五 粮 液: 2025年半年度报告（英文版）
来源：证券之星
2025-09-13 00:11:30
Wuliangye Yibin Co., Ltd.
Interim Report 2025
Chairman of the Board: Zeng Congqin
August 28, 2025
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Part I Important Notes, Table of Contents and Definitions
Wuliangye Yibin Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee that the
contents of this Report are true, accurate and complete and free of any misrepresentations, misleading
statements or material omissions, and collectively and individually accept legal responsibility for
such contents.
Financial Officer, and Liu Min, head of the Company’s accounting department, hereby guarantee that
the financial statements carried in this Report are true, accurate and complete.
of them were present at the meeting in person while Mr. Han Chengke and Mr. Ding Nan voted by
way of telecommunication for they were unable to be present due to work reasons.
discrepancies or misunderstandings between the two versions, the Chinese version shall prevail.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Table of Contents
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Documents Available for Reference
The following documents are available for shareholders at the relevant department of the
Company:
Chief Financial Officer, and the head of the accounting department.
Journal, Shanghai Securities News and Securities Times during the Reporting Period.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Definitions
Term refers to Definitions
The “Company”, “Wuliangye”,
refers to Wuliangye Yibin Co., Ltd.
“WLY”, or “we”
Yibin Development Group refers to Yibin Development Holding Group Co., Ltd.
Wuliangye Group refers to Sichuan Yibin Wuliangye Group Co., Ltd.
Wuliang NongXiang Company refers to Sichuan Wuliangye NongXiang Baijiu Co., Ltd.
Push Group refers to Sichuan Yibin Push Group Co., Ltd.
Global Group refers to Sichuan Yibin Global Group Co., Ltd.
Wuliangye Group Finance refers to Sichuan Yibin Wuliangye Group Finance Co., Ltd.
Creart refers to Yibin Wuliangye Creart Co., Ltd.
Yongbufenli refers to Handan Yongbufenli Liquor Co., Ltd.
Anji Logistic Group refers to Anji Logistic Group Co., Ltd. Sichuan
Chuanhong Tea Group refers to Sichuan Chuanhong Tea Group Co., Ltd.
Licai Group refers to Sichuan Yibin Licai Group Co., Ltd.
Wuliang Pharmaceutical refers to Sichuan Yibin Wuliang Pharmaceutical Co., Ltd.
Grace Group refers to Yibin Grace Group Co., Ltd.
Health Industry Company refers to Yibin Wuliangye Health Industry Co., Ltd.
City and Transportation Construction Yibin City and Transportation Construction Investment Group
refers to
Investment Group Co., Ltd.
Public Utilities Group refers to Yibin Public Utilities Group Co., Ltd.
Sanjiang Investment and
refers to Yibin Sanjiang Investment and Construction Group Co., Ltd.
Construction Group
Shunan Culture & Tourism Group refers to Shunan Culture & Tourism Group Co., Ltd.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Part II Corporate Information and Key Financial Information
I Corporate Information
Stock name Wuliangye Stock code 000858
Stock exchange Shenzhen Stock Exchange
Company name in Chinese 宜宾五粮液股份有限公司
Abbr. (if any) 五粮液
Company name in English (if
WULIANGYE YIBIN CO.,LTD.
any)
Abbr. (if any) WLY
Legal representative Zeng Congqin
II Contact Information
Board Secretary Securities Representative
Name Zhang Xin Huang Hui
Office address District, Yibin City, Sichuan Province, District, Yibin City, Sichuan Province,
China China
Tel. （0831）3567000 （0831）3567000
Fax （0831）3555958 （0831）3555958
Email address 000858-wly@sohu.com 000858-wly@sohu.com
III Other Information
Indicate 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 Not applicable
No change occurred to the said information in the Reporting Period, which can be found in Annual Report
Indicate whether any change occurred to the information disclosure media and the place for lodging the
Company’s periodic reports in the Reporting Period.
□ Applicable Not applicable
The website of the stock exchange, the media and other website where the Company’s periodic reports are
disclosed, as well as the place for lodging such reports did not change in the Reporting Period. The said information
can be found in Annual Report 2024.
Indicate whether any change occurred to other information in the Reporting Period.
□ Applicable Not applicable
IV Key Financial Information
Indicate whether there is any retrospectively restated datum in the table below.
□ Yes No
H1 2025 H1 2024 Change (%)
Operating revenue (RMB) 52,770,984,383.52 50,648,026,578.65 4.19%
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Net profit attributable to the listed
company’s shareholders (RMB)
Net profit attributable to the listed
company’s shareholders before 19,479,643,890.31 18,938,813,683.76 2.86%
exceptional gains and losses (RMB)
Net cash generated from/used in
operating activities (RMB)
Basic earnings per share (RMB/share) 5.0216 4.9095 2.28%
Diluted earnings per share (RMB/share) 5.0216 4.9095 2.28%
Down by 0.07
Weighted average return on equity (%) 13.63% 13.70%
percentage point
June 30, 2025 December 31, 2024 Change (%)
Total assets (RMB) 193,415,382,562.71 188,252,218,704.17 2.74%
Equity attributable to the listed
company’s shareholders (RMB)
Note: This is primarily driven by a higher percentage of cash in payments received during the Reporting Period,
while the same period of last year saw a higher percentage of bank acceptance bills instead.
V Accounting Data Differences under China’s Accounting Standards for Business Enterprises
(CAS) and International Financial Reporting Standards (IFRS) and Foreign Accounting
Standards
□ Applicable Not applicable
No difference for the Reporting Period.
□ Applicable Not applicable
No difference for the Reporting Period.
VI Exceptional Gains and Losses
Applicable □ Not applicable
Unit: RMB
Item Amount Note
Gain or loss on disposal of non-current assets (inclusive of impairment allowance
write-offs)
Government grants recognized in profit or loss (exclusive of those that are closely
related to the Company’s normal business operations and given in accordance with
defined criteria and in compliance with government policies, and have a continuing
impact on the Company’s profit or loss)
Capital occupation charges on non-financial enterprises that are recognized in
profit or loss
Non-operating income and expense other than the above -26,672,025.54
Less: Income tax effects 3,089,726.65
Non-controlling interests effects (net of tax) -1,067,421.51
Total 12,298,508.22
Particulars about other items that meet the definition of exceptional gain/loss:
□ Applicable Not applicable
No such cases for the Reporting Period.
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Exceptional Gain/Loss Items:
□ Applicable Not applicable
No such cases for the Reporting Period.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Part III Management Discussion and Analysis
I Principal Operations of the Company during the Reporting Period
The Company is principally engaged in Baijiu production and sales. According to the Guidelines for the
Industry Classification of Listed Companies issued by the China Securities Regulatory Commission, the Baijiu
industry falls into the category of the “liquor & wine, beverage, and refined tea production industry” (C15). No
change occurred to the principal operations of the Company during the Reporting Period. “Wuliangye”, the primary
product of the Company, is a classic strong-flavor Chinese Baijiu. Additionally, the Company has developed, based
on different production techniques and market needs, Wuliang NongXiang Baijiu products such as Wuliang Chun
(Spring), Wuliang Chun (Rich Flavor), Wuliang Tetouqu, and Mianrou Jianzhuang with complete categories and
unique tastes to meet the diverse needs of different consumers in pursuit of a better life.
The Company is subject to the disclosure requirements for the food and wine & liquor production industry in
Guidelines No. 3 of the Shenzhen Stock Exchange for the Self-Regulation of Listed Companies—Industry-specific
Information Disclosure.
(1) Wuliangye-branded Baijiu Products
In the first half of 2025, the Company adhered closely to its overarching goal of “the Year of Marketing
Execution Enhancement” and continued to deepen its marketing strategy of “boosting sell-through, stabilizing
prices, improving cost-effectiveness, and transforming working styles”. As a result, the Wuliangye brand saw a
stronger market presence and successfully achieved more than half of the annual targets for revenue and net profit.
Firstly, the product mix continued to improve, and efficiency was boosted by innovations in product
development and operation. The product mix was renewed, with the launch of a series of new products such as Yi
Fan Feng Shun and Zhu Jun Jin Bang Ti Ming, in addition to accelerating the launch of Wuliangye (29% vol). The
“1+3” product structure was optimized, with the 8th-generation Wuliangye enjoying the most stable market share
in the RMB1,000 price range. The bottle-cracking participants and banquet events of Wuliangye 1618 and
Wuliangye (39% vol) both increased steadily. Regarding Classic Wuliangye, the Company was fully committed to
building model markets in Beijing, Shanghai, Chengdu, Guangzhou, Shenzhen and other cities.
Secondly, brand presence was continuously expanded, and momentum built up in marketing. The
Company deeply participated in high-end events such as the Boao Forum for Asia, the Expo 2025 Osaka, the APEC
CEO Summit with carefully planned branding activities, and successfully held IP events such as the First Harmony
Wedding Ceremony and the Fourth Wuliangye Harmony Cultural Festival. Also, it partnered with China Central
Television (“CCTV”) to carry out the “Harmony Gifts” interactive event during the Spring Festival Gala, attracting
over 100 million participants. In addition, the Company led the “Sichuan Liquor Global Tour” into countries such
as France, the Netherlands, and Germany, consistently improving brand reputation and presence.
Finally, channel layout was continuously optimized, and market share steadily increased. Meticulous
efforts were made in channel development, with a new addition of 7,990 point-of-sale terminals. Meanwhile, the
Company seized business opportunities in banquet scenarios, with the banquet events and the bottle-cracking and
QR code-scanning participants both maintaining a two-digit year-on-year growth in the first half of the year, serving
over 2,830,000 consumers. A total of 60 corporate customers were developed during the period. The “Three Stores,
One House” model was continuously promoted, with a new addition of 242 sales outlets in total, filling the gap in
the orders of these point-of-sale terminals increased steadily.
(2) Wuliang NongXiang products
In the first half of 2025, Wuliang NongXiang Company adhered to the strategic guideline of “innovation with
integrity while expanding territories, and making more contributions”. Focusing on key tasks such as product sell-
through, the revaluation of brand, market segmentation and hierarchy construction, brand culture promotion, and
market foundation consolidation, the company achieved steady progress and improvements in various dimensions.
Firstly, the bottle-cracking and QR code-scanning participants increased rapidly. With sell-through as the
key, the company seized opportunities during peak seasons such as the Chinese New Year and the Dragon Boat
Festival and launched events such as “Get into the Festive Spirit, Scan and Win More Prizes”, with the daily average
participants of bottle cracking and QR code scanning maintaining a two-digit year-on-year growth.
Secondly, the market foundation was continuously strengthened. Market segmentation and hierarchy
construction was promoted according to local conditions, strategic highland markets and key model markets were
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
built, and point-of-sale terminals were constantly enhanced. Market coverage further increased, and emerging
channels such as e-commerce, supermarkets and group buying continued to yield results.
Thirdly, the brand presence was increasingly strong. The brand actively integrated into and enriched
Wuliangye’s “Harmony” culture, making strategic branding trajectories more specific, branding paths clearer, and
branding measures more flexible.
Finally, consumer development methods became more diverse. An innovative “3K” operation model,
featuring Key Opinion Consumer (KOC), Key Opinion Sales (KOS), and Key Opinion Leader (KOL), has been
implemented to build a new customer relationship ecosystem and achieve dual empowerment of product reputation
and sell-through.
Distribution model: This includes the traditional channel operator model, KA marketplace, etc., mainly sold
offline.
Direct-to-consumer model: This includes the group purchase model, where products are sold directly to
groups of consumers, the exclusive store model for the retail end and consumer groups, and the online sales model,
where products are sold through e-commerce platforms such as Tmall and JD.
Applicable □ Not applicable
(1) Operating Revenues, Costs of Sales and Gross Profit Margins of Different Sales Models and Product
Categories
Unit: RMB
YoY change in YoY change in
Gross profit YoY change in
Item Operating revenue Cost of sales operating gross profit
margin cost of sales
revenue margin
By sales model
Liquor products 49,119,887,461.97 8,745,463,248.36 82.20% 4.26% 6.61% -0.39%
Of which:
Distribution model
Direct-to-
consumer model
By product category
Liquor products 49,119,887,461.97 8,745,463,248.36 82.20% 4.26% 6.61% -0.39%
Of which:
Wuliangye-branded 40,998,320,017.50 5,556,547,206.14 86.45% 4.57% 6.51% -0.24%
Baijiu products
Other liquor
products
(2) Number of Distributors
Number of distributors of Wuliangye- Reason for change (more than
Region YoY change (number)
branded Baijiu products 30%)
East China 616 -19
South China 1,067 4
North China 827 -5
Subtotal 2,510 -20 N/A
Number of distributors of Wuliang
Region YoY change (number)
NongXiang products
China 1,077 127
Total 3,587 107
Note: There is overlap between distributors of Wuliangye-branded Baijiu products and Wuliang NongXiang
Baijiu products.
(3) Main Settlement Methods and Dealing Methods of Distributor Customers
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
A distribution model is mainly used, with a “payment before delivery” settlement method. In the Reporting
Period, the total sales revenue from the top five distributors reached RMB30.061 billion, accounting for 56.96% of
the total sales revenue.
Applicable □ Not applicable
Number of exclusive stores Number of exclusive stores
Region at the beginning of the at the end of the Reporting Reason for change (more than 30%)
Reporting Period Period
East China 765 761
South China 565 560
N/A
North China 456 447
Total 1,786 1,768
Applicable □ Not applicable
Product category Platform
Wuliangye-branded Baijiu products:
The 8th-generation Wuliangye, Wuliangye (39% vol), Classic
Tmall, JD, and WeChat
Wuliangye, etc.
Other liquor products:
Wuliang Chun (Spring), Wuliang Chun (Rich Flavor),
Tmall, JD, and WeChat
Wuliang Tequ, and Jianzhuang
Indicate whether any of the major products that accounted for more than 10% of the total operating revenue in
the current period saw a 30% or greater change in its selling price compared to the prior reporting period.
□ Applicable Not applicable
Unit: RMB
Purchase model Purchased items Amount
Raw materials and auxiliary materials,
Market-based purchase 5,461,006,938.05
etc.
Market-based purchase Packaging materials 1,233,966,176.26
Market-based purchase Energy 403,079,735.87
Indicate whether the purchase of raw materials from cooperatives or farmers accounted for more than 30% of
the total purchase amount.
□ Applicable Not applicable
Indicate whether the price of any of the major raw materials purchased externally changed by more than 30%
year-on-year.
□ Applicable Not applicable
The Company’s Baijiu products are all produced by itself.
Commissioned processing and production:
□ Applicable Not applicable
Unit: RMB
H1 2025 H1 2024
Operating Change in
Item As % of total cost of As % of total cost
division Cost of sales Cost of sales percentage
sales (%) of sales (%)
Raw materials 6,817,942,910.15 55.76% 6,367,500,886.67 55.53% 0.23%
Manufacturing
Labor cost 3,414,708,845.56 27.92% 3,355,054,459.35 29.26% -1.34%
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Energy 723,131,392.71 5.91% 666,410,145.73 5.81% 0.10%
Production
cost
(1) Production Volume, Sales Volume and Inventory of Major Products
Opening inventory (ton) Production volume (ton) Sales volume (ton) Closing inventory (ton)
Product
H1 2025 YoY change H1 2025 YoY change H1 2025 YoY change H1 2025 YoY change
Wuliangye-
branded Baijiu 6,173 39.13% (note 2) 25,559 11.56% 27,278 12.75% 4,454 41.26% (note 2)
products
Other liquor
products
Total 32,799 -32.12% 102,209 44.42% 113,283 44.59% 21,725 -46.68%
Note 1: The liquor referred to in the table above is all commercial liquor.
Note 2: This is primarily because the Spring Festival in 2025 was earlier than that in 2024, and the Company
actively stocked up for sales in the Spring Festival, leading to a higher opening inventory. Meanwhile, to further
meet the needs from market segments, the Company took the initiative to increase the stock of differentiated liquor
products, resulting in an increase in the closing inventory.
Note 3: This is primarily because the Baijiu industry was in deep adjustment, mid- and low-priced products
were more favored by consumers, and sales of these products increased accordingly.
(2) Finished Liquor and Semi-finished Liquor (Including Base Liquor)
Category Inventory (ton)
Finished liquor 21,725
Semi-finished liquor (including base liquor in pottery jars) 174,659
(3) Designed, Actual and In-progress Production Capacity of Major Products by Production Entities
Actual production capacity in the
Designed production Production capacity in progress
Major product first half of the year (’0,000
capacity (’0,000 tons) (’0,000 tons)
tons)
Liquor 19.0627 8.3538 3.95
Note: The liquor in the table above includes Baijiu and base liquor.
II Core Competitiveness Analysis
The Company’s unique five major competitive edges of the regions of production, ancient fermentation pit
clusters, quality, brands, and consumer base constitute its irreplicable core competitiveness. During the Reporting
Period, the Company’s core competitiveness continued to strengthen.
The first is the geographical competitiveness. The Yibin region of production, where the Company is situated,
boasts a uniquely favorable natural ecological distilling environment of “water, soil, air, climate, and biology”. It
has been recognized by United Nations Educational, Scientific and Cultural Organization (UNESCO) and Food and
Agricultural Organization (FAO) as “the most suitable region in the same latitude for producing high-quality, pure
distilled Baijiu”, making it one of the world’s top ten regions of production of spirits. In 2023, it was awarded the
title of “China’s Wuliang NongXiang Baijiu Core Region of Production”. In view of the development of the liquor
industry, the government of the region of production has stepped up resource integration and policy support in the
region of production, with the region of production being selected into the first batch of the key cultivation list of
regions of production for traditional advantageous food and local specialty food industries, which is released by the
Ministry of Industry and Information Technology of China.
The second competitive edge lies in the ancient fermentation pit clusters. The ancient fermentation pit
clusters of the Yuan and Ming dynasties, represented by Changfasheng and Lichuanyong, are the earliest and largest
cave-type ancient fermentation pits in China with uninterrupted production. The “Archaeological Wuliangye”
project, which has been selected into the “Compass Plan” launched by the Ministry of Science and Technology and
the Ministry of Culture and Tourism of China, has been successfully completed, tracing the history of the ancient
fermentation pit back to 1276 (the early Yuan Dynasty). This means that these fermentation pits have been
producing liquor continuously for 749 years.
Quality represents the third competitive edge. The Company follows the five principles of “planting,
distilling, selecting, aging and blending” in the production of its Baijiu, which is the world’s first liquor
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
distilled from five grains—sorghum, rice, glutinous rice, wheat and corn. Also, it possesses the unique “1366”
traditional production technique that has been identified as a national intangible cultural heritage, with 93
process steps, 310 working procedures, and 218 quality inspection points. A through-life quality management
model “from seed to liquor” has been established. And Wuliangye is the only Baijiu producer that has won the
National Quality Award four times and was shortlisted for the Fifth China Quality Award. Additionally, it is
among the first to be included in the protection list of the China-EU Geographical Indications Agreement.
During the Reporting Period, the on-site review of the Company for the EFQM Global Award (EGA) was
successfully completed, and the Quality Requirement for Geographical Indication Product—Wuliangye Baijiu
was officially implemented.
The fourth is the brand strength. Wuliangye’s brand culture has profound historical roots, beginning in the
Tang dynasty, emerging in the Song dynasty, refined in the Yuan dynasty, becoming well-known in the Ming
dynasty, and establishing the brand name in the Qing dynasty. In 1932, it was the first in the industry to register
Chinese and English trademarks. During the Reporting Period, the Company deeply participated in high-end events
such as the Boao Forum for Asia and the Expo 2025 Osaka, and successfully held IP events such as the First
Harmony Wedding Ceremony and the Fourth Harmony Cultural Festival. Also, it partnered with China Central
Television (“CCTV”) to present the TV show Etiquette China and released the Common Prosperity·Song of
Harmony. In addition, the Company led the “Sichuan Liquor Global Tour” into countries such as France, the
Netherlands, Japan, Germany, and Seychelles. The advocacy of a harmonious culture of “harmonious common
prosperity” continues to be prominently displayed. In Brand Finance Global 500 2025, Wuliangye is ranked the
it secure an AAA+ brand rating, the highest worldwide. In addition, Wuliangye was selected into the first batch of
China’s Famous Consumer Goods list by the Ministry of Industry and Information Technology and included in the
Historical Classic Industries for cultivation.
The last is a broad consumer base. Strong-flavoured Baijiu is the Baijiu category with the highest market
share and the largest consumer base. Being famous worldwide for its unique style of “lasting aroma, mellow,
pleasant and smooth taste, and harmonious, well-balanced and comprehensive flavours”, Wuliangye has a wide and
solid consumer base. Notably, the industry’s pioneering low-alcohol Baijiu possesses a unique competitive
advantage in cultivating a young consumer demographic and an overseas mainstream demographic.
III Analysis of Principal Operations
Overview: please refer to the contents under the heading “I Principal Operations of the Company during the
Reporting Period” above.
Unit: RMB
Main reason
H1 2025 H1 2024 Change (%)
for change
Operating revenue 52,770,984,383.52 50,648,026,578.65 4.19%
Cost of sales 12,228,189,911.58 11,466,138,507.20 6.65%
Selling expense 5,396,393,992.35 5,366,342,173.42 0.56%
Administrative expense 1,712,424,934.59 1,738,561,638.52 -1.50%
Finance costs -1,261,269,705.58 -1,400,855,109.46 N/A
Income tax expense 6,583,646,456.74 6,563,541,257.72 0.31%
Research and development
expense
Net cash generated from/used in
operating activities
Net cash generated from/used in
-967,484,650.22 -1,069,383,823.78 N/A
investing activities
Net cash generated from/used in
-10,300,233,479.06 -157,849,148.32 N/A Note 3
financing activities
Net increase in cash and cash 19,869,018,499.30 12,200,695,683.53 62.85% Note 2
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
equivalents
Note 1: This is primarily driven by greater investments in R&D projects such as production techniques.
Note 2: This is primarily driven by a higher percentage of cash in payments received during the Reporting
Period, while the same period of last year saw a higher percentage of bank acceptance bills instead.
Note 3: This is primarily driven by the Company’s 2024 interim dividend payout of RMB9.999 billion during
the Reporting Period.
Indicate whether any significant change occurred to the profit structure or sources of the Company in the
Reporting Period.
□ Applicable Not applicable
No such cases in the Reporting Period.
Unit: RMB
H1 2025 H1 2024
As % of total As % of total Change (%)
Operating revenue operating Operating revenue operating
revenue (%) revenue (%)
Total 52,770,984,383.52 100% 50,648,026,578.65 100% 4.19%
By operating division
Manufacturing 52,770,984,383.52 100.00% 50,648,026,578.65 100.00% 4.19%
By product category
Liquor products 49,119,887,461.97 93.08% 47,110,718,721.26 93.02% 4.26%
Plastic products 2,009,666,124.35 3.81% 1,981,033,159.97 3.91% 1.45%
Printing 100,018,434.51 0.19% 50,553,920.22 0.10% 97.85% (note 1)
Glass bottles 27,899,360.31 0.05% 48,683,476.63 0.10% -42.69% (note 2)
Others 1,513,513,002.38 2.87% 1,457,037,300.57 2.88% 3.88%
By operating segment
Liquor products 49,119,887,461.97 93.08% 47,110,718,721.26 93.02% 4.26%
Of which: East
China
South China 21,886,027,517.04 41.47% 21,472,366,830.19 42.40% 1.93%
North China 7,124,405,316.59 13.50% 6,997,357,714.18 13.82% 1.82%
Non-liquor
products
Note 1: This is primarily driven by the increased external business volume of printing upon iterative upgrades.
Note 2: This is primarily because output of the Baijiu industry declined due to external macroeconomic factors.
Revenue or Operating Profit
Applicable □ Not applicable
Unit: RMB
YoY YoY
YoY
change in change in
Gross profit change in
Operating revenue Cost of sales operating gross
margin cost of
revenue profit
sales (%)
(%) margin (%)
By operating division
Manufacturing (liquor
production)
By product category
Liquor products 49,119,887,461.97 8,745,463,248.36 82.20% 4.26% 6.61% -0.39%
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Of which: Wuliangye-
branded Baijiu 40,998,320,017.50 5,556,547,206.14 86.45% 4.57% 6.51% -0.24%
products
Other liquor
products
By operating segment
Liquor products 49,119,887,461.97 8,745,463,248.36 82.20% 4.26% 6.61% -0.39%
Of which: East China 20,109,454,628.34 2,904,893,555.18 85.55% 7.88% 12.14% -0.55%
South China 21,886,027,517.04 4,815,949,999.55 78.00% 1.93% 4.53% -0.54%
North China 7,124,405,316.59 1,024,619,693.63 85.62% 1.82% 1.90% -0.01%
Data of principal operations for the prior period (H1 2024) adjusted according to the changed methods of
measurement that occurred in the Reporting Period:
Applicable □ Not applicable
Unit: RMB
YoY
YoY YoY
Gross change in
change in change in
Operating revenue Cost of sales profit operating
cost of gross profit
margin revenue
sales (%) margin (%)
(%)
By operating segment
Liquor products 47,110,718,721.26 8,203,080,533.11 82.59% 12.46% 12.63% -0.02%
Of which: East
China
South China 21,472,366,830.19 4,607,165,207.25 78.54% 11.41% 12.88% -0.28%
North China 6,997,357,714.18 1,005,490,202.38 85.63% -1.24% -1.20% -0.01%
Reasons for the changed methods of measurement: In order to deepen the reform as a state-owned enterprise,
the Company integrated 27 marketing regions into three major regions: North China, South China and East China,
establishing a vertical management and control system of “headquarters-regional centers-point of sale terminals” to
enhance its market response capabilities.
The Company is subject to the disclosure requirements for the food and wine & liquor production industry in
Guidelines No. 3 of the Shenzhen Stock Exchange for the Self-Regulation of Listed Companies—Industry-specific
Information Disclosure.
Unit: RMB
H1 2025 H1 2024
Reason for
Item Change (%)
As % of selling As % of selling change
Amount Amount
expense expense
Image
promotion 921,538,548.01 17.08% 932,275,200.41 17.37% -1.15%
expense
Sales
promotion 3,561,191,259.96 65.99% 3,440,601,772.58 64.11% 3.50%
expense
Warehousing
and logistics 285,437,440.65 5.29% 272,408,237.24 5.08% 4.78%
expense
Labor cost 371,762,556.09 6.89% 455,092,791.02 8.48% -18.31%
Other
expenses
Total 5,396,393,992.35 5,366,342,173.42 0.56%
During the Reporting Period, the Company’s primary advertising means included TV, broadcasting, Internet,
outdoor ads and exhibitions. The expenses on online, offline and TV ads were RMB122 million, RMB482 million
and RMB318 million, respectively.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
IV Analysis of Non-Core Businesses
□ Applicable Not applicable
V Analysis of Assets and Liabilities
Unit: RMB
June 30, 2025 December 31, 2024 Reason
Change
for any
in
Item As % of total As % of total significa
Amount Amount percenta
assets assets nt
ge (%)
change
Monetary assets 148,319,946,342.06 76.68% 127,398,915,484.11 67.67% 9.01%
Accounts
receivable
Inventories 17,745,770,666.17 9.17% 18,233,702,166.62 9.69% -0.52%
Long-term
equity 2,173,006,025.05 1.12% 2,081,612,703.43 1.11% 0.01%
investments
Fixed assets 7,745,514,521.75 4.00% 7,264,740,683.62 3.86% 0.14%
Construction in
progress
Right-of-use
assets
Contract
liabilities
Lease liabilities 215,370,747.58 0.11% 393,922,062.84 0.21% -0.10%
□ Applicable Not applicable
Applicable □ Not applicable
Unit: RMB
Gain/l
oss on Cumulativ Impair Purc
Sold
fair- e fair- ment hase
in
value value allowa d in
Item Opening amount the Other changes Closing amount
change changes nce for the
peri
s in recognized the peri
od
the in equity period od
period
Financial assets
financial assets (exclusive
of derivative financial
assets)
assets
investments
financial assets
Subtotal of financial
assets
Investment property
Productive living assets
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Other
Total of the above 19,567,597,992.11 -15,677,804,218.04 3,889,793,774.07
Financial liabilities
Contents of other changes:
The Company classified the portion of bank acceptance bills received that were to be endorsed or discounted
as receivables financing, and other changes during the period represented the net amount recognized and utilized
during the period.
Indicate whether any significant change occurred to the measurement attributes of the major assets in the
Reporting Period.
□ Yes No
Unit: RMB
Closing carrying
Item Reason for restriction
amount
Security deposits for bank acceptance bills, other security deposits, the balance in
Monetary assets 361,016,021.18 the securities trading account with the Yibin Jinshajiang Avenue Securities Sales
Department of SDIC Securities Co., Ltd., etc.
Total 361,016,021.18
VI Investment Analysis
□ Applicable Not applicable
□ Applicable Not applicable
□ Applicable Not applicable
(1) Securities Investments
□ Applicable Not applicable
No such cases in the Reporting Period.
(2) Investments in Derivative Financial Instruments
□ Applicable Not applicable
No such cases in the Reporting Period.
□ Applicable Not applicable
No such cases in the Reporting Period.
VII Sale of Major Assets and Equity Investments
□ Applicable Not applicable
No such cases in the Reporting Period.
□ Applicable Not applicable
VIII Principal Subsidiaries and Joint Stock Companies
Applicable □ Not applicable
Principal subsidiaries and joint stock companies with an over 10% effect on the consolidated net profit:
Unit: RMB
Relationsh
Principal
Name ip with the Registered capital Total assets Equity
activities
Company
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Liquor-
Yibin Wuliangye Liquor Sales Co.,
Subsidiary related 200,000,000.00 72,377,630,584.04 46,670,587,130.41
Ltd.
operations
Unit: RMB
Relations
hip with Principal
Name Operating revenue Operating profit Net profit
the activities
Company
Liquor-
Subsidiar
Yibin Wuliangye Liquor Sales Co., Ltd. related 38,905,153,069.46 14,567,474,628.41 10,932,106,856.72
y
operations
Subsidiaries acquired or disposed of in the Reporting Period:
□ Applicable Not applicable
IX Structured Entities Controlled by the Company
□ Applicable Not applicable
X Risks Facing the Company and Countermeasures
Firstly, there may be uncertainties in the environment at home and abroad; secondly, valid demand may not be
recovering in an expected pace; and finally, the Baijiu industry continues to undergo deep change. In response, the
Company will adhere to its strategic focus, implement the “135” development strategy in depth, and persist in
adapting to changes and seeking progress in changes. Also, it will find the intersection of supply-side structural
reforms and changes in consumption trends, and meet, create and lead demand with high-quality supply.
XI Formulation and Implementation of Market Value Management Rules and Valuation
Enhancement Plan
Indicate whether the Company has formulated market value management rules.
Yes □ No
Indicate whether the Company has disclosed a valuation enhancement plan.
□ Yes No
In order to enhance investment value, increase investor returns, and strengthen market value management, the
Company has formulated the Market Value Management Rules, which has been approved at the Fourth Meeting of
the Sixth Board of Directors in 2025. These rules mainly cover the specific departments or personnel responsible
for market value management, the responsibilities of directors and senior management, the methods of market value
management, and the monitoring and early warning arrangements for key indicators such as market value, price-to-
earnings ratio, and price-to-book ratio. For details, please refer to the Market Value Management Rules disclosed
by the Company on March 6, 2025.
XII Implementation of the Action Plan for “Dual Enhancement of Development Quality and
Investor Returns”
Indicate whether the Company has disclosed its Action Plan for “Dual Enhancement of Development Quality
and Investor Returns”.
Yes □ No
In order to comprehensively implement the guiding principles of the Political Bureau meeting on “activating
the capital market and boosting investor confidence” and the State Council Executive Meeting on “vigorously
enhancing the quality and investment value of listed companies, adopting more effective measures, focusing on
stabilizing the market and confidence”, the Company disclosed the Action Plan for “Dual Enhancement of
Development Quality and Investor Returns” (Announcement No.: 2024/No. 002) on March 7, 2024. The
implementation of the action plan is as follows.
Firstly, the Company has maintained steady and robust growth in operating performance. The Company
adhered to the working principles of “seeking progress in stability, maintaining stability with progress, improving
quality and efficiency, and making more contributions”, solidly carried out its work, and took scientific actions,
achieving new heights in corporate development. In the first half of 2025, the Company achieved operating revenue
of RMB52.771 billion, an increase of 4.19% year on year; and the net profit attributable to its shareholders was
RMB19.492 billion, an increase of 2.28% year on year. The Company maintained steady growth in operating
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
performance.
Secondly, the Company continued to deepen innovation. It continued to advance technological
breakthroughs in key areas. Breakthroughs were achieved in the application of modern biotechnology to replicate
old fermentation pit mud, enabling improved production quality and efficiency of new fermentation pit mud.
Furthermore, the Company accelerated the launch of new products such as Wuliangye (29% vol), Baijiu for the Year
of the Horse, Wuliangye (29% vol, Online Version), and the 8th-generation Wuliangye Bubugaosheng Lightweight
Version.
Thirdly, branding efforts yielded remarkable results. The Company deeply participated in high-end events
such as the Boao Forum for Asia and the Expo 2025 Osaka, and successfully held IP events such as the First
Harmony Wedding Ceremony and the Fourth Harmony Cultural Festival. Also, it partnered with China Central
Television (“CCTV”) to present the TV show Etiquette China and released the Common Prosperity·Song of
Harmony. In addition, the Company led the “Sichuan Liquor Global Tour” into countries such as France, the
Netherlands, Japan, Germany, and Seychelles, with an improving brand reputation and stronger brand presence. In
Brand Finance Global 500 2025, Wuliangye is ranked the 73rd, climbing up two places compared with the same
period of last year. Its Brand Strength Index (BSI) has helped it secure an AAA+ brand rating, the highest worldwide.
In addition, Wuliangye was selected into the first batch of China’s Famous Consumer Goods list by the Ministry of
Industry and Information Technology and included in the Historical Classic Industries for cultivation.
Finally, the high-quality and fast growth program was steadily carried out. The Company continued to
advance major projects under construction. Distilling workshops 1-9 and 12-15 of Phase II of the 100,000-ton
Ecological Distillery Project topped out. Section I of the Chinese Baijiu Cultural Sanctuary Project was completed,
and the commercial area of the gateway project progressed as scheduled.
Firstly, the information disclosure continued to be strengthened. The Company continued to strengthen its
learning of the Company Law, the Stock Listing Rules and other applicable laws and regulations, and strengthen
information disclosure management. It has won the highest level (A) assessment of information disclosure from the
Shenzhen Stock Exchange for 10 consecutive years. In the first half of 2025, the Company compiled and disclosed
a timely manner with increasing transparency.
Secondly, the governance system continued to be optimised. In the first half of 2025, the Company
completed the re-election of the Sixth Board of Directors; convened eight Board meetings, deliberating on 31
proposals, including matters related to profit distribution and related-party transactions; actively implemented the
functions of the Board of Directors, ensuring efficient and orderly management of the Company.
Finally, the supervision mechanism continued to be sound. In the first half of 2025, the independent
directors attended one special meeting of independent directors to issue opinion on matters such as related-party
transactions. They continued to pay attention to the Company’s information disclosure work, objectively evaluated
the timeliness and accuracy of information disclosure, and independently and prudently expressed opinions to
ensure the normative, compliant, and effective operation of the Board of Directors. The Company’s Supervisory
Committee independently exercised its powers in accordance with the law, supervised the Company’s lawful
operations, financial status, related-party transactions, external guarantees, and actively safeguarded the legitimate
rights and interests of all shareholders, the Company, and employees.
The Company continued to uphold the core value of “creating returns for investors”. While focusing on its
own development and improving operating performance, it actively shared the yield of development with all
shareholders. In July 2025, the Company made the 2024 final dividend payout of RMB12.301 billion in cash, which
was completed on July 18, 2025. This, plus the 2024 interim dividend payout of RMB9.999 billion, totaled a full-
year dividend payout of RMB22.3 billion in cash for 2024, representing a cash dividend payout ratio of 70.01%.
Both the dividend amount and the dividend payout ratio were the highest since the Company went public
On April 9, 2025, Wuliangye Group carried out another plan to increase its shareholding in the Company, and
had cumulatively purchased 4,763,666 additional shares as of July 12, 2025 with an amount of RMB613.5204
million, accounting for 0.12% of the Company’s total share capital. As of now, the shareholding increase plan has
not been fully implemented, and Wuliangye Group will continue to increase its holdings in accordance with the
plan.
The Company always adhered to the principles of “compliance, equality, proactivity, and honesty and
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
trustworthiness”, continuously optimised investor relations management, and built various communication
platforms. During the Reporting Period, the Company held the “2024 Annual and 2025 First Quarterly Results
Briefing” and the “2024 Annual General Meeting of Shareholders”, actively listening to investors’ opinions and
suggestions, improving the effectiveness and pertinence of communication, and ensuring the equal participation of
minority shareholders. During the Reporting Period, the Company communicated with a total of more than 700
investors through the annual general meeting of shareholders, one-on-one meetings, securities firms’ investment
conferences, conference calls and other forms. The Company will continue to implement relevant measures of the
Action Plan for “Dual Enhancement of Development Quality and Investor Returns”, strive to realise the concept of
“investors first” through good performance, standardised corporate governance, and active investment returns,
effectively fulfill the responsibilities and obligations of a listed company, enhance investor confidence, and achieve
sustained high-quality development of the Company.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Part IV Environmental, Social and Governance Information
I Change of Directors, Supervisors and Senior Management
Applicable □ Not applicable
Name Office title Type of change Date Reason
Deputy General
Li Jian Resignation January 2, 2025 Job transfer
Manager
Resignation upon
Xu Bo Director June 20, 2025 Change of term
expiration of term
Resignation upon
Xie Zhihua Independent Director June 20, 2025 Change of term
expiration of term
Resignation upon
Wu Yue Independent Director June 20, 2025 Change of term
expiration of term
Lu Li Independent Director Elected June 20, 2025 Change of term
Ding Nan Independent Director Elected June 20, 2025 Change of term
II Profit Distributions in the Form of Cash and/or Bonus Issue
□ Applicable Not applicable
The Company has no interim dividend plan, either in the form of cash or bonus issue.
III Equity Incentive Plans, Employee Stock Ownership Plans or Other Incentive Measures for
Employees
Applicable □ Not applicable
Not applicable
Applicable □ Not applicable
Outstanding employee stock ownership plans during the Reporting Period:
As % of the total
Scope of Number of Total number of shares
Change share capital of the Funding source
employees employees held under the plans
Company
Employees
covered by the 2,428 23,696,280 None 0.61% Self-pooled
plans
Shareholdings of directors, supervisors and senior management under employee stock ownership plans during
the Reporting Period:
In April 2018, the Company carried out an employee stock ownership plan through a private placement, and
certain in-service directors, supervisors and senior management participated in the employee stock ownership plan.
As of the end of the Reporting Period, non-transaction transfers had been completed.
Change of the asset management agency during the Reporting Period:
□ Applicable Not applicable
Equity changes incurred by the disposal of shares by any holder, etc. during the Reporting Period:
□ Applicable Not applicable
□ Applicable Not applicable
Other information about the employee stock ownership plans during the Reporting Period:
□ Applicable Not applicable
Changes to members of the management committees of employee stock ownership plans:
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
□ Applicable Not applicable
The financial impact of employee stock ownership plans on the Company and the relevant accounting
treatments during the Reporting Period:
□ Applicable Not applicable
Termination of employee stock ownership plans during the Reporting Period:
□ Applicable Not applicable
Other information: None.
□ Applicable Not applicable
IV Environmental Information Disclosure
Indicate 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
No. Company Index to the report on required environmental information
https://103.203.219.138:8082/eps/index/enterprise-
https://103.203.219.138:8082/eps/index/enterprise-
Sichuan Yibin Plastic Packaging Materials
Company Limited
e5cf5&date=2024&type=true&isSearch=true
https://103.203.219.138:8082/eps/index/enterprise-
f0c1&date=2024&type=true&isSearch=true
https://103.203.219.138:8082/eps/index/enterprise-
Sichuan Yibin Global Gelasi Glass
Manufacturing Co., Ltd.
https://103.203.219.138:8082/eps/index/enterprise-
Sichuan Yibin Wuliangye Jingmei Printing Co.,
Ltd.
http://121.29.48.71:8080/#/fill/detail?enpId=0C109BFA-
http://222.143.24.250:8247/enpInfo/enpOverview?enterId=914
V Corporate Social Responsibility (CSR)
The Company has firmly shouldered its political responsibility for providing bottom-line assistance, adhering
to the guiding principle of “five-approach support” (i.e., building consensus in ideas, solving problems together,
working together on industries, co-developing projects, and cultivating talent together) and following the overall
arrangements of the provincial and municipal Party committees and people’s governments. The Company has
provided bottom-line assistance to Litang and Shiqu counties in Ganzi Prefecture and Yuexi County in Liangshan
Prefecture outside the city, and helped support 54 towns and villages in Xuzhou District, Jiang’an County, Pingshan
County, and other districts and counties within the city. A total of 33 supporting officials has been dispatched.
Firstly, the Company persisted in high-level promotion. The Company attaches great importance to the bottom-
line assistance work and has included it in its key agenda. It has held eight meetings to advance the work, with the
main leaders conducting four field research and guidance visits to the counties.
Secondly, the Company insisted on the “Three-level Assistance” model. The Company has enhanced the
coordination of subordinate companies and related units under the leadership of the task force office. The members
of the task force have implemented the “1+N+2” three-level joint assistance system under supervision, with
assistance projects such as hot spring hotels, homestays, and Bailu Liquor in Litang County, Yuexi County, and
Pingshan County, steadily progressing.
Thirdly, the Company insisted on systematic planning. With the “Baijiu +” industry support model, the
Company has dynamically optimized the “One Enterprise, One Policy” support plan. Through the 2025 Assistance
Plan, the Company’s Party Committee has set out an “8+8+2+N” portfolio of assistance projects, forming an
assistance pathway that combines “local specialty projects” with “projects aligned to the Company’s strengths”.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Firstly, the Company focused on projects that combine “core business advantages + regional characteristics”
to fully support the development of the Baijiu industry in Litang County and Yuexi County. The Company invested
RMB2 million in Litang County to jointly innovate and develop the “Shangxuan” series of sea buckthorn and
matsutake mushroom liquor, and sea buckthorn and Cistanche deserticola liquor. In Yuexi County, a custom Baijiu
product “Wuliangyuan” was launched in January. The Company invested RMB10 million to build a Baijiu bottling
line, set up a Baijiu task force, conducted field research and guidance, and assisted local state-owned liquor
enterprises in the sale of Baijiu products with an additional RMB5 million to support the development of the local
special industry in Yuexi County.
Secondly, the Company focused on exploring projects that combine “cultural tourism industry + public
welfare”. In Litang County, the Company invested RMB10 million to support the development of special industries.
It provided ongoing guidance for the construction of major and supporting facilities of Oxygen Chamber Homestay
Hotel in Genie Town and the hot spring hotel in Chaka Village. Additionally, the Company sponsored RMB1 million
for the Litang “August 1st” Horse Racing Cultural Festival to continuously enhance the region’s cultural tourism
brand influence, and allocated RMB0.2 million to upgrade the sports and cultural square in Mula Town, improving
public infrastructure and well-being. In Yuexi County, the Company launched the “20℃ Yuexi Tour” campaign,
organizing in-depth visits to showcase local cultural tourism resources and stimulate high-end tourism consumption.
In Pingshan County, the Company invested RMB6 million to support the construction of the “Wuliangye Torch
Square” in Qingping Yi Ethnic Township and infrastructure improvements in Yingxiong Village, continuously
enhancing public well-being and people’s sense of happiness.
Thirdly, the Company focused on the innovation of projects that combine “agricultural specialties + expanded
sales channels”. In the first half of 2025, the Company procured RMB12.1249 million worth of agricultural
specialties from Litang County, Yuexi County, Pingshan County, and Jiang’an County. It expanded sales channels
through initiatives such as internal employee trade fairs, launching the online store of Wuliangye Home, and
assisting the Yuexi County Bureau of Culture and Tourism in promoting the Torch Festival at the Group, helping
sell nearly RMB35,000 worth of agricultural specialties. The Company allocated about RMB30,000 to support the
production of Yuexi’s special natural mineral water. Leveraging its resource network, the Company facilitated the
signing of the Strategic Cooperation Agreement for the Yuexi Pepper Industry between the People’s Government of
Yuexi County and Sichuan Teway Food Group Co., Ltd.
The Company continued to implement educational support plans, granting RMB0.1 million in scholarships to
Plan” to train returning university students, recruiting 17 new members for grassroots practice in 2025 following
the 11 recruited in 2024, with the goal of cultivating local talent. Furthermore, a government-enterprise training
class was organized in collaboration with the People’s Government of Yuexi County, planning to send six corporate
management personnel to the Company for exchange and learning.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Part V Significant Events
I Undertakings of the Company’s Actual Controller, Shareholders, Related Parties and
Acquirers, as well as the Company Itself and other Entities Fulfilled in the Reporting Period or
Ongoing at the Period-end
Applicable □ Not applicable
Based on its confidence in the Company’s continuously stable development and recognition of the Company’s
long-term investment value, Wuliangye Group has undertaken to increase its shareholdings in the Company within
six months from April 9, 2025. Wuliangye Group and its acting-in-concert party Yibin Development Group have
undertaken not to reduce their shareholdings in the Company during the said period of shareholding increase. And
the undertakings were honored continuously.
II Occupation of the Company’s Funds by the Controlling Shareholder or Any of Its Related
Parties for Non-Operating Purposes
□ Applicable Not applicable
No such cases in the Reporting Period.
III Irregularities in the Provision of Guarantees for External Parties
□ Applicable Not applicable
No such cases in the Reporting Period.
IV Appointment and Dismissal of CPA Firm
Indicate whether the interim financial statements are audited.
□ Yes No
The interim financial statements are unaudited.
V Statements Made by the Board of Directors and the Supervisory Committee Regarding the
Independent Auditor’s “Modified Opinion” on the Financial Statements of the Reporting
Period
□ Applicable Not applicable
VI Statement Made by the Board of Directors Regarding the “Modified Opinion” of an
Independent Auditor on Financial Statements of Last Year
□ Applicable Not applicable
VII Insolvency and Reorganization
□ Applicable Not applicable
No such cases in the Reporting Period.
VIII Legal Matters
Significant lawsuits and arbitrations:
□ Applicable Not applicable
No such cases in the Reporting Period.
Other legal matters:
Applicable □ Not applicable
Whet Inde
her Date x to
Amount Executi
any of disc
involved Result and on of
General information provi Progress discl lose
(RMB’0,00 impact judgmen
sion osur d
is e info
made rma
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
tion
Contract dispute
between Yibin The court has
Wuliangye Xianlin ordered the
Ecological Liquor Co., 627.79 The first-instance judgment has execution of Execute
No
Ltd. and Chengdu (note 1) taken effect. debt settlement d
Pomegranate through
Agricultural Products properties.
Development Co., Ltd.
Contract dispute
between Sichuan
On June 27, 2023, the court ruled Yuxiang fails to
Yibin Global Group
Shenzhou Glass Co., No
(note 2) Shenzhou a total of RMB5.7224 judgment on uted
Ltd. and Yibin
million. time.
Yuxiang Packaging
Materials Co., Ltd.
The “Phoenix Series”
illustrations of the
Company’s “Bainiao Withdrawal of
Case
Chaofeng” brand are 100.00 No Pre-litigation mediation. the case upon
closed
suspected to have settlement
infringed upon Li
Linxin’s copyright.
Arbitration between
The arbitration ruling came into
Yibin Wuliangye
effect, and Guangzhou Zhanyao
Liquor Sales Co., Ltd.
Electronic Technology Co., Ltd. Being
and Guangzhou A ruling has
Zhanyao Electronic been issued.
RMB659,800 in security d
Technology Co., Ltd.
deposits, utilities bills to Yibin
regarding a lease
Wuliangye Liquor Sales Co., Ltd.
contract dispute
In December 2024, Weiyuan
Rongwei Real Estate
Development Co., Ltd. sued
Yibin Wuliangye Liquor Sales
Co., Ltd. and Chengdu Boyang
Amazing Art Co., Ltd. in the
Primary People’s Court of
Case concerning the
Sichuan Pilot Free Trade Zone,
creditor’s right of
requesting: ① to revoke Article
rescission dispute
between Yibin
signed by Chengdu Boyang The trial has not
Wuliangye Liquor 7,432.46 No None
Amazing Art Co., Ltd. and Yibin yet begun.
Sales Co., Ltd. and
Wuliangye Liquor Sales Co., Ltd.
Weiyuan Rongwei
on July 25, 2022; and ② to
Real Estate
repay the due debt of
Development Co., Ltd.
RMB74.3246 million from
December 26, 2019 to July 25,
Wuliangye Performing Arts
Center Venue Naming Contract
to Rongwei, and to bear the
litigation costs.
Patent infringement Hangzhou Zhixin Digital
dispute between the Technology Co., Ltd. sued the The trial has not
Company and Company and its chip supplier, yet begun.
Hangzhou Zhixin Shanghai Quanray Electronics
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Digital Technology Co., Ltd., in the Shanghai
Co., Ltd. Intellectual Property Court,
alleging that the dual-band Qstar-
the Company’s Wuliangye 1618
infringed its invention patent.
The court was requested to order
the two defendants to
immediately stop infringing the
plaintiff’s invention patent right
for “Radio Frequency
Identification Tags and Their
Control Methods”, and to jointly
bear the patent royalties and
economic losses involved,
totaling RMB6.2 million, as well
as the litigation costs of the case.
In January 2022, Yongbufenli
filed a lawsuit with the People’s
Court of Linzhang County
against Baijiadi over a sales
contract dispute involving an
amount of RMB72.4635 million.
The court was requested to a)
order the defendant to pay
RMB72.4635 million, along with
the interest calculated at the LPR
published by the National
Contract dispute
Interbank Funding Center from
between Handan
September 16, 2020 to the date Upholding the
Yongbufenli Liquor Unexec
Co., Ltd. and Sichuan uted
full; and b) order the defendant to judgment
Baijiadi Liquor Co.,
bear all litigation and appraisal
Ltd.
fees. The first-instance judgment
dismissed Yongbufenli’s claims.
In April 2024, Yongbufenli filed
an appeal with the Intermediate
People’s Court of Handan. On
April 1, 2025, the Intermediate
People’s Court of Handan made a
final judgment, upholding the
first-instance judgment and
rejecting the lawsuit filed by
Yongbufenli.
In October 2022, Yongbufenli
filed a lawsuit with the
Intermediate People’s Court of
Handan against Yuexin Liquor,
Contract dispute
requesting a) payment of
between Handan
RMB100.4928 million in
Yongbufenli Liquor The trial has not
Co., Ltd. and Chengdu yet begun.
defendant, plus interest
Yuexin Liquor Co.,
calculated at the Loan Prime Rate
Ltd.
(“LPR”) from July 21, 2020 to
the date when the payment is
made in full; and b) the
defendant to bear all litigation
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
and appraisal fees. In March
dismissed Yongbufenli’s claims.
In April 2023, Yongbufenli filed
a second-instance appeal with the
Higher People’s Court of Hebei,
and the case was reopened on
April 10, 2024. In April 2025,
Yongbufenli received the retrial
judgment of the Intermediate
People’s Court of Handan, which
again ruled to dismiss the
lawsuit. Yongbufenli appealed to
the Higher People’s Court of
Hebei in May 2025 and is
currently waiting for the court to
arrange a trial.
The hearing was held on April
absent. On May 11, a judgment
was issued ordering the
The second
Case of Handan defendant to pay the overdue
public
Yongbufenli Liquor payment. Due to the inability to
announcement
Co., Ltd. suing notify the judgment defaulter, the
for enforcement Unexec
Handan Yongbufenli 211.41 No enforcement notice was served
has ended, and uted
Zaiyang Liquor Co., by public announcement. On
the court has
Ltd. for overdue December 18, 2024, Yongbufenli
issued a final
payment filed an application with the court
ruling.
to add an entity subject to
execution. The court has
recommended that the
application be withdrawn.
Case of Chongqing
On June 3, 2025, Chongqing
Dingyue Landscape
Dingyue Landscape Engineering
Engineering Co., Ltd.
Co., Ltd. filed a lawsuit with the
suing the Company,
People’s Court of Cuiping
Yibin Wuliangye
District, Yibin City, requesting
Liquor Sales Co., Ltd., The trial has not
and the third party yet begun.
Co., Ltd. to pay RMB21.0771
Chongqing
million in engineering charges
Landscaping Co., Ltd.
and warranty deposits. It is
regarding an
currently waiting for the court to
engineering contract
arrange a trial.
dispute
In April 2023, the People’s Court
of Cuiping District, Yibin City,
made the first-instance judgment,
requiring Xi’an Construction Xi’an
Construction contract
Engineering Group to Construction
dispute between the
compensate the Company for Engineering
Company and Xi’an Case
Construction closed
RMB7.5327 million. After the
Engineering Group
offsetting the outstanding project compensation to
Co., Ltd.
payments, Xi’an Construction the Company.
Engineering Group shall still pay
the Company RMB1.7194
million. Both parties appealed
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
against the first-instance
judgment. The second-instance
court dismissed the appeal and
upheld the original judgment.
Xi’an Construction Engineering
Group Co., Ltd. has paid the
compensation in full to the
Company.
Note 1: The amount involved in the case increased due to an increase in storage fees paid by Chengdu
Pomegranate Agricultural Products Development Co., Ltd. to Yibin Wuliangye Xianlin Ecological Liquor Co., Ltd.
Note 2: The amount involved in the case changed due to Sichuan Yibin Global Group Shenzhou Glass Co.,
Ltd. receiving a refund of the case acceptance fee and the property preservation fee from the court.
IX Penalties and Rectifications
□ Applicable Not applicable
No such cases in the Reporting Period.
X Credit Standings of the Company as well as Its Controlling Shareholder and Actual
Controller
Applicable □ Not applicable
The Company as well as its controlling shareholder and actual controller were in good credit standing during
the Reporting Period.
XI Significant Related-Party Transactions
Applicable □ Not applicable
See “5. Related-Party Transactions” under “XIV Related Parties and Related-Party Transactions” of Part VIII.
□ Applicable Not applicable
No such cases in the Reporting Period.
□ Applicable Not applicable
No such cases in the Reporting Period.
□ Applicable Not applicable
No such cases in the Reporting Period.
Applicable □ Not applicable
Making deposits:
Upper limit Amount incurred in the period
of daily Opening
Related Relationsh Range of Closing balance
deposit balance Total amount Total amount
party ip interest rate (RMB’0,000)
(RMB’0,00 (RMB’0,000) deposited withdrawn
Wuliangy
e Group Associate 5,500,000 4,714,637.03 1,411,920.04 1,106,378.41 5,020,178.66
Finance 3.5%
Note: The amount incurred in the period is presented on a net basis, which means such transactions are
eliminated as the same company withdrawing a deposit and making another deposit of a different kind, or companies
included in the consolidated financial statements making transfers via Wuliangye Group Finance.
Receiving loans: The Company received no loans from Wuliangye Group Finance during the Reporting Period.
Receiving credit (inclusive of discounting) or other financial services:
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Amount incurred
Related party Relationship Type of business Line (RMB’0,000)
(RMB’0,000)
Wuliangye Group
Associate Receiving credit 1,000,000 6,185.70
Finance
Note: On January 1, 2025, the Company and Wuliangye Group Finance signed a Supplementary Agreement to
the Financial Service Agreement, agreeing that the daily deposit balance with Wuliangye Group Finance shall not
exceed RMB55 billion in 2025, and that the daily total balance of outstanding loans and unused credit with
Wuliangye Group Finance shall not exceed RMB10 billion in 2025.
The “amount incurred” in the Reporting Period includes the bank acceptance bills of RMB61.8570 million
issued by Wuliangye Group Finance (undue bank acceptance bills as of June 30, 2025: RMB61.8570 million).
□ Applicable Not applicable
No such cases in the Reporting Period.
□ Applicable Not applicable
No such cases in the Reporting Period.
XII Significant Contracts and Execution
(1) Entrustment
□ Applicable Not applicable
No such cases in the Reporting Period.
(2) Contracting
□ Applicable Not applicable
No such cases in the Reporting Period.
(3) Leases
□ Applicable Not applicable
No significant leases in the Reporting Period.
□ Applicable Not applicable
No such cases in the Reporting Period.
□ Applicable Not applicable
No such cases in the Reporting Period.
□ Applicable Not applicable
No such cases in the Reporting Period.
XIII Other Significant Events
□ Applicable Not applicable
No such cases in the Reporting Period.
XIV Significant Events of Subsidiaries
Applicable □ Not applicable
The Company’s Sixth Board of Directors approved at its fifth meeting in 2025 to invest in the establishment
of Yibin Wuliangye Technology Innovation Co., Ltd. (hereinafter referred to as “Wuliangye Technology
Innovation”). Wuliangye Technology Innovation was officially established on July 17, 2025 with a registered capital
of RMB100 million. The Company holds 100% equity in Wuliangye Technology Innovation.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Part VI Share Changes and Shareholder Information
I Share Changes
Unit: share
Before Increase/decrease in the period (+/-) After
B
on Bon
us us
iss issu
Ne
As % of ue e As % of
Number of w Number of
total fr from Other Subtotal total
shares iss shares
shares o capit shares
ue
m al
pr reser
ofi ves
t
I Restricted shares 148,547 0.00% 14,946 14,946 163,493 0.00%
state
owned corporations
domestic investors
Of which: Shares held
by domestic corporations
Shares held
by domestic individuals
overseas investors
Of which: Shares held
by overseas corporations
Shares held
by overseas individuals
II Unrestricted shares 3,881,459,458 -14,946 -14,946 3,881,444,512
% %
ordinary shares % %
foreign shares
shares
III Total shares 3,881,608,005 3,881,608,005
% %
Reasons for share changes:
Applicable □ Not applicable
In accordance with the latest regulatory requirements, the Company abolished the Supervisory Committee in
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
June 2025, and the locked shares of relevant personnel increased.
Approval of share changes:
□ Applicable Not applicable
Transfer of share ownership:
□ Applicable Not applicable
Progress on any share repurchase:
□Applicable Not applicable
Progress on reducing the repurchased shares by way of centralized bidding:
□Applicable Not applicable
Effects of share changes on the basic earnings per share, diluted earnings per share, equity per share attributable
to the Company’s ordinary shareholders and other financial indicators of the latest year and the latest accounting
period, respectively:
□ Applicable Not applicable
Other information that the Company considers necessary or is required by the securities regulator to be
disclosed:
□ Applicable Not applicable
Applicable □ Not applicable
Unit: share
Restricted Increase in
Opening shares restricted Closing
Name of Reason for
restricted unlocked shares restricted Date of unlocking
shareholder restriction
shares during the during the shares
period period
Locked shares of
According to the share
Liu Ming 4,549 0 1,516 6,065 outgoing
lockup rules
personnel
Locked shares of
According to the share
Zhang Qing 9,547 0 3,183 12,730 outgoing
lockup rules
personnel
Locked shares of
According to the share
Wu Guoping 30,741 0 10,247 40,988 outgoing
lockup rules
personnel
Total 44,837 0 14,946 59,783 -- --
II Issuance and Listing of Securities
□ Applicable Not applicable
III Shareholders and Their Shareholdings at the End of the Reporting Period
Unit: share
Number of preference shareholders with
Number of ordinary shareholders at
the period-end
(if any) (see note 8)
Shares in
pledge,
Nature Shareho Increase/decre Restri
Total shares marked or
of lding ase in the cted Unrestricted
Name of shareholder held at the frozen
shareh percenta Reporting shares shares held
period-end Sh
older ge Period held Stat
ar
us
es
State-
Yibin Development owned
Holding Group Co., Ltd. corpor
ation
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
State-
Sichuan Yibin Wuliangye owned
Group Co., Ltd. corpor
ation
Overs
Hong Kong Securities
eas
Clearing Company 3.08% 119,480,248 -34,022,865 0 119,480,248
corpor
Limited
ation
China Securities Finance
Other 2.38% 92,385,936 0 0 92,385,936
Corporation Limited
Bank of China Limited－
China Merchants China
Securities Baijiu Index Other 1.23% 47,904,040 -137,681 0 47,904,040
Classification Securities
Investment Fund
State-
Central Huijin Asset owned
Management Co., Ltd. corpor
ation
Industrial and
Commercial Bank of
China Limited -Huatai-
PineBridge CSI 300 Other 0.89% 34,573,265 990,444 0 34,573,265
Traded Open-ended Index
Securities Investment
Fund
Bank of China Limited－
E Fund Blue Chip Other 0.74% 28,551,291 2,551,291 0 28,551,291
Selected Mixed Securities
Investment Fund
China Construction Bank
Corporation－E Fund CSI
Index Promoter Securities
Investment Fund
Industrial and
Commercial Bank of
China Limited－China
Other 0.47% 18,079,559 2,711,700 0 18,079,559
CSI 300 Traded Open-
ended Index Securities
Investment Fund
Strategic investor or general
corporation becoming a top-10
None
shareholder in a rights issue (if any)
(see note 3)
Among the top 10 shareholders, Wuliangye Group is a wholly-owned subsidiary of Yibin
Related or acting-in-concert parties
Development Group. And the Company is not aware of any related or acting-in-concert
among the shareholders above
parties among the other public shareholders.
Shareholders above
entrusting/entrusted with or waiving None
voting rights
Repurchased share account (if any)
among the top 10 shareholders (see None
note 11)
Top 10 unrestricted shareholders (exclusive of shares lent in refinancing and locked shares of senior management)
Shares by class
Unrestricted shares held at
Name of shareholder
the period-end
Class Shares
RMB-
Yibin Development Holding Group Co., Ltd. 1,336,548,020 denominated 1,336,548,020
ordinary shares
RMB-
Sichuan Yibin Wuliangye Group Co., Ltd. 799,993,677 denominated 799,993,677
ordinary shares
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
RMB-
Hong Kong Securities Clearing Company Limited 119,480,248 denominated 119,480,248
ordinary shares
RMB-
China Securities Finance Corporation Limited 92,385,936 denominated 92,385,936
ordinary shares
Bank of China Limited－China Merchants China RMB-
Securities Baijiu Index Classification Securities 47,904,040 denominated 47,904,040
Investment Fund ordinary shares
RMB-
Central Huijin Asset Management Co., Ltd. 39,325,400 denominated 39,325,400
ordinary shares
Industrial and Commercial Bank of China Limited - RMB-
Huatai-PineBridge CSI 300 Traded Open-ended 34,573,265 denominated 34,573,265
Index Securities Investment Fund ordinary shares
RMB-
Bank of China Limited－E Fund Blue Chip Selected
Mixed Securities Investment Fund ordinary shares
China Construction Bank Corporation－E Fund CSI RMB-
Investment Fund ordinary shares
Industrial and Commercial Bank of China Limited－ RMB-
China CSI 300 Traded Open-ended Index Securities 18,079,559 denominated 18,079,559
Investment Fund ordinary shares
Among the top 10 shareholders, Wuliangye Group is a wholly-owned
Related or acting-in-concert parties among top 10
subsidiary of Yibin Development Group. And the Company is not aware
unrestricted shareholders, as well as between top 10
of any related or acting-in-concert parties among the other public
unrestricted shareholders and top 10 shareholders
shareholders.
Top 10 ordinary shareholders involved in securities
None
margin trading (if any) (see note 4)
refinancing shares lending:
□Applicable Not applicable
Changes in top 10 shareholders and top 10 unrestricted public shareholders due to refinancing shares
lending/return compared with the prior period:
□Applicable Not applicable
Indicate whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinary shareholders of
the Company conducted any promissory repurchase during the Reporting Period.
□ Yes No
No such cases in the Reporting Period.
IV Changes in Shareholdings of Directors, Supervisors and Senior Management
□Applicable Not applicable
No changes occurred to the shareholdings of the directors, supervisors and senior management in the Reporting
Period. See Annual Report 2024 for more details.
V Change of the Controlling Shareholder or the Actual Controller
Change of the controlling shareholder in the Reporting Period:
□ Applicable Not applicable
No such cases in the Reporting Period.
Change of the actual controller in the Reporting Period:
□ Applicable Not applicable
No such cases in the Reporting Period.
VI Preference Shares
□ Applicable Not applicable
No preference shares in the Reporting Period.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Part VII Bonds
□ Applicable Not applicable
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Part VIII Financial Statements
I Independent Auditor’s Report
Indicate whether the interim financial statements are audited.
□ Yes No
The interim financial statements are unaudited.
