Q1 2026 Report of Luzhou Laojiao Co., Ltd.
Stock Code: 000568 Stock abbreviation: Luzhou Laojiao Announcement No. 2026-17
Luzhou Laojiao Co., Ltd.
Q1 2026 Report
Luzhou Laojiao Co., Ltd. (hereinafter referred to as the “Company”) and all the members of the
Company’s Board of Directors hereby guarantee that the contents of this Report are true, accurate
and complete and free of any misrepresentations, misleading statements or material omissions.
Important Statements:
presented in this report is free of any false records, misleading statements or material omissions, and
shall individually and together be legally liable for truthfulness, accuracy and completeness of its
contents.
responsible person for the Company’s financial affairs (Accounting Supervisor) have warranted that
the financial statements in this report are true, accurate and complete.
□ Yes No
This report has been prepared in both Chinese and English. Should there be any discrepancies or
misunderstandings between the two versions, the Chinese version shall prevail.
Q1 2026 Report of Luzhou Laojiao Co., Ltd.
Whether the Company performed a retroactive adjustment to or restatement of accounting data.
□ Yes No
Q1 2026 Q1 2025 YoY change (%)
Operating revenues (CNY) 8,025,174,114.21 9,352,165,445.50 -14.19%
Net profits attributable to
shareholders of the 3,708,450,417.95 4,592,780,509.90 -19.25%
Company (CNY)
Net profits attributable to
shareholders of the
Company before non- 3,683,573,536.09 4,595,090,018.42 -19.84%
recurring gains and losses
(CNY)
Net cash flows from
operating activities (CNY)
Basic earnings per share
(CNY/share)
Diluted earnings per share
(CNY/share)
Weighted average ROE 7.32% 9.48% -2.16%
March 31, 2026 December 31, 2025 Change (%)
Total assets (CNY) 66,166,682,911.76 64,794,994,851.27 2.12%
Net assets attributable to
shareholders of the 51,598,622,667.87 49,780,293,635.74 3.65%
Company (CNY)
Applicable □ N/A
Unit: CNY
Item Q1 2026 Note
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 11,307,543.99
criteria and in compliance with
government policies, and have a
continuing impact on the Company's
profit or loss)
Gain or loss on fair-value changes in
financial assets and liabilities held by
a non-financial enterprise, as well as
on disposal of financial assets and
liabilities (exclusive of the effective
portion of hedges that is related to
the Company's normal business
operations)
Other non-operating income and
expenditure except above-mentioned 7,901,484.54
items
Q1 2026 Report of Luzhou Laojiao Co., Ltd.
Less: Corporate income tax 8,146,467.40
Total 24,876,881.86 --
Other items that meet the definition of non-recurring gain/loss:
□ Applicable N/A
No such cases for the reporting period.
Explain the reasons if the Company classifies any non-recurring gain/loss item mentioned in the
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities
to the Public-Non-Recurring Gains and Losses as a recurring gain/loss item.
□ Applicable N/A
No such cases for the reporting period.
Applicable N/A
A. The closing balance of accounts receivables increased by CNY 12,899,070.79 compared to the
opening balance, indicating an increase of 212.31%. It was mainly due to the increased receivables
arising from overseas baijiu sales within the contract term.
B. The closing balance of accounts receivables financing decreased by CNY 626,118,828.36 compared
to the opening balance, indicating a decrease of 42.69%. It was mainly due to the discounting of notes
and the honoring of due notes in the current period.
C. The closing balance of prepayment increased by CNY 97,462,139.48 compared to the opening
balance, indicating an increase of 66.94%. It was mainly due to the increased prepayment to suppliers
for advertising.
D. The closing balance of other current assets decreased by CNY 150,127,011.38 compared to the
opening balance, indicating a decrease of 34.88%. It was mainly due to the offsetting in the current
period of the opening overpaid tax.
E. The closing balance of short-term loans increased by CNY 3,000,000,000.00 compared to the
opening balance. It was mainly due to a one-year bank loan arranged to meet the Company’s
production and operation needs.
F. The closing balance of employee benefits payable decreased by CNY 163,866,529.65 compared to
the opening balance, indicating a decrease of 34.02%. It was mainly due to the settlement in the current
period of performance-based pay for last year.
G. The closing balance of taxes payable increased by CNY 712,086,214.74 compared to the opening
balance, indicating an increase of 44.15%. It was mainly due to the quarter-on-quarter growth of
revenue in the first quarter of 2026, leading to an increase in current taxes payable.
H. The closing balance of non-current liabilities due within one year decreased by CNY
due to the repayment of due loans.
Q1 2026 Report of Luzhou Laojiao Co., Ltd.
