodwill and intangible assets with indefinite life at
least at each year end, no matter whether there is impairment indicator.
Goodwill shall be combined with its related asset group or asset group portfolio so as to perform an
impairment test. When the Company performs an impairment test on relevant asset group or asset
group portfolio including goodwill, if there are signs of impairment, the Company shall firstly perform an
impairment test on asset group or asset group portfolio excluding goodwill and calculate the
recoverable amount, and compare with the related book value, recognize the corresponding impairment
loss. Then, the Company performs an impairment test on relevant asset group or asset group portfolio
including goodwill, and compares the book value of the relevant asset groups or asset group portfolio
(including proportional book value of goodwill) with its recoverable amount. If the recoverable amount of
relevant asset group or asset group portfolio is less than its book value, the Company shall recognize
impairment loss of goodwill.
Long-term deferred expenses shall be initially measured according to the actual costs incurred. It is
amortized using the straight-line method over the beneficial period. If it cannot benefit the following
accounting period, the amortized value of the item that has not been amortized will be transferred to the
current profit and loss.
The recognition method of contract liabilities: The Company presents contract assets or contract
liabilities on the balance sheet according to the relationship between the fulfillment of its contract
performance obligations and its customers’ payment. Obligations to be fulfilled by the Company of
transferring commodities or providing services to customers, as the Company has received or should
receive customers’ considerations, are presented as contract liabilities.
(1) Accounting treatment method of short-term benefits
Short-term benefits are the benefits that the Company expects to pay in full within 12 months after the
reporting period in which the employee provided relevant services, excluding the compensation for
employment termination. Accrued short term benefits will be recognized as liability during the
accounting period in which the employee is providing the relevant service to the Company. The liability
will be included in the current profit and loss or the relevant assets cost.
(2) Accounting treatment method of post-employment benefits
① Defined contribution plan
The defined contribution plan of the Company includes payments of basic pension and unemployment
insurance calculated according to the local payment base and proportion. The amount shall be included
into the profit and loss or the relevant assets cost for the accounting period in which the employee
provides the service to the Company.
② Defined benefit plan
According to the formula determined by the expected accumulative projected unit credit method, the
Company will record the benefit obligation generated by the defined benefit plan belonging to the period
during which the employee provides the service into the current profit and loss or the relevant assets
cost.
The deficit or surplus resulting from the present value minus the fair value of the assets of a defined
benefit plan is recognized as a net liability or net asset of a defined benefit plan. If there is surplus in the
defined benefit plan, the net assets of the defined benefit plan shall be measured at the lower of the
surplus and the upper limit of assets of the defined benefit plan.
All defined benefit plan obligations, including those expected to be paid within the twelve months
following the end of the annual reporting period in which the employee provides the service, are
discounted based on the market yield and high quality corporate bonds in an active market that match
the duration and currency of defined benefit plan obligations on the balance sheet date.
The service costs generated by the defined benefit plan and the net interest on net liabilities or net
assets of the defined benefit plan are included in the current profit and loss or relevant assets cost;
Changes in net liabilities or net assets generated by the re-measurement of the defined benefit plan are
included in other comprehensive income and are not reversed to profit and loss in subsequent
accounting periods.
At the time of settlement of the defined benefit plan, the settlement gains or losses shall be recognized
according to the difference between the present value of the obligations of the defined benefit plan and
the settlement price determined on the settlement date.
(3) Accounting treatment method of termination benefits
Employee benefits liabilities shall be recognized and included into profit or loss for the current period on
the earlier date of the two following circumstances: a. When the Company is not able to withdraw the
benefits from termination of employment or resignation persuasion unilaterally; b. When the Company
recognizes costs and fees relevant to reforming the termination benefits payment. As for the termination
benefits that cannot be fully paid within 12 months after the end of the annual report period, the
Company shall choose an appropriate discount rate and record it into current profit and loss based on it.
(4) Accounting treatment method of other long-term employee benefits
Other long-term employee benefits are all employee benefits other than short-term benefits, post-
employment benefits and termination benefits.
Other long-term employee benefits provided by the Company to the employee that meet the conditions
of the defined contribution plan shall be treated in accordance with the same principles of the defined
contribution plan; If the conditions for defined benefits are met, net liabilities or net assets of other long-
term employee benefits shall be recognized and measured in accordance with the relevant principles of
the defined benefits plan.
(1) Recognition criteria of estimated liabilities
If the contingent obligations meet the following conditions simultaneously, the Company shall recognize
it as an estimated liability:
This obligation is the Company's current obligation; the performance of this obligation is highly likely to
result in an outflow of economic benefits from the Company; The amount of the obligation can be
measured reliably.
(2) Measurement method of estimated liabilities
The Company's estimated liabilities are initially measured in terms of the best estimate of the
expenditure of fulfilling the relevant current obligations.
For determining the best estimate, the Company takes various factors into account such as the risk,
uncertainty and time value of money related to contingencies. If the time value of money has a
significant impact, the best estimate is determined by discounting the relevant future cash outflows.
The best estimate is processed as follows:
Where there is a continuous range (or range) of required expenditures and the probability of the
occurrence of various results within the range is the same, the best estimate is determined according to
the mean of the middle value of the range, namely the mean value of the upper and lower limits.
Where there is no continuous range (or range) of required expenditures, or where there is a continuous
range but the possibility of various outcomes within the range is different, if the contingencies involve a
single item, the best estimate is determined according to the most likely amount; If the contingencies
involve more than one item, the best estimate is calculated and determined according to various
possible results and relevant probabilities.
Where all or part of the expenses required for the liquidation of the estimated liabilities of the Company
are expected to be compensated by a third party, the amount of compensation shall be recognized as
an asset when it is basically confirmed that it can be received, and the confirmed amount of
compensation shall not exceed the book value of the estimated liabilities.
(1) The type of share-based payment
Share-based payment is classified as equity-settled share-based payment and cash-settled share-
based payment.
(2) The method of determining the fair value of equity instruments
For equity-settled share-based payment related to employees, the equity instrument is measured at fair
value. The cash-settled share-based payment shall be measured according to the fair value of the
liabilities calculated and determined on the basis of shares or other equity instruments undertaken by
the Company.
For the fair value of the stock option granted, the fair value is determined by using the stock option
pricing model, and the following factors are taken into account: the current price of the underlying
shares, the exercise price of the option, the risk-free interest rate within the period of the option, the
option life, and the expected volatility of the stock price.
(3) Recognition of the best estimate basis of instrument that can be exercised
For the equity-settled share-based payment settled immediately after the grant, the fair value of the
equity instrument shall be included in the relevant costs or expenses on the grant date, and the capital
reserve shall be increased accordingly. Grant date means the date on which the share-payment
agreement is approved.
For the equity-settled share-based payment, in which the services during waiting period are completed
and the performance conditions are met, in return for services of employees, on each balance sheet
date during waiting period, the current obtained service shall be included in the relevant costs or
expenses and the capital reserves in accordance with the fair value of the equity instruments on the
grant date, based on best estimate of the number of vested equity instruments, and the subsequent
changes in fair value shall not be recognized. On each balance sheet date during waiting period, the
Company makes the best estimate based on the latest available employee number change and other
subsequent information, and modifies the number of equity instruments for the estimated vesting. On
the vesting date, the final expected number of vesting instruments is the same as the actual number of
vesting instruments.
(4) Relevant accounting treatment of implementation, modification and termination of share-based
payment plan
For equity-settled share-based payment, no adjustments will be made to the recognized costs and total
owners' equity after the vesting date. On the vesting date, the Company shall recognize the share
capital and the equity premium according to the exercise situation, and carry forward the capital reserve
recognized in the waiting period.
No matter how it modifies the terms and conditions of the granted equity instruments or it cancels the
granted equity instruments or its settlement, the equity instruments granted by the Company shall be
recognized at fair value on the grant date and it measures the corresponding services obtained, unless
it cannot be vested because it cannot meet the vesting conditions of equity instruments (except market
conditions).
Accounting policies for recognition and measurement of revenue disclosed by type of business
(1) Basic principles of revenue identification
The Company recognizes revenue when it has fulfilled the performance obligations under the contract,
that is, when the customers obtain the control of relevant goods or services, at the transaction price
allocated to the performance obligations.
Performance obligations refer to the Company's promise that it will transfer clearly distinguishable
goods or services to customers under the contract.
Obtaining control of related goods refers to that customers can control the use of the goods and obtain
almost all the economic benefits from the goods.
The Company will evaluate the contract on the contract start date, identify each individual performance
obligation contained in the contract, and judge whether each individual performance obligation will be
performed within a certain period of time or at a certain point in time. If one of the following conditions is
met, and the performance obligation is performed within a certain period of time, the Company will
identify revenue within a period of time according to the performance progress: 1) The customers obtain
and consume the economic profits while the Company performs the contract. 2) The customers can
control the products under construction during the performance of the Company; 3) The products
produced during the performance of the Company cannot be replaced, and the Company has the right
to collect payment for the completed performance accumulated during the entire contract period.
Otherwise, the Company will identify revenue when the customers obtain control rights of the relevant
goods or services.
For the performance obligations performed within a certain period of time, the Company will apply the
input-output method to identify the appropriate performance progress based on the nature of the goods
and services. The input-output method is to identify the performance progress based on the value of the
goods that have been transferred to the customers. When the performance progress cannot be
reasonably identified and the Company's incurred costs are expected to be compensated, the Company
will identify the revenue according to the amount of the incurred costs until the performance progress
can be reasonably identified.
(2) The methods of revenue identification
The Company primarily sells baijiu, which involve performance obligations fulfilled at a certain point in
time. For the recognition of the revenue of domestic products, the following conditions must be met:
The Company has delivered the products to the customer as per the contract, and the customer has
accepted the goods; payment has been received or a receipt voucher has been obtained, and the
relevant economic benefits are likely to flow in; and control of the goods has transferred to the customer.
The following requirements must be met to recognise the revenue of export products: The Company
has declared the products according to the contract, obtained the bill of lading, received the payment or
obtained the receipt voucher, and relevant economic benefits are likely to flow in, and control of the
goods has transferred to the customer. The following requirements must be met to recognise the
revenue of sales through third-party platforms or company-owned websites: The sales platform is
responsible for delivering the goods to the customer, or the Company entrusts a logistics company to
deliver the goods to the customer, and revenue is recognised upon receipt of the platform settlement
statement or upon delivery of the goods.
Different business models for the same type of business involve different revenue recognition and
measurement methods
N/A
Contract costs comprise incremental costs incurred as the Company obtains a contract, and costs for
contract performance. Incremental costs incurred as the Company obtains a contract refer to those
costs which will not incur without entering into a contract (such as sales commission). If it is expected
that the costs are recoverable, the Company will recognize the costs incurred to obtain a contract as
one form of assets. In case that the term of asset amortization is shorter than one year or one normal
operating cycle, the costs will be recognized as profit and loss of the current period after occurrence.
If the costs incurred from contract performance fall outside the inventory or the scope of other
enterprise accounting standards and satisfy all of the following conditions, the Company will recognize
the costs for contract performance as assets: a) The costs are directly related to one existing contract
or contract that is expected to be obtained; b) The costs enrich the Company's resources for future
contract performance (including continual fulfillment); c) The costs are estimated to be recovered.
Assets recognized from costs incurred to obtain a contract and costs for contract performance
(hereinafter referred to as "assets related to contract costs") will be amortized based on the same basis
as the income from commodities or services related to the assets, and will be recognized as profit and
loss of the current period. In case that the book value of assets related to contract costs is higher than
the difference of the two items below, the Company will set aside provisions for assets impairment to
deal with the extra part, and recognize that part as impairment losses: a) Estimated residual
consideration to be obtained from transfer of commodities or services related to the assets; b)
Estimated costs incurred from transfer of the relevant commodities or services.
Government grants are monetary assets and non-monetary assets acquired free of charge by the
Company from the government like fiscal subsidies.
(1) Judgment basis and accounting treatment method of government grants related to assets
Government grants related to assets are government grants that are acquired by the Company and
used for forming long-term assets through purchasing and constructing or other ways. If the
government documents do not clearly specify the target of the subsidy, the Company shall separately
explain judgment basis of classifying the government grants into the government grants related to
assets or income.
Accounting method: it shall be recognized as deferred income allocated evenly over the useful lives
(the period of depreciation and amortization) of the relevant assets from the month of commencement
of depreciation or amortization when the relevant assets have reached the intended use condition, and
included in the current profit or loss. However, government grants measured at the nominal amount
shall be directly included in current profit and loss.
(2) Judgment basis and accounting treatment method of government grants related to income
Government grants related to income are government grants other than government grants related to
assets;
Accounting method:
① If it is used to compensate the Company’s relevant expenses or losses in future periods, it should be
recognized as deferred income and included into the current profit and loss or written off the related
costs when the relevant expenses, losses are recognized.
② If it is used to compensate the Company’s relevant expenses or losses incurred, it is directly
included into the current profit and loss on acquisition or written off of the related costs.
③ Recognition time-point of government grants
Government grants are recognized when the Company can meet the attached conditions for the
government grants and the Company can receive the grants.
④ Measurement of government grants
If a government grant is a monetary asset, it shall be measured in the light of the received or receivable
amount. If a government grant is a non-monetary asset, it shall be measured at its fair value; and if its
fair value cannot be obtained in a reliable way, it shall be measured at a nominal amount.
The Company adopts the balance sheet liability method to account for income tax.
The Company recognizes deferred tax assets when the following conditions are met simultaneously:
(1) Temporary differences are highly likely to be reversed in the foreseeable future;
(2) Taxable income that may be used to offset the deductible temporary difference is likely to be
obtained in the future and is limited to the amount of taxable income that is likely to be obtained.
On each balance sheet date, the current income tax liabilities (or assets) incurred in the current period
or prior periods shall be measured by the Company in light of the expected payable (refundable)
amount of income taxes according to the tax law; The deferred income tax assets and deferred income
tax liabilities shall be measured at the tax rate applicable to the period during which the assets are
expected to be recovered or the liabilities are expected to be settled.
The Company shall review the carrying amount of deferred income tax assets on each balance sheet
date. The current income tax and deferred income tax shall be recorded into the current profit and loss
as income tax expense or income, except for the income tax generated from the enterprise merger,
transactions or events directly recognized in the owner's equity.
Basis for deferred income tax assets and deferred income tax liabilities presented as a net amount after
offset:
When the following conditions are simultaneously met, deferred income tax assets and deferred income
tax liabilities are presented as a net amount after offset:
(1) The enterprise has the legal right to settle the current income tax assets and current income tax
liabilities on a net basis;
(2) Deferred income tax assets and deferred income tax liabilities were related to the income tax levied
by the same tax administration department on the same taxpayer or different taxpayers, but during the
period when each significant deferred income tax assets and liabilities would be reversed in the future,
the involved taxpayer intended to settle the current income tax assets and liabilities on a net basis or to
acquire assets and settle liabilities at the same time.
(1) Accounting treatment with the Company as lessee
① Judgment criteria and accounting treatment for short-term leases and leases of low-value assets as
a lessee for simplified treatment
On the beginning date of the lease term, the Company will recognize the lease with a lease term not
exceeding 12 months and exclude the purchase option as a short-term lease. Leases with a value
below CNY 40,000 when a single leased asset is a brand-new asset are identified as low-value asset
leases. If the Company sublets or expects to sublet the leased assets, the original lease shall not be
deemed as a low-value asset lease.
The Company records the payments of short-term and low-value asset leases incurred during each
period of the lease term in the relevant asset costs or the profit or loss for the current period by the
straight-line method.
The Company will recognize right-of-use assets and lease liabilities on the inception date of the lease
term, excluding the above short-term and low-value asset leases.
② Right-of-use assets
Right-of-use assets are initially measured at costs, including: A. The initial measurement amount of
lease liabilities; B. If there is a lease incentive for the lease payment paid on or before the start date of
the lease term, the relevant amount of the lease incentive already enjoyed shall be deducted; C. Initial
direct expenses incurred by the Company; D. The expected cost to be borne by the Company in order
to dismantle and remove the assets leased, restore original state of the place where the assets leased
are in, or restore the assets leased to the state stipulated in the lease terms.
③ Lease liabilities
The Company initially measures the lease obligation at the present value of the lease payments
outstanding at the commencement date of the lease term. When calculating the present value of lease
payments, the Company uses the interest rate implicit in lease as the rate of discount. If the interest
rate implicit in lease cannot be determined, the Company’s incremental lending rate is used as the rate
of discount.
After the commencement of the lease term, the Company uses the cost model for subsequent
measurement of right-of-use assets, depreciates right-of-use assets on a straight-line basis, calculates
the interest expense on the lease liability within the lease term and includes it in the current profit or
loss, unless such interest charge is stipulated to be included in the underlying asset cost. Variable lease
payments that are not included in the measurement of the lease obligation should be included in the
current profit or loss when they are actually incurred, unless such payments are stipulated to be
included in the underlying asset cost.