II Financial Statements
Monetary unit for the financial statements and the statements in the notes thereto unless otherwise stated: RMB
Prepared by Wuliangye Yibin Co., Ltd. June 30, 2025 Unit: RMB
Item June 30, 2025 January 1, 2025
Current assets:
Monetary assets 148,319,946,342.06 127,398,915,484.11
Settlement reserve
Loans to other banks and financial
institutions
Held-for-trading financial assets
Derivative financial assets
Notes receivable 3,368,850.30 10,297,383.00
Accounts receivable 64,351,041.90 37,346,561.95
Receivables financing 3,888,593,774.07 19,566,397,992.11
Prepayments 230,243,788.88 144,877,853.45
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
reserve
Other receivables 60,621,424.66 47,264,361.93
Of which: Interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 17,745,770,666.17 18,233,702,166.62
Of which: Data resources
Contract assets
Assets held for sale
Current portion of non-current
assets
Other current assets 191,407,289.30 344,496,042.69
Total current assets 170,504,303,177.34 165,783,297,845.86
Non-current assets:
Loans and advances to customers
Debt investments
Other debt investments
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Long-term receivables
Long-term equity investments 2,173,006,025.05 2,081,612,703.43
Other equity investments
Other non-current financial assets 1,200,000.00 1,200,000.00
Investment property
Fixed assets 7,745,514,521.75 7,264,740,683.62
Construction in progress 5,932,852,216.53 5,795,172,321.07
Productive living assets
Oil and gas assets
Right-of-use assets 581,324,329.56 796,264,399.72
Intangible assets 2,720,969,313.54 2,671,286,519.55
Of which: Data resources
Development costs
Of which: Data resources
Goodwill 1,621,619.53 1,621,619.53
Long-term prepaid expense 136,367,275.12 141,764,604.11
Deferred income tax assets 3,149,965,433.77 3,397,108,317.96
Other non-current assets 468,258,650.52 318,149,689.32
Total non-current assets 22,911,079,385.37 22,468,920,858.31
Total assets 193,415,382,562.71 188,252,218,704.17
Current liabilities:
Short-term borrowings
Borrowings from the central bank
Loans from other banks and
financial institutions
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 418,008,547.36 416,456,848.09
Accounts payable 9,758,290,847.12 9,076,595,227.75
Advances from customers 9,622,414.35 9,237,322.95
Contract liabilities 10,077,254,934.98 11,689,880,975.04
Financial assets sold under
repurchase agreements
Customer deposits and deposits
from other banks and financial
institutions
Payables for acting trading of
securities
Payables for underwriting of
securities
Employee benefits payable 4,159,861,476.53 4,574,708,782.13
Taxes and levies payable 4,539,862,754.52 7,287,276,026.82
Other payables 18,905,346,851.09 16,507,125,170.07
Of which: Interest payable
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Dividends payable 12,300,815,767.85 9,999,022,175.17
Fees and commissions payable
Reinsurance payables
Liabilities directly associated with
assets held for sale
Current portion of non-current
liabilities
Other current liabilities 422,996,321.65 1,056,550,277.52
Total current liabilities 48,677,259,367.20 51,026,506,357.06
Non-current liabilities:
Insurance contract reserve
Long-term borrowings
Bonds payable
Of which: Preference shares
Perpetual bonds
Lease liabilities 215,370,747.58 393,922,062.84
Long-term payables
Long-term employee benefits
payable
Provisions
Deferred income 247,938,858.42 242,976,829.32
Deferred income tax liabilities 143,675,681.48 194,019,722.26
Other non-current liabilities
Total non-current liabilities 606,985,287.48 830,918,614.42
Total liabilities 49,284,244,654.68 51,857,424,971.48
Owners’ equity:
Share capital 3,881,608,005.00 3,881,608,005.00
Other equity instruments
Of which : Preference shares
Perpetual bonds
Capital reserves 2,682,647,086.15 2,682,647,086.15
Less: Treasury shares
Other comprehensive income
Specific reserve
Surplus reserves 39,064,267,000.43 39,064,267,000.43
General reserve
Retained earnings 94,847,886,555.07 87,656,759,924.39
Total equity attributable to owners of the
parent company
Non-controlling interests 3,654,729,261.38 3,109,511,716.72
Total owners’ equity 144,131,137,908.03 136,394,793,732.69
Total liabilities and owners’ equity 193,415,382,562.71 188,252,218,704.17
Legal representative: Zeng Congqin Chief Financial Officer: Zhang Xin Head of the accounting department: Liu Min
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Unit: RMB
Item June 30, 2025 January 1, 2025
Current assets:
Monetary assets 57,613,202,576.67 64,649,635,834.51
Held-for-trading financial assets
Derivative financial assets
Notes receivable
Accounts receivable
Receivables financing 577,724.90
Prepayments 3,961,771.95 3,440,553.42
Other receivables 3,858,244,718.70 6,717,040,098.08
Of which: Interest receivable
Dividends receivable 922,753,509.69 960,807,884.40
Inventories
Of which: Data resources
Contract assets
Assets held for sale
Current portion of non-current
assets
Other current assets 12,211,168.35 8,885,747.03
Total current assets 61,488,197,960.57 71,379,002,233.04
Non-current assets:
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 14,168,064,468.90 13,822,130,615.31
Other equity investments
Other non-current financial assets 1,200,000.00 1,200,000.00
Investment property
Fixed assets 113,973,102.89 101,633,894.68
Construction in progress 120,527,353.81 114,728,119.31
Productive living assets
Oil and gas assets
Right-of-use assets 10,797,971.19 8,113,004.32
Intangible assets 34,761,628.37 35,876,171.85
Of which: Data resources
Development costs
Of which: Data resources
Goodwill
Long-term prepaid expense
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Deferred income tax assets 17,812,108.77 15,140,221.21
Other non-current assets
Total non-current assets 14,467,136,633.93 14,098,822,026.68
Total assets 75,955,334,594.50 85,477,824,259.72
Current liabilities:
Short-term borrowings
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 4,116,569.95 175,000.00
Advances from customers
Contract liabilities
Employee benefits payable 314,203.49 12,634,396.71
Taxes and levies payable 78,144,796.82 100,640,957.74
Other payables 12,483,442,115.31 10,156,982,619.15
Of which: Interest payable
Dividends payable 12,300,815,767.85 9,999,022,175.17
Liabilities directly associated with
assets held for sale
Current portion of non-current
liabilities
Other current liabilities
Total current liabilities 12,568,697,008.09 10,271,228,052.00
Non-current liabilities:
Long-term borrowings
Bonds payable
Of which: Preference shares
Perpetual bonds
Lease liabilities 7,055,096.50 6,927,367.46
Long-term payables
Long-term employee benefits
payable
Provisions
Deferred income 2,426,840.62 2,426,840.62
Deferred income tax liabilities 2,699,492.80 2,028,251.08
Other non-current liabilities
Total non-current liabilities 12,181,429.92 11,382,459.16
Total liabilities 12,580,878,438.01 10,282,610,511.16
Owners’ equity:
Share capital 3,881,608,005.00 3,881,608,005.00
Other equity instruments
Of which: Preference shares
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Perpetual bonds
Capital reserves 2,682,647,086.15 2,682,647,086.15
Less: Treasury shares
Other comprehensive income
Specific reserve
Surplus reserves 17,814,510,549.07 17,814,510,549.07
Retained earnings 38,995,690,516.27 50,816,448,108.34
Total owners’ equity 63,374,456,156.49 75,195,213,748.56
Total liabilities and owners’ equity 75,955,334,594.50 85,477,824,259.72
Unit: RMB
Item H1 2025 H1 2024
I Total revenues 52,770,984,383.52 50,648,026,578.65
Of which: Operating revenue 52,770,984,383.52 50,648,026,578.65
Interest income
Insurance premium income
Fee and commission income
II Total costs and expenses 26,137,158,440.11 24,499,814,494.48
Of which: Cost of sales 12,228,189,911.58 11,466,138,507.20
Interest costs
Fee and commission costs
Surrenders
Net insurance claims paid
Net amount provided as insurance policy reserve
Expenditure on policy dividends
Reinsurance premium expense
Taxes and levies 7,851,817,565.80 7,169,866,343.52
Selling expense 5,396,393,992.35 5,366,342,173.42
Administrative expense 1,712,424,934.59 1,738,561,638.52
R&D expense 209,601,741.37 159,760,941.28
Finance costs -1,261,269,705.58 -1,400,855,109.46
Of which: Interest expense 17,182,807.06 17,030,819.31
Interest income 1,279,488,906.12 1,423,837,619.29
Add: Other income 52,723,817.63 220,749,387.64
Return on investment (“－” for loss) 51,393,321.62 21,877,331.70
Of which: Share of profit or loss of joint ventures and
associates
Income from the derecognition of financial
assets at amortized cost
Exchange gain (“－” for loss)
Net gain on exposure hedges (“－” for loss)
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Gain on changes in fair value (“－” for loss)
Credit impairment loss (“－” for loss) -1,178,280.15 -2,190,011.01
Asset impairment loss (“－” for loss)
Asset disposal income (“－” for loss) 9,129,289.36 -3,917,579.22
III Operating profit (“－” for loss) 26,745,894,091.87 26,384,731,213.28
Add: Non-operating income 21,508,498.66 12,505,112.08
Less: Non-operating expense 48,596,190.60 7,164,462.42
IV Gross profit (“－” for gross loss) 26,718,806,399.93 26,390,071,862.94
Less: Income tax expense 6,583,646,456.74 6,563,541,257.72
V Net profit (“－” for net loss) 20,135,159,943.19 19,826,530,605.22
i. By operating continuity
ii. By ownership
VI Other comprehensive income, net of tax
Other comprehensive income, net of tax attributable to owners of
the parent company
i. Other comprehensive income that will not be reclassified to
profit or loss
schemes
profit or loss under the equity method
credit risk
ii. Other comprehensive income that will be reclassified to
profit or loss
profit or loss under the equity method
reclassification of financial assets
denominated financial statements
Other comprehensive income, net of tax attributable to non-
controlling interests
VII Total comprehensive income 20,135,159,943.19 19,826,530,605.22
Total comprehensive income attributable to owners of the
parent company
Total comprehensive income attributable to non-controlling
interests
VIII Earnings per share:
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
i. Basic earnings per share 5.0216 4.9095
ii. Diluted earnings per share 5.0216 4.9095
Legal representative: Zeng Congqin Chief Financial Officer: Zhang Xin Head of the accounting department: Liu Min
Unit: RMB
Item H1 2025 H1 2024
I Operating revenue
Less: Cost of sales
Taxes and levies 334,545.12 328,041.00
Selling expense
Administrative expense 80,612,553.29 83,757,026.19
R&D expense 32,911,441.85 37,880,928.14
Finance costs -713,773,109.90 -848,544,763.65
Of which: Interest expense 158,801.18 349,686.50
Interest income 713,953,950.50 848,904,968.99
Add: Other income 3,480,148.55 2,346,572.38
Return on investment (“－” for loss) 45,613,142.00 20,603,331.70
Of which: Share of profit or loss of joint
ventures and associates
Income from the derecognition of
financial assets at amortized cost (“－” for loss)
Net gain on exposure hedges (“－” for loss)
Gain on changes in fair value (“－” for loss)
Credit impairment loss (“－” for loss) -26,202.66 -5,811.93
Asset impairment loss (“－” for loss)）
Asset disposal income (“－” for loss)
II Operating profit (“－” for loss) 648,981,657.53 749,522,860.47
Add: Non-operating income 119,080.64 401,401.08
Less: Non-operating expense 31,911,927.18 900,000.00
III Gross profit (“－” for gross loss) 617,188,810.99 749,024,261.55
Less: Income tax expense 137,130,635.21 183,046,646.94
IV Net profit (“－” for net loss) 480,058,175.78 565,977,614.61
i. Net profit from continuing operations (“－” for
net loss)
ii. Net profit from discontinued operations (“－”
for net loss)
V Other comprehensive income, net of tax
i. Other comprehensive income that will not be
reclassified to profit or loss
benefit schemes
reclassified to profit or loss under the equity method
investments
in own credit risk
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
ii. Other comprehensive income that will be
reclassified to profit or loss
reclassified to profit or loss under the equity method
investments
reclassification of financial assets
investments
foreign currency-denominated financial statements
VI Total comprehensive income 480,058,175.78 565,977,614.61
VII Earnings per share:
i. Basic earnings per share
ii. Diluted earnings per share
Unit: RMB
Item H1 2025 H1 2024
I Cash flows from operating activities:
Proceeds from sale of goods and rendering of services 69,467,039,356.79 49,648,363,358.43
Net increase in customer deposits and deposits from other
banks and financial institutions
Net increase in borrowings from the central bank
Net increase in loans from other financial institutions
Premiums received on original insurance contracts
Net proceeds from reinsurance
Net increase in deposits and investments of policy holders
Interest, fees and commissions received
Net increase in loans from other banks and financial
institutions
Net increase in proceeds from repurchase transactions
Net proceeds from acting trading of securities
Tax and levy rebates 3,869,080.00 44,310,389.47
Cash generated from other operating activities 776,441,645.40 814,125,658.15
Subtotal of cash generated from operating activities 70,247,350,082.19 50,506,799,406.05
Payments for goods and services 7,421,678,285.80 7,486,715,895.21
Net increase in loans and advances to customers
Net increase in deposits in the central bank and other banks
and financial institutions
Payments for claims on original insurance contracts
Net increase in loans to other banks and financial
institutions
Interest, fees and commissions paid
Policy dividends paid
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Cash paid to and for employees 4,945,127,822.75 4,796,005,443.62
Taxes and levies paid 23,191,258,525.87 21,391,864,462.34
Cash used in other operating activities 3,552,548,819.19 3,404,284,949.25
Subtotal of cash used in operating activities 39,110,613,453.61 37,078,870,750.42
Net cash generated from/used in operating activities 31,136,736,628.58 13,427,928,655.63
II Cash flows from investing activities:
Proceeds from the disposal of investments
Return on investment 13,952,640.00
Net proceeds from the disposal of fixed assets, intangible
assets and other long-term assets
Net proceeds from the disposal of subsidiaries and other
business units
Cash generated from other investing activities
Subtotal of cash generated from investing activities 22,584,050.71 17,928,942.92
Payments for the acquisition and construction of fixed
assets, intangible assets and other long-term assets
Payments for the acquisition of investments 40,000,000.00
Net increase in pledge loans
Net payments for the acquisition of subsidiaries and other
business units
Cash used in other investing activities
Subtotal of cash used in investing activities 990,068,700.93 1,087,312,766.70
Net cash generated from/used in investing activities -967,484,650.22 -1,069,383,823.78
III Cash flows from financing activities:
Capital contributions received
Of which: Capital contributions received by subsidiaries
from non-controlling interests
Borrowings received
Cash generated from other financing activities
Subtotal of cash generated from financing activities
Repayment of borrowings
Interest and dividends paid 9,999,022,175.17
Of which: Dividends paid by subsidiaries to non-controlling
interests
Cash used in other financing activities 301,211,303.89 157,849,148.32
Subtotal of cash used in financing activities 10,300,233,479.06 157,849,148.32
Net cash generated from/used in financing activities -10,300,233,479.06 -157,849,148.32
IV Effect of foreign exchange rate changes on cash and cash
equivalents
V Net increase in cash and cash equivalents 19,869,018,499.30 12,200,695,683.53
Add: Cash and cash equivalents, beginning of the period 124,771,274,417.68 113,095,684,224.30
VI Cash and cash equivalents, end of the period 144,640,292,916.98 125,296,379,907.83
Unit: RMB
Item H1 2025 H1 2024
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
I Cash flows from operating activities:
Proceeds from sale of goods and rendering of services
Tax and levy rebates
Cash generated from other operating activities 4,447,489,694.30 933,235,725.86
Subtotal of cash generated from operating activities 4,447,489,694.30 933,235,725.86
Payments for goods and services
Cash paid to and for employees 92,173,629.46 88,701,721.91
Taxes and levies paid 209,406,339.64 187,456,637.30
Cash used in other operating activities 1,341,370,506.25 1,097,222,803.55
Subtotal of cash used in operating activities 1,642,950,475.35 1,373,381,162.76
Net cash generated from/used in operating activities 2,804,539,218.95 -440,145,436.90
II Cash flows from investing activities:
Proceeds from the disposal of investments 102,000,000.00
Return on investment 38,054,374.71 294,040,566.23
Net proceeds from the disposal of fixed assets, intangible
assets and other long-term assets
Net proceeds from the disposal of subsidiaries and other
business units
Cash generated from other investing activities
Subtotal of cash generated from investing activities 140,054,374.71 297,898,267.60
Payments for the acquisition and construction of fixed
assets, intangible assets and other long-term assets
Payments for the acquisition of investments 402,320,711.59
Net payments for the acquisition of subsidiaries and other
business units
Cash used in other investing activities
Subtotal of cash used in investing activities 415,615,625.37 1,320,554.12
Net cash generated from/used in investing activities -275,561,250.66 296,577,713.48
III Cash flows from financing activities:
Capital contributions received
Borrowings received
Cash generated from other financing activities
Subtotal of cash generated from financing activities
Repayment of borrowings
Interest and dividends paid 9,999,022,175.17
Cash used in other financing activities
Subtotal of cash used in financing activities 9,999,022,175.17
Net cash generated from/used in financing activities -9,999,022,175.17
IV Effect of foreign exchange rate changes on cash and cash
equivalents
V Net increase in cash and cash equivalents -7,470,044,206.88 -143,567,723.42
Add: Cash and cash equivalents, beginning of the period 63,091,285,700.97 58,965,084,165.81
VI Cash and cash equivalents, end of the period 55,621,241,494.09 58,821,516,442.39
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
H1 2025
Unit: RMB
H1 2025
Equity attributable to owners of the parent company
Other equity
instruments
Le
Pr Other Sp Ge
ss:
Item ef Per comp eci ner Non-controlling
Tre Total owners’ equity
er pet rehen fic al Ot interests
Share capital Capital reserves asu Surplus reserves Retained earnings Subtotal
en ual Ot sive res res her
ry
ce bo her inco erv erv
sha
sh nd me e e
res
ar s
es
I Balance as at
the end of the 3,881,608,005.00 2,682,647,086.15 39,064,267,000.43 87,656,759,924.39 133,285,282,015.97 3,109,511,716.72 136,394,793,732.69
prior year
Add:
Adjustments for
changes in
accounting
policies
Adjustments
for correction of
previous errors
Other
II Balance as at
the beginning of 3,881,608,005.00 2,682,647,086.15 39,064,267,000.43 87,656,759,924.39 133,285,282,015.97 3,109,511,716.72 136,394,793,732.69
the year
III Increase/
decrease in the
period (“-” for 7,191,126,630.68 7,191,126,630.68 545,217,544.66 7,736,344,175.34
decrease)
i. Total
comprehensive 19,491,942,398.53 19,491,942,398.53 643,217,544.66 20,135,159,943.19
income
ii. Capital
increase and
reduction by -98,000,000.00 -98,000,000.00
owners
share increase
by owners
increase by
holders of other
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
equity
instruments
payments
recognized in
owners’ equity
iii. Profit
distribution -12,300,815,767.85 -12,300,815,767.85 -12,300,815,767.85
to surplus
reserves
to general
reserve
owners (or -12,300,815,767.85 -12,300,815,767.85 -12,300,815,767.85
shareholders)
iv. Transfers
within owners’
equity
capital (or share
capital) from
capital reserves
capital (or share
capital) from
surplus reserves
reserves used to
offset loss
defined benefit
schemes
transferred to
retained
earnings
comprehensive
income
transferred to
retained
earnings
v. Specific
reserve
the period
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
period
vi. Other
IV Balance as at
the end of the 3,881,608,005.00 2,682,647,086.15 39,064,267,000.43 94,847,886,555.07 140,476,408,646.65 3,654,729,261.38 144,131,137,908.03
period
H1 2024
Unit: RMB
H1 2024
Equity attributable to owners of the parent company
Other equity
Le Othe
instruments Sp Ge
ss: r O
Item Pre Per eci ner Non-controlling
O Tre comp t Total owners’ equity
fer pet fic al interests
Share capital t Capital reserves asu rehen Surplus reserves Retained earnings h Subtotal
enc ual res res
h ry sive e
e bo erv erv
e sha inco r
sha nd e e
r res me
res s
I Balance as at the
end of the prior year 3,881,608,005.00 2,682,647,086.15 33,588,553,502.81 89,405,432,446.55 129,558,241,040.51 2,791,132,146.66 132,349,373,187.17
Add: Adjustments for
changes in accounting
policies
Adjustments for
correction of previous
errors
Other
II Balance as at the
beginning of the year 3,881,608,005.00 2,682,647,086.15 33,588,553,502.81 89,405,432,446.55 129,558,241,040.51 2,791,132,146.66 132,349,373,187.17
III Increase/ decrease
in the period (“-” for 929,720,145.52 929,720,145.52 769,701,076.35 1,699,421,221.87
decrease)
i. Total
comprehensive 19,056,829,528.87 19,056,829,528.87 769,701,076.35 19,826,530,605.22
income
ii. Capital increase
and reduction by
owners
increase by owners
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
holders of other
equity instruments
payments recognized
in owners’ equity
iii. Profit distribution -18,127,109,383.35 -18,127,109,383.35 -18,127,109,383.35
surplus reserves
general reserve
owners (or -18,127,109,383.35 -18,127,109,383.35 -18,127,109,383.35
shareholders)
iv. Transfers within
owners’ equity
(or share capital)
from capital reserves
(or share capital)
from surplus reserves
used to offset loss
benefit schemes
transferred to retained
earnings
comprehensive
income transferred to
retained earnings
v. Specific reserve
period
vi. Other
IV Balance as at the
end of the period 3,881,608,005.00 2,682,647,086.15 33,588,553,502.81 90,335,152,592.07 130,487,961,186.03 3,560,833,223.01 134,048,794,409.04
H1 2025
Unit: RMB
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
H1 2025
Other equity instruments Less: Other Spec
Item Treasur compre ific Othe
Share capital Perpetu Capital reserves Surplus reserves Retained earnings Total owners’ equity
Preferenc y hensive reser r
al Other
e shares shares income ve
bonds
I Balance as at the end of
the prior year 3,881,608,005.00 2,682,647,086.15 17,814,510,549.07 50,816,448,108.34 75,195,213,748.56
Add: Adjustments for
changes in accounting
policies
Adjustments for
correction of previous errors
Other
II Balance as at the
beginning of the year 3,881,608,005.00 2,682,647,086.15 17,814,510,549.07 50,816,448,108.34 75,195,213,748.56
III Increase/ decrease in the
period (“-” for decrease) -11,820,757,592.07 -11,820,757,592.07
i. Total comprehensive
income 480,058,175.78 480,058,175.78
ii. Capital increase and
reduction by owners
by owners
holders of other equity
instruments
recognized in owners’ equity
iii. Profit distribution -12,300,815,767.85 -12,300,815,767.85
reserves
shareholders) -12,300,815,767.85 -12,300,815,767.85
iv. Transfers within owners’
equity
share capital) from capital
reserves
share capital) from surplus
reserves
offset loss
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
benefit schemes transferred
to retained earnings
income transferred to
retained earnings
v. Specific reserve
vi. Other
IV Balance as at the end of
the period 3,881,608,005.00 2,682,647,086.15 17,814,510,549.07 38,995,690,516.27 63,374,456,156.49
H1 2024
Unit: RMB
H1 2024
Other equity instruments
Less: Other Speci
Item Prefe Treasur compre fic
Share capital Perpetu Capital reserves Surplus reserves Retained earnings Other Total owners’ equity
rence y hensive reser
al Other
share shares income ve
bonds
s
I Balance as at the end of the
prior year 3,881,608,005.00 2,682,647,086.15 15,508,769,954.04 58,190,914,311.61 80,263,939,356.80
Add: Adjustments for changes in
accounting policies
Adjustments for correction
of previous errors
Other
II Balance as at the beginning of
the year 3,881,608,005.00 2,682,647,086.15 15,508,769,954.04 58,190,914,311.61 80,263,939,356.80
III Increase/ decrease in the
period (“-” for decrease) -17,561,131,768.74 -17,561,131,768.74
i. Total comprehensive income 565,977,614.61 565,977,614.61
ii. Capital increase and reduction
by owners
owners
other equity instruments
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
recognized in owners’ equity
iii. Profit distribution -18,127,109,383.35 -18,127,109,383.35
reserves
shareholders) -18,127,109,383.35 -18,127,109,383.35
iv. Transfers within owners’
equity
capital) from capital reserves
capital) from surplus reserves
loss
schemes transferred to retained
earnings
transferred to retained earnings
v. Specific reserve
vi. Other
IV Balance as at the end of the
period 3,881,608,005.00 2,682,647,086.15 15,508,769,954.04 40,629,782,542.87 62,702,807,588.06
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
III Company Profile
Wuliangye Yibin Co., Ltd. (hereinafter referred to as the “Company”) is a company limited by shares
established by Sichuan Yibin Wuliangye Distillery through fund raising on August 19, 1997 with the approval of
Document CFH (1997) No. 295 issued by the People’s Government of Sichuan Province. The Company is
principally engaged in the production and sales of “Wuliangye”-branded Baijiu products and other Baijiu series,
with a registered capital of RMB3,881.6080 million and registered address: 150 Minjiang West Road, Cuiping
District, Yibin City, Sichuan Province, China.
The Company issued 80 million ordinary shares (in RMB) on-line by fixed price offering at Shenzhen Stock
Exchange on April 27, 1998. According to the resolution of the extraordinary general meeting of Shareholders in
September 1999, the Company, based on the total share capital of 320 million shares on June 30, 1999, transferred
capital reserve to increase share capital, increasing five shares for every ten shares and the total share capital after
the conversion was changed to 480 million shares. The Company placed 31.2 million ordinary shares (in RMB) to
the original shareholders as approved by Document ZH.J.G.S.Z. [2001] No. 6 issued by the China Securities
Regulatory Commission. The total share capital after the placement was 511.2 million shares. In August 2001, the
Company implemented the interim distribution plan 2001 and issued four bonus shares and increased three shares
for every ten shares by transferring capital reserve to share capital, with 357.84 million bonus shares and shares
transferred from capital reserve in total. The total share capital after the issuance and translation was 869.04 million
shares. In April 2002, the Company implemented the distribution plan 2001 and issued one bonus shares, increased
two shares by transferring capital reserve to share capital, and distributed RMB0.25 (tax inclusive) in cash for every
ten shares, with 260.712 million bonus shares in total. The total share capital after the issuance and translation was
shares for every ten shares by transferring capital reserve to share capital for all shareholders, increasing the share
capital by 225.9504 million shares. The total share capital after the translation was 1,355.7024 million shares. In
April 2004, the Company implemented the distribution plan 2003 and issued eight bonus shares and increased two
shares by transferring capital reserve to share capital for every ten shares, with 1,355.7024 million bonus shares in
total. The total share capital after the issuance and translation was 2,711.4048 million shares.
On March 31, 2006, the Company carried out the equity division reform and the shareholding structure after
the reform was as below: 1,817.7869 million shares for state-owned legal person, taking up 67.04% of the total
share capital, 493.4 thousand shares for officers, taking up 0.02% of the total share capital, and 893.1245 million
shares for other shareholders, taking up 32.94% of the total share capital. The total share capital remained at
In April 2007, the Company implemented the distribution plan 2006 and issued four bonus shares and
distributed RMB0.60 (tax inclusive) in cash for every ten shares, with 1,084.5619 million bonus shares in total. The
total share capital after the issuance and distribution was 3,795.96672 million shares. On April 2, 2008, shares for
state-owned legal person decreased by 416.5303 million shares due to the exercise of warrants and became
shares, taking up 43.93% of the total share capital.
According to the Notice on Free Transfer of Shares Held by State-owned Shareholders of Wuliangye Yibin
Co., Ltd. of the State-owned Assets Supervision and Administration Commission of Sichuan Province
(CH.G.Z.CH.Q. [2012] No. 88) and the Reply on Free Transfer of Shares Held by State-owned Shareholders of
Wuliangye Yibin Co., Ltd. of the State-owned Assets Supervision and Administration Commission of the State
Council (G.Z.CH.Q. [2012] No. 889), Yibin State-Owned Assets Operation Co., Ltd. (renamed as Yibin
Development Holding Group Co., Ltd. in 2021) transferred 761,823,343 shares held by it in the Company to Sichuan
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Yibin Wuliangye Group Co., Ltd. for free on October 10, 2012. After this free transfer of shares, Yibin Development
Holding Group Co., Ltd. still held 36% shares of the Company (i.e. 1,366,548,020 shares) and was the first majority
shareholder of the Company; Sichuan Yibin Wuliangye Group Co., Ltd., holding 20.07% shares of the Company
(i.e. 791,823,343 shares), was the second majority shareholder of the Company.
According to the Reply on Free Transfer of 49% Shares Held by Sichuan Yibin Wuliangye Group Co., Ltd.
(Y.G.Z.W. [2016] No. 32), the State-owned Assets Supervision and Administration Commission of the People’s
Government of Yibin City transferred 49% shares held by it in Sichuan Yibin Wuliangye Group Co., Ltd. to Yibin
Development Holding Group Co., Ltd. for free in 2016. This transfer of shares did not involve the change of shares
held by both parties in the Company, without changing the controlling shareholder and actual controller of the
Company.
According to the resolutions of the 11th meeting of the 5th Board of Directors, annual general meeting of
Shareholders 2015, the 19th meeting of the 5th Board of Directors, the 24th meeting of the 5th Board of Directors,
and annual general meeting of Shareholders 2016 of the Company and as approved by the License ZH.J.X.K. [2017]
No. 1910 issued by the China Securities Regulatory Commission, the Company issued 85,641,285 shares by non-
public offering by means of targeted issue on April 12, 2018. The total share capital after the issuance was 3,881.608
million shares, including 2128.3714 million shares for state-owned legal person, taking up 54.83% of the total share
capital, and 1,753.2366 million shares for other shareholders, taking up 45.17% of the total share capital.
According to the Reply on Approval of Free Transfer of Shares Held by Wuliangye Yibin Co., Ltd. (Y.G.Z.W.
[2020] No. 157), issued by The State-owned Assets Supervision and Administration Commission of the People’s
Government of Yibin City, the transfer was approved in principle. On August 24, 2020, Yibin Development Holding
Group Co., Ltd. transferred 30,000,000 shares held by it in the Company to Sichuan Yibin Wuliangye Group Co.,
Ltd. for free. After this transfer of shares, Yibin Development Holding Group Co., Ltd. still held 34.43% shares of
the Company (i.e. 1,336,548,020 shares) and was the first majority shareholder of the Company; Sichuan Yibin
Wuliangye Group Co., Ltd., holding 20.40% shares of the Company (i.e. 791,823,343 shares), was the second
majority shareholder of the Company. This transfer of shares did not change the controlling shareholder and actual
controller of the Company.
Sichuan Yibin Wuliangye Group Co., Ltd. has, during the period from December 14, 2023 to the close of
trading on June 12, 2024, cumulatively increased its shareholding in the Company by 3,406,668 shares (or 0.09%
of the Company’s current total share capital of 3,881,608,005 shares) through the trading system of the Shenzhen
Stock Exchange by way of centralized bidding with an amount of RMB500.0016 million. Upon completion of the
implementation of the shareholding increase plan, Yibin Development Holding Group Co., Ltd. still holds a 34.43%
interest in the Company (i.e. 1,336,548,020 shares), being the largest shareholder of the Company; and Sichuan
Yibin Wuliangye Group Co., Ltd. holds a 20.49% interest in the Company (i.e. 795,230,011 shares), being the
second largest shareholder of the Company. Therefore, the controlling shareholder and the actual controller of the
Company have remained unchanged.
On April 9, 2025, Sichuan Yibin Wuliangye Group Co., Ltd. (Wuliangye Group) carried out another plan to
increase its shareholding in the Company, and had cumulatively purchased 4,763,666 additional shares as of July
of RMB613.5204 million, accounting for 0.12% of the Company’s total share capital of 3,881,608,005 shares. Upon
completion of the implementation of the shareholding increase plan, Yibin Development Holding Group Co., Ltd.
still holds a 34.43% interest in the Company (i.e. 1,336,548,020 shares), being the largest shareholder of the
Company; and Sichuan Yibin Wuliangye Group Co., Ltd. holds a 20.61% interest in the Company (i.e. 799,993,677
shares), being the second largest shareholder of the Company. Therefore, the controlling shareholder and the actual
controller of the Company have remained unchanged.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
The Company is engaged in the beverage production industry and its business scope is: Production and
operation of liquor products and relevant auxiliary products (bottle caps, trademarks, logos and packaging products).
Its primary products are “Wuliangye”-branded Baijiu products and other Baijiu series.
The Company’s parent company is Yibin Development Holding Group Co., Ltd., and ultimate controller is
The State-owned Assets Supervision and Administration Commission of the People’s Government of Yibin City.
These financial statements have been approved for issue by General Meeting of Shareholders of the Company
on August 26, 2025.
IV Preparation Basis for Financial Statements
The financial statements are prepared on the assumption that the Company is a going concern, based on actual
transactions, in accordance with the relevant provisions of the Accounting Standards for Business Enterprises, and
based on the significant accounting policies and accounting estimates described below.
The Company has the ability of going concern for at least 12 months from the end of the Reporting Period,
and there is no major event affecting the ability of going concern.
V Significant Accounting Policies and Accounting Estimates
The Company is subject to the disclosure requirements for the food and wine & liquor production industry in
Guidelines No. 3 of the Shenzhen Stock Exchange for the Self-Regulation of Listed Companies—Industry-specific
Information Disclosure.
Specific accounting policies and accounting estimates:
The contents disclosed below cover the specific accounting policies and accounting estimates formulated by
the Company according to the actual production and operation characteristics.
The financial statements prepared on the above-mentioned basis comply with the requirements of the latest
Accounting Standards for Business Enterprises, application guidelines, interpretations and other related regulations
issued by the Ministry of Finance (collectively referred to as the “Accounting Standards for Business Enterprises”,
which truly and completely reflect the Company’s financial position, operating results, cash flows and other relevant
information.
In addition, these financial statements have been prepared by reference to the presentation and disclosure
requirements of the Preparation Rules for Information Disclosure by Companies Offering Securities to the Public
No. 15 - General Provisions on Financial Reports (2023 revision) issued by the China Securities Regulatory
Commission.
An accounting year of the Company is from January 1 to December 31 of each calendar year.
The Company’s operating cycle is 12 months.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
RMB is adopted as the recording currency of the Company.
Applicable □ Not applicable
Item Significance standard
Significant receivables withdrawal of bad The provision separately accrued amount accounts for over 10% of the total bad
debt provision separately accrued debt provision for various receivables and exceeds RMB40 million.
Significant bad debt provision recovered or The separately accrued recovery or reversal amount accounts for over 10% of the
reversed in accounts receivables total receivables and exceeds RMB40 million.
The separately accrued write-off amount accounts for over 10% of the total
Write-off of significant accounts receivable
receivables and exceeds RMB40 million.
The separately accrued investment budget for construction in progress exceeds
Significant construction in progress
RMB1 billion.
Exceeds 10% of the total budget for existing research and development projects,
Significant externally purchased research and
with the amount of externally purchased research and development projects
development projects
exceeding RMB40 million.
Significant capitalised research and Exceeds 10% of the total budget for existing research and development projects,
development projects with the capitalisation amount for the current period exceeding RMB40 million.
Significant prepayments, accounts payable, Accounts aged over 1 year account for over 10% of the corresponding items in the
and other accounts payable consolidated financial statements and exceed RMB1 billion.
Significant advances received and contract Accounts aged over 1 year account for over 10% of the corresponding items in the
liabilities consolidated financial statements and exceed RMB1 billion.
Individual investment cash flows account for over 10% of the total cash flows in
Significant investment projects
or out of investment activities, exceeding RMB10 billion.
Minority shareholders hold 5% or more equity, with total assets, net assets,
Significant non-wholly-owned subsidiary operating income, and net profit accounting for over 10% of the corresponding
items in the consolidated financial statements.
Significant joint ventures or associated The long-term equity investment amount accounts for over 1% of the total assets
enterprises in the consolidated financial statements.
(1) Accounting methods for business combinations involving entities under common control
For a business combination under the common control achieved through step-by-step implementation of
multiple transactions by the Company, the assets and liabilities acquired in a business combination are measured at
the carrying amount of the acquiree in the consolidated financial statements of the ultimate controlling party at the
date of combination. The difference between the carrying amount of the net assets obtained by the Company and
the carrying amount of consideration paid for the combination (or total par value of the shares issued) is adjusted
against the capital reserve; if the capital reserve is not sufficient for writing down, the retained earnings shall be
adjusted.
(2) Accounting methods for business combinations involving entities not under common control
On the acquisition date, the difference between the combination costs and the fair value share of the
identifiable net assets of the acquiree obtained in the merger is recognized as goodwill. If the combination costs are
less than the fair value share of the identifiable net assets of the acquiree obtained in the combination, firstly, the
fair value of identifiable assets, liabilities and contingent liabilities of the acquiree and the measurement of
combination costs are reviewed. If the combination costs are still less than the fair value share of identifiable net
assets of the acquiree obtained in the merger after review, the difference is recorded in current profit or loss.
Business combinations not under the same control achieved step by step through multiple transactions should
be treated in the following order:
purchase is accounted under the equity method, the equity is remeasured at the fair value on the purchase date, and
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
the difference between the fair value and its carrying amount is included in the investment income of the current
period; if the equity in the acquiree held prior to the purchase date involves other comprehensive income or changes
in other owners’ equity under the equity method of accounting, it is converted into income for the current period on
the purchase date, except for other comprehensive income arising from the re-measurement of the invested
company’s net liabilities of the defined benefit pension plan or changes in net assets of the defined benefit plan and
changes in the fair value of investments in other equity instruments held.
investment cost of long-term equity investments adjusted in the first step with the share of the fair value of the
identifiable net assets of the subsidiary on the purchase date, if the former is more than the latter, the difference
between the former and the latter is recognized as goodwill; if the former is less than the latter, the difference is
included in the current profit or loss.
Step-by-step disposal of equity through multiple transactions that results in loss of control over the subsidiary:
in the loss of control over a subsidiary constitute a “package deal”
The multiple transactions are generally regarded as a “package deal” in accounting treatment if the clauses,
conditions, and economic impacts of various transactions fall under one or more of the following circumstances:
① These transactions were entered into simultaneously or considering their mutual influence;
② The transactions as a whole can achieve a complete commercial outcome;
③ The occurrence of one transaction is contingent upon the occurrence of at least one other transaction;
④ One transaction is uneconomical on its own, but it is economical when taken together with other
transactions.
loss of control over a subsidiary constitute a “package deal”
If the transactions in the disposal of equity of a subsidiary that results in the loss of control constitute a package
deal, each transaction should be accounted for as a transaction that disposes of and loses control over a subsidiary;
however, the difference between the disposal price and the share of the net assets of the subsidiary corresponding
to the disposal of the investment for each disposal prior to the loss of control should be recognized as other
comprehensive earnings in the consolidated financial statements and transferred to profit or loss for the current
period when the Company lost the control.
In the consolidated financial statements, the remaining equity should be remeasured at fair value on the date
of loss of control. The sum of the consideration obtained from the disposition of equity and the fair value of the
residual equity minus the Company’s portion of net assets in the former subsidiary calculated from the date of
combination on an ongoing basis at the original shareholding ratio is included in the return on investment for the
current period when the Company lost the control. Other comprehensive income related to the equity investments
in the former subsidiary should be included in the return on investment or retained earnings for the current period
when the Company lost the control.
loss of control over a subsidiary do not constitute a “package deal”
If the Company disposes of investments made in its subsidiary without losing control over the subsidiary, in
the consolidated financial statements, the difference between the payment for equity disposed of and the Company’s
corresponding portion of net assets in the subsidiary is included in the capital reserve. If the capital reserve is
insufficient for writing down, the retained earnings should be adjusted.
If the disposal of investments made in its subsidiary results in a loss of control over the subsidiary, in the
consolidated financial statements, the remaining equity should be remeasured at the fair value on the date of loss of
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
control. The sum of the consideration obtained from the disposal of equity and the fair value of the remaining equity
minus the Company’s portion of net assets in the former subsidiary calculated from the date of combination on an
ongoing basis at the original shareholding ratio is included in the return on investment for the current period when
the Company lost the control. Other comprehensive income related to the equity investments in the former
subsidiary should be included in the return on investment or retained earnings for the current period when the
Company lost the control.
The scope of consolidation of the Company’s consolidated financial statements shall be determined on the
basis of control.
Control means that the Company has the power over the invested company, gets variable return by
participating in related activities of the invested company and has the ability to influence the amount of the return
by its power over the invested company. Related activities refer to activities that have a significant impact on the
returns of the invested company. The related activities of the invested company should be judged based on the
specific circumstances, and usually include the sale and purchase of goods or services, the management of financial
assets, the purchase and disposal of assets, research and development activities, and financing activities.
The Company will judge whether these entities have been controlled by the investee based on its
comprehensive consideration of relevant facts and circumstances. Should any changes in such facts and
circumstances alter the elements defining control, a reassessment is promptly conducted. Relevant facts and
circumstances mainly include: (1) the purpose of the investee’s establishment; (2) the investee’s activities and how
decisions regarding them are made; (3) whether the rights held by the investor currently enable it to dominate the
investee’s activities; (4) whether the investor receives variable returns from participating in the investee’s activities;
(5) whether the investor has the ability to use its power over the investee to affect the amount of its returns; (6) the
relationship between the investor and other parties.
The consolidated financial statements are based on the financial statements of the parent company and its
subsidiaries and are prepared by the Company in accordance with Accounting Standard No. 33 for Business
Enterprises - Consolidated Financial Statements based on other relevant information.
The parent company shall prepare the consolidated financial statements based on its financial statements and
those of its subsidiaries and according to other relevant information. The share of the subsidiaries in current
profit/loss attributable to non-controlling interests shall be presented in the consolidated income statement as “net
profit attributable to non-controlling interests” under the net profit. The share in current comprehensive income of
the subsidiaries which is attributable to non-controlling interests shall be presented in the consolidated income
statement as “total comprehensive income attributable to non-controlling interests” under the total other
comprehensive income.
For subsidiaries and businesses of the parent company added by business combination involving enterprises
under the common control during the Reporting Period, the revenue, expenses, and profits of such subsidiaries and
businesses from the beginning to the end of the period of business combination shall be recorded into the
consolidated income statement. Cash flows of such subsidiaries and businesses from the beginning to the end of the
year of business combination shall be recorded into the consolidated cash flow statement, and relevant items of the
statements shall be adjusted through comparison of the statements, as if the reporting entity after the combination
had been existing from control of the final controlling party after the combination comes into effect.
For subsidiaries and businesses added by business combination involving enterprises not under the common
control or other means, the revenue, expenses, and profits of such subsidiaries and businesses from the date of
acquisition to the end of Reporting Period shall be recorded into the consolidated income statement. Cash flows of
such subsidiary from the date of acquisition to the end of the Reporting Period shall be recorded into the consolidated
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
cash flow statement.
When the parent company disposes subsidiaries and businesses during the Reporting Period, the revenue,
expenses, and profits of such subsidiary and business from the beginning of the Reporting Period to the date of
disposal shall be recorded into the consolidated income statement; and the cash flow of such subsidiary and business
from the beginning of the Reporting Period to the date of disposal shall be recorded into the consolidated cash flow
statement.
In the consolidated financial statements, when the parent company acquires the equity held by the minority
shareholders in the subsidiary, the difference between the long-term equity investment obtained by acquiring non-
controlling interests and the share of the net assets to be enjoyed and continuously calculated from the date of
acquisition or combination according to the new increase in shareholding proportion shall be adjusted against the
capital reserve (capital premium or share premium). If the capital reserve is not sufficient for writing down, the
retained earnings shall be adjusted.
(1) Identification and classification of joint arrangements
Joint arrangement refers to an arrangement under the joint control of two or more participants. A joint
arrangement has the following characteristics: 1) Each participant is bound by the arrangement; 2) two or more
parties of the joint arrangement exercise joint control over the arrangement. No one party can control the
arrangement alone, and any party with joint control over the arrangement can prevent the other party or combination
of parties from controlling the arrangement alone.
Joint control refers to the common control of an arrangement in accordance with the relevant agreement, and
related activities of the arrangement must be agreed upon by the parties sharing control rights before they can make
decisions.
Joint arrangements are divided into joint operations and joint ventures. A joint operation is a joint arrangement
whereby the party to joint arrangement has rights to the assets, and obligations for the liabilities related to the
arrangement. A joint venture is a joint arrangement whereby the party to joint arrangement has rights to the net
assets of the arrangement.
(2) Accounting treatment of joint arrangements
A party to a joint operation shall recognize the following items related to its share of interest in the joint
operation and conduct accounting treatment for them in accordance with the relevant provisions of the Accounting
Standard for Business Enterprises: 1) Recognition of assets held separately and of assets held jointly in proportion
to its share; 2) recognition of liabilities incurred separately and of liabilities incurred jointly in proportion to its
share; 3) recognition of revenue from the sale of its share of the output of the joint operation; 4) recognition of
revenue from the sale of output of the joint operation in proportion to its share; 5) recognition of expenses incurred
separately and of expenses incurred in the joint operation in proportion to its share.
The party to a joint venture should conduct accounting treatment in accordance with relevant provisions of
the Enterprise Accounting Standard No. 2 - Long-term Equity Investments.
Cash in the cash flow statements refers to cash on hand and deposits that can be used for payment at any time;
cash equivalents refer to the short-term (usually no more than three months since the date of acquisition) and highly
liquid investments that are readily convertible into known amounts of cash and that are subject to an insignificant
risk of change in value.
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(1) Conversion of foreign currency business
Transactions denominated in foreign currency are converted into RMB at the spot exchange rate at the
transaction date at initial recognition. At the balance sheet date, the foreign monetary items are converted at the spot
exchange rate at the balance sheet date, and the exchange difference arising from exchange rate difference, except
for the exchange difference arising from principal and interest of foreign currency special borrowings relating to
purchasing assets satisfying capitalization conditions, is included in current profit or loss; the foreign non-monetary
items measured at historical cost are still converted at the spot exchange rate at the transaction date, and its RMB
amount will not be changed; the foreign non-monetary items measured at fair value are converted at the spot
exchange rate at the fair value determination date, and the difference is included in current profit or loss or other
comprehensive income.
(2) Conversion of foreign currency financial statements
The assets and liabilities in the balance sheet are converted at the spot exchange rate at the balance sheet date;
the owners’ equity items, other than retained earnings, are converted at the spot exchange rate at the transaction
date; the incomes and expenses in the income statement are converted at the spot exchange rate at the transaction
date. The foreign currency financial statement conversion difference arising from the aforementioned translation is
recognized as other comprehensive income.
(1) Recognition and de-recognition of financial instruments
The Company recognizes a financial asset or liability when it becomes a party of the relevant financial
instrument contract.
The purchase and sale of financial assets under the normal ways shall be recognized and stopped to be
recognized respectively at the price of transaction date. Regular acquisitions or sales of financial assets mean
delivering financial assets within the time limit of laws, regulations, or usual market practices and in line with
contract terms. The transaction date refers to the date when the Company promises to acquire or sell financial assets.
A financial asset (or a part of the financial assets, or part of a group of similar financial assets) will be
derecognized, that is, a previously recognized financial asset is transferred from the balance sheet, when meeting
the following conditions:
amount of cash flows received to a third party in a timely manner are assumed under a “pass-through agreement”;
and (a) substantially almost all the risks and returns of its ownership of the financial assets are transferred, or (b)
control over the financial asset is relinquished, although substantially all the risks and returns of its ownership of
the financial assets are neither transferred nor retained.
If the obligation of financial liabilities has been assumed, revoked, or terminated, financial liabilities shall be
derecognized. If the current financial liabilities are replaced with other financial liabilities under substantially
different terms by the same creditor, or almost all current liabilities terms are substantially revised, such replacement
or revision shall be taken as the derecognition of original liabilities and recognition of new liabilities, and the
differences are included in the current profit or loss.
(2) Classification and measurement of financial assets
At initial recognition, according to the business model of managing financial assets and the contractual cash
flow characteristics of financial assets, financial assets of the Company are classified into the following categories:
Financial assets measured at the amortized cost, financial assets measured at fair value through other comprehensive
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
income of the current period, and financial assets measured at fair value through current profit or loss. The
subsequent measurement of financial assets depended on their categories.
The Company’s classification of financial assets is based on the Company’s business model for managing
financial assets and the cash flow characteristics of the financial assets.
Financial assets that meet both of the following conditions shall be classified as financial assets measured at
the amortized cost: The Company’s business model of managing financial assets aims at obtaining contractual cash
flows; and, as stipulated by term contract of the financial assets, the cash flows generated on a specific date are
merely for the payment of principal or the interest from the unpaid principal. Such financial assets are subsequently
measured at the amortized cost using the effective interest method. Gains or losses arising from derecognition or
amortization using the effective interest method are included in current profit or loss.
Financial assets that meet all the following conditions shall be classified as financial assets measured at fair
value through other comprehensive income: The Company’s business model of managing the financial assets aims
at obtaining contractual cash flows as well as selling financial assets; and, as stipulated by contract clauses of the
financial assets, the cash flows generated on a specific date are merely for the payment of principal or interest from
the unpaid principal. Such financial assets shall be subsequently measured at fair value. The discount or premium
is amortized using the effective interest method and recognized as interest income or expense. Changes in the fair
value of such financial assets are recognized as other comprehensive income until the financial asset is derecognized,
at which time the cumulative gain or loss is transferred to current profit or loss, except for impairment losses and
exchange differences on monetary financial assets denominated in foreign currencies, which are recognized in
current profit or loss. Interest income related to such financial assets is included in profit or loss for the current
period.
For financial assets measured at fair value through other comprehensive income that are irrevocably chosen
and designated by the Company from some non-trading equity investments, the relevant dividend income is included
in the current profit or loss, and changes in the fair value are recognized as other comprehensive income, until the
financial assets are derecognized when accumulative gains or losses shall be transferred to retained earnings.
The aforementioned financial assets measured at the amortized cost and financial assets other than those
measured at fair value through other comprehensive income are classified as financial assets at fair value through
profit or loss. At initial recognition, in order to eliminate or significantly reduce accounting mismatch, financial
assets can be designated as financial assets measured at fair value through the profit or loss for the current period.
Such financial assets shall be measured at fair value, and all changes in fair value are included in the current profit
or loss.
Only when the Company changes the business model of managing financial assets, shall relevant financial
assets that are affected be reclassified.
For financial assets at fair value through profit or loss, transaction costs are directly included in the current
profit or loss. For other types of financial assets, related transaction costs are included in their initial recognized
amounts.
(3) Classification and measurement of financial liabilities
At initial recognition, the financial liabilities of the Company are classified into the following categories:
Financial liabilities measured at the amortized cost, and financial liabilities measured at fair value through the
current profit or loss.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Any financial liability meeting any of the following conditions can be designated upon initial measurement as
the financial liabilities at fair value through profit or loss: 1) This designation can eliminate or significantly reduce
accounting mismatch; 2) According to the risk management or investment strategy of the Company as stated in
formal written document, the portfolio of financial liabilities or the portfolio of financial assets and financial
liabilities is managed and evaluated on the basis of fair value, and reported to the key management on the basis of
this inside the Company; 3) This financial liability contains embedded derivative to be separately split.
The Company shall determine the classification of the financial liabilities upon initial recognition. For
financial liabilities measured at fair value through the current profit or loss, transaction costs are directly included
in current profit or loss. For other types of financial liabilities, related transaction costs are included in their initial
recognized amounts.
The subsequent measurement of financial liabilities depends on their categories:
Such financial liabilities are subsequently measured at the amortized cost with the effective interest method.
Financial liabilities measured at fair value through profit or loss for the current period include held-for-trading
financial liabilities (including derivatives that are financial liabilities) and financial liabilities designated as at fair
value through profit or loss at initial recognition.
(4) Financial instrument offset
When the following conditions are met at the same time, the financial assets and financial liabilities shall be
presented as net amount after offset in the balance sheet: The Company has the legal rights to offset the recognized
amount and may exercise such legal rights currently; the Company plans to settle with net amount or realize the
financial asset and pay off the financial liability simultaneously.
(5) Impairment of financial assets
The Company shall recognize impairment for loss of the financial assets measured at the amortized cost,
investment in debt instruments through other comprehensive income and financial guarantee contracts based on the
expected credit loss. Credit loss refers to the difference between all contractual cash flows discounted at the original
effective interest rate and receivable according to the contract and all cash flows expected to be collected of the
Company, i.e. the present value of all cash shortfalls.
The Company considers all reasonable and substantiated information, including forward-looking information,
and estimated the expected credit losses of the financial assets measured at the amortized cost, and the financial
assets (debt instruments) measured at fair value through other comprehensive income by individual items or
portfolios.
If the credit risk of the financial instrument is increased significantly since the initial recognition, the Company
measures its loss reserves according to the amount equivalent to the expected credit losses of the financial instrument
in the whole duration; if the credit risk of the financial instrument is not increased significantly since the initial
recognition, the Company measures its loss reserves according to the amount equivalent to the expected credit losses
of the financial instrument in the next 12 months. The consequent increases or reversals of loss reserves are included
in the profit or loss for the current period as an impairment loss or gain. For the specific assessment of credit risk
by the Company, please refer to notes to the financial statements “Part VIII, XII Risks Related to Financial
Instruments”.
On the balance sheet date, the Company measured the expected credit loss of financial instruments at different
stages, respectively. If the credit risk of a financial instrument has not increased significantly since the initial
recognition, the financial instrument is in Stage 1, and the Company measures the provisions for loss according to
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
the 12-month expected credit loss; if the credit risk of a financial instrument has increased significantly but the
credit impairment has not yet occurred since the initial recognition, the financial instrument is in Stage 2, and the
Company measures the provisions for loss according to the lifetime expected credit losses; if the financial instrument
has suffered credit impairment since the initial recognition, it is in Stage 3, and the Company measures the
provisions for loss according to the lifetime expected credit loss.
For a financial instrument with low credit risk on the balance sheet date, the Company assumes that the credit
risk has not increased significantly since the initial recognition, and the Company measures the provisions for loss
according to the 12-month expected credit loss.
For financial instruments with low credit risk in Stage 1 and Stage 2, the Company shall calculate the interest
income according to the carrying amount and effective interest rate before deducting the provisions for impairment.
For financial instruments in Stage 3, the Company shall calculate the interest income according to the amortized
cost and effective interest rate of the carrying amount after withdrawing the provisions for impairment.
The Company applies a simplified model of expected credit loss to accounts receivable as prescribed by
Accounting Standards for Business Enterprises No.14 – Revenues, excluding significant financing components
(including cases where financing components within contracts not exceeding one year are disregarded under the
standard), and always measures its losses based on the amount of expected credit losses over the entire life of the
accounts receivable.
For accounts receivable containing a significant financing component and lease receivables regulated by
Accounting Standards for Business Enterprises No. 21 —Leases, the Company makes an accounting policy choice
to adopt the simplified model of expected credit loss, i.e., measuring the loss provision equivalent to the expected
credit loss over the entire life of the accounts receivable.
① Accounts receivable
(a) At the end of the Reporting Period, if there is objective evidence indicating that impairment has occurred
in an account receivable, impairment test shall be carried out separately on it, such as accounts receivable in dispute
with counterparties or involved in litigation or arbitration; if there is obvious indication that the debtor is likely to
fail to comply with the repayment obligation, the impairment loss shall be recognized and the bad debt provisions
shall be made based on the balance between the present value of future cash flows and its carrying value.
(b) If there is no objective evidence indicating that impairment or the credit loss of a single financial asset
cannot be evaluated at reasonable cost, the accounts receivable shall be classified into several groups by
characteristics of credit risk. The expected credit loss shall be calculated based on the combinations and the account
ages. Basis for determining the combinations is as below:
Item Determination basis
Bank acceptance bill group Bank acceptance bills
Letter of credit group Letters of credit
Commercial acceptance bills group Commercial acceptance bills
Accounts receivable group Accounts receivable from related parties
Accounts receivable group External customer
Other receivables group Other receivables from related parties
Other receivables group Cash float, deposits and other receivables with low credit risk
Other receivables group Other amounts
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
For accounts receivable divided into risk groups, the Company, with reference to historical experience in
credit loss and based on current situation and forecast of future economic situation, shall prepare a comparison table
between the aging of accounts receivable and the lifetime expected credit loss rate to calculate the expected credit
losses. For other groups, the Company, with reference to historical experience in credit loss and based on current
situation and forecast of future economic situation, shall calculate the expected credit losses according to the
exposure at default and the 12-month or lifetime expected credit loss rate.
② Debt investments and other debt investments
For debt investment and other debt investments, the Company shall calculate the expected credit loss
according to the nature of investment, types of counterparty and risk exposure, exposure at default and the 12-month
or lifetime expected credit loss rate.
The Company shall include the provision or reversal for loss made or included in current profit or loss. For
investment in debts instruments at fair value through other comprehensive income, the Company shall adjust other
comprehensive income when the impairment loss or gain is included in current profit or loss; for financial assets
measured at amortized cost, the provision for loss shall offset the carrying value of such financial assets.
(1) Classification of inventory
Inventories include finished goods or goods held for sale in the ordinary course of business, work in process
in the production process, materials or supplies to be consumed in the production process, or the rendering of
services.
(2) Valuation method of shipped inventory
Grains, raw coal and auxiliary materials for producing Baijiu are measured at actual cost, and shipped
inventories are priced by weighted average method; paper, printing ink, and auxiliary materials for producing
printed matters are measured at planned cost when purchased and shipped, with the difference between actual cost
and planned cost included in “materials cost difference”. The difference to be amortized by the materials shipped
shall be calculated by materials cost difference by category at the end of the month, so as to adjust cost of the
materials shipped into actual cost; goods in process, self-manufactured semi-finished products, and finished
products are measured at actual cost and priced by weighted average method when shipped.
(3) Inventory system of inventories
The perpetual inventory system is adopted.
(4) Amortization method for low-value consumables and packaging materials
The one-off amortization method is adopted.
(5) Determination basis and methods for provision of inventory falling price reserves
On the balance sheet date, the inventories shall be measured at the lower of cost and net realizable value. If
cost of the inventories is higher than the net realizable value, a provision for inventory falling price reserves shall
be made and included in current profit or loss.
Net realizable value refers to the amount after deducting the cost estimated until completion, estimated selling
expenses, and relevant taxes from the estimated selling price of the inventory.
The Company shall determine the net realizable value of inventories based on solid evidence obtained and
after taking into consideration the purpose for which the inventory is held, and the impact of post-balance sheet
events. Materials held for use in the production of inventories are measured at cost if the net realizable value of the
finished products in which they will be incorporated is higher than their cost; decline in the price of materials
indicates that the cost of the finished products exceeds their net realizable value, the materials are measured at net
realizable value. The net realizable value of inventory held to satisfy sales or service contracts is based on the
contract price. If the quantities held by the Company is higher than the quantities of inventories specified in sales
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
contracts, the net realizable value of the excess portion of inventories shall be based on general selling price.
Any of the following circumstances usually indicates that net realizable value of an inventory is lower than
the cost:
the product;
the market price of the raw material is lower than the book cost;
of market demands due to change of consumer preference; and
The Company shall usually determine the falling price reserves of inventories on an item-by-item basis. For
inventories in large amount and low unit price, provision for inventory falling price reserves may be made by
category of the inventories. For item of inventories relating to a product line that is produced and marketed in the
same geographical area, have the same or similar end uses or purposes, and cannot be practically measured
separately from other items, provision for inventory falling price reserves may be made on an aggregate basis.
The Company shall determine the net realizable value of inventories on the balance sheet date. When factors
causing written-down of the inventory value disappear, the amount written down shall be recovered and will be
reversed from the provided inventory falling price reserves. The amount reversed will be included in current profit
or loss.
(1) Recognition criteria and accounting methods for non-current assets or disposal groups held for sale
The Company classifies group components (or non-current assets) that meet the following conditions
simultaneously as assets held for sale: 1) Assets or disposal groups can be sold immediately under current conditions
based on the practice of selling such assets or disposal groups in similar transactions; 2) The sale is very likely to
occur, that is, the Company has already made a resolution on a sale plan and obtained a certain acquisition
commitment, and the sale is expected to be completed within one year. (A certain acquisition commitment refers to
a legally binding acquisition agreement signed by an enterprise and other parties, which includes important terms
such as transaction price, time and sufficiently severe default penalties, so as to make it extremely unlikely that the
agreement will be significantly adjusted or revoked.) It has been approved by relevant authorities or regulatory
authorities in accordance with relevant regulations.
The Company adjusts the expected net residual value of assets held for sale to reflect the net amount of fair
value minus selling costs (but not exceeding the original carrying amount of the asset held for sale). The difference
between the original book value and the adjusted expected net residual value is recognized as an impairment loss
and included in the current profit or loss, with a corresponding impairment provision for the asset held for sale. The
amount of asset impairment loss recognized for disposal groups held for sale shall be offset against the carrying
amount of goodwill in the disposal group first, and then against the carrying value of each non-current asset
proportionately according to the proportion of the carrying value of each non-current asset in the disposal group as
defined in the applicable measurement of the Accounting Standards for Business Enterprises No. 42—Non-current
Assets Held for Sale, Disposal Groups, and Discontinued Operations.
If, after follow-up balance sheet dates, the fair value less costs to sell of non-current assets held for sale
increases, the previously recognized impairment loss shall be reversed. The amount of the reversal is transferred
from the impairment loss recognized for assets classified as held for sale, and the reversal amount is recognized in
current profit or loss, follow-up balance sheet date Impairment losses recognized before an asset is classified as held
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
for sale shall not be reversed. If the net amount of fair value minus selling costs for assets held for sale or disposal
groups increases after the follow-up balance sheet date, previously recognized impairment losses should be reversed,
and the reversal should be applied in accordance with the measurement regulations for non-current assets classified
as held for sale, as stated in Accounting Standards for Business Enterprises No. 42—Non-current Assets Held for
Sale, Disposal Groups, and Discontinued Operations, and the reversal amount is recognized in the current profit or
loss. The carrying amount of goodwill that has been impaired, and the impairment losses of non-current assets
recognized before being classified as held for sale, as per Accounting Standards for Business Enterprises No. 42—
Non-current Assets Held for Sale, Disposal Groups, and Discontinued Operations., cannot be reversed. The reversal
of asset impairment losses recognized for assets held for sale in a disposal group should be proportionally increased
based on the carrying value of each non-current asset in the disposal group, excluding goodwill, in accordance with
their respective carrying amounts under the measurement regulations of Accounting Standards for Business
Enterprises No. 42—Non-current Assets Held for Sale, Disposal Groups, and Discontinued Operations. If an
enterprise loses control over a subsidiary due to the sale of its investment in a subsidiary or other reasons, regardless
of whether the enterprise retains part of the equity investment after the sale, when the investment in the subsidiary
to be sold satisfies the classification conditions of the held-for-sale the parent company category, the investment in
the subsidiary shall be classified as held for sale as a whole in individual financial statements of the parent Company,
and all assets and liabilities of the subsidiary shall be classified as held for sale in the consolidated financial
statements.
(2) Recognition criteria and presentation of discontinued operations
Discontinued operation refers to a component of an enterprise that meets one of the following conditions, can
be distinguished separately, and has either been disposed of or classified as held for sale: 1) The component
represents a major separate business or a major geographical area of operation; 2) The component is part of a plan
to dispose of a major separate business or a major geographical area of operation; 3) The component is a subsidiary
acquired specifically for resale.
The definition of discontinued operations includes the following three aspects:
this component should be clearly distinguishable from other parts of the enterprise when preparing financial
statements and conducting business operations.
independent major business or a separate major operating region, or part of a related plan to dispose of such a
business or operating region.
discontinued operations should belong to one of the following two conditions: it has already been disposed of before
the balance sheet date, including being sold or ended (e.g., shut down or scrapped); or it has been classified as held
for sale before the balance sheet date.
(1) Determination of initial investment cost
in cash, transfers non-cash assets, assumes its liabilities, or issues equity securities on the date of combination, it
regards the share of the carrying amount of the owners’ equity of the combined party included in the consolidated
financial statements of the ultimate controlling party as the initial cost of the investment. The share premium of the
capital reserve shall be adjusted with the difference between the initial investment cost of the long-term equity
investment and the carrying amount of the consideration paid or the par value of shares issued. If the share premium
of the capital reserve is insufficient for writing down, the retained earnings shall be adjusted.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
In cases of step-by-step implementation of business combinations under common control, the initial
investment cost of the investment shall be the share of the acquired entity’s owners’ equity attributable to the
acquiring entity on the acquisition date, calculated based on the ownership percentage. The difference between the
initial investment cost and the sum of the carrying amount of the original long-term equity investments and the
carrying value of any additional consideration paid for further shares acquired on the acquisition date is adjusted to
share premium (capital surplus or share premium). If the share premium is insufficient for writing down, the retained
earnings shall be used for writing down.
by it on the acquisition date shall be its initial investment cost.
as its initial investment cost; if it is acquired by issuing equity securities, the fair value of the issued equity securities
shall be taken as its initial investment cost; if it is acquired by the investment of the investors, the value agreed in
the investment contract or agreement shall be taken as its initial investment cost (except when the agreed value is
considered unfair).
(2) Subsequent measurement and profit & loss recognition methods
For long-term equity investments in invested companies over which the Company has control, the cost method
is used in the Company’s individual financial statements; for long-term equity investments with joint control or
significant influence, the equity method is applied.
Under the cost method, long-term equity investments are valued at the initial investment cost. Except for the
price actually paid at the acquisition of investment or the declared but undistributed cash dividends or profits
included in the consideration, the Company recognized the return on investment of the current period in accordance
with the cash dividends or profits declared and distributed by the invested company, with consideration given to the
impairment of long-term investments based on applicable impairment policies.
For long-term equity investment accounted for using the equity method, if the initial cost of long-term equity
investment is greater than the fair value of identifiable net assets of the invested company gained from the
investment, the excess shall be included in the initial investment cost of the long-term equity investment. If the
initial investment cost is smaller than the fair value of identifiable net assets of the invested company gained from
the investment, the difference shall be included in the current profit or loss, and the cost of long-term equity
investments shall be adjusted.
Under the equity method, after acquiring long-term equity investments, the investment gains or losses are
realized based on the share of net profit or loss that the invested company shall be entitled to or share. The long-
term equity investment’s carrying amount is adjusted accordingly. When the share of the net profits and losses of
the invested company is recognized, the fair value of the invested company’s identifiable assets at the time of
obtaining the investment shall be used as the basis. This is done in accordance with the Company’s accounting
policies and accounting period, and internal transaction gains and losses with joint ventures and associates are offset
based on the ownership proportion attributable to the investing company (except when internal transaction losses
are related to asset impairment losses, in which case they shall be fully recognized). Subsequent to adjusting the net
profits of the invested institution after recognition. The investor reduces the carrying amount of long-term equity
investments correspondingly when calculating the portion to be received based on the cash dividends or profits
declared to be distributed by the invested company. The Company shall recognize the net losses of the invested
company until the carrying amount of the long-term equity investment and other long-term rights and interests
which substantially form the net investment made to the invested company are reduced to zero, unless the Company
has the obligation to undertake extra losses. As for other changes in owners’ equity except for the net profit and loss
of the invested company, the Company shall adjust the carrying amount of the long-term equity investment and
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
include it in the owners’ equity.
(3) Determination basis of control and significant influence on the invested company
Control means that the investor has power over the invested company, enjoys variable returns by participating
in the relevant activities of the invested company, and has the ability to use the power over the invested company
to affect the amount of returns. Significant influence means that the investor has the rights to participate in the
decision-making of the financial and operating policies of the invested company, but cannot control or jointly
control the formulation of these policies with other parties.
(4) Disposal of long-term equity investments
In the case of a partial disposal of long-term equity investments in a subsidiary without losing control, the
variance between the disposal proceeds and the corresponding carrying amount of the disposed investment is
recognized as current investment income.
In cases where control over a subsidiary is lost due to the disposal of equity investments or other reasons, the
carrying amount of long-term equity investments corresponding to the disposed equity shall be transferred. The
difference between the proceeds from the sale and the carrying value of the disposed long-term equity investment
shall be recognized as investment income (loss). At the same time, the remaining equity shall be recognized at its
carrying value as long-term equity investments or other related financial assets. If the remaining equity after the
disposal can exercise joint control or significant influence over the subsidiary, accounting treatment shall be
conducted in accordance with relevant regulations on the conversion from the cost method to the equity method.
(5) Impairment test method and impairment provision method
Investments in subsidiaries, associates, and joint ventures should be assessed for impairment at the balance
sheet date if there is objective evidence indicating impairment. The corresponding impairment provision should be
recognized based on the difference between the carrying amount and the recoverable amount.
(1) Recognition conditions
Fixed assets refer to tangible assets which are held for producing goods, providing services, renting or operation
and management and with service life of more than one accounting year and high unit value.
Costs of outsourced fixed assets include purchase price, import duty and other relevant taxes, and other
expenditures incurred before and for making the fixed assets reach its intended condition for use directly attributable
to such assets.
Book value of self-constructed fixed assets shall be the necessary expenditures incurred before and for making
the fixed assets reach its intended condition for use.
Book value of fixed assets invested by investors shall be the value recognized by the investors.
Subsequent expenditures related to fixed assets shall be included in the cost of fixed assets if meeting the
recognition conditions for fixed assets, and shall be included in current profit or loss if not meeting the recognition
conditions for fixed assets.
Fixed assets are recorded at actual cost at the time of acquisition and depreciated using the straight-line method
from the second month after they reach their intended serviceable condition.
(2) Depreciation method
Category Depreciation Method Depreciation Life Residual Rate Yearly Depreciation Rate
Tenements and Buildings Straight-line method 25-30 years 3%-5% 3.17-3.88%
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Machinery and
Straight-line method 8-12 years 3%-5% 7.92-12.13%
equipment
Transport equipment Straight-line method six years 3%-5% 15.83-16.17%
Other equipment Straight-line method six years 3%-5% 15.83-16.17%
(3) Impairment testing method and impairment provision method for fixed assets
If there are signs that fixed assets have been impaired on the balance sheet date, a corresponding impairment
provision shall be made based on the difference between the book value and the recoverable amount.
(1) From the date when the construction in progress is ready for its intended use, based on factors such as the
project budget, cost, or actual cost, it is transferred to fixed assets based on the estimated value and depreciated
according to the Company’s fixed asset depreciation policy. Adjustment shall be made to the originally and
provisionally estimated value based on the actual cost after the completion settlement is handled, but depreciation
already provided shall not be adjusted.
(2) If there are signs that construction in progress has been impaired on the balance sheet date, a corresponding
impairment provision shall be made based on the difference between the book value and the recoverable amount.
(1) Recognition principles of capitalization of borrowing costs
The borrowing costs that have occurred and can be directly attributed to the acquisition, construction or
production of assets eligible for capitalization are capitalized by the Company and recorded in relevant cost of assets;
other borrowing costs are recognized as expenses based on the amount incurred when they occur, and shall be
recorded in current profit or loss.
(2) Capitalization period of borrowing costs
expenditure has already occurred; 2) Borrowing costs have already occurred; 3) Acquisition and construction
activities necessary to bring the assets to the intended condition for use or sale have already begun.
for over three months for abnormal reasons, capitalization of the borrowing costs shall be suspended; borrowing
costs incurred during the suspension shall be recognized as the current costs until the acquisition, construction or
production of assets is resumed.
the expected available or marketable status, the capitalization of the borrowing costs shall be suspended.
(3) Capitalized amount of borrowing costs
For borrowings exclusively for the acquisition and construction or production of assets eligible for
capitalization, the to-be-capitalized amount of interest is determined in light of the actual interest expenses incurred
(including amortization of premium or discount based on effective interest method) of the special borrowings in the
current period less the interest income on the unused borrowings as a deposit in the bank or as a temporary
investment; where a general borrowing is used for the acquisition and construction or production of assets eligible
for capitalization, the Company calculates and determines the to-be-capitalized amount of interests on the general
borrowing by multiplying the weighted average asset expenditure of the part of the accumulative asset
disbursements less the general borrowing by the capitalization rate of the general borrowing used.
(1) Service life and the basis for its determination, estimation, amortisation methods or review procedures
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Externally acquired intangible assets shall be measured at the actual cost when acquired and averagely
amortized during the expected service life since the month when the intangible assets is acquired; book value of the
self-developed intangible assets shall be the sum of the expenditures during the research and development stage of
internal research and development projects of the Company which are eligible for capitalization and the
expenditures incurred before reaching the intended condition for use, and be averagely amortized over the expected
service life since the month in which the intangible asset is ready for use.
Service life of intangible assets shall be analysed and determined when acquired. Intangible assets with limited
service life shall be amortized over period during which they may bring economic interests; if the period during
which the intangible assets may bring economic benefit to the enterprise is unforeseeable, such intangible assets
shall be considered as intangible assets with uncertain service life and shall not be amortized.
Impairment test: At the end of each year, the Company shall recheck the service life and amortization method
of the intangible assets. Intangible assets with uncertain service life shall be subject to impairment test every year
whether there is any indication of impairment.
(2) Scope of research and development expenditures and related accounting treatment
The scope of research and development expenditures includes staff salaries for research and development
personnel, direct input costs, depreciation and amortisation expenses, and other expenses. The expenditures of the
Company’s internal research and development projects are divided into research phase expenditures and
development phase expenditures.