I. The closing balance of long-term loans decreased by CNY 974,746,677.18 compared to the opening
balance, indicating a decrease of 37.10%. It was mainly due to the reclassification of long-term loans
due within one year.
J. The closing balance of treasury stock decreased by CNY 147,318,232.67 compared to the opening
balance, indicating a decrease of 92.28%. It was mainly due to the relevant reversal as a result of the
unlocking of restricted shares in the current period.
K. Interest expense in the current period decreased by CNY 19,645,444.38 compared to the same
period of last year, indicating a decrease of 37.78%. It was mainly due to the decreased interest
expenditure on loans in the current period.
L. Investment income in the current period increased by CNY 22,365,181.00 compared to the same
period of last year. It was mainly due to the increased earnings of investee Huaxi Securities and the
decreased note discount expenses.
M. Non-operating expenses in the current period decreased by CNY 26,375,176.43 compared to the
same period of last year, indicating a decrease of 97.69%. It was mainly due to the decreased donation
expenses in the current period.
N. Net cash flows from operating activities in the current period increased by CNY 1,235,278,414.44
compared to the same period of last year, indicating an increase of 37.35%. It was mainly due to the
decreased cash outflows from operating activities.
O. Net cash flows from investing activities in the current period increased by CNY 64,122,696.04
compared to the same period of last year. It was mainly due to the decreased payments for long-term
asset and wealth management product investments in the current period.
P. Net cash flows from financing activities in the current period increased by CNY 1,540,949,302.46
compared to the same period of last year. It was mainly due to the one-year bank loan arranged in the
current period.
rights as well as shareholdings of top 10 shareholders
Unit: Share
Total number of common Total number of preference shareholders with
shareholders at the end of the 182,100 resumed voting rights at the end of the reporting 0
reporting period period (if any)
Shareholdings of the top 10 shareholders (exclusive of shares lent in refinancing)
Number of Pledged, marked or frozen
Name of Nature of Shareholding Total shares holding shares
shareholder shareholder percentage held restricted Status of Number of
shares shares shares
Luzhou
State-owned
Laojiao Group 26.05% 383,433,639 0 N/A 0
corporation
Co., Ltd.
Luzhou State-owned
XingLu corporation
Q1 2026 Report of Luzhou Laojiao Co., Ltd.
Investment
Group Co.,
Ltd.
Bank of China
Co., Ltd. –
Baijiu index
classification
securities Other 3.84% 56,467,392 0 N/A 0
investment
fund by China
Merchants
Fund
China
Securities
Finance Other 2.20% 32,312,117 0 N/A 0
Corporation
Limited
Hong Kong
Securities
Outbound
Clearing 1.85% 27,177,581 0 N/A 0
corporation
Company
Limited
Bank of China
Co., Ltd.－
Blue chip
selected
hybrid Other 1.72% 25,250,000 0 N/A 0
securities
investment
fund by E
Fund
China
Construction
Bank
Corporation－
Other 1.36% 19,992,542 0 N/A 0
Penghua
Wine & Liquor
Exchange-
Traded Fund
Guofeng
Xinghua
(Beijing)
Private Equity
Fund
Management
Co., Ltd.－
Guofeng Other 1.28% 18,871,962 0 N/A 0
Xinghua
Honghuzhiyua
n Tranche 3
Private
Securities
Investment
Fund No. 1
China Life
Insurance Other 0.96% 14,103,644 0 N/A 0
Company
Q1 2026 Report of Luzhou Laojiao Co., Ltd.
Limited –
Traditional –
Ordinary
Insurance
Product –
(Shanghai)
Central Huijin
Asset State-owned
Management corporation
Co., Ltd.
Shareholdings of the top 10 non-restricted shareholders (exclusive of shares lent in refinancing and locked shares of
executives)
Type and number of shares
Name of shareholder Number of non-restricted shares held
Type Number
CNY common
Luzhou Laojiao Group Co., Ltd. 383,433,639 383,433,639
shares
Luzhou XingLu Investment CNY common
Group Co., Ltd. shares
Bank of China Co., Ltd. – Baijiu
index classification securities CNY common
investment fund by China shares
Merchants Fund
China Securities Finance CNY common
Corporation Limited shares
Hong Kong Securities Clearing CNY common
Company Limited shares
Bank of China Co., Ltd.－Blue
CNY common
chip selected hybrid securities 25,250,000 25,250,000
shares
investment fund by E Fund
China Construction Bank
CNY common
Corporation－Penghua Wine & 19,992,542 19,992,542
shares
Liquor Exchange-Traded Fund
Guofeng Xinghua (Beijing)
Private Equity Fund
Management Co., Ltd.－
CNY common
Guofeng Xinghua 18,871,962 18,871,962
shares
Honghuzhiyuan Tranche 3
Private Securities Investment
Fund No. 1
China Life Insurance Company
Limited – Traditional – Ordinary CNY common
Insurance Product – 005L– shares
CT001 (Shanghai)
Central Huijin Asset CNY common
Management Co., Ltd. shares
Group Co., Ltd. are both state-owned holding companies under
the jurisdiction of SASAC of Luzhou. The two companies have
signed the agreement of persons acting in concert. For details,
please refer to the announcement of the Company on May 23,
Related parties or acting-in-concert 2024 - Announcement on the Renewed Agreement of Persons
Acting in Concert Signed by Shareholders (Announcement No.