After the commencement of the lease term, the Company remeasures the lease liability and adjusts the
corresponding right-of-use asset, and if the carrying value of the right-of-use asset has been reduced to
zero but the lease liability is subject to further reduction, the difference is recorded in current profit or
loss: (1) When there is a change in the valuation of the purchase option, renewal option or termination
option, or actual exercise, the Company remeasures the lease liabilities at the present value of the
lease payments after the change and the revised discount rate; (2) When there is a change in the
actual fixed payment, the estimated residual value of the guarantee payable, the index or rate used to
confirm the lease payment, the Company calculated the present value based on the changed lease
payment amount and the original discount rate to remeasure the lease liabilities. However, where
changes in lease payments arise from changes in floating interest rates, a revised discount rate was
used to calculate the present value.
(2) Accounting treatment with the Company as lessor
① Lease classification
The Company classifies leases into finance leases and operating leases at the inception of leases. A
finance lease refers to a lease where almost all the risks and rewards, related to the ownership of the
leased asset, are substantially transferred, regardless of whether the ownership is eventually
transferred or not. All leases other than finance leases are classified as operating leases.
② Operating leases
The Company recognizes the lease payments receivable of the operating lease as rental earnings in
each period within the lease term on a straight-line basis or according to other systematic and
reasonable methods. The initial direct costs related to the operating lease are capitalized, amortized
within the lease term on the same basis as the recognition of rental earnings, and included in profit or
loss for the current period. The received variable lease payments related to the operating lease that are
not included in the lease payments receivable are included in profit or loss for the current period when
they are actually incurred.
③ Finance leases
On the commencement date of the lease term, the Company recognizes the finance lease receivables
for the finance lease and derecognizes the leased asset of the finance lease. In the initial measurement
of finance lease receivables, the sum of the unsecured residual value and the present value of the
lease payments receivable not yet received on the commencement date of the lease term discounted at
the interest rate implicit in lease is the entry value of the finance lease receivables. The Company
calculates and recognizes the interest income in each period within the lease term at a fixed interest
rate implicit in the lease. The received variable lease payments that are not included in the
measurement of the net investment in the lease are included in profit or loss for the current period when
they are actually incurred.
The Company adopts the balance sheet liability method to account for income tax.
The Company recognizes deferred tax assets when the following conditions are met simultaneously:
in the future and is limited to the amount of taxable income that is likely to be obtained.
On each balance sheet date, the current income tax liabilities (or assets) incurred in the current period
or prior periods shall be measured by the Company in light of the expected payable (refundable)
amount of income taxes according to the tax law; The deferred income tax assets and deferred income
tax liabilities shall be measured at the tax rate applicable to the period during which the assets are
expected to be recovered or the liabilities are expected to be settled.
The Company shall review the carrying amount of deferred income tax assets on each balance sheet
date. The current income tax and deferred income tax shall be recorded into the current profit and loss
as income tax expense or income, except for the income tax generated from the enterprise merger,
transactions or events directly recognized in the owner's equity.
None.
□ Applicable N/A
□ Applicable N/A
Implementation of the New Accounting Standards Implemented since 2025
□ Applicable N/A
Tax type Tax base Tax rate
Value-added tax Taxable sales income 13 %, 9%, 6%
Urban maintenance and construction
Taxable turnover tax 7%, 5%
tax
Corporate income tax Taxable income 25%, 15%, 16.5%, 9%, 0%
Consumption tax (based on price) Baijiu tax price or ex-factory price 20%
Consumption tax (based on quantity) Quantity of baijiu CNY 1.00/kg
Education surcharge Taxable turnover tax 3%
Local education surcharge Taxable turnover tax 2%
Original value of the property*70%;
Property tax 1.2%, 12%
house rent
Land use tax Land area CNY 1.2-20/m2
Others According to national regulation
Tax payment subject using different corporate income tax rates, the corporate income tax rates are
as follows:
Company name Corporate income tax rate
Luzhou Pinchuang Technology Co., Ltd. 15%
Luzhou Laojiao International Development (Hong Kong)
Co., Ltd.
Luzhou Laojiao Commercial Development (North
America) Co., Ltd.
Mingjiang Co., Ltd. 21%-40%
Luzhou Red Sorghum Modern Agricultural Development
Exempted from corporate income tax
Co., Ltd.
Guangxi Luzhou Laojiao Imported Liquor Industry Co.,
Ltd.
Luzhou Laojiao International Trade (Hainan) Co., Ltd. 15%
(1) According to Announcement of the Ministry of Finance, State Taxation Administration and National
Development and Reform Commission on Continuing the Corporate Income Tax Policies Concerning
the Western Development Strategy (No. 23 in 2020, Ministry of Finance), from 1 January 2021 to 31
December 2030, companies located in the western region whose primary business is listed in the
Catalogue of Encouraged Industries in the Western Region, and the primary business income
accounting for over 60% of the total enterprise income. These companies shall be subject to the
corporate income tax at a reduced rate of 15%. The Company's holding subsidiary, Luzhou Pinchuang
Technology Co., Ltd., whose primary business income meets the requirements of scope and standard
of the Catalogue of Encouraged Industries in the Western Region, is paid at the rate of 15% for
corporate income tax.
(2) According to Article 27 of the Corporate Income Tax Law of the People's Republic of China and
Article 86, Item 1 of the Implementation Regulations of the Corporate Income Tax Law, companies are
exempted from enterprise income tax when they engage in agricultural, forestry, animal husbandry and
fishery industries. The holding subsidiary of the Company, Luzhou Red Sorghum Modern Agricultural
Development Co., Ltd., is engaged in the cultivation and sale of organic sorghum and enjoys the
reduction of corporate income tax preferences.
(3) According to the Article 15, Item 1 of the Provisional Regulations on Value-Added Tax, agricultural
producers sell self-produced agricultural products exempt from value-added tax. The holding subsidiary
of the Company, Luzhou Red Sorghum Modern Agricultural Development Co., Ltd., is engaged in the
cultivation and sale of organic sorghum and enjoys the value-added tax exemption.
(4) According to the Article 3, Item 7 of the Notice on Revision of Interim Measures of Accelerating the
Development in Headquarters Economy of China-Malaysia Qinzhou Industrial Park, till 31 December
with the half reduction in the tax period of preferential policies shall enjoy the local share of corporate
income tax exemption (namely 40% of corporate income tax was exempted, and the proportion
adjusted by the state shall be executed according to new proportion); Guangxi Luzhou Laojiao Imported
Liquor Industry Co., Ltd., the wholly-owned subsidiary of the Company, pays corporate income tax at
the rate of 9% according to the tax preference policies.
(5) According to Announcement on Preferential Corporate Income Tax Policies in Hainan Free Trade
Port (Cai Shui [2020] No. 31), the Company's wholly-owned subsidiary, Luzhou Laojiao International
Trade (Hainan) Co., Ltd., whose primary business income meets the requirements of scope and
standard of the Catalogue of Encouraged Industries in Hainan Free Trade Port, is paid at the rate of
currency unit is CNY, unless otherwise stated)
Unit: CNY
Item Closing Balance Opening Balance
Cash 27,220.19 27,640.75
Bank deposit 35,415,830,084.93 33,506,712,545.24
Other cash and cash equivalents 35,223,021.93 71,656,645.34
Total 35,451,080,327.05 33,578,396,831.33
Including: Total deposit
outbound
Other statements:
Note 1: The deposit outbound is the balance of cash and cash equivalents of the foreign holding
subsidiary of the Company.
Note 2: The closing balance of other monetary funds mainly consists of the remaining funds in
securities accounts of the Company in the amount of CNY 2,776,318.70, bank guarantee deposits of
CNY 10,000,000.00 for the subsidiary, Luzhou Laojiao Sales Co., Ltd., and the closing balance of
funds in self-owned accounts on third-party platforms for subsidiaries such as Luzhou Laojiao New
Retail Co., Ltd., Luzhou Laojiao New Liquor Industry Co., Ltd. and Luzhou Laojiao Nostalgic Liquor
Marketing Co., Ltd., in the amount of CNY 22,446,703.23.
Note 3: There is no special benefit arrangement such as establishing a fund co-management account
with related parties in the current period.
Liquor and wine manufacturing companies shall disclose in detail whether there are special interest
arrangements such as establishing co-management accounts with related parties.
□Applicable N/A
Unit: CNY
Item Closing Balance Opening Balance
Financial assets measured at fair
value with their changes included into 1,610,560,917.24 1,694,282,295.97
current profits/losses
Including:
Wealth management products 1,610,560,917.24 1,694,282,295.97
Including:
Total 1,610,560,917.24 1,694,282,295.97
Unit: CNY
Aging Closing book balance Opening book balance
Within 1 year (including 1 year) 16,916,369.57 11,602,423.49
Total 16,924,164.08 11,602,423.49
Unit: CNY
Closing Balance Opening Balance
Provision for bad Provision for bad
Book balance Book balance
Type debt Book debt Book
Proporti Proporti value Proporti Proporti value
Amount Amount Amount Amount
on on on on
Inclu
ding:
Account
s
receiva
ble
tested 16,924, 100.00 846,597 16,077, 11,602, 100.00 580,121 11,022,
for 164.08 % .93 566.15 423.49 % .18 302.31
impairm
ent by
the
portfolio
Inclu
ding:
Account 16,924, 100.00 846,597 5.00% 16,077, 11,602, 100.00 580,121 5.00% 11,022,
s 164.08 % .93 566.15 423.49 % .18 302.31
receiva
ble
tested
for
impairm
ent on
the
portfolio
with
charact
eristics
of credit
risk
Total 5.00% 5.00%
The category name of provision for bad debt by the portfolio: Accounts receivable tested for
impairment on the portfolio with characteristics of credit risk
Unit: CNY
Closing Balance
Name
Book balance Provision for bad debt Proportion
Risk portfolio 16,924,164.08 846,597.93 5.00%
Including: within 1 year 16,916,369.57 845,818.48 5.00%
Total 16,924,164.08 846,597.93
Notes to the determination basis for the portfolio:
Accounts receivable of the same age have similar credit risk characteristics.
If adopting the general mode of expected credit loss to withdraw provision for bad debt of accounts
receivable
□Applicable N/A
Provision for bad debt:
Unit: CNY
Changes in current period
Opening Closing
Type Reversal or
Balance Provision Write-off Other Balance
recovery
Provision by
risk portfolio
Total 580,121.18 266,476.75 846,597.93
Unit: CNY
Closing balance Closing balance Closing balance Proportion to Closing balance
Company name
of accounts of contract of accounts total closing of provision for
receivable assets receivable and balance of bad debt
contract assets accounts provision of
receivable and accounts
contract assets receivable and
impairment
provision of
contract assets
China Duty Free
International Ltd
Sazerac
Company, Inc
Beijing User
Growth Network
Technology Co.,
Ltd.
Hangzhou
Youzan 360,925.43 360,925.43 2.13% 18,046.27
Technology Inc.
Beijing Jingdong
Electric 96,596.60 96,596.60 0.57% 4,829.83
Commerce Co.,
Ltd.
Total 16,235,858.08 16,235,858.08 95.93% 811,792.91
Unit: CNY
Item Closing Balance Opening Balance
Bank acceptance bill 1,411,989,312.86 1,801,947,455.78
Total 1,411,989,312.86 1,801,947,455.78
Unit: CNY
Closing Balance Opening Balance
Provision for bad Provision for bad
Book balance Book balance
Type debt Book debt Book
Proporti Proporti value Proporti Proporti value
Amount Amount Amount Amount
on on on on
Including:
Provisio 1,411,9 1,411,9 1,801,9 1,801,9
n by 89,312. 89,312. 47,455. 47,455.
% %
portfolio 86 861 78 78
Including:
Bank 1,411,9 1,411,9 1,801,9 1,801,9
accepta 89,312. 89,312. 47,455. 47,455.
% %
nce bill 86 86 78 78
Total
Note: 1. The notes receivable under accounts receivable financing comprise bank acceptance, and
the Company believes that the bank acceptance it holds does not pose significant credit risks. It does
not anticipate significant losses due to defaults by banks or other drawers, therefore, no provision for
credit impairment losses has been recognized.
The category name of provision for bad debt by the portfolio: Accounts receivable financing tested for
impairment on the portfolio with characteristics of credit risk
Unit: CNY
Closing Balance
Name
Book balance Provision for bad debt Proportion
Risk portfolio 1,411,989,312.86 0.00 0.00%
Total 1,411,989,312.86 0.00
Notes to the determination basis for the portfolio:
The notes receivable under accounts receivable financing comprise bank acceptance, and the
Company believes that the bank acceptance it holds does not pose significant credit risks. It does not
anticipate significant losses due to defaults by banks or other drawers, therefore, no provision for
credit impairment losses has been recognized.
Increase in current Decrease in current
Item Opening Balance Closing Balance
period period
Notes receivable 1,801,947,455.78 8,843,945,003.30 9,233,903,146.22 1,411,989,312.86
Total 1,801,947,455.78 8,843,945,003.30 9,233,903,146.22 1,411,989,312.86
Note: Accounts receivable financing represents bank acceptance, with a short remaining maturity.
The book value closely aligns with the fair value; hence, the book value is used as its fair value.
Unit: CNY
Item Closing Balance Opening Balance
Dividend receivable 32,879,641.22
Other receivables 9,165,193.90 13,053,645.00
Total 42,044,835.12 13,053,645.00
Unit: CNY
Item (investee) Closing Balance Opening Balance
Guotai Haitong Securities Co., Ltd. 3,297,559.16
Huaxi Securities Co., Ltd. 23,190,647.24
North Chemical Industries Co., Ltd. 31,271.10
China Tourism Group Duty Free
Corporation Limited
Luzhou Bank Co., Ltd. 5,207,040.00
Total 32,879,641.22
Unit: CNY
Nature Closing book balance Opening book balance
Intercompany funds 6,102,234.01 10,388,747.89
Petty cash 686,635.22 243,853.22
Saving deposits involving contract
disputes 1
Total 130,628,122.40 134,731,854.28
Note 1: The saving deposits involving contract disputes are three deposits amounting to CNY
Zhongzhou Sub-branch of Industrial and Commercial Bank of China disclosed by the Company in the
contract disputes and have thus been transferred into “other receivables”. The closing balance of this
account as at the date of the statement was CNY 123,839,253.17.
Unit: CNY
Aging Closing book balance Opening book balance
Within 1 year (including 1 year) 5,390,092.41 9,264,632.85
Over 3 years 125,014,191.04 125,321,113.23
Over 5 years 125,007,311.04 125,284,233.23
Total 130,628,122.40 134,731,854.28
Note: 1 Other receivables with significant single amount exceeding three years in age relates to
savings deposit of CNY 123,839,253.17, which are yet to be recovered due to contractual disputes.
Applicable □ N/A
Unit: CNY
Closing balance Opening Balance
Provision for bad Provision for bad
Book balance Book balance
Type debt Book debt Book
Proporti Proporti value Proporti Proporti value
Amount Amount Amount Amount
on on on on
Provisio
n for 94.80% 96.90% 92.11% 96.70%
,253.17 ,000.00 53.17 ,253.17 ,000.00 53.17
bad
debt by
individu
al item
Including:
Other
receiva
bles
that are
individu
ally
material
and for
which a 123,839 120,000 3,839,2 124,099 120,000 4,099,2
separat ,253.17 ,000.00 53.17 ,253.17 ,000.00 53.17
e
provisio
n for
bad
debts
has
been
made
Provisio
n for
bad 6,788,8 1,462,9 5,325,9 10,632, 1,678,2 8,954,3
debt by 69.23 28.50 40.73 601.11 09.28 91.83
the
portfolio
Including:
Other
receiva
bles
tested
for
impairm
ent on 6,788,8 1,462,9 5,325,9 10,632, 1,678,2 8,954,3
the 69.23 28.50 40.73 601.11 09.28 91.83
portfolio
with
charact
eristics
of credit
risk
Total 92.98% 90.31%
,122.40 % ,928.50 93.90 ,854.28 % ,209.28 645.00
The category name of provision for bad debt by individual item: Other receivables that are individually
material and for which a separate provision for bad debts has been made
Unit: CNY
Opening Balance Closing Balance
Name Provision for Provision for
Book balance Book balance Proportion Reason
bad debt bad debt
Saving Provision
deposits 96.90% based on
involving legal opinion
contract
disputes
Total
The category name of provision for bad debt by the portfolio: Other receivables tested for impairment
on the portfolio with characteristics of credit risk
Unit: CNY
Closing Balance
Name
Book balance Provision for bad debt Proportion
Risk portfolio 6,788,869.23 1,462,928.50 21.55%
Including: within 1 year 5,390,092.41 269,504.62 5.00%
Over 5 years 1,168,057.87 1,168,057.87 100.00%
Total 6,788,869.23 1,462,928.50
Notes to the determination basis for the portfolio:
Accounts receivable of the same age have similar credit risk characteristics.
Provision for bad debt adopting the general mode of expected credit loss:
Unit: CNY
First stage Second stage Third stage
Provision for bad Expected loss in the
Expected credit loss Expected loss in the Total
debt duration (credit
of the next 12 duration (credit
impairment not
months impairment occurred)
occurred)
Balance of January
Balance of January
period
Reversal of the
current period
Balance of June 30,
The basis for the division of each stage and the withdrawal proportion of bad debt provision
The basis for division is that other receivables with single bad debt provision represent credit
impairment losses incurred since initial recognition (Stage 3), while the remaining portion is
categorized based on expected credit risk. Withdrawal proportions of bad debt provision are 21.55%
for Stage 1 and 96.90% for Stage 3, totaling 92.98%.