Research phase expenditures of internal research and development projects shall be included in current profit
or loss when incurred. Development phase expenditures of internal research and development projects can be
recognized as intangible assets only when meeting all of the following conditions: 1) It is technically feasible to
complete this intangible assets so that it can be used or sold; 2) The Company has the intention to complete the
intangible assets and use or sell them; 3) The way in which intangible assets generate economic benefits, including
the ability to prove that the products produced using the intangible assets exist in the market or the intangible assets
themselves exist in the market, and the intangible assets will be used internally, can prove their usefulness; 4)
sufficient technical, financial resources and other resources support to complete the development of the intangible
asset and the ability to use or sell the intangible asset; and 5) the expenditure attributable to the development phase
of the intangible asset can be reliably measured.
For the long-term equity investments, investment properties, fixed assets, construction in progress, intangible
assets, and other long-term assets measured at cost model, if there are signs of impairment, an impairment test shall
be conducted on the balance sheet date. If the recoverable amount of the asset is less than its carrying value according
to the test, provision for impairment will be made at the difference and included in impairment loss. Recoverable
amount is the higher of the net amount of fair value of an asset deducting the disposal expenses and the present
value of estimated future cash flow of the asset. The provision for impairment of assets is calculated and made on
an individual basis. If it is difficult for the Company to estimate the recoverable amount of the individual asset, the
recoverable amount of an asset group, to which the said asset belongs, shall be determined. Asset group is the
smallest asset group that can independently generate cash inflows.
For goodwill, impairment test shall be conducted at least at the end of each year. Impairment test shall be
carried out in combination with the relevant asset group or combination of asset group.
The carrying value of goodwill caused by business combination is amortized to relevant asset groups with a
reasonable method from the date of acquisition when the Company carries out impairment test on goodwill; or
amortized to relevant combination of asset groups if it is difficult to be amortized to relevant asset groups. When
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
the carrying value of goodwill is amortized to the relevant assets group or combination of assets groups, it shall be
evenly amortized according to the proportion of the fair value of each assets group or combination of assets groups
in the total fair value of the relevant assets groups or combinations of assets groups. Where the fair value cannot be
reliably measured, it should be amortized according to the proportion of the carrying value of each asset group or
combination of assets groups in the total carrying value of assets groups or combinations of assets groups.
When making an impairment test on the relevant assets groups or combination of assets groups containing
goodwill, if any indication shows that the assets groups or combinations of assets groups may be impaired, the
Company shall first conduct an impairment test on the assets groups or combinations of assets groups not containing
goodwill, calculate the recoverable amount and compare it with relevant carrying value to recognize the
corresponding impairment loss. Then the Company shall conduct an impairment test on the assets groups or
combinations of assets groups containing goodwill, and compare the carrying value of these assets groups or
combinations of assets groups (including the carrying value of the goodwill apportioned thereto) with the
recoverable amount. Where the recoverable amount of the relevant assets groups or combinations of assets groups
is lower than the carrying value thereof, the Company shall recognize the impairment loss of goodwill.
The above asset impairment losses shall not be reversed in subsequent accounting periods once recognized.
Long-term prepaid expense is recorded according to the actual amount incurred and amortized over the benefit
period or the stipulated amortization period by the straight-line method. If a long-term deferred expense item cannot
benefit a later accounting period, the amortized value of the item that has not been amortized shall be transferred to
the current profit or loss; long-term prepaid expense such as expenditure for improvement of fixed assets under
operating lease shall be amortized averagely within the benefit period.
The Company presents contract assets or contract liabilities in the balance sheet based on the relationship
between its performance obligations and customers’ payments. The Company presents the obligation of transferring
goods to or providing services for customers for consideration received or receivable as a contract liability. Revenue
is recognized from contract liabilities when the Company performs its obligation to transfer goods or provide
services to the customer.
(1) Accounting treatment of short-term remuneration
Short-term remuneration refers to the payroll which is expected to be paid in full by the enterprise within 12
months after the end of the year in which the employee provided relevant services.
During the accounting period when employees serve the Company, the actual short-term remuneration is
recognized as liabilities and included in current profit or loss or costs of relevant assets.
(2) Accounting treatment of post-employment benefits
Post-employment benefits refer to various compensations and benefits to be provided by the enterprise after
retirement from or termination of the labour relation with the enterprise in exchange for the service provided by the
employee. Post-employment benefits are divided into two types: Defined contribution plans and defined benefit
plans.
sheet date in exchange for the service provided by the employee during the accounting period shall be recognized
as payroll liabilities and included in current profit or loss or relevant asset cost.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
benefit obligations arising from the defined benefit plan shall be attributable to the period in which the employee
provides service and included in current profit or loss or cost of relevant asset; changes due to remeasurement of
the net liabilities or net assets of the defined benefit plan shall be included in other comprehensive income and shall
not be reversed to profit or loss in subsequent accounting periods.
(3) Accounting treatment of dismissal benefits
Dismissal benefits refer to the compensation paid to the employee by the enterprise for termination of the
labour contract with the employee prior to expiration, or encouraging the employee to accept downsizing voluntarily.
If the enterprise provides dismissal benefits, payroll liabilities arising from dismissal benefits shall be
recognized and included in current profit or loss on the earlier date of:
plan or layoff proposal due to termination of the labour relation.
of the dismissal benefits.
(4) Accounting treatment of the other long-term employee welfare
Other long-term employee benefits refer to all payrolls except for short-term remuneration, post-employment
benefits, and dismissal benefits, including long-term paid absences, long-term disability benefits, long-term profit
sharing plan, etc.
The other long-term employee benefits provided by the enterprise shall be recognized and measured as net
liability or net asset of other long-term employee benefits according to relevant provisions of the defined benefit
plan, except for those meetings the conditions of defined contribution plan.
(1) Recognition criteria for provisions
When obligations related to contingencies meet the following conditions, the Company shall recognize them
as provisions:
(2) Measurement method of provisions
Considering the risks, uncertainties, and time value of money related to contingencies, the provisions shall be
initially measured at the best estimate of the required expenditure for the performance of current obligation. If the
time value of money is significant, the best estimate shall be determined after discounting relevant future cash
outflow. The Company shall check the carrying value of the provisions on the balance sheet date, and adjust the
carrying value to reflect current best estimate.
(1) Recognition of revenues
Revenue is the total inflow of economic benefits arising from the Company’s ordinary activities that would
result in an increase in shareholders’ equity and are unrelated to capital contributions by shareholders.
The Company recognizes revenue when it has fulfilled its performance obligations under the contract, that is,
when the customer obtains control of the relevant goods. Obtaining control over related goods means being able to
dominate the use of the goods and obtain almost all economic benefits from them.
If the contract contains two or more performance obligations, the Company will allocate the transaction price
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
to each individual performance obligation according to the relative proportion of the individual selling price of the
goods or services promised under each individual performance obligation on the contract commencement date, and
measure the revenue according to the transaction price allocated to each individual performance obligation.
Transaction price is the amount of consideration that the Company is expected to be received due to the transfer
of goods or services to customers, excluding the amount collected on behalf of third parties. In determining the
transaction price of a contract, if variable consideration exists, the Company will determine the best estimate of the
variable consideration based on the expected or most likely amount and include in the transaction price in an amount
not exceeding the amount that the accumulated recognized revenue will most likely not be significantly reversed
when the relevant uncertainty is eliminated. If there is a significant financing component in the contract, the
Company will determine the transaction price according to the amount payable by the customer in cash when
obtaining the control right of the goods. The difference between the transaction price and the contract consideration
will be amortized by the effective interest rate method during the contract period. If the interval between the transfer
of control right and the payment price by the customer does not exceed one year, the Company will not consider
the financing component.
Performance obligations are fulfilled within a certain period if any of the following conditions is met:
time as the Company’s performance;
the Company has the right to collect money for the accumulated performance that has been completed so far during
the whole contract period.
For performance obligations performed within a certain period, the Company recognizes revenue according
to the performance progress within that period, except that the performance progress cannot be reasonably
determined. The Company considers the nature of the goods and uses either the output approach or the input
approach to determine the appropriate performance progress.
For performance obligations performed at a certain point in time instead of within a certain period, the
Company recognizes revenue at the point when the customer obtains control of the relevant goods.
When judging whether the customer has acquired control of goods or services, the Company will consider the
following indications:
to pay for the goods.
ownership of the goods.
possession of the goods.
i.e., the customer has acquired the principal risks and rewards of ownership of the good.
(2) Recognition policies of revenues of the Company
The Company arranges logistics delivery to the customer’s designated location, delivers the goods to the buyer
according to the contract, and recognizes revenue after the buyer signs for it.
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Group purchase sales: Revenue is recognized when the Company delivers the goods to the buyer and receives
payment or acquires the right to receive payment.
On-line sales; Revenue is recognized when the Company receives the payment transferred from the e-
commerce platform from the consumer.
(1) Government subsidies include asset-related government subsidies and income-related government
subsidies.
(2) If the government subsidy is a monetary asset, it shall be measured at the amount received or receivable;
if the government subsidy is a non-monetary asset, it shall be measured at fair value. If the fair value cannot be
obtained reliably, it shall be measured at the nominal amount.
(3) Government subsidies shall be measured using the gross amount method:
The asset-related government subsidies refer to the government subsidies obtained by the Company and used
for acquisition or construction or for formation of long-term assets in other ways, including the financial allocation
for purchasing fixed assets or intangible assets, the financial discount for special loan of fixed assets and others.
The specific standard of the Company for classifying the government subsidies as asset-related subsidies:
government subsidies obtained by the Company and used for acquisition or construction or for formation of long-
term assets in other ways.
If the government documents do not specify the target of the subsidies, the basis that the Company classifies
the government subsidies as asset-related subsidies or income-related subsidies were as follows: Whether the
subsidies are used for acquisition or construction or for formation of long-term assets in other ways.
Timing of recognition of asset-related government subsidies of the Company: Government subsidies, when
actually received, shall be recognized as deferred income and transferred equally to current profit or loss based on
the expected service life of the long-term assets when the long-term assets are available for use.
The asset-related government subsidies are recognized as deferred income, and included in current profit or
loss by stages based on the service life of the assets acquired and constructed. If the related asset is sold, transferred,
scrapped or damaged before the end of the service life, the deferred income balance not yet distributed shall be
transferred to the profits and losses of the period in which the assets are disposed.
Income-related government subsidies refer to all the government subsidies other than asset-related government
subsidies.
The specific standard of the Company for classifying the government subsidies as income-related subsidies:
All the government subsidies other than asset-related government subsidies.
Timing of recognition of income-related government subsidies of the Company: Government subsidies, when
actually received, shall be included in current profit or loss if used to compensate the relevant expenses or losses of
the Company in the subsequent period; included in current profit or loss directly when acquired if used to
compensate relevant expenses or losses incurred by the Company.
Income-related government subsidies used to compensate the relevant expenses or losses of the Company in
the subsequent period shall be recognized as deferred income when acquired; included in current profit or loss in
the period in which relevant expenses are recognized; those used to compensate relevant expenses or losses incurred
by the Company, shall be directly included in profit or loss directly when they are received.
If it is used to compensate for related expenses or losses in future periods, it shall be recognized as deferred
income and included in profit or loss during the period in which the related expenses are recognized; if it is used to
compensate for related expenses or losses that have already occurred, it shall be directly included in profit or loss.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
For a government subsidy that includes both asset-related and income-related portions, different portions shall
be distinguished and accounted for separately; if it is difficult to distinguish, it shall be classified as an income-
related government subsidy as a whole.
The government subsidies related to daily activities of the Company shall be included in other income or used
to offset relevant costs and expenses according to the substance of the economic business. The government subsidies
irrelevant to the daily activities of the Company shall be included in non-operating income/expenses.
(1) The Company recognizes the deferred income tax assets or deferred income tax liabilities in accordance
with the applicable tax rate during the estimated period of recapturing the assets or paying the liabilities for the
different amount between the carrying amount of assets or liabilities and its tax base (for items not recognized as
assets and liabilities, if its tax basis can be determined according to the tax law, the tax basis is recognized as the
different amount).
(2) The recognition of deferred income tax assets is subject to the amount of taxable income obtained to offset
the deductible temporary differences. On the balance sheet date, deferred income tax assets without recognition
during the former accounting period shall be recognized if there are definite indications representing that it is
probable to have sufficient taxable income to offset the deductible temporary differences during the future period.
(3) The Company reviews carrying amount of deferred income tax assets on the balance sheet date. If it is
determined that the Company is not likely to obtain adequate taxable income to offset benefits from deferred income
tax assets, the book values of deferred income tax assets are written down. Such write-downs are reversed when it
becomes probable that sufficient taxable income should be available.
(4) The current income tax and deferred income tax of the Company shall be included in the current profit or
loss as income tax expenses or incomes, excluding the income taxes incurred in the following circumstances: 1)
Business combinations; 2) transactions or events directly recognized in the owner’s equity.
(1) Accounting treatment with the Company as the lessee
On the commencement date of the lease term, except for short-term leases and leases of low-value assets being
adopted simplified treatment, the Company recognises right-of-use assets or lease liabilities for the lease.
Right-of-use assets shall be initially measured at costs, including: 1) The initial measurement amount of the
lease liabilities; 2) the lease payment paid on or before the commencement date of the lease term. If there is a lease
incentive, the amount related to the lease incentive taken should be deducted; 3) the initial direct cost incurred by
the lessee; 4) the estimated cost that the Company will use to pull down and remove the leasehold property, and
restore the site of the leasehold property or restore the leasehold property to the state agreed in the lease clauses
(excluding the costs incurred by inventories for production).
The lease liabilities shall be initially measured at the present value of the unpaid lease payment from 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 date of the lease term, the Company subsequently measures the right-of-use assets
at cost model, and the right-of-use assets are subject to depreciation by using the straight-line method. Meanwhile,
the interest expenses of the lease liabilities in each period of the lease term are calculated, and shall be included in
the profit or loss for the current period, unless otherwise stipulated to be included in underlying asset costs. Variable
lease payments that are not covered in the measurement of the lease liabilities are included in current profit or loss
when actually incurred, unless otherwise stipulated to be included in underlying asset costs.
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For short-term leases within 12 months and leases of low-value assets, the Company chooses not to recognise
right-of-use assets and lease liabilities. The relevant lease expenditures are included in relevant asset cost or the
profit or loss for the current period in the straight-line method in each period of the lease term.
(2) Accounting treatment of leases with the Company as the lessor
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. An operating lease
refers to all leases other than finance leases.
On the commencement date of the lease term, the Company recognises the finance lease receivables for the
finance lease and derecognises 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 book
value of the finance lease receivables. The Company calculates and recognises 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 recognises the lease payments receivable of the operating lease as rental earning 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 capitalised, amortised within the lease term on the same basis as the
recognition of rental earning, 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.
(1) Changes to Significant Accounting Policies
□ Applicable Not applicable
(2) Changes to Significant Accounting Estimates
□ Applicable Not applicable
(3) Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation of any
New Accounting Standard Implemented since 2025
□ Applicable Not applicable
VI Taxes
Tax Item Tax Basis Tax Rate
VAT Value added 6%, 9%, 13%
Taxable prices or ex-factory prices, sales
Consumption tax 10%, 20%; RMB0.5/500ml
volume of liquor products
Urban maintenance and construction tax Turnover tax payable 5%, 7%
Corporate income tax Taxable income 15%, 20%, 25%
Education surcharge Turnover tax payable 3%
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Local education surcharge Turnover tax payable 2%
Note on disclosure of taxpayer applying different corporate income tax rates:
Name of taxpayer Income tax rate
Yibin Xinxing Packaging Co., Ltd. 20%
Sichuan Yibin Plastic Packaging Products Co., Ltd. 20%
Sichuan Jiebeike Environmental Technology Co., Ltd. 20%
Sichuan Jinwuxin Technology Co., Ltd. 20%
Sichuan Yibin Plastic Packaging Materials Company Limited 15%
Sichuan Yibin Wuliangye Jingmei Printing Co., Ltd. 15%
Sichuan Yibin Wuliangye Environmental Protection Industry Co., Ltd. 15%
(1) Value added tax (VAT)
In January 2007, Sichuan Yibin Global Gelasi Glass Manufacturing Co., Ltd. obtained the certificate of social
welfare enterprise “F.Q.ZH.Z. No. 51004121049” issued by the Department of Civil Affairs of Sichuan Province.
The Company, conforming to relevant provisions of G.SH.F. [2016] No. 33 and the Notice on VAT Preferential
Policy for Promoting the Employment of the Disabled of the Ministry of Finance and the State Administration of
Taxation (C.SH. [2016] No. 52), enjoys the drawback policy of value-added tax. Recoverable value-added tax of
each month = Number of disabled people employed by the taxpayer in current month x quadruple of the minimum
wage of current month. The amount of value-added tax refunded in the first half of 2025 was RMB3,869,080.00.
According to the Circular on Improving the Comprehensive Resource Utilisation VAT Policy (Circular No.
No. 40 of 2021 of the Ministry of Finance and the State Administration of Taxation), Sichuan Yibin Wuliangye
Environmental Protection Industry Co., Ltd. enjoys the 70% drawback policy of value-added tax for providing
comprehensive utilisation of resources for wastewater treatment.
(2) Corporate income tax
Sichuan Yibin Wuliangye Jingmei Printing Co., Ltd., Sichuan Yibin Plastic Packaging Materials Company
Limited, and Sichuan Yibin Wuliangye Environmental Protection Industry Co., Ltd. conforming to the
Announcement of the Ministry of Finance and the State Taxation Administration on Continuing the Corporate
Income Tax Policies for the Large-Scale Development of Western China (Announcement [2020] No. 23 of the
Ministry of Finance, the State Taxation Administration and the National Development and Reform Commission)
has been filed with the Taxation Bureau of Yibin for preferential corporate income tax and pays the corporate
income tax at 15%.
Yibin Xinxing Packaging Co., Ltd., Sichuan Jiebeike Environmental Technology Co., Ltd., Sichuan Jinwuxin
Technology Co., Ltd., and Sichuan Yibin Plastic Packaging Products Co., Ltd., comply with the provisions of the
Announcement of the State Taxation Administration and the Ministry of Finance on Further Supporting Small and
Micro Enterprises and Individual Industrial and Commercial Businesses through Relevant Tax and Fee Policies
(Announcement No. 12 of 2023 of the Ministry of Finance and the State Taxation Administration). They are eligible
for a 25% reduction in the calculation of taxable income for small and micro-profit enterprises, and they are subject
to a 20% enterprise income tax rate, continuing until December 31, 2027.
VII Notes to the Consolidated Financial Statements
Unit: RMB
Item Closing balance Opening balance
Cash on hand 2,600.34 4,465.96
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Bank deposits 95,961,349,216.63 78,907,591,498.82
Other monetary assets 461,000,246.61 202,456,023.63
Deposits in Wuliangye Group Finance 51,897,594,278.48 48,288,863,495.70
Total 148,319,946,342.06 127,398,915,484.11
A liquor/wine production enterprise should disclose in detail whether there is any special interest arrangement
where the Company and any of its stakeholders have a joint account for funds, etc.
□ Applicable Not applicable
(1) Notes receivable presented by category
Unit: RMB
Item Closing balance Opening balance
Letters of credit 3,368,850.30 10,297,383.00
Total 3,368,850.30 10,297,383.00
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(2) Notes receivable by method of establishing allowance for doubtful account
Unit: RMB
Closing balance Opening balance
Allowance for doubtful Allowance for doubtful
Gross amount Gross amount
account account
Category Carrying Carrying
As % of the Allowance amount As % of the Allowance amount
Amount total gross Amount as % of the Amount total gross Amount as % of the
amount gross amount amount gross amount
Notes
receivable for
which
allowances
for doubtful
accounts are
established
on an
individual
basis
Notes
receivable for
which
allowances
for doubtful 3,368,850.30 100.00% 3,368,850.30 10,297,383.00 100.00% 10,297,383.00
accounts are
established
on a grouping
basis
Of which:
Letters of
credit
Total 3,368,850.30 100.00% 3,368,850.30 10,297,383.00 100.00% 10,297,383.00
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Allowances for doubtful notes receivable established using the general model of expected credit loss:
□ Applicable Not applicable
(3) Allowances for doubtful accounts established, recovered or reversed in the period
The Company had no allowances for doubtful accounts established, recovered or reversed in the period.
(4) Notes receivable in pledge at the end of the period
The Company had no notes receivable pledged by the Company at the end of the period.
(5) Notes receivable endorsed or discounted by the Company at the end of the period and not expired yet on
the balance sheet date
The Company had no notes receivable endorsed or discounted by the Company at the end of the period and
not expired yet on the balance sheet date.
(6) Notes receivable actually written off in the period
The Company had no notes receivable actually written off in the period.
(1) Accounts receivable presented by aging
Unit: RMB
Aging Closing gross amount Opening gross amount
Within 1 year (inclusive) 60,070,623.88 36,522,121.03
More than 3 years 5,418,687.44 5,418,687.44
More than 5 years 5,140,055.64 5,139,989.64
Total 71,550,410.73 43,604,028.89
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(2) Accounts receivable by method of establishing allowance for doubtful account
Unit: RMB
Closing balance Opening balance
Allowance for doubtful Allowance for doubtful
Gross amount Gross amount
account account
Category Carrying Carrying
Allowance Allowance
As % of the amount As % of the amount
as % of the as % of the
Amount total gross Amount Amount total gross Amount
gross gross
amount amount
amount amount
Accounts
receivable
for which
allowances
for doubtful
accounts are
established
on an
individual
basis
Of which:
External
customers
Accounts
receivable
for which
allowances
for doubtful
accounts are
established
on a
grouping
basis
Of which:
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Of which:
External 42,048,064.82 58.77% 4,111,118.03 9.78% 37,936,946.79 25,820,260.30 59.22% 3,169,216.14 12.27% 22,651,044.16
customers
Related
parties
Total 71,550,410.73 100.00% 7,199,368.83 10.06% 64,351,041.90 43,604,028.89 100.00% 6,257,466.94 14.35% 37,346,561.95
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Allowances for doubtful accounts established on an individual basis:
Unit: RMB
Opening balance Closing balance
Allowance
Entity Allowance for Allowance for
as % of Reason for
Gross amount doubtful Gross amount doubtful
the gross allowance
account account
amount
Sichuan Debo
Expected to be
Daily Commodity 294,230.65 294,230.65 294,230.65 294,230.65 100.00%
unrecoverable
Co., Ltd.
Beijing Junhui
Expected to be
Tianhong Trading 1,174,891.71 1,174,891.71 1,174,891.71 1,174,891.71 100.00%
unrecoverable
Co., Ltd.
Expected to be
Qu Liang 1,411,528.44 1,411,528.44 1,411,528.44 1,411,528.44 100.00%
unrecoverable
Gushi County Expected to be
Yingjun Liquor unrecoverable
Total 3,088,250.80 3,088,250.80 3,088,250.80 3,088,250.80
Allowances for doubtful accounts established on a grouping basis:
Unit: RMB
Closing balance
Item Allowance for Allowance as % of
Gross amount
doubtful account the gross amount
Accounts receivable for which allowances for
doubtful accounts are established based on the 42,048,064.82 4,111,118.03 9.78%
external customer group
Accounts receivable for which allowances for
doubtful accounts are established based on the 26,414,095.11 0.00%
related party group
Total 68,462,159.93 4,111,118.03
Allowances for doubtful accounts receivable established using the general model of expected credit loss:
□ Applicable Not applicable
(3) Allowances for doubtful accounts established, recovered or reversed in the period
Allowances for doubtful accounts in the period:
Unit: RMB
Changes in the period
Category Opening balance Recovered or Writte Othe Closing balance
Established
reversed n off rs
Accounts receivable for which
allowances for doubtful accounts
are established on an individual
basis
Accounts receivable for which
allowances for doubtful accounts 3,169,216.14 941,901.89 4,111,118.03
are established on a grouping basis
Total 6,257,466.94 941,901.89 7,199,368.83
Significant recovered or reversed allowances for doubtful accounts in the period:
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
No such cases in the Reporting Period.
(4) Accounts receivable actually written off in the period
No such cases in the Reporting Period.
(5) Top five entities with respect to accounts receivable and contract assets
Unit: RMB
Closin
Closing balance of
g Closing balance of As % of the
allowances for
Closing balance balanc accounts closing balance of
doubtful accounts
Entity of accounts e of receivable and total accounts
and impairment
receivable contra contract assets receivable and
allowances for
ct combined contract assets
contract assets
assets
Sichuan Yibin Licai Group Co.,
Ltd.
Chengdu Kanglongxin Plastic
Industry Co., Ltd.
Luzhou Huasheng Glass Co., Ltd. 6,538,673.63 6,538,673.63 9.14% 326,933.68
Sichuan Chuanhong Tea Group
Co., Ltd.
Chengdu PUTH Medical
Technology Co., Ltd.
Total 31,367,008.81 31,367,008.81 43.84% 674,360.17
(1) Receivables financing presented by category
Unit: RMB
Item Closing balance Opening balance
Bank acceptance bills 3,888,593,774.07 19,566,397,992.11
Total 3,888,593,774.07 19,566,397,992.11
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(2) Receivables financing by method of establishing allowance for doubtful account
Unit: RMB
Closing balance Opening balance
Allowance for Allowance for
Gross amount Gross amount
doubtful account doubtful account
Category
As % of Allowance Carrying amount As % of Allowance Carrying amount
the total Amou as % of the the total as % of the
Amount Amount Amount
gross nt gross gross gross
amount amount amount amount
Allowances for
doubtful
accounts
established on
an individual
basis
Allowances for
doubtful
accounts 3,888,593,774.07 3,888,593,774.07 19,566,397,992.11 100.00% 19,566,397,992.11
%
established on a
grouping basis
Of which:
Bank 100.00
acceptance bills %
Total 3,888,593,774.07 3,888,593,774.07 19,566,397,992.11 100.00% 19,566,397,992.11
%
The Company had no receivables financing for which allowances for doubtful accounts are established on an individual basis as at the end of the period.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Allowances for doubtful accounts established on a grouping basis:
Unit: RMB
Closing balance
Item Allowance for doubtful Allowance as % of the gross
Gross amount
account amount
Bank acceptance bills 3,888,593,774.07
Total 3,888,593,774.07
(3) Allowances for doubtful accounts established, recovered or reversed in the period
The Company had no allowances for doubtful accounts established, recovered or reversed in the period.
(4) Receivables financing in pledge at the end of the period
The Company had no receivables financing in pledge at the end of the period.
(5) Receivables financing endorsed or discounted by the Company at the end of the period and not expired
yet on the balance sheet date
Unit: RMB
Amount derecognized at the end of the Amount not yet derecognized at the end
Item
period of the period
Bank acceptance bills 2,097,319,334.02
Total 2,097,319,334.02
Unit: RMB
Item Closing balance Opening balance
Interest receivable
Dividends receivable
Other receivables 60,621,424.66 47,264,361.93
Total 60,621,424.66 47,264,361.93
(1) Other receivables
Unit: RMB
Nature Closing gross amount Opening gross amount
Cash float 13,069,681.39 890,541.57
Security deposits 41,658,919.69 41,901,987.04
Other advance money for others or
temporary payment, etc.
Total 72,050,813.89 58,457,372.90
Unit: RMB
Aging Closing gross amount Opening gross amount
Within 1 year (inclusive) 49,115,019.28 28,668,722.63
More than 3 years 11,853,791.14 11,713,605.68
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
More than 5 years 9,730,193.94 9,632,659.34
Total 72,050,813.89 58,457,372.90
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Gross amount Allowance for doubtful account Gross amount Allowance for doubtful account
Category Carrying Carrying
As % of the As % of the As % of the As % of the
Amount total gross Amount total gross amount Amount total gross Amount total gross amount
amount amount amount amount
Allowances
for doubtful
accounts
established 1,838.85 0.00% 1,838.85 100.00% 1,838.85 0.00% 1,838.85 100.00%
on an
individual
basis
Of which:
External
customers
Allowances
for doubtful
accounts
established 72,048,975.04 100.00% 11,427,550.38 15.86% 60,621,424.66 58,455,534.05 100.00% 11,191,172.12 19.14% 47,264,361.93
on a
grouping
basis
Of which:
External
customers
Related
parties
Total 72,050,813.89 100.00% 11,429,389.23 15.86% 60,621,424.66 58,457,372.90 100.00% 11,193,010.97 19.15% 47,264,361.93
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Allowances for doubtful accounts established on an individual basis:
Unit: RMB
Opening balance Closing balance
Allowanc Allowance
Item Allowance
Gross Gross e for as % of Reason for
for doubtful
amount amount doubtful the gross allowance
account
account amount
Allowances for doubtful accounts Expected to be
established on an individual basis unrecoverable
Total 1,838.85 1,838.85 1,838.85 1,838.85
Allowances for doubtful accounts established on a grouping basis:
Unit: RMB
Closing balance
Item Allowance for doubtful Allowance as % of
Gross amount
account the gross amount
Other receivables for which allowances for doubtful
accounts are established based on the external 70,902,022.51 11,427,550.38 16.12%
customer group
Other receivables for which allowances for doubtful
accounts are established based on the related party 1,146,952.53
group
Total 72,048,975.04 11,427,550.38
Allowances for doubtful accounts established using the general model of expected credit loss:
Unit: RMB
Stage 1 Stage 2 Stage 3
Allowances for doubtful 12-month Lifetime expected credit Lifetime expected credit Total
accounts expected credit loss (without credit loss (with credit
loss impairment) impairment)
Balance as at January 1,
Balance as at January 1,
- Transferred to Stage 2
- Transferred to Stage 3
- Transferred back to
Stage 2
- Transferred back to
Stage 1
Established in the period 236,378.26 236,378.26
Reversed in the period
Charged off in the period
Written off in the period
Other changes
Balance as at June 30,
Gross amounts with significant changes in loss allowances in the period:
□ Applicable Not applicable
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Allowances for doubtful accounts in the period:
Unit: RMB
Changes in the period
Opening
Category Recovered Charged off or Closing balance
balance Established Others
or reversed written off
Other receivables for which
allowances for doubtful
accounts are established on an
individual basis
Other receivables for which
allowances for doubtful
accounts are established based 11,191,172.12 236,378.26 11,427,550.38
on the credit risk characteristic
group
Total 11,193,010.97 236,378.26 11,429,389.23
No such cases in the Reporting Period.
Unit: RMB
As % of
the
Closing balance
closing
Nature of of allowances
Entity Closing balance Aging balance of
account for doubtful
total other
accounts
receivable
s
Security
Yibin Zhongqi Natural Gas Co., Ltd. 7,500,000.00 Within 1 year 10.41% 225,000.00
deposit
Yibin Cuiping District Housing and Security
Urban-Rural Development Bureau deposit
State Grid Sichuan Electric Power Security
Company deposit
Other
China Mobile Group Sichuan Sub- Within 1 year; 1-2
temporary 3,294,042.58 4.57% 112,891.81
Company Yibin Branch years
payment
Urban Housing Expropriation Service Security
Center of Cuiping District, Yibin City deposit
Total 21,850,482.58 30.33% 4,519,585.01
(1) Prepayments presented by aging
Unit: RMB
Closing balance Opening balance
Aging As % of total As % of total
Amount Amount
prepayments prepayments
Within 1 year 203,146,058.26 88.23% 128,590,930.55 88.76%
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
More than 3 years 9,143,650.94 3.97% 9,785,066.73 6.76%
Total 230,243,788.88 144,877,853.45
The Company had no prepayments with significant amounts aged over three years at the end of the period.
(2) Top five entities with respect to prepayments
Unit: RMB
As % of the closing balance of total
Entity Closing balance
prepayments
Yibin PetroChina Kunlun Guoding Gas Co., Ltd. 42,170,000.00 18.32%
Zhejiang Pengyuan Supply Chain Management Co., Ltd. 29,297,890.00 12.72%
PetroChina Company Limited Southwest Chemical Sales
Branch
Ningbo Yizhe Supply Chain Management Co., Ltd. 20,053,180.00 8.71%
Xiamen Yijianxing Industrial Co., Ltd. 8,221,213.22 3.57%
Total 123,714,941.31 53.73%
Indicate whether the Company is subject to the information disclosure requirements for the real estate sector.
No.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(1) Classification of inventory
Unit: RMB
Closing balance Opening balance
Inventory valuation
Inventory valuation
Item allowances or
allowances or impairment
Gross amount Carrying amount Gross amount impairment allowances Carrying amount
allowances for contract
for contract
performance costs
performance costs
Raw materials 665,884,407.44 8,202,140.39 657,682,267.05 523,518,853.06 8,753,993.75 514,764,859.31
Goods in
process
Inventory of
goods
Turnover
materials
Goods issued 45,833,169.63 917,805.65 44,915,363.98 64,025,690.35 917,805.65 63,107,884.70
Homemade
semi-finished 12,641,568,888.27 150,386.01 12,641,418,502.26 12,484,913,323.72 150,386.01 12,484,762,937.71
products
Packing
materials
Manufacturing
consignment 19,673,853.19 19,673,853.19 42,483,687.02 42,483,687.02
materials
Goods in transit 75,126,046.43 75,126,046.43 57,153,306.62 57,153,306.62
Total 17,786,930,597.44 41,159,931.27 17,745,770,666.17 18,278,724,550.18 45,022,383.56 18,233,702,166.62
The Company is subject to the disclosure requirements for the food and wine & liquor production industry in Guidelines No. 3 of the Shenzhen Stock Exchange
for the Self-Regulation of Listed Companies—Industry-specific Information Disclosure.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(2) Classification of merchandise on hand
Unit: RMB
Closing balance Opening balance
Item
Valuation Valuation
Gross amount Carrying amount Gross amount Carrying amount
allowances allowances
Liquor 2,349,332,370.04 2,349,332,370.04 3,045,044,472.65 3,045,044,472.65
Plastic
products
Printing 56,818,988.85 510,423.52 56,308,565.33 58,507,321.83 510,423.52 57,996,898.31
Glass bottles 82,018,202.05 7,548,754.58 74,469,447.47 79,760,750.48 10,859,353.51 68,901,396.97
Others 56,085,329.77 4,266,403.60 51,818,926.17 74,327,153.10 4,266,403.60 70,060,749.50
Total 2,939,718,381.22 15,536,393.71 2,924,181,987.51 3,668,076,737.62 18,846,992.64 3,649,229,744.98
(3) Inventory valuation allowances and impairment allowances for contract performance costs
Unit: RMB
Increase in the period Decrease in the period
Item Opening balance Reversed or Other Closing balance
Established Others
charged off s
Raw
materials
Inventory of
goods
Turnover
materials
Goods issued 917,805.65 917,805.65
Semi-finished
products
Packing
materials
Total 45,022,383.56 3,862,452.29 41,159,931.27
(4) Note on closing balance of inventory containing the capitalized amount of borrowing costs
None
(5) Notes of the amount of contract performance costs amortized for the period
None
Unit: RMB
Item Closing balance Opening balance
Input VAT to be deducted 125,122,333.78 300,126,541.56
Prepaid VAT and corporate income tax 66,284,955.52 44,369,501.13
Total 191,407,289.30 344,496,042.69
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Unit: RMB
Increase/decrease in the period
Open D
Im
ing ec Adju Ot
pa Closing
balan re stme he
ir balance
ce of as nt to r
Declar m of
Opening balance impa e Return on other eq Closing balance
Investee ed cash en Ot impairme
irme Increase in in investment com uit
(carrying amount) dividen t he (carrying amount)
investment in recognized using the preh y nt
nt ds or all rs
ve equity method ensiv ch allowanc
allo profit o
st e an e
wanc w
e m inco ge
an
en me s
ce
t
I Joint ventures
II Associates
Oriental Outlook Media Co., Ltd. 25,560,813.03 -6,450,761.29 19,110,051.74
Sichuan Yibin Wuliangye Group Finance Co., Ltd. 2,019,841,357.11 52,186,053.74 2,072,027,410.85
Beijing Zhongjiuhuicui Education and Technology
Co., Ltd.
Sichuan Jinzhu New Materials Co., Ltd. 40,000,000.00 5,201,858.53 45,201,858.53
Yibin Jiamei Intelligent Packaging Co., Ltd. 25,397,836.94 578,321.09 25,976,158.03
Sub-total 2,081,612,703.43 40,000,000.00 51,393,321.62 2,173,006,025.05
Total 2,081,612,703.43 40,000,000.00 51,393,321.62 2,173,006,025.05
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Other information:
(1) The Company invested in Oriental Outlook Media Co., Ltd., an associate of the Company, for implementing
the strategy of entering the media industry. The Company contributed RMB17.15 million in April 2005, acquiring
(formerly known as “Shanghai Worldbest Co., Ltd.”) and Shanghai Tiancheng Chuangye Development Co., Ltd.
(2) As reviewed and approved by the 22nd Meeting of the 4th Board of Directors of the Company on October
jointly invested and established Wuliangye Group Finance. Its registered capital is RMB2 billion, among which the
Company contributed RMB720 million, taking up 36% of the registered capital. On May 23, 2020, the 74th Meeting
of the 5th Board of Directors of the Company considered and approved the capital increase of the Company to
Wuliangye Group Finance based on the net asset value per share of Wuliangye Group Finance evaluated at
RMB1.3817 per share as consideration for the capital increase of RMB734,693,877.55, of which:
RMB531,731,835.82 was credited to registered capital and RMB202,962,041.73 was credited to capital reserve. In
this capital increase, the related party Wuliangye Group increased its capital at the same price, and the remaining
shareholders of Wuliangye Group Finance did not participate in this capital increase. After the completion of this
capital increase, the registered capital of Wuliangye Group Finance increased from RMB2 billion to
RMB3,085,619,164.80, and the shareholding ratio of the Company was changed to 40.56%.
(3) In 2019, Sichuan Yibin Wuliangye Jingmei Printing Co., Ltd., a holding subsidiary of the Company, and
Shenzhen Jinjia New Intelligent Packaging Co., Ltd. jointly invested and established Yibin Jiamei Intelligent
Packaging Co., Ltd. Primary business of Yibin Jiamei Intelligent Packaging Co., Ltd. include research and
development, plate-making, printing, production and sales of packaging products. Its registered capital is RMB20
million, among which Sichuan Yibin Wuliangye Jingmei Printing Co., Ltd. contributed RMB9.8 million, taking up
(4) As reviewed and approved by the 85th Meeting of the 5th Board of Directors of the Company on February
Ltd., Sichuan Science and Engineering Asset Management Co., Ltd., Sichuan Jingwei Education Management
Group Co., Ltd., and Yibin Vocational & Technical College Asset Operation and Management Co., Ltd. jointly
invested and established Beijing Zhongjiuhuicui Education and Technology Co., Ltd. Its registered capital is
RMB54 million, among which the Company contributed RMB11.25 million, taking up 20.83% of the registered
capital.
(5) In 2024, the Company’s majority-owned subsidiary Sichuan Yibin Global Group Shenzhou Glass Co., Ltd.,
along with Yibin Paper Industry Co., Ltd. and Yibin Push Linko Technology Co., Ltd., jointly invested in the
establishment of Sichuan Jinzhu New Materials Co., Ltd. Sichuan Jinzhu New Materials Co., Ltd. is principally engaged
in the manufacture and sale of bio-based materials, paper products, and packaging materials and products. Its registered
capital is RMB200 million, among which Sichuan Yibin Global Group Shenzhou Glass Co., Ltd. contributed RMB40
million, taking up 20% of the registered capital.
Unit: RMB
Item Closing balance Opening balance
Sichuan Chinese Baijiu Jinsanjiao Brand Operation and
Development Co., Ltd.
Total 1,200,000.00 1,200,000.00
Unit: RMB
Item Closing balance Opening balance
Fixed assets 7,742,961,114.85 7,262,016,086.69
Disposal of fixed assets 2,553,406.90 2,724,596.93
Total 7,745,514,521.75 7,264,740,683.62
(1) Information on fixed assets
Unit: RMB
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Buildings and Machinery Transport
Item Other equipment Total
constructions equipment equipment
I Gross amount:
(1) Acquisition 2,134,695.10 56,468,679.97 2,380,323.34 28,814,251.60 89,797,950.01
(2) Transferred from
construction in progress
(3) Increase from
business combination
period
(1) Disposed or
scrapped
II Accumulated
depreciation
(1) Provisions 158,552,352.00 107,218,435.01 7,857,582.13 17,319,004.35 290,947,373.49
period
(1) Disposed or
scrapped
III Impairment allowances
(1) Provisions
period
(1) Disposed or
scrapped
IV Carrying amount
amount
amount
(2) Fixed assets that are temporarily idle
The Company has no major fixed assets that are temporarily idle.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(3) Fixed assets leased out under operating leases
Unit: RMB
Item Closing carrying amount
Buildings and constructions 276,848,923.59
(4) Fixed assets without certificate of title
Unit: RMB
Item Carrying amount Reason for not obtaining certificate of title
The certificate of title has not been obtained due to historical reasons, to which
Buildings and
constructions
of title gradually.
Other information: According to the Interim Regulation on Real Estate Registration of Sichuan Province 2016,
the property ownership certificate and the land use certificate are integrated into the real estate ownership certificate.
The Company is sorting out relevant assets and handling with the certificate of title of relevant assets.
(5) Impairment tests of fixed assets
□ Applicable Not applicable
(6) Disposal of fixed assets
Unit: RMB
Item Closing balance Opening balance
Buildings and constructions, equipment,
etc.
Total 2,553,406.90 2,724,596.93
Unit: RMB
Item Closing balance Opening balance
Construction in progress 5,929,530,995.10 5,792,601,022.56
Engineering materials 3,321,221.43 2,571,298.51
Total 5,932,852,216.53 5,795,172,321.07
(1) Construction in progress
Unit: RMB
Closing balance Opening balance
Item Impairment Impairment
Gross amount Carrying amount Gross amount Carrying amount
allowance allowance
Constru
ction in 5,931,931,000.65 2,400,005.55 5,929,530,995.10 5,795,001,028.11 2,400,005.55 5,792,601,022.56
progress
Total 5,931,931,000.65 2,400,005.55 5,929,530,995.10 5,795,001,028.11 2,400,005.55 5,792,601,022.56
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(2) Changes in important construction in progress in the period
Unit: RMB
Of
wh Int
Cu ich ere
Ot mu : st
her Cumul lati Ca ca
de ative ve pit pit
cre project ca ali ali
Transferred to Project
Increase in the ase invest pit ze zat
Project Budget Opening balance fixed assets in the Closing balance progres Funding source
period s ment ali d ion
period s
in as % of ze int rat
the the d ere e
per budget int st for
iod ere in the
st the per
per iod
iod
Liquor Packaging and Integrated
Smart Storage-and-delivery Project 8,596,655,000.00 899,834,791.90 44,461,205.61 16,588,799.51 927,707,198.00 funds
% %
(Note 1)
Baijiu Cellar Renovation Project 1,726,166,000.00 358,789,382.05 18,271,079.29 377,060,461.34 funds and
% % subsidies
Qu-making Workshop Expansion 35.90 88.00
Project % %
Project (Phase I) % %
Project (Phase II) % %
Wuliangye Gateway Area Project 5,027,737,600.00 171,570,666.48 57,712,599.86 471,698.12 228,811,568.22 4.56% Own funds
%
New centralized wastewater 37.66 90.00
treatment plant % %
Wuliangye 501 Ancient
Fermentation Pits-Chinese Baijiu 1,613,991,000.00 218,022,926.48 9,509,761.29 227,532,687.77 Own funds
% %
Cultural Sanctuary Project
Smart Factory Project in Area B of 30.00
Wuliangye Industrial Park %
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Total 27,815,504,100.00 4,294,882,560.36 699,270,878.08 678,995,452.77 4,315,157,985.67
Note 1: The total budget investment in liquor packaging and integrated smart storage-and-delivery project is RMB8,596.655 million, among which the investment
in construction is RMB6,787.568 million, with RMB1,809.087 million of initial working capital. The project has two phases. The progress of the first phase is 88%,
and the second phase will begin at the right time according to the production and operations of the Company. The total progress of the two phases of the project is 40%.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(3) Impairment allowances established for construction in progress for the period
There were no additional impairments of construction in progress as at the end of the period.
(4) Impairment tests of construction in progress
□ Applicable Not applicable
(5) Engineering materials
Unit: RMB
Closing balance Opening balance
Item Impairment Impairment
Gross amount Carrying amount Gross amount Carrying amount
allowance allowance
Engineering
materials
Total 3,321,221.43 3,321,221.43 2,571,298.51 2,571,298.51
(1) Right-of-use assets
Unit: RMB
Buildings and Plant and Transport
Item Land use right Total
constructions equipment equipment
I Gross amount
(1) Operating leases 14,198,881.18 14,198,881.18
period
(1) Expiry or
termination of leases
II Accumulated
depreciation
(1) Provisions 66,037,824.97 419,770.86 62,385.90 141,284,417.40 207,804,399.13
period
(1) Disposal
(2) Expiry or
termination of leases
III Impairment allowances
(1) Provisions
period
(1) Disposal
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
IV Carrying amount
amount
amount
(2) Impairment tests of right-of-use assets
□ Applicable Not applicable
(1) Intangible assets
Unit: RMB
N
on
pa
Pa te
Technology use
Item Land use right ten nt Software system Copyright Total
right
ts tec
hn
ol
og
y
I Gross amount
(1) Acquisition 135,248,128.03 135,248,128.03
(2) Internal research and
development
(3) Increase from
business combination
(1) Disposal 1,953,519.90 486,100.00 2,439,619.90
II Accumulated amortization
(1) Provisions 34,469,159.83 49,136,934.53 3,679.26 268,867.79 83,878,641.41
(1) Disposal 670,063.94 82,863.33 752,927.27
III Impairment allowances
(1) Provisions
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(1) Disposal
IV Carrying amount
amount
There were no intangible assets created by internal research and development of the Company at the end of the
period.
(2) Land use right failed to accomplish certification of property
Unit: RMB
Reason for failing to accomplish certification of
Item Carrying amount
property
Land of the Wuliangye Gateway Area Certification of property has not yet started for the
Project construction planning is still being optimized.
(3) Impairment tests of intangible assets
□ Applicable Not applicable
(1) Gross amounts of goodwill
Unit: RMB
Decrease in
Increase in the period
the period
Opening
Investee or item generating goodwill Generated due to Closing balance
balance Dispo
business
sal
combination
Sichuan Yibin Plastic Packaging Materials
Company Limited
Sichuan Yibin Global Group Shenzhou Glass
Co., Ltd.
Sichuan Yibin Global Gelasi Glass
Manufacturing Co., Ltd.
Sichuan Yibin Push Group 3D Co., Ltd. 899,616.62 899,616.62
Total 1,621,619.53 1,621,619.53
Unit: RMB
Increase in the Amortization in
Item Opening balance Other decreases Closing balance
period the period
Molds 123,775,043.95 23,365,486.74 29,729,245.95 117,411,284.74
Overhaul expenses
of kilns
Others 6,168,053.75 7,611,856.96 2,133,072.80 11,646,837.91
Total 141,764,604.11 30,977,343.70 36,374,672.69 136,367,275.12
Long-term prepaid expense include the molds of Sichuan Yibin Plastic Packaging Materials Company Limited,
a subsidiary of the Company, and the overhaul expenses of kilns of Sichuan Yibin Global Gelasi Glass
Manufacturing Co., Ltd., which will be amortized in three years and four years, respectively.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(1) Deferred income tax assets which have not been offset
Unit: RMB
Closing balance Opening balance
Item Deductible temporary Deferred income tax Deductible temporary Deferred income tax
differences assets differences assets
Asset impairment
allowances
Unrealized profit of
internal transactions
Employee benefits
payable
Lease liabilities, etc. 601,385,967.18 148,163,620.51 799,879,616.70 195,618,776.55
Accrued expenses, etc. 6,859,680,998.66 1,714,920,249.67 6,192,952,568.22 1,548,238,142.06
Total 12,624,586,461.47 3,149,965,433.77 13,621,831,023.60 3,397,108,317.96
(2) Deferred income tax liabilities which have not been offset
Unit: RMB
Closing balance Opening balance
Item Taxable temporary Deferred income tax Taxable temporary Deferred income tax
differences liabilities differences liabilities
Right-of-use assets 578,800,111.68 143,675,681.48 793,199,588.50 194,019,722.26
Total 578,800,111.68 143,675,681.48 793,199,588.50 194,019,722.26
(3) Details about deferred income tax assets which have not been recognized
Unit: RMB
Item Closing balance Opening balance
Deductible temporary differences 1,209,053.84 4,928,504.70
Deductible losses 379,419,123.77 324,561,290.06
Total 380,628,177.61 329,489,794.76
(4) Deductible losses of deferred income tax assets which have not been recognized will become due in the
following years
Unit: RMB
Year Closing amount Opening amount Remarks
Total 379,419,123.77 324,561,290.06
Unit: RMB
Item Closing balance Opening balance
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Impairme Impairme
Gross amount nt Carrying amount Gross amount nt Carrying amount
allowance allowance
Advances of
progress
payment for
information
system
construction
Prepayments
for equipment
Prepayments
for land bids 25,915,125.18 25,915,125.18 25,766,855.05 25,766,855.05
and others
Total 468,258,650.52 468,258,650.52 318,149,689.32 318,149,689.32
Unit: RMB
At the end of the period At the beginning of the period
Ty Ty
Ite pe pe
m of of
Gross amount Carrying amount Restriction Gross amount Carrying amount Restriction
rest rest
rict rict
ion ion
Security deposits for
Security deposits for
bank acceptance bills,
bank acceptance bills,
Sec other security Sec
other security deposits,
Mo urit deposits, the balance urit
the balance in the
net y in the securities y
securities trading
ary 361,016,021.18 361,016,021.18 dep trading account with 126,847,002.57 126,847,002.57 dep
account with the Yibin
ass osit the Yibin Jinsha River osit
Jinsha River Avenue
ets , Avenue Securities ,
Securities Business
etc. Business Department etc.
Department of SDIC
of SDIC Securities,
Securities, etc.
etc.
Tot
al
Unit: RMB
Category Closing balance Opening balance
Bank acceptance notes 418,008,547.36 414,559,110.49
Letters of credit 1,897,737.60
Total 418,008,547.36 416,456,848.09
There were no notes payable which became mature but were unpaid at the end of the period.
(1) Presentation of accounts payable
Unit: RMB
Item Closing balance Opening balance
Accounts payable 9,758,290,847.12 9,076,595,227.75
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Total 9,758,290,847.12 9,076,595,227.75
(2) Significant accounts payable that are over one year or overdue
There were no significant accounts payable that were over 1 year or overdue at the end of the period.
Unit: RMB
Item Closing balance Opening balance
Dividends payable 12,300,815,767.85 9,999,022,175.17
Other payables 6,604,531,083.24 6,508,102,994.90
Total 18,905,346,851.09 16,507,125,170.07
(1) Dividends payable
Unit: RMB
Item Closing balance Opening balance
Dividends payable to ordinary
shareholders
Total 12,300,815,767.85 9,999,022,175.17
(2) Other payables
Unit: RMB
Item Closing balance Opening balance
Image publicity expense and sales
promotional expense
Security deposits 953,073,781.44 968,577,002.09
Frozen funds 271,624,671.64 271,730,671.64
Collecting payment on behalf of others 24,858,008.98 36,320,489.25
Claims from safeguarding rights 32,790,586.09 55,766,151.01
Others 553,002,912.35 754,383,391.95
Total 6,604,531,083.24 6,508,102,994.90
Unit: RMB
Item Closing balance Reason for unsettlement or carryforward
Frozen funds 271,124,671.64
Total 271,124,671.64
(1) Presentation of advances from customers
Unit: RMB
Item Closing balance Opening balance
Advances from customers 9,622,414.35 9,237,322.95
Total 9,622,414.35 9,237,322.95
(2) Significant advances from customers that are over 1 year or overdue
There were no significant advances from customers that were over 1 year or overdue at the end of the period.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Unit: RMB
Item Closing balance Opening balance
Advances from customers 10,077,254,934.98 11,689,880,975.04
Total 10,077,254,934.98 11,689,880,975.04
There were no significant contract liabilities that were over 1 year at the end of the period.
Top five entities with respect to contract liabilities at the end of the period:
The aggregate amount of the contract liabilities of the top five entities stood at RMB3,667,001,671.17 at the
end of the period, accounting for 36.39% of the total contract liabilities at the end of the period.
(1) Presentation of employee benefits payable
Unit: RMB
Increase in the Decrease in the
Item Opening balance Closing balance
period period
I Short-term remuneration 4,568,894,722.47 4,028,923,070.67 4,444,278,342.11 4,153,539,451.03
II Post-employment benefits -
defined contribution plans
III Dismissal benefits 5,800,000.00 587,986.15 587,986.15 5,800,000.00
Total 4,574,708,782.13 4,619,543,572.23 5,034,390,877.83 4,159,861,476.53
(2) Presentation of short-term remuneration
Unit: RMB
Increase in the Decrease in the
Item Opening balance Closing balance
period period
and subsidies
Including: Medical insurance
premium
Industrial injury
insurance premium
personnel educational fund
Total 4,568,894,722.47 4,028,923,070.67 4,444,278,342.11 4,153,539,451.03
(3) Presentation of defined contribution plans
Unit: RMB
Item Opening balance Increase in the period Decrease in the period Closing balance
insurance
insurance premium
contribution
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Total 14,059.66 590,032,515.41 589,524,549.57 522,025.50
Unit: RMB
Item Closing balance Opening balance
VAT 1,271,558,704.14 1,745,210,260.14
Consumption tax 1,201,709,715.53 1,707,331,535.80
Corporate income tax 1,681,419,952.39 3,322,665,633.85
Individual income tax 21,659,769.17 26,768,495.02
Urban maintenance and construction tax 185,531,064.01 254,415,348.02
Education surcharge 79,620,341.67 109,482,529.02
Local education surcharge 53,073,913.73 72,992,902.64
Deed tax 37,629,000.00 37,629,000.00
Stamp duty 6,491,776.47 9,412,473.25
Land use tax 669,153.14 794,497.14
Property tax 484,364.27 468,133.28
Environmental protection tax 15,000.00 105,218.66
Total 4,539,862,754.52 7,287,276,026.82
Other information: The taxes and levies of the Company depend on the amount verified and imposed by the
tax authorities.
Unit: RMB
Item Closing balance Opening balance
Current portion of lease liabilities 386,015,219.60 408,675,726.69
Total 386,015,219.60 408,675,726.69
Unit: RMB
Item Closing balance Opening balance
Output tax to be transferred 422,996,321.65 1,056,550,277.52
Total 422,996,321.65 1,056,550,277.52
Unit: RMB
Item Closing balance Opening balance
Lease liabilities 215,370,747.58 393,922,062.84
Total 215,370,747.58 393,922,062.84
Unit: RMB
Increase in the Decrease in the
Item Opening balance Closing balance Cause
period period
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Government grants 242,976,829.32 11,985,000.00 7,022,970.90 247,938,858.42
Total 242,976,829.32 11,985,000.00 7,022,970.90 247,938,858.42
Unit: RMB
Increase/decrease in the period (+/-)
Opening balance Bonus issue Closing balance
New Bonus issue Subtot
from capital Others
issue from profit al
reserves
Total shares 3,881,608,005.00 3,881,608,005.00
Unit: RMB
Increase in Decrease in
Item Opening balance Closing balance
the period the period
Capital premium (share premium) 2,682,523,702.98 2,682,523,702.98
Other capital reserves 123,383.17 123,383.17
Total 2,682,647,086.15 2,682,647,086.15
Unit: RMB
Item Opening balance Increase in the period Decrease in the period Closing balance
Statutory surplus
reserves
Total 39,064,267,000.43 39,064,267,000.43
Unit: RMB
Item H1 2025 H1 2024
Retained earnings at the end of the prior period before
adjustment
Total retained earnings at the beginning of the period
before adjustment (“+” for increase, “-” for decrease)
Retained earnings at the beginning of the period after
adjustment
Add: Net profit attributable to owners of the parent
company in the period
Less: Appropriation to statutory surplus reserves
Appropriation to discretionary surplus reserves
Appropriation to general reserve
Dividends payable to ordinary shareholders 12,300,815,767.85 18,127,109,383.35
Dividends for ordinary shareholders converted
into share capital
Retained earnings at the end of the period 94,847,886,555.07 90,335,152,592.07
Adjustments to the retained earnings at the beginning of the period:
adjustment according to the Accounting Standards for Business Enterprises and relevant new provisions.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
policies.
accounting errors.
combination scope arising from the same control.
adjustments.
Unit: RMB
H1 2025 H1 2024
Item
Revenue Costs Revenue Costs
Principal operations 52,608,130,389.28 12,126,371,904.27 50,383,472,503.12 11,273,317,113.18
Other operations 162,853,994.24 101,818,007.31 264,554,075.53 192,821,394.02
Total 52,770,984,383.52 12,228,189,911.58 50,648,026,578.65 11,466,138,507.20
Breakdown of operating revenue and cost of sales of liquor products in the period:
Unit: RMB
Liquor products
Type of contract
Operating revenue Cost of sales
By operating segment
East China 20,109,454,628.34 2,904,893,555.18
South China 21,886,027,517.04 4,815,949,999.55
North China 7,124,405,316.59 1,024,619,693.63
By sales channel
Online 2,539,300,916.62 318,914,483.88
Offline 46,580,586,545.35 8,426,548,764.48
Total 49,119,887,461.97 8,745,463,248.36
Information related to performance obligations:
Revenue is recognized at the point when the Company completes its contractual performance obligations when
the customer obtains control of the goods to which it belongs in the contractual agreement.
Information related to the transaction price apportioned to the remaining performance obligation:
The amount of revenue corresponding to performance obligations that have been contracted but not yet
performed or not completed at the end of the Reporting Period was RMB10,077,254,934.98.
Unit: RMB
Item H1 2025 H1 2024
Consumption tax 6,288,911,118.08 5,687,106,649.35
Urban maintenance and construction tax 848,693,163.55 803,552,169.25
Education surcharge 364,630,682.04 344,701,516.76
Tax on natural resources 107,825.30 109,522.00
Property tax 43,452,210.49 23,205,815.59
Land use tax 20,858,497.80 41,156,166.30
Vehicle and vessel usage tax 38,142.16 47,254.77
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Stamp duty 41,710,777.57 39,863,996.75
Local education surcharge 243,087,121.35 229,801,011.22
Environmental protection tax 328,027.46 322,241.53
Consumption tax 7,851,817,565.80 7,169,866,343.52
Unit: RMB
Item H1 2025 H1 2024
Comprehensive expenses of the Company (including
travel, office, expenses of the Board of Directors,
employee remuneration, labor insurance, labor protection
appliances, etc.)
Rents 8,082,647.76 19,137,530.26
Trademark and logo royalties 589,976,329.09 583,929,526.70
Depreciation and amortization expenses 287,951,286.93 257,656,124.82
Others 102,223,818.72 136,436,777.73
Total 1,712,424,934.59 1,738,561,638.52
Unit: RMB
Item H1 2025 H1 2024
Image publicity expense 921,538,548.01 932,275,200.41
Sales promotional expense 3,561,191,259.96 3,440,601,772.58
Storage and logistics expenses 285,437,440.65 272,408,237.24
Expenses of labor 371,762,556.09 455,092,791.02
Other expenses 256,464,187.64 265,964,172.17
Total 5,396,393,992.35 5,366,342,173.42
Unit: RMB
Item H1 2025 H1 2024
Comprehensive expenses (including
travel, office, payroll, labor insurance, 131,510,126.47 103,573,828.45
labor protection appliances, etc.)
Material expenses 14,080,079.36 19,708,709.93
Product design fees 14,285,439.20 5,713,011.34
Depreciation and amortization expenses 12,719,432.99 8,987,010.37
Technical service expenses 7,196,099.72 6,526,918.33
Others 29,810,563.63 15,251,462.86
Total 209,601,741.37 159,760,941.28
Unit: RMB
Item H1 2025 H1 2024
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Interest costs 17,182,807.06 17,030,819.31
Less: Interest income 1,279,488,906.12 1,423,837,619.29
Exchange loss 323,536.87 8,853.74
Less: Exchange gains 249,637.12 168,365.72
Service charge of financial institutions 1,085,006.21 1,334,764.34
Others -122,512.48 4,776,438.16
Total -1,261,269,705.58 -1,400,855,109.46
Unit: RMB
Sources of other income H1 2025 H1 2024
Government grants 37,367,086.20 166,637,116.01
Tax rebates 3,869,080.00 44,310,389.47
Tax preferences 11,487,651.43 9,801,882.16
Total 52,723,817.63 220,749,387.64
Unit: RMB
Item H1 2025 H1 2024
Return on long-term equity investments
measured using the equity method
Total 51,393,321.62 21,877,331.70
Unit: RMB
Item H1 2025 H1 2024
Loss on uncollectible accounts
-941,901.89 -1,477,823.13
receivable
Loss on uncollectible other receivables -236,378.26 -712,187.88
Total -1,178,280.15 -2,190,011.01
Unit: RMB
Source of asset disposal income H1 2025 H1 2024
Disposal of non-current assets 9,129,289.36 -3,917,579.22
Total 9,129,289.36 -3,917,579.22
Unit: RMB
Amounts included in current
Item H1 2025 H1 2024
exceptional profit or loss
Penalty income 3,198,585.91 4,296,135.48 3,198,585.91
Gains from scrap of non-
current assets
Others 18,208,990.69 8,070,931.91 18,208,990.69
Total 21,508,498.66 12,505,112.08 21,508,498.66
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Unit: RMB
Amounts included in current
Item H1 2025 H1 2024
exceptional profit or loss
Donations 31,992,061.18 906,300.00 31,992,061.18
Penalty expenditure 2,631,255.77 410,453.12 2,631,255.77
Loss on scrap of non-current
assets
Exceptional loss 321,307.07 192,564.22 321,307.07
Others 13,134,978.12 4,777,144.49 13,134,978.12
Total 48,596,190.60 7,164,462.42 48,596,190.60
(1) List of income tax expense
Unit: RMB
Item H1 2025 H1 2024
Current income tax expense 6,386,847,613.33 6,640,486,565.75
Deferred income tax expense 196,798,843.41 -76,945,308.03
Total 6,583,646,456.74 6,563,541,257.72
(2) Reconciliation from accounting profit to income tax expense
Unit: RMB
Item H1 2025
Profit before tax 26,718,806,399.93
Income tax expense based on the statutory/applicable tax rates 6,679,701,599.98
Effects of different tax rates of subsidiaries -85,005,450.23
Effects of adjustments to income tax of the prior period -1,881,413.77
Effects of non-taxable revenue -12,848,330.40
Effects of non-deductible costs, expenses and losses 1,283,944.79
Effects of the utilization of deductible losses on which deferred income tax
-6,000,486.47
assets were unrecognized in the prior period
Effects of deductible temporary differences or losses on which deferred
income tax assets are unrecognized in the period
Effects of the over-deduction in the calculation of the taxable amount in
-2,587,496.29
relation to R&D expense
Income tax expense 6,583,646,456.74
(1) Cash generated from/used in operating activities
Cash generated from other operating activities:
Unit: RMB
Item H1 2025 H1 2024
Interest income 461,645,566.08 397,946,827.05
Security deposits and government grants
received
Total 776,441,645.40 814,125,658.15
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Cash used in other operating activities:
Unit: RMB
Item H1 2025 H1 2024
Expenses relating to selling 1,364,147,008.54 1,682,097,066.99
Trademark and logo royalties 718,741,664.03 460,920,003.79
Security deposits paid, payments for current
transactions, and other out-of-pocket expenses
Total 3,552,548,819.19 3,404,284,949.25
(2) Cash generated from/used in investing activities
Cash used in significant investing activities:
Unit: RMB
Item H1 2025 H1 2024
Liquor Packaging and Integrated Smart
Storage-and-delivery Project
Baijiu Cellar Renovation Project 18,141,755.02 42,505,440.07
Qu-making Workshop Expansion Project 26,227,380.52 157,526,640.29
(Phase I)
(Phase II)
Wuliangye Gateway Area Project 41,398,860.50 41,210,576.21
New centralized wastewater treatment plant 85,042,679.42 119,511,354.87
Wuliangye 501 Ancient Fermentation Pits-
Chinese Baijiu Cultural Sanctuary Project
Smart Factory Project in Area B of
Wuliangye Industrial Park
Total 633,058,857.63 920,045,569.72
(3) Cash generated from/used in financing activities
Cash used in other financing activities:
Unit: RMB
Item H1 2025 H1 2024
Payment for the lease liabilities 203,211,303.89 157,849,148.32
Others 98,000,000.00
Total 301,211,303.89 157,849,148.32
Changes in liabilities as a result of financing activities:
□ Applicable Not applicable
(1) Supplementary information to the cash flow statement
Unit: RMB
Supplementary information H1 2025 H1 2024
activities
Net profit 20,135,159,943.19 19,826,530,605.22
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Add: Asset impairment allowances -2,984,813.79 1,412,916.55
Depreciation of fixed assets, depletion of oil and gas assets, and
depreciation of productive living assets
Depreciation of right-of-use assets 207,804,399.13 214,586,811.40
Amortization of intangible assets 83,878,641.41 74,348,838.14
Amortization of long-term prepaid expense 36,374,672.69 38,240,450.96
Loss on the disposal of fixed assets, intangible assets and other long-
-9,129,289.36 3,917,579.22
term assets (“-” for gain)
Loss on the retirement of fixed assets (“-” for gain) 415,666.40 739,955.90
Loss on changes in fair value (“-” for gain)
Finance costs (“-” for income) 17,182,807.06 17,030,819.31
Loss on investment (“-” for income) -51,393,321.62 -21,877,331.70
Decrease in deferred income tax assets (“-” for increase) 247,142,884.19 -251,081,456.60
Increase in deferred income tax liabilities (“-” for decrease) -50,344,040.78 208,769,227.79
Decrease in inventories (“-” for increase) 491,793,952.74 541,538,716.59
Decrease in operating receivables (“-” for increase) 14,893,072,405.84 -6,566,479,747.87
Increase in operating payables (“-” for decrease) -5,153,184,652.01 -889,430,838.91
Others
Net cash generated from/used in operating activities 31,136,736,628.58 13,427,928,655.63
payments
Conversion of debt to capital
Current portion of convertible corporate bonds
Fixed assets under finance leases
Closing balance of cash 144,640,292,916.98 125,296,379,907.83
Less: Opening balance of cash 124,771,274,417.68 113,095,684,224.30
Add: Closing balance of cash equivalents
Less: Opening balance of cash equivalents
Net increase in cash and cash equivalents 19,869,018,499.30 12,200,695,683.53
(2) Composition of cash and cash equivalents
Unit: RMB
Item Closing balance Opening balance
I Cash 144,640,292,916.98 124,771,274,417.68
Of which: Cash on hand 2,600.34 4,465.96
Bank deposits that can be
readily drawn on demand
Other monetary assets that can
be readily drawn on demand
II Cash equivalents
Of which: Bond investments due within
three months
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
III Cash and cash equivalents, end of the
period
(3) Monetary assets that do not belong to cash and cash equivalents
Unit: RMB
Reason for not belong to cash and cash
Item H1 2025 H1 2024
equivalents
Security deposits for bank
acceptance bills, etc.
Accrued interest on term
deposits
Total 3,679,653,425.08 3,420,179,104.66
(4) Other major events
(1) Foreign currency monetary items
Unit: RMB
Closing balance in foreign
Item Exchange rate Closing balance in RMB
currency
Monetary assets
Of which: USD 4,653,454.63 7.1626 33,330,831.81
EUR
HKD
Accounts receivable
Of which: USD
EUR
HKD
Long-term borrowings
Of which: USD
EUR
HKD
(2) Overseas business entities (for substantial overseas business entities, the following information shall be
disclosed: principal place of business, functional currency and basis for the choice, change of functional
currency and reasons)
□ Applicable Not applicable
(1) The Company as the lessee
Applicable □ Not applicable
Variable lease payments not included in lease liabilities:
□ Applicable Not applicable
Expenses on short-term leases or leases of low-value assets:
Applicable □ Not applicable
Unit: RMB
Item H1 2025
Expenses on short-term leases or leases of low-value assets 66,726,258.85
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Sale and leaseback transactions involved:
(2) The Company as the lessor
Operating leases with the Company as the lessor:
Applicable □ Not applicable
Unit: RMB
Of which: Income related to variable lease payments not
Item Lease income
included in lease receipts
Income from operating leases 20,898,186.80
Total 20,898,186.80
Finance leases with the Company as the lessor:
□ Applicable Not applicable
Yearly undiscounted lease receipts in the coming five years:
□ Applicable Not applicable
(3) Recognition of gains and losses on sales under finance leases as a producer or distributor
□ Applicable Not applicable
VIII R&D Expenditures
Unit: RMB
Item H1 2025 H1 2024
Comprehensive expenses (including
travel, office, payroll, labor insurance, 131,510,126.47 103,573,828.45
labor protection appliances, etc.)