Sichuan Golden Rudder Investment Co., Ltd. collectively hold
Q1 2026 Report of Luzhou Laojiao Co., Ltd.
total share capital of the Company.
remaining shareholders or they belong to persons acting in
concert is unknown.
Top 10 shareholders participating in securities
N/A
margin trading (if any)
refinancing shares lending
□ Applicable N/A
Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares
lending/return compared with the prior period
□ Applicable N/A
shareholders
□ Applicable N/A
Applicable □ N/A
A. On January 29, 2026, the Company carried out the 2025 interim dividend payout of CNY 13.58
(tax inclusive) for every 10 existing shares held, totaling CNY 1,998,897,185.75 (tax inclusive).
B. On February 4, 2026, the Company held the 21st Meeting of the 11th Board of Directors, at which
the Proposal on the Satisfaction of Unlocking Conditions for the Second Unlocking Period of the
Reserved Restricted Shares under the 2021 Restricted Share Incentive Plan and the Proposal on the
Satisfaction of Unlocking Conditions for the Third Unlocking Period of the 2021 Restricted Share
Incentive Plan were reviewed and approved respectively. As the unlocking conditions had been
satisfied for the second unlocking period of the reserved restricted shares and for the third unlocking
period under the 2021 Restricted Share Incentive Plan, a total of 1,990,614 restricted shares held by
C. The Company invested in the Technical Renovation Project of Intelligent Baijiu Production (Phase
I) with the wholly-owned subsidiary, Luzhou Laojiao Baijiu Production Co., Ltd., as the implementer.
The total investment amount approximated CNY 4,782.5090 million. For further information, see
Announcement No. 2022-24 on the Implementation of Luzhou Laojiao Technical Renovation Project
of Intelligent Baijiu Production (Phase I) by Subsidiary. The program is currently under construction.
Q1 2026 Report of Luzhou Laojiao Co., Ltd.
Prepared by: Luzhou Laojiao Co., Ltd.
March 31, 2026
Unit: CNY
Item March 31, 2026 December 31, 2025
Current assets:
Cash and cash equivalents 29,886,113,437.36 27,341,566,698.37
Settlement reserves
Lending funds
Held-for-trading financial assets 1,507,953,548.02 1,584,771,959.37
Derivative financial assets
Notes receivables
Accounts receivables 18,974,641.45 6,075,570.66
Accounts receivables financing 840,376,145.60 1,466,494,973.96
Prepayment 243,058,615.13 145,596,475.65
Premiums receivable
Reinsurance accounts receivable
Reinsurance contract reserve
Other receivables 16,427,861.89 17,318,326.51
Including：Interests receivable
Dividends receivable 494,532.68
Buying back the sale of financial
assets
Inventories 15,116,434,668.42 15,396,031,707.35
Including: Data resource
Contract assets
Assets held for sale
Non-current assets due within one
year
Other current assets 280,332,899.25 430,459,910.63
Total current assets 47,909,671,817.12 46,388,315,622.50
Non-current assets:
Disbursement of loans and advances
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 2,973,833,464.30 2,930,804,469.77
Investments in other equity
instruments
Other non-current financial assets
Investment property 47,304,265.31 47,892,751.08
Fixed assets 8,391,477,936.47 8,523,891,404.03
Construction in progress 2,145,974,956.91 2,064,766,283.24
Productive biological assets
Oil and gas assets
Use right assets 17,555,004.67 19,863,214.19
Intangible assets 3,392,761,786.62 3,414,065,535.11
Including: Data resource 2,499,535.32 2,856,611.80
Development expenses
Including: Data resource
Q1 2026 Report of Luzhou Laojiao Co., Ltd.