Changes of book balance with significant amount changes of loss provision in the current period
□Applicable N/A
Provision for bad debt:
Unit: CNY
Changes in current period
Opening Closing
Type Reversal or Write-off or
Balance Provision Other Balance
recovery verification
Other
receivables
tested for 120,000,000.00 120,000,000.00
impairment
individually
Other
receivables
tested for 1,678,209.28 215,280.78 1,462,928.50
impairment by
the portfolio
Total 121,678,209.28 215,280.78 121,462,928.50
Unit: CNY
Provisioning
Proportion in
Company Name Nature Closing Balance Aging amount at period
total receivables
end
Saving deposits Saving deposits
involving involving 123,839,253.17 Over 5 years 94.80% 120,000,000.00
contract disputes contract disputes
Chen Weirong Petty cash 328,635.22 Within 1 year 0.25% 16,431.76
Hu Siyuan Petty cash 200,000.00 Within 1 year 0.15% 10,000.00
TOWNE
CENTRE Intercompany
OFFICES-PI funds and other 133,854.74 Within 1 year 0.10% 6,692.74
PROPERTIES accounts
NO 111 LLC
Wang Lan Petty cash 100,000.00 Within 1 year 0.08% 5,000.00
Total 124,601,743.13 95.38% 120,038,124.50
Unit: CNY
Closing Balance Opening Balance
Aging
Amount Proportion Amount Proportion
Within 1 year 220,731,553.23 96.61% 115,124,824.62 92.95%
Over 3 years 4,405,959.86 1.93% 3,820,520.70 3.08%
Total 228,470,687.43 123,870,282.65
Reasons for significant prepayments whose aging is longer than 1 year without timely settlement:
There is no significant prepayment whose aging is longer than 1 year.
Proportion to the total
Company Name Closing Balance Aging closing balance of
prepayment
Shanghai Merlot Advertising Co., Ltd. 94,698,234.65 Within 1 year 41.45%
Luzhou Western Gas Co., Ltd. 20,890,808.11 Within 1 year 9.14%
Luzhou Power Supply Company of State Grid
Sichuan Electric Power Company
Luzhou Laojiao Group Co., Ltd. 9,669,374.03 Within 1 year 4.23%
WTMG 8,729,693.06 Within 1 year 3.82%
Total 143,861,198.63 62.96%
Whether the Company needs to comply with the disclosure requirements of real estate industry
No
Unit: CNY
Closing Balance Opening Balance
Provision for Provision for
stock stock
obsolescence obsolescence
Category or impairment or impairment
Book Balance Book Value Book Balance Book Value
provision of provision of
contract contract
performance performance
costs costs
Raw materials 67,553,568.31 67,553,568.31
Goods in 11,425,804,47 11,425,804,47 10,739,545,76 10,739,545,76
progress 6.39 6.391 4.82 4.82
Finished 2,278,606,448 2,278,606,448 2,505,218,578 2,505,218,578
goods .84 .84 .73 .73
Goods in
transit
Total
Note: 1 The increase in goods in progress was mainly due to the Company’s promotion of high-
quality production capacity reserve and quality improvement plan, which increased the strategic
reserve of high-quality base liquor.
There was no capitalized borrowing expense in the closing balance of inventories.
Unit: CNY
Item Closing Balance Opening Balance
VAT to be deducted 10,882,180.86 217,415,843.41
Corporate income tax 19,111,691.42 20,441,701.15
Other taxes 14,253,648.89 3,224,364.33
Total 44,247,521.17 241,081,908.89
Other statements:
Note 1: The value-added tax expected to be deducted in the following fiscal period and corporate
income tax and other taxes are disclosed in other current assets.
Note 2: The closing balance of other current assets decreased by CNY 196,834,387.72 or 81.65%
compared with the opening, which was mainly due to the impact of deducting the remaining tax
credits from the previous period.
Unit: CNY
Reason
for
Accumulat Accumulat assigning
Gains Losses
ive gains ive losses to
recorded recorded
recorded recorded Dividend measure
in other in other
in other in other income in fair
comprehe comprehe
Opening comprehe comprehe recognize Closing value of
Item nsive nsive
Balance nsive nsive d in Balance which
income in income in
income in income in current changes
the the
the the year included
current current
current current other
period period
period period comprehe
nsive
income
Financial
assets
assigned
to
measure
in fair
value of
which
changes
included
other
comprehe
nsive
income:
Including:
According
to the
Guotai
mode of
Haitong 219,640,9 6,006,268. 212,928,1 3,297,559. 225,647,2
managing
Securities 94.03 47 05.74 16 62.50
assets by
Co., Ltd.
managem
ent layer
China According
Tourism to the
Group 60,069,39 2,028,013. 93,157,30 1,282,673. 58,041,38 mode of
Duty Free 9.64 60 9.24 77 6.04 managing
Corporatio assets by
n Limited managem
ent layer
According
to the
Luzhou mode of
Bank Co., managing
Ltd. 8.99 3.68 2.67 00 2.67
assets by
managem
ent layer
According
Guotai
Junan to the
Investmen mode of
t managing
Managem 4.24 4.24
assets by
ent Co., managem
Ltd.
ent layer
According
to the
North mode of
Chemical 15,870,08 6,989,090. 21,829,17 22,859,17
Industries 3.24 85 4.09 4.09
Co., Ltd. assets by
managem
ent layer
According
to the
Guojiu Big mode of
Data Co., managing
Ltd. 78 22 78
assets by
managem
ent layer
Sichuan
China
Baijiu
Golden
According
Triangle
Brand to the
Operation mode of
Developm managing
ent Co., 63 37 63
assets by
Ltd. and managem
other
ent layer
equity
instrument
investmen
ts
Total
Categories of non-trading equity instrument investment in the current period:
Unit: CNY
Reason for
Amount of
assigning to Reason of
other
measure at other
comprehen
Recognized fair value and comprehensiv
Accumulative Accumulative sive
Item dividends changes e income
gains losses income
income recorded into transferred to
transferred
other retained
to retained
comprehensiv earnings
earnings
e income
Guotai 3,297,559.16 212,928,105.74 According to
Haitong the mode of
Securities managing
Co., Ltd. assets by
management
layer
China According to
Tourism the mode of
Group Duty managing
Free assets by
Corporation management
Limited layer
According to
the mode of
Luzhou Bank managing
Co., Ltd. assets by
management
layer
According to
Guotai Junan the mode of
Investment managing
Management assets by
Co., Ltd. management
layer
According to
North the mode of
Chemical managing
Industries Co., assets by
Ltd. management
layer
According to
the mode of
Guojiu Big managing
Data Co., Ltd. assets by
management
layer
Sichuan
China Baijiu
Golden According to
Triangle the mode of
Brand
managing
Operation 5,752,926.37
Development assets by
Co., Ltd. and management
other equity layer
instrument
investments
Unit: CNY
Changes in current period
Openi Closin
Openi ng Gain Adjust Closin g
ng Balan or ments Cash g Balan
Invest Balan ce of loss of Other divide Provis Balan ce of
ee ce provisi Increa Decre recog other chang d or ion for ce provisi
Other
(book on for se ase nized compr es in profit impair (book on for
value) impair under ehens equity declar ment value) impair
ment equity ive ed ment
metho incom
d e
Huaxi
Securi 2,614, 2,567, 53,23 5,005, 23,19 2,649, 2,567,
ties 807,0 098.8 0,119. 483.3 0,647. 851,9 098.8
Co., 32.57 0 49 4 24 88.16 0
Ltd.
Luzho
u
Laojia
o
Postd
octora
l 36,68 - 36,11
Works 1,718. 562,0 9,676.
tation 10 41.18 92
Techn
ology
Innov
ation
Co.,
Ltd.
Sichu
an
Devel
opme 5,878, 5,878,
nt
Liquor
Invest 3 3
ment
Co.,
Ltd.
CTS
Luzho
u
Laojia
o
Cultur 123,1 123,4
al 273,7 28,79
Touris 55.98 6.75
m 9.13 1.86
Devel
opme
nt
Co.,
Ltd.
Sichu
an
Tianfu
Grana 12,50 13,10
ry 602,7
Liquor 44.86
Indust 27 13
ry
Co.,
Ltd.
Sichu
an
Tongn 8,272, - 8,184,
iang 966.9 88,24 724.4
Baijiu 3 2.48 5
Indust
ry
Techn
ology
Resea
rch
Institu
te
Co.,
Ltd.
Subtot 28,79
al 6.75
Total 252,3 098.8 6,336. 483.3 0,647. 552,2 098.8
The recoverable amount is determined based on the net amount of the fair value minus disposal
costs
□Applicable N/A
The recoverable amount is determined by the present value of the forecasted future cash flow
□Applicable N/A
Applicable □ N/A
Unit: CNY
Buildings and Construction in
Item Land use right Total
constructions progress
I. Original cost:
period
(1) External
purchase
(2) Transfer from
inventories/fixed
assets/construction
in progress
(3) Increase from
business
combination
current period
(1) Disposal
(2) Other transfer out
II. Accumulated
depreciation and
amortization
period
(1) Provision or
amortization
current period
(1) Disposal
(2) Other transfer out
III. Provision for
impairment
period
(1) Provision
current period
(1) Disposal
(2) Other transfer out
IV. Book Value
Value
The recoverable amount is determined based on the net amount of the fair value minus disposal
costs
□Applicable N/A
The recoverable amount is determined by the present value of the forecasted future cash flow
□Applicable N/A
Unit: CNY
Reason for not having the
Item Book value
certification of right
Buildings of the Company 13,683,748.84 In procedure
Unit: CNY
Item Closing Balance Opening Balance
Fixed assets 8,813,460,695.48 9,131,607,204.08
Disposal of fixed assets 1,686,647.58 169,711.43
Total 8,815,147,343.06 9,131,776,915.51
Unit: CNY
Buildings and Specialized General Transportation Other
Item Total
constructions equipment equipment equipment equipment
I. Original
cost:
balance .77 .44 .68 .58 3.16
current period
(1) External
purchase
(2) Transfer
from
construction in
progress
(3) Increase
from business
combination
(4) Changes
of exchange -183,474.68 -183,474.68
rates
(5) Adjustment
for completion 192,748.65 -19,351.98 -169,992.99 3,403.68
settlement
current period
(1) Disposal
or retirement
(2) Adjustment
for completion
settlement
Balance .49 .06 .49 .27 6.02
II.
Accumulated
depreciation
Balance .03 8 4 2 .08
current period 3 4
(1) Provision 80,434,767.04 78,262,100.04 2,145,972.21 49,825,361.91
(2) Changes
of exchange -180,809.29 -180,809.29
rates
(3) Adjustment
for completion
settlement
current period
(1) Disposal
or retirement
(2) Adjustment
for completion
settlement
Balance .58 4 3 7 .54
III. Provision
for impairment
Balance
current period
(1) Provision
current period
(1) Disposal
or retirement
Balance
IV. Book Value
Book Value .91 2 6 .70 .48
Book Value .74 6 4 .46 .08
Unit: CNY
Item Closing book value
Buildings and constructions 27,594,908.07
Equipment 14,117,661.55
Total 41,712,569.62
Unit: CNY
Reason for not having the
Item Book value
certification of right
The property ownership certificate
has not been processed yet for the
Buildings of the Company 4,211,625.06 historical reasons, and it plans to be
processed after gradually improving
procedures.
Buildings of the Company 17,846,500.33 In procedure
Buildings of the subsidiary-brewing
company
Total 4,601,370,219.54
Unit: CNY
Item Closing Balance Opening Balance
Disposal and retirement of assets 1,686,647.58 169,711.43
Total 1,686,647.58 169,711.43
Unit: CNY
Item Closing Balance Opening Balance
Construction in progress 1,165,735,552.56 807,233,988.90
Total 1,165,735,552.56 807,233,988.90
Unit: CNY
Closing Balance Opening Balance
Item
Book balance Provision for Book value Book balance Provision for Book value
impairment impairment
Technical
renovation of
Luzhou
Laojiao 17,330,941.91 17,330,941.91 6,367,929.36 6,367,929.36
Intelligent
packaging
center
Technical
renovation
project of
Luzhou
Laojiao
intelligent
brewing (I)
Project of
Luzhou
Laojiao's
Flexible 61,656,976.56 61,656,976.56 60,955,418.59 60,955,418.59
Intelligent
Filling Pilot
Line
Construction
Project of
Luzhou
Laojiao's
Strong Aroma 50,680,337.94 50,680,337.94 22,407,884.55 22,407,884.55
Baijiu
Experience
Marketing
Centre
The
expansion
and
renovation
project of the
office area of
Luzhou 37,750,468.92 37,750,468.92 22,751,740.43 22,751,740.43
Laojiao
Marketing
Network
Command
Center-Staff
Home
Other projects
Total
.561 .56 0 0
Note: 1. The closing balance of construction in progress increased by CNY 358,501,563.66 or
construction in progress for the current period.
Unit: CNY
Propo
rtion
Includi
of Accu
ng: Capita
Increa accu mulati
Openi Transf Closin Capita lizatio
se in Other mulati Progr ve Sourc
Budge ng er into g lized n rate
Item curren decre ve ess capital e of
t Balan fixed Balan intere for the
t ases projec (%) ized funds
ce assets ce st for period
period t input intere
the (%)
in st
period
budge
t
Techn
ical
renov
ation
projec
t of
Luzho 30.43 43.75
u % %
Laojia
o
intellig
ent
brewi
ng (I)
Total 509,0 82,37 66,00 48,37
□Applicable N/A
Unit: CNY
Buildings and
Item Land use right Equipment Total
constructions
I. Original cost
-352,812.66 307,059.82 -45,752.84
period
(1) Increase in
leases
(2) Changes of
-352,812.66 -17,163.38 -369,976.04
exchange rates
current period
(1) Lease expiration 2,080,967.24 2,080,967.24
(2) Adjustment for
change of lease term
II. Accumulated
amortization
period
(1) Provision 1,712,319.46 2,875,902.06 162,111.60 4,750,333.12
(2) Changes of
-257,544.34 -15,712.63 -273,256.97
exchange rates
current period
(1) Disposal
(2) Lease expiration 2,080,967.24 2,080,967.24
(3) Adjustment for
change of lease term
III. Provision for
impairment
period
(1) Provision
current period
(1) Disposal
IV. Book Value
Value
Value
□Applicable N/A
Unit: CNY
No-patent
Computer Trademark
Item Land use right Patent right right Total
software right
technology
I. Original cost
Balance .61 9 .93
current period
(1) Acquired 1,475,097.00 8,849.56 1,483,946.56
(2) Internal
developed
amount
(3) Business
combination
(4)
Transferred
from 77,704,994.22 5,079,266.90 82,784,261.12
construction in
progress
(5) Changes
of exchange -959.17 -959.17
rates
current period
(1) Disposal
Balance .83 5 .44
II.
Accumulated
amortization
Balance 3 4
current period
(1) Provision 43,806,211.63 65,002.52 6,254,250.40 450.08 50,125,914.63
current period
(1) Disposal
Balance 6 7
III. Provision
for impairment
Balance
current period
(1) Provision
current period
(1) Disposal
Balance
IV. Book Value
Book Value .87 .07
Book Value .28 .19
There is no proportion of intangible assets formed by internal development to the balance of
intangible assets at the period-end.
Other statements:
There was no land use right without certification of right at the period-end.
Unit: CNY
Item Opening Balance Increase Amortization Other decrease Closing Balance
Improvement
expense of
rented fixed
assets
Total 1,756,272.03 413,938.32 19,957.811 1,322,375.90
Note: 1 Other decrease was generated from changes of exchange rates.
Unit: CNY
Closing Balance Opening Balance
Item Deductible temporary Deductible temporary
Deferred tax assets Deferred tax assets
differences differences
Provision for asset
impairment
Unrealized profits
from internal 158,006,154.36 39,501,538.59 742,790,841.94 185,697,710.49
transactions
Impact from salary 388,464,863.06 96,035,942.39 493,996,524.17 121,948,421.27
Impact from deferred
earnings
Impact from fixed
assets depreciation
Recognition costs of
restricted shares for
equity incentive in
the vesting period
Impact from fair
value changes of
other equity 117,535,647.33 29,383,911.84 115,507,633.77 28,876,908.44
instrument
investment
Impact from fair
value changes of
held-for-trading
financial assets
Impact of income tax
from initial
recognition of lease
liabilities
Total 927,251,928.26 229,979,417.632 1,706,092,646.18 424,185,093.04
Note: 1. Deductible temporary differences of CNY 41,181,661.13 of costs and expenses recognized
during the vesting period of restricted shares for share incentives represent the estimated future pre-
tax deductible amounts based on the Company's share price less the grant price at the end of the
period.
compared with the opening, which was mainly due to the impact of a decrease in unrealized profits
from intra-company transactions and the reversal of restricted share lifting.