Material expenses 14,080,079.36 19,708,709.93
Product design fees 14,285,439.20 5,713,011.34
Depreciation and amortization expenses 12,719,432.99 8,987,010.37
Technical service expenses 7,196,099.72 6,526,918.33
Others 29,810,563.63 15,251,462.86
Total 209,601,741.37 159,760,941.28
Of which: expensed R&D expenditures 209,601,741.37 159,760,941.28
The Company had no significant outsourced R&D projects.
IX Changes to the Scope of the Consolidated Financial Statements
There were no business combinations involving entities not under common control in the Reporting Period.
There were no business combinations involving entities under common control in the Reporting Period.
There was no subsidiary acquired by counter purchase during the Reporting Period.
Indicate whether there was any transaction or event during the period in which control of a subsidiary ceased.
□ Yes No
Indicate whether there was any step-by-step disposal of the investment in a subsidiary through multiple
transactions and control of the subsidiary ceased during the period.
□ Yes No
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
There were no changes in the consolidation scope for other reasons in the Reporting Period.
X Interests in Other Entities
(1) Compositions of the Group
Unit: RMB
Principa Nature The Company’s interest How the
Place of
Registered l place of subsidiar
Subsidiary registrat
capital of busines Direct Indirect y was
ion
business s obtained
Manufa Incorpora
Sichuan Yibin Wuliangye Distillery Co., Ltd. 85,000,000.00 Yibin Yibin 99.00% 0.99%
cturing ted
Comm Incorpora
Yibin Wuliangye Liquor Sales Co., Ltd. 200,000,000.00 Yibin Yibin 95.00%
ercial ted
Yibin Wuliang Tequ and Touqu Brand Marketing Comm Incorpora
Co., Ltd. ercial ted
Comm Incorpora
Yibin Wuliangchun Brand Marketing Co., Ltd 20,000,000.00 Yibin Yibin 95.00%
ercial ted
Yibin Wuliangye Series Liquor Brand Marketing Comm Incorpora
Co., Ltd. ercial ted
Sichuan Yibin Wuliangye Supply and Marketing Comm Incorpora
Co., Ltd. ercial ted
Manufa Incorpora
Yibin Jiangjiu Liquor Co., Ltd. 50,000,000.00 Yibin Yibin 100.00%
cturing ted
Sichuan Yibin Wuliangye Environmental Manufa Incorpora
Protection Industry Co., Ltd. cturing ted
Business
combinati
on
Comm involving
Sichuan Jinwuxin Technology Co., Ltd. 14,000,000.00 Yibin Yibin 51.00%
ercial entities
not under
common
control
Sichuan Jiebeike Environmental Technology Co., Engine Incorpora
Ltd. ering ted
Manufa Incorpora
Yibin Changjiangyuan Liquor Co., Ltd. 20,000,000.00 Yibin Yibin 100.00%
cturing ted
Comm Incorpora
Yibin Changjiangyuan Trade Co., Ltd. 19,800,000.00 Yibin Yibin 100.00%
ercial ted
Manufa Incorpora
Yibin Changjiangyuan Distillery Co., Ltd. 18,900,000.00 Yibin Yibin 100.00%
cturing ted
Yibin Wuliangye Organic Agriculture Agricul Incorpora
Development Co., Ltd. tural ted
Yibin Wuliangye Xianlin Ecological Liquor Co., Manufa Incorpora
Ltd. cturing ted
Comm Incorpora
Yibin Xianlin Liquor Marketing Co., Ltd. 3,000,000.00 Yibin Yibin 90.00%
ercial ted
Sichuan Yibin Wuliangye Jingmei Printing Co., 14,000,000.00 Yibin Yibin Manufa 97.00% 1.53% Incorpora
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Ltd. cturing ted
Comm Incorpora
Yibin Xinxing Packaging Co., Ltd. 5,000,000.00 Yibin Yibin 98.53%
ercial ted
Business
combinati
on
Sichuan Yibin Plastic Packaging Materials Manufa involving
Company Limited cturing entities
not under
common
control
Sichuan Yibin Jiang’an Plastic New Materials Manufa Incorpora
Co., Ltd. cturing ted
Sichuan Yibin Plastic Packaging Products Co., Manufa Incorpora
Ltd. cturing ted
Business
combinati
on
Sichuan Yibin Global Group Shenzhou Glass Co., Manufa involving
Ltd. cturing entities
not under
common
control
Business
combinati
on
Sichuan Yibin Global Gelasi Glass Manufa involving
Manufacturing Co., Ltd. cturing entities
not under
common
control
Business
combinati
on
Manufa involving
Sichuan Yibin Push Group 3D Co., Ltd. 22,133,300.00 Yibin Yibin 100.00%
cturing entities
not under
common
control
Guangdong Plastic Packaging Materials Manufa Incorpora
Company Limited cturing ted
Sichuan Yibin Wuliangye Investment Invest Incorpora
(Consulting) Co., Ltd. ment ted
Comm Incorpora
Wuliangye Dashijie (Beijing) Trade Co., Ltd. 20,000,000.00 Beijing Beijing 95.00%
ercial ted
Manufa Incorpora
Handan Yongbufenli Liquor Co., Ltd. 300,000,000.00 Handan Handan 51.00%
cturing ted
Comm Incorpora
Linzhang Desheng Liquor Trade Co., Ltd. 1,000,000.00 Handan Handan 51.00%
ercial ted
Comm Incorpora
Handan Yongbufenli Sales Co., Ltd. 5,000,000.00 Handan Handan 51.00%
ercial ted
Manufa Business
Wuguchun Jiu Ye Co., Henan. China 373,280,762.00 Huaibin Huaibin 51.03%
cturing combinati
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
on
involving
entities
not under
common
control
Comm Incorpora
Huaibin Tenglong Trade Co., Ltd. 5,000,000.00 Huaibin Huaibin 51.03%
ercial ted
Comm Incorpora
Wuguchun Jiu Ye Sales Co., Henan. China 10,000,000.00 Huaibin Huaibin 51.03%
ercial ted
Sichuan Wuliangye Culture Tourism Touris Incorpora
Development Co., Ltd. m ted
Touris Incorpora
Sichuan Wuliangye Tourist Agency Co., Ltd. 1,000,000.00 Yibin Yibin 80.00%
m ted
Comm Incorpora
Yibin Wuliangye Creart Co., Ltd. 100,000,000.00 Yibin Yibin 45.00%
ercial ted
Comm Incorpora
Sichuan Wuliangye NongXiang Baijiu Co., Ltd. 100,000,000.00 Yibin Yibin 95.00%
ercial ted
Sichuan Wuliangye New Retail Management Co., Chengd Chengd Comm Incorpora
Ltd. u u ercial ted
Note on the difference between shareholding proportion and proportion of voting rights in subsidiary:
As reviewed and approved by the 5th Board of Directors of the Company, the Company, Beijing Sparkle
Investment Co., Ltd., Shanghai Yue Shan Investment Management Co., Ltd. and Changjiang Growth Capital Co.,
Ltd. jointly funded and established Yibin Wuliangye Creart Co., Ltd., of which the registered capital is RMB100
million. The Company contributes RMB45 million, taking up 45% of the registered capital. On December 9, 2014,
Shanghai Yue Shan Investment Management Co., Ltd. and the Company entered into the Investment Cooperation
Agreement of Yibin Wuliangye Creart Co., Ltd. through mutual negotiation, Shanghai Yue Shan Investment
Management Co., Ltd. entrusted the Company for management of the 6% equity held by it in Creart Company from
the effective date of the agreement till the duration of Creart Company. The Company will be entitled to the right
of management of Shanghai Yue Shan Investment Management Co., Ltd. in Creart Company and the voting right
at the shareholder meetings of Creart Company. The Company holds 51% of the voting rights at shareholder
meetings of Creart Company in total, and therefore Creart Company is included in the consolidated statements.
As resolved by the shareholder meeting of Creart Company on February 23, 2018, Changjiang Growth Capital
Co., Ltd. transferred 11% of the equity to Shanghai Yue Shan Investment Management Co., Ltd. and 6% of the
equity to China Financial Investment Management Limited; as resolved by the shareholder meeting of Creart
Company on July 16, 2018, Beijing Sparkle Investment Co., Ltd. transferred 20% of the equity to Beijing Sparkle
Hengye Education and Cultural Development Co., Ltd.; after the said equity transfer, the Company still holds 51%
of the voting rights at shareholder meetings of Creart Company, and therefore it is included in the consolidated
statements.
The basis of controlling the invested company even if holding half or less than half voting rights and not
controlling the invested company even if holding more than half voting rights:
As reviewed and approved by the 5th Board of Directors of the Company, the Company, Beijing Sparkle
Investment Co., Ltd., Shanghai Yue Shan Investment Management Co., Ltd. and Changjiang Growth Capital Co.,
Ltd. jointly funded and established Yibin Wuliangye Creart Co., Ltd., of which the registered capital is RMB100
million. The Company contributes RMB45 million, taking up 45% of the registered capital. On December 9, 2014,
Shanghai Yue Shan Investment Management Co., Ltd. and the Company entered into the Investment Cooperation
Agreement of Yibin Wuliangye Creart Co., Ltd. through mutual negotiation, Shanghai Yue Shan Investment
Management Co., Ltd. entrusted the Company for management of the 6% equity held by it in Creart Company from
the effective date of the agreement till the duration of Creart Company. The Company will be entitled to the right
of management of Shanghai Yue Shan Investment Management Co., Ltd. in Creart Company and the voting right
at the shareholder meetings of Creart Company. The Company holds 51% of the voting rights at shareholder
meetings of Creart Company in total, and therefore Creart Company is included in the consolidated statements.
As resolved by the shareholder meeting of Creart Company on February 23, 2018, Changjiang Growth Capital
Co., Ltd. transferred 11% of the equity to Shanghai Yue Shan Investment Management Co., Ltd. and 6% of the
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
equity to China Financial Investment Management Limited; as resolved by the shareholder meeting of Creart
Company on July 16, 2018, Beijing Sparkle Investment Co., Ltd. transferred 20% of the equity to Beijing Sparkle
Hengye Education and Cultural Development Co., Ltd.; after the said equity transfer, the Company still holds 51%
of the voting rights at shareholder meetings of Creart Company, and therefore it is included in the consolidated
statements.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(2) Important non-wholly-owned subsidiaries
Unit: RMB
Non-controlling Net profit or loss attributable to non- Declared dividends for non- Closing balance of non-
Subsidiary
interests controlling interests in the period controlling interests in the period controlling interests
Yibin Wuliangye Liquor Sales Co., Ltd. 5.00% 546,605,342.84 2,348,060,392.40
(3) Key financial information of important non-wholly-owned subsidiaries
Unit: RMB
Closing balance
Subsidiary
Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities
Yibin Wuliangye Liquor Sales Co., Opening balance
Ltd. Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities
Unit: RMB
H1 2025
Subsidiary Net cash generated from/used in
Operating revenue Net profit Total comprehensive income
operating activities
H1 2024
Yibin Wuliangye Liquor Sales Co.,
Net cash generated from/used in
Ltd. Operating revenue Net profit Total comprehensive income
operating activities
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Company
(1) Changes in the Company’s interests in its subsidiaries
There were no transactions in which the interest in a subsidiary changes and the subsidiary is still controlled
by the Company during the Reporting Period.
(1) Important joint ventures or associates
The Company’s Accounting treatment
Principal Place of
Nature of interest (%) of investment in the
Joint venture or associate place of registrat
business joint venture or
business ion Direct Indirect associate
Sichuan Yibin Wuliangye Group
Yibin Yibin Finance 40.56% Equity method
Finance Co., Ltd.
(2) Key financial information of important associates
Unit: RMB
Closing balance/H1 2025 Opening balance/H1 2024
Sichuan Yibin Wuliangye Group Finance Sichuan Yibin Wuliangye Group Finance
Co., Ltd. Co., Ltd.
Current assets 43,445,463,659.36 41,326,524,030.22
Non-current assets 23,138,021,876.88 20,650,916,092.29
Total assets 66,583,485,536.24 61,977,440,122.51
Current liabilities 61,473,059,752.21 56,995,678,179.07
Non-current liabilities 1,876,940.71 1,876,940.71
Total liabilities 61,474,936,692.92 56,997,555,119.78
Non-controlling interests
Equity attributable to the shareholders of
the parent company
Share of net assets in proportion to the
Company’s interest
Adjustments
--Goodwill
--Unrealized profit of internal
transactions
--Others
Carrying amount of equity investments
in associates
Fair value of equity investments in
associates with quoted prices on the open
market
Operating revenue 215,438,154.96 199,580,727.31
Net profit 128,663,840.59 64,385,784.42
Net profit of discontinued operations
Other comprehensive income
Total comprehensive income 128,663,840.59 64,385,784.42
Dividends received from the associates
in the period
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(3) Aggregate financial information of unimportant joint ventures and associates
Unit: RMB
Closing balance/H1 2025 Opening balance/H1 2024
Joint ventures:
Aggregate amount in proportion to the
Company’s interests
Associates:
Total carrying amount of investments 100,978,614.20 61,771,346.32
Aggregate amount in proportion to the
Company’s interests
--Net profit -792,732.12 -414,274.47
--Total comprehensive income -792,732.12 -414,274.47
There were no structured entities that were not included in the consolidated financial statements in the
Reporting Period.
XI Government Grants
□ Applicable Not applicable
Reasons for not receiving the projected amount of government grants at the projected time:
□ Applicable Not applicable
Applicable □ Not applicable
Unit: RMB
Amount Othe
recorder r
in non- Amount chan Related
Accounting New grant in operatin transferred to ges to
Opening balance Closing balance
item the period g other income in in assets/in
income the period the come
in the perio
period d
Deferred Related
income to assets
Related
Deferred
income
income
Total 242,976,829.32 11,985,000.00 7,022,970.90 247,938,858.42
Applicable □ Not applicable
Unit: RMB
Accounting item H1 2025 H1 2024
Other income 37,367,086.20 166,637,116.01
XII Risks related to financial instruments
The risks of the Company arising from financial instruments mainly include credit risk and liquidity risk.
(1) Risks from financial instruments
① June 30, 2025
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Unit: RMB
Financial assets at fair
Financial assets Financial assets at value and changes
Item measured at fair value through included in other Total
amortized cost profit or loss comprehensive
income
Monetary assets 148,319,946,342.06 148,319,946,342.06
Notes receivable 3,368,850.30 3,368,850.30
Accounts receivable 64,351,041.90 64,351,041.90
Receivables financing 3,888,593,774.07 3,888,593,774.07
Other receivables 60,621,424.66 60,621,424.66
Other non-current financial
assets
② December 31, 2024
Unit: RMB
Financial assets Financial assets at fair Financial assets at fair value
Item measured at amortized value through profit or and changes included in Total
cost loss other comprehensive income
Monetary assets 127,398,915,484.11 127,398,915,484.11
Notes receivable 10,297,383.00 10,297,383.00
Accounts receivable 37,346,561.95 37,346,561.95
Receivables financing 19,566,397,992.11 19,566,397,992.11
Other receivables 47,264,361.93 47,264,361.93
Other non-current financial
assets
① June 30, 2025
Unit: RMB
Financial liabilities at fair
Item Other financial liabilities Total
value through profit or loss
Notes payable 418,008,547.36 418,008,547.36
Accounts payable 9,758,290,847.12 9,758,290,847.12
Other payables 18,905,346,851.09 18,905,346,851.09
Current portion of non-current liabilities 386,015,219.60 386,015,219.60
Lease liabilities 215,370,747.58 215,370,747.58
② December 31, 2024
Unit: RMB
Financial liabilities at fair
Item Other financial liabilities Total
value through profit or loss
Notes payable 416,456,848.09 416,456,848.09
Accounts payable 9,076,595,227.75 9,076,595,227.75
Other payables 16,507,125,170.07 16,507,125,170.07
Current portion of non-current liabilities 408,675,726.69 408,675,726.69
Lease liabilities 393,922,062.84 393,922,062.84
(2) Credit Risk
The Company merely trades with the authorized third party with good credit. In accordance with the
Company’s policy, credit checks are required for all customers who request to transact on credit. In addition, the
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Company monitors its accounts receivable balances on an ongoing basis to ensure that the Company is not exposed
to significant bad debt risk.
The Company’s other financial assets include monetary assets, accounts receivable, and other receivables, the
credit risk of which arises from default of the counter-parties, with the maximum exposure equal to the carrying
amount of these instruments.
Due to the Company merely trades with the authorized third party with good credit, the guarantee is not
required. Credit risk concentration is managed in accordance with the customers. The Company’s sales are primarily
made on a receipts-in-advance basis and the credit risk of the transactions is low.
(3) Liquidity Risk
Liquidity risk refers to the risk of fund shortage occurring when the Company fulfills the settlement obligation
in the mode of cash delivery or other financial assets. The goal of the Company is to maintain sufficient funds and
credit limits to meet the liquidity requirements
XIII Disclosure of Fair Value
Unit: RMB
Closing fair value
Item Fair value Fair value
Fair value measurement
measurement at measurement at Total
at level III
level I level II
I Consistent fair value measurement -- -- -- --
i. Receivables financing 3,888,593,774.07 3,888,593,774.07
ii. Other non-current financial assets 1,200,000.00 1,200,000.00
Total assets measured at fair value on
an ongoing basis
II Fair value measurement on a non-
-- -- -- --
ongoing basis
bases
Not applicable
information on the valuation techniques used and significant parameters
Not applicable
information on the valuation techniques used and significant parameters
Receivables financing: Due to the short term of notes receivable held by the Company, and the selling time,
selling price and selling proportion cannot be estimated reliably, the Company measures the notes receivable
according to the par value as a reasonable estimate of fair value.
Other non-current financial assets: Since the Company holds other non-current financial assets that are not
traded in an active market, and its equity interest in the invested company is low and has no significant influence, it
is not realistic and feasible to value the equity in the invested company using the income approach or market
approach, and there is no recent introduction of external investors to the invested company or transfer of equity
among shareholders that can be used as a reference basis for determining fair value. In addition, the Company has
not found any significant changes in the internal and external environment of the invested company since the
beginning of the year from the analysis of the relevant information available, therefore, it is a “limited circumstances”
in which the carrying cost can be used as the best estimate of the fair value, and therefore the fair value is based on
the cost at the end of the year.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
and ending carrying values and sensitivity analysis of unobservable parameters
Not applicable
in the period, the reasons for the conversion and the policy for determining the conversion time point
Not applicable
Not applicable
Not applicable
XIV Related Parties and Related-Party Transactions
The parent
The parent
Place of Nature of company’s voting
Name of the parent company Registered capital company’s interest
registration business right percentage in
in the Company
the Company
Yibin Development Holding Investme RMB5,577.2928
Yibin 34.43% 34.43%
Group Co., Ltd. nt million
Information on the parent company of the Company:
Yibin Development Holding Group Co., Ltd. is a wholly state-owned company funded and established by the
People’s Government of Yibin City. Legal representative of the company is Han Chengke and its registered capital
is RMB5,577.2928 million. Its business scope includes the state-owned property right (including state-owned
shares), state-owned assets and state investments as authorized by the People’s Government of Yibin City. The
company, as an investor, conducts capital management and assets management by holding, shareholding,
investment and receiving assignment, transfer, auction, and lease within the limits of authority.
Main functions of Yibin Development Holding Group Co., Ltd. include: First, holding state-owned equity and
exercising shareholder’s rights in municipal-level enterprise on behalf of the People’s Government of Yibin City;
second, raising funds for key construction projects as an investment and financing platform of the People’s
Government of Yibin City, and investing in such projects by shareholding and holding; third, promoting the preserve
and increase the value of state-owned assets and economic development of the city by capital management and
assets management.
Yibin Development Holding Group Co., Ltd., by administrative transfer of state-owned assets, holds 100% of
the equity of Sichuan Yibin Wuliangye Group Co., Ltd., so that it controls 2,136,541,697.00 shares of the Company
directly or indirectly, taking up 55.04% of the total share capital of the Company.
The State-owned Assets Supervision and Administration Commission of the People’s Government of Yibin
City is the ultimate controller of the Company.
Refer to the Note “X Interests in Other Entities” for information about subsidiaries of the Company.
Refer to the Note “X Interests in Other Entities” for information about important joint ventures and associates
of the Company.
Other joint ventures or associates that were involved in related-party transactions with the Company in the
period, or that were involved in related-party transactions with the Company in prior periods with balances lasting
into the period:
Name of joint venture or associate Relationship with the Company
Sichuan Yibin Wuliangye Group Finance Co., Ltd. Associate
Yibin Jiamei Intelligent Packaging Co., Ltd. Associate
Beijing Zhongjiuhuicui Education and Technology Co., Ltd. Associate
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Sichuan Jinzhu New Materials Co., Ltd. Associate
Names of other related parties Relationship between other related parties and the Company
The legal representative of the Company concurrently serves as
the Secretary of the CPC Committee and Chairman of the
Board of Wuliangye Group, and some directors and officers of
Sichuan Yibin Wuliangye Group Co., Ltd.
the Company concurrently hold positions in Wuliangye Group.
Wuliangye Group directly holds a 20.61% interest in the
Company.
Anji Logistic Group Co., Ltd. Sichuan Subsidiary of Wuliangye Group
Sichuan Yibin Wuliangye Group Anji Logistic Co., Ltd. Subsidiary of Anji Logistic Group
Chengdu Branch of Anji Logistic Group Co., Ltd. Sichuan Subsidiary of Anji Logistic Group
Sichuan Andaxin Logistics Co., Ltd. Subsidiary of Anji Logistic Group
Sichuan Yibin Push Group Co., Ltd. Subsidiary of Wuliangye Group
Sichuan Putian Packaging Co., Ltd. Subsidiary of Push Group
Sichuan Yibin Push International Co., Ltd. Subsidiary of Push Group
Chengdu PUTH Medical Technology Co., Ltd. Subsidiary of Push Group
Sichuan Yibin Push Mold Co., Ltd. Subsidiary of Push Group
Sichuan Yibin Push Drive Co., Ltd. Subsidiary of Push Group
Push Information & Automation (Chengdu) Co., Ltd. Subsidiary of Push Group
Yibin Push Linko Technology Co., Ltd. Subsidiary of Push Group
Yibin Push Assets Management Co., Ltd. Subsidiary of Push Group
Yibin Wuliangye Group Pengcheng Electronics Equipment Co.,
Subsidiary of Push Group
Ltd.
Sichuan Yibin Global Group Co., Ltd. Subsidiary of Wuliangye Group
Sichuan Yibin Global Environmental Technology Co., Ltd. Subsidiary of Global Group
Chengdu Huayu Glass Manufacturing Co., Ltd. Subsidiary of Global Group
Sichuan Yibin Global Huaxin Commercial Development Co.,
Subsidiary of Global Group
Ltd.
Yibin Global Photoelectric Technology Co., Ltd. Subsidiary of Global Group
Sacred Mountain Molin Group Co., Ltd. Si Chuan Subsidiary of Wuliangye Group
Sacred Mountain White Magnolia Industrial Co., Ltd., Sichuan Subsidiary of Sacred Mountain Molin Group
Sichuan Shuzhan New Materials Co., Ltd. Subsidiary of Sacred Mountain Molin Group
Sichuan Yibin Licai Group Co., Ltd. Subsidiary of Wuliangye Group
Yibin Wucai Packaging Co., Ltd. Subsidiary of Licai Group
Sichuan Wuliangye Products Co., Ltd. Subsidiary of Wuliangye Group
Yibin Huanyu Trading Co., Ltd. Subsidiary of Wuliangye Products Company
Yibin Paper Industry Co., Ltd. Subsidiary of Wuliangye Group
Yibin City Commercial Bank Co., Ltd. Wuliangye Group holds a 16.9909% interest
Sichuan Yibin Wuliang Pharmaceutical Co., Ltd. Subsidiary of Wuliangye Group
Yibin Wuliangye Ecological Distillery Co., Ltd. Subsidiary of Wuliangye Group
Yibin Wuliangye Group I&E Co., Ltd. Subsidiary of Wuliangye Group
Chengdu Wuliangye Construction Investment Co., Ltd. Subsidiary of Wuliangye Group
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Sichuan Yibin Wuliangye Group Ecological Distillery and
Subsidiary of Wuliangye Group
Marketing Co., Ltd.
Yibin Wuliangye Ampress Liquor Making Co., Ltd. Subsidiary of Wuliangye Group
Yibin Construction Investment Group Jinpaiyuan Supply Chain Subsidiary of City and Transportation Construction Investment
Management Co., Ltd. Group
Sichuan Nongwu E-commerce Co., Ltd. Subsidiary of Chuanhong Tea Group
Sichuan Linhu Tea Industry Co., Ltd. Subsidiary of Chuanhong Tea Group
Sichuan Chuanhong Tea Group Co., Ltd. Subsidiary of Wuliangye Group
Wuming Tea Industry Holding Co., Ltd. Subsidiary of Yibin Development Group
Sichuan Huansheng Pharmacy Co., Ltd. Subsidiary of Wuliang Pharmaceutical
Yibin Jindun Technology Co., Ltd. Subsidiary of Public Utilities Group
Dujiangyan Wuliangye Hemei Health Investment Co., Ltd. Subsidiary of Health Industry Company
Yibin Sanjiang Huiyuanhe Agricultural Investment
Subsidiary of Sanjiang Investment and Construction Group
Development Co., Ltd.
Yibin Shunanzhuhai Scenic Area Management Co., Ltd. Subsidiary of Shunan Culture & Tourism Group
Yibin Shunan Mingkun Supply Chain Service Co., Ltd. Subsidiary of Shunan Culture & Tourism Group
Yibin Xinjinxiu Garden Landscaping Co., Ltd. Subsidiary of Grace Group
Yibin Grace Fiber Industry Co., Ltd. Subsidiary of Grace Group
(1) Related-party transactions involving purchase and sale of goods, as well as receipt and rendering of
services
Purchases of goods/receipt of services:
Unit: RMB
Over the
Approved approved
Content of
Related party H1 2025 transactio transaction H1 2024
transaction
n amount amount or
not
Sacred Mountain Molin Group Co., Packaging
Ltd. Si Chuan materials, etc.
Packaging
Sichuan Jinzhu New Materials Co., Ltd. 121,514,366.17
materials, etc.
Sichuan Yibin Global Environmental
Glass bottles 59,274,357.12 9,393.89
Technology Co., Ltd.
Raw materials,
Sichuan Putian Packaging Co., Ltd. 50,410,288.16 37,246,303.40
etc.
Sacred Mountain White Magnolia
PPE, etc. 41,799,024.52 53,283,746.48
Industrial Co., Ltd., Sichuan
Anti-
Sichuan Yibin Push International Co.,
counterfeit 41,200,167.96 46,423,262.87
Ltd.
labels, etc.
Raw materials,
Sichuan Wuliangye Products Co., Ltd. 32,198,512.77 79,167,460.88
etc.
Chengdu PUTH Medical Technology Raw materials,
Co., Ltd. etc.
Chengdu Huayu Glass Manufacturing Glass bottles,
Co., Ltd. etc.
Sichuan Chuanhong Tea Group Co.,
Tea 15,403,100.95 12,684.00
Ltd.
Sichuan Yibin Wuliang Pharmaceutical Drugs, etc. 15,320,432.84
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Co., Ltd.
Wuming Tea Industry Holding Co., Ltd. PPE, etc. 14,447,932.80 175,441,681.54
Yibin Shunanzhuhai Scenic Area Raw materials,
Management Co., Ltd. etc.
Yibin Sanjiang Huiyuanhe Agricultural Raw materials,
Investment Development Co., Ltd. etc.
Sichuan Yibin Push Mold Co., Ltd. Molds, etc. 11,461,008.87 16,960,265.47
Paper
Yibin Paper Industry Co., Ltd. 11,093,090.95 743,804.72
products, etc.
Raw materials,
Sichuan Yibin Global Huaxin
glass bottles, 6,212,658.82 123,235,167.33
Commercial Development Co., Ltd.
etc.
Yibin Wuliangye Ecological Distillery Liquor
Co., Ltd. products, etc.
Yi Bin Jia Mei Smartpackaging Co.,
Raw materials 4,194,501.20 7,565,560.54
Ltd.
Sichuan Yibin Push Drive Co., Ltd. Boxes, etc. 2,229,307.92 11,543,968.28
Push Information & Automation Packaging
(Chengdu) Co., Ltd. materials
Sichuan Huansheng Pharmacy Co., Ltd. Drugs, etc. 9,940.48 12,757,753.98
Yibin Xinjinxiu Garden Landscaping Raw materials,
Co., Ltd. etc.
Other miscellaneous purchases of goods
from related parties
Subtotal purchases of goods from
related parties
Freight and
miscellaneous
Anji Logistic Group Co., Ltd. Sichuan charges, 397,047,380.75 353,515,103.36
service
charges, etc.
External labor
Sichuan Andaxin Logistics Co., Ltd. 214,410,803.27 87,112,742.55
costs
External
Yibin Wucai Packaging Co., Ltd. processing 72,822,491.57 35,673,826.80
expenses
Freight and
miscellaneous
Sichuan Yibin Wuliangye Group Anji
charges, 35,242,009.78 23,464,521.31
Logistic Co., Ltd.
shuttle service
charges, etc.
External labor
Yibin Huanyu Trading Co., Ltd. 33,786,263.55
costs, etc.
Repair
expenses and
Sichuan Wuliangye Products Co., Ltd. marketing 18,831,781.32 8,617,973.65
support
expenses
Sales
Wuming Tea Industry Holding Co., Ltd. promotion 16,895,964.49 7,635,079.10
services
External
Chengdu PUTH Medical Technology
processing 12,721,832.23 12,019,189.03
Co., Ltd.
expenses, etc.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Sales
Sichuan Nongwu E-commerce Co., Ltd. promotion 12,447,779.84 9,888,822.08
services, etc.
Image
Sichuan Chuanhong Tea Group Co.,
promotion 7,183,837.24 1,550,864.06
Ltd.
expenses
Other miscellaneous receipts of services
from related parties
Subtotal receipts of services from
related parties
Sale of goods/rendering of services:
Unit: RMB
Content of
Related party H1 2025 H1 2024
transaction
Liquor products,
Yibin Wuliangye Group I&E Co., Ltd. 399,533,242.01 419,701,184.60
etc.
Printed
Sichuan Yibin Licai Group Co., Ltd. 47,275,590.44
materials, etc.
Raw materials,
Sichuan Jinzhu New Materials Co., Ltd. 24,811,504.36
etc.
Bottle caps,
Sichuan Putian Packaging Co., Ltd. 38,775,629.56 87,079,604.00
slices, etc.
Liquor products,
Sichuan Nongwu E-commerce Co., Ltd. 33,097,167.17 77,782,379.87
etc.
Liquor products,
Wuming Tea Industry Holding Co., Ltd. 24,050,795.67 14,293,380.59
etc.
Chengdu PUTH Medical Technology Co., Raw materials,
Ltd. etc.
Chengdu Wuliangye Construction Liquor products,
Investment Co., Ltd. etc.
Liquor products,
Sichuan Wuliangye Products Co., Ltd. 7,947,171.45 7,541,166.60
etc.
Packaging
Sichuan Chuanhong Tea Group Co., Ltd. 6,103,618.78 5,071,810.47
boxes, etc.
Chengdu Huayu Glass Manufacturing Co.,
Cartons, etc. 5,590,566.13 9,161,960.72
Ltd.
Packaging
Sichuan Linhu Tea Industry Co., Ltd. 2,447,436.06 6,064,031.62
boxes, etc.
Yibin Shunan Mingkun Supply Chain Liquor products,
Service Co., Ltd. etc.
Paper products,
Yi Bin Jia Mei Smartpackaging Co., Ltd. 1,363,206.38 7,915,329.61
etc.
Other miscellaneous sales to related parties 32,446,211.22 27,004,572.03
Total 652,018,858.41 706,775,689.73
(2) Leases between the Company and related parties
The Company as the lessor:
Unit: RMB
Type of the Lease income recognized in Lease income recognized in
Lessee
leased asset H1 2025 H1 2024
Buildings and
Sichuan Jinzhu New Materials Co., Ltd. 2,883,382.98
constructions
Chengdu Branch of Anji Logistic Group Buildings and 1,228,336.20 1,637,781.60
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Co., Ltd. Sichuan constructions
Buildings and
Other miscellaneous leases constructions, 4,073,849.12 2,605,181.56
warehouses, etc.
Total 8,185,568.30 4,242,963.16
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
The Company as the lessee:
Unit: RMB
Lease expense on short-term leases
Variable lease payments
and leases of low-value assets
Type of not included in lease Lease payments Interest expense on lease liabilities Addition of right-of-use assets
accounted with a simplified
Lessor the leased liabilities (if applicable)
approach (if applicable)
asset
H1
H1 2025 H1 2024 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024
Yibin Push Linko Warehous
Technology Co., Ltd. es
Anji Logistic Group Warehous
Co., Ltd. Sichuan es
Buildings
Sichuan Yibin Global
and
Huaxin Commercial 228,571.43 1,775,142.86 2,057,142.84 98,328.08 31,473.87 10,203,264.80
constructi
Development Co., Ltd.
ons
Buildings
Sichuan Yibin Global and
Group Co., Ltd. constructi
ons
Buildings
Sichuan Yibin and
Wuliangye Group Co., constructi 289,980.00 14,917,579.98 13,258,064.75 924,485.01 1,517,481.49 93,202,000.80
Ltd. ons (note
Buildings
Sichuan Yibin Licai and
Group Co., Ltd. constructi
ons
Sichuan Yibin
Land
Wuliangye Group Co., 147,913,833.18 123,261,527.65 7,729,815.99 11,867,786.67 847,706,504.22
(note 2)
Ltd.
Buildings
Yibin Push Assets and
Management Co., Ltd. constructi
ons
Sichuan Yibin Push Buildings 4,612,887.62 266,698.56 197,104.08 26,280,543.35
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Group Co., Ltd. and
constructi
ons
Other miscellaneous Warehous
leases es, etc.
Total 15,908,880.98 17,677,482.90 53,730,550.50 182,701,578.27 163,893,019.67 9,677,622.90 14,660,490.93 14,198,881.18 1,014,426,798.86
Notes to the leases between the Company and related parties:
Note 1: The Company and Sichuan Yibin Wuliangye Group Co., Ltd. entered into the Operation and Management Areas Lease Agreement, according to which
Wuliangye Group leases part of the operation and management areas (including the office building, multi-function pavilion, etc.) owned by it to the Company. The
leased area is 27,121.32 square meters, with the annual rent of RMB29.2552 million (tax exclusive). The lease term is from January 1, 2024 to December 31, 2026.
Note 2: The Company and Sichuan Yibin Wuliangye Group Co., Ltd. entered into a Land Lease Agreement, according to which Wuliangye Group leased Wujiaba
Land Parcel, Zongchang Land Parcel, Ziyan Land Parcel I, Fuzao Land Parcel, Zhuchangqu Land Parcel, Guifei Land Parcel, Yuanmingyuan Land Parcel I and II,
Nanxi Land Parcel I, II, and III, and 1,000 mu of land in the north side of Hongba Road, totaling 3,697,845.83 square meters, to the Company. The annual rent is
RMB295.8277 million (tax exclusive), and the lease term is from January 1, 2024 to December 31, 2026.
Land pricing criterion: The land lease pricing policy of the Company and Sichuan Yibin Wuliangye Group Co., Ltd. is formulated in accordance with the Reply of
Yibin Natural Resources and Planning Bureau on the Request of Wuliangye Group for Adjustment of the Land Lease Criterion, which states that “the lease criterion for
the industrial land in Jiangbei Area of Yibin City is RMB50 to RMB110 per square meter per year”. The Company and Wuliangye Group determine the rent of leased
land as RMB80 per square meter per year through mutual agreement.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(3) Guarantees between the Company and related parties
There were no guarantees between the Company and related parties during the Reporting Period.
(4) Loans between the Company and related parties
There were no loans between the Company and related parties during the Reporting Period.
(5) Asset transfers and debt restructuring involving related parties
There were no asset transfers or debt restructuring involving related parties during the Reporting Period.
(6) Other related-party transactions
Unit: RMB
Related party Content of transaction H1 2025 H1 2024
Trademark and logo royalties
Sichuan Yibin Wuliangye Group Co., Ltd. 589,812,134.03 583,579,159.03
(note 1)
Sichuan Yibin Push Mold Co., Ltd. Procurement of equipment 19,863,716.82
Yibin Global Photoelectric Technology Co.,
Procurement of equipment 10,609,397.81
Ltd.
Other miscellaneous procurements of
equipment, etc.
Sichuan Jinzhu New Materials Co., Ltd. Sale of equipment 19,280,889.55
Sichuan Jinzhu New Materials Co., Ltd. Sale of software 334,520.00
Total 654,817,587.25 594,474,410.00
Note 1: On December 31, 2023, the Company and Sichuan Yibin Wuliangye Group Co., Ltd. entered into the
Trademark and Logo Licensing Agreement, which specifies that: Wuliangye Group licenses to the Company some
of its registered trademarks and logos with exclusive rights for use. The royalty shall be paid by the following means:
(1) The royalty of “factory emblem” shall be paid at 1.27% of the annual sales revenue from all liquor products
using the factory emblem; (2) no royalty shall be paid for trademark of liquor products of which the annual sales
revenue is less than 50 tons, and royalty of trademark of liquor products sold by 50 tons (inclusive) or more shall
be calculated by the total sales volume. Royalties of trademark shall be paid by the following means: Trademark
royalty of products with selling price at RMB30,000 per ton and above shall be RMB1,500.00 per ton; and that of
products with selling price at RMB12,000 per ton and above but below RMB30,000 per ton shall be RMB1,400.00
per ton; that of products with selling price below RMB12,000 shall be RMB1,300.00 per ton. The Agreement is
valid from January 1, 2024 to December 31, 2026.
Wuliangye Group Finance entered into a Supplementary Agreement to the Financial Service Agreement. According
to the Agreement, the daily balances of the Company’s deposits in as well as loans and credit lines from Wuliangye
Group Finance in 2025 shall be no more than RMB55 billion and RMB10 billion, respectively.
The total principal of the Company deposited in Wuliangye Group Finance was RMB50,201,786,593.00 at the
end of the period; Wuliangye Group issued the Commitment Letter to the Company, assuring that relevant deposits
and loans of the Company with Wuliangye Group Finance are safe; the current interest income is
RMB591,936,211.74 in total; and Wuliangye Group Finance issued bank acceptance bills of RMB61,857,014.00
for the Company during the period (undue bank acceptance bills as at June 30, 2025: RMB61,857,014.00).
with Yibin City Commercial Bank Co., Ltd. was RMB16,807,989,923.49 at the end of the period; the current interest
income is RMB177,473,165.51 in total; Yibin City Commercial Bank Co., Ltd. issued bank acceptance bills of
RMB185,490,000.00 for the Company during the period (undue bank acceptance bills as at June 30, 2025:
RMB185,490,000.00).
(1) Amounts due from related parties
Unit: RMB
Item Related party Closing balance Opening balance
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Allow Allow
ance ance
for for
Gross amount doubtf Gross amount doubt
ul ful
accou accou
nt nt
Account
Sichuan Yibin Licai Group Co., Ltd. 8,663,593.28
receivable
Account
Sichuan Chuanhong Tea Group Co., Ltd. 4,823,200.00
receivable
Account
Chengdu PUTH Medical Technology Co., Ltd. 4,393,012.12 2,062,902.50
receivable
Account
Chengdu Huayu Glass Manufacturing Co., Ltd. 3,979,383.39 3,271,490.61
receivable
Account
Sichuan Putian Packaging Co., Ltd. 1,071,004.90 7,266,966.24
receivable
Account
Yibin Grace Fiber Industry Co., Ltd. 1,056,965.83 1,398,535.29
receivable
Account
Other miscellaneous accounts receivable 2,426,935.59 695,623.15
receivable
Monetary Sichuan Yibin Wuliangye Group Finance Co.,
assets Ltd. (note 1)
Monetary
Yibin City Commercial Bank Co., Ltd. (note 1) 482,933,177.65 325,874,632.08
assets
Receivables Chengdu Wuliangye Construction Investment
financing Co., Ltd.
Receivables
Yibin Wuliangye Group I&E Co., Ltd. 75,849,086.38
financing
Receivables
Other miscellaneous receivables financing 3,614,749.08 1,086,284.33
financing
Sacred Mountain White Magnolia Industrial Co.,
Prepayment 3,398,230.09 3,398,230.09
Ltd., Sichuan
Prepayment Yibin Jindun Technology Co., Ltd. 1,807,134.10 2,573,134.10
Dujiangyan Wuliangye Hemei Health Investment
Prepayment 1,401,362.10 1,401,362.10
Co., Ltd.
Prepayment Yibin Global Photoelectric Technology Co., Ltd. 1,062,000.00
Prepayment Sichuan Putian Packaging Co., Ltd. 5,418,900.00
Prepayment Other miscellaneous prepayments 437,300.00 1,717,264.00
Other
Other miscellaneous other receivables 1,146,952.53 1,083,977.17
receivables
Note 1: The amounts related to Sichuan Yibin Wuliangye Group Finance Co., Ltd. and Yibin City Commercial
Bank Co., Ltd. in this table represented the interest on time deposits accrued on an accrual basis, and the closing
balances were presented in monetary assets.
(2) Amounts due to related parties
Unit: RMB
Closing gross Opening gross
Item Related party
amount amount
Account payable Yibin Wucai Packaging Co., Ltd. 38,274,999.90
Account payable Sichuan Jinzhu New Materials Co., Ltd. 35,274,713.24
Account payable Sichuan Andaxin Logistics Co., Ltd. 8,166,898.21 2,939,085.02
Account payable Sichuan Putian Packaging Co., Ltd. 7,762,801.31 33,704,999.42
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Account payable Chengdu Huayu Glass Manufacturing Co., Ltd. 7,397,542.61 2,045,903.60
Sichuan Yibin Global Environmental Technology Co.,
Account payable 5,756,929.27 18,504,500.97
Ltd.
Account payable Yi Bin Jia Mei Smartpackaging Co., Ltd. 4,502,847.11
Account payable Sichuan Yibin Wuliangye Group Co., Ltd. 3,184,712.57
Sacred Mountain White Magnolia Industrial Co., Ltd.,
Account payable 2,365,202.00
Sichuan
Account payable Sichuan Wuliangye Products Co., Ltd. 1,748,450.50 38,276,769.24
Yibin Sanjiang Huiyuanhe Agricultural Investment
Account payable 1,361,529.00
Development Co., Ltd.
Account payable Sacred Mountain Molin Group Co., Ltd. Si Chuan 167,994,226.22 242,542,904.89
Account payable Sichuan Yibin Push International Co., Ltd. 38,515,917.00 25,516,325.80
Account payable Sichuan Yibin Push Mold Co., Ltd. 25,159,179.66 28,168,606.03
Sichuan Yibin Global Huaxin Commercial
Account payable 7,286,254.62
Development Co., Ltd.
Account payable Anji Logistic Group Co., Ltd. Sichuan 382,316,052.46 365,536,640.52
Account payable Other miscellaneous accounts payable 3,285,153.94 8,270,074.52
Contract liability Yibin Wuliangye Group I&E Co., Ltd. 49,597,826.78 875,690.27
Yibin Construction Investment Group Jinpaiyuan
Contract liability 18,407,226.86 27,256,855.18
Supply Chain Management Co., Ltd.
Sichuan Yibin Wuliangye Group Ecological Distillery
Contract liability 10,353,393.00 10,353,393.00
and Marketing Co., Ltd.
Contract liability Sichuan Wuliangye Products Co., Ltd. 10,300,641.07 24,718,280.02
Contract liability Sichuan Nongwu E-commerce Co., Ltd. 7,445,177.19 1,491,284.61
Contract liability Chengdu Wuliangye Construction Investment Co., Ltd. 7,079,115.04
Contract liability Sacred Mountain Molin Group Co., Ltd. Si Chuan 1,156,637.43 1,156,637.43
Contract liability Wuming Tea Industry Holding Co., Ltd. 845,719.29 1,087,189.76
Contract liability Sichuan Shuzhan New Materials Co., Ltd. 321,017.70 1,206,460.18
Contract liability Sichuan Yibin Push Drive Co., Ltd. 2,203,539.82
Contract liability Sichuan Putian Packaging Co., Ltd. 6,041,736.42
Contract liability Push Information & Automation (Chengdu) Co., Ltd. 3,358,407.08
Contract liability Other miscellaneous contract liabilities 3,825,268.20 4,010,962.76
Note payable Sichuan Jinzhu New Materials Co., Ltd. 9,450,000.00
Note payable Anji Logistic Group Co., Ltd. Sichuan 6,540,481.10 12,867,762.72
Yibin Sanjiang Huiyuanhe Agricultural Investment
Note payable 5,380,000.00 750,000.00
Development Co., Ltd.
Note payable Chengdu Huayu Glass Manufacturing Co., Ltd. 4,422,550.50 3,084,653.79
Note payable Sichuan Wuliangye Products Co., Ltd. 3,602,534.00 142,721.00
Sichuan Yibin Global Huaxin Commercial
Note payable 1,522,265.94
Development Co., Ltd.
Sichuan Yibin Global Environmental Technology Co.,
Note payable 1,263,110.27 3,718,661.84
Ltd.
Note payable Wuming Tea Industry Holding Co., Ltd. 2,437,220.45
Note payable Other miscellaneous notes payable 91,218.00
Other payable Yibin Development Holding Group Co., Ltd. 4,235,676,875.38 3,442,947,699.52
Other payable Sichuan Yibin Wuliangye Group Co., Ltd. 2,671,291,004.60 2,280,523,007.80
Other payable Anji Logistic Group Co., Ltd. Sichuan 430,669,478.60 339,725,494.66
Other payable Other miscellaneous other payables 20,527,418.39 14,087,264.11
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Lease liabilities
(inclusive of the Sichuan Yibin Wuliangye Group Co., Ltd. 484,917,230.45 639,094,342.61
current portion)
Lease liabilities
(inclusive of the Sichuan Yibin Push Group Co., Ltd. 18,046,602.78 17,779,904.22
current portion)
Lease liabilities
(inclusive of the Anji Logistic Group Co., Ltd. Sichuan 11,135,497.96 18,527,638.45
current portion)
Lease liabilities
Yibin Wuliangye Group Pengcheng Electronics
(inclusive of the 10,105,567.51 16,843,890.29
Equipment Co., Ltd.
current portion)
Lease liabilities
Sichuan Yibin Global Huaxin Commercial
(inclusive of the 8,526,450.02
Development Co., Ltd.
current portion)
Lease liabilities
(inclusive of the Sichuan Yibin Global Group Co., Ltd. 2,738,074.90 3,572,267.09
current portion)
Lease liabilities
(inclusive of the Yibin Push Linko Technology Co., Ltd. 2,040,191.79 167,245.34
current portion)
Lease liabilities
(inclusive of the Yibin Wucai Packaging Co., Ltd. 1,158,327.24 1,512,843.86
current portion)
Lease liabilities
(inclusive of the Yibin Wuliangye Ampress Liquor Making Co., Ltd. 813,979.29 1,628,194.33
current portion)
Lease liabilities
(inclusive of the Sichuan Yibin Licai Group Co., Ltd. 20,956,515.96
current portion)
Lease liabilities
(inclusive of the Other miscellaneous lease liabilities 374,368.41 368,038.49
current portion)
XV Undertakings and Contingencies
The Company had no significant undertakings which need to be disclosed during the Reporting Period.
(1) Contract dispute between Handan Yongbufenli Liquor Co., Ltd. and Chengdu Yuexin Liquor Co., Ltd.: In
October 2022, Yongbufenli filed a lawsuit with the Intermediate People’s Court of Handan against Yuexin Liquor,
requesting a) payment of RMB100.4928 million in outstanding payments from the defendant, plus interest
calculated at the Loan Prime Rate (“LPR”) from July 21, 2020 to the date when the payment is made in full; and b)
the defendant to bear all litigation and appraisal fees. In March 2023, the first-instance judgment dismissed
Yongbufenli’s claims. In April 2023, Yongbufenli filed a second-instance appeal with the Higher People’s Court of
Hebei, and the case was reopened on April 10, 2024. In April 2025, Yongbufenli received the retrial judgment of
the Intermediate People’s Court of Handan, which again ruled to dismiss the lawsuit. Yongbufenli appealed to the
Higher People’s Court of Hebei in May 2025 and is currently waiting for the court to arrange a trial.
(2) Case concerning the creditor’s right of rescission dispute between Yibin Wuliangye Liquor Sales Co., Ltd.
and Weiyuan Rongwei Real Estate Development Co., Ltd.: In December 2024, Weiyuan Rongwei Real Estate
Development Co., Ltd. sued Yibin Wuliangye Liquor Sales Co., Ltd. and Chengdu Boyang Amazing Art Co., Ltd.
in the Primary People’s Court of Sichuan Pilot Free Trade Zone, requesting: ① to revoke Article 2 of the
Termination Agreement signed by Chengdu Boyang Amazing Art Co., Ltd. and Yibin Wuliangye Liquor Sales Co.,
Ltd. on July 25, 2022; and ② to repay the due debt of RMB74.3246 million from December 26, 2019 to July 25,
litigation costs. The attorney representing Rongwei has submitted relevant evidence of the case to the court and is
currently waiting for the court to arrange a trial.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(3) Case of Chongqing Dingyue Landscape Engineering Co., Ltd. suing the Company, Yibin Wuliangye Liquor
Sales Co., Ltd., and the third party Chongqing Landscaping Co., Ltd. regarding an engineering contract dispute: On
June 3, 2025, Chongqing Dingyue Landscape Engineering Co., Ltd. filed a lawsuit with the People’s Court of
Cuiping District, Yibin City, requesting Yibin Wuliangye Liquor Sales Co., Ltd. to pay RMB21.0771 million in
engineering charges and warranty deposits. It is currently waiting for the court to arrange a trial.
XVI Post-Balance Sheet Date Events
The Company had no important non-adjustment matters which need to be disclosed.
The Company has no interim dividend plan, either in the form of cash or bonus issue.
The Company’s Sixth Board of Directors approved at its fifth meeting in 2025 to invest in the establishment
of Yibin Wuliangye Technology Innovation Co., Ltd. (hereinafter referred to as “Wuliangye Technology
Innovation”). Wuliangye Technology Innovation was officially established on July 17, 2025 with a registered capital
of RMB100 million. The Company holds 100% equity in Wuliangye Technology Innovation.
XVII Other Significant Matters
The Company obtained the reply of the State-owned Assets Supervision and Administration Commission of
the People’s Government of Yibin City on the Plan of Establishing the Corporate Annuity Plan of the Company
(YGZW [2018] No. 221) on September 14, 2018, and had filed with the Department of Human Resources and
Social Security of Sichuan Province on October 30, 2018. On August 21, 2023, the Yibin Human Resources and
Social Security Bureau agreed to the Company’s revised Corporate Annuity Plan for filing and implementation.
Participants of the corporate annuity plan of the Company include: (1) Employees who have entered into labour
contracts with the Company; (2) employees who participate in the basic old-age insurance system for enterprise
employees according to the law and perform the obligation of payment; and (3) employees who are on duty and
registered (excluding the probation period) will participate the corporate pension plan on a voluntary basis.
Expenses for the corporate annuities shall be shared by the Company and the employees. Contribution by an
employee shall be 4% of the contribution base of such employee, and the monthly contribution base of the employee
shall be the average wage in the previous year. Total amount of contribution by the Company shall be 8% of the
total annual wage paid by the Company.
The Company has no other businesses than liquor products which have significant impact on the operating
result. The Company has no segment information that needs to be disclosed since revenue of the Company is mainly
generated within China and the assets are also located within China.
XVIII Notes to Major Line Items in the Financial Statements of the Parent Company
Unit: RMB
Item Closing balance Opening balance
Interest receivable
Dividends receivable 922,753,509.69 960,807,884.40
Other receivables 2,935,491,209.01 5,756,232,213.68
Total 3,858,244,718.70 6,717,040,098.08
(1) Dividends receivable
Unit: RMB
Item (or investee) Closing balance Opening balance
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Dividends receivable from subsidiaries 922,753,509.69 960,807,884.40
Total 922,753,509.69 960,807,884.40
(2) Other receivables
Unit: RMB
Nature Closing gross amount Opening gross amount
Current account 2,933,599,304.03 5,755,187,527.98
Cash float 724,668.00 40,000.00
Security deposits 5,000,000.00 5,000,000.00
Other advance money for others or
temporary payment
Total 2,939,525,540.34 5,760,240,342.35
Unit: RMB
Aging Closing gross amount Opening gross amount
Within 1 year (inclusive) 376,881,373.66 207,007,972.36
More than 3 years 2,301,383,283.78 2,205,414,303.92
More than 5 years 1,916,040,573.14 1,840,990,966.26
Total 2,939,525,540.34 5,760,240,342.35
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Unit: RMB
Closing balance Opening balance
Allowance for doubtful
Gross amount Allowance for doubtful account Gross amount
account
Category
As % of Allowanc Carrying amount As % of Allowanc Carrying amount
the total e as % of the total e as % of
Amount Amount Amount Amount
gross the gross gross the gross
amount amount amount amount
Allowances
for doubtful
accounts are
established
on an
individual
basis
Allowances
for doubtful
account
established 2,939,525,540.34 4,034,331.33 0.14% 2,935,491,209.01 5,760,240,342.35 4,008,128.67 0.07% 5,756,232,213.68
% %
on a
grouping
basis
Of which:
External
customers
Related
parties
Total 2,939,525,540.34 4,034,331.33 0.14% 2,935,491,209.01 5,760,240,342.35 4,008,128.67 0.07% 5,756,232,213.68
% %
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Allowances for doubtful account established on a grouping basis:
Unit: RMB
Closing balance
Item Allowance for Allowance as % of the
Gross amount
doubtful account gross amount
Accounts receivable for which allowances for
doubtful accounts are established based on the 5,926,236.31 4,034,331.33 68.08%
external customer group
Accounts receivable for which allowances for
doubtful accounts are established based on the 2,933,599,304.03
related party group
Total 2,939,525,540.34 4,034,331.33
Allowances for doubtful accounts established using the general model of expected credit loss:
Unit: RMB
Stage 1 Stage 2 Stage 3
Allowances for doubtful 12-month Lifetime expected credit Lifetime expected credit Total
accounts expected credit loss (without credit loss (with credit
loss impairment) impairment)
Balance as at January 1, 2025 4,008,128.67 4,008,128.67
Balance as at January 1, 2025
was in the period
- Transferred to Stage 2
- Transferred to Stage 3
- Transferred back to Stage 2
- Transferred back to Stage 1
Established in the period 26,202.66 26,202.66
Reversed in the period
Charged off in the period
Written off in the period
Other changes
Balance as at June 30, 2025 4,034,331.33 4,034,331.33
Gross amounts with significant changes in loss allowances in the period:
□ Applicable Not applicable
Allowances for doubtful accounts in the period:
Unit: RMB
Changes in the period
Opening Charged off
Category Recovered Othe Closing balance
balance Established or written
or reversed rs
off
Other receivables for which
allowances for doubtful accounts are
established based on the credit risk
characteristic group
Total 4,008,128.67 26,202.66 4,034,331.33
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
There were no other receivables actually written off in the period.
Unit: RMB
As % of
the
Closing balance
Nature closing
of allowances
Entity of Closing balance Aging balance of
for doubtful
account total other
accounts
receivable
s
Within 1 year;
Current
Yibin Jiangjiu Liquor Co., Ltd. 2,620,835,760.28 1-5 years; over 89.16%
account
Sichuan Yibin Wuliangye Environmental Current
Protection Industry Co., Ltd. account
Yibin Wuliangye Xianlin Ecological Current
Liquor Co., Ltd. account
Sichuan Yibin Wuliangye Distillery Co., Current
Ltd. account
Housing and Urban-Rural Development Security
Bureau of Cuiping District, Yibin City deposit
Total 2,938,599,304.03 99.98% 4,000,000.00
Unit: RMB
Closing balance Opening balance
Imp Imp
airm airm
Item ent ent
Gross amount Carrying amount Gross amount Carrying amount
allo allo
wan wan
ces ces
Investments in
subsidiaries
Investments in
associates and 2,101,828,008.49 2,101,828,008.49 2,056,214,866.49 2,056,214,866.49
joint ventures
Total 14,168,064,468.90 14,168,064,468.90 13,822,130,615.31 13,822,130,615.31
(1) Investments in subsidiaries
Unit: RMB
Open Increase/decrease in the period Closing
ing
balance
balan Imp
of
Opening balance ce of airm Closing balance
Investee Ot impairme
(carrying amount) impai Increase in Decrease in ent (carrying amount)
he nt
rment investment investment allo
rs allowanc
allow wan
e
ance ce
Sichuan Yibin
Wuliangye Distillery 5,069,784,707.36 5,069,784,707.36
Co., Ltd.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Yibin Wuliangye Liquor
Sales Co., Ltd.
Sichuan Yibin
Wuliangye Supply and 765,756,006.41 765,756,006.41
Marketing Co., Ltd.
Yibin Jiangjiu Liquor
Co., Ltd.
Sichuan Yibin
Wuliangye
Environmental 137,883,610.71 102,320,711.59 240,204,322.30
Protection Industry Co.,
Ltd.
Yibin Changjiangyuan
Liquor Co., Ltd.
Yibin Wuliangye
Xianlin Ecological 2,700,000.00 2,700,000.00
Liquor Co., Ltd.
Sichuan Yibin
Wuliangye Jingmei 49,374,409.93 49,374,409.93
Printing Co., Ltd.
Sichuan Yibin Plastic
Packaging Materials 3,673,149,609.25 300,000,000.00 3,973,149,609.25
Company Limited
Sichuan Yibin Global
Group Shenzhou Glass 108,922,175.18 108,922,175.18
Co., Ltd.
Sichuan Yibin Global
Gelasi Glass 307,282,551.14 307,282,551.14
Manufacturing Co., Ltd.
Sichuan Yibin Push
Group 3D Co., Ltd.
Sichuan Yibin
Wuliangye Investment 47,500,000.00 47,500,000.00
(Consulting) Co., Ltd.
Wuliangye Dashijie
(Beijing) Trade Co., 323,000,000.00 323,000,000.00
Ltd.
Handan Yongbufenli
Liquor Co., Ltd.
Wuguchun Jiu Ye Co.,
Henan. China
Sichuan Wuliangye
Culture Tourism 40,000,000.00 40,000,000.00
Development Co., Ltd.
Yibin Wuliangye Creart
Co., Ltd.
Sichuan Wuliangye
NongXiang Baijiu Co., 95,000,000.00 95,000,000.00
Ltd.
Sichuan Wuliangye
New Retail 90,000,000.00 90,000,000.00
Management Co., Ltd.
Total 11,765,915,748.82 402,320,711.59 102,000,000.00 12,066,236,460.41
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(2) Investment in associates and joint ventures
Unit: RMB
Op Increase/decrease in the period
eni
ng
bal Closi
an Adju ng
Inc De Ot Im
ce stme Decl balan
rea cre her pai
of Return on nt to ared ce of
Opening balance se ase eq rm Closing balance
Investee im investment other cash Ot impai
in in uit ent
(carrying amount) recognized using comp divid he (carrying amount)
pai inv inv y all rmen
rm the equity rehen ends rs t
est est ch ow
ent method sive or allow
me me an an
all inco profit ance
nt nt ges ce
ow me
an
ce
I Joint ventures
II Associates
Oriental Outlook
Media Co., Ltd.
Sichuan Yibin
Wuliangye
Group Finance
Co., Ltd.
Beijing
Zhongjiuhuicui
Education and 10,812,696.35 -122,150.45 10,690,545.90
Technology Co.,
Ltd.
Sub-total 2,056,214,866.49 45,613,142.00 2,101,828,008.49
Total 2,056,214,866.49 45,613,142.00 2,101,828,008.49
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: RMB
Item H1 2025 H1 2024
Return on long-term equity investments
measured using the equity method
Total 45,613,142.00 20,603,331.70
XIX Supplementary Information
Applicable □ Not applicable
Unit: RMB
Item Amount Note
Gain or loss on disposal of non-current assets 8,713,622.96
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Government grants recognized in profit or loss (exclusive of those that are closely
related to the Company’s normal business operations and given in accordance with
defined criteria and in compliance with government policies, and have a continuing
impact on the Company’s profit or loss)
Capital occupation charges on non-financial enterprises that are recognized in profit or
loss
Non-operating income and expense other than the above -26,672,025.54
Less: Income tax effects 3,089,726.65
Non-controlling interests effects (net of tax) -1,067,421.51
Total 12,298,508.22 --
Particulars about other items that meet the definition of exceptional gain/loss:
□ Applicable Not applicable
No such cases for the Reporting Period.
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Exceptional Gain/Loss Items:
□ Applicable Not applicable
Weighted average ROE EPS
Profit in the Reporting Period
(%) Basic EPS (RMB/share) Diluted EPS (RMB/share)
Net profit attributable to the
Company’s ordinary shareholders
Net profit attributable to the
Company’s ordinary shareholders 13.62% 5.0184 5.0184
before exceptional gains and losses
International Financial Reporting Standards (IFRS) and foreign accounting standards
(1) Net profit and equity under CAS and IFRS
□ Applicable Not applicable
(2) Net profit and equity under CAS and foreign accounting standards
□ Applicable Not applicable
(3) Accounting data differences under CAS and IFRS and foreign accounting standards. Where any
reconciliation is made to the data audited by an overseas independent auditor, the name of the overseas
independent auditor shall be provided.
None.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Part IX Other Reported Information
I Other Major Social Security Issues
Indicate whether the listed company and its subsidiaries have other major social security issues.
□ Yes No □ Not applicable
Indicate whether any administrative penalty was imposed during the Reporting Period.
□ Yes No □ Not applicable
II Researches, Inquiries, Interviews, etc. Received during the Reporting Period
Applicable □ Not applicable
Main
Type of discussions Index to
Way of the and the
Date Place communicat commun Communication party materials relevant
ion ication provided by informa
party the tion
Company
The One-on-one Instituti
January 10, 2025 Yinhua Fund and GF Securities
Company meeting on
The Instituti
March 3, 2025 By phone E Fund and Haitong Securities
Company on
Instituti Zhong Ou Asset, Fullgoal Fund,
March 4, 2025 Shanghai Other
on China Merchants Fund, and others
Instituti E Fund, Invesco Great Wall Fund, GF
March 5, 2025 Guangzhou Other
on Fund Management, and others
The Instituti Harvest Fund, Bosera Funds, Taikang
March 12, 2025 By phone
Company on Asset, and others
The Instituti
March 13, 2025 By phone Brilliance Capital
Company on
The One-on-one Instituti Yinhua Fund and Huachuang
March 17, 2025
Company meeting on Securities
Bosera Funds, China Asset The
The One-on-one Instituti
March 18, 2025 Management, Guosheng Securities, Company’s
Company meeting on
and others developmen http://w
Perseverance Asset Management, J.P. t strategies, ww.cni
The One-on-one Instituti
March 19, 2025 Morgan Asset Management, CICC, production nfo.com
Company meeting on
and others and .cn
Instituti China Merchants Fund, Huatai operation
March 21, 2025 Chengdu Other
on Securities, and others status
The 2024
Instituti
Annual and
onal and
The 2025 First E Fund, Invesco Great Wall Fund,
May 9, 2025 individu
Company Quarterly individual shareholders, and others
al
Results
investor
Briefing
Instituti JP Morgan Group, Morgan Stanley,
May 21, 2025 Shanghai Other
on and others
The Instituti
May 26, 2025 By phone E Fund and Guotai Haitong Securities
Company on
The 2024 Instituti
The Annual onal and E Fund, Invesco Great Wall Fund,
June 20, 2025
Company General individu individual shareholders, and others
Meeting of al
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Shareholder investor
s
III Financial Relationships between the Listed Company and Its Controlling Shareholder and
Other Related Parties
Applicable □ Not applicable
Unit: RMB’0,000
Nature of Opening Amount incurred Amount paid in Closing Interest Interest
Name of transaction party
transaction balance in the period the period balance income expense
Subsidiaries and affiliated
enterprises
Sichuan Yibin Wuliangye
Operating 114,249.32 55,593.64 262.19 169,580.77
Group Finance Co., Ltd.
Sichuan Yibin Wuliangye
Non-operating 321,143.27 319,448.58 1,694.69
Distillery Co., Ltd.
Yibin Jiangjiu Liquor Co., Ltd. Non-operating 224,483.58 37,600.00 262,083.58
Sichuan Yibin Wuliangye
Environmental Protection Non-operating 16,971.28 310.25 16,661.03
Industry Co., Ltd.
Yibin Wuliangye Xianlin
Non-operating 12,920.63 12,920.63
Ecological Liquor Co., Ltd.
Controlling shareholder, actual
controller and their affiliated
enterprises
Sichuan Putian Packaging Co.,
Operating 1,294.59 4,364.05 5,550.53 108.11
Ltd.
Chengdu Huayu Glass
Operating 347.15 632.86 562.07 417.94
Manufacturing Co., Ltd.
Chengdu PUTH Medical
Operating 206.29 3,691.08 3,458.06 439.31
Technology Co., Ltd.
Yibin Grace Fiber Industry Co.,
Operating 139.85 165.84 200.00 105.69
Ltd.
Sichuan Wuliangye Products
Operating 65.16 491.51 481.29 75.38
Co., Ltd.
Sichuan Yibin Push Auto Parts
Operating 2.83 58.92 60.02 1.73
Co., Ltd.
Sichuan Yibin Push Mold Co.,
Operating 1.37 67.85 68.54 0.68
Ltd.
Sun Display Co., Ltd. Operating 52.91 8.68 61.59
Yibin Paper Industry Co., Ltd. Operating 64.98 37.22 27.76
Sichuan Shuzhan New
Operating 1.00 338.98 338.98 1.00
Materials Co., Ltd.
Sichuan Linhu Tea Industry
Operating 233.75 233.51 0.24
Co., Ltd.
Sichuan Nongwu E-commerce
Operating 118.42 98.24 20.18
Co., Ltd.
Yibin Push Assets Management
Operating 6.54 8.76 15.27 0.03
Co., Ltd.
Sichuan Yibin Global Huaxin
Commercial Development Co., Operating 9.48 90.15 21.85 77.78
Ltd.
Sichuan Zhongke Beiteer
Operating 1.02 21.28 1.52 20.78
Technology Co., Ltd.
Sichuan Yibin Global
Environmental Technology Operating 116.54 104.01 12.53
Co., Ltd.
Anji Logistic Group Co., Ltd.
Operating 29.12 178.05 161.55 45.62
Sichuan
Sichuan Yibin Licai Group Co.,
Operating 5,340.53 4,474.17 866.36
Ltd.
Yibin Wuliangye Group I&E
Operating 56.27 55.85 0.42
Co., Ltd.
Sichuan Chuanhong Tea Group
Operating 587.97 105.65 482.32
Co., Ltd.
Yibin Huanyu Trading Co.,
Operating 21.36 1.31 20.05
Ltd.
Sichuan Yibin Wuliangye
Operating 38.13 38.13
Group Anji Logistic Co., Ltd.
Sichuan Yibin Wuliangye
Operating 5.62 5.62
Group Co., Ltd.
Sichuan Gloport Digital
Operating 2.00 2.00
Technology Co., Ltd.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Yibin City Commercial Bank
Operating 32,587.46 15,706.30 48,293.76
Co., Ltd.
Sichuan Jinkaitai Hotel
Operating 3.00 3.00 3.00 3.00
Management Co., Ltd.
Sacred Mountain White
Magnolia Industrial Co., Ltd., Operating 339.82 339.82
Sichuan
Yibin Jindun Technology Co.,
Operating 257.31 76.60 180.71
Ltd.
Dujiangyan Wuliangye Hemei
Operating 140.14 140.14
Health Investment Co., Ltd.
Wuming Tea Industry Holding
Operating 84.00 84.00
Co., Ltd.
Yibin Zhonggang Energy Co.,
Operating 1.50 0.30 0.50 1.30
Ltd.
Sichuan Yibin Push Building
Operating 282.67 261.44 21.23
Materials Co., Ltd.
Sichuan Ansage Supply Chain
Operating 1.41 0.36 1.05
Management Co., Ltd.
Sichuan Zhongxin Green
Operating 5.15 5.15
Energy Co., Ltd.
Yibin Global Photoelectric
Operating 1,063.49 957.29 106.20
Technology Co., Ltd.
Total -- 725,384.37 126,913.79 337,497.44 514,800.72
The above-mentioned financial relationships between the Company and the controlling shareholder, actual controller and
Related decision-making
their affiliated enterprises, as well as the subsidiaries and their affiliated enterprises are subject to relevant regulations
procedures
and approval procedures.
The above-mentioned financial relationships occurred based on business needs, and the security risks of funds are
Fund security measures
controllable.
Note: The amounts related to Sichuan Yibin Wuliangye Group Finance Co., Ltd. and Yibin City Commercial
Bank Co., Ltd. in the table above represent interest on term deposits accrued on an accrual basis, and the closing
balances are presented under monetary assets.