Unit: CNY
Closing Balance Opening Balance
Item Taxable temporary Deferred tax Taxable temporary Deferred tax
differences liabilities differences liabilities
Fair value changes
of other equity
instrument
investment
Fair value changes
of held-for-trading 19,461,048.36 4,865,262.09 11,520,444.76 2,880,111.17
financial assets
Impact from the
policy of one-time
pre-tax deduction of 341,101,163.76 83,185,058.42 379,464,834.32 92,542,193.36
fixed assets
depreciation
Impact of income tax
from initial
recognition of right-
of-use assets
Total 644,873,859.18 159,027,020.27 643,326,393.08 158,375,714.88
Unit: CNY
Item Closing Balance Opening Balance
Deductible losses 305,230,845.87 272,750,289.72
Credit impairment losses and asset
impairment provision
Impact from employee benefits
payable
Total 316,834,616.10 288,667,814.53
years
Unit: CNY
Year Closing Amount Opening Amount Notes
The 1st year 15,884,395.00 15,884,395.00
The 2nd year 8,417,566.87 8,417,566.87
The 3rd year 42,092,277.59 41,945,012.30
The 4th year 170,989,292.08 170,459,479.62
The 5th year 67,847,314.33 36,043,835.93
Total 305,230,845.87 272,750,289.72
Unit: CNY
Item Closing Balance Opening Balance
Provision
Provision
for
Book balance Book value Book balance for Book value
impairme
impairment
nt
Prepayment
for
engineering 239,777,024.13 239,777,024.13 235,101,375.05 235,101,375.05
and
equipment
Prepayment
for long-term 349,121,566.79 349,121,566.79 172,245,993.10 172,245,993.10
assets
Total 588,898,590.92 588,898,590.92 407,347,368.15 407,347,368.15
Other statements:
Note 1: The prepayment for long-term assets was the corresponding advance payment for the
progress of the Chengdu Innovation and Development Center Building customized and constructed
by the Company.
Note 2: The closing balance of other non-current assets increased by CNY 181,551,222.77 or
assets.
Unit: CNY
Period-end Period-beginning
Item Book Book Type of Status of Book Book Type of Status of
balance value restriction restriction balance value restriction restriction
Provision Provision
Cash and
for deposit for deposit
cash 285,923,8 285,923,8 Interest on 181,100,9 181,100,9 Interest on
interest on interest on
equivalent 01.57 01.57 deposit 55.95 55.95 deposit
an accrual an accrual
s
basis basis
Cash and
cash 18,000,00 18,000,00 Litigation Frozen by
equivalent 3.44 3.44 freeze the court
s
Cash and
Bank cash Bank cash
cash 10,000,00 10,000,00 10,000,00 10,000,00
Margin deposits Margin deposits
equivalent 0.00 0.00 0.00 0.00
for L/G for L/G
s
Cash and E- E-
cash 1,657,815. 1,657,815. commerce 1,627,857. 1,627,857. commerce
Margin Margin
equivalent 68 68 platform 48 48 platform
s margin margin
Total
Unit: CNY
Category Closing Balance Opening Balance
Engineering equipment expense 796,852,684.86 854,220,902.47
Materials and service expense 617,544,236.53 990,276,304.31
Total 1,414,396,921.39 1,844,497,206.78
Unit: CNY
Reason for non-payment or carrying
Category Closing Balance
forward
China Construction First Group Project payment within the contract
Corporation Limited settlement period
China Second Metallurgy Group Co., Project payment within the contract
Ltd. settlement period
KSEC Intelligent Technology Co., Equipment payment within the
Ltd. contract settlement period
Luzhou Branch of Zhongqi
Project payment within the contract
Construction Group Huamao Co., 21,826,780.23
settlement period
Ltd.
China Credit Investment Construction Equipment payment within the
Group Co., Ltd. contract settlement period
Total 558,685,185.62
Unit: CNY
Item Closing Balance Opening Balance
Dividend payable 6,788,869,591.98 29,668,290.20
Other payables 588,987,575.88 843,927,138.88
Total 7,377,857,167.86 873,595,429.08
Unit: CNY
Item Closing Balance Opening Balance
Ordinary share dividends 6,748,820,103.09
Restricted share dividends 10,381,198.69
Dividend payable to minority
shareholders of the Company’s 29,668,290.20 29,668,290.20
subsidiary
Total 6,788,869,591.98 29,668,290.20
Unit: CNY
Item Closing Balance Opening Balance
Security deposit 371,707,663.98 447,066,962.39
Intercompany funds 18,041,282.31 28,522,739.40
Repurchase obligations of restricted
shares
Others 31,443,833.08 22,637,993.20
Total 588,987,575.88 843,927,138.88
Unit: CNY
Reason for not payment or carrying
Item Closing Balance
forward
Within the contract performance
Security deposits from suppliers 44,803,391.16
period
Security deposits from customers Within the contract performance
and dealers period
Total 69,632,437.93
Unit: CNY
Item Closing Balance Opening Balance
Advance rent receipts 5,419,308.10
Total 5,419,308.10
Unit: CNY
Item Closing Balance Opening Balance
Within 1 year 3,502,227,692.03 3,960,810,214.93
Over 3 years 5,213,700.68 3,845,860.89
Total 3,529,323,175.67 3,978,131,528.88
Unit: CNY
Increase in current Decrease in current
Item Opening Balance Closing Balance
period period
benefits
benefits- defined 29,543,709.32 90,907,831.42 85,930,129.38 34,521,411.36
contribution plans
benefits
Total 553,580,768.99 682,312,797.75 791,962,361.32 443,931,205.42
Unit: CNY
Increase in current Decrease in current
Item Opening Balance Closing Balance
period period
allowances and 474,157,091.74 480,958,169.25 592,764,686.25 362,350,574.74
grants
welfare
premiums
Including:
Medical insurance 4,102,608.47 44,794,168.16 48,757,430.42 139,346.21
premium
Work-related injury
insurance
expenditures and
employee education
funds
Total 524,037,059.67 590,916,302.48 705,543,568.09 409,409,794.06
Unit: CNY
Increase in current Decrease in current
Item Opening Balance Closing Balance
period period
insurance premium
insurance premium
Total 29,543,709.32 90,907,831.42 85,930,129.38 34,521,411.36
Other statements:
Unit: CNY
Item Closing Balance Opening Balance
Value-added tax 537,030,395.44 712,774,935.04
Consumption tax 493,081,226.27 1,446,813,372.13
Enterprise income tax 848,922,145.28 798,281,280.17
Individual income tax 4,936,094.52 11,091,390.13
Urban maintenance and construction
tax
Education surcharge 30,579,403.65 63,919,687.59
Local education surcharge 20,931,909.74 43,486,324.21
Stamp duty 7,057,326.98 9,583,849.31
Land use tax 0.00 437,618.74
Others 406,670.09 401,983.65
Total 2,014,142,202.18 3,233,948,597.08
Other statements:
The closing balance of taxes payable decreased by CNY 1,219,806,394.90 or 37.72% compared with
the opening balance, which was mainly due to the payment of taxes payable from the previous year
during the current period.
Unit: CNY
Item Closing Balance Opening Balance
Long-term loans due within one year 5,260,900,000.00 1,720,200,000.00
Bonds payable due within one year 1,499,788,498.36
Lease liabilities due within one year 9,522,147.41 9,688,349.02
Interest of long-term loans due within
one year
Interest of bonds payable due within
one year
Total 5,274,717,368.79 3,276,628,616.74
Other statements:
The closing balance of non-current liabilities due within one year increased by CNY 1,998,088,752.05
or 60.98% compared with the opening balance, which was mainly due to the reclassification of long-
term loans due within one year.
Unit: CNY
Item Closing Balance Opening Balance
Output VAT to be transferred 458,655,396.27 516,729,820.48
Total 458,655,396.27 516,729,820.48
Unit: CNY
Item Closing Balance Opening Balance
Credit loans 7,989,600,000.00 8,000,100,000.00
Less: Long-term loans due within one
-5,260,900,000.00 -1,720,200,000.00
year
Total 2,728,700,000.00 6,279,900,000.00
Other statements, including interest rate range:
Loan prime rate (LPR) - corresponding basic points (BP) for 1-year/5-year and above loan terms.
The closing balance of long-term loans decreased by CNY 3,551,200,000.00 or 56.55% compared
with the opening balance, which was mainly due to the reclassification as non-current liabilities due
within one year.
Unit: CNY
Item Closing Balance Opening Balance
Lease payment 34,163,102.60 38,789,939.06
Less: unrecognized financing cost -3,626,653.13 -4,573,070.91
Lease liabilities due within one year -9,522,147.41 -9,688,349.02
Total 21,014,302.06 24,528,519.13
Unit: CNY
Increase in Decrease in
Item Opening Balance Closing Balance Reason
current period current period
Reception of
Government
grants
allocation
Total 86,672,726.83 8,517,000.00 12,744,585.28 82,445,141.55
Details:
Non-
oper
ating
Cost Relate
inco
Other income reducti Other d to
Opening Increase in me Closing
Item in current on in decrea assets/
Balance current period in Balance
period current se incom
curre
period e
nt
perio
d
Technologic
al
transformatio
n project of Relate
Luzhou 58,625,350.00 8,517,000.00 6,271,609.10 60,870,740.90 d to
Laojiao assets
Intelligent
Packing
Center
Digital
upgrade
project of
supply chain
Relate
management
for Luzhou
assets
Laojiao
Intelligent
Packing
Center
New mode Relate
application d to
Non-
oper
ating
Cost Relate
inco
Other income reducti Other d to
Opening Increase in me Closing
Item in current on in decrea assets/
Balance current period in Balance
period current se incom
curre
period e
nt
perio
d
project of assets
digital
workshop for
solid state
baijiu
production
Construction
project of
liquor room
Relate
of Luzhou
Laojiao
assets
brewing
technical
renovation
Luzhou
Laojiao
automatic
Relate
baijiu
production
assets
line technical
renovation
project
Boiler
reconstructio
n project of
Relate
Luohan
Brewing
assets
Base of
Luzhou
Laojiao
Brewing
Relate
wastewater
treatment
assets
project
Improvement
and technical
renovation
Relate
project of
Luzhou
assets
Laojiao
production
supporting
Total 86,672,726.83 8,517,000.00 12,744,585.28 82,445,141.55
Unit: CNY
Increases/decreases in the current period (+, -)
Opening Conversion Closing
Balance Issuance of of reserves Balance
Bonus issue Others Subtotal
new shares funds into
shares
Total 1,471,951,5 1,471,951,5
number of 03.00 03.00
shares
Unit: CNY
Increase in current Decrease in current
Item Opening Balance Closing Balance
period period
Share premium
(capital premium)
Other capital
reserves
Total 5,365,763,566.55 350,452,776.14 308,774,031.28 5,407,442,311.41
Note: 1. The share premium increased for the current period because some restricted shares granted
have been released from restrictions upon maturity.
to the parent company to be recognized in the current period for the issuance of restricted shares.
Unit: CNY
Increase in current Decrease in current
Item Opening Balance Closing Balance
period period
Perform the
repurchase
obligations under the
equity incentive
Total 345,699,443.89 177,904,647.38 167,794,796.51
Other statements, including notes to increase and decrease during the reporting period and the
reasons for changes:
The closing balance of treasury shares decreased by CNY 177,904,647.38 or 51.46% compared with
the opening balance, which was mainly due to the impact of the reversal of restricted share lifting
during the period.
Unit: CNY
Current Period
Less:
Less:
Previously
Previously
recognize Amount
Amount in recognize Amount
d in other attributabl
Opening current d in other attributabl Closing
Item comprehe Less: e to non-
Balance period comprehe e to Balance
nsive Income controlling
before nsive parent
income tax sharehold
income income company
transferre ers after
tax transferre after tax
d to tax
d to profit
retained
and loss
earnings
I. Other 100,246,1 24,665,79 24,665,00 124,911,1
comprehe 34.07 7.66 8.15 42.22
nsive
income
that will
not be
reclassifie
d into
profit and
loss
Other
comprehe
nsive
income
that will
not be 178,179.7 1,308,060. 1,307,271. 1,485,450.
reclassifie 0 60 09 79
d into
profit and
loss under
equity
method
Fair
value
changes
of other 100,067,9 23,357,73 23,357,73 123,425,6
equity 54.37 7.06 7.06 91.43
instrument
investmen
t
II. Other
comprehe
nsive
income - - -
that will be 16,011,01 567,128.9 13,006,65
reclassifie 8.69 1 9.82
d into
profit and
loss
Including:
Other
comprehe
nsive
income
- -
that will be 3,697,422. 3,697,422.
reclassifie 74 74
d into
profit and
loss under
equity
method
Difference
from
conversio - - -
n of 1,260,192. 693,063.8 567,128.9
financial 78 7 1
statement
s in
foreign
currency
Total 789.51 567,128.9
Other statements, including the adjustment of the effective gain/loss on cash flow hedges to the initial
recognized amount:
The closing balance of other comprehensive income increased by CNY 27,669,367.02 or 32.85%
compared with the opening balance, which was mainly due to the impact of an increase in the fair
value of equity investments during the period.
Unit: CNY
Increase in current Decrease in current
Item Opening Balance Closing Balance
period period
Statutory surplus
reserves
Total 1,471,951,503.00 1,471,951,503.00
Unit: CNY
Item Current Period Previous Period
Undistributed profit before
adjustment at the end of the last year
Undistributed profit after adjustment
at the beginning of year
Plus: Net profit attributable to owners
of the parent company for the current 7,662,907,812.98 8,027,538,165.31
period
Ordinary share dividends
payable
Plus: Other transfer in 789.51
Undistributed profits at the end of the
period
Unit: CNY
Current Period Previous Period
Item
Revenue Cost of sales Revenue Cost of sales
Primary business 16,344,514,364.43 2,078,404,503.02 16,638,234,607.68 1,829,724,587.15
Other business 109,218,540.22 45,715,982.82 266,650,561.70 102,349,906.01
Total 16,453,732,904.65 2,124,120,485.84 16,904,885,169.38 1,932,074,493.16
Details:
Unit: CNY
Contract Current Period Total
category Operating revenue Cost of sales Operating revenue Cost of sales
Commodit
y type
Including:
Medium
and high
grade
baijiu
Other
baijiu
Other
revenue
By
operating
segment
Including:
Domestic 16,350,903,115.95 2,108,882,906.84 16,350,903,115.95 2,108,882,906.84
Outbound 102,829,788.70 15,237,579.00 102,829,788.70 15,237,579.00
Market or
customer
type
Including:
Contract
type
Including:
Recognize
revenue at
point in
time
Recognize
revenue
by time
period
By
commodit
y transfer
time
Including:
By
contract
term
Including:
By sales
channel
Including:
Total 16,453,732,904.65 2,124,120,485.84 16,453,732,904.65 2,124,120,485.84
Other statements:
The Company's main business is the production and sale of baijiu. Revenue is recognized at the point
when the Company transfers control of the relevant goods to the customer and fulfills its performance
obligations.
Information in relation to the transaction price apportioned to the residual contract performance
obligation:
The amount of revenue corresponding to performance obligations of contracts signed but not
performed or not fully performed yet was CNY 3,534,295,017.97 at the period-end, among which
CNY 3,534,295,017.97 was expected to be recognized in 2025.
Unit: CNY
Item Current Period Previous Period
Consumption tax 1,721,547,760.08 1,569,134,676.20
Urban maintenance and construction
tax
Educational surcharge 98,825,128.48 101,935,040.80
Property tax 38,179,783.28 38,124,428.64
Land use tax 14,046,008.98 16,728,210.45
Stamp duty 15,911,225.58 14,952,384.57
Local education surcharge 65,883,418.92 67,956,693.84
Others 134,475.75 150,460.39
Total 2,182,376,054.10 2,043,377,033.97
Unit: CNY
Item Current Period Previous Period
Employee compensation 227,469,245.07 245,671,985.85
Depreciation and amortization 56,332,188.25 55,441,149.62
Management fee and service
expense
Others 122,315,434.98 173,072,349.73
Total 428,272,440.13 504,694,175.31
Unit: CNY
Item Current Period Previous Period
Advertising promotion expense 614,445,634.53 771,086,934.79
Promotion expense 518,115,123.16 465,935,051.00
Employee compensation 214,753,358.10 212,055,575.40
Storage and logistics costs 102,069,423.35 81,048,424.07
Others 69,128,642.90 100,167,038.41
Total 1,518,512,182.04 1,630,293,023.67
Unit: CNY
Item Current Period Previous Period
Comprehensive research and
development expenses
Total 83,864,133.32 75,028,702.85
Unit: CNY
Item Current Period Previous Period
Interest expenses 91,402,233.60 266,707,454.54
Less: Interest income -357,946,373.68 -391,537,705.76
Losses from currency exchange 359,030.95 -1,947,832.81
Handling charges 1,744,034.24 1,979,786.54
Amortization of unrecognized
financing costs
Total -263,955,897.52 -124,274,752.55
Other statements:
The financial expenses decreased by CNY 139,681,144.97 year-on-year, mainly due to the decline in
bond interest expense and reclassification of bill discounting expenses during the current period.
Unit: CNY
Source Current Period Previous Period
Government grants 24,391,252.80 18,852,624.09
Other refund (Individual income tax
handling fee refund)
Total 27,222,431.63 21,379,290.54
Unit: CNY
Source Current Period Previous Period
Held-for-trading financial assets 23,005,153.12 33,247,170.87
Held-for-trading financial liabilities 9,796.97
Total 23,005,153.12 33,256,967.84
Other statements:
The gain on changes in fair value decreased by CNY 10,251,814.72 or 30.83% year-on-year, mainly
due to changes in net value of wealth management products during the current period.
Unit: CNY
Item Current Period Previous Period
Investment income from long-term
equity investments under the equity 54,787,007.14 14,536,085.02
method
Investment income gained during the
period of holding held-for-trading 20,065,193.40
financial assets
Investment income from disposal of
held-for-trading financial assets
Dividend income gained during the
period of holding other equity 9,849,815.13 10,709,905.00
instrument investment
Investment losses from foreign
-17,362.71
exchange forward transaction
Income from derecognition of
financial assets measured at fair
-54,983,460.21
value with changes recorded in other
comprehensive income
Total 11,388,867.58 15,422,563.74
Other statements:
Note 1: There is no major restriction on the repatriation of the Company's investment income.
Including: investment income from long-term equity investments under the equity method:
Item Current Period Previous Period
Huaxi Securities Co., Ltd. 53,230,119.49 4,109,114.62
Luzhou Laojiao Postdoctoral Workstation Technology Innovation
-562,041.18 -999,373.92
Co., Ltd.
Sichuan Development Liquor Investment Co., Ltd. 2,657.73
Sichuan Tongniang Baijiu Industry Technology Research
-88,242.48 -34,056.17
Institute Co., Ltd.
CTS Luzhou Laojiao Cultural Tourism Development Co., Ltd. 1,403,972.64 11,068,257.58
Sichuan Tianfu Granary Liquor Industry Co., Ltd. 803,198.67 389,485.18
Total 54,787,007.14 14,536,085.02
Including: dividend income gained during the period of holding other equity instrument investment:
Item Current Period Previous Period
North Chemical Industries Co., Ltd. 62,542.20 78,177.75
Guotai Haitong Securities Co., Ltd. 3,297,559.16 4,710,798.80
Luzhou Bank Co., Ltd. 5,207,040.00 3,905,280.00
China Tourism Group Duty Free Corporation Limited 1,282,673.77 2,015,648.45
Total 9,849,815.13 10,709,905.00
Unit: CNY
Item Current Period Previous Period
Bad debt loss of accounts receivable -266,476.75 704,797.18
Bad debt loss of other receivables 215,280.78 404,516.63
Total -51,195.97 1,109,313.81
Unit: CNY
Source Current Period Previous Period
Gains from disposal of non-current
assets
Including: Gains from disposal of
fixed assets
Gains from disposal of use right
assets
Total 106,501.12 1,058,795.10
Unit: CNY
The amount included in the
Item Current Period Previous Period extraordinary gains and
losses of the current period
Compensation for default 7,048,594.20 7,708,473.69 7,048,594.20
Others 173,175.30 856,276.18 173,175.30
Total 7,221,769.50 8,564,749.87 7,221,769.50
Unit: CNY
The amount included in the
Item Current Period Previous Period extraordinary gains and
losses of the current period
Donation 27,000,000.00 3,617,355.00 27,000,000.00
Losses from damage
retirement of non-current 3,177,543.69
assets
Others 12,191,852.89 868,760.23 12,191,852.89
Total 39,191,852.89 7,663,658.92 39,191,852.89
Other statements:
The non-operating costs increased by CNY 31,528,193.97 or 411.40% year-on-year, mainly due to
increase in donations during the current period.
Unit: CNY
Item Current Period Previous Period
Current period income tax 2,418,125,334.36 2,463,970,373.02
Deferred income tax 308,459,686.85 406,591,115.54
Total 2,726,585,021.21 2,870,561,488.56
Unit: CNY
Item Current Period
Total profit 10,410,245,180.83
Income tax expenses determined by statutory/applicable
tax rate
Impact from subsidiaries’ different tax rates 540,618.18
Impact from adjusting for impact from income tax
expense in previous period
Impact from non-taxable income -3,085,279.04
Impact from deductible temporary difference or losses
due to unrecognized deferred tax asset in current period
Income tax impact of expected pre-tax deductible
amounts of restricted shares in future periods that are 15,104,174.80
less than the recognized cost and expenses
Deduction impact of research and development costs -6,198,062.71
Income tax expense 2,726,585,021.21
Details in Note 7.34. Other comprehensive income.
Cash received from other operating activities
Unit: CNY
Item Current Period Previous Period
Recovery of saving deposits
involving contract disputes
Government grants 19,593,915.55 16,005,375.97
Interest income from bank deposit 257,885,009.81 335,265,300.54
Others 80,473,241.56 103,140,673.60
Total 358,212,166.92 454,611,350.11
Cash paid for other operating activities
Unit: CNY
Item Current Period Previous Period
Cash paid for expenses 1,319,418,488.50 1,392,511,609.29
Cash paid to E-commerce platform
as security deposit
Total 1,319,439,008.50 1,392,976,695.09
Cash received from significant investing activities
Unit: CNY
Item Current Period Previous Period
Recovering the principal invested in
held-for-trading financial assets
Total 600,000,000.00 2,060,000,000.00
Cash paid for other investing activities
Unit: CNY
Item Current Period Previous Period
Loss on forward exchange settlement 17,362.71
Total 17,362.71
Cash paid for significant investing activities
Unit: CNY
Item Current Period Previous Period
Cash paid for purchasing long-term
assets
Cash paid for purchasing held-for-
trading financial assets
Total 1,236,919,110.77 1,004,186,871.61
Cash paid for other financing activities
Unit: CNY
Item Current Period Previous Period
Cash paid for rent of right-of-use
assets
Cancellation of residual net assets
enjoyed by minority shareholders by 4,887,500.00
subsidiaries
Cash paid for repurchasing restricted
shares
Total 3,786,414.12 10,991,704.13
Changes in liabilities arising from financing activities
Applicable □ N/A
Unit: CNY
Increase in current period Decrease in current period
Opening Closing
Item Non-cash Non-cash
Balance Cash change Cash change Balance
change change
Long-term
loans
(including
long-term 80,259,225.10 91,847,279.94
.22 .38
loans due
within one
year)
Bonds
payable
(including
bonds 11,143,008.50
.50 .00
payable due
within one
year)
Lease
liabilities
(including
lease liabilities
due within one
year)
Other
payables
(Repurchase 345,699,443.8 177,904,647.3 167,794,796.5
obligations of 9 8 1
restricted
shares)
Total 91,508,229.04
.76 .06 8 .36
Unit: CNY
Item Current Period Previous Period
flow from operating activities:
Net profit 7,683,660,159.62 8,046,259,026.39
Plus: Provision for asset impairment 51,195.97 -1,109,313.81
Depreciation of fixed asset, oil and
gas assets and productive biological 343,126,216.83 336,899,433.68
assets
Depreciation of right-of-use assets 4,750,333.12 4,581,615.90
Amortization of intangible assets 50,125,914.63 45,676,838.28
Amortization of long-term deferred
expense
Losses from disposal of fixed assets,
intangible assets and other long-term -106,501.12 -1,058,795.10
assets (Gains use “-”)
Losses from retirement of fixed
assets (Gains use “-”)
Losses from change in fair value
-23,005,153.12 -33,256,967.84
(Gains use “-”)
Financial expenses (Gains use “-”) -263,955,897.52 -124,274,752.55
Losses on investments (Gains use “-
-11,388,867.58 -15,422,563.74
”)
Decrease in deferred income tax
assets (Increase uses “-”)
Increase in deferred income tax
-7,641,610.35 -13,586,593.09
liabilities (Decrease uses “-”)
Decrease in inventories (Increase
-391,730,893.15 -732,279,804.13
use “-”)
Decrease in operating receivables
(Increase use “-”)
Increase in operating payables
-1,995,566,797.43 -1,642,612,998.46
(Decrease use “-”)
Others
Net cash flows from operating
activities
activities not involving cash:
Conversion of debt into capital
Convertible corporate bonds due
within one year
Fixed assets under financing lease
equivalents:
Closing balance of cash 35,153,498,709.80 35,995,050,518.55
Less: Opening balance of cash 33,367,668,014.46 25,893,029,277.86
Plus: Closing balance of cash
equivalents
Less: Opening balance of cash
equivalents
Net change in cash and cash
equivalents
Unit: CNY
Item Opening Balance Closing Balance
Including: Cash on hand 27,220.19 27,640.75
Unrestricted bank deposit 35,129,906,283.36 33,325,611,589.29
Other unrestricted cash
and cash equivalents
equivalents
Unit: CNY
Item Current Period Previous Period Reason
Other monetary funds 10,000,000.00 10,000,000.00 Bank cash deposits for L/G
Provision for deposit
Bank deposit 285,923,801.57 94,715,340.26
interest on an accrual basis
Restricted cash deposit in
Other monetary funds 1,657,815.68 992,930.88
E-commerce platforms
Total 297,581,617.25 105,708,271.14
Unit: CNY
Closing Balance in Foreign
Item Exchange Rate Closing Balance in CNY
Currency
Cash at Bank and on Hand
Including: USD 54,331,291.47 7.1586 388,935,983.12
EUR 328.11 8.4024 2,756.91
HKD 5,877,929.80 0.91195 5,360,378.08
GBP 39.99 9.8300 393.10
AUD 339.12 4.6817 1,587.66
CAD 53,951.15 5.2358 282,477.43
Accounts Receivable
Including: USD
EUR
HKD 16,809,722.03 0.91195 15,329,626.01
Long-term Loans
Including: USD
EUR
HKD
Other Receivables
Including: USD 18,697.65 7.1586 133,849.00
HKD 1,360,254.01 0.91195 1,240,483.64
Accounts Payable
Including: USD 0.50 7.1586 3.58
HKD 848,421.06 0.91195 773,717.59
Other Payables
Including: USD 13,201.33 7.1586 94,503.04
HKD 15,798,003.17 0.91195 14,406,988.99
Non-current liabilities due
within one year
Including: USD 69,491.62 7.1586 497,462.71
HKD 4,056,876.28 0.91195 3,699,668.32
Lease liabilities
Including: USD 42,473.21 7.1586 304,048.72
HKD 2,772,906.91 0.91195 2,528,752.46
entity, shall disclose its main foreign business place, bookkeeping standard currency and
selection basis, and shall also disclose the reason for the change of the bookkeeping
standard currency
Applicable □ N/A
Bookkeeping
Company Operation site Choosing Reason
currency
Luzhou Laojiao International Development Currency in the registration
Hong Kong, China HKD
(Hong Kong) Co., Ltd. place
Luzhou Laojiao Commercial Development Currency in the registration
USA USD
(North America) Co., Ltd. place
Currency in the registration
Mingjiang Co., Ltd. USA USD
place
Applicable □ N/A
Variable lease payments that are not covered in the measurement of the lease liabilities
□Applicable N/A
Simplified short-term lease or lease expense for low-value assets
Applicable □ N/A
The Company uses a simplified approach for short-term leases, where the right-of-use assets and
lease liabilities are not recognized. Short-term leases accounted for as expenses in the current period
are listed below:
Item H1 2025 H1 2024
Short-term lease expenses recognized as current profit or loss in the
current period using the simplified approach
Total cash outflows related to leases 6,597,043.05 8,967,410.96
Note: The leased assets of the Company include the buildings and constructions and the land use
right involved in operation. The leasing period of land use right is normally 15-30 years and the lease
contract of land use right generally includes the renewal option clause.
Circumstances involving sale and leaseback transactions
N/A
Operating leases with the Company as lessor
Applicable □ N/A
Unit: CNY
Of which: income related to variable
Item Rental income lease payments not included in lease
receipts
Income from rental of buildings,
equipment, etc.
Total 6,531,252.01
Finance leases with the Company as lessor
□Applicable N/A
Undiscounted lease receipts for each of the next five years
□Applicable N/A
Reconciliation of undiscounted lease receipts to net lease investments
manufacturer or dealer
□Applicable N/A
N/A
Unit: CNY
Item Current Period Previous Period
Material consumption 5,317,522.73 17,183,933.44
Research and development and
technical services
Share payment expense 2,719,532.04 6,131,957.28
Other indirect costs 64,274,699.81 39,780,343.08
Total 83,864,133.32 75,028,702.85
Of which: Expensed research and
development expenditure
Unit: CNY
The
The The
acquiree’s
acquiree’s acquiree’s
cash
Basis for revenue net profit
Date of Cost of Method of flows from
Name of Proportion determini from the from the
equity equity equity Acquisitio the
the of equities ng the acquisitio acquisitio
acquisitio acquisitio acquisitio n date acquisitio
acquiree acquired acquisitio n date to n date to
n n n n date to
n date the the
the
period- period-
period-
end end
end
Other statements:
There is no business combination not under common control during current period.
Unit: CNY
The The
combined combined
party’s party’s net
Basis for revenue profit from
Proportion
the from the the The The
of equity
judgment Basis for beginning beginning combined combined
Name of interests
about the determinin of the of the party’s party’s net
the acquired in Combinatio
business g the current current revenue profit
combined the n date
combinatio combinatio period, in period, in during the during the
party business
n under n date which the which the comparison comparison
combinatio
common combinatio combinatio period period
n
control n occurred, n occurred,
to the to the
combinatio combinatio
n date n date
Other statements:
There is no business combination under common control during current period.
The basic information of the transaction, the basis of the transaction constitutes the reverse purchase,
whether the assets and liabilities retained by the listed company constitute the business and its basis,
the determination of the merger cost, and the adjustment of the equity amount and its calculation
according to the equity transaction:
There is no reverse purchase during current period.
Whether there is a situation of losing control after disposing of the investment in the subsidiary only
once
□ Yes No
Whether there is a situation of disposing the investment in the subsidiary through several transactions
step by step and losing control during the period
□ Yes No
Explain other reasons for changing consolidated scope (such as establishing a new subsidiary,
liquidating a subsidiary) and its related situation:
No
No
Unit: CNY
Major Shareholding Proportion
Name of Registered Place of Nature of Acquisition
business
Subsidiaries capital registration business Direct Indirect method
location
Luzhou
Baijiu
Laojiao 487,582,23
Luzhou Luzhou manufactur 100.00% Investment
Brewing 6.00 e and sales
Co., Ltd.
Luzhou Red Business
Agricultural
Sorghum combination
Modern Luzhou Luzhou 60.00% under
Agricultural common
sales
Developme control
nt Co., Ltd.
Luzhou
Laojiao 100,000,00
Luzhou Luzhou Baijiu sales 100.00% Investment
Sales Co., 0.00
Ltd.
Luzhou
Laojiao
Nostalgic 5,000,000.0
Luzhou Luzhou Baijiu sales 100.00% Investment
Liquor 0
Marketing
Co., Ltd.
Luzhou
Laojiao
Selected
Supply Luzhou Luzhou Baijiu sales 100.00% Investment
Chain 00
Manageme
nt Co., Ltd.
Guangxi
Luzhou
Laojiao Red wine
Imported Qinzhou Qinzhou production 100.00% Investment
Liquor 00 and sales
Industry
Co., Ltd.
Luzhou
Dingli
Liquor Luzhou Luzhou Baijiu sales 100.00% Investment
Industry 0
Co., Ltd.
Luzhou
Laojiao
Qiankun
Cheteau 5,000,000.0
Luzhou Luzhou Baijiu sales 100.00% Investment
Custom 0
Liquor
Sales Co.,
Ltd.2
Luzhou
Laojiao
New Liquor Luzhou Luzhou Baijiu sales 100.00% Investment
Industry 0
Co., Ltd.
Luzhou Liquor
Laojiao I & Luzhou Luzhou import and 100.00% Investment
E Co., Ltd. 0 export trade
Luzhou
Laojiao
Boda Liquor 120,000,00
Luzhou Luzhou Baijiu sales 75.00% Investment
Industry 0.00
Marketing
Co., Ltd.
Luzhou
Laojiao
Fruit Wine Luzhou Luzhou 41.00% Investment
Industry
Co., Ltd.
Mingjiang
Co., Ltd. America America Baijiu sales 54.00% Investment
(USD) 0
Luzhou
Laojiao
Internationa 20,000,000. Food import
Hainan Hainan 100.00% Investment
l Trade 00 and export
(Hainan)
Co., Ltd.
Luzhou Technology
Pinchuang 50,000,000. developmen
Luzhou Luzhou 100.00% Investment
Technology 00 t and
Co., Ltd. service
Luzhou
Laojiao
Internationa
l
Developme
nt (Hong
Kong) Co.,
Ltd. (HKD)
Luzhou
Laojiao
Commercial
Business
Developme
nt (North
t
America)
Co., Ltd.
(USD)
Luzhou
Laojiao
Electronic Luzhou Luzhou Liquor sales 90.00% Investment
Commerce 00
Co., Ltd.
Luzhou
Business
Laojiao Health care
combination
Health 10,000,000. liquor
Luzhou Luzhou 100.00% under
Liquor 00 manufactur
common
Industry e and sales
control
Co., Ltd.
Luzhou Business
Laojiao combination
Health Luzhou Luzhou 100.00% under
Sales Co., common
Ltd. control
Luzhou
Laojiao 50,000,000.