Interim Report 2025
Chairman of the Board: Zeng Congqin
August 28, 2025
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Part I Important Notes, Table of Contents and Definitions
Wuliangye Yibin Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee that the
contents of this Report are true, accurate and complete and free of any misrepresentations, misleading
statements or material omissions, and collectively and individually accept legal responsibility for
such contents.
Financial Officer, and Liu Min, head of the Company’s accounting department, hereby guarantee that
the financial statements carried in this Report are true, accurate and complete.
of them were present at the meeting in person while Mr. Han Chengke and Mr. Ding Nan voted by
way of telecommunication for they were unable to be present due to work reasons.
discrepancies or misunderstandings between the two versions, the Chinese version shall prevail.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Table of Contents
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Documents Available for Reference
The following documents are available for shareholders at the relevant department of the
Company:
Chief Financial Officer, and the head of the accounting department.
Journal, Shanghai Securities News and Securities Times during the Reporting Period.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Definitions
Term refers to Definitions
The “Company”, “Wuliangye”,
refers to Wuliangye Yibin Co., Ltd.
“WLY”, or “we”
Yibin Development Group refers to Yibin Development Holding Group Co., Ltd.
Wuliangye Group refers to Sichuan Yibin Wuliangye Group Co., Ltd.
Wuliang NongXiang Company refers to Sichuan Wuliangye NongXiang Baijiu Co., Ltd.
Push Group refers to Sichuan Yibin Push Group Co., Ltd.
Global Group refers to Sichuan Yibin Global Group Co., Ltd.
Wuliangye Group Finance refers to Sichuan Yibin Wuliangye Group Finance Co., Ltd.
Creart refers to Yibin Wuliangye Creart Co., Ltd.
Yongbufenli refers to Handan Yongbufenli Liquor Co., Ltd.
Anji Logistic Group refers to Anji Logistic Group Co., Ltd. Sichuan
Chuanhong Tea Group refers to Sichuan Chuanhong Tea Group Co., Ltd.
Licai Group refers to Sichuan Yibin Licai Group Co., Ltd.
Wuliang Pharmaceutical refers to Sichuan Yibin Wuliang Pharmaceutical Co., Ltd.
Grace Group refers to Yibin Grace Group Co., Ltd.
Health Industry Company refers to Yibin Wuliangye Health Industry Co., Ltd.
City and Transportation Construction Yibin City and Transportation Construction Investment Group
refers to
Investment Group Co., Ltd.
Public Utilities Group refers to Yibin Public Utilities Group Co., Ltd.
Sanjiang Investment and
refers to Yibin Sanjiang Investment and Construction Group Co., Ltd.
Construction Group
Shunan Culture & Tourism Group refers to Shunan Culture & Tourism Group Co., Ltd.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Part II Corporate Information and Key Financial Information
I Corporate Information
Stock name Wuliangye Stock code 000858
Stock exchange Shenzhen Stock Exchange
Company name in Chinese 宜宾五粮液股份有限公司
Abbr. (if any) 五粮液
Company name in English (if
WULIANGYE YIBIN CO.,LTD.
any)
Abbr. (if any) WLY
Legal representative Zeng Congqin
II Contact Information
Board Secretary Securities Representative
Name Zhang Xin Huang Hui
Office address District, Yibin City, Sichuan Province, District, Yibin City, Sichuan Province,
China China
Tel. （0831）3567000 （0831）3567000
Fax （0831）3555958 （0831）3555958
Email address 000858-wly@sohu.com 000858-wly@sohu.com
III Other Information
Indicate 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 Not applicable
No change occurred to the said information in the Reporting Period, which can be found in Annual Report
Indicate whether any change occurred to the information disclosure media and the place for lodging the
Company’s periodic reports in the Reporting Period.
□ Applicable Not applicable
The website of the stock exchange, the media and other website where the Company’s periodic reports are
disclosed, as well as the place for lodging such reports did not change in the Reporting Period. The said information
can be found in Annual Report 2024.
Indicate whether any change occurred to other information in the Reporting Period.
□ Applicable Not applicable
IV Key Financial Information
Indicate whether there is any retrospectively restated datum in the table below.
□ Yes No
H1 2025 H1 2024 Change (%)
Operating revenue (RMB) 52,770,984,383.52 50,648,026,578.65 4.19%
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Net profit attributable to the listed
company’s shareholders (RMB)
Net profit attributable to the listed
company’s shareholders before 19,479,643,890.31 18,938,813,683.76 2.86%
exceptional gains and losses (RMB)
Net cash generated from/used in
operating activities (RMB)
Basic earnings per share (RMB/share) 5.0216 4.9095 2.28%
Diluted earnings per share (RMB/share) 5.0216 4.9095 2.28%
Down by 0.07
Weighted average return on equity (%) 13.63% 13.70%
percentage point
June 30, 2025 December 31, 2024 Change (%)
Total assets (RMB) 193,415,382,562.71 188,252,218,704.17 2.74%
Equity attributable to the listed
company’s shareholders (RMB)
Note: This is primarily driven by a higher percentage of cash in payments received during the Reporting Period,
while the same period of last year saw a higher percentage of bank acceptance bills instead.
V Accounting Data Differences under China’s Accounting Standards for Business Enterprises
(CAS) and International Financial Reporting Standards (IFRS) and Foreign Accounting
Standards
□ Applicable Not applicable
No difference for the Reporting Period.
□ Applicable Not applicable
No difference for the Reporting Period.
VI Exceptional Gains and Losses
Applicable □ Not applicable
Unit: RMB
Item Amount Note
Gain or loss on disposal of non-current assets (inclusive of impairment allowance
write-offs)
Government grants recognized in profit or loss (exclusive of those that are closely
related to the Company’s normal business operations and given in accordance with
defined criteria and in compliance with government policies, and have a continuing
impact on the Company’s profit or loss)
Capital occupation charges on non-financial enterprises that are recognized in
profit or loss
Non-operating income and expense other than the above -26,672,025.54
Less: Income tax effects 3,089,726.65
Non-controlling interests effects (net of tax) -1,067,421.51
Total 12,298,508.22
Particulars about other items that meet the definition of exceptional gain/loss:
□ Applicable Not applicable
No such cases for the Reporting Period.
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Exceptional Gain/Loss Items:
□ Applicable Not applicable
No such cases for the Reporting Period.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Part III Management Discussion and Analysis
I Principal Operations of the Company during the Reporting Period
The Company is principally engaged in Baijiu production and sales. According to the Guidelines for the
Industry Classification of Listed Companies issued by the China Securities Regulatory Commission, the Baijiu
industry falls into the category of the “liquor & wine, beverage, and refined tea production industry” (C15). No
change occurred to the principal operations of the Company during the Reporting Period. “Wuliangye”, the primary
product of the Company, is a classic strong-flavor Chinese Baijiu. Additionally, the Company has developed, based
on different production techniques and market needs, Wuliang NongXiang Baijiu products such as Wuliang Chun
(Spring), Wuliang Chun (Rich Flavor), Wuliang Tetouqu, and Mianrou Jianzhuang with complete categories and
unique tastes to meet the diverse needs of different consumers in pursuit of a better life.
The Company is subject to the disclosure requirements for the food and wine & liquor production industry in
Guidelines No. 3 of the Shenzhen Stock Exchange for the Self-Regulation of Listed Companies—Industry-specific
Information Disclosure.
(1) Wuliangye-branded Baijiu Products
In the first half of 2025, the Company adhered closely to its overarching goal of “the Year of Marketing
Execution Enhancement” and continued to deepen its marketing strategy of “boosting sell-through, stabilizing
prices, improving cost-effectiveness, and transforming working styles”. As a result, the Wuliangye brand saw a
stronger market presence and successfully achieved more than half of the annual targets for revenue and net profit.
Firstly, the product mix continued to improve, and efficiency was boosted by innovations in product
development and operation. The product mix was renewed, with the launch of a series of new products such as Yi
Fan Feng Shun and Zhu Jun Jin Bang Ti Ming, in addition to accelerating the launch of Wuliangye (29% vol). The
“1+3” product structure was optimized, with the 8th-generation Wuliangye enjoying the most stable market share
in the RMB1,000 price range. The bottle-cracking participants and banquet events of Wuliangye 1618 and
Wuliangye (39% vol) both increased steadily. Regarding Classic Wuliangye, the Company was fully committed to
building model markets in Beijing, Shanghai, Chengdu, Guangzhou, Shenzhen and other cities.
Secondly, brand presence was continuously expanded, and momentum built up in marketing. The
Company deeply participated in high-end events such as the Boao Forum for Asia, the Expo 2025 Osaka, the APEC
CEO Summit with carefully planned branding activities, and successfully held IP events such as the First Harmony
Wedding Ceremony and the Fourth Wuliangye Harmony Cultural Festival. Also, it partnered with China Central
Television (“CCTV”) to carry out the “Harmony Gifts” interactive event during the Spring Festival Gala, attracting
over 100 million participants. In addition, the Company led the “Sichuan Liquor Global Tour” into countries such
as France, the Netherlands, and Germany, consistently improving brand reputation and presence.
Finally, channel layout was continuously optimized, and market share steadily increased. Meticulous
efforts were made in channel development, with a new addition of 7,990 point-of-sale terminals. Meanwhile, the
Company seized business opportunities in banquet scenarios, with the banquet events and the bottle-cracking and
QR code-scanning participants both maintaining a two-digit year-on-year growth in the first half of the year, serving
over 2,830,000 consumers. A total of 60 corporate customers were developed during the period. The “Three Stores,
One House” model was continuously promoted, with a new addition of 242 sales outlets in total, filling the gap in
the orders of these point-of-sale terminals increased steadily.
(2) Wuliang NongXiang products
In the first half of 2025, Wuliang NongXiang Company adhered to the strategic guideline of “innovation with
integrity while expanding territories, and making more contributions”. Focusing on key tasks such as product sell-
through, the revaluation of brand, market segmentation and hierarchy construction, brand culture promotion, and
market foundation consolidation, the company achieved steady progress and improvements in various dimensions.
Firstly, the bottle-cracking and QR code-scanning participants increased rapidly. With sell-through as the
key, the company seized opportunities during peak seasons such as the Chinese New Year and the Dragon Boat
Festival and launched events such as “Get into the Festive Spirit, Scan and Win More Prizes”, with the daily average
participants of bottle cracking and QR code scanning maintaining a two-digit year-on-year growth.
Secondly, the market foundation was continuously strengthened. Market segmentation and hierarchy
construction was promoted according to local conditions, strategic highland markets and key model markets were
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
built, and point-of-sale terminals were constantly enhanced. Market coverage further increased, and emerging
channels such as e-commerce, supermarkets and group buying continued to yield results.
Thirdly, the brand presence was increasingly strong. The brand actively integrated into and enriched
Wuliangye’s “Harmony” culture, making strategic branding trajectories more specific, branding paths clearer, and
branding measures more flexible.
Finally, consumer development methods became more diverse. An innovative “3K” operation model,
featuring Key Opinion Consumer (KOC), Key Opinion Sales (KOS), and Key Opinion Leader (KOL), has been
implemented to build a new customer relationship ecosystem and achieve dual empowerment of product reputation
and sell-through.
Distribution model: This includes the traditional channel operator model, KA marketplace, etc., mainly sold
offline.
Direct-to-consumer model: This includes the group purchase model, where products are sold directly to
groups of consumers, the exclusive store model for the retail end and consumer groups, and the online sales model,
where products are sold through e-commerce platforms such as Tmall and JD.
Applicable □ Not applicable
(1) Operating Revenues, Costs of Sales and Gross Profit Margins of Different Sales Models and Product
Categories
Unit: RMB
YoY change in YoY change in
Gross profit YoY change in
Item Operating revenue Cost of sales operating gross profit
margin cost of sales
revenue margin
By sales model
Liquor products 49,119,887,461.97 8,745,463,248.36 82.20% 4.26% 6.61% -0.39%
Of which:
Distribution model
Direct-to-
consumer model
By product category
Liquor products 49,119,887,461.97 8,745,463,248.36 82.20% 4.26% 6.61% -0.39%
Of which:
Wuliangye-branded 40,998,320,017.50 5,556,547,206.14 86.45% 4.57% 6.51% -0.24%
Baijiu products
Other liquor
products
(2) Number of Distributors
Number of distributors of Wuliangye- Reason for change (more than
Region YoY change (number)
branded Baijiu products 30%)
East China 616 -19
South China 1,067 4
North China 827 -5
Subtotal 2,510 -20 N/A
Number of distributors of Wuliang
Region YoY change (number)
NongXiang products
China 1,077 127
Total 3,587 107
Note: There is overlap between distributors of Wuliangye-branded Baijiu products and Wuliang NongXiang
Baijiu products.
(3) Main Settlement Methods and Dealing Methods of Distributor Customers
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
A distribution model is mainly used, with a “payment before delivery” settlement method. In the Reporting
Period, the total sales revenue from the top five distributors reached RMB30.061 billion, accounting for 56.96% of
the total sales revenue.
Applicable □ Not applicable
Number of exclusive stores Number of exclusive stores
Region at the beginning of the at the end of the Reporting Reason for change (more than 30%)
Reporting Period Period
East China 765 761
South China 565 560
N/A
North China 456 447
Total 1,786 1,768
Applicable □ Not applicable
Product category Platform
Wuliangye-branded Baijiu products:
The 8th-generation Wuliangye, Wuliangye (39% vol), Classic
Tmall, JD, and WeChat
Wuliangye, etc.
Other liquor products:
Wuliang Chun (Spring), Wuliang Chun (Rich Flavor),
Tmall, JD, and WeChat
Wuliang Tequ, and Jianzhuang
Indicate whether any of the major products that accounted for more than 10% of the total operating revenue in
the current period saw a 30% or greater change in its selling price compared to the prior reporting period.
□ Applicable Not applicable
Unit: RMB
Purchase model Purchased items Amount
Raw materials and auxiliary materials,
Market-based purchase 5,461,006,938.05
etc.
Market-based purchase Packaging materials 1,233,966,176.26
Market-based purchase Energy 403,079,735.87
Indicate whether the purchase of raw materials from cooperatives or farmers accounted for more than 30% of
the total purchase amount.
□ Applicable Not applicable
Indicate whether the price of any of the major raw materials purchased externally changed by more than 30%
year-on-year.
□ Applicable Not applicable
The Company’s Baijiu products are all produced by itself.
Commissioned processing and production:
□ Applicable Not applicable
Unit: RMB
H1 2025 H1 2024
Operating Change in
Item As % of total cost of As % of total cost
division Cost of sales Cost of sales percentage
sales (%) of sales (%)
Raw materials 6,817,942,910.15 55.76% 6,367,500,886.67 55.53% 0.23%
Manufacturing
Labor cost 3,414,708,845.56 27.92% 3,355,054,459.35 29.26% -1.34%
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Energy 723,131,392.71 5.91% 666,410,145.73 5.81% 0.10%
Production
cost
(1) Production Volume, Sales Volume and Inventory of Major Products
Opening inventory (ton) Production volume (ton) Sales volume (ton) Closing inventory (ton)
Product
H1 2025 YoY change H1 2025 YoY change H1 2025 YoY change H1 2025 YoY change
Wuliangye-
branded Baijiu 6,173 39.13% (note 2) 25,559 11.56% 27,278 12.75% 4,454 41.26% (note 2)
products
Other liquor
products
Total 32,799 -32.12% 102,209 44.42% 113,283 44.59% 21,725 -46.68%
Note 1: The liquor referred to in the table above is all commercial liquor.
Note 2: This is primarily because the Spring Festival in 2025 was earlier than that in 2024, and the Company
actively stocked up for sales in the Spring Festival, leading to a higher opening inventory. Meanwhile, to further
meet the needs from market segments, the Company took the initiative to increase the stock of differentiated liquor
products, resulting in an increase in the closing inventory.
Note 3: This is primarily because the Baijiu industry was in deep adjustment, mid- and low-priced products
were more favored by consumers, and sales of these products increased accordingly.
(2) Finished Liquor and Semi-finished Liquor (Including Base Liquor)
Category Inventory (ton)
Finished liquor 21,725
Semi-finished liquor (including base liquor in pottery jars) 174,659
(3) Designed, Actual and In-progress Production Capacity of Major Products by Production Entities
Actual production capacity in the
Designed production Production capacity in progress
Major product first half of the year (’0,000
capacity (’0,000 tons) (’0,000 tons)
tons)
Liquor 19.0627 8.3538 3.95
Note: The liquor in the table above includes Baijiu and base liquor.
II Core Competitiveness Analysis
The Company’s unique five major competitive edges of the regions of production, ancient fermentation pit
clusters, quality, brands, and consumer base constitute its irreplicable core competitiveness. During the Reporting
Period, the Company’s core competitiveness continued to strengthen.
The first is the geographical competitiveness. The Yibin region of production, where the Company is situated,
boasts a uniquely favorable natural ecological distilling environment of “water, soil, air, climate, and biology”. It
has been recognized by United Nations Educational, Scientific and Cultural Organization (UNESCO) and Food and
Agricultural Organization (FAO) as “the most suitable region in the same latitude for producing high-quality, pure
distilled Baijiu”, making it one of the world’s top ten regions of production of spirits. In 2023, it was awarded the
title of “China’s Wuliang NongXiang Baijiu Core Region of Production”. In view of the development of the liquor
industry, the government of the region of production has stepped up resource integration and policy support in the
region of production, with the region of production being selected into the first batch of the key cultivation list of
regions of production for traditional advantageous food and local specialty food industries, which is released by the
Ministry of Industry and Information Technology of China.
The second competitive edge lies in the ancient fermentation pit clusters. The ancient fermentation pit
clusters of the Yuan and Ming dynasties, represented by Changfasheng and Lichuanyong, are the earliest and largest
cave-type ancient fermentation pits in China with uninterrupted production. The “Archaeological Wuliangye”
project, which has been selected into the “Compass Plan” launched by the Ministry of Science and Technology and
the Ministry of Culture and Tourism of China, has been successfully completed, tracing the history of the ancient
fermentation pit back to 1276 (the early Yuan Dynasty). This means that these fermentation pits have been
producing liquor continuously for 749 years.
Quality represents the third competitive edge. The Company follows the five principles of “planting,
distilling, selecting, aging and blending” in the production of its Baijiu, which is the world’s first liquor
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
distilled from five grains—sorghum, rice, glutinous rice, wheat and corn. Also, it possesses the unique “1366”
traditional production technique that has been identified as a national intangible cultural heritage, with 93
process steps, 310 working procedures, and 218 quality inspection points. A through-life quality management
model “from seed to liquor” has been established. And Wuliangye is the only Baijiu producer that has won the
National Quality Award four times and was shortlisted for the Fifth China Quality Award. Additionally, it is
among the first to be included in the protection list of the China-EU Geographical Indications Agreement.
During the Reporting Period, the on-site review of the Company for the EFQM Global Award (EGA) was
successfully completed, and the Quality Requirement for Geographical Indication Product—Wuliangye Baijiu
was officially implemented.
The fourth is the brand strength. Wuliangye’s brand culture has profound historical roots, beginning in the
Tang dynasty, emerging in the Song dynasty, refined in the Yuan dynasty, becoming well-known in the Ming
dynasty, and establishing the brand name in the Qing dynasty. In 1932, it was the first in the industry to register
Chinese and English trademarks. During the Reporting Period, the Company deeply participated in high-end events
such as the Boao Forum for Asia and the Expo 2025 Osaka, and successfully held IP events such as the First
Harmony Wedding Ceremony and the Fourth Harmony Cultural Festival. Also, it partnered with China Central
Television (“CCTV”) to present the TV show Etiquette China and released the Common Prosperity·Song of
Harmony. In addition, the Company led the “Sichuan Liquor Global Tour” into countries such as France, the
Netherlands, Japan, Germany, and Seychelles. The advocacy of a harmonious culture of “harmonious common
prosperity” continues to be prominently displayed. In Brand Finance Global 500 2025, Wuliangye is ranked the
it secure an AAA+ brand rating, the highest worldwide. In addition, Wuliangye was selected into the first batch of
China’s Famous Consumer Goods list by the Ministry of Industry and Information Technology and included in the
Historical Classic Industries for cultivation.
The last is a broad consumer base. Strong-flavoured Baijiu is the Baijiu category with the highest market
share and the largest consumer base. Being famous worldwide for its unique style of “lasting aroma, mellow,
pleasant and smooth taste, and harmonious, well-balanced and comprehensive flavours”, Wuliangye has a wide and
solid consumer base. Notably, the industry’s pioneering low-alcohol Baijiu possesses a unique competitive
advantage in cultivating a young consumer demographic and an overseas mainstream demographic.
III Analysis of Principal Operations
Overview: please refer to the contents under the heading “I Principal Operations of the Company during the
Reporting Period” above.
Unit: RMB
Main reason
H1 2025 H1 2024 Change (%)
for change
Operating revenue 52,770,984,383.52 50,648,026,578.65 4.19%
Cost of sales 12,228,189,911.58 11,466,138,507.20 6.65%
Selling expense 5,396,393,992.35 5,366,342,173.42 0.56%
Administrative expense 1,712,424,934.59 1,738,561,638.52 -1.50%
Finance costs -1,261,269,705.58 -1,400,855,109.46 N/A
Income tax expense 6,583,646,456.74 6,563,541,257.72 0.31%
Research and development
expense
Net cash generated from/used in
operating activities
Net cash generated from/used in
-967,484,650.22 -1,069,383,823.78 N/A
investing activities
Net cash generated from/used in
-10,300,233,479.06 -157,849,148.32 N/A Note 3
financing activities
Net increase in cash and cash 19,869,018,499.30 12,200,695,683.53 62.85% Note 2
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
equivalents
Note 1: This is primarily driven by greater investments in R&D projects such as production techniques.
Note 2: This is primarily driven by a higher percentage of cash in payments received during the Reporting
Period, while the same period of last year saw a higher percentage of bank acceptance bills instead.
Note 3: This is primarily driven by the Company’s 2024 interim dividend payout of RMB9.999 billion during
the Reporting Period.
Indicate whether any significant change occurred to the profit structure or sources of the Company in the
Reporting Period.
□ Applicable Not applicable
No such cases in the Reporting Period.
Unit: RMB
H1 2025 H1 2024
As % of total As % of total Change (%)
Operating revenue operating Operating revenue operating
revenue (%) revenue (%)
Total 52,770,984,383.52 100% 50,648,026,578.65 100% 4.19%
By operating division
Manufacturing 52,770,984,383.52 100.00% 50,648,026,578.65 100.00% 4.19%
By product category
Liquor products 49,119,887,461.97 93.08% 47,110,718,721.26 93.02% 4.26%
Plastic products 2,009,666,124.35 3.81% 1,981,033,159.97 3.91% 1.45%
Printing 100,018,434.51 0.19% 50,553,920.22 0.10% 97.85% (note 1)
Glass bottles 27,899,360.31 0.05% 48,683,476.63 0.10% -42.69% (note 2)
Others 1,513,513,002.38 2.87% 1,457,037,300.57 2.88% 3.88%
By operating segment
Liquor products 49,119,887,461.97 93.08% 47,110,718,721.26 93.02% 4.26%
Of which: East
China
South China 21,886,027,517.04 41.47% 21,472,366,830.19 42.40% 1.93%
North China 7,124,405,316.59 13.50% 6,997,357,714.18 13.82% 1.82%
Non-liquor
products
Note 1: This is primarily driven by the increased external business volume of printing upon iterative upgrades.
Note 2: This is primarily because output of the Baijiu industry declined due to external macroeconomic factors.
Revenue or Operating Profit
Applicable □ Not applicable
Unit: RMB
YoY YoY
YoY
change in change in
Gross profit change in
Operating revenue Cost of sales operating gross
margin cost of
revenue profit
sales (%)
(%) margin (%)
By operating division
Manufacturing (liquor
production)
By product category
Liquor products 49,119,887,461.97 8,745,463,248.36 82.20% 4.26% 6.61% -0.39%
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Of which: Wuliangye-
branded Baijiu 40,998,320,017.50 5,556,547,206.14 86.45% 4.57% 6.51% -0.24%
products
Other liquor
products
By operating segment
Liquor products 49,119,887,461.97 8,745,463,248.36 82.20% 4.26% 6.61% -0.39%
Of which: East China 20,109,454,628.34 2,904,893,555.18 85.55% 7.88% 12.14% -0.55%
South China 21,886,027,517.04 4,815,949,999.55 78.00% 1.93% 4.53% -0.54%
North China 7,124,405,316.59 1,024,619,693.63 85.62% 1.82% 1.90% -0.01%
Data of principal operations for the prior period (H1 2024) adjusted according to the changed methods of
measurement that occurred in the Reporting Period:
Applicable □ Not applicable
Unit: RMB
YoY
YoY YoY
Gross change in
change in change in
Operating revenue Cost of sales profit operating
cost of gross profit
margin revenue
sales (%) margin (%)
(%)
By operating segment
Liquor products 47,110,718,721.26 8,203,080,533.11 82.59% 12.46% 12.63% -0.02%
Of which: East
China
South China 21,472,366,830.19 4,607,165,207.25 78.54% 11.41% 12.88% -0.28%
North China 6,997,357,714.18 1,005,490,202.38 85.63% -1.24% -1.20% -0.01%
Reasons for the changed methods of measurement: In order to deepen the reform as a state-owned enterprise,
the Company integrated 27 marketing regions into three major regions: North China, South China and East China,
establishing a vertical management and control system of “headquarters-regional centers-point of sale terminals” to
enhance its market response capabilities.
The Company is subject to the disclosure requirements for the food and wine & liquor production industry in
Guidelines No. 3 of the Shenzhen Stock Exchange for the Self-Regulation of Listed Companies—Industry-specific
Information Disclosure.
Unit: RMB
H1 2025 H1 2024
Reason for
Item Change (%)
As % of selling As % of selling change
Amount Amount
expense expense
Image
promotion 921,538,548.01 17.08% 932,275,200.41 17.37% -1.15%
expense
Sales
promotion 3,561,191,259.96 65.99% 3,440,601,772.58 64.11% 3.50%
expense
Warehousing
and logistics 285,437,440.65 5.29% 272,408,237.24 5.08% 4.78%
expense
Labor cost 371,762,556.09 6.89% 455,092,791.02 8.48% -18.31%
Other
expenses
Total 5,396,393,992.35 5,366,342,173.42 0.56%
During the Reporting Period, the Company’s primary advertising means included TV, broadcasting, Internet,
outdoor ads and exhibitions. The expenses on online, offline and TV ads were RMB122 million, RMB482 million
and RMB318 million, respectively.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
IV Analysis of Non-Core Businesses
□ Applicable Not applicable
V Analysis of Assets and Liabilities
Unit: RMB
June 30, 2025 December 31, 2024 Reason
Change
for any
in
Item As % of total As % of total significa
Amount Amount percenta
assets assets nt
ge (%)
change
Monetary assets 148,319,946,342.06 76.68% 127,398,915,484.11 67.67% 9.01%
Accounts
receivable
Inventories 17,745,770,666.17 9.17% 18,233,702,166.62 9.69% -0.52%
Long-term
equity 2,173,006,025.05 1.12% 2,081,612,703.43 1.11% 0.01%
investments
Fixed assets 7,745,514,521.75 4.00% 7,264,740,683.62 3.86% 0.14%
Construction in
progress
Right-of-use
assets
Contract
liabilities
Lease liabilities 215,370,747.58 0.11% 393,922,062.84 0.21% -0.10%
□ Applicable Not applicable
Applicable □ Not applicable
Unit: RMB
Gain/l
oss on Cumulativ Impair Purc
Sold
fair- e fair- ment hase
in
value value allowa d in
Item Opening amount the Other changes Closing amount
change changes nce for the
peri
s in recognized the peri
od
the in equity period od
period
Financial assets
financial assets (exclusive
of derivative financial
assets)
assets
investments
financial assets
Subtotal of financial
assets
Investment property
Productive living assets
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Other
Total of the above 19,567,597,992.11 -15,677,804,218.04 3,889,793,774.07
Financial liabilities
Contents of other changes:
The Company classified the portion of bank acceptance bills received that were to be endorsed or discounted
as receivables financing, and other changes during the period represented the net amount recognized and utilized
during the period.
Indicate whether any significant change occurred to the measurement attributes of the major assets in the
Reporting Period.
□ Yes No
Unit: RMB
Closing carrying
Item Reason for restriction
amount
Security deposits for bank acceptance bills, other security deposits, the balance in
Monetary assets 361,016,021.18 the securities trading account with the Yibin Jinshajiang Avenue Securities Sales
Department of SDIC Securities Co., Ltd., etc.
Total 361,016,021.18
VI Investment Analysis
□ Applicable Not applicable
□ Applicable Not applicable
□ Applicable Not applicable
(1) Securities Investments
□ Applicable Not applicable
No such cases in the Reporting Period.
(2) Investments in Derivative Financial Instruments
□ Applicable Not applicable
No such cases in the Reporting Period.
□ Applicable Not applicable
No such cases in the Reporting Period.
VII Sale of Major Assets and Equity Investments
□ Applicable Not applicable
No such cases in the Reporting Period.
□ Applicable Not applicable
VIII Principal Subsidiaries and Joint Stock Companies
Applicable □ Not applicable
Principal subsidiaries and joint stock companies with an over 10% effect on the consolidated net profit:
Unit: RMB
Relationsh
Principal
Name ip with the Registered capital Total assets Equity
activities
Company
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Liquor-
Yibin Wuliangye Liquor Sales Co.,
Subsidiary related 200,000,000.00 72,377,630,584.04 46,670,587,130.41
Ltd.
operations
Unit: RMB
Relations
hip with Principal
Name Operating revenue Operating profit Net profit
the activities
Company
Liquor-
Subsidiar
Yibin Wuliangye Liquor Sales Co., Ltd. related 38,905,153,069.46 14,567,474,628.41 10,932,106,856.72
y
operations
Subsidiaries acquired or disposed of in the Reporting Period:
□ Applicable Not applicable
IX Structured Entities Controlled by the Company
□ Applicable Not applicable
X Risks Facing the Company and Countermeasures
Firstly, there may be uncertainties in the environment at home and abroad; secondly, valid demand may not be
recovering in an expected pace; and finally, the Baijiu industry continues to undergo deep change. In response, the
Company will adhere to its strategic focus, implement the “135” development strategy in depth, and persist in
adapting to changes and seeking progress in changes. Also, it will find the intersection of supply-side structural
reforms and changes in consumption trends, and meet, create and lead demand with high-quality supply.
XI Formulation and Implementation of Market Value Management Rules and Valuation
Enhancement Plan
Indicate whether the Company has formulated market value management rules.
Yes □ No
Indicate whether the Company has disclosed a valuation enhancement plan.
□ Yes No
In order to enhance investment value, increase investor returns, and strengthen market value management, the
Company has formulated the Market Value Management Rules, which has been approved at the Fourth Meeting of
the Sixth Board of Directors in 2025. These rules mainly cover the specific departments or personnel responsible
for market value management, the responsibilities of directors and senior management, the methods of market value
management, and the monitoring and early warning arrangements for key indicators such as market value, price-to-
earnings ratio, and price-to-book ratio. For details, please refer to the Market Value Management Rules disclosed
by the Company on March 6, 2025.
XII Implementation of the Action Plan for “Dual Enhancement of Development Quality and
Investor Returns”
Indicate whether the Company has disclosed its Action Plan for “Dual Enhancement of Development Quality
and Investor Returns”.
Yes □ No
In order to comprehensively implement the guiding principles of the Political Bureau meeting on “activating
the capital market and boosting investor confidence” and the State Council Executive Meeting on “vigorously
enhancing the quality and investment value of listed companies, adopting more effective measures, focusing on
stabilizing the market and confidence”, the Company disclosed the Action Plan for “Dual Enhancement of
Development Quality and Investor Returns” (Announcement No.: 2024/No. 002) on March 7, 2024. The
implementation of the action plan is as follows.
Firstly, the Company has maintained steady and robust growth in operating performance. The Company
adhered to the working principles of “seeking progress in stability, maintaining stability with progress, improving
quality and efficiency, and making more contributions”, solidly carried out its work, and took scientific actions,
achieving new heights in corporate development. In the first half of 2025, the Company achieved operating revenue
of RMB52.771 billion, an increase of 4.19% year on year; and the net profit attributable to its shareholders was
RMB19.492 billion, an increase of 2.28% year on year. The Company maintained steady growth in operating
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
performance.
Secondly, the Company continued to deepen innovation. It continued to advance technological
breakthroughs in key areas. Breakthroughs were achieved in the application of modern biotechnology to replicate
old fermentation pit mud, enabling improved production quality and efficiency of new fermentation pit mud.
Furthermore, the Company accelerated the launch of new products such as Wuliangye (29% vol), Baijiu for the Year
of the Horse, Wuliangye (29% vol, Online Version), and the 8th-generation Wuliangye Bubugaosheng Lightweight
Version.
Thirdly, branding efforts yielded remarkable results. The Company deeply participated in high-end events
such as the Boao Forum for Asia and the Expo 2025 Osaka, and successfully held IP events such as the First
Harmony Wedding Ceremony and the Fourth Harmony Cultural Festival. Also, it partnered with China Central
Television (“CCTV”) to present the TV show Etiquette China and released the Common Prosperity·Song of
Harmony. In addition, the Company led the “Sichuan Liquor Global Tour” into countries such as France, the
Netherlands, Japan, Germany, and Seychelles, with an improving brand reputation and stronger brand presence. In
Brand Finance Global 500 2025, Wuliangye is ranked the 73rd, climbing up two places compared with the same
period of last year. Its Brand Strength Index (BSI) has helped it secure an AAA+ brand rating, the highest worldwide.
In addition, Wuliangye was selected into the first batch of China’s Famous Consumer Goods list by the Ministry of
Industry and Information Technology and included in the Historical Classic Industries for cultivation.
Finally, the high-quality and fast growth program was steadily carried out. The Company continued to
advance major projects under construction. Distilling workshops 1-9 and 12-15 of Phase II of the 100,000-ton
Ecological Distillery Project topped out. Section I of the Chinese Baijiu Cultural Sanctuary Project was completed,
and the commercial area of the gateway project progressed as scheduled.
Firstly, the information disclosure continued to be strengthened. The Company continued to strengthen its
learning of the Company Law, the Stock Listing Rules and other applicable laws and regulations, and strengthen
information disclosure management. It has won the highest level (A) assessment of information disclosure from the
Shenzhen Stock Exchange for 10 consecutive years. In the first half of 2025, the Company compiled and disclosed
a timely manner with increasing transparency.
Secondly, the governance system continued to be optimised. In the first half of 2025, the Company
completed the re-election of the Sixth Board of Directors; convened eight Board meetings, deliberating on 31
proposals, including matters related to profit distribution and related-party transactions; actively implemented the
functions of the Board of Directors, ensuring efficient and orderly management of the Company.
Finally, the supervision mechanism continued to be sound. In the first half of 2025, the independent
directors attended one special meeting of independent directors to issue opinion on matters such as related-party
transactions. They continued to pay attention to the Company’s information disclosure work, objectively evaluated
the timeliness and accuracy of information disclosure, and independently and prudently expressed opinions to
ensure the normative, compliant, and effective operation of the Board of Directors. The Company’s Supervisory
Committee independently exercised its powers in accordance with the law, supervised the Company’s lawful
operations, financial status, related-party transactions, external guarantees, and actively safeguarded the legitimate
rights and interests of all shareholders, the Company, and employees.
The Company continued to uphold the core value of “creating returns for investors”. While focusing on its
own development and improving operating performance, it actively shared the yield of development with all
shareholders. In July 2025, the Company made the 2024 final dividend payout of RMB12.301 billion in cash, which
was completed on July 18, 2025. This, plus the 2024 interim dividend payout of RMB9.999 billion, totaled a full-
year dividend payout of RMB22.3 billion in cash for 2024, representing a cash dividend payout ratio of 70.01%.
Both the dividend amount and the dividend payout ratio were the highest since the Company went public
On April 9, 2025, Wuliangye Group carried out another plan to increase its shareholding in the Company, and
had cumulatively purchased 4,763,666 additional shares as of July 12, 2025 with an amount of RMB613.5204
million, accounting for 0.12% of the Company’s total share capital. As of now, the shareholding increase plan has
not been fully implemented, and Wuliangye Group will continue to increase its holdings in accordance with the
plan.
The Company always adhered to the principles of “compliance, equality, proactivity, and honesty and
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
trustworthiness”, continuously optimised investor relations management, and built various communication
platforms. During the Reporting Period, the Company held the “2024 Annual and 2025 First Quarterly Results
Briefing” and the “2024 Annual General Meeting of Shareholders”, actively listening to investors’ opinions and
suggestions, improving the effectiveness and pertinence of communication, and ensuring the equal participation of
minority shareholders. During the Reporting Period, the Company communicated with a total of more than 700
investors through the annual general meeting of shareholders, one-on-one meetings, securities firms’ investment
conferences, conference calls and other forms. The Company will continue to implement relevant measures of the
Action Plan for “Dual Enhancement of Development Quality and Investor Returns”, strive to realise the concept of
“investors first” through good performance, standardised corporate governance, and active investment returns,
effectively fulfill the responsibilities and obligations of a listed company, enhance investor confidence, and achieve
sustained high-quality development of the Company.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Part IV Environmental, Social and Governance Information
I Change of Directors, Supervisors and Senior Management
Applicable □ Not applicable
Name Office title Type of change Date Reason
Deputy General
Li Jian Resignation January 2, 2025 Job transfer
Manager
Resignation upon
Xu Bo Director June 20, 2025 Change of term
expiration of term
Resignation upon
Xie Zhihua Independent Director June 20, 2025 Change of term
expiration of term
Resignation upon
Wu Yue Independent Director June 20, 2025 Change of term
expiration of term
Lu Li Independent Director Elected June 20, 2025 Change of term
Ding Nan Independent Director Elected June 20, 2025 Change of term
II Profit Distributions in the Form of Cash and/or Bonus Issue
□ Applicable Not applicable
The Company has no interim dividend plan, either in the form of cash or bonus issue.
III Equity Incentive Plans, Employee Stock Ownership Plans or Other Incentive Measures for
Employees
Applicable □ Not applicable
Not applicable
Applicable □ Not applicable
Outstanding employee stock ownership plans during the Reporting Period:
As % of the total
Scope of Number of Total number of shares
Change share capital of the Funding source
employees employees held under the plans
Company
Employees
covered by the 2,428 23,696,280 None 0.61% Self-pooled
plans
Shareholdings of directors, supervisors and senior management under employee stock ownership plans during
the Reporting Period:
In April 2018, the Company carried out an employee stock ownership plan through a private placement, and
certain in-service directors, supervisors and senior management participated in the employee stock ownership plan.
As of the end of the Reporting Period, non-transaction transfers had been completed.
Change of the asset management agency during the Reporting Period:
□ Applicable Not applicable
Equity changes incurred by the disposal of shares by any holder, etc. during the Reporting Period:
□ Applicable Not applicable
□ Applicable Not applicable
Other information about the employee stock ownership plans during the Reporting Period:
□ Applicable Not applicable
Changes to members of the management committees of employee stock ownership plans:
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
□ Applicable Not applicable
The financial impact of employee stock ownership plans on the Company and the relevant accounting
treatments during the Reporting Period:
□ Applicable Not applicable
Termination of employee stock ownership plans during the Reporting Period:
□ Applicable Not applicable
Other information: None.
□ Applicable Not applicable
IV Environmental Information Disclosure
Indicate 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
No. Company Index to the report on required environmental information
https://103.203.219.138:8082/eps/index/enterprise-
https://103.203.219.138:8082/eps/index/enterprise-
Sichuan Yibin Plastic Packaging Materials
Company Limited
e5cf5&date=2024&type=true&isSearch=true
https://103.203.219.138:8082/eps/index/enterprise-
f0c1&date=2024&type=true&isSearch=true
https://103.203.219.138:8082/eps/index/enterprise-
Sichuan Yibin Global Gelasi Glass
Manufacturing Co., Ltd.
https://103.203.219.138:8082/eps/index/enterprise-
Sichuan Yibin Wuliangye Jingmei Printing Co.,
Ltd.
http://121.29.48.71:8080/#/fill/detail?enpId=0C109BFA-
http://222.143.24.250:8247/enpInfo/enpOverview?enterId=914
V Corporate Social Responsibility (CSR)
The Company has firmly shouldered its political responsibility for providing bottom-line assistance, adhering
to the guiding principle of “five-approach support” (i.e., building consensus in ideas, solving problems together,
working together on industries, co-developing projects, and cultivating talent together) and following the overall
arrangements of the provincial and municipal Party committees and people’s governments. The Company has
provided bottom-line assistance to Litang and Shiqu counties in Ganzi Prefecture and Yuexi County in Liangshan
Prefecture outside the city, and helped support 54 towns and villages in Xuzhou District, Jiang’an County, Pingshan
County, and other districts and counties within the city. A total of 33 supporting officials has been dispatched.
Firstly, the Company persisted in high-level promotion. The Company attaches great importance to the bottom-
line assistance work and has included it in its key agenda. It has held eight meetings to advance the work, with the
main leaders conducting four field research and guidance visits to the counties.
Secondly, the Company insisted on the “Three-level Assistance” model. The Company has enhanced the
coordination of subordinate companies and related units under the leadership of the task force office. The members
of the task force have implemented the “1+N+2” three-level joint assistance system under supervision, with
assistance projects such as hot spring hotels, homestays, and Bailu Liquor in Litang County, Yuexi County, and
Pingshan County, steadily progressing.
Thirdly, the Company insisted on systematic planning. With the “Baijiu +” industry support model, the
Company has dynamically optimized the “One Enterprise, One Policy” support plan. Through the 2025 Assistance
Plan, the Company’s Party Committee has set out an “8+8+2+N” portfolio of assistance projects, forming an
assistance pathway that combines “local specialty projects” with “projects aligned to the Company’s strengths”.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Firstly, the Company focused on projects that combine “core business advantages + regional characteristics”
to fully support the development of the Baijiu industry in Litang County and Yuexi County. The Company invested
RMB2 million in Litang County to jointly innovate and develop the “Shangxuan” series of sea buckthorn and
matsutake mushroom liquor, and sea buckthorn and Cistanche deserticola liquor. In Yuexi County, a custom Baijiu
product “Wuliangyuan” was launched in January. The Company invested RMB10 million to build a Baijiu bottling
line, set up a Baijiu task force, conducted field research and guidance, and assisted local state-owned liquor
enterprises in the sale of Baijiu products with an additional RMB5 million to support the development of the local
special industry in Yuexi County.
Secondly, the Company focused on exploring projects that combine “cultural tourism industry + public
welfare”. In Litang County, the Company invested RMB10 million to support the development of special industries.
It provided ongoing guidance for the construction of major and supporting facilities of Oxygen Chamber Homestay
Hotel in Genie Town and the hot spring hotel in Chaka Village. Additionally, the Company sponsored RMB1 million
for the Litang “August 1st” Horse Racing Cultural Festival to continuously enhance the region’s cultural tourism
brand influence, and allocated RMB0.2 million to upgrade the sports and cultural square in Mula Town, improving
public infrastructure and well-being. In Yuexi County, the Company launched the “20℃ Yuexi Tour” campaign,
organizing in-depth visits to showcase local cultural tourism resources and stimulate high-end tourism consumption.
In Pingshan County, the Company invested RMB6 million to support the construction of the “Wuliangye Torch
Square” in Qingping Yi Ethnic Township and infrastructure improvements in Yingxiong Village, continuously
enhancing public well-being and people’s sense of happiness.
Thirdly, the Company focused on the innovation of projects that combine “agricultural specialties + expanded
sales channels”. In the first half of 2025, the Company procured RMB12.1249 million worth of agricultural
specialties from Litang County, Yuexi County, Pingshan County, and Jiang’an County. It expanded sales channels
through initiatives such as internal employee trade fairs, launching the online store of Wuliangye Home, and
assisting the Yuexi County Bureau of Culture and Tourism in promoting the Torch Festival at the Group, helping
sell nearly RMB35,000 worth of agricultural specialties. The Company allocated about RMB30,000 to support the
production of Yuexi’s special natural mineral water. Leveraging its resource network, the Company facilitated the
signing of the Strategic Cooperation Agreement for the Yuexi Pepper Industry between the People’s Government of
Yuexi County and Sichuan Teway Food Group Co., Ltd.
The Company continued to implement educational support plans, granting RMB0.1 million in scholarships to
Plan” to train returning university students, recruiting 17 new members for grassroots practice in 2025 following
the 11 recruited in 2024, with the goal of cultivating local talent. Furthermore, a government-enterprise training
class was organized in collaboration with the People’s Government of Yuexi County, planning to send six corporate
management personnel to the Company for exchange and learning.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Part V Significant Events
I Undertakings of the Company’s Actual Controller, Shareholders, Related Parties and
Acquirers, as well as the Company Itself and other Entities Fulfilled in the Reporting Period or
Ongoing at the Period-end
Applicable □ Not applicable
Based on its confidence in the Company’s continuously stable development and recognition of the Company’s
long-term investment value, Wuliangye Group has undertaken to increase its shareholdings in the Company within
six months from April 9, 2025. Wuliangye Group and its acting-in-concert party Yibin Development Group have
undertaken not to reduce their shareholdings in the Company during the said period of shareholding increase. And
the undertakings were honored continuously.
II Occupation of the Company’s Funds by the Controlling Shareholder or Any of Its Related
Parties for Non-Operating Purposes
□ Applicable Not applicable
No such cases in the Reporting Period.
III Irregularities in the Provision of Guarantees for External Parties
□ Applicable Not applicable
No such cases in the Reporting Period.
IV Appointment and Dismissal of CPA Firm
Indicate whether the interim financial statements are audited.
□ Yes No
The interim financial statements are unaudited.
V Statements Made by the Board of Directors and the Supervisory Committee Regarding the
Independent Auditor’s “Modified Opinion” on the Financial Statements of the Reporting
Period
□ Applicable Not applicable
VI Statement Made by the Board of Directors Regarding the “Modified Opinion” of an
Independent Auditor on Financial Statements of Last Year
□ Applicable Not applicable
VII Insolvency and Reorganization
□ Applicable Not applicable
No such cases in the Reporting Period.
VIII Legal Matters
Significant lawsuits and arbitrations:
□ Applicable Not applicable
No such cases in the Reporting Period.
Other legal matters:
Applicable □ Not applicable
Whet Inde
her Date x to
Amount Executi
any of disc
involved Result and on of
General information provi Progress discl lose
(RMB’0,00 impact judgmen
sion osur d
is e info
made rma
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
tion
Contract dispute
between Yibin The court has
Wuliangye Xianlin ordered the
Ecological Liquor Co., 627.79 The first-instance judgment has execution of Execute
No
Ltd. and Chengdu (note 1) taken effect. debt settlement d
Pomegranate through
Agricultural Products properties.
Development Co., Ltd.
Contract dispute
between Sichuan
On June 27, 2023, the court ruled Yuxiang fails to
Yibin Global Group
Shenzhou Glass Co., No
(note 2) Shenzhou a total of RMB5.7224 judgment on uted
Ltd. and Yibin
million. time.
Yuxiang Packaging
Materials Co., Ltd.
The “Phoenix Series”
illustrations of the
Company’s “Bainiao Withdrawal of
Case
Chaofeng” brand are 100.00 No Pre-litigation mediation. the case upon
closed
suspected to have settlement
infringed upon Li
Linxin’s copyright.
Arbitration between
The arbitration ruling came into
Yibin Wuliangye
effect, and Guangzhou Zhanyao
Liquor Sales Co., Ltd.
Electronic Technology Co., Ltd. Being
and Guangzhou A ruling has
Zhanyao Electronic been issued.
RMB659,800 in security d
Technology Co., Ltd.
deposits, utilities bills to Yibin
regarding a lease
Wuliangye Liquor Sales Co., Ltd.
contract dispute
In December 2024, Weiyuan
Rongwei Real Estate
Development Co., Ltd. sued
Yibin Wuliangye Liquor Sales
Co., Ltd. and Chengdu Boyang
Amazing Art Co., Ltd. in the
Primary People’s Court of
Case concerning the
Sichuan Pilot Free Trade Zone,
creditor’s right of
requesting: ① to revoke Article
rescission dispute
between Yibin
signed by Chengdu Boyang The trial has not
Wuliangye Liquor 7,432.46 No None
Amazing Art Co., Ltd. and Yibin yet begun.
Sales Co., Ltd. and
Wuliangye Liquor Sales Co., Ltd.
Weiyuan Rongwei
on July 25, 2022; and ② to
Real Estate
repay the due debt of
Development Co., Ltd.
RMB74.3246 million from
December 26, 2019 to July 25,
Wuliangye Performing Arts
Center Venue Naming Contract
to Rongwei, and to bear the
litigation costs.
Patent infringement Hangzhou Zhixin Digital
dispute between the Technology Co., Ltd. sued the The trial has not
Company and Company and its chip supplier, yet begun.
Hangzhou Zhixin Shanghai Quanray Electronics
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Digital Technology Co., Ltd., in the Shanghai
Co., Ltd. Intellectual Property Court,
alleging that the dual-band Qstar-
the Company’s Wuliangye 1618
infringed its invention patent.
The court was requested to order
the two defendants to
immediately stop infringing the
plaintiff’s invention patent right
for “Radio Frequency
Identification Tags and Their
Control Methods”, and to jointly
bear the patent royalties and
economic losses involved,
totaling RMB6.2 million, as well
as the litigation costs of the case.
In January 2022, Yongbufenli
filed a lawsuit with the People’s
Court of Linzhang County
against Baijiadi over a sales
contract dispute involving an
amount of RMB72.4635 million.
The court was requested to a)
order the defendant to pay
RMB72.4635 million, along with
the interest calculated at the LPR
published by the National
Contract dispute
Interbank Funding Center from
between Handan
September 16, 2020 to the date Upholding the
Yongbufenli Liquor Unexec
Co., Ltd. and Sichuan uted
full; and b) order the defendant to judgment
Baijiadi Liquor Co.,
bear all litigation and appraisal
Ltd.
fees. The first-instance judgment
dismissed Yongbufenli’s claims.
In April 2024, Yongbufenli filed
an appeal with the Intermediate
People’s Court of Handan. On
April 1, 2025, the Intermediate
People’s Court of Handan made a
final judgment, upholding the
first-instance judgment and
rejecting the lawsuit filed by
Yongbufenli.
In October 2022, Yongbufenli
filed a lawsuit with the
Intermediate People’s Court of
Handan against Yuexin Liquor,
Contract dispute
requesting a) payment of
between Handan
RMB100.4928 million in
Yongbufenli Liquor The trial has not
Co., Ltd. and Chengdu yet begun.
defendant, plus interest
Yuexin Liquor Co.,
calculated at the Loan Prime Rate
Ltd.
(“LPR”) from July 21, 2020 to
the date when the payment is
made in full; and b) the
defendant to bear all litigation
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
and appraisal fees. In March
dismissed Yongbufenli’s claims.
In April 2023, Yongbufenli filed
a second-instance appeal with the
Higher People’s Court of Hebei,
and the case was reopened on
April 10, 2024. In April 2025,
Yongbufenli received the retrial
judgment of the Intermediate
People’s Court of Handan, which
again ruled to dismiss the
lawsuit. Yongbufenli appealed to
the Higher People’s Court of
Hebei in May 2025 and is
currently waiting for the court to
arrange a trial.
The hearing was held on April
absent. On May 11, a judgment
was issued ordering the
The second
Case of Handan defendant to pay the overdue
public
Yongbufenli Liquor payment. Due to the inability to
announcement
Co., Ltd. suing notify the judgment defaulter, the
for enforcement Unexec
Handan Yongbufenli 211.41 No enforcement notice was served
has ended, and uted
Zaiyang Liquor Co., by public announcement. On
the court has
Ltd. for overdue December 18, 2024, Yongbufenli
issued a final
payment filed an application with the court
ruling.
to add an entity subject to
execution. The court has
recommended that the
application be withdrawn.
Case of Chongqing
On June 3, 2025, Chongqing
Dingyue Landscape
Dingyue Landscape Engineering
Engineering Co., Ltd.
Co., Ltd. filed a lawsuit with the
suing the Company,
People’s Court of Cuiping
Yibin Wuliangye
District, Yibin City, requesting
Liquor Sales Co., Ltd., The trial has not
and the third party yet begun.
Co., Ltd. to pay RMB21.0771
Chongqing
million in engineering charges
Landscaping Co., Ltd.
and warranty deposits. It is
regarding an
currently waiting for the court to
engineering contract
arrange a trial.
dispute
In April 2023, the People’s Court
of Cuiping District, Yibin City,
made the first-instance judgment,
requiring Xi’an Construction Xi’an
Construction contract
Engineering Group to Construction
dispute between the
compensate the Company for Engineering
Company and Xi’an Case
Construction closed
RMB7.5327 million. After the
Engineering Group
offsetting the outstanding project compensation to
Co., Ltd.
payments, Xi’an Construction the Company.
Engineering Group shall still pay
the Company RMB1.7194
million. Both parties appealed
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
against the first-instance
judgment. The second-instance
court dismissed the appeal and
upheld the original judgment.
Xi’an Construction Engineering
Group Co., Ltd. has paid the
compensation in full to the
Company.
Note 1: The amount involved in the case increased due to an increase in storage fees paid by Chengdu
Pomegranate Agricultural Products Development Co., Ltd. to Yibin Wuliangye Xianlin Ecological Liquor Co., Ltd.
Note 2: The amount involved in the case changed due to Sichuan Yibin Global Group Shenzhou Glass Co.,
Ltd. receiving a refund of the case acceptance fee and the property preservation fee from the court.
IX Penalties and Rectifications
□ Applicable Not applicable
No such cases in the Reporting Period.
X Credit Standings of the Company as well as Its Controlling Shareholder and Actual
Controller
Applicable □ Not applicable
The Company as well as its controlling shareholder and actual controller were in good credit standing during
the Reporting Period.
XI Significant Related-Party Transactions
Applicable □ Not applicable
See “5. Related-Party Transactions” under “XIV Related Parties and Related-Party Transactions” of Part VIII.
□ Applicable Not applicable
No such cases in the Reporting Period.
□ Applicable Not applicable
No such cases in the Reporting Period.
□ Applicable Not applicable
No such cases in the Reporting Period.
Applicable □ Not applicable
Making deposits:
Upper limit Amount incurred in the period
of daily Opening
Related Relationsh Range of Closing balance
deposit balance Total amount Total amount
party ip interest rate (RMB’0,000)
(RMB’0,00 (RMB’0,000) deposited withdrawn
Wuliangy
e Group Associate 5,500,000 4,714,637.03 1,411,920.04 1,106,378.41 5,020,178.66
Finance 3.5%
Note: The amount incurred in the period is presented on a net basis, which means such transactions are
eliminated as the same company withdrawing a deposit and making another deposit of a different kind, or companies
included in the consolidated financial statements making transfers via Wuliangye Group Finance.
Receiving loans: The Company received no loans from Wuliangye Group Finance during the Reporting Period.
Receiving credit (inclusive of discounting) or other financial services:
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Amount incurred
Related party Relationship Type of business Line (RMB’0,000)
(RMB’0,000)
Wuliangye Group
Associate Receiving credit 1,000,000 6,185.70
Finance
Note: On January 1, 2025, the Company and Wuliangye Group Finance signed a Supplementary Agreement to
the Financial Service Agreement, agreeing that the daily deposit balance with Wuliangye Group Finance shall not
exceed RMB55 billion in 2025, and that the daily total balance of outstanding loans and unused credit with
Wuliangye Group Finance shall not exceed RMB10 billion in 2025.
The “amount incurred” in the Reporting Period includes the bank acceptance bills of RMB61.8570 million
issued by Wuliangye Group Finance (undue bank acceptance bills as of June 30, 2025: RMB61.8570 million).
□ Applicable Not applicable
No such cases in the Reporting Period.
□ Applicable Not applicable
No such cases in the Reporting Period.
XII Significant Contracts and Execution
(1) Entrustment
□ Applicable Not applicable
No such cases in the Reporting Period.
(2) Contracting
□ Applicable Not applicable
No such cases in the Reporting Period.
(3) Leases
□ Applicable Not applicable
No significant leases in the Reporting Period.
□ Applicable Not applicable
No such cases in the Reporting Period.
□ Applicable Not applicable
No such cases in the Reporting Period.
□ Applicable Not applicable
No such cases in the Reporting Period.
XIII Other Significant Events
□ Applicable Not applicable
No such cases in the Reporting Period.
XIV Significant Events of Subsidiaries
Applicable □ Not applicable
The Company’s Sixth Board of Directors approved at its fifth meeting in 2025 to invest in the establishment
of Yibin Wuliangye Technology Innovation Co., Ltd. (hereinafter referred to as “Wuliangye Technology
Innovation”). Wuliangye Technology Innovation was officially established on July 17, 2025 with a registered capital
of RMB100 million. The Company holds 100% equity in Wuliangye Technology Innovation.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Part VI Share Changes and Shareholder Information
I Share Changes
Unit: share
Before Increase/decrease in the period (+/-) After
B
on Bon
us us
iss issu
Ne
As % of ue e As % of
Number of w Number of
total fr from Other Subtotal total
shares iss shares
shares o capit shares
ue
m al
pr reser
ofi ves
t
I Restricted shares 148,547 0.00% 14,946 14,946 163,493 0.00%
state
owned corporations
domestic investors
Of which: Shares held
by domestic corporations
Shares held
by domestic individuals
overseas investors
Of which: Shares held
by overseas corporations
Shares held
by overseas individuals
II Unrestricted shares 3,881,459,458 -14,946 -14,946 3,881,444,512
% %
ordinary shares % %
foreign shares
shares
III Total shares 3,881,608,005 3,881,608,005
% %
Reasons for share changes:
Applicable □ Not applicable
In accordance with the latest regulatory requirements, the Company abolished the Supervisory Committee in
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
June 2025, and the locked shares of relevant personnel increased.
Approval of share changes:
□ Applicable Not applicable
Transfer of share ownership:
□ Applicable Not applicable
Progress on any share repurchase:
□Applicable Not applicable
Progress on reducing the repurchased shares by way of centralized bidding:
□Applicable Not applicable
Effects of share changes on the basic earnings per share, diluted earnings per share, equity per share attributable
to the Company’s ordinary shareholders and other financial indicators of the latest year and the latest accounting
period, respectively:
□ Applicable Not applicable
Other information that the Company considers necessary or is required by the securities regulator to be
disclosed:
□ Applicable Not applicable
Applicable □ Not applicable
Unit: share
Restricted Increase in
Opening shares restricted Closing
Name of Reason for
restricted unlocked shares restricted Date of unlocking
shareholder restriction
shares during the during the shares
period period
Locked shares of
According to the share
Liu Ming 4,549 0 1,516 6,065 outgoing
lockup rules
personnel
Locked shares of
According to the share
Zhang Qing 9,547 0 3,183 12,730 outgoing
lockup rules
personnel
Locked shares of
According to the share
Wu Guoping 30,741 0 10,247 40,988 outgoing
lockup rules
personnel
Total 44,837 0 14,946 59,783 -- --
II Issuance and Listing of Securities
□ Applicable Not applicable
III Shareholders and Their Shareholdings at the End of the Reporting Period
Unit: share
Number of preference shareholders with
Number of ordinary shareholders at
the period-end
(if any) (see note 8)
Shares in
pledge,
Nature Shareho Increase/decre Restri
Total shares marked or
of lding ase in the cted Unrestricted
Name of shareholder held at the frozen
shareh percenta Reporting shares shares held
period-end Sh
older ge Period held Stat
ar
us
es
State-
Yibin Development owned
Holding Group Co., Ltd. corpor
ation
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
State-
Sichuan Yibin Wuliangye owned
Group Co., Ltd. corpor
ation
Overs
Hong Kong Securities
eas
Clearing Company 3.08% 119,480,248 -34,022,865 0 119,480,248
corpor
Limited
ation
China Securities Finance
Other 2.38% 92,385,936 0 0 92,385,936
Corporation Limited
Bank of China Limited－
China Merchants China
Securities Baijiu Index Other 1.23% 47,904,040 -137,681 0 47,904,040
Classification Securities
Investment Fund
State-
Central Huijin Asset owned
Management Co., Ltd. corpor
ation
Industrial and
Commercial Bank of
China Limited -Huatai-
PineBridge CSI 300 Other 0.89% 34,573,265 990,444 0 34,573,265
Traded Open-ended Index
Securities Investment
Fund
Bank of China Limited－
E Fund Blue Chip Other 0.74% 28,551,291 2,551,291 0 28,551,291
Selected Mixed Securities
Investment Fund
China Construction Bank
Corporation－E Fund CSI
Index Promoter Securities
Investment Fund
Industrial and
Commercial Bank of
China Limited－China
Other 0.47% 18,079,559 2,711,700 0 18,079,559
CSI 300 Traded Open-
ended Index Securities
Investment Fund
Strategic investor or general
corporation becoming a top-10
None
shareholder in a rights issue (if any)
(see note 3)
Among the top 10 shareholders, Wuliangye Group is a wholly-owned subsidiary of Yibin
Related or acting-in-concert parties
Development Group. And the Company is not aware of any related or acting-in-concert
among the shareholders above
parties among the other public shareholders.
Shareholders above
entrusting/entrusted with or waiving None
voting rights
Repurchased share account (if any)
among the top 10 shareholders (see None
note 11)
Top 10 unrestricted shareholders (exclusive of shares lent in refinancing and locked shares of senior management)
Shares by class
Unrestricted shares held at
Name of shareholder
the period-end
Class Shares
RMB-
Yibin Development Holding Group Co., Ltd. 1,336,548,020 denominated 1,336,548,020
ordinary shares
RMB-
Sichuan Yibin Wuliangye Group Co., Ltd. 799,993,677 denominated 799,993,677
ordinary shares
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
RMB-
Hong Kong Securities Clearing Company Limited 119,480,248 denominated 119,480,248
ordinary shares
RMB-
China Securities Finance Corporation Limited 92,385,936 denominated 92,385,936
ordinary shares
Bank of China Limited－China Merchants China RMB-
Securities Baijiu Index Classification Securities 47,904,040 denominated 47,904,040
Investment Fund ordinary shares
RMB-
Central Huijin Asset Management Co., Ltd. 39,325,400 denominated 39,325,400
ordinary shares
Industrial and Commercial Bank of China Limited - RMB-
Huatai-PineBridge CSI 300 Traded Open-ended 34,573,265 denominated 34,573,265
Index Securities Investment Fund ordinary shares
RMB-
Bank of China Limited－E Fund Blue Chip Selected
Mixed Securities Investment Fund ordinary shares
China Construction Bank Corporation－E Fund CSI RMB-
Investment Fund ordinary shares
Industrial and Commercial Bank of China Limited－ RMB-
China CSI 300 Traded Open-ended Index Securities 18,079,559 denominated 18,079,559
Investment Fund ordinary shares
Among the top 10 shareholders, Wuliangye Group is a wholly-owned
Related or acting-in-concert parties among top 10
subsidiary of Yibin Development Group. And the Company is not aware
unrestricted shareholders, as well as between top 10
of any related or acting-in-concert parties among the other public
unrestricted shareholders and top 10 shareholders
shareholders.
Top 10 ordinary shareholders involved in securities
None
margin trading (if any) (see note 4)
refinancing shares lending:
□Applicable Not applicable
Changes in top 10 shareholders and top 10 unrestricted public shareholders due to refinancing shares
lending/return compared with the prior period:
□Applicable Not applicable
Indicate whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinary shareholders of
the Company conducted any promissory repurchase during the Reporting Period.
□ Yes No
No such cases in the Reporting Period.
IV Changes in Shareholdings of Directors, Supervisors and Senior Management
□Applicable Not applicable
No changes occurred to the shareholdings of the directors, supervisors and senior management in the Reporting
Period. See Annual Report 2024 for more details.
V Change of the Controlling Shareholder or the Actual Controller
Change of the controlling shareholder in the Reporting Period:
□ Applicable Not applicable
No such cases in the Reporting Period.
Change of the actual controller in the Reporting Period:
□ Applicable Not applicable
No such cases in the Reporting Period.
VI Preference Shares
□ Applicable Not applicable
No preference shares in the Reporting Period.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Part VII Bonds
□ Applicable Not applicable
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Part VIII Financial Statements
I Independent Auditor’s Report
Indicate whether the interim financial statements are audited.
□ Yes No
The interim financial statements are unaudited.