Luzhou Luzhou Baijiu sales 40.00% 60.00% Investment
New Retail 00
Co., Ltd.
Luzhou
Technology
Laojiao
Technology Chengdu Chengdu 40.00% 60.00% Investment
Innovation
service
Co., Ltd.
Statement that the proportion of share-holding is different from the proportion of voting rights:
Although the Company holds less than 51% of the equity in Luzhou Laojiao Fruit Wine Industry Co.,
Ltd., of the five members of the board of directors of it, three members are appointed by the Company,
which represents a majority, and the Company exercises substantive control over that company.
Therefore, it is included in the scope of consolidation.
Unit: CNY
Gains and losses
Proportion of share Dividends paid to
attributable to non- Closing balance of
holdings of non- non-controlling
Name of subsidiary Controlling non-controlling
Controlling shareholders during
shareholders during shareholders interest
shareholders current period
current period
Luzhou Laojiao Boda
Liquor Industry 25.00% 18,573,295.78 80,417,168.07
Marketing Co., Ltd.
Unit: CNY
Closing Balance Opening Balance
Name Non- Non-
of Non- Curre Non- Curre
Curre curren Total Curre curren Total
subsid curren Total nt curren Total nt
nt t liabiliti nt t liabiliti
iary t assets liabiliti t assets liabiliti
assets liabiliti es assets liabiliti es
assets es assets es
es es
Luzho
u
Laojia
o
Boda
Liquor
Indust
ry
Marke
ting
Co.,
Ltd.
Unit: CNY
Current Period Previous Period
Name of Total Total
subsidiary Operating comprehe Operating Operating comprehe Operating
Net profit Net profit
revenue nsive cash flow revenue nsive cash flow
income income
Luzhou
Laojiao
Boda
Liquor
Industry
Marketing
Co., Ltd.
Company
N/A
scope of consolidated financial statements
N/A
the company still controls the subsidiary
N/A
equity attributable to the company as the parent
N/A
Name of joint Major Shareholding proportion
Place of Business Accounting
venture/associ business
registration nature Direct Indirect Method
ates location
Important joint
ventures:
none
Important
associates:
Huaxi
Chengdu, Chengdu,
Securities Securities 10.39% Equity method
Sichuan Sichuan
Co., Ltd.
Basis of holding less than 20% of the voting rights but has a significant impact or holding 20% or
more voting rights but does not have a significant impact:
The Company has the substantive decision-making power, so the Company still has significant
influence on Huaxi Securities.
Unit: CNY
Closing Balance/Amount in current Opening Balance/Amount in previous
period period
Current assets 95,365,137,767.34 93,869,804,524.81
Non-current assets 7,914,509,209.36 6,470,872,129.58
Total assets 103,279,646,976.70 100,340,676,654.39
Current liabilities 56,961,720,403.43 55,278,203,069.28
Non-current liabilities 22,419,056,138.32 21,499,772,518.55
Total liabilities 79,380,776,541.75 76,777,975,587.83
Non-controlling shareholder interest 15,008,821.31 16,018,731.95
Shareholder interest attributable to
parent company
Share of net assets calculated based
on shareholding proportion
Adjusted
--Goodwill
--Unrealized profits of internal
transactions
--Others 167,466,735.90 167,466,735.90
Book value of equity investments in 2,649,851,988.16 2,614,807,032.57
associate companies
Fair value of equity investments in
associate companies that have public 2,439,110,427.36 2,267,226,806.64
quote
Operating revenue 2,073,360,322.47 1,413,115,470.65
Net profit 511,153,449.44 37,975,534.90
Net profit from discontinued
operation
Other comprehensive income 48,159,435.11 160,843,265.08
Total comprehensive income 559,312,884.55 198,818,799.98
Dividends from associate companies
this year
companies
Unit: CNY
Closing Balance/Amount in current Opening Balance/Amount in previous
period period
Joint ventures:
Total following items calculated on
the basis of shareholding proportion
Associate companies:
Total book value of investments 186,700,299.29 186,445,285.36
Total following items calculated on
the basis of shareholding proportion
--Net profit -1,901,298.01 -4,006,494.78
-- Total comprehensive income -1,901,298.01 -4,006,494.78
Other statements:
Unimportant associate companies refer to Luzhou Laojiao Postdoctoral Workstation Technology
Innovation Co., Ltd., Sichuan Development Liquor Investment Co., Ltd., Sichuan Tongniang Baijiu
Industry Technology Research Institute Co., Ltd., Sichuan Tianfu Granary Liquor Industry Co., Ltd.
and CTS Luzhou Laojiao Cultural Tourism Development Co., Ltd.
companies to transfer funds to the Company
None
None
None
None
amount receivable
□Applicable N/A
Reasons for failing to receive government grants in the estimated amount at the estimated point in
time
□Applicable N/A
Applicable □ N/A
Unit: CNY
Non-
Other
Increase in operating Related to
Opening income in Other Closing
Item current income in assets/
Balance current changes Balance
period current income
period
period
Deferred 86,672,726. 8,517,000.0 12,744,585. 82,445,141. Related to
income 83 0 28 55 assets
Total
Applicable □ N/A
Unit: CNY
Item Amount in current period Amount in previous period
Other income 24,391,252.80 18,852,624.09
Non-operating revenue
Total 24,391,252.80 18,852,624.09
Other statements:
The specific details of government grants included in current profit or loss are provided in Note 7.43.
The Company's primary financial instruments include monetary capital, trading financial assets,
accounts receivable, receivables financing, receivables other than tax refundable, other equity
instruments, held-for-trading financial liabilities, notes payable, accounts payable, other payables, lease
liabilities, some other current liabilities and loans. A detailed description of each financial instrument is
set out in Note V and notes to the Consolidated Financial Statement.
Risks related to these financial instruments, and risk management policies the Company has adopted
to reduce these risks are described as follows. The Company management manages and monitors the
risk exposure to ensure the above risks are controlled in a limited scope.
The Company adopts sensitivity analysis technology to analyze the possible impact of reasonable and
possible changes of risk variables on current profits/losses or shareholders' equity. As any risk variable
rarely changes in isolation, and the correlation between variables will have a significant effect on the
final impact amount of the change of a risk variable, the following content is based on the assumption
that the change of each variable is independent.
Risk management objective: The Company strikes an appropriate balance between risk and return, and
strives to minimize the negative impact of risk on the Company's operating performance and maximize
the interests of shareholders and other equity investors.
Risk management policy: The Board of Directors shall be responsible for planning and establishing a
risk management framework, formulating risk management policies and related guidelines, and
supervising the implementation of risk management measures. The Risk Management Committee shall
carry out risk management through close collaboration (including the identification, evaluation and
avoidance of relevant risks) with other business units of the Company in accordance with the policies
approved by the Board of Directors. The internal audit department shall conduct regular audits on risk
management controls and procedures and report the results to the Audit Committee.
The Company has formulated risk management policies to identify and analyze the risks it faces,
clarifying specific risks and covering many aspects such as credit risk, liquidity risk and market risk
management. On a regular basis, the Company evaluates the specific market environment and various
changes in the Company's business operations to determine whether any risk management policy and
system should be updated. The Company diversifies the risks to financial instruments through
appropriately diversified investments and business portfolios, and reduces the risk of concentration in
any single industry, specific geographic area or specific counter-party by formulating appropriate risk
management policies.
Credit risk refers to the risk that one party to a financial instrument cannot perform its obligations,
causing financial losses to the other party. The Company only trades with recognized, reputable, and
large third parties. In accordance with the Company's policy, the terms of sale with customers are
based on transactions of payment before delivery, with only a small amount of credit transactions, and
credit review for all customers who require credit to trade. In addition, the Company continuously
monitors and controls the balance of the receivables to ensure that the Company does not face
significant bad debt risks. In addition, the Company makes full provision for expected credit losses at
each balance sheet date based on the collection of receivables. Therefore, the Company's
management believes that the Company's credit risk has been greatly reduced.
The Company's working capital is deposited in banks with high credit rating, so the credit risk of working
capital is low.
The Company's risk exposures are spread across multiple contract parties and customers in multiple
geographies, with customers in the commerce industry in addition to the alcohol distribution industry
(the main industry). No systemic risk has been identified in the relevant industries. Therefore, the
Company has no significant credit concentration risk. As at June 30, 2025, the balance of the top five
customers of the Company's accounts receivable amounted to CNY 16.2359 million, accounting for
Liquidity risk refers to the risk unable to obtain sufficient funds in time to meet business development
needs or to repay debts due and other payment obligations. The Company has sufficient working
capital. The liquidity risk is extremely small. The Company's objective is to use a variety of financing
instruments such as bank clearing, bank loans and issuing corporate bonds to maintain a balance
between financing sustainability and flexibility. As at June 30, 2025, the Company has been able to
meet its own continuing operation requirements through the use of cash flow from operations.
The analysis of the financial liabilities held by the Company based on the maturity period of the
undiscounted remaining contractual obligations is as follows:
Closing Balance
Item Contract amount
Book value Within 1 year 1-2 years 2-3 years Over 3 years
not discounted
Account
s
payable
Other
payable
Non-
current
liabilities
due
within
one
year
Long-
term
loans
Lease 10,286,309.5
liabilities 8
Total
① Foreign exchange risk
The foreign exchange risk refers to the risk of loss due to exchange rate changes. Apart from the three
subsidiaries of the Company which make purchases and sales in USD and HKD, the other major
business activities are denominated and settled in CNY. The Company closely monitors the impact of
exchange rate fluctuations on its foreign exchange risk, and actively tracks the scale of foreign currency
transactions, as well as foreign currency assets and liabilities, to minimize exposure to exchange rate
risks. In order to hedge risks in the foreign exchange market, prevent adverse effects from significant
fluctuations in exchange rates, control financial expenses and reduce exchange rate risks in overseas
operations, the Company's subsidiary, Luzhou Laojiao International Development (Hong Kong) Co.,
Ltd., has engaged in forward foreign exchange contract transactions. As at June 30, 2025, the
Company's assets and liabilities are mainly in CNY balance. At present, the Company's management
considers the impact of changes in foreign exchange risk on the Company's financial statements to be
less.
② Rate risk
The Company's interest rate risk mainly arises from the long-term loans from banks. Financial liabilities
based on the floating interest rate will cause the cash flow interest rate risk to the Company, and
financial liabilities based on the fixed interest rate cause the fair value interest rate risk. The Company
will determine the corresponding proportion between the contracts with fixed interest rate and those
with floating interest rate in combination with current market condition.
③ Other price risks
Other price risk refers to the risk of fluctuation caused by market price changes other than foreign
exchange risk and interest rate risk, whether these changes are caused by factors related to a single
financial instrument or its issuer or all similar financial instruments traded in the market. Other price
risks faced by the Company mainly come from held-for-trading financial assets and investments in
other equity instruments measured at fair value.
Applicable □ N/A
Unit: CNY
Amount of
Nature of transferred Basis for
Transfer method transferred financial Derecognized or not
financial assets derecognition
assets
Outstanding bank
Almost all its risks
Endorsement of acceptance bills in
notes accounts receivable
been transferred
financing
Outstanding bank
Almost all its risks
acceptance bills in
Discount of notes 7,033,238,550.80 Yes and rewards have
accounts receivable
been transferred
financing
Total 7,231,909,718.76
Applicable □ N/A
Unit: CNY
Method of financial assets Amount of derecognized Gains or losses related to
Item
transfer financial assets derecognition
Outstanding bank
acceptance bills in
Endorsement of notes 198,671,167.96
accounts receivable
financing
Outstanding bank Discount of notes 7,033,238,550.80 -37,605,419.36
acceptance bills in
accounts receivable
financing
Total 7,231,909,718.76 -37,605,419.36
□Applicable N/A
Other statement:
Unit: CNY
Closing fair value
Item
Level 1 Level 2 Level 3 Total
measurement at fair -- -- -- --
value
financial assets
assets measured at
fair value with their
changes included
into current
profits/losses
management 1,610,560,917.24 1,610,560,917.24
products
other equity 405,080,445.30 33,257,910.65 438,338,355.95
instruments
receivable financing
Total assets
continuously
measured at fair
value
measurement at fair -- -- -- --
value
discontinuously within Level 1 of the fair value hierarchy
The listed companies in mainland China determine the fair value of other equity instrument investment
according to the closing price on the last trading day of Shenzhen Stock Exchange or Shanghai Stock
Exchange at the period-end. The companies listed in Hong Kong determine the fair value of other
equity instrument investment according to the closing price of Hong Kong Dollar on the last trading day
of Hong Kong Stock Exchange at the period-end and the median price of CNY exchange rate disclosed
on the same day by China Foreign Exchange Trade System.
important parameters for either continuously or discontinuously within Level 2 of
the fair value hierarchy
None
important parameters for either continuously or discontinuously within Level 3 of
the fair value hierarchy
Trading financial assets: The fair value is measured based on market quotations for similar types of
instruments.
Accounts receivable financing: As the timing and price of bills discounted may not be reliably estimated
due to the short maturity of the bills all being less than one year and the endorsement of the negotiable
bills being valued at book value, the Company measures the bills receivable at their book value as a
reasonable estimate of fair value.
Other equity instrument investment: Due to no significant changes in business environment, business
condition and financial situation of invested companies, the Company shall measure the fair value
according to the lower one between investment cost and the share of net assets enjoyed by invested
companies on the base date according to the reasonable estimation.
beginning carrying value and the ending carrying value and sensitivity analysis on
unobservable parameters
None
conversion happens if conversion happens among continuous fair value
measurement items at different level
None
changes
None
None
Shareholding Voting rights
Registration Registered
Parent company Business nature proportion by the proportion by the
place capital
parent company parent company
Investment and
Luzhou Laojiao 2,798,818,800.0
Luzhou, Sichuan asset 26.03% 50.98%
Group Co., Ltd. 0
management
Statements for situation of parent company:
The reason for the inconsistency between the shareholding proportion and voting rights proportion by
the parent company is that on May 23, 2024, Laojiao Group and XingLu Investment Group renewed
the concerted action agreement which is valid as of June 1, 2024 and ends on May 31, 2027. The
agreement: when the parties in deal with the Company’s business development and make decisions
by shareholders meeting and board of directors according to the company law and other relevant
laws and regulations and the articles of association, the parties should adopt the consistent actions.
During the effective period of this agreement, before any party submits proposals involving the major
issues of the Company's business development to the shareholders meeting or exercise the voting
rights at the shareholders meeting and the board of directors, the internal coordination for relevant
proposals and voting events shall be conducted by persons acting in concert. If there are different
opinions, it will be subject to Laojiao Group’s opinion.
The nature of parent company: Limited liability company (state-owned and wholly-owned);
Registration place: Innovation and Entrepreneurship Center, Liquor Industry Park, Huangyi Town,
Jiangyang District, Luzhou City, Sichuan Province; Business Scope: General project: Social economy
consulting services; business management consulting; financial consulting; business headquarters
management; import and export agency; trade brokerage; crops planting services; trees planting
operation; elder care services; tourism development project planning and consulting; technical
agency services; engineering and technological research and experimental development; display
device manufacturing; supply chain management services; technical services, technical development,
technical consulting, technical communication, technical transfer, and technical promotion; domestic
freight transport agency; equity fund-invested asset management services, passenger ticket agent
and business agency service. It shall also include licensed projects (business activities can be carried
out legally and independently with business license in addition to projects that must be approved by
law): Agency bookkeeping; career intermediary activities; food production; food sales; medical
services. (business activities that require approval in accordance with laws can be carried out upon
approval of relevant authorities, and the specific business projects shall be subject to the approval
document or license of relevant departments)
The final control party of the Company is SASAC of Luzhou.
For details, please see Note 10.1. Interests in subsidiaries.
For details, please see Note 10.3. Interests in joint ventures and associates.
Other statements:
There are no other joint ventures or associates that have related party transactions with the Company
in the current period or in the previous period and result in balance.
Name of Other Related Party Relationship with the Company
Luzhou XingLu Investment Group Co., Ltd. The second largest shareholder
Luzhou Airport (Group) Co., Ltd. Subsidiary of the second largest shareholder
Luzhou XingLu Water (Group) Co., Ltd. Subsidiary of the second largest shareholder
Luzhou Public Transport Group Co., Ltd. Subsidiary of the second largest shareholder
Luzhou XingLu Property Management Co., Ltd. Subsidiary of the second largest shareholder
CTS Luzhou Laojiao Cultural Tourism Development Co.,
Associate
Ltd.
Sichuan Tianfu Granary Liquor Industry Co., Ltd. Associate
Sichuan Development Liquor Investment Co., Ltd. Associate
Luzhou Sanrenxuan Liquor Industry Co., Ltd. Associate of the controlling shareholder
Sichuan Jianxing Park Operation Management Co., Ltd. Associate of the controlling shareholder
Luzhou COSCO Shipping Logistics Co., Ltd. Associate of the controlling shareholder
Sichuan Landstar Supply Chain Technology Co., Ltd. Associate of the controlling shareholder
Shijiazhuang Chengtong Lianzhong Storage and
Associate of the controlling shareholder
Transportation Co., Ltd.
Sichuan Sidu Chishui Red Culture Development Co., Ltd. Associate of the controlling shareholder
Sichuan Geyuan Equity Investment Fund Management
Associate of the controlling shareholder
Co., Ltd.
Luzhou Bank Co., Ltd. Associate of the controlling shareholder
Luzhou Rural Commercial Bank Co., Ltd. Associate of the controlling shareholder
Sichuan Xinyichuang Technology Co., Ltd Associate of the controlling shareholder
Sichuan Lianzhong Supply Chain Service Co., Ltd. Other subsidiary of the controlling shareholder
Sichuan Kangrun Group Construction and Installation
Other subsidiary of the controlling shareholder
Engineering Co., Ltd.
Shenzhen Mingxincheng Lighting Technology Co., Ltd. Other subsidiary of the controlling shareholder
Luzhou Yuanhai Lianzhong Supply Chain Co., Ltd. Other subsidiary of the controlling shareholder
APTCC Other subsidiary of the controlling shareholder
Luzhou Laojiao Innovation Industry Holdings Co., Ltd. Other subsidiary of the controlling shareholder
Luzhou Jiachuang Liquor Supply Chain Management
Other subsidiary of the controlling shareholder
Co., Ltd.
Luzhou Laojiao Property Service Co., Ltd. Other subsidiary of the controlling shareholder
Luzhou Huguo Condiment Co., Ltd. Other subsidiary of the controlling shareholder
SC Global Wine Corporation Limited Other related party
Sichuan Meihe Winery Industry Co., Ltd. Minority shareholder of the subsidiary Fruit Wine Industry
services
Table of purchase of goods / receipt of services
Unit: CNY
Whether over
Name of Related Amount in Approved trading Amount in
Transaction approved trading
Party current period amount previous period
amount
Receipt of
services:
Warehousing,
Laojiao Group loading and
and its unloading,
subsidiaries, joint transportation 53,202,616.22 28,060,346.21
ventures and services and
associates property costs,
etc.
Luzhou XingLu
Investment Property service,
Group Co., Ltd. advertising 11,047,012.90 12,009,761.14
and its other service, etc.
subsidiaries
CTS Luzhou
Laojiao Cultural Conference fees,
Tourism travel service 1,928,927.96 756,487.33
Development fee, etc.
Co., Ltd.
Purchase of
goods:
Laojiao Group
and its Raw materials,
subsidiaries, joint water, power, 148,992,178.31 173,569,090.18
ventures and etc.
associates
Luzhou XingLu
Investment
Group Co., Ltd. Gas, water, etc. 7,755,406.66 8,014,683.80
and its other
subsidiaries
Total 222,926,142.05 222,410,368.66
Table of sales of goods and rendering of service
Unit: CNY
Name of Related Party Transaction Amount in current period Amount in previous period
Laojiao Group and its
Liquor, etc. 14,662,647.08 6,239,724.87
subsidiaries
CTS Luzhou Laojiao
Cultural Tourism Liquor, etc. 9,716,805.71 44,376,913.68
Development Co., Ltd.
Luzhou Sanrenxuan Liquor
Liquor 15,897,725.61 5,106,000.00
Industry Co., Ltd.
Sichuan Tianfu Granary
Liquor 4,966,490.75 1,532,509.47
Liquor Industry Co., Ltd.
Total 45,243,669.15 57,255,148.02
The Company as lessor:
Unit: CNY
Leasing income recognized Leasing income recognized
Name of lessee Type of leased asset
during current period during previous period
Laojiao Group and its House and equipment
subsidiaries lease
The Company as lessee:
Unit: CNY
Rental expenses
of short-term Variable lease
lease with payments not
Income expense
simplified included in the Increased use
Paid rent of lease liabilities
treatment and measurement of right assets
Type undertaken
Name low-value asset lease liabilities (if
of lease (if applicable)
of
assets applicable)
lessor
leased
Amoun Amoun Amoun Amoun Amoun
Amoun Amoun Amoun Amoun Amoun
t in t in t in t in t in
t in t in t in t in t in
previo previo previo previo previo
current current current current current
us us us us us
period period period period period
period period period period period
Laojiao
Group
House 1,824, 1,751,
and its
lease 096.72 897.99
subsidi
aries
Unit: CNY
Item Amount in current period Amount in previous period
Key management compensation 4,079,866.03 3,494,377.65
The Company has daily fund deposit business with its related parties, Luzhou Bank Co., Ltd. and
Luzhou Rural Commercial Bank Co., Ltd. As of June 30, 2025, the bank deposit balances of the
Company in Luzhou Bank Co., Ltd. and Luzhou Rural Commercial Bank Co., Ltd. were CNY
deposits in Luzhou Bank Co., Ltd. and Luzhou Rural Commercial Bank Co., Ltd. were CNY 5.4129
million and CNY 10.5001 million respectively. This year and last year, the Company did not conduct
loan business with the above two banks.
Unit: CNY
Closing Balance Opening Balance
Item Related party Provision for bad Provision for bad
Book value Book value
debt debt
Luzhou Laojiao
Prepayment 9,669,374.03 9,180,164.89
Group Co., Ltd.
Luzhou XingLu
Prepayment Water (Group) 794,885.29 691,263.37
Co., Ltd.
Luzhou Public
Prepayment Transport Group 15,123.28 161,232.86
Co., Ltd.
Sichuan Meihe
Prepayment Winery Industry 2,961,479.50 2,961,479.50
Co.,Ltd.
Luzhou China
Resources
Prepayment 26,287.24
Xinglu Gas Co.,
Ltd.
Other Luzhou Airport
receivables (Group) Co., Ltd.
Unit: CNY
Item Related party Closing Balance Opening Balance
Sichuan Lianzhong Supply
Accounts payable 838,699.53 3,302,166.70
Chain Service Co., Ltd.
Sichuan Kangrun Group
Construction and
Accounts payable 3,738.20 3,738.20
Installation Engineering
Co., Ltd.
Luzhou Xinglu Property
Accounts payable 342,099.50
Management Co., Ltd.
Luzhou Laojiao Group Co.,
Accounts payable 716,135.57
Ltd.
Sichuan Xinyichuang
Accounts payable 7,728.00
Technology Co., Ltd.
Advances from customers APTCC 1,363,841.65
Sichuan Jianxing Park
Advances from customers Operation Management 1,832,937.25
Co., Ltd.
CTS Luzhou Laojiao
Contractual liabilities (tax
Cultural Tourism 12,448,765.81 30,406,394.92
inclusive)
Development Co., Ltd.
Contractual liabilities (tax
APTCC 709,197.66
inclusive)
Contractual liabilities (tax Luzhou Sanrenxuan Liquor
inclusive) Industry Co., Ltd.
Contractual liabilities (tax Sichuan Jianxing Park
inclusive) Operation Management
Co., Ltd.
Contractual liabilities (tax Sichuan Lianzhong Supply
inclusive) Chain Service Co., Ltd.
Contractual liabilities (tax Luzhou Laojiao Innovation
inclusive) Industry Holdings Co., Ltd.
Shijiazhuang Chengtong
Contractual liabilities (tax
Lianzhong Storage and 768.78
inclusive)
Transportation Co., Ltd.
Contractual liabilities (tax Sichuan Tianfu Granary
inclusive) Liquor Industry Co., Ltd.
Contractual liabilities (tax Luzhou Huguo Condiment
inclusive) Co., Ltd.
Contractual liabilities (tax SC Global Wine
inclusive) Corporation Limited
Luzhou Xinglu Property
Other payables 154,920.20 154,920.20
Management Co., Ltd.
Sichuan Kangrun Group
Construction and
Other payables 70,000.00 70,000.00
Installation Engineering
Co., Ltd.
Other payables APTCC 150,000.00 150,000.00
Luzhou Laojiao Group Co.,
Other payables 5,000.00 5,000.00
Ltd.
CTS Luzhou Laojiao
Other payables Cultural Tourism 1,455,000.00 1,355,000.00
Development Co., Ltd.
Sichuan Jianxing Park
Other payables Operation Management 100,000.00 100,000.00
Co., Ltd.
Luzhou Laojiao Innovation
Other payables 201,000.00 206,000.00
Industry Holdings Co., Ltd.
Sichuan Development
Other payables 4,494,000.00 4,494,000.00
Liquor Investment Co., Ltd.
Sichuan Lianzhong Supply
Other payables 32,412,333.24 47,074,343.00
Chain Service Co., Ltd.
Luzhou Yuanhai Lianzhong
Other payables 50,000.00 50,000.00
Supply Chain Co., Ltd.
Luzhou Laojiao Property
Other payables 130,020.58 30,020.58
Service Co., Ltd.
Luzhou Sanrenxuan Liquor
Other payables 300,000.00 300,000.00
Industry Co., Ltd.
Sichuan Tianfu Granary
Other payables 100,000.00 100,000.00
Liquor Industry Co., Ltd.
Luzhou Laojiao Real
Other payables 950,000.00
Estate Co., Ltd.
None
Applicable □ N/A
Unit: CNY
Type of Granted in the Current Exercised in the Unlocked in the Current Invalid in the Current
granting Period Current Period Period Period
object Number Amount Number Amount Number Amount Number Amount
Total 2,059,599
Outstanding stock options or other equity instruments at the end of the reporting period
□Applicable N/A
Other statements
Note 1: There were no outstanding stock options or other equity instruments at the end of the reporting
period.
Note 2: At the 12th Meeting of the 10th Board of Directors of the Company held on December 29, 2021,
the Proposal on the Grant of Restricted Shares to Awardees was reviewed and approved and it was
agreed to grant 6.9286 million restricted shares to 441 awardees for the first time at CNY 92.71 per
share with December 29, 2021 as the grant date.
According to the incentive plan, its validity period lasts from the date of registration for the grant of
restricted shares until all restricted shares are lifted from restricted sales or repurchased and retired, for
a maximum of 60 months. The lifting restriction period of the restricted shares shall be 24 months from
the date of completion of registration. The restricted shares will be lifted from restricted sales in three
batches after 24 months from the date of completion of registration, in the proportion of 40.00%,
In February 2024, the Company announced that 435 awardees met the lifting conditions in the first
lifting restriction period under the 2021 Restricted Share Incentive Plan of the Company. The number of
restricted shares that can be lifted from restricted sales was 2,734,640, accounting for 0.19% of the
current total share capital of the Company.
In September 2024, the Company announced that 45 awardees met the lifting conditions in the first
lifting restriction period under the 2021 Restricted Share Incentive Plan Reserved Portion of the
Company. The number of restricted shares that can be lifted from restricted sales was 134,534,
accounting for 0.01% of the current total share capital of the Company.
In 2024, as five awardees no longer met the incentive conditions, the Company repurchased and
canceled a total of 36,266 restricted shares that had been granted but not yet released from restrictions
for these incentive recipients. As at the end of 2024, the Company had completed the repurchase and
cancellation of the above-mentioned shares.
In February 2025, the Company announced that 17 awardees met the lifting conditions in the first lifting
restriction period under the 2021 Restricted Share Incentive Plan Reserved Portion of the Company,
and the number of restricted shares that can be lifted from restricted sales was 37,069, accounting for
met the lifting conditions in the second lifting restriction period under the 2021 Restricted Share
Incentive Plan of the Company, and the number of restricted shares that can be lifted from restricted
sales was 2,022,530, accounting for 0.1374% of the current total share capital of the Company.
Applicable □ N/A
Unit: CNY
Method of determining the fair value of equity instruments The closing price of restricted stocks on the grant date
on the grant date deduct the grant price thereof
Important parameters of fair value of equity instruments
The closing price of restricted stocks on the grant date
on the grant date
The Company's management considered factors such as
Basis to determine number of equity instrument that can changes in the number of eligible employees for the latest
be exercised exercisable options and the level of performance
achievement to make the best estimate.
Reason for remarkable difference between the estimate
N/A
of the current period and that of previous period
Total amount of equity-settled share-based payments
included into capital reserves
Total costs of recognizing equity-settled share-based
payments in the current period
□ Applicable N/A
Applicable □ N/A
Unit: CNY
Expenses for equity-settled share- Expenses for cash-settled share-
Type of granting object
based payments based payments
Production staff 5,491,871.34
Sales staff 10,482,011.07
Administrative staff 23,331,737.06
R&D staff 2,719,532.04
Total 42,025,151.51
None
Significant commitments at the balance sheet date
None
On October 15, 2014 and January 10, 2015, the Company disclosed three saving deposits involving
contract disputes in Agricultural Bank of China Changsha Yingxin Sub-branch, Industrial and
Commercial Bank of China Nanyang Zhongzhou Sub-branch and another bank, with a total amount of
CNY 500 million. The public security organization has investigated, and the investigation of related
cases and the preservation of assets are under way. The Company has initiated a civil procedure to
recover the loss from the responsible unit. As of the period-end, the deposit dispute case with Industrial
and Commercial Bank of China Nanyang Zhongzhou Sub-branch has been concluded; the deposit
dispute case with Agricultural Bank of China Changsha Yingxin Sub-branch is currently undergoing
court enforcement procedures. As of the period-end, the Company has recovered the above-mentioned
saving deposits involving contract disputes with CNY 376 million.
Except for the above matters, the Company has no other significant contingencies that need to be
disclosed as of the end of the reporting period.
to disclose
There was no significant contingency in the Company to disclose.
Dividends to be distributed for every 10 existing shares
held (CNY)
Amount to be distributed for every 10 existing shares held
after consideration and approval (CNY)
Based on the current 1,471,951,503 shares, a cash
dividend of CNY 45.92 (tax included) will be distributed
for every 10 existing shares held, representing a total
Profit distribution plan
cash dividend amount of CNY 6,759,201,301.78 (tax
included). The profit distribution plan has been
implemented on August 8, 2025.
There are no important sales returning after balance sheet date.
On June 4, 2025, the Company reviewed and approved the Proposal on Cancellation of Luzhou
Laojiao E-Commerce Co., Ltd. at the 11th Meeting of the 11th Board of Directors and decided to
cancel Luzhou Laojiao E-Commerce Co., Ltd.
The Company carried out the enterprise annuity payment work normally during the reporting period.
The enterprise annuity funds are paid by both the Company and employees. The Company's
contribution shall not exceed 8% of the Company's total salary in the previous year as stipulated by the
state, and the individual contribution shall be withheld by the Company according to 1% of total salary
of the employee in the previous year.
Except for the business on baijiu sales, the Company does not operate other businesses that have a
significant impact on operation results. In addition, the Company operates mainly from China and
main assets also located in China, so the Company does not need to disclose segment data.
As stated in Note 16.2, three saving deposits involved contract disputes in Agricultural Bank of China
Changsha Yingxin Sub-branch, Industrial and Commercial Bank of China Nanyang Zhongzhou Sub-
branch and another bank, with a total amount of CNY 500 million. At present, the investigation of
related cases and the preservation of assets have been under way. The Company has initiated a civil
procedure to recover the loss from the responsible unit. As of the period-end, the deposit dispute case
with Industrial and Commercial Bank of China Nanyang Zhongzhou Sub-branch has been concluded;
the deposit dispute case with Agricultural Bank of China Changsha Yingxin Sub-branch is currently
undergoing court enforcement procedures.
Taking into account the current amount of assets preserved by the public security authorities and the
contents of the professional legal opinion issued by Beijing Weiheng (Chengdu) Law Firm on January 6,
achieved through the criminal and civil execution, totaling CNY 376 million. At the same time, it is
suggested that the total amount of bad debt provision for the three aforementioned places remain CNY
involved in contractual disputes as of the end of the period, and the amount of the bad debt provision
may be adjusted in the future based on the litigation process and recovery.
company (all currency unit is CNY, unless otherwise stated)
Unit: CNY
Aging Closing book balance Opening book balance
Within 1 year (including 1 year) 59,225.12 15,421.83
Total 67,019.63 15,421.83
Unit: CNY
Closing Balance Opening Balance
Provision for bad Provision for bad
Book balance Book balance
Type debt Book debt Book
Proporti Proporti value Proporti Proporti value
Amount Amount Amount Amount
on on on on
Inclu
ding:
Account
s
receiva
ble that
are not
individu
ally
material
but for
which a
separat
e
provisio
n for
bad
debts
has
been
made
Account 67,019. 100.00 3,740.7 63,278. 15,421. 100.00 14,701.
s 63 % 1 92 83 % 83
receiva
ble
tested
for
impairm
ent by
the
portfolio
Inclu
ding:
Account
s
receiva
ble
tested
for
impairm
ent on 5.58% 720.00 4.67%
the
portfolio
with
charact
eristics
of credit
risk
Total 5.58% 720.00 4.67%
The category name of provision for bad debt by the portfolio: Accounts receivable tested for
impairment on the portfolio with characteristics of credit risk
Unit: CNY
Closing Balance
Name
Book balance Provision for bad debt Proportion
Risk portfolio 67,019.63 3,740.71 5.58%
Including: within 1 year 59,225.12 2,961.26 5.00%
Other portfolio
Total 67,019.63 3,740.71
Notes to the determination basis for the portfolio:
Accounts receivable of the same age exhibit similar credit risk characteristics.