II Financial Statements
Monetary unit for the financial statements and the statements in the notes thereto unless otherwise stated: RMB
Prepared by Wuliangye Yibin Co., Ltd. June 30, 2025 Unit: RMB
Item June 30, 2025 January 1, 2025
Current assets:
Monetary assets 148,319,946,342.06 127,398,915,484.11
Settlement reserve
Loans to other banks and financial
institutions
Held-for-trading financial assets
Derivative financial assets
Notes receivable 3,368,850.30 10,297,383.00
Accounts receivable 64,351,041.90 37,346,561.95
Receivables financing 3,888,593,774.07 19,566,397,992.11
Prepayments 230,243,788.88 144,877,853.45
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
reserve
Other receivables 60,621,424.66 47,264,361.93
Of which: Interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 17,745,770,666.17 18,233,702,166.62
Of which: Data resources
Contract assets
Assets held for sale
Current portion of non-current
assets
Other current assets 191,407,289.30 344,496,042.69
Total current assets 170,504,303,177.34 165,783,297,845.86
Non-current assets:
Loans and advances to customers
Debt investments
Other debt investments
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Long-term receivables
Long-term equity investments 2,173,006,025.05 2,081,612,703.43
Other equity investments
Other non-current financial assets 1,200,000.00 1,200,000.00
Investment property
Fixed assets 7,745,514,521.75 7,264,740,683.62
Construction in progress 5,932,852,216.53 5,795,172,321.07
Productive living assets
Oil and gas assets
Right-of-use assets 581,324,329.56 796,264,399.72
Intangible assets 2,720,969,313.54 2,671,286,519.55
Of which: Data resources
Development costs
Of which: Data resources
Goodwill 1,621,619.53 1,621,619.53
Long-term prepaid expense 136,367,275.12 141,764,604.11
Deferred income tax assets 3,149,965,433.77 3,397,108,317.96
Other non-current assets 468,258,650.52 318,149,689.32
Total non-current assets 22,911,079,385.37 22,468,920,858.31
Total assets 193,415,382,562.71 188,252,218,704.17
Current liabilities:
Short-term borrowings
Borrowings from the central bank
Loans from other banks and
financial institutions
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 418,008,547.36 416,456,848.09
Accounts payable 9,758,290,847.12 9,076,595,227.75
Advances from customers 9,622,414.35 9,237,322.95
Contract liabilities 10,077,254,934.98 11,689,880,975.04
Financial assets sold under
repurchase agreements
Customer deposits and deposits
from other banks and financial
institutions
Payables for acting trading of
securities
Payables for underwriting of
securities
Employee benefits payable 4,159,861,476.53 4,574,708,782.13
Taxes and levies payable 4,539,862,754.52 7,287,276,026.82
Other payables 18,905,346,851.09 16,507,125,170.07
Of which: Interest payable
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Dividends payable 12,300,815,767.85 9,999,022,175.17
Fees and commissions payable
Reinsurance payables
Liabilities directly associated with
assets held for sale
Current portion of non-current
liabilities
Other current liabilities 422,996,321.65 1,056,550,277.52
Total current liabilities 48,677,259,367.20 51,026,506,357.06
Non-current liabilities:
Insurance contract reserve
Long-term borrowings
Bonds payable
Of which: Preference shares
Perpetual bonds
Lease liabilities 215,370,747.58 393,922,062.84
Long-term payables
Long-term employee benefits
payable
Provisions
Deferred income 247,938,858.42 242,976,829.32
Deferred income tax liabilities 143,675,681.48 194,019,722.26
Other non-current liabilities
Total non-current liabilities 606,985,287.48 830,918,614.42
Total liabilities 49,284,244,654.68 51,857,424,971.48
Owners’ equity:
Share capital 3,881,608,005.00 3,881,608,005.00
Other equity instruments
Of which : Preference shares
Perpetual bonds
Capital reserves 2,682,647,086.15 2,682,647,086.15
Less: Treasury shares
Other comprehensive income
Specific reserve
Surplus reserves 39,064,267,000.43 39,064,267,000.43
General reserve
Retained earnings 94,847,886,555.07 87,656,759,924.39
Total equity attributable to owners of the
parent company
Non-controlling interests 3,654,729,261.38 3,109,511,716.72
Total owners’ equity 144,131,137,908.03 136,394,793,732.69
Total liabilities and owners’ equity 193,415,382,562.71 188,252,218,704.17
Legal representative: Zeng Congqin Chief Financial Officer: Zhang Xin Head of the accounting department: Liu Min
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Unit: RMB
Item June 30, 2025 January 1, 2025
Current assets:
Monetary assets 57,613,202,576.67 64,649,635,834.51
Held-for-trading financial assets
Derivative financial assets
Notes receivable
Accounts receivable
Receivables financing 577,724.90
Prepayments 3,961,771.95 3,440,553.42
Other receivables 3,858,244,718.70 6,717,040,098.08
Of which: Interest receivable
Dividends receivable 922,753,509.69 960,807,884.40
Inventories
Of which: Data resources
Contract assets
Assets held for sale
Current portion of non-current
assets
Other current assets 12,211,168.35 8,885,747.03
Total current assets 61,488,197,960.57 71,379,002,233.04
Non-current assets:
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 14,168,064,468.90 13,822,130,615.31
Other equity investments
Other non-current financial assets 1,200,000.00 1,200,000.00
Investment property
Fixed assets 113,973,102.89 101,633,894.68
Construction in progress 120,527,353.81 114,728,119.31
Productive living assets
Oil and gas assets
Right-of-use assets 10,797,971.19 8,113,004.32
Intangible assets 34,761,628.37 35,876,171.85
Of which: Data resources
Development costs
Of which: Data resources
Goodwill
Long-term prepaid expense
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Deferred income tax assets 17,812,108.77 15,140,221.21
Other non-current assets
Total non-current assets 14,467,136,633.93 14,098,822,026.68
Total assets 75,955,334,594.50 85,477,824,259.72
Current liabilities:
Short-term borrowings
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 4,116,569.95 175,000.00
Advances from customers
Contract liabilities
Employee benefits payable 314,203.49 12,634,396.71
Taxes and levies payable 78,144,796.82 100,640,957.74
Other payables 12,483,442,115.31 10,156,982,619.15
Of which: Interest payable
Dividends payable 12,300,815,767.85 9,999,022,175.17
Liabilities directly associated with
assets held for sale
Current portion of non-current
liabilities
Other current liabilities
Total current liabilities 12,568,697,008.09 10,271,228,052.00
Non-current liabilities:
Long-term borrowings
Bonds payable
Of which: Preference shares
Perpetual bonds
Lease liabilities 7,055,096.50 6,927,367.46
Long-term payables
Long-term employee benefits
payable
Provisions
Deferred income 2,426,840.62 2,426,840.62
Deferred income tax liabilities 2,699,492.80 2,028,251.08
Other non-current liabilities
Total non-current liabilities 12,181,429.92 11,382,459.16
Total liabilities 12,580,878,438.01 10,282,610,511.16
Owners’ equity:
Share capital 3,881,608,005.00 3,881,608,005.00
Other equity instruments
Of which: Preference shares
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Perpetual bonds
Capital reserves 2,682,647,086.15 2,682,647,086.15
Less: Treasury shares
Other comprehensive income
Specific reserve
Surplus reserves 17,814,510,549.07 17,814,510,549.07
Retained earnings 38,995,690,516.27 50,816,448,108.34
Total owners’ equity 63,374,456,156.49 75,195,213,748.56
Total liabilities and owners’ equity 75,955,334,594.50 85,477,824,259.72
Unit: RMB
Item H1 2025 H1 2024
I Total revenues 52,770,984,383.52 50,648,026,578.65
Of which: Operating revenue 52,770,984,383.52 50,648,026,578.65
Interest income
Insurance premium income
Fee and commission income
II Total costs and expenses 26,137,158,440.11 24,499,814,494.48
Of which: Cost of sales 12,228,189,911.58 11,466,138,507.20
Interest costs
Fee and commission costs
Surrenders
Net insurance claims paid
Net amount provided as insurance policy reserve
Expenditure on policy dividends
Reinsurance premium expense
Taxes and levies 7,851,817,565.80 7,169,866,343.52
Selling expense 5,396,393,992.35 5,366,342,173.42
Administrative expense 1,712,424,934.59 1,738,561,638.52
R&D expense 209,601,741.37 159,760,941.28
Finance costs -1,261,269,705.58 -1,400,855,109.46
Of which: Interest expense 17,182,807.06 17,030,819.31
Interest income 1,279,488,906.12 1,423,837,619.29
Add: Other income 52,723,817.63 220,749,387.64
Return on investment (“－” for loss) 51,393,321.62 21,877,331.70
Of which: Share of profit or loss of joint ventures and
associates
Income from the derecognition of financial
assets at amortized cost
Exchange gain (“－” for loss)
Net gain on exposure hedges (“－” for loss)
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Gain on changes in fair value (“－” for loss)
Credit impairment loss (“－” for loss) -1,178,280.15 -2,190,011.01
Asset impairment loss (“－” for loss)
Asset disposal income (“－” for loss) 9,129,289.36 -3,917,579.22
III Operating profit (“－” for loss) 26,745,894,091.87 26,384,731,213.28
Add: Non-operating income 21,508,498.66 12,505,112.08
Less: Non-operating expense 48,596,190.60 7,164,462.42
IV Gross profit (“－” for gross loss) 26,718,806,399.93 26,390,071,862.94
Less: Income tax expense 6,583,646,456.74 6,563,541,257.72
V Net profit (“－” for net loss) 20,135,159,943.19 19,826,530,605.22
i. By operating continuity
ii. By ownership
VI Other comprehensive income, net of tax
Other comprehensive income, net of tax attributable to owners of
the parent company
i. Other comprehensive income that will not be reclassified to
profit or loss
schemes
profit or loss under the equity method
credit risk
ii. Other comprehensive income that will be reclassified to
profit or loss
profit or loss under the equity method
reclassification of financial assets
denominated financial statements
Other comprehensive income, net of tax attributable to non-
controlling interests
VII Total comprehensive income 20,135,159,943.19 19,826,530,605.22
Total comprehensive income attributable to owners of the
parent company
Total comprehensive income attributable to non-controlling
interests
VIII Earnings per share:
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
i. Basic earnings per share 5.0216 4.9095
ii. Diluted earnings per share 5.0216 4.9095
Legal representative: Zeng Congqin Chief Financial Officer: Zhang Xin Head of the accounting department: Liu Min
Unit: RMB
Item H1 2025 H1 2024
I Operating revenue
Less: Cost of sales
Taxes and levies 334,545.12 328,041.00
Selling expense
Administrative expense 80,612,553.29 83,757,026.19
R&D expense 32,911,441.85 37,880,928.14
Finance costs -713,773,109.90 -848,544,763.65
Of which: Interest expense 158,801.18 349,686.50
Interest income 713,953,950.50 848,904,968.99
Add: Other income 3,480,148.55 2,346,572.38
Return on investment (“－” for loss) 45,613,142.00 20,603,331.70
Of which: Share of profit or loss of joint
ventures and associates
Income from the derecognition of
financial assets at amortized cost (“－” for loss)
Net gain on exposure hedges (“－” for loss)
Gain on changes in fair value (“－” for loss)
Credit impairment loss (“－” for loss) -26,202.66 -5,811.93
Asset impairment loss (“－” for loss)）
Asset disposal income (“－” for loss)
II Operating profit (“－” for loss) 648,981,657.53 749,522,860.47
Add: Non-operating income 119,080.64 401,401.08
Less: Non-operating expense 31,911,927.18 900,000.00
III Gross profit (“－” for gross loss) 617,188,810.99 749,024,261.55
Less: Income tax expense 137,130,635.21 183,046,646.94
IV Net profit (“－” for net loss) 480,058,175.78 565,977,614.61
i. Net profit from continuing operations (“－” for
net loss)
ii. Net profit from discontinued operations (“－”
for net loss)
V Other comprehensive income, net of tax
i. Other comprehensive income that will not be
reclassified to profit or loss
benefit schemes
reclassified to profit or loss under the equity method
investments
in own credit risk
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
ii. Other comprehensive income that will be
reclassified to profit or loss
reclassified to profit or loss under the equity method
investments
reclassification of financial assets
investments
foreign currency-denominated financial statements
VI Total comprehensive income 480,058,175.78 565,977,614.61
VII Earnings per share:
i. Basic earnings per share
ii. Diluted earnings per share
Unit: RMB
Item H1 2025 H1 2024
I Cash flows from operating activities:
Proceeds from sale of goods and rendering of services 69,467,039,356.79 49,648,363,358.43
Net increase in customer deposits and deposits from other
banks and financial institutions
Net increase in borrowings from the central bank
Net increase in loans from other financial institutions
Premiums received on original insurance contracts
Net proceeds from reinsurance
Net increase in deposits and investments of policy holders
Interest, fees and commissions received
Net increase in loans from other banks and financial
institutions
Net increase in proceeds from repurchase transactions
Net proceeds from acting trading of securities
Tax and levy rebates 3,869,080.00 44,310,389.47
Cash generated from other operating activities 776,441,645.40 814,125,658.15
Subtotal of cash generated from operating activities 70,247,350,082.19 50,506,799,406.05
Payments for goods and services 7,421,678,285.80 7,486,715,895.21
Net increase in loans and advances to customers
Net increase in deposits in the central bank and other banks
and financial institutions
Payments for claims on original insurance contracts
Net increase in loans to other banks and financial
institutions
Interest, fees and commissions paid
Policy dividends paid
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Cash paid to and for employees 4,945,127,822.75 4,796,005,443.62
Taxes and levies paid 23,191,258,525.87 21,391,864,462.34
Cash used in other operating activities 3,552,548,819.19 3,404,284,949.25
Subtotal of cash used in operating activities 39,110,613,453.61 37,078,870,750.42
Net cash generated from/used in operating activities 31,136,736,628.58 13,427,928,655.63
II Cash flows from investing activities:
Proceeds from the disposal of investments
Return on investment 13,952,640.00
Net proceeds from the disposal of fixed assets, intangible
assets and other long-term assets
Net proceeds from the disposal of subsidiaries and other
business units
Cash generated from other investing activities
Subtotal of cash generated from investing activities 22,584,050.71 17,928,942.92
Payments for the acquisition and construction of fixed
assets, intangible assets and other long-term assets
Payments for the acquisition of investments 40,000,000.00
Net increase in pledge loans
Net payments for the acquisition of subsidiaries and other
business units
Cash used in other investing activities
Subtotal of cash used in investing activities 990,068,700.93 1,087,312,766.70
Net cash generated from/used in investing activities -967,484,650.22 -1,069,383,823.78
III Cash flows from financing activities:
Capital contributions received
Of which: Capital contributions received by subsidiaries
from non-controlling interests
Borrowings received
Cash generated from other financing activities
Subtotal of cash generated from financing activities
Repayment of borrowings
Interest and dividends paid 9,999,022,175.17
Of which: Dividends paid by subsidiaries to non-controlling
interests
Cash used in other financing activities 301,211,303.89 157,849,148.32
Subtotal of cash used in financing activities 10,300,233,479.06 157,849,148.32
Net cash generated from/used in financing activities -10,300,233,479.06 -157,849,148.32
IV Effect of foreign exchange rate changes on cash and cash
equivalents
V Net increase in cash and cash equivalents 19,869,018,499.30 12,200,695,683.53
Add: Cash and cash equivalents, beginning of the period 124,771,274,417.68 113,095,684,224.30
VI Cash and cash equivalents, end of the period 144,640,292,916.98 125,296,379,907.83
Unit: RMB
Item H1 2025 H1 2024
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
I Cash flows from operating activities:
Proceeds from sale of goods and rendering of services
Tax and levy rebates
Cash generated from other operating activities 4,447,489,694.30 933,235,725.86
Subtotal of cash generated from operating activities 4,447,489,694.30 933,235,725.86
Payments for goods and services
Cash paid to and for employees 92,173,629.46 88,701,721.91
Taxes and levies paid 209,406,339.64 187,456,637.30
Cash used in other operating activities 1,341,370,506.25 1,097,222,803.55
Subtotal of cash used in operating activities 1,642,950,475.35 1,373,381,162.76
Net cash generated from/used in operating activities 2,804,539,218.95 -440,145,436.90
II Cash flows from investing activities:
Proceeds from the disposal of investments 102,000,000.00
Return on investment 38,054,374.71 294,040,566.23
Net proceeds from the disposal of fixed assets, intangible
assets and other long-term assets
Net proceeds from the disposal of subsidiaries and other
business units
Cash generated from other investing activities
Subtotal of cash generated from investing activities 140,054,374.71 297,898,267.60
Payments for the acquisition and construction of fixed
assets, intangible assets and other long-term assets
Payments for the acquisition of investments 402,320,711.59
Net payments for the acquisition of subsidiaries and other
business units
Cash used in other investing activities
Subtotal of cash used in investing activities 415,615,625.37 1,320,554.12
Net cash generated from/used in investing activities -275,561,250.66 296,577,713.48
III Cash flows from financing activities:
Capital contributions received
Borrowings received
Cash generated from other financing activities
Subtotal of cash generated from financing activities
Repayment of borrowings
Interest and dividends paid 9,999,022,175.17
Cash used in other financing activities
Subtotal of cash used in financing activities 9,999,022,175.17
Net cash generated from/used in financing activities -9,999,022,175.17
IV Effect of foreign exchange rate changes on cash and cash
equivalents
V Net increase in cash and cash equivalents -7,470,044,206.88 -143,567,723.42
Add: Cash and cash equivalents, beginning of the period 63,091,285,700.97 58,965,084,165.81
VI Cash and cash equivalents, end of the period 55,621,241,494.09 58,821,516,442.39
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
H1 2025
Unit: RMB
H1 2025
Equity attributable to owners of the parent company
Other equity
instruments
Le
Pr Other Sp Ge
ss:
Item ef Per comp eci ner Non-controlling
Tre Total owners’ equity
er pet rehen fic al Ot interests
Share capital Capital reserves asu Surplus reserves Retained earnings Subtotal
en ual Ot sive res res her
ry
ce bo her inco erv erv
sha
sh nd me e e
res
ar s
es
I Balance as at
the end of the 3,881,608,005.00 2,682,647,086.15 39,064,267,000.43 87,656,759,924.39 133,285,282,015.97 3,109,511,716.72 136,394,793,732.69
prior year
Add:
Adjustments for
changes in
accounting
policies
Adjustments
for correction of
previous errors
Other
II Balance as at
the beginning of 3,881,608,005.00 2,682,647,086.15 39,064,267,000.43 87,656,759,924.39 133,285,282,015.97 3,109,511,716.72 136,394,793,732.69
the year
III Increase/
decrease in the
period (“-” for 7,191,126,630.68 7,191,126,630.68 545,217,544.66 7,736,344,175.34
decrease)
i. Total
comprehensive 19,491,942,398.53 19,491,942,398.53 643,217,544.66 20,135,159,943.19
income
ii. Capital
increase and
reduction by -98,000,000.00 -98,000,000.00
owners
share increase
by owners
increase by
holders of other
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
equity
instruments
payments
recognized in
owners’ equity
iii. Profit
distribution -12,300,815,767.85 -12,300,815,767.85 -12,300,815,767.85
to surplus
reserves
to general
reserve
owners (or -12,300,815,767.85 -12,300,815,767.85 -12,300,815,767.85
shareholders)
iv. Transfers
within owners’
equity
capital (or share
capital) from
capital reserves
capital (or share
capital) from
surplus reserves
reserves used to
offset loss
defined benefit
schemes
transferred to
retained
earnings
comprehensive
income
transferred to
retained
earnings
v. Specific
reserve
the period
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
period
vi. Other
IV Balance as at
the end of the 3,881,608,005.00 2,682,647,086.15 39,064,267,000.43 94,847,886,555.07 140,476,408,646.65 3,654,729,261.38 144,131,137,908.03
period
H1 2024
Unit: RMB
H1 2024
Equity attributable to owners of the parent company
Other equity
Le Othe
instruments Sp Ge
ss: r O
Item Pre Per eci ner Non-controlling
O Tre comp t Total owners’ equity
fer pet fic al interests
Share capital t Capital reserves asu rehen Surplus reserves Retained earnings h Subtotal
enc ual res res
h ry sive e
e bo erv erv
e sha inco r
sha nd e e
r res me
res s
I Balance as at the
end of the prior year 3,881,608,005.00 2,682,647,086.15 33,588,553,502.81 89,405,432,446.55 129,558,241,040.51 2,791,132,146.66 132,349,373,187.17
Add: Adjustments for
changes in accounting
policies
Adjustments for
correction of previous
errors
Other
II Balance as at the
beginning of the year 3,881,608,005.00 2,682,647,086.15 33,588,553,502.81 89,405,432,446.55 129,558,241,040.51 2,791,132,146.66 132,349,373,187.17
III Increase/ decrease
in the period (“-” for 929,720,145.52 929,720,145.52 769,701,076.35 1,699,421,221.87
decrease)
i. Total
comprehensive 19,056,829,528.87 19,056,829,528.87 769,701,076.35 19,826,530,605.22
income
ii. Capital increase
and reduction by
owners
increase by owners
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
holders of other
equity instruments
payments recognized
in owners’ equity
iii. Profit distribution -18,127,109,383.35 -18,127,109,383.35 -18,127,109,383.35
surplus reserves
general reserve
owners (or -18,127,109,383.35 -18,127,109,383.35 -18,127,109,383.35
shareholders)
iv. Transfers within
owners’ equity
(or share capital)
from capital reserves
(or share capital)
from surplus reserves
used to offset loss
benefit schemes
transferred to retained
earnings
comprehensive
income transferred to
retained earnings
v. Specific reserve
period
vi. Other
IV Balance as at the
end of the period 3,881,608,005.00 2,682,647,086.15 33,588,553,502.81 90,335,152,592.07 130,487,961,186.03 3,560,833,223.01 134,048,794,409.04
H1 2025
Unit: RMB
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
H1 2025
Other equity instruments Less: Other Spec
Item Treasur compre ific Othe
Share capital Perpetu Capital reserves Surplus reserves Retained earnings Total owners’ equity
Preferenc y hensive reser r
al Other
e shares shares income ve
bonds
I Balance as at the end of
the prior year 3,881,608,005.00 2,682,647,086.15 17,814,510,549.07 50,816,448,108.34 75,195,213,748.56
Add: Adjustments for
changes in accounting
policies
Adjustments for
correction of previous errors
Other
II Balance as at the
beginning of the year 3,881,608,005.00 2,682,647,086.15 17,814,510,549.07 50,816,448,108.34 75,195,213,748.56
III Increase/ decrease in the
period (“-” for decrease) -11,820,757,592.07 -11,820,757,592.07
i. Total comprehensive
income 480,058,175.78 480,058,175.78
ii. Capital increase and
reduction by owners
by owners
holders of other equity
instruments
recognized in owners’ equity
iii. Profit distribution -12,300,815,767.85 -12,300,815,767.85
reserves
shareholders) -12,300,815,767.85 -12,300,815,767.85
iv. Transfers within owners’
equity
share capital) from capital
reserves
share capital) from surplus
reserves
offset loss
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
benefit schemes transferred
to retained earnings
income transferred to
retained earnings
v. Specific reserve
vi. Other
IV Balance as at the end of
the period 3,881,608,005.00 2,682,647,086.15 17,814,510,549.07 38,995,690,516.27 63,374,456,156.49
H1 2024
Unit: RMB
H1 2024
Other equity instruments
Less: Other Speci
Item Prefe Treasur compre fic
Share capital Perpetu Capital reserves Surplus reserves Retained earnings Other Total owners’ equity
rence y hensive reser
al Other
share shares income ve
bonds
s
I Balance as at the end of the
prior year 3,881,608,005.00 2,682,647,086.15 15,508,769,954.04 58,190,914,311.61 80,263,939,356.80
Add: Adjustments for changes in
accounting policies
Adjustments for correction
of previous errors
Other
II Balance as at the beginning of
the year 3,881,608,005.00 2,682,647,086.15 15,508,769,954.04 58,190,914,311.61 80,263,939,356.80
III Increase/ decrease in the
period (“-” for decrease) -17,561,131,768.74 -17,561,131,768.74
i. Total comprehensive income 565,977,614.61 565,977,614.61
ii. Capital increase and reduction
by owners
owners
other equity instruments
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
recognized in owners’ equity
iii. Profit distribution -18,127,109,383.35 -18,127,109,383.35
reserves
shareholders) -18,127,109,383.35 -18,127,109,383.35
iv. Transfers within owners’
equity
capital) from capital reserves
capital) from surplus reserves
loss
schemes transferred to retained
earnings
transferred to retained earnings
v. Specific reserve
vi. Other
IV Balance as at the end of the
period 3,881,608,005.00 2,682,647,086.15 15,508,769,954.04 40,629,782,542.87 62,702,807,588.06
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
III Company Profile
Wuliangye Yibin Co., Ltd. (hereinafter referred to as the “Company”) is a company limited by shares
established by Sichuan Yibin Wuliangye Distillery through fund raising on August 19, 1997 with the approval of
Document CFH (1997) No. 295 issued by the People’s Government of Sichuan Province. The Company is
principally engaged in the production and sales of “Wuliangye”-branded Baijiu products and other Baijiu series,
with a registered capital of RMB3,881.6080 million and registered address: 150 Minjiang West Road, Cuiping
District, Yibin City, Sichuan Province, China.
The Company issued 80 million ordinary shares (in RMB) on-line by fixed price offering at Shenzhen Stock
Exchange on April 27, 1998. According to the resolution of the extraordinary general meeting of Shareholders in
September 1999, the Company, based on the total share capital of 320 million shares on June 30, 1999, transferred
capital reserve to increase share capital, increasing five shares for every ten shares and the total share capital after
the conversion was changed to 480 million shares. The Company placed 31.2 million ordinary shares (in RMB) to
the original shareholders as approved by Document ZH.J.G.S.Z. [2001] No. 6 issued by the China Securities
Regulatory Commission. The total share capital after the placement was 511.2 million shares. In August 2001, the
Company implemented the interim distribution plan 2001 and issued four bonus shares and increased three shares
for every ten shares by transferring capital reserve to share capital, with 357.84 million bonus shares and shares
transferred from capital reserve in total. The total share capital after the issuance and translation was 869.04 million
shares. In April 2002, the Company implemented the distribution plan 2001 and issued one bonus shares, increased
two shares by transferring capital reserve to share capital, and distributed RMB0.25 (tax inclusive) in cash for every
ten shares, with 260.712 million bonus shares in total. The total share capital after the issuance and translation was
shares for every ten shares by transferring capital reserve to share capital for all shareholders, increasing the share
capital by 225.9504 million shares. The total share capital after the translation was 1,355.7024 million shares. In
April 2004, the Company implemented the distribution plan 2003 and issued eight bonus shares and increased two
shares by transferring capital reserve to share capital for every ten shares, with 1,355.7024 million bonus shares in
total. The total share capital after the issuance and translation was 2,711.4048 million shares.
On March 31, 2006, the Company carried out the equity division reform and the shareholding structure after
the reform was as below: 1,817.7869 million shares for state-owned legal person, taking up 67.04% of the total
share capital, 493.4 thousand shares for officers, taking up 0.02% of the total share capital, and 893.1245 million
shares for other shareholders, taking up 32.94% of the total share capital. The total share capital remained at
In April 2007, the Company implemented the distribution plan 2006 and issued four bonus shares and
distributed RMB0.60 (tax inclusive) in cash for every ten shares, with 1,084.5619 million bonus shares in total. The
total share capital after the issuance and distribution was 3,795.96672 million shares. On April 2, 2008, shares for
state-owned legal person decreased by 416.5303 million shares due to the exercise of warrants and became
shares, taking up 43.93% of the total share capital.
According to the Notice on Free Transfer of Shares Held by State-owned Shareholders of Wuliangye Yibin
Co., Ltd. of the State-owned Assets Supervision and Administration Commission of Sichuan Province
(CH.G.Z.CH.Q. [2012] No. 88) and the Reply on Free Transfer of Shares Held by State-owned Shareholders of
Wuliangye Yibin Co., Ltd. of the State-owned Assets Supervision and Administration Commission of the State
Council (G.Z.CH.Q. [2012] No. 889), Yibin State-Owned Assets Operation Co., Ltd. (renamed as Yibin
Development Holding Group Co., Ltd. in 2021) transferred 761,823,343 shares held by it in the Company to Sichuan
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Yibin Wuliangye Group Co., Ltd. for free on October 10, 2012. After this free transfer of shares, Yibin Development
Holding Group Co., Ltd. still held 36% shares of the Company (i.e. 1,366,548,020 shares) and was the first majority
shareholder of the Company; Sichuan Yibin Wuliangye Group Co., Ltd., holding 20.07% shares of the Company
(i.e. 791,823,343 shares), was the second majority shareholder of the Company.
According to the Reply on Free Transfer of 49% Shares Held by Sichuan Yibin Wuliangye Group Co., Ltd.
(Y.G.Z.W. [2016] No. 32), the State-owned Assets Supervision and Administration Commission of the People’s
Government of Yibin City transferred 49% shares held by it in Sichuan Yibin Wuliangye Group Co., Ltd. to Yibin
Development Holding Group Co., Ltd. for free in 2016. This transfer of shares did not involve the change of shares
held by both parties in the Company, without changing the controlling shareholder and actual controller of the
Company.
According to the resolutions of the 11th meeting of the 5th Board of Directors, annual general meeting of
Shareholders 2015, the 19th meeting of the 5th Board of Directors, the 24th meeting of the 5th Board of Directors,
and annual general meeting of Shareholders 2016 of the Company and as approved by the License ZH.J.X.K. [2017]
No. 1910 issued by the China Securities Regulatory Commission, the Company issued 85,641,285 shares by non-
public offering by means of targeted issue on April 12, 2018. The total share capital after the issuance was 3,881.608
million shares, including 2128.3714 million shares for state-owned legal person, taking up 54.83% of the total share
capital, and 1,753.2366 million shares for other shareholders, taking up 45.17% of the total share capital.
According to the Reply on Approval of Free Transfer of Shares Held by Wuliangye Yibin Co., Ltd. (Y.G.Z.W.
[2020] No. 157), issued by The State-owned Assets Supervision and Administration Commission of the People’s
Government of Yibin City, the transfer was approved in principle. On August 24, 2020, Yibin Development Holding
Group Co., Ltd. transferred 30,000,000 shares held by it in the Company to Sichuan Yibin Wuliangye Group Co.,
Ltd. for free. After this transfer of shares, Yibin Development Holding Group Co., Ltd. still held 34.43% shares of
the Company (i.e. 1,336,548,020 shares) and was the first majority shareholder of the Company; Sichuan Yibin
Wuliangye Group Co., Ltd., holding 20.40% shares of the Company (i.e. 791,823,343 shares), was the second
majority shareholder of the Company. This transfer of shares did not change the controlling shareholder and actual
controller of the Company.
Sichuan Yibin Wuliangye Group Co., Ltd. has, during the period from December 14, 2023 to the close of
trading on June 12, 2024, cumulatively increased its shareholding in the Company by 3,406,668 shares (or 0.09%
of the Company’s current total share capital of 3,881,608,005 shares) through the trading system of the Shenzhen
Stock Exchange by way of centralized bidding with an amount of RMB500.0016 million. Upon completion of the
implementation of the shareholding increase plan, Yibin Development Holding Group Co., Ltd. still holds a 34.43%
interest in the Company (i.e. 1,336,548,020 shares), being the largest shareholder of the Company; and Sichuan
Yibin Wuliangye Group Co., Ltd. holds a 20.49% interest in the Company (i.e. 795,230,011 shares), being the
second largest shareholder of the Company. Therefore, the controlling shareholder and the actual controller of the
Company have remained unchanged.
On April 9, 2025, Sichuan Yibin Wuliangye Group Co., Ltd. (Wuliangye Group) carried out another plan to
increase its shareholding in the Company, and had cumulatively purchased 4,763,666 additional shares as of July
of RMB613.5204 million, accounting for 0.12% of the Company’s total share capital of 3,881,608,005 shares. Upon
completion of the implementation of the shareholding increase plan, Yibin Development Holding Group Co., Ltd.
still holds a 34.43% interest in the Company (i.e. 1,336,548,020 shares), being the largest shareholder of the
Company; and Sichuan Yibin Wuliangye Group Co., Ltd. holds a 20.61% interest in the Company (i.e. 799,993,677
shares), being the second largest shareholder of the Company. Therefore, the controlling shareholder and the actual
controller of the Company have remained unchanged.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
The Company is engaged in the beverage production industry and its business scope is: Production and
operation of liquor products and relevant auxiliary products (bottle caps, trademarks, logos and packaging products).
Its primary products are “Wuliangye”-branded Baijiu products and other Baijiu series.
The Company’s parent company is Yibin Development Holding Group Co., Ltd., and ultimate controller is
The State-owned Assets Supervision and Administration Commission of the People’s Government of Yibin City.
These financial statements have been approved for issue by General Meeting of Shareholders of the Company
on August 26, 2025.
IV Preparation Basis for Financial Statements
The financial statements are prepared on the assumption that the Company is a going concern, based on actual
transactions, in accordance with the relevant provisions of the Accounting Standards for Business Enterprises, and
based on the significant accounting policies and accounting estimates described below.
The Company has the ability of going concern for at least 12 months from the end of the Reporting Period,
and there is no major event affecting the ability of going concern.
V Significant Accounting Policies and Accounting Estimates
The Company is subject to the disclosure requirements for the food and wine & liquor production industry in
Guidelines No. 3 of the Shenzhen Stock Exchange for the Self-Regulation of Listed Companies—Industry-specific
Information Disclosure.
Specific accounting policies and accounting estimates:
The contents disclosed below cover the specific accounting policies and accounting estimates formulated by
the Company according to the actual production and operation characteristics.
The financial statements prepared on the above-mentioned basis comply with the requirements of the latest
Accounting Standards for Business Enterprises, application guidelines, interpretations and other related regulations
issued by the Ministry of Finance (collectively referred to as the “Accounting Standards for Business Enterprises”,
which truly and completely reflect the Company’s financial position, operating results, cash flows and other relevant
information.
In addition, these financial statements have been prepared by reference to the presentation and disclosure
requirements of the Preparation Rules for Information Disclosure by Companies Offering Securities to the Public
No. 15 - General Provisions on Financial Reports (2023 revision) issued by the China Securities Regulatory
Commission.
An accounting year of the Company is from January 1 to December 31 of each calendar year.
The Company’s operating cycle is 12 months.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
RMB is adopted as the recording currency of the Company.
Applicable □ Not applicable
Item Significance standard
Significant receivables withdrawal of bad The provision separately accrued amount accounts for over 10% of the total bad
debt provision separately accrued debt provision for various receivables and exceeds RMB40 million.
Significant bad debt provision recovered or The separately accrued recovery or reversal amount accounts for over 10% of the
reversed in accounts receivables total receivables and exceeds RMB40 million.
The separately accrued write-off amount accounts for over 10% of the total
Write-off of significant accounts receivable
receivables and exceeds RMB40 million.
The separately accrued investment budget for construction in progress exceeds
Significant construction in progress
RMB1 billion.
Exceeds 10% of the total budget for existing research and development projects,
Significant externally purchased research and
with the amount of externally purchased research and development projects
development projects
exceeding RMB40 million.
Significant capitalised research and Exceeds 10% of the total budget for existing research and development projects,
development projects with the capitalisation amount for the current period exceeding RMB40 million.
Significant prepayments, accounts payable, Accounts aged over 1 year account for over 10% of the corresponding items in the
and other accounts payable consolidated financial statements and exceed RMB1 billion.
Significant advances received and contract Accounts aged over 1 year account for over 10% of the corresponding items in the
liabilities consolidated financial statements and exceed RMB1 billion.
Individual investment cash flows account for over 10% of the total cash flows in
Significant investment projects
or out of investment activities, exceeding RMB10 billion.
Minority shareholders hold 5% or more equity, with total assets, net assets,
Significant non-wholly-owned subsidiary operating income, and net profit accounting for over 10% of the corresponding
items in the consolidated financial statements.
Significant joint ventures or associated The long-term equity investment amount accounts for over 1% of the total assets
enterprises in the consolidated financial statements.
(1) Accounting methods for business combinations involving entities under common control
For a business combination under the common control achieved through step-by-step implementation of
multiple transactions by the Company, the assets and liabilities acquired in a business combination are measured at
the carrying amount of the acquiree in the consolidated financial statements of the ultimate controlling party at the
date of combination. The difference between the carrying amount of the net assets obtained by the Company and
the carrying amount of consideration paid for the combination (or total par value of the shares issued) is adjusted
against the capital reserve; if the capital reserve is not sufficient for writing down, the retained earnings shall be
adjusted.
(2) Accounting methods for business combinations involving entities not under common control
On the acquisition date, the difference between the combination costs and the fair value share of the
identifiable net assets of the acquiree obtained in the merger is recognized as goodwill. If the combination costs are
less than the fair value share of the identifiable net assets of the acquiree obtained in the combination, firstly, the
fair value of identifiable assets, liabilities and contingent liabilities of the acquiree and the measurement of
combination costs are reviewed. If the combination costs are still less than the fair value share of identifiable net
assets of the acquiree obtained in the merger after review, the difference is recorded in current profit or loss.
Business combinations not under the same control achieved step by step through multiple transactions should
be treated in the following order:
purchase is accounted under the equity method, the equity is remeasured at the fair value on the purchase date, and
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
the difference between the fair value and its carrying amount is included in the investment income of the current
period; if the equity in the acquiree held prior to the purchase date involves other comprehensive income or changes
in other owners’ equity under the equity method of accounting, it is converted into income for the current period on
the purchase date, except for other comprehensive income arising from the re-measurement of the invested
company’s net liabilities of the defined benefit pension plan or changes in net assets of the defined benefit plan and
changes in the fair value of investments in other equity instruments held.
investment cost of long-term equity investments adjusted in the first step with the share of the fair value of the
identifiable net assets of the subsidiary on the purchase date, if the former is more than the latter, the difference
between the former and the latter is recognized as goodwill; if the former is less than the latter, the difference is
included in the current profit or loss.
Step-by-step disposal of equity through multiple transactions that results in loss of control over the subsidiary:
in the loss of control over a subsidiary constitute a “package deal”
The multiple transactions are generally regarded as a “package deal” in accounting treatment if the clauses,
conditions, and economic impacts of various transactions fall under one or more of the following circumstances:
① These transactions were entered into simultaneously or considering their mutual influence;
② The transactions as a whole can achieve a complete commercial outcome;
③ The occurrence of one transaction is contingent upon the occurrence of at least one other transaction;
④ One transaction is uneconomical on its own, but it is economical when taken together with other
transactions.
loss of control over a subsidiary constitute a “package deal”
If the transactions in the disposal of equity of a subsidiary that results in the loss of control constitute a package
deal, each transaction should be accounted for as a transaction that disposes of and loses control over a subsidiary;
however, the difference between the disposal price and the share of the net assets of the subsidiary corresponding
to the disposal of the investment for each disposal prior to the loss of control should be recognized as other
comprehensive earnings in the consolidated financial statements and transferred to profit or loss for the current
period when the Company lost the control.
In the consolidated financial statements, the remaining equity should be remeasured at fair value on the date
of loss of control. The sum of the consideration obtained from the disposition of equity and the fair value of the
residual equity minus the Company’s portion of net assets in the former subsidiary calculated from the date of
combination on an ongoing basis at the original shareholding ratio is included in the return on investment for the
current period when the Company lost the control. Other comprehensive income related to the equity investments
in the former subsidiary should be included in the return on investment or retained earnings for the current period
when the Company lost the control.
loss of control over a subsidiary do not constitute a “package deal”
If the Company disposes of investments made in its subsidiary without losing control over the subsidiary, in
the consolidated financial statements, the difference between the payment for equity disposed of and the Company’s
corresponding portion of net assets in the subsidiary is included in the capital reserve. If the capital reserve is
insufficient for writing down, the retained earnings should be adjusted.
If the disposal of investments made in its subsidiary results in a loss of control over the subsidiary, in the
consolidated financial statements, the remaining equity should be remeasured at the fair value on the date of loss of
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
control. The sum of the consideration obtained from the disposal of equity and the fair value of the remaining equity
minus the Company’s portion of net assets in the former subsidiary calculated from the date of combination on an
ongoing basis at the original shareholding ratio is included in the return on investment for the current period when
the Company lost the control. Other comprehensive income related to the equity investments in the former
subsidiary should be included in the return on investment or retained earnings for the current period when the
Company lost the control.
The scope of consolidation of the Company’s consolidated financial statements shall be determined on the
basis of control.
Control means that the Company has the power over the invested company, gets variable return by
participating in related activities of the invested company and has the ability to influence the amount of the return
by its power over the invested company. Related activities refer to activities that have a significant impact on the
returns of the invested company. The related activities of the invested company should be judged based on the
specific circumstances, and usually include the sale and purchase of goods or services, the management of financial
assets, the purchase and disposal of assets, research and development activities, and financing activities.
The Company will judge whether these entities have been controlled by the investee based on its
comprehensive consideration of relevant facts and circumstances. Should any changes in such facts and
circumstances alter the elements defining control, a reassessment is promptly conducted. Relevant facts and
circumstances mainly include: (1) the purpose of the investee’s establishment; (2) the investee’s activities and how
decisions regarding them are made; (3) whether the rights held by the investor currently enable it to dominate the
investee’s activities; (4) whether the investor receives variable returns from participating in the investee’s activities;
(5) whether the investor has the ability to use its power over the investee to affect the amount of its returns; (6) the
relationship between the investor and other parties.
The consolidated financial statements are based on the financial statements of the parent company and its
subsidiaries and are prepared by the Company in accordance with Accounting Standard No. 33 for Business
Enterprises - Consolidated Financial Statements based on other relevant information.
The parent company shall prepare the consolidated financial statements based on its financial statements and
those of its subsidiaries and according to other relevant information. The share of the subsidiaries in current
profit/loss attributable to non-controlling interests shall be presented in the consolidated income statement as “net
profit attributable to non-controlling interests” under the net profit. The share in current comprehensive income of
the subsidiaries which is attributable to non-controlling interests shall be presented in the consolidated income
statement as “total comprehensive income attributable to non-controlling interests” under the total other
comprehensive income.
For subsidiaries and businesses of the parent company added by business combination involving enterprises
under the common control during the Reporting Period, the revenue, expenses, and profits of such subsidiaries and
businesses from the beginning to the end of the period of business combination shall be recorded into the
consolidated income statement. Cash flows of such subsidiaries and businesses from the beginning to the end of the
year of business combination shall be recorded into the consolidated cash flow statement, and relevant items of the
statements shall be adjusted through comparison of the statements, as if the reporting entity after the combination
had been existing from control of the final controlling party after the combination comes into effect.
For subsidiaries and businesses added by business combination involving enterprises not under the common
control or other means, the revenue, expenses, and profits of such subsidiaries and businesses from the date of
acquisition to the end of Reporting Period shall be recorded into the consolidated income statement. Cash flows of
such subsidiary from the date of acquisition to the end of the Reporting Period shall be recorded into the consolidated
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
cash flow statement.
When the parent company disposes subsidiaries and businesses during the Reporting Period, the revenue,
expenses, and profits of such subsidiary and business from the beginning of the Reporting Period to the date of
disposal shall be recorded into the consolidated income statement; and the cash flow of such subsidiary and business
from the beginning of the Reporting Period to the date of disposal shall be recorded into the consolidated cash flow
statement.
In the consolidated financial statements, when the parent company acquires the equity held by the minority
shareholders in the subsidiary, the difference between the long-term equity investment obtained by acquiring non-
controlling interests and the share of the net assets to be enjoyed and continuously calculated from the date of
acquisition or combination according to the new increase in shareholding proportion shall be adjusted against the
capital reserve (capital premium or share premium). If the capital reserve is not sufficient for writing down, the
retained earnings shall be adjusted.
(1) Identification and classification of joint arrangements
Joint arrangement refers to an arrangement under the joint control of two or more participants. A joint
arrangement has the following characteristics: 1) Each participant is bound by the arrangement; 2) two or more
parties of the joint arrangement exercise joint control over the arrangement. No one party can control the
arrangement alone, and any party with joint control over the arrangement can prevent the other party or combination
of parties from controlling the arrangement alone.
Joint control refers to the common control of an arrangement in accordance with the relevant agreement, and
related activities of the arrangement must be agreed upon by the parties sharing control rights before they can make
decisions.
Joint arrangements are divided into joint operations and joint ventures. A joint operation is a joint arrangement
whereby the party to joint arrangement has rights to the assets, and obligations for the liabilities related to the
arrangement. A joint venture is a joint arrangement whereby the party to joint arrangement has rights to the net
assets of the arrangement.
(2) Accounting treatment of joint arrangements
A party to a joint operation shall recognize the following items related to its share of interest in the joint
operation and conduct accounting treatment for them in accordance with the relevant provisions of the Accounting
Standard for Business Enterprises: 1) Recognition of assets held separately and of assets held jointly in proportion
to its share; 2) recognition of liabilities incurred separately and of liabilities incurred jointly in proportion to its
share; 3) recognition of revenue from the sale of its share of the output of the joint operation; 4) recognition of
revenue from the sale of output of the joint operation in proportion to its share; 5) recognition of expenses incurred
separately and of expenses incurred in the joint operation in proportion to its share.
The party to a joint venture should conduct accounting treatment in accordance with relevant provisions of
the Enterprise Accounting Standard No. 2 - Long-term Equity Investments.
Cash in the cash flow statements refers to cash on hand and deposits that can be used for payment at any time;
cash equivalents refer to the short-term (usually no more than three months since the date of acquisition) and highly
liquid investments that are readily convertible into known amounts of cash and that are subject to an insignificant
risk of change in value.
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(1) Conversion of foreign currency business
Transactions denominated in foreign currency are converted into RMB at the spot exchange rate at the
transaction date at initial recognition. At the balance sheet date, the foreign monetary items are converted at the spot
exchange rate at the balance sheet date, and the exchange difference arising from exchange rate difference, except
for the exchange difference arising from principal and interest of foreign currency special borrowings relating to
purchasing assets satisfying capitalization conditions, is included in current profit or loss; the foreign non-monetary
items measured at historical cost are still converted at the spot exchange rate at the transaction date, and its RMB
amount will not be changed; the foreign non-monetary items measured at fair value are converted at the spot
exchange rate at the fair value determination date, and the difference is included in current profit or loss or other
comprehensive income.
(2) Conversion of foreign currency financial statements
The assets and liabilities in the balance sheet are converted at the spot exchange rate at the balance sheet date;
the owners’ equity items, other than retained earnings, are converted at the spot exchange rate at the transaction
date; the incomes and expenses in the income statement are converted at the spot exchange rate at the transaction
date. The foreign currency financial statement conversion difference arising from the aforementioned translation is
recognized as other comprehensive income.
(1) Recognition and de-recognition of financial instruments
The Company recognizes a financial asset or liability when it becomes a party of the relevant financial
instrument contract.
The purchase and sale of financial assets under the normal ways shall be recognized and stopped to be
recognized respectively at the price of transaction date. Regular acquisitions or sales of financial assets mean
delivering financial assets within the time limit of laws, regulations, or usual market practices and in line with
contract terms. The transaction date refers to the date when the Company promises to acquire or sell financial assets.
A financial asset (or a part of the financial assets, or part of a group of similar financial assets) will be
derecognized, that is, a previously recognized financial asset is transferred from the balance sheet, when meeting
the following conditions:
amount of cash flows received to a third party in a timely manner are assumed under a “pass-through agreement”;
and (a) substantially almost all the risks and returns of its ownership of the financial assets are transferred, or (b)
control over the financial asset is relinquished, although substantially all the risks and returns of its ownership of
the financial assets are neither transferred nor retained.
If the obligation of financial liabilities has been assumed, revoked, or terminated, financial liabilities shall be
derecognized. If the current financial liabilities are replaced with other financial liabilities under substantially
different terms by the same creditor, or almost all current liabilities terms are substantially revised, such replacement
or revision shall be taken as the derecognition of original liabilities and recognition of new liabilities, and the
differences are included in the current profit or loss.
(2) Classification and measurement of financial assets
At initial recognition, according to the business model of managing financial assets and the contractual cash
flow characteristics of financial assets, financial assets of the Company are classified into the following categories:
Financial assets measured at the amortized cost, financial assets measured at fair value through other comprehensive
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
income of the current period, and financial assets measured at fair value through current profit or loss. The
subsequent measurement of financial assets depended on their categories.
The Company’s classification of financial assets is based on the Company’s business model for managing
financial assets and the cash flow characteristics of the financial assets.
Financial assets that meet both of the following conditions shall be classified as financial assets measured at
the amortized cost: The Company’s business model of managing financial assets aims at obtaining contractual cash
flows; and, as stipulated by term contract of the financial assets, the cash flows generated on a specific date are
merely for the payment of principal or the interest from the unpaid principal. Such financial assets are subsequently
measured at the amortized cost using the effective interest method. Gains or losses arising from derecognition or
amortization using the effective interest method are included in current profit or loss.
Financial assets that meet all the following conditions shall be classified as financial assets measured at fair
value through other comprehensive income: The Company’s business model of managing the financial assets aims
at obtaining contractual cash flows as well as selling financial assets; and, as stipulated by contract clauses of the
financial assets, the cash flows generated on a specific date are merely for the payment of principal or interest from
the unpaid principal. Such financial assets shall be subsequently measured at fair value. The discount or premium
is amortized using the effective interest method and recognized as interest income or expense. Changes in the fair
value of such financial assets are recognized as other comprehensive income until the financial asset is derecognized,
at which time the cumulative gain or loss is transferred to current profit or loss, except for impairment losses and
exchange differences on monetary financial assets denominated in foreign currencies, which are recognized in
current profit or loss. Interest income related to such financial assets is included in profit or loss for the current
period.
For financial assets measured at fair value through other comprehensive income that are irrevocably chosen
and designated by the Company from some non-trading equity investments, the relevant dividend income is included
in the current profit or loss, and changes in the fair value are recognized as other comprehensive income, until the
financial assets are derecognized when accumulative gains or losses shall be transferred to retained earnings.
The aforementioned financial assets measured at the amortized cost and financial assets other than those
measured at fair value through other comprehensive income are classified as financial assets at fair value through
profit or loss. At initial recognition, in order to eliminate or significantly reduce accounting mismatch, financial
assets can be designated as financial assets measured at fair value through the profit or loss for the current period.
Such financial assets shall be measured at fair value, and all changes in fair value are included in the current profit
or loss.
Only when the Company changes the business model of managing financial assets, shall relevant financial
assets that are affected be reclassified.
For financial assets at fair value through profit or loss, transaction costs are directly included in the current
profit or loss. For other types of financial assets, related transaction costs are included in their initial recognized
amounts.
(3) Classification and measurement of financial liabilities
At initial recognition, the financial liabilities of the Company are classified into the following categories:
Financial liabilities measured at the amortized cost, and financial liabilities measured at fair value through the
current profit or loss.
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Any financial liability meeting any of the following conditions can be designated upon initial measurement as
the financial liabilities at fair value through profit or loss: 1) This designation can eliminate or significantly reduce
accounting mismatch; 2) According to the risk management or investment strategy of the Company as stated in
formal written document, the portfolio of financial liabilities or the portfolio of financial assets and financial
liabilities is managed and evaluated on the basis of fair value, and reported to the key management on the basis of
this inside the Company; 3) This financial liability contains embedded derivative to be separately split.
The Company shall determine the classification of the financial liabilities upon initial recognition. For
financial liabilities measured at fair value through the current profit or loss, transaction costs are directly included
in current profit or loss. For other types of financial liabilities, related transaction costs are included in their initial
recognized amounts.
The subsequent measurement of financial liabilities depends on their categories:
Such financial liabilities are subsequently measured at the amortized cost with the effective interest method.
Financial liabilities measured at fair value through profit or loss for the current period include held-for-trading
financial liabilities (including derivatives that are financial liabilities) and financial liabilities designated as at fair
value through profit or loss at initial recognition.
(4) Financial instrument offset
When the following conditions are met at the same time, the financial assets and financial liabilities shall be
presented as net amount after offset in the balance sheet: The Company has the legal rights to offset the recognized
amount and may exercise such legal rights currently; the Company plans to settle with net amount or realize the
financial asset and pay off the financial liability simultaneously.
(5) Impairment of financial assets
The Company shall recognize impairment for loss of the financial assets measured at the amortized cost,
investment in debt instruments through other comprehensive income and financial guarantee contracts based on the
expected credit loss. Credit loss refers to the difference between all contractual cash flows discounted at the original
effective interest rate and receivable according to the contract and all cash flows expected to be collected of the
Company, i.e. the present value of all cash shortfalls.
The Company considers all reasonable and substantiated information, including forward-looking information,
and estimated the expected credit losses of the financial assets measured at the amortized cost, and the financial
assets (debt instruments) measured at fair value through other comprehensive income by individual items or
portfolios.
If the credit risk of the financial instrument is increased significantly since the initial recognition, the Company
measures its loss reserves according to the amount equivalent to the expected credit losses of the financial instrument
in the whole duration; if the credit risk of the financial instrument is not increased significantly since the initial
recognition, the Company measures its loss reserves according to the amount equivalent to the expected credit losses
of the financial instrument in the next 12 months. The consequent increases or reversals of loss reserves are included
in the profit or loss for the current period as an impairment loss or gain. For the specific assessment of credit risk
by the Company, please refer to notes to the financial statements “Part VIII, XII Risks Related to Financial
Instruments”.
On the balance sheet date, the Company measured the expected credit loss of financial instruments at different
stages, respectively. If the credit risk of a financial instrument has not increased significantly since the initial
recognition, the financial instrument is in Stage 1, and the Company measures the provisions for loss according to
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
the 12-month expected credit loss; if the credit risk of a financial instrument has increased significantly but the
credit impairment has not yet occurred since the initial recognition, the financial instrument is in Stage 2, and the
Company measures the provisions for loss according to the lifetime expected credit losses; if the financial instrument
has suffered credit impairment since the initial recognition, it is in Stage 3, and the Company measures the
provisions for loss according to the lifetime expected credit loss.
For a financial instrument with low credit risk on the balance sheet date, the Company assumes that the credit
risk has not increased significantly since the initial recognition, and the Company measures the provisions for loss
according to the 12-month expected credit loss.
For financial instruments with low credit risk in Stage 1 and Stage 2, the Company shall calculate the interest
income according to the carrying amount and effective interest rate before deducting the provisions for impairment.
For financial instruments in Stage 3, the Company shall calculate the interest income according to the amortized
cost and effective interest rate of the carrying amount after withdrawing the provisions for impairment.
The Company applies a simplified model of expected credit loss to accounts receivable as prescribed by
Accounting Standards for Business Enterprises No.14 – Revenues, excluding significant financing components
(including cases where financing components within contracts not exceeding one year are disregarded under the
standard), and always measures its losses based on the amount of expected credit losses over the entire life of the
accounts receivable.
For accounts receivable containing a significant financing component and lease receivables regulated by
Accounting Standards for Business Enterprises No. 21 —Leases, the Company makes an accounting policy choice
to adopt the simplified model of expected credit loss, i.e., measuring the loss provision equivalent to the expected
credit loss over the entire life of the accounts receivable.
① Accounts receivable
(a) At the end of the Reporting Period, if there is objective evidence indicating that impairment has occurred
in an account receivable, impairment test shall be carried out separately on it, such as accounts receivable in dispute
with counterparties or involved in litigation or arbitration; if there is obvious indication that the debtor is likely to
fail to comply with the repayment obligation, the impairment loss shall be recognized and the bad debt provisions
shall be made based on the balance between the present value of future cash flows and its carrying value.
(b) If there is no objective evidence indicating that impairment or the credit loss of a single financial asset
cannot be evaluated at reasonable cost, the accounts receivable shall be classified into several groups by
characteristics of credit risk. The expected credit loss shall be calculated based on the combinations and the account
ages. Basis for determining the combinations is as below:
Item Determination basis
Bank acceptance bill group Bank acceptance bills
Letter of credit group Letters of credit
Commercial acceptance bills group Commercial acceptance bills
Accounts receivable group Accounts receivable from related parties
Accounts receivable group External customer
Other receivables group Other receivables from related parties
Other receivables group Cash float, deposits and other receivables with low credit risk
Other receivables group Other amounts
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For accounts receivable divided into risk groups, the Company, with reference to historical experience in
credit loss and based on current situation and forecast of future economic situation, shall prepare a comparison table
between the aging of accounts receivable and the lifetime expected credit loss rate to calculate the expected credit
losses. For other groups, the Company, with reference to historical experience in credit loss and based on current
situation and forecast of future economic situation, shall calculate the expected credit losses according to the
exposure at default and the 12-month or lifetime expected credit loss rate.
② Debt investments and other debt investments
For debt investment and other debt investments, the Company shall calculate the expected credit loss
according to the nature of investment, types of counterparty and risk exposure, exposure at default and the 12-month
or lifetime expected credit loss rate.
The Company shall include the provision or reversal for loss made or included in current profit or loss. For
investment in debts instruments at fair value through other comprehensive income, the Company shall adjust other
comprehensive income when the impairment loss or gain is included in current profit or loss; for financial assets
measured at amortized cost, the provision for loss shall offset the carrying value of such financial assets.
(1) Classification of inventory
Inventories include finished goods or goods held for sale in the ordinary course of business, work in process
in the production process, materials or supplies to be consumed in the production process, or the rendering of
services.
(2) Valuation method of shipped inventory
Grains, raw coal and auxiliary materials for producing Baijiu are measured at actual cost, and shipped
inventories are priced by weighted average method; paper, printing ink, and auxiliary materials for producing
printed matters are measured at planned cost when purchased and shipped, with the difference between actual cost
and planned cost included in “materials cost difference”. The difference to be amortized by the materials shipped
shall be calculated by materials cost difference by category at the end of the month, so as to adjust cost of the
materials shipped into actual cost; goods in process, self-manufactured semi-finished products, and finished
products are measured at actual cost and priced by weighted average method when shipped.
(3) Inventory system of inventories
The perpetual inventory system is adopted.
(4) Amortization method for low-value consumables and packaging materials
The one-off amortization method is adopted.
(5) Determination basis and methods for provision of inventory falling price reserves
On the balance sheet date, the inventories shall be measured at the lower of cost and net realizable value. If
cost of the inventories is higher than the net realizable value, a provision for inventory falling price reserves shall
be made and included in current profit or loss.
Net realizable value refers to the amount after deducting the cost estimated until completion, estimated selling
expenses, and relevant taxes from the estimated selling price of the inventory.
The Company shall determine the net realizable value of inventories based on solid evidence obtained and
after taking into consideration the purpose for which the inventory is held, and the impact of post-balance sheet
events. Materials held for use in the production of inventories are measured at cost if the net realizable value of the
finished products in which they will be incorporated is higher than their cost; decline in the price of materials
indicates that the cost of the finished products exceeds their net realizable value, the materials are measured at net
realizable value. The net realizable value of inventory held to satisfy sales or service contracts is based on the
contract price. If the quantities held by the Company is higher than the quantities of inventories specified in sales
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
contracts, the net realizable value of the excess portion of inventories shall be based on general selling price.
Any of the following circumstances usually indicates that net realizable value of an inventory is lower than
the cost:
the product;
the market price of the raw material is lower than the book cost;
of market demands due to change of consumer preference; and
The Company shall usually determine the falling price reserves of inventories on an item-by-item basis. For
inventories in large amount and low unit price, provision for inventory falling price reserves may be made by
category of the inventories. For item of inventories relating to a product line that is produced and marketed in the
same geographical area, have the same or similar end uses or purposes, and cannot be practically measured
separately from other items, provision for inventory falling price reserves may be made on an aggregate basis.
The Company shall determine the net realizable value of inventories on the balance sheet date. When factors
causing written-down of the inventory value disappear, the amount written down shall be recovered and will be
reversed from the provided inventory falling price reserves. The amount reversed will be included in current profit
or loss.
(1) Recognition criteria and accounting methods for non-current assets or disposal groups held for sale
The Company classifies group components (or non-current assets) that meet the following conditions
simultaneously as assets held for sale: 1) Assets or disposal groups can be sold immediately under current conditions
based on the practice of selling such assets or disposal groups in similar transactions; 2) The sale is very likely to
occur, that is, the Company has already made a resolution on a sale plan and obtained a certain acquisition
commitment, and the sale is expected to be completed within one year. (A certain acquisition commitment refers to
a legally binding acquisition agreement signed by an enterprise and other parties, which includes important terms
such as transaction price, time and sufficiently severe default penalties, so as to make it extremely unlikely that the
agreement will be significantly adjusted or revoked.) It has been approved by relevant authorities or regulatory
authorities in accordance with relevant regulations.
The Company adjusts the expected net residual value of assets held for sale to reflect the net amount of fair
value minus selling costs (but not exceeding the original carrying amount of the asset held for sale). The difference
between the original book value and the adjusted expected net residual value is recognized as an impairment loss
and included in the current profit or loss, with a corresponding impairment provision for the asset held for sale. The
amount of asset impairment loss recognized for disposal groups held for sale shall be offset against the carrying
amount of goodwill in the disposal group first, and then against the carrying value of each non-current asset
proportionately according to the proportion of the carrying value of each non-current asset in the disposal group as
defined in the applicable measurement of the Accounting Standards for Business Enterprises No. 42—Non-current
Assets Held for Sale, Disposal Groups, and Discontinued Operations.
If, after follow-up balance sheet dates, the fair value less costs to sell of non-current assets held for sale
increases, the previously recognized impairment loss shall be reversed. The amount of the reversal is transferred
from the impairment loss recognized for assets classified as held for sale, and the reversal amount is recognized in
current profit or loss, follow-up balance sheet date Impairment losses recognized before an asset is classified as held
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for sale shall not be reversed. If the net amount of fair value minus selling costs for assets held for sale or disposal
groups increases after the follow-up balance sheet date, previously recognized impairment losses should be reversed,
and the reversal should be applied in accordance with the measurement regulations for non-current assets classified
as held for sale, as stated in Accounting Standards for Business Enterprises No. 42—Non-current Assets Held for
Sale, Disposal Groups, and Discontinued Operations, and the reversal amount is recognized in the current profit or
loss. The carrying amount of goodwill that has been impaired, and the impairment losses of non-current assets
recognized before being classified as held for sale, as per Accounting Standards for Business Enterprises No. 42—
Non-current Assets Held for Sale, Disposal Groups, and Discontinued Operations., cannot be reversed. The reversal
of asset impairment losses recognized for assets held for sale in a disposal group should be proportionally increased
based on the carrying value of each non-current asset in the disposal group, excluding goodwill, in accordance with
their respective carrying amounts under the measurement regulations of Accounting Standards for Business
Enterprises No. 42—Non-current Assets Held for Sale, Disposal Groups, and Discontinued Operations. If an
enterprise loses control over a subsidiary due to the sale of its investment in a subsidiary or other reasons, regardless
of whether the enterprise retains part of the equity investment after the sale, when the investment in the subsidiary
to be sold satisfies the classification conditions of the held-for-sale the parent company category, the investment in
the subsidiary shall be classified as held for sale as a whole in individual financial statements of the parent Company,
and all assets and liabilities of the subsidiary shall be classified as held for sale in the consolidated financial
statements.
(2) Recognition criteria and presentation of discontinued operations
Discontinued operation refers to a component of an enterprise that meets one of the following conditions, can
be distinguished separately, and has either been disposed of or classified as held for sale: 1) The component
represents a major separate business or a major geographical area of operation; 2) The component is part of a plan
to dispose of a major separate business or a major geographical area of operation; 3) The component is a subsidiary
acquired specifically for resale.
The definition of discontinued operations includes the following three aspects:
this component should be clearly distinguishable from other parts of the enterprise when preparing financial
statements and conducting business operations.
independent major business or a separate major operating region, or part of a related plan to dispose of such a
business or operating region.
discontinued operations should belong to one of the following two conditions: it has already been disposed of before
the balance sheet date, including being sold or ended (e.g., shut down or scrapped); or it has been classified as held
for sale before the balance sheet date.
(1) Determination of initial investment cost
in cash, transfers non-cash assets, assumes its liabilities, or issues equity securities on the date of combination, it
regards the share of the carrying amount of the owners’ equity of the combined party included in the consolidated
financial statements of the ultimate controlling party as the initial cost of the investment. The share premium of the
capital reserve shall be adjusted with the difference between the initial investment cost of the long-term equity
investment and the carrying amount of the consideration paid or the par value of shares issued. If the share premium
of the capital reserve is insufficient for writing down, the retained earnings shall be adjusted.
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In cases of step-by-step implementation of business combinations under common control, the initial
investment cost of the investment shall be the share of the acquired entity’s owners’ equity attributable to the
acquiring entity on the acquisition date, calculated based on the ownership percentage. The difference between the
initial investment cost and the sum of the carrying amount of the original long-term equity investments and the
carrying value of any additional consideration paid for further shares acquired on the acquisition date is adjusted to
share premium (capital surplus or share premium). If the share premium is insufficient for writing down, the retained
earnings shall be used for writing down.
by it on the acquisition date shall be its initial investment cost.
as its initial investment cost; if it is acquired by issuing equity securities, the fair value of the issued equity securities
shall be taken as its initial investment cost; if it is acquired by the investment of the investors, the value agreed in
the investment contract or agreement shall be taken as its initial investment cost (except when the agreed value is
considered unfair).
(2) Subsequent measurement and profit & loss recognition methods
For long-term equity investments in invested companies over which the Company has control, the cost method
is used in the Company’s individual financial statements; for long-term equity investments with joint control or
significant influence, the equity method is applied.
Under the cost method, long-term equity investments are valued at the initial investment cost. Except for the
price actually paid at the acquisition of investment or the declared but undistributed cash dividends or profits
included in the consideration, the Company recognized the return on investment of the current period in accordance
with the cash dividends or profits declared and distributed by the invested company, with consideration given to the
impairment of long-term investments based on applicable impairment policies.
For long-term equity investment accounted for using the equity method, if the initial cost of long-term equity
investment is greater than the fair value of identifiable net assets of the invested company gained from the
investment, the excess shall be included in the initial investment cost of the long-term equity investment. If the
initial investment cost is smaller than the fair value of identifiable net assets of the invested company gained from
the investment, the difference shall be included in the current profit or loss, and the cost of long-term equity
investments shall be adjusted.
Under the equity method, after acquiring long-term equity investments, the investment gains or losses are
realized based on the share of net profit or loss that the invested company shall be entitled to or share. The long-
term equity investment’s carrying amount is adjusted accordingly. When the share of the net profits and losses of
the invested company is recognized, the fair value of the invested company’s identifiable assets at the time of
obtaining the investment shall be used as the basis. This is done in accordance with the Company’s accounting
policies and accounting period, and internal transaction gains and losses with joint ventures and associates are offset
based on the ownership proportion attributable to the investing company (except when internal transaction losses
are related to asset impairment losses, in which case they shall be fully recognized). Subsequent to adjusting the net
profits of the invested institution after recognition. The investor reduces the carrying amount of long-term equity
investments correspondingly when calculating the portion to be received based on the cash dividends or profits
declared to be distributed by the invested company. The Company shall recognize the net losses of the invested
company until the carrying amount of the long-term equity investment and other long-term rights and interests
which substantially form the net investment made to the invested company are reduced to zero, unless the Company
has the obligation to undertake extra losses. As for other changes in owners’ equity except for the net profit and loss
of the invested company, the Company shall adjust the carrying amount of the long-term equity investment and
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
include it in the owners’ equity.
(3) Determination basis of control and significant influence on the invested company
Control means that the investor has power over the invested company, enjoys variable returns by participating
in the relevant activities of the invested company, and has the ability to use the power over the invested company
to affect the amount of returns. Significant influence means that the investor has the rights to participate in the
decision-making of the financial and operating policies of the invested company, but cannot control or jointly
control the formulation of these policies with other parties.
(4) Disposal of long-term equity investments
In the case of a partial disposal of long-term equity investments in a subsidiary without losing control, the
variance between the disposal proceeds and the corresponding carrying amount of the disposed investment is
recognized as current investment income.
In cases where control over a subsidiary is lost due to the disposal of equity investments or other reasons, the
carrying amount of long-term equity investments corresponding to the disposed equity shall be transferred. The
difference between the proceeds from the sale and the carrying value of the disposed long-term equity investment
shall be recognized as investment income (loss). At the same time, the remaining equity shall be recognized at its
carrying value as long-term equity investments or other related financial assets. If the remaining equity after the
disposal can exercise joint control or significant influence over the subsidiary, accounting treatment shall be
conducted in accordance with relevant regulations on the conversion from the cost method to the equity method.
(5) Impairment test method and impairment provision method
Investments in subsidiaries, associates, and joint ventures should be assessed for impairment at the balance
sheet date if there is objective evidence indicating impairment. The corresponding impairment provision should be
recognized based on the difference between the carrying amount and the recoverable amount.
(1) Recognition conditions
Fixed assets refer to tangible assets which are held for producing goods, providing services, renting or operation
and management and with service life of more than one accounting year and high unit value.
Costs of outsourced fixed assets include purchase price, import duty and other relevant taxes, and other
expenditures incurred before and for making the fixed assets reach its intended condition for use directly attributable
to such assets.
Book value of self-constructed fixed assets shall be the necessary expenditures incurred before and for making
the fixed assets reach its intended condition for use.
Book value of fixed assets invested by investors shall be the value recognized by the investors.
Subsequent expenditures related to fixed assets shall be included in the cost of fixed assets if meeting the
recognition conditions for fixed assets, and shall be included in current profit or loss if not meeting the recognition
conditions for fixed assets.
Fixed assets are recorded at actual cost at the time of acquisition and depreciated using the straight-line method
from the second month after they reach their intended serviceable condition.
(2) Depreciation method
Category Depreciation Method Depreciation Life Residual Rate Yearly Depreciation Rate
Tenements and Buildings Straight-line method 25-30 years 3%-5% 3.17-3.88%
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Machinery and
Straight-line method 8-12 years 3%-5% 7.92-12.13%
equipment
Transport equipment Straight-line method six years 3%-5% 15.83-16.17%
Other equipment Straight-line method six years 3%-5% 15.83-16.17%
(3) Impairment testing method and impairment provision method for fixed assets
If there are signs that fixed assets have been impaired on the balance sheet date, a corresponding impairment
provision shall be made based on the difference between the book value and the recoverable amount.
(1) From the date when the construction in progress is ready for its intended use, based on factors such as the
project budget, cost, or actual cost, it is transferred to fixed assets based on the estimated value and depreciated
according to the Company’s fixed asset depreciation policy. Adjustment shall be made to the originally and
provisionally estimated value based on the actual cost after the completion settlement is handled, but depreciation
already provided shall not be adjusted.
(2) If there are signs that construction in progress has been impaired on the balance sheet date, a corresponding
impairment provision shall be made based on the difference between the book value and the recoverable amount.
(1) Recognition principles of capitalization of borrowing costs
The borrowing costs that have occurred and can be directly attributed to the acquisition, construction or
production of assets eligible for capitalization are capitalized by the Company and recorded in relevant cost of assets;
other borrowing costs are recognized as expenses based on the amount incurred when they occur, and shall be
recorded in current profit or loss.
(2) Capitalization period of borrowing costs
expenditure has already occurred; 2) Borrowing costs have already occurred; 3) Acquisition and construction
activities necessary to bring the assets to the intended condition for use or sale have already begun.
for over three months for abnormal reasons, capitalization of the borrowing costs shall be suspended; borrowing
costs incurred during the suspension shall be recognized as the current costs until the acquisition, construction or
production of assets is resumed.
the expected available or marketable status, the capitalization of the borrowing costs shall be suspended.
(3) Capitalized amount of borrowing costs
For borrowings exclusively for the acquisition and construction or production of assets eligible for
capitalization, the to-be-capitalized amount of interest is determined in light of the actual interest expenses incurred
(including amortization of premium or discount based on effective interest method) of the special borrowings in the
current period less the interest income on the unused borrowings as a deposit in the bank or as a temporary
investment; where a general borrowing is used for the acquisition and construction or production of assets eligible
for capitalization, the Company calculates and determines the to-be-capitalized amount of interests on the general
borrowing by multiplying the weighted average asset expenditure of the part of the accumulative asset
disbursements less the general borrowing by the capitalization rate of the general borrowing used.
(1) Service life and the basis for its determination, estimation, amortisation methods or review procedures
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Externally acquired intangible assets shall be measured at the actual cost when acquired and averagely
amortized during the expected service life since the month when the intangible assets is acquired; book value of the
self-developed intangible assets shall be the sum of the expenditures during the research and development stage of
internal research and development projects of the Company which are eligible for capitalization and the
expenditures incurred before reaching the intended condition for use, and be averagely amortized over the expected
service life since the month in which the intangible asset is ready for use.
Service life of intangible assets shall be analysed and determined when acquired. Intangible assets with limited
service life shall be amortized over period during which they may bring economic interests; if the period during
which the intangible assets may bring economic benefit to the enterprise is unforeseeable, such intangible assets
shall be considered as intangible assets with uncertain service life and shall not be amortized.
Impairment test: At the end of each year, the Company shall recheck the service life and amortization method
of the intangible assets. Intangible assets with uncertain service life shall be subject to impairment test every year
whether there is any indication of impairment.
(2) Scope of research and development expenditures and related accounting treatment
The scope of research and development expenditures includes staff salaries for research and development
personnel, direct input costs, depreciation and amortisation expenses, and other expenses. The expenditures of the
Company’s internal research and development projects are divided into research phase expenditures and
development phase expenditures.