If adopting the general mode of expected credit loss to withdraw provision for bad debt of accounts
receivable
□Applicable N/A
Provision for bad debt:
Unit: CNY
Type Opening Changes in current period Closing
Balance Reversal or Balance
Provision Write-off Other
recovery
Provision by
individual item
Provision by
risk portfolio
Total 720.00 3,020.71 3,740.71
Of which significant amount of recovered or transferred-back bad debt provision for the current period:
There is no significant provision in accounts receivable reversed or recovered in the reporting period.
Notes to accounts receivable written-off:
There are no accounts receivable written-off in the current period.
Unit: CNY
Closing balance
of provision for
Proportion to
bad debt
Closing balance total closing
Closing balance Closing balance provision of
of accounts balance of
Company name of accounts of contract accounts
receivable and accounts
receivable assets receivable and
contract assets receivable and
impairment
contract assets
provision of
contract assets
China Railway
Group Co., Ltd.
Wang Huiying 14,400.03 14,400.03 21.49% 1,109.73
Total 67,019.63 67,019.63 100.00% 3,740.71
Unit: CNY
Item Closing Balance Opening Balance
Dividend receivable 32,879,641.22
Other receivables 12,329,910,809.37 14,619,833,493.32
Total 12,362,790,450.59 14,619,833,493.32
Unit: CNY
Item (investee) Closing Balance Opening Balance
Guotai Haitong Securities Co., Ltd. 3,297,559.16
Huaxi Securities Co., Ltd. 23,190,647.24
North Chemical Industries Co., Ltd. 31,271.10
China Tourism Group Duty Free
Corporation Limited
Luzhou Bank Co., Ltd. 5,207,040.00
Total 32,879,641.22
Unit: CNY
Nature Closing book balance Opening book balance
Intercompany funds of subsidiaries in
the consolidation scope
Intercompany funds and others 2,273,920.00 3,139,064.91
Saving deposits involving contract
disputes1
Total 12,450,102,391.26 14,740,066,642.10
Note: 1. The saving deposits involving contract disputes refer to three deposits amounting to CNY
Zhongzhou Sub-branch of Industrial and Commercial Bank of China disclosed by the Company in the
contract disputes and have thus been transferred into “other receivables”. As of June 30, 2025, the
closing balance of that fund was CNY 123,839,253.17.
Unit: CNY
Aging Closing book balance Opening book balance
Within 1 year (including 1 year) 12,326,057,100.15 14,615,795,158.37
Over 3 years 123,918,933.17 124,178,933.17
Over 5 years 123,912,053.17 124,172,053.17
Total 12,450,102,391.26 14,740,066,642.10
Note: 1 Other receivables with significant single amount exceeding three years in age relates to
savings deposit of CNY 123,839,253.17, which are yet to be recovered due to contractual disputes.
Unit: CNY
Closing balance Opening Balance
Provision for bad Provision for bad
Type Book balance Book Book balance Book
debt debt
value value
Amount Proporti Amount Proporti Amount Proporti Amount Proporti
on on on on
Provisio
n for
bad 123,839 120,000 3,839,2 124,099 120,000 4,099,2
debt by ,253.17 ,000.00 53.17 ,253.17 ,000.00 53.17
individu
al item
Inclu
ding:
Other
receiva
bles
that are
individu
ally
material
and for
which a 123,839 120,000 3,839,2 124,099 120,000 4,099,2
separat ,253.17 ,000.00 53.17 ,253.17 ,000.00 53.17
e
provisio
n for
bad
debts
has
been
made
Provisio
n for
bad 191,581 233,148
debt by .89 .78
.09 .20 .93 .15
the
portfolio
Inclu
ding:
Other
receiva
bles
tested
for
impairm
ent on 191,581 233,148
the .89 .78
.09 .20 .93 .15
portfolio
with
charact
eristics
of credit
risk
Total 102,391 0.97% 910,809 066,642 0.82% 833,493
% ,581.89 % ,148.78
.26 .37 .10 .32
The category name of provision for bad debt by individual item: Other receivables that are individually
material and for which a separate provision for bad debts has been made
Unit: CNY
Opening Balance Closing Balance
Name Provision for Provision for
Book balance Book balance Proportion Reason
bad debt bad debt
Saving
deposits Provision
involving 96.90% based on
contract legal opinion
disputes
Total
The category name of provision for bad debt by the portfolio: Other receivables tested for impairment
on the portfolio with characteristics of credit risk
Unit: CNY
Closing Balance
Name
Book balance Provision for bad debt Proportion
Risk portfolio 2,273,920.00 191,581.89 8.43%
Including: within 1 year 2,067,882.06 103,394.10 5.00%
Over 5 years 72,800.00 72,800.00 100.00%
Other portfolio 1 12,323,989,218.09
Total 12,326,263,138.09 191,581.89
Note: 1 Other portfolios represent inter-subsidiary funds within the scope of consolidation in respect
of receivables, which are deemed risk-free and thus no bad debt provision is made.
Notes to the determination basis for the portfolio:
Accounts receivable of the same age have similar credit risk characteristics.
Provision for bad debt adopting the general mode of expected credit loss:
Unit: CNY
First stage Second stage Third stage
Provision for bad Expected loss in the
Expected credit loss Expected loss in the Total
debt duration (credit
of the next 12 duration (credit
impairment not
months impairment occurred)
occurred)
Balance of January
Balance of January
period
Reversal of the
current period
Balance of June 30,
The basis for the division of each stage and the withdrawal proportion of bad debt provision
The basis for division is that other receivables with single bad debt provision represent credit
impairment losses incurred since initial recognition (Stage 3), while the remaining portion is
categorized based on aging portfolio. Withdrawal proportions of bad debt provision are 0.00% for
Stage 1 and 96.90% for Stage 3, totaling 0.97%.
Changes of book balance with significant amount changes of loss provision in the current period
□Applicable N/A
Provision for bad debt:
Unit: CNY
Changes in current period
Opening Closing
Type Reversal or Write-off or
Balance Provision Other Balance
recovery verification
Other
receivables
tested for
impairment
individually
Other
receivables
tested for 233,148.78 41,566.89 191,581.89
impairment by
the portfolio
Total 41,566.89
Of which significant amount of recovered or transferred-back bad debt provision for the current period:
There is no significant provision in other receivables reversed or recovered in the reporting period.
Unit: CNY
Provisioning
Proportion in
Company Name Nature Closing Balance Aging amount at period
total receivables
end
Luzhou Laojiao Internal 11,675,201,901.
Within 1 year 93.78%
Brewing Co., Ltd. transactions 10
Luzhou Laojiao
Import and Internal
Export Trade transactions
Co., Ltd.
Luzhou Laojiao
Internal
New Retail Co., 164,769,430.31 Within 1 year 1.32%
transactions
Ltd.
Luzhou Laojiao
Nostalgic Liquor Internal
Marketing Co., transactions
Ltd.
Agricultural Bank Saving deposits
of China involving 123,839,253.17 Over 5 years 0.99% 120,000,000.00
Changsha contract disputes
Yingxin Sub-
branch, Industrial
and Commercial
Bank of China
Nanyang
Zhongzhou Sub-
branch and
another bank
Total 99.45% 120,000,000.00
Other statements:
There were no other receivables presented in the financial statements due to the centralized
management of funds in the current period.
Unit: CNY
Closing Balance Opening Balance
Item Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Investment in 3,971,352,596 3,971,352,596 3,952,848,501 3,952,848,501
subsidiary .59 .59 .33 .33
Investment in
associates 2,819,381,041 2,816,813,942 2,785,645,158 2,783,078,059
and joint .07 .27 .35 .55
venture
Total 2,567,098.80 2,567,098.80
.66 .86 .68 .88
Unit: CNY
Opening Changes in current period Closing
Opening balance of Closing balance of
Balance provision Provision Balance provision
Investee for
(book for Increase Decrease Other (book for
value) impairmen impairmen value) impairmen
t t t
Luzhou
Pinchuang 101,624,4 906,691.2 102,531,1
Technolog 59.30 7 50.57
y Co., Ltd.
Luzhou
Laojiao 337,977,8 9,519,115. 347,497,0
Sales Co., 95.51 35 10.86
Ltd.
Luzhou
Laojiao 3,395,515, 6,494,518. 3,402,010,
Brewing 670.97 44 189.41
Co., Ltd.
Luzhou
Laojiao
Internation
al 14,741,36 463,069.9 15,204,43
Developm 2.82 8 2.80
ent (Hong
Kong)
Co., Ltd.
Luzhou
Laojiao
Electronic
Commerc
e Co., Ltd.
Luzhou
Laojiao
New
Retail Co.,
Ltd.
Luzhou
Laojiao
Health 11,441,32 379,846.9 11,821,16
Liquor 0.72 8 7.70
Industry
Co., Ltd.
Total
Note: 1. Other increases in the current period are due to the Company's restricted share incentive
business, where the parent company (the settlement enterprise) is an investor in the recipient
subsidiary (the service enterprise) and is recognized as a long-term equity investment in the
subsidiary (the recipient service enterprise) based on the fair value of the equity instruments at the
date of grant, and the capital reserve (other capital reserves) is recognized at the same time.
Unit: CNY
Changes in current period
Openi Gain Adjust Closin
Openi ng or ments Closin g
ng Balan Cash g Balan
loss of
Invest Balan ce of Other divide Provis Balan ce of
recog other
ee ce provisi Increa Decre chang d or ion for ce provisi
nized compr Other
(book on for se ase es in profit impair (book on for
under ehens
value) impair equity declar ment value) impair
equity ive
ment ed ment
metho incom
d e
Huaxi
Securi 2,614, 2,567, 53,23 5,005, 23,19 2,649, 2,567,
ties 807,0 098.8 0,119. 483.3 0,647. 851,9 098.8
Co., 32.57 0 49 4 24 88.16 0
Ltd.
Luzho 36,68 - 36,11
u 1,718. 562,0 9,676.
Laojia 10 41.18 92
o
Postd
octora
l
Works
tation
Techn
ology
Innov
ation
Co.,
Ltd.
Sichu
an
Devel
opme
nt
Liquor
Invest
ment
Co.,
Ltd.
CTS
Luzho
u
Laojia
o
Cultur
al 28,79
Touris 6.75
m
Devel
opme
nt
Co.,
Ltd.
Subtot 28,79
al 6.75
Total 078,0 098.8 2,249. 483.3 0,647. 813,9 098.8
The recoverable amount is determined based on the net amount of the fair value minus disposal
costs
□Applicable N/A
The recoverable amount is determined by the present value of the forecasted future cash flow
□Applicable N/A
Unit: CNY
Current Period Previous Period
Item
Revenue Cost of sales Revenue Cost of sales
Primary business 6,751,574,108.93 5,347,666,530.18 5,685,739,150.15 4,407,296,167.84
Other business 10,286,269.47 1,691,756.33 12,419,703.81 913,100.36
Total 6,761,860,378.40 5,349,358,286.51 5,698,158,853.96 4,408,209,268.20
Details:
Unit: CNY
Contract Current Period Total
category Operating revenue Cost of sales Operating revenue Cost of sales
Business
type
Including:
Medium
and high
grade
baijiu
Other
baijiu
Other
revenue
By
operating
segment
Including:
Domestic 6,761,860,378.40 5,349,358,286.51 6,761,860,378.40 5,349,358,286.51
Outbound
Market or
customer
type
Including:
Contract
type
Including:
Recognize
revenue at
point in
time
Recognize
revenue
by time
period
By
commodit
y transfer
time
Including:
By
contract
term
Including:
By sales
channel
Including:
Total 6,761,860,378.40 5,349,358,286.51 6,761,860,378.40 5,349,358,286.51
Other statements
The Company's main business is the production and sale of baijiu. Revenue is recognized at the point
when the Company transfers control of the relevant goods to the customer and fulfills its performance
obligations.
Information in relation to the transaction price apportioned to the residual contract performance
obligation:
The amount of revenue corresponding to performance obligations of contracts signed but not
performed or not fully performed yet was CNY 3,603,977.38 at the period-end, among which CNY
Unit: CNY
Item Current Period Previous Period
Investment income from long-term
equity investments under equity 51,892,249.87 2,318,263.38
method
Investment income gained during the
period of holding held-for-trading 20,065,193.40
financial assets
Investment income from disposal of
held-for-trading financial assets
Dividends income gained during the
period of holding other equity 9,849,815.13 10,709,905.00
instrument investment
Income from derecognition of
financial assets measured at fair
-18,095,201.45
value with changes recorded in other
comprehensive income
Total 45,382,369.07 3,222,104.81
Note: There is no major restriction on the repatriation of the Company's investment income.
Including: investment income from long-term equity investments under the equity method:
Item Current Period Previous Period
Huaxi Securities Co.,Ltd. 53,230,119.49 4,109,114.62
Luzhou Laojiao Postdoctoral Workstation Technology Innovation
-562,041.18 -999,373.92
Co., Ltd.
Sichuan Development Liquor Investment Co., Ltd. 2,657.73
CTS Luzhou Laojiao Cultural Tourism Development Co., Ltd. -775,828.44 -794,135.05
Total 51,892,249.87 2,318,263.38
Including: dividend income gained during the period of holding other equity instrument investment:
Item Current Period Previous Period
North Chemical Industries Co., Ltd. 62,542.20 78,177.75
Guotai Haitong Securities Co., Ltd. 3,297,559.16 4,710,798.80
Luzhou Bank Co., Ltd. 5,207,040.00 3,905,280.00
China Tourism Group Duty Free Corporation Limited 1,282,673.77 2,015,648.45
Total 9,849,815.13 10,709,905.00
for gain, - for loss)
Applicable □ N/A
Unit: CNY
Item Amount Note
Profit or loss from disposal of non-
current assets (including the write-off 106,501.12 See "Section X Note 5.47" for details.
portion of the impairment provision)
Government grants accounted for, in
the profit or loss for the current
period (except for the government
grants closely related to the business
of the Company 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)
Gain or loss on fair-value changes in
financial assets and liabilities held by
a non-financial enterprise, as well as
on disposal of financial assets and See "Section X Note 5.44 and 5.45"
liabilities (exclusive of the effective for details.
portion of hedges that is related to
the Company's normal business
operations)
Other non-operating income and
See "Section X Note 5.48 and 5.49"
expenditure except above-mentioned -31,970,083.39
for details.
items
Less: Corporate income tax 4,374,431.76
Minority interests (after tax) -9,447.52
Total 12,903,344.93 --
Other items that meet the definition of non-recurring gain/loss:
□ Applicable N/A
No such cases for the reporting period.
Explain the reasons if the Company classifies any non-recurring gain/loss item mentioned in the
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities
to the Public-Non-Recurring Gains and Losses as a recurring gain/loss item.
□ Applicable N/A
Profit during reporting EPS (CNY/Share)
Weighted average ROE
period Basic EPS Diluted EPS
Net profits attributable to
common shareholders of 15.42% 5.21 5.21
the Company
Net profits attributable to
common shareholders of
the Company before non-
recurring gains and losses
accounting standards
international and Chinese accounting standards
□ Applicable N/A
overseas and Chinese accounting standards
□ Applicable N/A
overseas accounting standards; for any adjustment made to the difference existing in the data
audited by the foreign auditing agent, such foreign auditing agent’s name shall be clearly
stated
N/A
Section IX Other Reported Information
Are there any other major social security issues involving the listed company and its subsidiaries
□Yes □No N/A
Whether subject to administrative penalties in the reporting period
□Yes □No N/A
communication, interview, etc. in the reporting period
Applicable □ N/A
Main inquiry
Index to main
information
Date of visit Place of visit Way of visit Type of visitor Visitor inquiry
and materials
information
provided
Room, Industry
March 21, Conference Institutional trends and http://www.cni
Field survey Institution
Huaxi performance
Securities
Communicatio
Company n through an Institutional Company http://www.cni
April 29, 2025 Institution
Headquarters online investor performance nfo.com.cn/
platform
Communicatio Industry
Company n through an trends and http://www.cni
May 16, 2025 Other All investors
Headquarters online company nfo.com.cn/
platform performance
Conference
Room on the Institutional Industry
First Floor of and individual trends and http://www.cni
June 27, 2025 Field survey Other
the East investors and company nfo.com.cn/
Building of the media performance
Company
controlling shareholder and other related parties
Applicable □ N/A
Unit：CNY 10,000
Repayment
Name of the Amount in
Nature of Opening amount for Closing Interest Interest
counter- current
transaction balance the current balance income expenses
party period
period
Luzhou Business
Airport transactions
(Group)
Co., Ltd.
Luzhou
Laojiao Business
Group Co., transactions
Ltd.
Luzhou
XingLu
Business
Water 69.13 427.27 416.91 79.49
transactions
(Group)
Co., Ltd.
Luzhou
China
Business
Resources 13.38 10.75 2.63
transactions
Xinglu Gas
Co., Ltd.
Luzhou
Public
Business
Transport 16.12 14 28.61 1.51
transactions
Group Co.,
Ltd.
Total -- 1,004.27 778.35 731.05 1,051.57 0 0
相关阅读
证券之星
2025-09-08
证券之星
2025-09-08
证券之星
2025-09-08
证券之星
2025-09-05
证券之星
2025-09-05
证券之星
2025-09-05
特别推荐
证券之星资讯
2025-09-10
证券之星资讯
2025-09-10
证券之星资讯
2025-09-10