Research phase expenditures of internal research and development projects shall be included in current profit
or loss when incurred. Development phase expenditures of internal research and development projects can be
recognized as intangible assets only when meeting all of the following conditions: 1) It is technically feasible to
complete this intangible assets so that it can be used or sold; 2) The Company has the intention to complete the
intangible assets and use or sell them; 3) The way in which intangible assets generate economic benefits, including
the ability to prove that the products produced using the intangible assets exist in the market or the intangible assets
themselves exist in the market, and the intangible assets will be used internally, can prove their usefulness; 4)
sufficient technical, financial resources and other resources support to complete the development of the intangible
asset and the ability to use or sell the intangible asset; and 5) the expenditure attributable to the development phase
of the intangible asset can be reliably measured.
For the long-term equity investments, investment properties, fixed assets, construction in progress, intangible
assets, and other long-term assets measured at cost model, if there are signs of impairment, an impairment test shall
be conducted on the balance sheet date. If the recoverable amount of the asset is less than its carrying value according
to the test, provision for impairment will be made at the difference and included in impairment loss. Recoverable
amount is the higher of the net amount of fair value of an asset deducting the disposal expenses and the present
value of estimated future cash flow of the asset. The provision for impairment of assets is calculated and made on
an individual basis. If it is difficult for the Company to estimate the recoverable amount of the individual asset, the
recoverable amount of an asset group, to which the said asset belongs, shall be determined. Asset group is the
smallest asset group that can independently generate cash inflows.
For goodwill, impairment test shall be conducted at least at the end of each year. Impairment test shall be
carried out in combination with the relevant asset group or combination of asset group.
The carrying value of goodwill caused by business combination is amortized to relevant asset groups with a
reasonable method from the date of acquisition when the Company carries out impairment test on goodwill; or
amortized to relevant combination of asset groups if it is difficult to be amortized to relevant asset groups. When
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
the carrying value of goodwill is amortized to the relevant assets group or combination of assets groups, it shall be
evenly amortized according to the proportion of the fair value of each assets group or combination of assets groups
in the total fair value of the relevant assets groups or combinations of assets groups. Where the fair value cannot be
reliably measured, it should be amortized according to the proportion of the carrying value of each asset group or
combination of assets groups in the total carrying value of assets groups or combinations of assets groups.
When making an impairment test on the relevant assets groups or combination of assets groups containing
goodwill, if any indication shows that the assets groups or combinations of assets groups may be impaired, the
Company shall first conduct an impairment test on the assets groups or combinations of assets groups not containing
goodwill, calculate the recoverable amount and compare it with relevant carrying value to recognize the
corresponding impairment loss. Then the Company shall conduct an impairment test on the assets groups or
combinations of assets groups containing goodwill, and compare the carrying value of these assets groups or
combinations of assets groups (including the carrying value of the goodwill apportioned thereto) with the
recoverable amount. Where the recoverable amount of the relevant assets groups or combinations of assets groups
is lower than the carrying value thereof, the Company shall recognize the impairment loss of goodwill.
The above asset impairment losses shall not be reversed in subsequent accounting periods once recognized.
Long-term prepaid expense is recorded according to the actual amount incurred and amortized over the benefit
period or the stipulated amortization period by the straight-line method. If a long-term deferred expense item cannot
benefit a later accounting period, the amortized value of the item that has not been amortized shall be transferred to
the current profit or loss; long-term prepaid expense such as expenditure for improvement of fixed assets under
operating lease shall be amortized averagely within the benefit period.
The Company presents contract assets or contract liabilities in the balance sheet based on the relationship
between its performance obligations and customers’ payments. The Company presents the obligation of transferring
goods to or providing services for customers for consideration received or receivable as a contract liability. Revenue
is recognized from contract liabilities when the Company performs its obligation to transfer goods or provide
services to the customer.
(1) Accounting treatment of short-term remuneration
Short-term remuneration refers to the payroll which is expected to be paid in full by the enterprise within 12
months after the end of the year in which the employee provided relevant services.
During the accounting period when employees serve the Company, the actual short-term remuneration is
recognized as liabilities and included in current profit or loss or costs of relevant assets.
(2) Accounting treatment of post-employment benefits
Post-employment benefits refer to various compensations and benefits to be provided by the enterprise after
retirement from or termination of the labour relation with the enterprise in exchange for the service provided by the
employee. Post-employment benefits are divided into two types: Defined contribution plans and defined benefit
plans.
sheet date in exchange for the service provided by the employee during the accounting period shall be recognized
as payroll liabilities and included in current profit or loss or relevant asset cost.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
benefit obligations arising from the defined benefit plan shall be attributable to the period in which the employee
provides service and included in current profit or loss or cost of relevant asset; changes due to remeasurement of
the net liabilities or net assets of the defined benefit plan shall be included in other comprehensive income and shall
not be reversed to profit or loss in subsequent accounting periods.
(3) Accounting treatment of dismissal benefits
Dismissal benefits refer to the compensation paid to the employee by the enterprise for termination of the
labour contract with the employee prior to expiration, or encouraging the employee to accept downsizing voluntarily.
If the enterprise provides dismissal benefits, payroll liabilities arising from dismissal benefits shall be
recognized and included in current profit or loss on the earlier date of:
plan or layoff proposal due to termination of the labour relation.
of the dismissal benefits.
(4) Accounting treatment of the other long-term employee welfare
Other long-term employee benefits refer to all payrolls except for short-term remuneration, post-employment
benefits, and dismissal benefits, including long-term paid absences, long-term disability benefits, long-term profit
sharing plan, etc.
The other long-term employee benefits provided by the enterprise shall be recognized and measured as net
liability or net asset of other long-term employee benefits according to relevant provisions of the defined benefit
plan, except for those meetings the conditions of defined contribution plan.
(1) Recognition criteria for provisions
When obligations related to contingencies meet the following conditions, the Company shall recognize them
as provisions:
(2) Measurement method of provisions
Considering the risks, uncertainties, and time value of money related to contingencies, the provisions shall be
initially measured at the best estimate of the required expenditure for the performance of current obligation. If the
time value of money is significant, the best estimate shall be determined after discounting relevant future cash
outflow. The Company shall check the carrying value of the provisions on the balance sheet date, and adjust the
carrying value to reflect current best estimate.
(1) Recognition of revenues
Revenue is the total inflow of economic benefits arising from the Company’s ordinary activities that would
result in an increase in shareholders’ equity and are unrelated to capital contributions by shareholders.
The Company recognizes revenue when it has fulfilled its performance obligations under the contract, that is,
when the customer obtains control of the relevant goods. Obtaining control over related goods means being able to
dominate the use of the goods and obtain almost all economic benefits from them.
If the contract contains two or more performance obligations, the Company will allocate the transaction price
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
to each individual performance obligation according to the relative proportion of the individual selling price of the
goods or services promised under each individual performance obligation on the contract commencement date, and
measure the revenue according to the transaction price allocated to each individual performance obligation.
Transaction price is the amount of consideration that the Company is expected to be received due to the transfer
of goods or services to customers, excluding the amount collected on behalf of third parties. In determining the
transaction price of a contract, if variable consideration exists, the Company will determine the best estimate of the
variable consideration based on the expected or most likely amount and include in the transaction price in an amount
not exceeding the amount that the accumulated recognized revenue will most likely not be significantly reversed
when the relevant uncertainty is eliminated. If there is a significant financing component in the contract, the
Company will determine the transaction price according to the amount payable by the customer in cash when
obtaining the control right of the goods. The difference between the transaction price and the contract consideration
will be amortized by the effective interest rate method during the contract period. If the interval between the transfer
of control right and the payment price by the customer does not exceed one year, the Company will not consider
the financing component.
Performance obligations are fulfilled within a certain period if any of the following conditions is met:
time as the Company’s performance;
the Company has the right to collect money for the accumulated performance that has been completed so far during
the whole contract period.
For performance obligations performed within a certain period, the Company recognizes revenue according
to the performance progress within that period, except that the performance progress cannot be reasonably
determined. The Company considers the nature of the goods and uses either the output approach or the input
approach to determine the appropriate performance progress.
For performance obligations performed at a certain point in time instead of within a certain period, the
Company recognizes revenue at the point when the customer obtains control of the relevant goods.
When judging whether the customer has acquired control of goods or services, the Company will consider the
following indications:
to pay for the goods.
ownership of the goods.
possession of the goods.
i.e., the customer has acquired the principal risks and rewards of ownership of the good.
(2) Recognition policies of revenues of the Company
The Company arranges logistics delivery to the customer’s designated location, delivers the goods to the buyer
according to the contract, and recognizes revenue after the buyer signs for it.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Group purchase sales: Revenue is recognized when the Company delivers the goods to the buyer and receives
payment or acquires the right to receive payment.
On-line sales; Revenue is recognized when the Company receives the payment transferred from the e-
commerce platform from the consumer.
(1) Government subsidies include asset-related government subsidies and income-related government
subsidies.
(2) If the government subsidy is a monetary asset, it shall be measured at the amount received or receivable;
if the government subsidy is a non-monetary asset, it shall be measured at fair value. If the fair value cannot be
obtained reliably, it shall be measured at the nominal amount.
(3) Government subsidies shall be measured using the gross amount method:
The asset-related government subsidies refer to the government subsidies obtained by the Company and used
for acquisition or construction or for formation of long-term assets in other ways, including the financial allocation
for purchasing fixed assets or intangible assets, the financial discount for special loan of fixed assets and others.
The specific standard of the Company for classifying the government subsidies as asset-related subsidies:
government subsidies obtained by the Company and used for acquisition or construction or for formation of long-
term assets in other ways.
If the government documents do not specify the target of the subsidies, the basis that the Company classifies
the government subsidies as asset-related subsidies or income-related subsidies were as follows: Whether the
subsidies are used for acquisition or construction or for formation of long-term assets in other ways.
Timing of recognition of asset-related government subsidies of the Company: Government subsidies, when
actually received, shall be recognized as deferred income and transferred equally to current profit or loss based on
the expected service life of the long-term assets when the long-term assets are available for use.
The asset-related government subsidies are recognized as deferred income, and included in current profit or
loss by stages based on the service life of the assets acquired and constructed. If the related asset is sold, transferred,
scrapped or damaged before the end of the service life, the deferred income balance not yet distributed shall be
transferred to the profits and losses of the period in which the assets are disposed.
Income-related government subsidies refer to all the government subsidies other than asset-related government
subsidies.
The specific standard of the Company for classifying the government subsidies as income-related subsidies:
All the government subsidies other than asset-related government subsidies.
Timing of recognition of income-related government subsidies of the Company: Government subsidies, when
actually received, shall be included in current profit or loss if used to compensate the relevant expenses or losses of
the Company in the subsequent period; included in current profit or loss directly when acquired if used to
compensate relevant expenses or losses incurred by the Company.
Income-related government subsidies used to compensate the relevant expenses or losses of the Company in
the subsequent period shall be recognized as deferred income when acquired; included in current profit or loss in
the period in which relevant expenses are recognized; those used to compensate relevant expenses or losses incurred
by the Company, shall be directly included in profit or loss directly when they are received.
If it is used to compensate for related expenses or losses in future periods, it shall be recognized as deferred
income and included in profit or loss during the period in which the related expenses are recognized; if it is used to
compensate for related expenses or losses that have already occurred, it shall be directly included in profit or loss.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
For a government subsidy that includes both asset-related and income-related portions, different portions shall
be distinguished and accounted for separately; if it is difficult to distinguish, it shall be classified as an income-
related government subsidy as a whole.
The government subsidies related to daily activities of the Company shall be included in other income or used
to offset relevant costs and expenses according to the substance of the economic business. The government subsidies
irrelevant to the daily activities of the Company shall be included in non-operating income/expenses.
(1) The Company recognizes the deferred income tax assets or deferred income tax liabilities in accordance
with the applicable tax rate during the estimated period of recapturing the assets or paying the liabilities for the
different amount between the carrying amount of assets or liabilities and its tax base (for items not recognized as
assets and liabilities, if its tax basis can be determined according to the tax law, the tax basis is recognized as the
different amount).
(2) The recognition of deferred income tax assets is subject to the amount of taxable income obtained to offset
the deductible temporary differences. On the balance sheet date, deferred income tax assets without recognition
during the former accounting period shall be recognized if there are definite indications representing that it is
probable to have sufficient taxable income to offset the deductible temporary differences during the future period.
(3) The Company reviews carrying amount of deferred income tax assets on the balance sheet date. If it is
determined that the Company is not likely to obtain adequate taxable income to offset benefits from deferred income
tax assets, the book values of deferred income tax assets are written down. Such write-downs are reversed when it
becomes probable that sufficient taxable income should be available.
(4) The current income tax and deferred income tax of the Company shall be included in the current profit or
loss as income tax expenses or incomes, excluding the income taxes incurred in the following circumstances: 1)
Business combinations; 2) transactions or events directly recognized in the owner’s equity.
(1) Accounting treatment with the Company as the lessee
On the commencement date of the lease term, except for short-term leases and leases of low-value assets being
adopted simplified treatment, the Company recognises right-of-use assets or lease liabilities for the lease.
Right-of-use assets shall be initially measured at costs, including: 1) The initial measurement amount of the
lease liabilities; 2) the lease payment paid on or before the commencement date of the lease term. If there is a lease
incentive, the amount related to the lease incentive taken should be deducted; 3) the initial direct cost incurred by
the lessee; 4) the estimated cost that the Company will use to pull down and remove the leasehold property, and
restore the site of the leasehold property or restore the leasehold property to the state agreed in the lease clauses
(excluding the costs incurred by inventories for production).
The lease liabilities shall be initially measured at the present value of the unpaid lease payment from 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 date of the lease term, the Company subsequently measures the right-of-use assets
at cost model, and the right-of-use assets are subject to depreciation by using the straight-line method. Meanwhile,
the interest expenses of the lease liabilities in each period of the lease term are calculated, and shall be included in
the profit or loss for the current period, unless otherwise stipulated to be included in underlying asset costs. Variable
lease payments that are not covered in the measurement of the lease liabilities are included in current profit or loss
when actually incurred, unless otherwise stipulated to be included in underlying asset costs.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
For short-term leases within 12 months and leases of low-value assets, the Company chooses not to recognise
right-of-use assets and lease liabilities. The relevant lease expenditures are included in relevant asset cost or the
profit or loss for the current period in the straight-line method in each period of the lease term.
(2) Accounting treatment of leases with the Company as the lessor
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. An operating lease
refers to all leases other than finance leases.
On the commencement date of the lease term, the Company recognises the finance lease receivables for the
finance lease and derecognises 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 book
value of the finance lease receivables. The Company calculates and recognises 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 recognises the lease payments receivable of the operating lease as rental earning 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 capitalised, amortised within the lease term on the same basis as the
recognition of rental earning, 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.
(1) Changes to Significant Accounting Policies
□ Applicable Not applicable
(2) Changes to Significant Accounting Estimates
□ Applicable Not applicable
(3) Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation of any
New Accounting Standard Implemented since 2025
□ Applicable Not applicable
VI Taxes
Tax Item Tax Basis Tax Rate
VAT Value added 6%, 9%, 13%
Taxable prices or ex-factory prices, sales
Consumption tax 10%, 20%; RMB0.5/500ml
volume of liquor products
Urban maintenance and construction tax Turnover tax payable 5%, 7%
Corporate income tax Taxable income 15%, 20%, 25%
Education surcharge Turnover tax payable 3%
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Local education surcharge Turnover tax payable 2%
Note on disclosure of taxpayer applying different corporate income tax rates:
Name of taxpayer Income tax rate
Yibin Xinxing Packaging Co., Ltd. 20%
Sichuan Yibin Plastic Packaging Products Co., Ltd. 20%
Sichuan Jiebeike Environmental Technology Co., Ltd. 20%
Sichuan Jinwuxin Technology Co., Ltd. 20%
Sichuan Yibin Plastic Packaging Materials Company Limited 15%
Sichuan Yibin Wuliangye Jingmei Printing Co., Ltd. 15%
Sichuan Yibin Wuliangye Environmental Protection Industry Co., Ltd. 15%
(1) Value added tax (VAT)
In January 2007, Sichuan Yibin Global Gelasi Glass Manufacturing Co., Ltd. obtained the certificate of social
welfare enterprise “F.Q.ZH.Z. No. 51004121049” issued by the Department of Civil Affairs of Sichuan Province.
The Company, conforming to relevant provisions of G.SH.F. [2016] No. 33 and the Notice on VAT Preferential
Policy for Promoting the Employment of the Disabled of the Ministry of Finance and the State Administration of
Taxation (C.SH. [2016] No. 52), enjoys the drawback policy of value-added tax. Recoverable value-added tax of
each month = Number of disabled people employed by the taxpayer in current month x quadruple of the minimum
wage of current month. The amount of value-added tax refunded in the first half of 2025 was RMB3,869,080.00.
According to the Circular on Improving the Comprehensive Resource Utilisation VAT Policy (Circular No.
No. 40 of 2021 of the Ministry of Finance and the State Administration of Taxation), Sichuan Yibin Wuliangye
Environmental Protection Industry Co., Ltd. enjoys the 70% drawback policy of value-added tax for providing
comprehensive utilisation of resources for wastewater treatment.
(2) Corporate income tax
Sichuan Yibin Wuliangye Jingmei Printing Co., Ltd., Sichuan Yibin Plastic Packaging Materials Company
Limited, and Sichuan Yibin Wuliangye Environmental Protection Industry Co., Ltd. conforming to the
Announcement of the Ministry of Finance and the State Taxation Administration on Continuing the Corporate
Income Tax Policies for the Large-Scale Development of Western China (Announcement [2020] No. 23 of the
Ministry of Finance, the State Taxation Administration and the National Development and Reform Commission)
has been filed with the Taxation Bureau of Yibin for preferential corporate income tax and pays the corporate
income tax at 15%.
Yibin Xinxing Packaging Co., Ltd., Sichuan Jiebeike Environmental Technology Co., Ltd., Sichuan Jinwuxin
Technology Co., Ltd., and Sichuan Yibin Plastic Packaging Products Co., Ltd., comply with the provisions of the
Announcement of the State Taxation Administration and the Ministry of Finance on Further Supporting Small and
Micro Enterprises and Individual Industrial and Commercial Businesses through Relevant Tax and Fee Policies
(Announcement No. 12 of 2023 of the Ministry of Finance and the State Taxation Administration). They are eligible
for a 25% reduction in the calculation of taxable income for small and micro-profit enterprises, and they are subject
to a 20% enterprise income tax rate, continuing until December 31, 2027.
VII Notes to the Consolidated Financial Statements
Unit: RMB
Item Closing balance Opening balance
Cash on hand 2,600.34 4,465.96
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Bank deposits 95,961,349,216.63 78,907,591,498.82
Other monetary assets 461,000,246.61 202,456,023.63
Deposits in Wuliangye Group Finance 51,897,594,278.48 48,288,863,495.70
Total 148,319,946,342.06 127,398,915,484.11
A liquor/wine production enterprise should disclose in detail whether there is any special interest arrangement
where the Company and any of its stakeholders have a joint account for funds, etc.
□ Applicable Not applicable
(1) Notes receivable presented by category
Unit: RMB
Item Closing balance Opening balance
Letters of credit 3,368,850.30 10,297,383.00
Total 3,368,850.30 10,297,383.00
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(2) Notes receivable by method of establishing allowance for doubtful account
Unit: RMB
Closing balance Opening balance
Allowance for doubtful Allowance for doubtful
Gross amount Gross amount
account account
Category Carrying Carrying
As % of the Allowance amount As % of the Allowance amount
Amount total gross Amount as % of the Amount total gross Amount as % of the
amount gross amount amount gross amount
Notes
receivable for
which
allowances
for doubtful
accounts are
established
on an
individual
basis
Notes
receivable for
which
allowances
for doubtful 3,368,850.30 100.00% 3,368,850.30 10,297,383.00 100.00% 10,297,383.00
accounts are
established
on a grouping
basis
Of which:
Letters of
credit
Total 3,368,850.30 100.00% 3,368,850.30 10,297,383.00 100.00% 10,297,383.00
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Allowances for doubtful notes receivable established using the general model of expected credit loss:
□ Applicable Not applicable
(3) Allowances for doubtful accounts established, recovered or reversed in the period
The Company had no allowances for doubtful accounts established, recovered or reversed in the period.
(4) Notes receivable in pledge at the end of the period
The Company had no notes receivable pledged by the Company at the end of the period.
(5) Notes receivable endorsed or discounted by the Company at the end of the period and not expired yet on
the balance sheet date
The Company had no notes receivable endorsed or discounted by the Company at the end of the period and
not expired yet on the balance sheet date.
(6) Notes receivable actually written off in the period
The Company had no notes receivable actually written off in the period.
(1) Accounts receivable presented by aging
Unit: RMB
Aging Closing gross amount Opening gross amount
Within 1 year (inclusive) 60,070,623.88 36,522,121.03
More than 3 years 5,418,687.44 5,418,687.44
More than 5 years 5,140,055.64 5,139,989.64
Total 71,550,410.73 43,604,028.89
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(2) Accounts receivable by method of establishing allowance for doubtful account
Unit: RMB
Closing balance Opening balance
Allowance for doubtful Allowance for doubtful
Gross amount Gross amount
account account
Category Carrying Carrying
Allowance Allowance
As % of the amount As % of the amount
as % of the as % of the
Amount total gross Amount Amount total gross Amount
gross gross
amount amount
amount amount
Accounts
receivable
for which
allowances
for doubtful
accounts are
established
on an
individual
basis
Of which:
External
customers
Accounts
receivable
for which
allowances
for doubtful
accounts are
established
on a
grouping
basis
Of which:
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Of which:
External 42,048,064.82 58.77% 4,111,118.03 9.78% 37,936,946.79 25,820,260.30 59.22% 3,169,216.14 12.27% 22,651,044.16
customers
Related
parties
Total 71,550,410.73 100.00% 7,199,368.83 10.06% 64,351,041.90 43,604,028.89 100.00% 6,257,466.94 14.35% 37,346,561.95
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Allowances for doubtful accounts established on an individual basis:
Unit: RMB
Opening balance Closing balance
Allowance
Entity Allowance for Allowance for
as % of Reason for
Gross amount doubtful Gross amount doubtful
the gross allowance
account account
amount
Sichuan Debo
Expected to be
Daily Commodity 294,230.65 294,230.65 294,230.65 294,230.65 100.00%
unrecoverable
Co., Ltd.
Beijing Junhui
Expected to be
Tianhong Trading 1,174,891.71 1,174,891.71 1,174,891.71 1,174,891.71 100.00%
unrecoverable
Co., Ltd.
Expected to be
Qu Liang 1,411,528.44 1,411,528.44 1,411,528.44 1,411,528.44 100.00%
unrecoverable
Gushi County Expected to be
Yingjun Liquor unrecoverable
Total 3,088,250.80 3,088,250.80 3,088,250.80 3,088,250.80
Allowances for doubtful accounts established on a grouping basis:
Unit: RMB
Closing balance
Item Allowance for Allowance as % of
Gross amount
doubtful account the gross amount
Accounts receivable for which allowances for
doubtful accounts are established based on the 42,048,064.82 4,111,118.03 9.78%
external customer group
Accounts receivable for which allowances for
doubtful accounts are established based on the 26,414,095.11 0.00%
related party group
Total 68,462,159.93 4,111,118.03
Allowances for doubtful accounts receivable established using the general model of expected credit loss:
□ Applicable Not applicable
(3) Allowances for doubtful accounts established, recovered or reversed in the period
Allowances for doubtful accounts in the period:
Unit: RMB
Changes in the period
Category Opening balance Recovered or Writte Othe Closing balance
Established
reversed n off rs
Accounts receivable for which
allowances for doubtful accounts
are established on an individual
basis
Accounts receivable for which
allowances for doubtful accounts 3,169,216.14 941,901.89 4,111,118.03
are established on a grouping basis
Total 6,257,466.94 941,901.89 7,199,368.83
Significant recovered or reversed allowances for doubtful accounts in the period:
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
No such cases in the Reporting Period.
(4) Accounts receivable actually written off in the period
No such cases in the Reporting Period.
(5) Top five entities with respect to accounts receivable and contract assets
Unit: RMB
Closin
Closing balance of
g Closing balance of As % of the
allowances for
Closing balance balanc accounts closing balance of
doubtful accounts
Entity of accounts e of receivable and total accounts
and impairment
receivable contra contract assets receivable and
allowances for
ct combined contract assets
contract assets
assets
Sichuan Yibin Licai Group Co.,
Ltd.
Chengdu Kanglongxin Plastic
Industry Co., Ltd.
Luzhou Huasheng Glass Co., Ltd. 6,538,673.63 6,538,673.63 9.14% 326,933.68
Sichuan Chuanhong Tea Group
Co., Ltd.
Chengdu PUTH Medical
Technology Co., Ltd.
Total 31,367,008.81 31,367,008.81 43.84% 674,360.17
(1) Receivables financing presented by category
Unit: RMB
Item Closing balance Opening balance
Bank acceptance bills 3,888,593,774.07 19,566,397,992.11
Total 3,888,593,774.07 19,566,397,992.11
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(2) Receivables financing by method of establishing allowance for doubtful account
Unit: RMB
Closing balance Opening balance
Allowance for Allowance for
Gross amount Gross amount
doubtful account doubtful account
Category
As % of Allowance Carrying amount As % of Allowance Carrying amount
the total Amou as % of the the total as % of the
Amount Amount Amount
gross nt gross gross gross
amount amount amount amount
Allowances for
doubtful
accounts
established on
an individual
basis
Allowances for
doubtful
accounts 3,888,593,774.07 3,888,593,774.07 19,566,397,992.11 100.00% 19,566,397,992.11
%
established on a
grouping basis
Of which:
Bank 100.00
acceptance bills %
Total 3,888,593,774.07 3,888,593,774.07 19,566,397,992.11 100.00% 19,566,397,992.11
%
The Company had no receivables financing for which allowances for doubtful accounts are established on an individual basis as at the end of the period.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Allowances for doubtful accounts established on a grouping basis:
Unit: RMB
Closing balance
Item Allowance for doubtful Allowance as % of the gross
Gross amount
account amount
Bank acceptance bills 3,888,593,774.07
Total 3,888,593,774.07
(3) Allowances for doubtful accounts established, recovered or reversed in the period
The Company had no allowances for doubtful accounts established, recovered or reversed in the period.
(4) Receivables financing in pledge at the end of the period
The Company had no receivables financing in pledge at the end of the period.
(5) Receivables financing endorsed or discounted by the Company at the end of the period and not expired
yet on the balance sheet date
Unit: RMB
Amount derecognized at the end of the Amount not yet derecognized at the end
Item
period of the period
Bank acceptance bills 2,097,319,334.02
Total 2,097,319,334.02
Unit: RMB
Item Closing balance Opening balance
Interest receivable
Dividends receivable
Other receivables 60,621,424.66 47,264,361.93
Total 60,621,424.66 47,264,361.93
(1) Other receivables
Unit: RMB
Nature Closing gross amount Opening gross amount
Cash float 13,069,681.39 890,541.57
Security deposits 41,658,919.69 41,901,987.04
Other advance money for others or
temporary payment, etc.
Total 72,050,813.89 58,457,372.90
Unit: RMB
Aging Closing gross amount Opening gross amount
Within 1 year (inclusive) 49,115,019.28 28,668,722.63
More than 3 years 11,853,791.14 11,713,605.68
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
More than 5 years 9,730,193.94 9,632,659.34
Total 72,050,813.89 58,457,372.90
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Gross amount Allowance for doubtful account Gross amount Allowance for doubtful account
Category Carrying Carrying
As % of the As % of the As % of the As % of the
Amount total gross Amount total gross amount Amount total gross Amount total gross amount
amount amount amount amount
Allowances
for doubtful
accounts
established 1,838.85 0.00% 1,838.85 100.00% 1,838.85 0.00% 1,838.85 100.00%
on an
individual
basis
Of which:
External
customers
Allowances
for doubtful
accounts
established 72,048,975.04 100.00% 11,427,550.38 15.86% 60,621,424.66 58,455,534.05 100.00% 11,191,172.12 19.14% 47,264,361.93
on a
grouping
basis
Of which:
External
customers
Related
parties
Total 72,050,813.89 100.00% 11,429,389.23 15.86% 60,621,424.66 58,457,372.90 100.00% 11,193,010.97 19.15% 47,264,361.93
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Allowances for doubtful accounts established on an individual basis:
Unit: RMB
Opening balance Closing balance
Allowanc Allowance
Item Allowance
Gross Gross e for as % of Reason for
for doubtful
amount amount doubtful the gross allowance
account
account amount
Allowances for doubtful accounts Expected to be
established on an individual basis unrecoverable
Total 1,838.85 1,838.85 1,838.85 1,838.85
Allowances for doubtful accounts established on a grouping basis:
Unit: RMB
Closing balance
Item Allowance for doubtful Allowance as % of
Gross amount
account the gross amount
Other receivables for which allowances for doubtful
accounts are established based on the external 70,902,022.51 11,427,550.38 16.12%
customer group
Other receivables for which allowances for doubtful
accounts are established based on the related party 1,146,952.53
group
Total 72,048,975.04 11,427,550.38
Allowances for doubtful accounts established using the general model of expected credit loss:
Unit: RMB
Stage 1 Stage 2 Stage 3
Allowances for doubtful 12-month Lifetime expected credit Lifetime expected credit Total
accounts expected credit loss (without credit loss (with credit
loss impairment) impairment)
Balance as at January 1,
Balance as at January 1,
- Transferred to Stage 2
- Transferred to Stage 3
- Transferred back to
Stage 2
- Transferred back to
Stage 1
Established in the period 236,378.26 236,378.26
Reversed in the period
Charged off in the period
Written off in the period
Other changes
Balance as at June 30,
Gross amounts with significant changes in loss allowances in the period:
□ Applicable Not applicable
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Allowances for doubtful accounts in the period:
Unit: RMB
Changes in the period
Opening
Category Recovered Charged off or Closing balance
balance Established Others
or reversed written off
Other receivables for which
allowances for doubtful
accounts are established on an
individual basis
Other receivables for which
allowances for doubtful
accounts are established based 11,191,172.12 236,378.26 11,427,550.38
on the credit risk characteristic
group
Total 11,193,010.97 236,378.26 11,429,389.23
No such cases in the Reporting Period.
Unit: RMB
As % of
the
Closing balance
closing
Nature of of allowances
Entity Closing balance Aging balance of
account for doubtful
total other
accounts
receivable
s
Security
Yibin Zhongqi Natural Gas Co., Ltd. 7,500,000.00 Within 1 year 10.41% 225,000.00
deposit
Yibin Cuiping District Housing and Security
Urban-Rural Development Bureau deposit
State Grid Sichuan Electric Power Security
Company deposit
Other
China Mobile Group Sichuan Sub- Within 1 year; 1-2
temporary 3,294,042.58 4.57% 112,891.81
Company Yibin Branch years
payment
Urban Housing Expropriation Service Security
Center of Cuiping District, Yibin City deposit
Total 21,850,482.58 30.33% 4,519,585.01
(1) Prepayments presented by aging
Unit: RMB
Closing balance Opening balance
Aging As % of total As % of total
Amount Amount
prepayments prepayments
Within 1 year 203,146,058.26 88.23% 128,590,930.55 88.76%
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
More than 3 years 9,143,650.94 3.97% 9,785,066.73 6.76%
Total 230,243,788.88 144,877,853.45
The Company had no prepayments with significant amounts aged over three years at the end of the period.
(2) Top five entities with respect to prepayments
Unit: RMB
As % of the closing balance of total
Entity Closing balance
prepayments
Yibin PetroChina Kunlun Guoding Gas Co., Ltd. 42,170,000.00 18.32%
Zhejiang Pengyuan Supply Chain Management Co., Ltd. 29,297,890.00 12.72%
PetroChina Company Limited Southwest Chemical Sales
Branch
Ningbo Yizhe Supply Chain Management Co., Ltd. 20,053,180.00 8.71%
Xiamen Yijianxing Industrial Co., Ltd. 8,221,213.22 3.57%
Total 123,714,941.31 53.73%
Indicate whether the Company is subject to the information disclosure requirements for the real estate sector.
No.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(1) Classification of inventory
Unit: RMB
Closing balance Opening balance
Inventory valuation
Inventory valuation
Item allowances or
allowances or impairment
Gross amount Carrying amount Gross amount impairment allowances Carrying amount
allowances for contract
for contract
performance costs
performance costs
Raw materials 665,884,407.44 8,202,140.39 657,682,267.05 523,518,853.06 8,753,993.75 514,764,859.31
Goods in
process
Inventory of
goods
Turnover
materials
Goods issued 45,833,169.63 917,805.65 44,915,363.98 64,025,690.35 917,805.65 63,107,884.70
Homemade
semi-finished 12,641,568,888.27 150,386.01 12,641,418,502.26 12,484,913,323.72 150,386.01 12,484,762,937.71
products
Packing
materials
Manufacturing
consignment 19,673,853.19 19,673,853.19 42,483,687.02 42,483,687.02
materials
Goods in transit 75,126,046.43 75,126,046.43 57,153,306.62 57,153,306.62
Total 17,786,930,597.44 41,159,931.27 17,745,770,666.17 18,278,724,550.18 45,022,383.56 18,233,702,166.62
The Company is subject to the disclosure requirements for the food and wine & liquor production industry in Guidelines No. 3 of the Shenzhen Stock Exchange
for the Self-Regulation of Listed Companies—Industry-specific Information Disclosure.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(2) Classification of merchandise on hand
Unit: RMB
Closing balance Opening balance
Item
Valuation Valuation
Gross amount Carrying amount Gross amount Carrying amount
allowances allowances
Liquor 2,349,332,370.04 2,349,332,370.04 3,045,044,472.65 3,045,044,472.65
Plastic
products
Printing 56,818,988.85 510,423.52 56,308,565.33 58,507,321.83 510,423.52 57,996,898.31
Glass bottles 82,018,202.05 7,548,754.58 74,469,447.47 79,760,750.48 10,859,353.51 68,901,396.97
Others 56,085,329.77 4,266,403.60 51,818,926.17 74,327,153.10 4,266,403.60 70,060,749.50
Total 2,939,718,381.22 15,536,393.71 2,924,181,987.51 3,668,076,737.62 18,846,992.64 3,649,229,744.98
(3) Inventory valuation allowances and impairment allowances for contract performance costs
Unit: RMB
Increase in the period Decrease in the period
Item Opening balance Reversed or Other Closing balance
Established Others
charged off s
Raw
materials
Inventory of
goods
Turnover
materials
Goods issued 917,805.65 917,805.65
Semi-finished
products
Packing
materials
Total 45,022,383.56 3,862,452.29 41,159,931.27
(4) Note on closing balance of inventory containing the capitalized amount of borrowing costs
None
(5) Notes of the amount of contract performance costs amortized for the period
None
Unit: RMB
Item Closing balance Opening balance
Input VAT to be deducted 125,122,333.78 300,126,541.56
Prepaid VAT and corporate income tax 66,284,955.52 44,369,501.13
Total 191,407,289.30 344,496,042.69
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Unit: RMB
Increase/decrease in the period
Open D
Im
ing ec Adju Ot
pa Closing
balan re stme he
ir balance
ce of as nt to r
Declar m of
Opening balance impa e Return on other eq Closing balance
Investee ed cash en Ot impairme
irme Increase in in investment com uit
(carrying amount) dividen t he (carrying amount)
investment in recognized using the preh y nt
nt ds or all rs
ve equity method ensiv ch allowanc
allo profit o
st e an e
wanc w
e m inco ge
an
en me s
ce
t
I Joint ventures
II Associates
Oriental Outlook Media Co., Ltd. 25,560,813.03 -6,450,761.29 19,110,051.74
Sichuan Yibin Wuliangye Group Finance Co., Ltd. 2,019,841,357.11 52,186,053.74 2,072,027,410.85
Beijing Zhongjiuhuicui Education and Technology
Co., Ltd.
Sichuan Jinzhu New Materials Co., Ltd. 40,000,000.00 5,201,858.53 45,201,858.53
Yibin Jiamei Intelligent Packaging Co., Ltd. 25,397,836.94 578,321.09 25,976,158.03
Sub-total 2,081,612,703.43 40,000,000.00 51,393,321.62 2,173,006,025.05
Total 2,081,612,703.43 40,000,000.00 51,393,321.62 2,173,006,025.05
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Other information:
(1) The Company invested in Oriental Outlook Media Co., Ltd., an associate of the Company, for implementing
the strategy of entering the media industry. The Company contributed RMB17.15 million in April 2005, acquiring
(formerly known as “Shanghai Worldbest Co., Ltd.”) and Shanghai Tiancheng Chuangye Development Co., Ltd.
(2) As reviewed and approved by the 22nd Meeting of the 4th Board of Directors of the Company on October
jointly invested and established Wuliangye Group Finance. Its registered capital is RMB2 billion, among which the
Company contributed RMB720 million, taking up 36% of the registered capital. On May 23, 2020, the 74th Meeting
of the 5th Board of Directors of the Company considered and approved the capital increase of the Company to
Wuliangye Group Finance based on the net asset value per share of Wuliangye Group Finance evaluated at
RMB1.3817 per share as consideration for the capital increase of RMB734,693,877.55, of which:
RMB531,731,835.82 was credited to registered capital and RMB202,962,041.73 was credited to capital reserve. In
this capital increase, the related party Wuliangye Group increased its capital at the same price, and the remaining
shareholders of Wuliangye Group Finance did not participate in this capital increase. After the completion of this
capital increase, the registered capital of Wuliangye Group Finance increased from RMB2 billion to
RMB3,085,619,164.80, and the shareholding ratio of the Company was changed to 40.56%.
(3) In 2019, Sichuan Yibin Wuliangye Jingmei Printing Co., Ltd., a holding subsidiary of the Company, and
Shenzhen Jinjia New Intelligent Packaging Co., Ltd. jointly invested and established Yibin Jiamei Intelligent
Packaging Co., Ltd. Primary business of Yibin Jiamei Intelligent Packaging Co., Ltd. include research and
development, plate-making, printing, production and sales of packaging products. Its registered capital is RMB20
million, among which Sichuan Yibin Wuliangye Jingmei Printing Co., Ltd. contributed RMB9.8 million, taking up
(4) As reviewed and approved by the 85th Meeting of the 5th Board of Directors of the Company on February
Ltd., Sichuan Science and Engineering Asset Management Co., Ltd., Sichuan Jingwei Education Management
Group Co., Ltd., and Yibin Vocational & Technical College Asset Operation and Management Co., Ltd. jointly
invested and established Beijing Zhongjiuhuicui Education and Technology Co., Ltd. Its registered capital is
RMB54 million, among which the Company contributed RMB11.25 million, taking up 20.83% of the registered
capital.
(5) In 2024, the Company’s majority-owned subsidiary Sichuan Yibin Global Group Shenzhou Glass Co., Ltd.,
along with Yibin Paper Industry Co., Ltd. and Yibin Push Linko Technology Co., Ltd., jointly invested in the
establishment of Sichuan Jinzhu New Materials Co., Ltd. Sichuan Jinzhu New Materials Co., Ltd. is principally engaged
in the manufacture and sale of bio-based materials, paper products, and packaging materials and products. Its registered
capital is RMB200 million, among which Sichuan Yibin Global Group Shenzhou Glass Co., Ltd. contributed RMB40
million, taking up 20% of the registered capital.
Unit: RMB
Item Closing balance Opening balance
Sichuan Chinese Baijiu Jinsanjiao Brand Operation and
Development Co., Ltd.
Total 1,200,000.00 1,200,000.00
Unit: RMB
Item Closing balance Opening balance
Fixed assets 7,742,961,114.85 7,262,016,086.69
Disposal of fixed assets 2,553,406.90 2,724,596.93
Total 7,745,514,521.75 7,264,740,683.62
(1) Information on fixed assets
Unit: RMB
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Buildings and Machinery Transport
Item Other equipment Total
constructions equipment equipment
I Gross amount:
(1) Acquisition 2,134,695.10 56,468,679.97 2,380,323.34 28,814,251.60 89,797,950.01
(2) Transferred from
construction in progress
(3) Increase from
business combination
period
(1) Disposed or
scrapped
II Accumulated
depreciation
(1) Provisions 158,552,352.00 107,218,435.01 7,857,582.13 17,319,004.35 290,947,373.49
period
(1) Disposed or
scrapped
III Impairment allowances
(1) Provisions
period
(1) Disposed or
scrapped
IV Carrying amount
amount
amount
(2) Fixed assets that are temporarily idle
The Company has no major fixed assets that are temporarily idle.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(3) Fixed assets leased out under operating leases
Unit: RMB
Item Closing carrying amount
Buildings and constructions 276,848,923.59
(4) Fixed assets without certificate of title
Unit: RMB
Item Carrying amount Reason for not obtaining certificate of title
The certificate of title has not been obtained due to historical reasons, to which
Buildings and
constructions
of title gradually.
Other information: According to the Interim Regulation on Real Estate Registration of Sichuan Province 2016,
the property ownership certificate and the land use certificate are integrated into the real estate ownership certificate.
The Company is sorting out relevant assets and handling with the certificate of title of relevant assets.
(5) Impairment tests of fixed assets
□ Applicable Not applicable
(6) Disposal of fixed assets
Unit: RMB
Item Closing balance Opening balance
Buildings and constructions, equipment,
etc.
Total 2,553,406.90 2,724,596.93
Unit: RMB
Item Closing balance Opening balance
Construction in progress 5,929,530,995.10 5,792,601,022.56
Engineering materials 3,321,221.43 2,571,298.51
Total 5,932,852,216.53 5,795,172,321.07
(1) Construction in progress
Unit: RMB
Closing balance Opening balance
Item Impairment Impairment
Gross amount Carrying amount Gross amount Carrying amount
allowance allowance
Constru
ction in 5,931,931,000.65 2,400,005.55 5,929,530,995.10 5,795,001,028.11 2,400,005.55 5,792,601,022.56
progress
Total 5,931,931,000.65 2,400,005.55 5,929,530,995.10 5,795,001,028.11 2,400,005.55 5,792,601,022.56
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(2) Changes in important construction in progress in the period
Unit: RMB
Of
wh Int
Cu ich ere
Ot mu : st
her Cumul lati Ca ca
de ative ve pit pit
cre project ca ali ali
Transferred to Project
Increase in the ase invest pit ze zat
Project Budget Opening balance fixed assets in the Closing balance progres Funding source
period s ment ali d ion
period s
in as % of ze int rat
the the d ere e
per budget int st for
iod ere in the
st the per
per iod
iod
Liquor Packaging and Integrated
Smart Storage-and-delivery Project 8,596,655,000.00 899,834,791.90 44,461,205.61 16,588,799.51 927,707,198.00 funds
% %
(Note 1)
Baijiu Cellar Renovation Project 1,726,166,000.00 358,789,382.05 18,271,079.29 377,060,461.34 funds and
% % subsidies
Qu-making Workshop Expansion 35.90 88.00
Project % %
Project (Phase I) % %
Project (Phase II) % %
Wuliangye Gateway Area Project 5,027,737,600.00 171,570,666.48 57,712,599.86 471,698.12 228,811,568.22 4.56% Own funds
%
New centralized wastewater 37.66 90.00
treatment plant % %
Wuliangye 501 Ancient
Fermentation Pits-Chinese Baijiu 1,613,991,000.00 218,022,926.48 9,509,761.29 227,532,687.77 Own funds
% %
Cultural Sanctuary Project
Smart Factory Project in Area B of 30.00
Wuliangye Industrial Park %
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Total 27,815,504,100.00 4,294,882,560.36 699,270,878.08 678,995,452.77 4,315,157,985.67
Note 1: The total budget investment in liquor packaging and integrated smart storage-and-delivery project is RMB8,596.655 million, among which the investment
in construction is RMB6,787.568 million, with RMB1,809.087 million of initial working capital. The project has two phases. The progress of the first phase is 88%,
and the second phase will begin at the right time according to the production and operations of the Company. The total progress of the two phases of the project is 40%.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(3) Impairment allowances established for construction in progress for the period
There were no additional impairments of construction in progress as at the end of the period.
(4) Impairment tests of construction in progress
□ Applicable Not applicable
(5) Engineering materials
Unit: RMB
Closing balance Opening balance
Item Impairment Impairment
Gross amount Carrying amount Gross amount Carrying amount
allowance allowance
Engineering
materials
Total 3,321,221.43 3,321,221.43 2,571,298.51 2,571,298.51
(1) Right-of-use assets
Unit: RMB
Buildings and Plant and Transport
Item Land use right Total
constructions equipment equipment
I Gross amount
(1) Operating leases 14,198,881.18 14,198,881.18
period
(1) Expiry or
termination of leases
II Accumulated
depreciation
(1) Provisions 66,037,824.97 419,770.86 62,385.90 141,284,417.40 207,804,399.13
period
(1) Disposal
(2) Expiry or
termination of leases
III Impairment allowances
(1) Provisions
period
(1) Disposal
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
IV Carrying amount
amount
amount
(2) Impairment tests of right-of-use assets
□ Applicable Not applicable
(1) Intangible assets
Unit: RMB
N
on
pa
Pa te
Technology use
Item Land use right ten nt Software system Copyright Total
right
ts tec
hn
ol
og
y
I Gross amount
(1) Acquisition 135,248,128.03 135,248,128.03
(2) Internal research and
development
(3) Increase from
business combination
(1) Disposal 1,953,519.90 486,100.00 2,439,619.90
II Accumulated amortization
(1) Provisions 34,469,159.83 49,136,934.53 3,679.26 268,867.79 83,878,641.41
(1) Disposal 670,063.94 82,863.33 752,927.27
III Impairment allowances
(1) Provisions
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(1) Disposal
IV Carrying amount
amount
There were no intangible assets created by internal research and development of the Company at the end of the
period.
(2) Land use right failed to accomplish certification of property
Unit: RMB
Reason for failing to accomplish certification of
Item Carrying amount
property
Land of the Wuliangye Gateway Area Certification of property has not yet started for the
Project construction planning is still being optimized.
(3) Impairment tests of intangible assets
□ Applicable Not applicable
(1) Gross amounts of goodwill
Unit: RMB
Decrease in
Increase in the period
the period
Opening
Investee or item generating goodwill Generated due to Closing balance
balance Dispo
business
sal
combination
Sichuan Yibin Plastic Packaging Materials
Company Limited
Sichuan Yibin Global Group Shenzhou Glass
Co., Ltd.
Sichuan Yibin Global Gelasi Glass
Manufacturing Co., Ltd.
Sichuan Yibin Push Group 3D Co., Ltd. 899,616.62 899,616.62
Total 1,621,619.53 1,621,619.53
Unit: RMB
Increase in the Amortization in
Item Opening balance Other decreases Closing balance
period the period
Molds 123,775,043.95 23,365,486.74 29,729,245.95 117,411,284.74
Overhaul expenses
of kilns
Others 6,168,053.75 7,611,856.96 2,133,072.80 11,646,837.91
Total 141,764,604.11 30,977,343.70 36,374,672.69 136,367,275.12
Long-term prepaid expense include the molds of Sichuan Yibin Plastic Packaging Materials Company Limited,
a subsidiary of the Company, and the overhaul expenses of kilns of Sichuan Yibin Global Gelasi Glass
Manufacturing Co., Ltd., which will be amortized in three years and four years, respectively.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(1) Deferred income tax assets which have not been offset
Unit: RMB
Closing balance Opening balance
Item Deductible temporary Deferred income tax Deductible temporary Deferred income tax
differences assets differences assets
Asset impairment
allowances
Unrealized profit of
internal transactions
Employee benefits
payable
Lease liabilities, etc. 601,385,967.18 148,163,620.51 799,879,616.70 195,618,776.55
Accrued expenses, etc. 6,859,680,998.66 1,714,920,249.67 6,192,952,568.22 1,548,238,142.06
Total 12,624,586,461.47 3,149,965,433.77 13,621,831,023.60 3,397,108,317.96
(2) Deferred income tax liabilities which have not been offset
Unit: RMB
Closing balance Opening balance
Item Taxable temporary Deferred income tax Taxable temporary Deferred income tax
differences liabilities differences liabilities
Right-of-use assets 578,800,111.68 143,675,681.48 793,199,588.50 194,019,722.26
Total 578,800,111.68 143,675,681.48 793,199,588.50 194,019,722.26
(3) Details about deferred income tax assets which have not been recognized
Unit: RMB
Item Closing balance Opening balance
Deductible temporary differences 1,209,053.84 4,928,504.70
Deductible losses 379,419,123.77 324,561,290.06
Total 380,628,177.61 329,489,794.76
(4) Deductible losses of deferred income tax assets which have not been recognized will become due in the
following years
Unit: RMB
Year Closing amount Opening amount Remarks
Total 379,419,123.77 324,561,290.06
Unit: RMB
Item Closing balance Opening balance
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Impairme Impairme
Gross amount nt Carrying amount Gross amount nt Carrying amount
allowance allowance
Advances of
progress
payment for
information
system
construction
Prepayments
for equipment
Prepayments
for land bids 25,915,125.18 25,915,125.18 25,766,855.05 25,766,855.05
and others
Total 468,258,650.52 468,258,650.52 318,149,689.32 318,149,689.32
Unit: RMB
At the end of the period At the beginning of the period
Ty Ty
Ite pe pe
m of of
Gross amount Carrying amount Restriction Gross amount Carrying amount Restriction
rest rest
rict rict
ion ion
Security deposits for
Security deposits for
bank acceptance bills,
bank acceptance bills,
Sec other security Sec
other security deposits,
Mo urit deposits, the balance urit
the balance in the
net y in the securities y
securities trading
ary 361,016,021.18 361,016,021.18 dep trading account with 126,847,002.57 126,847,002.57 dep
account with the Yibin
ass osit the Yibin Jinsha River osit
Jinsha River Avenue
ets , Avenue Securities ,
Securities Business
etc. Business Department etc.
Department of SDIC
of SDIC Securities,
Securities, etc.
etc.
Tot
al
Unit: RMB
Category Closing balance Opening balance
Bank acceptance notes 418,008,547.36 414,559,110.49
Letters of credit 1,897,737.60
Total 418,008,547.36 416,456,848.09
There were no notes payable which became mature but were unpaid at the end of the period.
(1) Presentation of accounts payable
Unit: RMB
Item Closing balance Opening balance
Accounts payable 9,758,290,847.12 9,076,595,227.75
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Total 9,758,290,847.12 9,076,595,227.75
(2) Significant accounts payable that are over one year or overdue
There were no significant accounts payable that were over 1 year or overdue at the end of the period.
Unit: RMB
Item Closing balance Opening balance
Dividends payable 12,300,815,767.85 9,999,022,175.17
Other payables 6,604,531,083.24 6,508,102,994.90
Total 18,905,346,851.09 16,507,125,170.07
(1) Dividends payable
Unit: RMB
Item Closing balance Opening balance
Dividends payable to ordinary
shareholders
Total 12,300,815,767.85 9,999,022,175.17
(2) Other payables
Unit: RMB
Item Closing balance Opening balance
Image publicity expense and sales
promotional expense
Security deposits 953,073,781.44 968,577,002.09
Frozen funds 271,624,671.64 271,730,671.64
Collecting payment on behalf of others 24,858,008.98 36,320,489.25
Claims from safeguarding rights 32,790,586.09 55,766,151.01
Others 553,002,912.35 754,383,391.95
Total 6,604,531,083.24 6,508,102,994.90
Unit: RMB
Item Closing balance Reason for unsettlement or carryforward
Frozen funds 271,124,671.64
Total 271,124,671.64
(1) Presentation of advances from customers
Unit: RMB
Item Closing balance Opening balance
Advances from customers 9,622,414.35 9,237,322.95
Total 9,622,414.35 9,237,322.95
(2) Significant advances from customers that are over 1 year or overdue
There were no significant advances from customers that were over 1 year or overdue at the end of the period.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Unit: RMB
Item Closing balance Opening balance
Advances from customers 10,077,254,934.98 11,689,880,975.04
Total 10,077,254,934.98 11,689,880,975.04
There were no significant contract liabilities that were over 1 year at the end of the period.
Top five entities with respect to contract liabilities at the end of the period:
The aggregate amount of the contract liabilities of the top five entities stood at RMB3,667,001,671.17 at the
end of the period, accounting for 36.39% of the total contract liabilities at the end of the period.
(1) Presentation of employee benefits payable
Unit: RMB
Increase in the Decrease in the
Item Opening balance Closing balance
period period
I Short-term remuneration 4,568,894,722.47 4,028,923,070.67 4,444,278,342.11 4,153,539,451.03
II Post-employment benefits -
defined contribution plans
III Dismissal benefits 5,800,000.00 587,986.15 587,986.15 5,800,000.00
Total 4,574,708,782.13 4,619,543,572.23 5,034,390,877.83 4,159,861,476.53
(2) Presentation of short-term remuneration
Unit: RMB
Increase in the Decrease in the
Item Opening balance Closing balance
period period
and subsidies
Including: Medical insurance
premium
Industrial injury
insurance premium
personnel educational fund
Total 4,568,894,722.47 4,028,923,070.67 4,444,278,342.11 4,153,539,451.03
(3) Presentation of defined contribution plans
Unit: RMB
Item Opening balance Increase in the period Decrease in the period Closing balance
insurance
insurance premium
contribution
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Total 14,059.66 590,032,515.41 589,524,549.57 522,025.50
Unit: RMB
Item Closing balance Opening balance
VAT 1,271,558,704.14 1,745,210,260.14
Consumption tax 1,201,709,715.53 1,707,331,535.80
Corporate income tax 1,681,419,952.39 3,322,665,633.85
Individual income tax 21,659,769.17 26,768,495.02
Urban maintenance and construction tax 185,531,064.01 254,415,348.02
Education surcharge 79,620,341.67 109,482,529.02
Local education surcharge 53,073,913.73 72,992,902.64
Deed tax 37,629,000.00 37,629,000.00
Stamp duty 6,491,776.47 9,412,473.25
Land use tax 669,153.14 794,497.14
Property tax 484,364.27 468,133.28
Environmental protection tax 15,000.00 105,218.66
Total 4,539,862,754.52 7,287,276,026.82
Other information: The taxes and levies of the Company depend on the amount verified and imposed by the
tax authorities.
Unit: RMB
Item Closing balance Opening balance
Current portion of lease liabilities 386,015,219.60 408,675,726.69
Total 386,015,219.60 408,675,726.69
Unit: RMB
Item Closing balance Opening balance
Output tax to be transferred 422,996,321.65 1,056,550,277.52
Total 422,996,321.65 1,056,550,277.52
Unit: RMB
Item Closing balance Opening balance
Lease liabilities 215,370,747.58 393,922,062.84
Total 215,370,747.58 393,922,062.84
Unit: RMB
Increase in the Decrease in the
Item Opening balance Closing balance Cause
period period
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Government grants 242,976,829.32 11,985,000.00 7,022,970.90 247,938,858.42
Total 242,976,829.32 11,985,000.00 7,022,970.90 247,938,858.42
Unit: RMB
Increase/decrease in the period (+/-)
Opening balance Bonus issue Closing balance
New Bonus issue Subtot
from capital Others
issue from profit al
reserves
Total shares 3,881,608,005.00 3,881,608,005.00
Unit: RMB
Increase in Decrease in
Item Opening balance Closing balance
the period the period
Capital premium (share premium) 2,682,523,702.98 2,682,523,702.98
Other capital reserves 123,383.17 123,383.17
Total 2,682,647,086.15 2,682,647,086.15
Unit: RMB
Item Opening balance Increase in the period Decrease in the period Closing balance
Statutory surplus
reserves
Total 39,064,267,000.43 39,064,267,000.43
Unit: RMB
Item H1 2025 H1 2024
Retained earnings at the end of the prior period before
adjustment
Total retained earnings at the beginning of the period
before adjustment (“+” for increase, “-” for decrease)
Retained earnings at the beginning of the period after
adjustment
Add: Net profit attributable to owners of the parent
company in the period
Less: Appropriation to statutory surplus reserves
Appropriation to discretionary surplus reserves
Appropriation to general reserve
Dividends payable to ordinary shareholders 12,300,815,767.85 18,127,109,383.35
Dividends for ordinary shareholders converted
into share capital
Retained earnings at the end of the period 94,847,886,555.07 90,335,152,592.07
Adjustments to the retained earnings at the beginning of the period:
adjustment according to the Accounting Standards for Business Enterprises and relevant new provisions.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
policies.
accounting errors.
combination scope arising from the same control.
adjustments.
Unit: RMB
H1 2025 H1 2024
Item
Revenue Costs Revenue Costs
Principal operations 52,608,130,389.28 12,126,371,904.27 50,383,472,503.12 11,273,317,113.18
Other operations 162,853,994.24 101,818,007.31 264,554,075.53 192,821,394.02
Total 52,770,984,383.52 12,228,189,911.58 50,648,026,578.65 11,466,138,507.20
Breakdown of operating revenue and cost of sales of liquor products in the period:
Unit: RMB
Liquor products
Type of contract
Operating revenue Cost of sales
By operating segment
East China 20,109,454,628.34 2,904,893,555.18
South China 21,886,027,517.04 4,815,949,999.55
North China 7,124,405,316.59 1,024,619,693.63
By sales channel
Online 2,539,300,916.62 318,914,483.88
Offline 46,580,586,545.35 8,426,548,764.48
Total 49,119,887,461.97 8,745,463,248.36
Information related to performance obligations:
Revenue is recognized at the point when the Company completes its contractual performance obligations when
the customer obtains control of the goods to which it belongs in the contractual agreement.
Information related to the transaction price apportioned to the remaining performance obligation:
The amount of revenue corresponding to performance obligations that have been contracted but not yet
performed or not completed at the end of the Reporting Period was RMB10,077,254,934.98.
Unit: RMB
Item H1 2025 H1 2024
Consumption tax 6,288,911,118.08 5,687,106,649.35
Urban maintenance and construction tax 848,693,163.55 803,552,169.25
Education surcharge 364,630,682.04 344,701,516.76
Tax on natural resources 107,825.30 109,522.00
Property tax 43,452,210.49 23,205,815.59
Land use tax 20,858,497.80 41,156,166.30
Vehicle and vessel usage tax 38,142.16 47,254.77
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Stamp duty 41,710,777.57 39,863,996.75
Local education surcharge 243,087,121.35 229,801,011.22
Environmental protection tax 328,027.46 322,241.53
Consumption tax 7,851,817,565.80 7,169,866,343.52
Unit: RMB
Item H1 2025 H1 2024
Comprehensive expenses of the Company (including
travel, office, expenses of the Board of Directors,
employee remuneration, labor insurance, labor protection
appliances, etc.)
Rents 8,082,647.76 19,137,530.26
Trademark and logo royalties 589,976,329.09 583,929,526.70
Depreciation and amortization expenses 287,951,286.93 257,656,124.82
Others 102,223,818.72 136,436,777.73
Total 1,712,424,934.59 1,738,561,638.52
Unit: RMB
Item H1 2025 H1 2024
Image publicity expense 921,538,548.01 932,275,200.41
Sales promotional expense 3,561,191,259.96 3,440,601,772.58
Storage and logistics expenses 285,437,440.65 272,408,237.24
Expenses of labor 371,762,556.09 455,092,791.02
Other expenses 256,464,187.64 265,964,172.17
Total 5,396,393,992.35 5,366,342,173.42
Unit: RMB
Item H1 2025 H1 2024
Comprehensive expenses (including
travel, office, payroll, labor insurance, 131,510,126.47 103,573,828.45
labor protection appliances, etc.)
Material expenses 14,080,079.36 19,708,709.93
Product design fees 14,285,439.20 5,713,011.34
Depreciation and amortization expenses 12,719,432.99 8,987,010.37
Technical service expenses 7,196,099.72 6,526,918.33
Others 29,810,563.63 15,251,462.86
Total 209,601,741.37 159,760,941.28
Unit: RMB
Item H1 2025 H1 2024
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Interest costs 17,182,807.06 17,030,819.31
Less: Interest income 1,279,488,906.12 1,423,837,619.29
Exchange loss 323,536.87 8,853.74
Less: Exchange gains 249,637.12 168,365.72
Service charge of financial institutions 1,085,006.21 1,334,764.34
Others -122,512.48 4,776,438.16
Total -1,261,269,705.58 -1,400,855,109.46
Unit: RMB
Sources of other income H1 2025 H1 2024
Government grants 37,367,086.20 166,637,116.01
Tax rebates 3,869,080.00 44,310,389.47
Tax preferences 11,487,651.43 9,801,882.16
Total 52,723,817.63 220,749,387.64
Unit: RMB
Item H1 2025 H1 2024
Return on long-term equity investments
measured using the equity method
Total 51,393,321.62 21,877,331.70
Unit: RMB
Item H1 2025 H1 2024
Loss on uncollectible accounts
-941,901.89 -1,477,823.13
receivable
Loss on uncollectible other receivables -236,378.26 -712,187.88
Total -1,178,280.15 -2,190,011.01
Unit: RMB
Source of asset disposal income H1 2025 H1 2024
Disposal of non-current assets 9,129,289.36 -3,917,579.22
Total 9,129,289.36 -3,917,579.22
Unit: RMB
Amounts included in current
Item H1 2025 H1 2024
exceptional profit or loss
Penalty income 3,198,585.91 4,296,135.48 3,198,585.91
Gains from scrap of non-
current assets
Others 18,208,990.69 8,070,931.91 18,208,990.69
Total 21,508,498.66 12,505,112.08 21,508,498.66
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Unit: RMB
Amounts included in current
Item H1 2025 H1 2024
exceptional profit or loss
Donations 31,992,061.18 906,300.00 31,992,061.18
Penalty expenditure 2,631,255.77 410,453.12 2,631,255.77
Loss on scrap of non-current
assets
Exceptional loss 321,307.07 192,564.22 321,307.07
Others 13,134,978.12 4,777,144.49 13,134,978.12
Total 48,596,190.60 7,164,462.42 48,596,190.60
(1) List of income tax expense
Unit: RMB
Item H1 2025 H1 2024
Current income tax expense 6,386,847,613.33 6,640,486,565.75
Deferred income tax expense 196,798,843.41 -76,945,308.03
Total 6,583,646,456.74 6,563,541,257.72
(2) Reconciliation from accounting profit to income tax expense
Unit: RMB
Item H1 2025
Profit before tax 26,718,806,399.93
Income tax expense based on the statutory/applicable tax rates 6,679,701,599.98
Effects of different tax rates of subsidiaries -85,005,450.23
Effects of adjustments to income tax of the prior period -1,881,413.77
Effects of non-taxable revenue -12,848,330.40
Effects of non-deductible costs, expenses and losses 1,283,944.79
Effects of the utilization of deductible losses on which deferred income tax
-6,000,486.47
assets were unrecognized in the prior period
Effects of deductible temporary differences or losses on which deferred
income tax assets are unrecognized in the period
Effects of the over-deduction in the calculation of the taxable amount in
-2,587,496.29
relation to R&D expense
Income tax expense 6,583,646,456.74
(1) Cash generated from/used in operating activities
Cash generated from other operating activities:
Unit: RMB
Item H1 2025 H1 2024
Interest income 461,645,566.08 397,946,827.05
Security deposits and government grants
received
Total 776,441,645.40 814,125,658.15
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Cash used in other operating activities:
Unit: RMB
Item H1 2025 H1 2024
Expenses relating to selling 1,364,147,008.54 1,682,097,066.99
Trademark and logo royalties 718,741,664.03 460,920,003.79
Security deposits paid, payments for current
transactions, and other out-of-pocket expenses
Total 3,552,548,819.19 3,404,284,949.25
(2) Cash generated from/used in investing activities
Cash used in significant investing activities:
Unit: RMB
Item H1 2025 H1 2024
Liquor Packaging and Integrated Smart
Storage-and-delivery Project
Baijiu Cellar Renovation Project 18,141,755.02 42,505,440.07
Qu-making Workshop Expansion Project 26,227,380.52 157,526,640.29
(Phase I)
(Phase II)
Wuliangye Gateway Area Project 41,398,860.50 41,210,576.21
New centralized wastewater treatment plant 85,042,679.42 119,511,354.87
Wuliangye 501 Ancient Fermentation Pits-
Chinese Baijiu Cultural Sanctuary Project
Smart Factory Project in Area B of
Wuliangye Industrial Park
Total 633,058,857.63 920,045,569.72
(3) Cash generated from/used in financing activities
Cash used in other financing activities:
Unit: RMB
Item H1 2025 H1 2024
Payment for the lease liabilities 203,211,303.89 157,849,148.32
Others 98,000,000.00
Total 301,211,303.89 157,849,148.32
Changes in liabilities as a result of financing activities:
□ Applicable Not applicable
(1) Supplementary information to the cash flow statement
Unit: RMB
Supplementary information H1 2025 H1 2024
activities
Net profit 20,135,159,943.19 19,826,530,605.22
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Add: Asset impairment allowances -2,984,813.79 1,412,916.55
Depreciation of fixed assets, depletion of oil and gas assets, and
depreciation of productive living assets
Depreciation of right-of-use assets 207,804,399.13 214,586,811.40
Amortization of intangible assets 83,878,641.41 74,348,838.14
Amortization of long-term prepaid expense 36,374,672.69 38,240,450.96
Loss on the disposal of fixed assets, intangible assets and other long-
-9,129,289.36 3,917,579.22
term assets (“-” for gain)
Loss on the retirement of fixed assets (“-” for gain) 415,666.40 739,955.90
Loss on changes in fair value (“-” for gain)
Finance costs (“-” for income) 17,182,807.06 17,030,819.31
Loss on investment (“-” for income) -51,393,321.62 -21,877,331.70
Decrease in deferred income tax assets (“-” for increase) 247,142,884.19 -251,081,456.60
Increase in deferred income tax liabilities (“-” for decrease) -50,344,040.78 208,769,227.79
Decrease in inventories (“-” for increase) 491,793,952.74 541,538,716.59
Decrease in operating receivables (“-” for increase) 14,893,072,405.84 -6,566,479,747.87
Increase in operating payables (“-” for decrease) -5,153,184,652.01 -889,430,838.91
Others
Net cash generated from/used in operating activities 31,136,736,628.58 13,427,928,655.63
payments
Conversion of debt to capital
Current portion of convertible corporate bonds
Fixed assets under finance leases
Closing balance of cash 144,640,292,916.98 125,296,379,907.83
Less: Opening balance of cash 124,771,274,417.68 113,095,684,224.30
Add: Closing balance of cash equivalents
Less: Opening balance of cash equivalents
Net increase in cash and cash equivalents 19,869,018,499.30 12,200,695,683.53
(2) Composition of cash and cash equivalents
Unit: RMB
Item Closing balance Opening balance
I Cash 144,640,292,916.98 124,771,274,417.68
Of which: Cash on hand 2,600.34 4,465.96
Bank deposits that can be
readily drawn on demand
Other monetary assets that can
be readily drawn on demand
II Cash equivalents
Of which: Bond investments due within
three months
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
III Cash and cash equivalents, end of the
period
(3) Monetary assets that do not belong to cash and cash equivalents
Unit: RMB
Reason for not belong to cash and cash
Item H1 2025 H1 2024
equivalents
Security deposits for bank
acceptance bills, etc.
Accrued interest on term
deposits
Total 3,679,653,425.08 3,420,179,104.66
(4) Other major events
(1) Foreign currency monetary items
Unit: RMB
Closing balance in foreign
Item Exchange rate Closing balance in RMB
currency
Monetary assets
Of which: USD 4,653,454.63 7.1626 33,330,831.81
EUR
HKD
Accounts receivable
Of which: USD
EUR
HKD
Long-term borrowings
Of which: USD
EUR
HKD
(2) Overseas business entities (for substantial overseas business entities, the following information shall be
disclosed: principal place of business, functional currency and basis for the choice, change of functional
currency and reasons)
□ Applicable Not applicable
(1) The Company as the lessee
Applicable □ Not applicable
Variable lease payments not included in lease liabilities:
□ Applicable Not applicable
Expenses on short-term leases or leases of low-value assets:
Applicable □ Not applicable
Unit: RMB
Item H1 2025
Expenses on short-term leases or leases of low-value assets 66,726,258.85
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Sale and leaseback transactions involved:
(2) The Company as the lessor
Operating leases with the Company as the lessor:
Applicable □ Not applicable
Unit: RMB
Of which: Income related to variable lease payments not
Item Lease income
included in lease receipts
Income from operating leases 20,898,186.80
Total 20,898,186.80
Finance leases with the Company as the lessor:
□ Applicable Not applicable
Yearly undiscounted lease receipts in the coming five years:
□ Applicable Not applicable
(3) Recognition of gains and losses on sales under finance leases as a producer or distributor
□ Applicable Not applicable
VIII R&D Expenditures
Unit: RMB
Item H1 2025 H1 2024
Comprehensive expenses (including
travel, office, payroll, labor insurance, 131,510,126.47 103,573,828.45
labor protection appliances, etc.)
Material expenses 14,080,079.36 19,708,709.93
Product design fees 14,285,439.20 5,713,011.34
Depreciation and amortization expenses 12,719,432.99 8,987,010.37
Technical service expenses 7,196,099.72 6,526,918.33
Others 29,810,563.63 15,251,462.86
Total 209,601,741.37 159,760,941.28
Of which: expensed R&D expenditures 209,601,741.37 159,760,941.28
The Company had no significant outsourced R&D projects.
IX Changes to the Scope of the Consolidated Financial Statements
There were no business combinations involving entities not under common control in the Reporting Period.
There were no business combinations involving entities under common control in the Reporting Period.
There was no subsidiary acquired by counter purchase during the Reporting Period.
Indicate whether there was any transaction or event during the period in which control of a subsidiary ceased.
□ Yes No
Indicate whether there was any step-by-step disposal of the investment in a subsidiary through multiple
transactions and control of the subsidiary ceased during the period.
□ Yes No
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
There were no changes in the consolidation scope for other reasons in the Reporting Period.
X Interests in Other Entities
(1) Compositions of the Group
Unit: RMB
Principa Nature The Company’s interest How the
Place of
Registered l place of subsidiar
Subsidiary registrat
capital of busines Direct Indirect y was
ion
business s obtained
Manufa Incorpora
Sichuan Yibin Wuliangye Distillery Co., Ltd. 85,000,000.00 Yibin Yibin 99.00% 0.99%
cturing ted
Comm Incorpora
Yibin Wuliangye Liquor Sales Co., Ltd. 200,000,000.00 Yibin Yibin 95.00%
ercial ted
Yibin Wuliang Tequ and Touqu Brand Marketing Comm Incorpora
Co., Ltd. ercial ted
Comm Incorpora
Yibin Wuliangchun Brand Marketing Co., Ltd 20,000,000.00 Yibin Yibin 95.00%
ercial ted
Yibin Wuliangye Series Liquor Brand Marketing Comm Incorpora
Co., Ltd. ercial ted
Sichuan Yibin Wuliangye Supply and Marketing Comm Incorpora
Co., Ltd. ercial ted
Manufa Incorpora
Yibin Jiangjiu Liquor Co., Ltd. 50,000,000.00 Yibin Yibin 100.00%
cturing ted
Sichuan Yibin Wuliangye Environmental Manufa Incorpora
Protection Industry Co., Ltd. cturing ted
Business
combinati
on
Comm involving
Sichuan Jinwuxin Technology Co., Ltd. 14,000,000.00 Yibin Yibin 51.00%
ercial entities
not under
common
control
Sichuan Jiebeike Environmental Technology Co., Engine Incorpora
Ltd. ering ted
Manufa Incorpora
Yibin Changjiangyuan Liquor Co., Ltd. 20,000,000.00 Yibin Yibin 100.00%
cturing ted
Comm Incorpora
Yibin Changjiangyuan Trade Co., Ltd. 19,800,000.00 Yibin Yibin 100.00%
ercial ted
Manufa Incorpora
Yibin Changjiangyuan Distillery Co., Ltd. 18,900,000.00 Yibin Yibin 100.00%
cturing ted
Yibin Wuliangye Organic Agriculture Agricul Incorpora
Development Co., Ltd. tural ted
Yibin Wuliangye Xianlin Ecological Liquor Co., Manufa Incorpora
Ltd. cturing ted
Comm Incorpora
Yibin Xianlin Liquor Marketing Co., Ltd. 3,000,000.00 Yibin Yibin 90.00%
ercial ted
Sichuan Yibin Wuliangye Jingmei Printing Co., 14,000,000.00 Yibin Yibin Manufa 97.00% 1.53% Incorpora
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Ltd. cturing ted
Comm Incorpora
Yibin Xinxing Packaging Co., Ltd. 5,000,000.00 Yibin Yibin 98.53%
ercial ted
Business
combinati
on
Sichuan Yibin Plastic Packaging Materials Manufa involving
Company Limited cturing entities
not under
common
control
Sichuan Yibin Jiang’an Plastic New Materials Manufa Incorpora
Co., Ltd. cturing ted
Sichuan Yibin Plastic Packaging Products Co., Manufa Incorpora
Ltd. cturing ted
Business
combinati
on
Sichuan Yibin Global Group Shenzhou Glass Co., Manufa involving
Ltd. cturing entities
not under
common
control
Business
combinati
on
Sichuan Yibin Global Gelasi Glass Manufa involving
Manufacturing Co., Ltd. cturing entities
not under
common
control
Business
combinati
on
Manufa involving
Sichuan Yibin Push Group 3D Co., Ltd. 22,133,300.00 Yibin Yibin 100.00%
cturing entities
not under
common
control
Guangdong Plastic Packaging Materials Manufa Incorpora
Company Limited cturing ted
Sichuan Yibin Wuliangye Investment Invest Incorpora
(Consulting) Co., Ltd. ment ted
Comm Incorpora
Wuliangye Dashijie (Beijing) Trade Co., Ltd. 20,000,000.00 Beijing Beijing 95.00%
ercial ted
Manufa Incorpora
Handan Yongbufenli Liquor Co., Ltd. 300,000,000.00 Handan Handan 51.00%
cturing ted
Comm Incorpora
Linzhang Desheng Liquor Trade Co., Ltd. 1,000,000.00 Handan Handan 51.00%
ercial ted
Comm Incorpora
Handan Yongbufenli Sales Co., Ltd. 5,000,000.00 Handan Handan 51.00%
ercial ted
Manufa Business
Wuguchun Jiu Ye Co., Henan. China 373,280,762.00 Huaibin Huaibin 51.03%
cturing combinati
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
on
involving
entities
not under
common
control
Comm Incorpora
Huaibin Tenglong Trade Co., Ltd. 5,000,000.00 Huaibin Huaibin 51.03%
ercial ted
Comm Incorpora
Wuguchun Jiu Ye Sales Co., Henan. China 10,000,000.00 Huaibin Huaibin 51.03%
ercial ted
Sichuan Wuliangye Culture Tourism Touris Incorpora
Development Co., Ltd. m ted
Touris Incorpora
Sichuan Wuliangye Tourist Agency Co., Ltd. 1,000,000.00 Yibin Yibin 80.00%
m ted
Comm Incorpora
Yibin Wuliangye Creart Co., Ltd. 100,000,000.00 Yibin Yibin 45.00%
ercial ted
Comm Incorpora
Sichuan Wuliangye NongXiang Baijiu Co., Ltd. 100,000,000.00 Yibin Yibin 95.00%
ercial ted
Sichuan Wuliangye New Retail Management Co., Chengd Chengd Comm Incorpora
Ltd. u u ercial ted
Note on the difference between shareholding proportion and proportion of voting rights in subsidiary:
As reviewed and approved by the 5th Board of Directors of the Company, the Company, Beijing Sparkle
Investment Co., Ltd., Shanghai Yue Shan Investment Management Co., Ltd. and Changjiang Growth Capital Co.,
Ltd. jointly funded and established Yibin Wuliangye Creart Co., Ltd., of which the registered capital is RMB100
million. The Company contributes RMB45 million, taking up 45% of the registered capital. On December 9, 2014,
Shanghai Yue Shan Investment Management Co., Ltd. and the Company entered into the Investment Cooperation
Agreement of Yibin Wuliangye Creart Co., Ltd. through mutual negotiation, Shanghai Yue Shan Investment
Management Co., Ltd. entrusted the Company for management of the 6% equity held by it in Creart Company from
the effective date of the agreement till the duration of Creart Company. The Company will be entitled to the right
of management of Shanghai Yue Shan Investment Management Co., Ltd. in Creart Company and the voting right
at the shareholder meetings of Creart Company. The Company holds 51% of the voting rights at shareholder
meetings of Creart Company in total, and therefore Creart Company is included in the consolidated statements.
As resolved by the shareholder meeting of Creart Company on February 23, 2018, Changjiang Growth Capital
Co., Ltd. transferred 11% of the equity to Shanghai Yue Shan Investment Management Co., Ltd. and 6% of the
equity to China Financial Investment Management Limited; as resolved by the shareholder meeting of Creart
Company on July 16, 2018, Beijing Sparkle Investment Co., Ltd. transferred 20% of the equity to Beijing Sparkle
Hengye Education and Cultural Development Co., Ltd.; after the said equity transfer, the Company still holds 51%
of the voting rights at shareholder meetings of Creart Company, and therefore it is included in the consolidated
statements.
The basis of controlling the invested company even if holding half or less than half voting rights and not
controlling the invested company even if holding more than half voting rights:
As reviewed and approved by the 5th Board of Directors of the Company, the Company, Beijing Sparkle
Investment Co., Ltd., Shanghai Yue Shan Investment Management Co., Ltd. and Changjiang Growth Capital Co.,
Ltd. jointly funded and established Yibin Wuliangye Creart Co., Ltd., of which the registered capital is RMB100
million. The Company contributes RMB45 million, taking up 45% of the registered capital. On December 9, 2014,
Shanghai Yue Shan Investment Management Co., Ltd. and the Company entered into the Investment Cooperation
Agreement of Yibin Wuliangye Creart Co., Ltd. through mutual negotiation, Shanghai Yue Shan Investment
Management Co., Ltd. entrusted the Company for management of the 6% equity held by it in Creart Company from
the effective date of the agreement till the duration of Creart Company. The Company will be entitled to the right
of management of Shanghai Yue Shan Investment Management Co., Ltd. in Creart Company and the voting right
at the shareholder meetings of Creart Company. The Company holds 51% of the voting rights at shareholder
meetings of Creart Company in total, and therefore Creart Company is included in the consolidated statements.
As resolved by the shareholder meeting of Creart Company on February 23, 2018, Changjiang Growth Capital
Co., Ltd. transferred 11% of the equity to Shanghai Yue Shan Investment Management Co., Ltd. and 6% of the
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
equity to China Financial Investment Management Limited; as resolved by the shareholder meeting of Creart
Company on July 16, 2018, Beijing Sparkle Investment Co., Ltd. transferred 20% of the equity to Beijing Sparkle
Hengye Education and Cultural Development Co., Ltd.; after the said equity transfer, the Company still holds 51%
of the voting rights at shareholder meetings of Creart Company, and therefore it is included in the consolidated
statements.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(2) Important non-wholly-owned subsidiaries
Unit: RMB
Non-controlling Net profit or loss attributable to non- Declared dividends for non- Closing balance of non-
Subsidiary
interests controlling interests in the period controlling interests in the period controlling interests
Yibin Wuliangye Liquor Sales Co., Ltd. 5.00% 546,605,342.84 2,348,060,392.40
(3) Key financial information of important non-wholly-owned subsidiaries
Unit: RMB
Closing balance
Subsidiary
Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities
Yibin Wuliangye Liquor Sales Co., Opening balance
Ltd. Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities
Unit: RMB
H1 2025
Subsidiary Net cash generated from/used in
Operating revenue Net profit Total comprehensive income
operating activities
H1 2024
Yibin Wuliangye Liquor Sales Co.,
Net cash generated from/used in
Ltd. Operating revenue Net profit Total comprehensive income
operating activities
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Company
(1) Changes in the Company’s interests in its subsidiaries
There were no transactions in which the interest in a subsidiary changes and the subsidiary is still controlled
by the Company during the Reporting Period.
(1) Important joint ventures or associates
The Company’s Accounting treatment
Principal Place of
Nature of interest (%) of investment in the
Joint venture or associate place of registrat
business joint venture or
business ion Direct Indirect associate
Sichuan Yibin Wuliangye Group
Yibin Yibin Finance 40.56% Equity method
Finance Co., Ltd.
(2) Key financial information of important associates
Unit: RMB
Closing balance/H1 2025 Opening balance/H1 2024
Sichuan Yibin Wuliangye Group Finance Sichuan Yibin Wuliangye Group Finance
Co., Ltd. Co., Ltd.
Current assets 43,445,463,659.36 41,326,524,030.22
Non-current assets 23,138,021,876.88 20,650,916,092.29
Total assets 66,583,485,536.24 61,977,440,122.51
Current liabilities 61,473,059,752.21 56,995,678,179.07
Non-current liabilities 1,876,940.71 1,876,940.71
Total liabilities 61,474,936,692.92 56,997,555,119.78
Non-controlling interests
Equity attributable to the shareholders of
the parent company
Share of net assets in proportion to the
Company’s interest
Adjustments
--Goodwill
--Unrealized profit of internal
transactions
--Others
Carrying amount of equity investments
in associates
Fair value of equity investments in
associates with quoted prices on the open
market
Operating revenue 215,438,154.96 199,580,727.31
Net profit 128,663,840.59 64,385,784.42
Net profit of discontinued operations
Other comprehensive income
Total comprehensive income 128,663,840.59 64,385,784.42
Dividends received from the associates
in the period
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(3) Aggregate financial information of unimportant joint ventures and associates
Unit: RMB
Closing balance/H1 2025 Opening balance/H1 2024
Joint ventures:
Aggregate amount in proportion to the
Company’s interests
Associates:
Total carrying amount of investments 100,978,614.20 61,771,346.32
Aggregate amount in proportion to the
Company’s interests
--Net profit -792,732.12 -414,274.47
--Total comprehensive income -792,732.12 -414,274.47
There were no structured entities that were not included in the consolidated financial statements in the
Reporting Period.
XI Government Grants
□ Applicable Not applicable
Reasons for not receiving the projected amount of government grants at the projected time:
□ Applicable Not applicable
Applicable □ Not applicable
Unit: RMB
Amount Othe
recorder r
in non- Amount chan Related
Accounting New grant in operatin transferred to ges to
Opening balance Closing balance
item the period g other income in in assets/in
income the period the come
in the perio
period d
Deferred Related
income to assets
Related
Deferred
income
income
Total 242,976,829.32 11,985,000.00 7,022,970.90 247,938,858.42
Applicable □ Not applicable
Unit: RMB
Accounting item H1 2025 H1 2024
Other income 37,367,086.20 166,637,116.01
XII Risks related to financial instruments
The risks of the Company arising from financial instruments mainly include credit risk and liquidity risk.
(1) Risks from financial instruments
① June 30, 2025
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Unit: RMB
Financial assets at fair
Financial assets Financial assets at value and changes
Item measured at fair value through included in other Total
amortized cost profit or loss comprehensive
income
Monetary assets 148,319,946,342.06 148,319,946,342.06
Notes receivable 3,368,850.30 3,368,850.30
Accounts receivable 64,351,041.90 64,351,041.90
Receivables financing 3,888,593,774.07 3,888,593,774.07
Other receivables 60,621,424.66 60,621,424.66
Other non-current financial
assets
② December 31, 2024
Unit: RMB
Financial assets Financial assets at fair Financial assets at fair value
Item measured at amortized value through profit or and changes included in Total
cost loss other comprehensive income
Monetary assets 127,398,915,484.11 127,398,915,484.11
Notes receivable 10,297,383.00 10,297,383.00
Accounts receivable 37,346,561.95 37,346,561.95
Receivables financing 19,566,397,992.11 19,566,397,992.11
Other receivables 47,264,361.93 47,264,361.93
Other non-current financial
assets
① June 30, 2025
Unit: RMB
Financial liabilities at fair
Item Other financial liabilities Total
value through profit or loss
Notes payable 418,008,547.36 418,008,547.36
Accounts payable 9,758,290,847.12 9,758,290,847.12
Other payables 18,905,346,851.09 18,905,346,851.09
Current portion of non-current liabilities 386,015,219.60 386,015,219.60
Lease liabilities 215,370,747.58 215,370,747.58
② December 31, 2024
Unit: RMB
Financial liabilities at fair
Item Other financial liabilities Total
value through profit or loss
Notes payable 416,456,848.09 416,456,848.09
Accounts payable 9,076,595,227.75 9,076,595,227.75
Other payables 16,507,125,170.07 16,507,125,170.07
Current portion of non-current liabilities 408,675,726.69 408,675,726.69
Lease liabilities 393,922,062.84 393,922,062.84
(2) Credit Risk
The Company merely trades with the authorized third party with good credit. In accordance with the
Company’s policy, credit checks are required for all customers who request to transact on credit. In addition, the
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Company monitors its accounts receivable balances on an ongoing basis to ensure that the Company is not exposed
to significant bad debt risk.
The Company’s other financial assets include monetary assets, accounts receivable, and other receivables, the
credit risk of which arises from default of the counter-parties, with the maximum exposure equal to the carrying
amount of these instruments.
Due to the Company merely trades with the authorized third party with good credit, the guarantee is not
required. Credit risk concentration is managed in accordance with the customers. The Company’s sales are primarily
made on a receipts-in-advance basis and the credit risk of the transactions is low.
(3) Liquidity Risk
Liquidity risk refers to the risk of fund shortage occurring when the Company fulfills the settlement obligation
in the mode of cash delivery or other financial assets. The goal of the Company is to maintain sufficient funds and
credit limits to meet the liquidity requirements
XIII Disclosure of Fair Value
Unit: RMB
Closing fair value
Item Fair value Fair value
Fair value measurement
measurement at measurement at Total
at level III
level I level II
I Consistent fair value measurement -- -- -- --
i. Receivables financing 3,888,593,774.07 3,888,593,774.07
ii. Other non-current financial assets 1,200,000.00 1,200,000.00
Total assets measured at fair value on
an ongoing basis
II Fair value measurement on a non-
-- -- -- --
ongoing basis
bases
Not applicable
information on the valuation techniques used and significant parameters
Not applicable
information on the valuation techniques used and significant parameters
Receivables financing: Due to the short term of notes receivable held by the Company, and the selling time,
selling price and selling proportion cannot be estimated reliably, the Company measures the notes receivable
according to the par value as a reasonable estimate of fair value.
Other non-current financial assets: Since the Company holds other non-current financial assets that are not
traded in an active market, and its equity interest in the invested company is low and has no significant influence, it
is not realistic and feasible to value the equity in the invested company using the income approach or market
approach, and there is no recent introduction of external investors to the invested company or transfer of equity
among shareholders that can be used as a reference basis for determining fair value. In addition, the Company has
not found any significant changes in the internal and external environment of the invested company since the
beginning of the year from the analysis of the relevant information available, therefore, it is a “limited circumstances”
in which the carrying cost can be used as the best estimate of the fair value, and therefore the fair value is based on
the cost at the end of the year.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
and ending carrying values and sensitivity analysis of unobservable parameters
Not applicable
in the period, the reasons for the conversion and the policy for determining the conversion time point
Not applicable
Not applicable
Not applicable
XIV Related Parties and Related-Party Transactions
The parent
The parent
Place of Nature of company’s voting
Name of the parent company Registered capital company’s interest
registration business right percentage in
in the Company
the Company
Yibin Development Holding Investme RMB5,577.2928
Yibin 34.43% 34.43%
Group Co., Ltd. nt million
Information on the parent company of the Company:
Yibin Development Holding Group Co., Ltd. is a wholly state-owned company funded and established by the
People’s Government of Yibin City. Legal representative of the company is Han Chengke and its registered capital
is RMB5,577.2928 million. Its business scope includes the state-owned property right (including state-owned
shares), state-owned assets and state investments as authorized by the People’s Government of Yibin City. The
company, as an investor, conducts capital management and assets management by holding, shareholding,
investment and receiving assignment, transfer, auction, and lease within the limits of authority.
Main functions of Yibin Development Holding Group Co., Ltd. include: First, holding state-owned equity and
exercising shareholder’s rights in municipal-level enterprise on behalf of the People’s Government of Yibin City;
second, raising funds for key construction projects as an investment and financing platform of the People’s
Government of Yibin City, and investing in such projects by shareholding and holding; third, promoting the preserve
and increase the value of state-owned assets and economic development of the city by capital management and
assets management.
Yibin Development Holding Group Co., Ltd., by administrative transfer of state-owned assets, holds 100% of
the equity of Sichuan Yibin Wuliangye Group Co., Ltd., so that it controls 2,136,541,697.00 shares of the Company
directly or indirectly, taking up 55.04% of the total share capital of the Company.
The State-owned Assets Supervision and Administration Commission of the People’s Government of Yibin
City is the ultimate controller of the Company.
Refer to the Note “X Interests in Other Entities” for information about subsidiaries of the Company.
Refer to the Note “X Interests in Other Entities” for information about important joint ventures and associates
of the Company.
Other joint ventures or associates that were involved in related-party transactions with the Company in the
period, or that were involved in related-party transactions with the Company in prior periods with balances lasting
into the period:
Name of joint venture or associate Relationship with the Company
Sichuan Yibin Wuliangye Group Finance Co., Ltd. Associate
Yibin Jiamei Intelligent Packaging Co., Ltd. Associate
Beijing Zhongjiuhuicui Education and Technology Co., Ltd. Associate
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Sichuan Jinzhu New Materials Co., Ltd. Associate
Names of other related parties Relationship between other related parties and the Company
The legal representative of the Company concurrently serves as
the Secretary of the CPC Committee and Chairman of the
Board of Wuliangye Group, and some directors and officers of
Sichuan Yibin Wuliangye Group Co., Ltd.
the Company concurrently hold positions in Wuliangye Group.
Wuliangye Group directly holds a 20.61% interest in the
Company.
Anji Logistic Group Co., Ltd. Sichuan Subsidiary of Wuliangye Group
Sichuan Yibin Wuliangye Group Anji Logistic Co., Ltd. Subsidiary of Anji Logistic Group
Chengdu Branch of Anji Logistic Group Co., Ltd. Sichuan Subsidiary of Anji Logistic Group
Sichuan Andaxin Logistics Co., Ltd. Subsidiary of Anji Logistic Group
Sichuan Yibin Push Group Co., Ltd. Subsidiary of Wuliangye Group
Sichuan Putian Packaging Co., Ltd. Subsidiary of Push Group
Sichuan Yibin Push International Co., Ltd. Subsidiary of Push Group
Chengdu PUTH Medical Technology Co., Ltd. Subsidiary of Push Group
Sichuan Yibin Push Mold Co., Ltd. Subsidiary of Push Group
Sichuan Yibin Push Drive Co., Ltd. Subsidiary of Push Group
Push Information & Automation (Chengdu) Co., Ltd. Subsidiary of Push Group
Yibin Push Linko Technology Co., Ltd. Subsidiary of Push Group
Yibin Push Assets Management Co., Ltd. Subsidiary of Push Group
Yibin Wuliangye Group Pengcheng Electronics Equipment Co.,
Subsidiary of Push Group
Ltd.
Sichuan Yibin Global Group Co., Ltd. Subsidiary of Wuliangye Group
Sichuan Yibin Global Environmental Technology Co., Ltd. Subsidiary of Global Group
Chengdu Huayu Glass Manufacturing Co., Ltd. Subsidiary of Global Group
Sichuan Yibin Global Huaxin Commercial Development Co.,
Subsidiary of Global Group
Ltd.
Yibin Global Photoelectric Technology Co., Ltd. Subsidiary of Global Group
Sacred Mountain Molin Group Co., Ltd. Si Chuan Subsidiary of Wuliangye Group
Sacred Mountain White Magnolia Industrial Co., Ltd., Sichuan Subsidiary of Sacred Mountain Molin Group
Sichuan Shuzhan New Materials Co., Ltd. Subsidiary of Sacred Mountain Molin Group
Sichuan Yibin Licai Group Co., Ltd. Subsidiary of Wuliangye Group
Yibin Wucai Packaging Co., Ltd. Subsidiary of Licai Group
Sichuan Wuliangye Products Co., Ltd. Subsidiary of Wuliangye Group
Yibin Huanyu Trading Co., Ltd. Subsidiary of Wuliangye Products Company
Yibin Paper Industry Co., Ltd. Subsidiary of Wuliangye Group
Yibin City Commercial Bank Co., Ltd. Wuliangye Group holds a 16.9909% interest
Sichuan Yibin Wuliang Pharmaceutical Co., Ltd. Subsidiary of Wuliangye Group
Yibin Wuliangye Ecological Distillery Co., Ltd. Subsidiary of Wuliangye Group
Yibin Wuliangye Group I&E Co., Ltd. Subsidiary of Wuliangye Group
Chengdu Wuliangye Construction Investment Co., Ltd. Subsidiary of Wuliangye Group
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Sichuan Yibin Wuliangye Group Ecological Distillery and
Subsidiary of Wuliangye Group
Marketing Co., Ltd.
Yibin Wuliangye Ampress Liquor Making Co., Ltd. Subsidiary of Wuliangye Group
Yibin Construction Investment Group Jinpaiyuan Supply Chain Subsidiary of City and Transportation Construction Investment
Management Co., Ltd. Group
Sichuan Nongwu E-commerce Co., Ltd. Subsidiary of Chuanhong Tea Group
Sichuan Linhu Tea Industry Co., Ltd. Subsidiary of Chuanhong Tea Group
Sichuan Chuanhong Tea Group Co., Ltd. Subsidiary of Wuliangye Group
Wuming Tea Industry Holding Co., Ltd. Subsidiary of Yibin Development Group
Sichuan Huansheng Pharmacy Co., Ltd. Subsidiary of Wuliang Pharmaceutical
Yibin Jindun Technology Co., Ltd. Subsidiary of Public Utilities Group
Dujiangyan Wuliangye Hemei Health Investment Co., Ltd. Subsidiary of Health Industry Company
Yibin Sanjiang Huiyuanhe Agricultural Investment
Subsidiary of Sanjiang Investment and Construction Group
Development Co., Ltd.
Yibin Shunanzhuhai Scenic Area Management Co., Ltd. Subsidiary of Shunan Culture & Tourism Group
Yibin Shunan Mingkun Supply Chain Service Co., Ltd. Subsidiary of Shunan Culture & Tourism Group
Yibin Xinjinxiu Garden Landscaping Co., Ltd. Subsidiary of Grace Group
Yibin Grace Fiber Industry Co., Ltd. Subsidiary of Grace Group
(1) Related-party transactions involving purchase and sale of goods, as well as receipt and rendering of
services
Purchases of goods/receipt of services:
Unit: RMB
Over the
Approved approved
Content of
Related party H1 2025 transactio transaction H1 2024
transaction
n amount amount or
not
Sacred Mountain Molin Group Co., Packaging
Ltd. Si Chuan materials, etc.
Packaging
Sichuan Jinzhu New Materials Co., Ltd. 121,514,366.17
materials, etc.
Sichuan Yibin Global Environmental
Glass bottles 59,274,357.12 9,393.89
Technology Co., Ltd.
Raw materials,
Sichuan Putian Packaging Co., Ltd. 50,410,288.16 37,246,303.40
etc.
Sacred Mountain White Magnolia
PPE, etc. 41,799,024.52 53,283,746.48
Industrial Co., Ltd., Sichuan
Anti-
Sichuan Yibin Push International Co.,
counterfeit 41,200,167.96 46,423,262.87
Ltd.
labels, etc.
Raw materials,
Sichuan Wuliangye Products Co., Ltd. 32,198,512.77 79,167,460.88
etc.
Chengdu PUTH Medical Technology Raw materials,
Co., Ltd. etc.
Chengdu Huayu Glass Manufacturing Glass bottles,
Co., Ltd. etc.
Sichuan Chuanhong Tea Group Co.,
Tea 15,403,100.95 12,684.00
Ltd.
Sichuan Yibin Wuliang Pharmaceutical Drugs, etc. 15,320,432.84
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Co., Ltd.
Wuming Tea Industry Holding Co., Ltd. PPE, etc. 14,447,932.80 175,441,681.54
Yibin Shunanzhuhai Scenic Area Raw materials,
Management Co., Ltd. etc.
Yibin Sanjiang Huiyuanhe Agricultural Raw materials,
Investment Development Co., Ltd. etc.
Sichuan Yibin Push Mold Co., Ltd. Molds, etc. 11,461,008.87 16,960,265.47
Paper
Yibin Paper Industry Co., Ltd. 11,093,090.95 743,804.72
products, etc.
Raw materials,
Sichuan Yibin Global Huaxin
glass bottles, 6,212,658.82 123,235,167.33
Commercial Development Co., Ltd.
etc.
Yibin Wuliangye Ecological Distillery Liquor
Co., Ltd. products, etc.
Yi Bin Jia Mei Smartpackaging Co.,
Raw materials 4,194,501.20 7,565,560.54
Ltd.
Sichuan Yibin Push Drive Co., Ltd. Boxes, etc. 2,229,307.92 11,543,968.28
Push Information & Automation Packaging
(Chengdu) Co., Ltd. materials
Sichuan Huansheng Pharmacy Co., Ltd. Drugs, etc. 9,940.48 12,757,753.98
Yibin Xinjinxiu Garden Landscaping Raw materials,
Co., Ltd. etc.
Other miscellaneous purchases of goods
from related parties
Subtotal purchases of goods from
related parties
Freight and
miscellaneous
Anji Logistic Group Co., Ltd. Sichuan charges, 397,047,380.75 353,515,103.36
service
charges, etc.
External labor
Sichuan Andaxin Logistics Co., Ltd. 214,410,803.27 87,112,742.55
costs
External
Yibin Wucai Packaging Co., Ltd. processing 72,822,491.57 35,673,826.80
expenses
Freight and
miscellaneous
Sichuan Yibin Wuliangye Group Anji
charges, 35,242,009.78 23,464,521.31
Logistic Co., Ltd.
shuttle service
charges, etc.
External labor
Yibin Huanyu Trading Co., Ltd. 33,786,263.55
costs, etc.
Repair
expenses and
Sichuan Wuliangye Products Co., Ltd. marketing 18,831,781.32 8,617,973.65
support
expenses
Sales
Wuming Tea Industry Holding Co., Ltd. promotion 16,895,964.49 7,635,079.10
services
External
Chengdu PUTH Medical Technology
processing 12,721,832.23 12,019,189.03
Co., Ltd.
expenses, etc.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Sales
Sichuan Nongwu E-commerce Co., Ltd. promotion 12,447,779.84 9,888,822.08
services, etc.
Image
Sichuan Chuanhong Tea Group Co.,
promotion 7,183,837.24 1,550,864.06
Ltd.
expenses
Other miscellaneous receipts of services
from related parties
Subtotal receipts of services from
related parties
Sale of goods/rendering of services:
Unit: RMB
Content of
Related party H1 2025 H1 2024
transaction
Liquor products,
Yibin Wuliangye Group I&E Co., Ltd. 399,533,242.01 419,701,184.60
etc.
Printed
Sichuan Yibin Licai Group Co., Ltd. 47,275,590.44
materials, etc.
Raw materials,
Sichuan Jinzhu New Materials Co., Ltd. 24,811,504.36
etc.
Bottle caps,
Sichuan Putian Packaging Co., Ltd. 38,775,629.56 87,079,604.00
slices, etc.
Liquor products,
Sichuan Nongwu E-commerce Co., Ltd. 33,097,167.17 77,782,379.87
etc.
Liquor products,
Wuming Tea Industry Holding Co., Ltd. 24,050,795.67 14,293,380.59
etc.
Chengdu PUTH Medical Technology Co., Raw materials,
Ltd. etc.
Chengdu Wuliangye Construction Liquor products,
Investment Co., Ltd. etc.
Liquor products,
Sichuan Wuliangye Products Co., Ltd. 7,947,171.45 7,541,166.60
etc.
Packaging
Sichuan Chuanhong Tea Group Co., Ltd. 6,103,618.78 5,071,810.47
boxes, etc.
Chengdu Huayu Glass Manufacturing Co.,
Cartons, etc. 5,590,566.13 9,161,960.72
Ltd.
Packaging
Sichuan Linhu Tea Industry Co., Ltd. 2,447,436.06 6,064,031.62
boxes, etc.
Yibin Shunan Mingkun Supply Chain Liquor products,
Service Co., Ltd. etc.
Paper products,
Yi Bin Jia Mei Smartpackaging Co., Ltd. 1,363,206.38 7,915,329.61
etc.
Other miscellaneous sales to related parties 32,446,211.22 27,004,572.03
Total 652,018,858.41 706,775,689.73
(2) Leases between the Company and related parties
The Company as the lessor:
Unit: RMB
Type of the Lease income recognized in Lease income recognized in
Lessee
leased asset H1 2025 H1 2024
Buildings and
Sichuan Jinzhu New Materials Co., Ltd. 2,883,382.98
constructions
Chengdu Branch of Anji Logistic Group Buildings and 1,228,336.20 1,637,781.60
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Co., Ltd. Sichuan constructions
Buildings and
Other miscellaneous leases constructions, 4,073,849.12 2,605,181.56
warehouses, etc.
Total 8,185,568.30 4,242,963.16
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
The Company as the lessee:
Unit: RMB
Lease expense on short-term leases
Variable lease payments
and leases of low-value assets
Type of not included in lease Lease payments Interest expense on lease liabilities Addition of right-of-use assets
accounted with a simplified
Lessor the leased liabilities (if applicable)
approach (if applicable)
asset
H1
H1 2025 H1 2024 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024
Yibin Push Linko Warehous
Technology Co., Ltd. es
Anji Logistic Group Warehous
Co., Ltd. Sichuan es
Buildings
Sichuan Yibin Global
and
Huaxin Commercial 228,571.43 1,775,142.86 2,057,142.84 98,328.08 31,473.87 10,203,264.80
constructi
Development Co., Ltd.
ons
Buildings
Sichuan Yibin Global and
Group Co., Ltd. constructi
ons
Buildings
Sichuan Yibin and
Wuliangye Group Co., constructi 289,980.00 14,917,579.98 13,258,064.75 924,485.01 1,517,481.49 93,202,000.80
Ltd. ons (note
Buildings
Sichuan Yibin Licai and
Group Co., Ltd. constructi
ons
Sichuan Yibin
Land
Wuliangye Group Co., 147,913,833.18 123,261,527.65 7,729,815.99 11,867,786.67 847,706,504.22
(note 2)
Ltd.
Buildings
Yibin Push Assets and
Management Co., Ltd. constructi
ons
Sichuan Yibin Push Buildings 4,612,887.62 266,698.56 197,104.08 26,280,543.35
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Group Co., Ltd. and
constructi
ons
Other miscellaneous Warehous
leases es, etc.
Total 15,908,880.98 17,677,482.90 53,730,550.50 182,701,578.27 163,893,019.67 9,677,622.90 14,660,490.93 14,198,881.18 1,014,426,798.86
Notes to the leases between the Company and related parties:
Note 1: The Company and Sichuan Yibin Wuliangye Group Co., Ltd. entered into the Operation and Management Areas Lease Agreement, according to which
Wuliangye Group leases part of the operation and management areas (including the office building, multi-function pavilion, etc.) owned by it to the Company. The
leased area is 27,121.32 square meters, with the annual rent of RMB29.2552 million (tax exclusive). The lease term is from January 1, 2024 to December 31, 2026.
Note 2: The Company and Sichuan Yibin Wuliangye Group Co., Ltd. entered into a Land Lease Agreement, according to which Wuliangye Group leased Wujiaba
Land Parcel, Zongchang Land Parcel, Ziyan Land Parcel I, Fuzao Land Parcel, Zhuchangqu Land Parcel, Guifei Land Parcel, Yuanmingyuan Land Parcel I and II,
Nanxi Land Parcel I, II, and III, and 1,000 mu of land in the north side of Hongba Road, totaling 3,697,845.83 square meters, to the Company. The annual rent is
RMB295.8277 million (tax exclusive), and the lease term is from January 1, 2024 to December 31, 2026.
Land pricing criterion: The land lease pricing policy of the Company and Sichuan Yibin Wuliangye Group Co., Ltd. is formulated in accordance with the Reply of
Yibin Natural Resources and Planning Bureau on the Request of Wuliangye Group for Adjustment of the Land Lease Criterion, which states that “the lease criterion for
the industrial land in Jiangbei Area of Yibin City is RMB50 to RMB110 per square meter per year”. The Company and Wuliangye Group determine the rent of leased
land as RMB80 per square meter per year through mutual agreement.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(3) Guarantees between the Company and related parties
There were no guarantees between the Company and related parties during the Reporting Period.
(4) Loans between the Company and related parties
There were no loans between the Company and related parties during the Reporting Period.
(5) Asset transfers and debt restructuring involving related parties
There were no asset transfers or debt restructuring involving related parties during the Reporting Period.
(6) Other related-party transactions
Unit: RMB
Related party Content of transaction H1 2025 H1 2024
Trademark and logo royalties
Sichuan Yibin Wuliangye Group Co., Ltd. 589,812,134.03 583,579,159.03
(note 1)
Sichuan Yibin Push Mold Co., Ltd. Procurement of equipment 19,863,716.82
Yibin Global Photoelectric Technology Co.,
Procurement of equipment 10,609,397.81
Ltd.
Other miscellaneous procurements of
equipment, etc.
Sichuan Jinzhu New Materials Co., Ltd. Sale of equipment 19,280,889.55
Sichuan Jinzhu New Materials Co., Ltd. Sale of software 334,520.00
Total 654,817,587.25 594,474,410.00
Note 1: On December 31, 2023, the Company and Sichuan Yibin Wuliangye Group Co., Ltd. entered into the
Trademark and Logo Licensing Agreement, which specifies that: Wuliangye Group licenses to the Company some
of its registered trademarks and logos with exclusive rights for use. The royalty shall be paid by the following means:
(1) The royalty of “factory emblem” shall be paid at 1.27% of the annual sales revenue from all liquor products
using the factory emblem; (2) no royalty shall be paid for trademark of liquor products of which the annual sales
revenue is less than 50 tons, and royalty of trademark of liquor products sold by 50 tons (inclusive) or more shall
be calculated by the total sales volume. Royalties of trademark shall be paid by the following means: Trademark
royalty of products with selling price at RMB30,000 per ton and above shall be RMB1,500.00 per ton; and that of
products with selling price at RMB12,000 per ton and above but below RMB30,000 per ton shall be RMB1,400.00
per ton; that of products with selling price below RMB12,000 shall be RMB1,300.00 per ton. The Agreement is
valid from January 1, 2024 to December 31, 2026.
Wuliangye Group Finance entered into a Supplementary Agreement to the Financial Service Agreement. According
to the Agreement, the daily balances of the Company’s deposits in as well as loans and credit lines from Wuliangye
Group Finance in 2025 shall be no more than RMB55 billion and RMB10 billion, respectively.
The total principal of the Company deposited in Wuliangye Group Finance was RMB50,201,786,593.00 at the
end of the period; Wuliangye Group issued the Commitment Letter to the Company, assuring that relevant deposits
and loans of the Company with Wuliangye Group Finance are safe; the current interest income is
RMB591,936,211.74 in total; and Wuliangye Group Finance issued bank acceptance bills of RMB61,857,014.00
for the Company during the period (undue bank acceptance bills as at June 30, 2025: RMB61,857,014.00).
with Yibin City Commercial Bank Co., Ltd. was RMB16,807,989,923.49 at the end of the period; the current interest
income is RMB177,473,165.51 in total; Yibin City Commercial Bank Co., Ltd. issued bank acceptance bills of
RMB185,490,000.00 for the Company during the period (undue bank acceptance bills as at June 30, 2025:
RMB185,490,000.00).
(1) Amounts due from related parties
Unit: RMB
Item Related party Closing balance Opening balance
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Allow Allow
ance ance
for for
Gross amount doubtf Gross amount doubt
ul ful
accou accou
nt nt
Account
Sichuan Yibin Licai Group Co., Ltd. 8,663,593.28
receivable
Account
Sichuan Chuanhong Tea Group Co., Ltd. 4,823,200.00
receivable
Account
Chengdu PUTH Medical Technology Co., Ltd. 4,393,012.12 2,062,902.50
receivable
Account
Chengdu Huayu Glass Manufacturing Co., Ltd. 3,979,383.39 3,271,490.61
receivable
Account
Sichuan Putian Packaging Co., Ltd. 1,071,004.90 7,266,966.24
receivable
Account
Yibin Grace Fiber Industry Co., Ltd. 1,056,965.83 1,398,535.29
receivable
Account
Other miscellaneous accounts receivable 2,426,935.59 695,623.15
receivable
Monetary Sichuan Yibin Wuliangye Group Finance Co.,
assets Ltd. (note 1)
Monetary
Yibin City Commercial Bank Co., Ltd. (note 1) 482,933,177.65 325,874,632.08
assets
Receivables Chengdu Wuliangye Construction Investment
financing Co., Ltd.
Receivables
Yibin Wuliangye Group I&E Co., Ltd. 75,849,086.38
financing
Receivables
Other miscellaneous receivables financing 3,614,749.08 1,086,284.33
financing
Sacred Mountain White Magnolia Industrial Co.,
Prepayment 3,398,230.09 3,398,230.09
Ltd., Sichuan
Prepayment Yibin Jindun Technology Co., Ltd. 1,807,134.10 2,573,134.10
Dujiangyan Wuliangye Hemei Health Investment
Prepayment 1,401,362.10 1,401,362.10
Co., Ltd.
Prepayment Yibin Global Photoelectric Technology Co., Ltd. 1,062,000.00
Prepayment Sichuan Putian Packaging Co., Ltd. 5,418,900.00
Prepayment Other miscellaneous prepayments 437,300.00 1,717,264.00
Other
Other miscellaneous other receivables 1,146,952.53 1,083,977.17
receivables
Note 1: The amounts related to Sichuan Yibin Wuliangye Group Finance Co., Ltd. and Yibin City Commercial
Bank Co., Ltd. in this table represented the interest on time deposits accrued on an accrual basis, and the closing
balances were presented in monetary assets.
(2) Amounts due to related parties
Unit: RMB
Closing gross Opening gross
Item Related party
amount amount
Account payable Yibin Wucai Packaging Co., Ltd. 38,274,999.90
Account payable Sichuan Jinzhu New Materials Co., Ltd. 35,274,713.24
Account payable Sichuan Andaxin Logistics Co., Ltd. 8,166,898.21 2,939,085.02
Account payable Sichuan Putian Packaging Co., Ltd. 7,762,801.31 33,704,999.42
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Account payable Chengdu Huayu Glass Manufacturing Co., Ltd. 7,397,542.61 2,045,903.60
Sichuan Yibin Global Environmental Technology Co.,
Account payable 5,756,929.27 18,504,500.97
Ltd.
Account payable Yi Bin Jia Mei Smartpackaging Co., Ltd. 4,502,847.11
Account payable Sichuan Yibin Wuliangye Group Co., Ltd. 3,184,712.57
Sacred Mountain White Magnolia Industrial Co., Ltd.,
Account payable 2,365,202.00
Sichuan
Account payable Sichuan Wuliangye Products Co., Ltd. 1,748,450.50 38,276,769.24
Yibin Sanjiang Huiyuanhe Agricultural Investment
Account payable 1,361,529.00
Development Co., Ltd.
Account payable Sacred Mountain Molin Group Co., Ltd. Si Chuan 167,994,226.22 242,542,904.89
Account payable Sichuan Yibin Push International Co., Ltd. 38,515,917.00 25,516,325.80
Account payable Sichuan Yibin Push Mold Co., Ltd. 25,159,179.66 28,168,606.03
Sichuan Yibin Global Huaxin Commercial
Account payable 7,286,254.62
Development Co., Ltd.
Account payable Anji Logistic Group Co., Ltd. Sichuan 382,316,052.46 365,536,640.52
Account payable Other miscellaneous accounts payable 3,285,153.94 8,270,074.52
Contract liability Yibin Wuliangye Group I&E Co., Ltd. 49,597,826.78 875,690.27
Yibin Construction Investment Group Jinpaiyuan
Contract liability 18,407,226.86 27,256,855.18
Supply Chain Management Co., Ltd.
Sichuan Yibin Wuliangye Group Ecological Distillery
Contract liability 10,353,393.00 10,353,393.00
and Marketing Co., Ltd.
Contract liability Sichuan Wuliangye Products Co., Ltd. 10,300,641.07 24,718,280.02
Contract liability Sichuan Nongwu E-commerce Co., Ltd. 7,445,177.19 1,491,284.61
Contract liability Chengdu Wuliangye Construction Investment Co., Ltd. 7,079,115.04
Contract liability Sacred Mountain Molin Group Co., Ltd. Si Chuan 1,156,637.43 1,156,637.43
Contract liability Wuming Tea Industry Holding Co., Ltd. 845,719.29 1,087,189.76
Contract liability Sichuan Shuzhan New Materials Co., Ltd. 321,017.70 1,206,460.18
Contract liability Sichuan Yibin Push Drive Co., Ltd. 2,203,539.82
Contract liability Sichuan Putian Packaging Co., Ltd. 6,041,736.42
Contract liability Push Information & Automation (Chengdu) Co., Ltd. 3,358,407.08
Contract liability Other miscellaneous contract liabilities 3,825,268.20 4,010,962.76
Note payable Sichuan Jinzhu New Materials Co., Ltd. 9,450,000.00
Note payable Anji Logistic Group Co., Ltd. Sichuan 6,540,481.10 12,867,762.72
Yibin Sanjiang Huiyuanhe Agricultural Investment
Note payable 5,380,000.00 750,000.00
Development Co., Ltd.
Note payable Chengdu Huayu Glass Manufacturing Co., Ltd. 4,422,550.50 3,084,653.79
Note payable Sichuan Wuliangye Products Co., Ltd. 3,602,534.00 142,721.00
Sichuan Yibin Global Huaxin Commercial
Note payable 1,522,265.94
Development Co., Ltd.
Sichuan Yibin Global Environmental Technology Co.,
Note payable 1,263,110.27 3,718,661.84
Ltd.
Note payable Wuming Tea Industry Holding Co., Ltd. 2,437,220.45
Note payable Other miscellaneous notes payable 91,218.00
Other payable Yibin Development Holding Group Co., Ltd. 4,235,676,875.38 3,442,947,699.52
Other payable Sichuan Yibin Wuliangye Group Co., Ltd. 2,671,291,004.60 2,280,523,007.80
Other payable Anji Logistic Group Co., Ltd. Sichuan 430,669,478.60 339,725,494.66
Other payable Other miscellaneous other payables 20,527,418.39 14,087,264.11
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Lease liabilities
(inclusive of the Sichuan Yibin Wuliangye Group Co., Ltd. 484,917,230.45 639,094,342.61
current portion)
Lease liabilities
(inclusive of the Sichuan Yibin Push Group Co., Ltd. 18,046,602.78 17,779,904.22
current portion)
Lease liabilities
(inclusive of the Anji Logistic Group Co., Ltd. Sichuan 11,135,497.96 18,527,638.45
current portion)
Lease liabilities
Yibin Wuliangye Group Pengcheng Electronics
(inclusive of the 10,105,567.51 16,843,890.29
Equipment Co., Ltd.
current portion)
Lease liabilities
Sichuan Yibin Global Huaxin Commercial
(inclusive of the 8,526,450.02
Development Co., Ltd.
current portion)
Lease liabilities
(inclusive of the Sichuan Yibin Global Group Co., Ltd. 2,738,074.90 3,572,267.09
current portion)
Lease liabilities
(inclusive of the Yibin Push Linko Technology Co., Ltd. 2,040,191.79 167,245.34
current portion)
Lease liabilities
(inclusive of the Yibin Wucai Packaging Co., Ltd. 1,158,327.24 1,512,843.86
current portion)
Lease liabilities
(inclusive of the Yibin Wuliangye Ampress Liquor Making Co., Ltd. 813,979.29 1,628,194.33
current portion)
Lease liabilities
(inclusive of the Sichuan Yibin Licai Group Co., Ltd. 20,956,515.96
current portion)
Lease liabilities
(inclusive of the Other miscellaneous lease liabilities 374,368.41 368,038.49
current portion)
XV Undertakings and Contingencies
The Company had no significant undertakings which need to be disclosed during the Reporting Period.
(1) Contract dispute between Handan Yongbufenli Liquor Co., Ltd. and Chengdu Yuexin Liquor Co., Ltd.: In
October 2022, Yongbufenli filed a lawsuit with the Intermediate People’s Court of Handan against Yuexin Liquor,
requesting a) payment of RMB100.4928 million in outstanding payments from the defendant, plus interest
calculated at the Loan Prime Rate (“LPR”) from July 21, 2020 to the date when the payment is made in full; and b)
the defendant to bear all litigation and appraisal fees. In March 2023, the first-instance judgment dismissed
Yongbufenli’s claims. In April 2023, Yongbufenli filed a second-instance appeal with the Higher People’s Court of
Hebei, and the case was reopened on April 10, 2024. In April 2025, Yongbufenli received the retrial judgment of
the Intermediate People’s Court of Handan, which again ruled to dismiss the lawsuit. Yongbufenli appealed to the
Higher People’s Court of Hebei in May 2025 and is currently waiting for the court to arrange a trial.
(2) Case concerning the creditor’s right of rescission dispute between Yibin Wuliangye Liquor Sales Co., Ltd.
and Weiyuan Rongwei Real Estate Development Co., Ltd.: In December 2024, Weiyuan Rongwei Real Estate
Development Co., Ltd. sued Yibin Wuliangye Liquor Sales Co., Ltd. and Chengdu Boyang Amazing Art Co., Ltd.
in the Primary People’s Court of Sichuan Pilot Free Trade Zone, requesting: ① to revoke Article 2 of the
Termination Agreement signed by Chengdu Boyang Amazing Art Co., Ltd. and Yibin Wuliangye Liquor Sales Co.,
Ltd. on July 25, 2022; and ② to repay the due debt of RMB74.3246 million from December 26, 2019 to July 25,
litigation costs. The attorney representing Rongwei has submitted relevant evidence of the case to the court and is
currently waiting for the court to arrange a trial.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(3) Case of Chongqing Dingyue Landscape Engineering Co., Ltd. suing the Company, Yibin Wuliangye Liquor
Sales Co., Ltd., and the third party Chongqing Landscaping Co., Ltd. regarding an engineering contract dispute: On
June 3, 2025, Chongqing Dingyue Landscape Engineering Co., Ltd. filed a lawsuit with the People’s Court of
Cuiping District, Yibin City, requesting Yibin Wuliangye Liquor Sales Co., Ltd. to pay RMB21.0771 million in
engineering charges and warranty deposits. It is currently waiting for the court to arrange a trial.
XVI Post-Balance Sheet Date Events
The Company had no important non-adjustment matters which need to be disclosed.
The Company has no interim dividend plan, either in the form of cash or bonus issue.
The Company’s Sixth Board of Directors approved at its fifth meeting in 2025 to invest in the establishment
of Yibin Wuliangye Technology Innovation Co., Ltd. (hereinafter referred to as “Wuliangye Technology
Innovation”). Wuliangye Technology Innovation was officially established on July 17, 2025 with a registered capital
of RMB100 million. The Company holds 100% equity in Wuliangye Technology Innovation.
XVII Other Significant Matters
The Company obtained the reply of the State-owned Assets Supervision and Administration Commission of
the People’s Government of Yibin City on the Plan of Establishing the Corporate Annuity Plan of the Company
(YGZW [2018] No. 221) on September 14, 2018, and had filed with the Department of Human Resources and
Social Security of Sichuan Province on October 30, 2018. On August 21, 2023, the Yibin Human Resources and
Social Security Bureau agreed to the Company’s revised Corporate Annuity Plan for filing and implementation.
Participants of the corporate annuity plan of the Company include: (1) Employees who have entered into labour
contracts with the Company; (2) employees who participate in the basic old-age insurance system for enterprise
employees according to the law and perform the obligation of payment; and (3) employees who are on duty and
registered (excluding the probation period) will participate the corporate pension plan on a voluntary basis.
Expenses for the corporate annuities shall be shared by the Company and the employees. Contribution by an
employee shall be 4% of the contribution base of such employee, and the monthly contribution base of the employee
shall be the average wage in the previous year. Total amount of contribution by the Company shall be 8% of the
total annual wage paid by the Company.
The Company has no other businesses than liquor products which have significant impact on the operating
result. The Company has no segment information that needs to be disclosed since revenue of the Company is mainly
generated within China and the assets are also located within China.
XVIII Notes to Major Line Items in the Financial Statements of the Parent Company
Unit: RMB
Item Closing balance Opening balance
Interest receivable
Dividends receivable 922,753,509.69 960,807,884.40
Other receivables 2,935,491,209.01 5,756,232,213.68
Total 3,858,244,718.70 6,717,040,098.08
(1) Dividends receivable
Unit: RMB
Item (or investee) Closing balance Opening balance
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Dividends receivable from subsidiaries 922,753,509.69 960,807,884.40
Total 922,753,509.69 960,807,884.40
(2) Other receivables
Unit: RMB
Nature Closing gross amount Opening gross amount
Current account 2,933,599,304.03 5,755,187,527.98
Cash float 724,668.00 40,000.00
Security deposits 5,000,000.00 5,000,000.00
Other advance money for others or
temporary payment
Total 2,939,525,540.34 5,760,240,342.35
Unit: RMB
Aging Closing gross amount Opening gross amount
Within 1 year (inclusive) 376,881,373.66 207,007,972.36
More than 3 years 2,301,383,283.78 2,205,414,303.92
More than 5 years 1,916,040,573.14 1,840,990,966.26
Total 2,939,525,540.34 5,760,240,342.35
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Unit: RMB
Closing balance Opening balance
Allowance for doubtful
Gross amount Allowance for doubtful account Gross amount
account
Category
As % of Allowanc Carrying amount As % of Allowanc Carrying amount
the total e as % of the total e as % of
Amount Amount Amount Amount
gross the gross gross the gross
amount amount amount amount
Allowances
for doubtful
accounts are
established
on an
individual
basis
Allowances
for doubtful
account
established 2,939,525,540.34 4,034,331.33 0.14% 2,935,491,209.01 5,760,240,342.35 4,008,128.67 0.07% 5,756,232,213.68
% %
on a
grouping
basis
Of which:
External
customers
Related
parties
Total 2,939,525,540.34 4,034,331.33 0.14% 2,935,491,209.01 5,760,240,342.35 4,008,128.67 0.07% 5,756,232,213.68
% %
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Allowances for doubtful account established on a grouping basis:
Unit: RMB
Closing balance
Item Allowance for Allowance as % of the
Gross amount
doubtful account gross amount
Accounts receivable for which allowances for
doubtful accounts are established based on the 5,926,236.31 4,034,331.33 68.08%
external customer group
Accounts receivable for which allowances for
doubtful accounts are established based on the 2,933,599,304.03
related party group
Total 2,939,525,540.34 4,034,331.33
Allowances for doubtful accounts established using the general model of expected credit loss:
Unit: RMB
Stage 1 Stage 2 Stage 3
Allowances for doubtful 12-month Lifetime expected credit Lifetime expected credit Total
accounts expected credit loss (without credit loss (with credit
loss impairment) impairment)
Balance as at January 1, 2025 4,008,128.67 4,008,128.67
Balance as at January 1, 2025
was in the period
- Transferred to Stage 2
- Transferred to Stage 3
- Transferred back to Stage 2
- Transferred back to Stage 1
Established in the period 26,202.66 26,202.66
Reversed in the period
Charged off in the period
Written off in the period
Other changes
Balance as at June 30, 2025 4,034,331.33 4,034,331.33
Gross amounts with significant changes in loss allowances in the period:
□ Applicable Not applicable
Allowances for doubtful accounts in the period:
Unit: RMB
Changes in the period
Opening Charged off
Category Recovered Othe Closing balance
balance Established or written
or reversed rs
off
Other receivables for which
allowances for doubtful accounts are
established based on the credit risk
characteristic group
Total 4,008,128.67 26,202.66 4,034,331.33
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
There were no other receivables actually written off in the period.
Unit: RMB
As % of
the
Closing balance
Nature closing
of allowances
Entity of Closing balance Aging balance of
for doubtful
account total other
accounts
receivable
s
Within 1 year;
Current
Yibin Jiangjiu Liquor Co., Ltd. 2,620,835,760.28 1-5 years; over 89.16%
account
Sichuan Yibin Wuliangye Environmental Current
Protection Industry Co., Ltd. account
Yibin Wuliangye Xianlin Ecological Current
Liquor Co., Ltd. account
Sichuan Yibin Wuliangye Distillery Co., Current
Ltd. account
Housing and Urban-Rural Development Security
Bureau of Cuiping District, Yibin City deposit
Total 2,938,599,304.03 99.98% 4,000,000.00
Unit: RMB
Closing balance Opening balance
Imp Imp
airm airm
Item ent ent
Gross amount Carrying amount Gross amount Carrying amount
allo allo
wan wan
ces ces
Investments in
subsidiaries
Investments in
associates and 2,101,828,008.49 2,101,828,008.49 2,056,214,866.49 2,056,214,866.49
joint ventures
Total 14,168,064,468.90 14,168,064,468.90 13,822,130,615.31 13,822,130,615.31
(1) Investments in subsidiaries
Unit: RMB
Open Increase/decrease in the period Closing
ing
balance
balan Imp
of
Opening balance ce of airm Closing balance
Investee Ot impairme
(carrying amount) impai Increase in Decrease in ent (carrying amount)
he nt
rment investment investment allo
rs allowanc
allow wan
e
ance ce
Sichuan Yibin
Wuliangye Distillery 5,069,784,707.36 5,069,784,707.36
Co., Ltd.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Yibin Wuliangye Liquor
Sales Co., Ltd.
Sichuan Yibin
Wuliangye Supply and 765,756,006.41 765,756,006.41
Marketing Co., Ltd.
Yibin Jiangjiu Liquor
Co., Ltd.
Sichuan Yibin
Wuliangye
Environmental 137,883,610.71 102,320,711.59 240,204,322.30
Protection Industry Co.,
Ltd.
Yibin Changjiangyuan
Liquor Co., Ltd.
Yibin Wuliangye
Xianlin Ecological 2,700,000.00 2,700,000.00
Liquor Co., Ltd.
Sichuan Yibin
Wuliangye Jingmei 49,374,409.93 49,374,409.93
Printing Co., Ltd.
Sichuan Yibin Plastic
Packaging Materials 3,673,149,609.25 300,000,000.00 3,973,149,609.25
Company Limited
Sichuan Yibin Global
Group Shenzhou Glass 108,922,175.18 108,922,175.18
Co., Ltd.
Sichuan Yibin Global
Gelasi Glass 307,282,551.14 307,282,551.14
Manufacturing Co., Ltd.
Sichuan Yibin Push
Group 3D Co., Ltd.
Sichuan Yibin
Wuliangye Investment 47,500,000.00 47,500,000.00
(Consulting) Co., Ltd.
Wuliangye Dashijie
(Beijing) Trade Co., 323,000,000.00 323,000,000.00
Ltd.
Handan Yongbufenli
Liquor Co., Ltd.
Wuguchun Jiu Ye Co.,
Henan. China
Sichuan Wuliangye
Culture Tourism 40,000,000.00 40,000,000.00
Development Co., Ltd.
Yibin Wuliangye Creart
Co., Ltd.
Sichuan Wuliangye
NongXiang Baijiu Co., 95,000,000.00 95,000,000.00
Ltd.
Sichuan Wuliangye
New Retail 90,000,000.00 90,000,000.00
Management Co., Ltd.
Total 11,765,915,748.82 402,320,711.59 102,000,000.00 12,066,236,460.41
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
(2) Investment in associates and joint ventures
Unit: RMB
Op Increase/decrease in the period
eni
ng
bal Closi
an Adju ng
Inc De Ot Im
ce stme Decl balan
rea cre her pai
of Return on nt to ared ce of
Opening balance se ase eq rm Closing balance
Investee im investment other cash Ot impai
in in uit ent
(carrying amount) recognized using comp divid he (carrying amount)
pai inv inv y all rmen
rm the equity rehen ends rs t
est est ch ow
ent method sive or allow
me me an an
all inco profit ance
nt nt ges ce
ow me
an
ce
I Joint ventures
II Associates
Oriental Outlook
Media Co., Ltd.
Sichuan Yibin
Wuliangye
Group Finance
Co., Ltd.
Beijing
Zhongjiuhuicui
Education and 10,812,696.35 -122,150.45 10,690,545.90
Technology Co.,
Ltd.
Sub-total 2,056,214,866.49 45,613,142.00 2,101,828,008.49
Total 2,056,214,866.49 45,613,142.00 2,101,828,008.49
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: RMB
Item H1 2025 H1 2024
Return on long-term equity investments
measured using the equity method
Total 45,613,142.00 20,603,331.70
XIX Supplementary Information
Applicable □ Not applicable
Unit: RMB
Item Amount Note
Gain or loss on disposal of non-current assets 8,713,622.96
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Government grants recognized in profit or loss (exclusive of those that are closely
related to the Company’s normal business operations and given in accordance with
defined criteria and in compliance with government policies, and have a continuing
impact on the Company’s profit or loss)
Capital occupation charges on non-financial enterprises that are recognized in profit or
loss
Non-operating income and expense other than the above -26,672,025.54
Less: Income tax effects 3,089,726.65
Non-controlling interests effects (net of tax) -1,067,421.51
Total 12,298,508.22 --
Particulars about other items that meet the definition of exceptional gain/loss:
□ Applicable Not applicable
No such cases for the Reporting Period.
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Exceptional Gain/Loss Items:
□ Applicable Not applicable
Weighted average ROE EPS
Profit in the Reporting Period
(%) Basic EPS (RMB/share) Diluted EPS (RMB/share)
Net profit attributable to the
Company’s ordinary shareholders
Net profit attributable to the
Company’s ordinary shareholders 13.62% 5.0184 5.0184
before exceptional gains and losses
International Financial Reporting Standards (IFRS) and foreign accounting standards
(1) Net profit and equity under CAS and IFRS
□ Applicable Not applicable
(2) Net profit and equity under CAS and foreign accounting standards
□ Applicable Not applicable
(3) Accounting data differences under CAS and IFRS and foreign accounting standards. Where any
reconciliation is made to the data audited by an overseas independent auditor, the name of the overseas
independent auditor shall be provided.
None.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Part IX Other Reported Information
I Other Major Social Security Issues
Indicate whether the listed company and its subsidiaries have other major social security issues.
□ Yes No □ Not applicable
Indicate whether any administrative penalty was imposed during the Reporting Period.
□ Yes No □ Not applicable
II Researches, Inquiries, Interviews, etc. Received during the Reporting Period
Applicable □ Not applicable
Main
Type of discussions Index to
Way of the and the
Date Place communicat commun Communication party materials relevant
ion ication provided by informa
party the tion
Company
The One-on-one Instituti
January 10, 2025 Yinhua Fund and GF Securities
Company meeting on
The Instituti
March 3, 2025 By phone E Fund and Haitong Securities
Company on
Instituti Zhong Ou Asset, Fullgoal Fund,
March 4, 2025 Shanghai Other
on China Merchants Fund, and others
Instituti E Fund, Invesco Great Wall Fund, GF
March 5, 2025 Guangzhou Other
on Fund Management, and others
The Instituti Harvest Fund, Bosera Funds, Taikang
March 12, 2025 By phone
Company on Asset, and others
The Instituti
March 13, 2025 By phone Brilliance Capital
Company on
The One-on-one Instituti Yinhua Fund and Huachuang
March 17, 2025
Company meeting on Securities
Bosera Funds, China Asset The
The One-on-one Instituti
March 18, 2025 Management, Guosheng Securities, Company’s
Company meeting on
and others developmen http://w
Perseverance Asset Management, J.P. t strategies, ww.cni
The One-on-one Instituti
March 19, 2025 Morgan Asset Management, CICC, production nfo.com
Company meeting on
and others and .cn
Instituti China Merchants Fund, Huatai operation
March 21, 2025 Chengdu Other
on Securities, and others status
The 2024
Instituti
Annual and
onal and
The 2025 First E Fund, Invesco Great Wall Fund,
May 9, 2025 individu
Company Quarterly individual shareholders, and others
al
Results
investor
Briefing
Instituti JP Morgan Group, Morgan Stanley,
May 21, 2025 Shanghai Other
on and others
The Instituti
May 26, 2025 By phone E Fund and Guotai Haitong Securities
Company on
The 2024 Instituti
The Annual onal and E Fund, Invesco Great Wall Fund,
June 20, 2025
Company General individu individual shareholders, and others
Meeting of al
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Shareholder investor
s
III Financial Relationships between the Listed Company and Its Controlling Shareholder and
Other Related Parties
Applicable □ Not applicable
Unit: RMB’0,000
Nature of Opening Amount incurred Amount paid in Closing Interest Interest
Name of transaction party
transaction balance in the period the period balance income expense
Subsidiaries and affiliated
enterprises
Sichuan Yibin Wuliangye
Operating 114,249.32 55,593.64 262.19 169,580.77
Group Finance Co., Ltd.
Sichuan Yibin Wuliangye
Non-operating 321,143.27 319,448.58 1,694.69
Distillery Co., Ltd.
Yibin Jiangjiu Liquor Co., Ltd. Non-operating 224,483.58 37,600.00 262,083.58
Sichuan Yibin Wuliangye
Environmental Protection Non-operating 16,971.28 310.25 16,661.03
Industry Co., Ltd.
Yibin Wuliangye Xianlin
Non-operating 12,920.63 12,920.63
Ecological Liquor Co., Ltd.
Controlling shareholder, actual
controller and their affiliated
enterprises
Sichuan Putian Packaging Co.,
Operating 1,294.59 4,364.05 5,550.53 108.11
Ltd.
Chengdu Huayu Glass
Operating 347.15 632.86 562.07 417.94
Manufacturing Co., Ltd.
Chengdu PUTH Medical
Operating 206.29 3,691.08 3,458.06 439.31
Technology Co., Ltd.
Yibin Grace Fiber Industry Co.,
Operating 139.85 165.84 200.00 105.69
Ltd.
Sichuan Wuliangye Products
Operating 65.16 491.51 481.29 75.38
Co., Ltd.
Sichuan Yibin Push Auto Parts
Operating 2.83 58.92 60.02 1.73
Co., Ltd.
Sichuan Yibin Push Mold Co.,
Operating 1.37 67.85 68.54 0.68
Ltd.
Sun Display Co., Ltd. Operating 52.91 8.68 61.59
Yibin Paper Industry Co., Ltd. Operating 64.98 37.22 27.76
Sichuan Shuzhan New
Operating 1.00 338.98 338.98 1.00
Materials Co., Ltd.
Sichuan Linhu Tea Industry
Operating 233.75 233.51 0.24
Co., Ltd.
Sichuan Nongwu E-commerce
Operating 118.42 98.24 20.18
Co., Ltd.
Yibin Push Assets Management
Operating 6.54 8.76 15.27 0.03
Co., Ltd.
Sichuan Yibin Global Huaxin
Commercial Development Co., Operating 9.48 90.15 21.85 77.78
Ltd.
Sichuan Zhongke Beiteer
Operating 1.02 21.28 1.52 20.78
Technology Co., Ltd.
Sichuan Yibin Global
Environmental Technology Operating 116.54 104.01 12.53
Co., Ltd.
Anji Logistic Group Co., Ltd.
Operating 29.12 178.05 161.55 45.62
Sichuan
Sichuan Yibin Licai Group Co.,
Operating 5,340.53 4,474.17 866.36
Ltd.
Yibin Wuliangye Group I&E
Operating 56.27 55.85 0.42
Co., Ltd.
Sichuan Chuanhong Tea Group
Operating 587.97 105.65 482.32
Co., Ltd.
Yibin Huanyu Trading Co.,
Operating 21.36 1.31 20.05
Ltd.
Sichuan Yibin Wuliangye
Operating 38.13 38.13
Group Anji Logistic Co., Ltd.
Sichuan Yibin Wuliangye
Operating 5.62 5.62
Group Co., Ltd.
Sichuan Gloport Digital
Operating 2.00 2.00
Technology Co., Ltd.
Interim Report 2025 of Wuliangye Yibin Co., Ltd.
Yibin City Commercial Bank
Operating 32,587.46 15,706.30 48,293.76
Co., Ltd.
Sichuan Jinkaitai Hotel
Operating 3.00 3.00 3.00 3.00
Management Co., Ltd.
Sacred Mountain White
Magnolia Industrial Co., Ltd., Operating 339.82 339.82
Sichuan
Yibin Jindun Technology Co.,
Operating 257.31 76.60 180.71
Ltd.
Dujiangyan Wuliangye Hemei
Operating 140.14 140.14
Health Investment Co., Ltd.
Wuming Tea Industry Holding
Operating 84.00 84.00
Co., Ltd.
Yibin Zhonggang Energy Co.,
Operating 1.50 0.30 0.50 1.30
Ltd.
Sichuan Yibin Push Building
Operating 282.67 261.44 21.23
Materials Co., Ltd.
Sichuan Ansage Supply Chain
Operating 1.41 0.36 1.05
Management Co., Ltd.
Sichuan Zhongxin Green
Operating 5.15 5.15
Energy Co., Ltd.
Yibin Global Photoelectric
Operating 1,063.49 957.29 106.20
Technology Co., Ltd.
Total -- 725,384.37 126,913.79 337,497.44 514,800.72
The above-mentioned financial relationships between the Company and the controlling shareholder, actual controller and
Related decision-making
their affiliated enterprises, as well as the subsidiaries and their affiliated enterprises are subject to relevant regulations
procedures
and approval procedures.
The above-mentioned financial relationships occurred based on business needs, and the security risks of funds are
Fund security measures
controllable.
Note: The amounts related to Sichuan Yibin Wuliangye Group Finance Co., Ltd. and Yibin City Commercial
Bank Co., Ltd. in the table above represent interest on term deposits accrued on an accrual basis, and the closing
balances are presented under monetary assets.
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