Goodwill
Long-term deferred expenses 993,526.74 1,034,985.48
Deferred tax assets 198,788,225.91 264,019,980.93
Other non-current assets 671,535,011.84 664,841,367.04
Total non-current assets 18,257,011,094.64 18,406,679,228.77
Total assets 66,166,682,911.76 64,794,994,851.27
Current liabilities:
Short-term loans 3,000,000,000.00
Borrowings from the central bank
Loans from other banks
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 1,253,354,700.94 1,413,421,175.80
Advance from customer 2,170,721.98 2,014,696.36
Contract liabilities 2,793,658,685.92 3,367,443,727.83
Financial assets sold for repurchase
Deposits from customers and inter-
bank
Customer brokerage deposits
Securities underwriting brokerage
deposits
Employee benefits payable 317,855,850.71 481,722,380.36
Taxes payable 2,324,970,284.55 1,612,884,069.81
Other payable 459,731,577.59 615,753,466.88
Including：Interests payable 1,934,166.66
Dividends payable 28,163,719.84 28,163,719.84
Handling charges and commissions
payable
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within one
year
Other current liabilities 362,713,948.90 436,920,270.99
Total current liabilities 12,533,651,991.85 12,004,359,001.08
Non-current liabilities:
Insurance contract reserves
Long-term loans 1,652,419,633.75 2,627,166,310.93
Bonds payable
Including：Preference shares
Perpetual bonds
Lease liabilities 15,098,885.58 15,693,190.61
Long-term payables
Long-term payroll payables
Accrued liabilities
Deferred income 75,612,828.70 82,513,945.77
Deferred tax liabilities 156,620,853.69 171,180,022.42
Other non-current liabilities
Total non-current liabilities 1,899,752,201.72 2,896,553,469.73
Total liabilities 14,433,404,193.57 14,900,912,470.81
Owners' equity
Share capital 1,471,941,963.00 1,471,941,963.00
Other equity instruments
Including: preference shares
Perpetual bonds
Capital reserves 5,443,306,054.55 5,439,328,102.53
Less: treasury stock 12,316,041.80 159,634,274.47
Other comprehensive income 101,011,316.76 143,628,853.52
Q1 2026 Report of Luzhou Laojiao Co., Ltd.
Special reserves
Surplus reserves 1,471,941,963.00 1,471,941,963.00
General risk reserve
Undistributed profits 43,122,737,412.36 41,413,087,028.16
Total equity attributable to owners of
the parent company
Non-controlling interests 134,656,050.32 113,788,744.72
Total owners' equity 51,733,278,718.19 49,894,082,380.46
Total liabilities and owners' equity 66,166,682,911.76 64,794,994,851.27
Legal representative：Liu Miao
Person in charge of accounting affairs：Xie Hong
Person in charge of accounting department：Song Ying
Unit: CNY
Item Q1 2026 Q1 2025
Including: Operating revenue 8,025,174,114.21 9,352,165,445.50
Interest income
Earned premium
Fee and commission
income
Including: Cost of sales 1,138,148,060.14 1,261,650,794.98
Interest expense
Handling charges and
commission expenses
Refunded premiums
Net payments for
insurance claims
Net provision for
insurance contracts
Bond insurance expense
Reinsurance Expenses
Taxes and surcharges 1,155,517,025.18 1,089,740,352.82
Selling and distribution
expenses
General and
administrative expenses
Research and
Development expenses
Financial expenses -105,205,792.90 -125,414,780.63
Including：Interest
expenses
Interest income 143,068,170.68 179,345,923.67
Plus: Other income 17,146,770.87 19,202,006.29
Investment income ("-" for
losses)
Including: income from
investment in associates and joint 41,245,181.77 35,884,043.67
ventures
Income from the
derecognition of financial assets
measured at amortized cost
Foreign exchange gains ("-"
for losses)
Net gain on exposure hedges
Q1 2026 Report of Luzhou Laojiao Co., Ltd.
(“-” for losses)
Gains from the changes in fair
values (“-” for losses)
Credit impairment losses (“-”
-633,623.85 -1,320,090.80
for losses)
Impairment losses (“-” for
losses)
Gains from disposal of assets
("-" for losses)
Plus: non-operating income 8,526,408.11 1,402,410.38
Less: non-operating expenses 624,923.57 27,000,100.00
total losses)
Less: income tax expenses 1,251,317,873.13 1,517,908,446.03
operation ("-" for losses)
operation ("-" for losses)
parent company
interests
-43,280,338.29 -5,638,274.59
comprehensive income
Net of tax from other comprehensive
income to the owner of the parent -42,520,384.76 -6,007,836.72
company
cannot be reclassified into the profit -42,612,673.60 -4,737,889.70
and loss:
indebtedness or net asset of defined
benefit plans
income that cannot be classified into 947,279.91 568,471.73
profit and loss under equity method
investments in other equity -43,559,953.51 -5,306,361.43
instruments
company’s credit risks
that will be reclassified into the profit 92,288.84 -1,269,947.02
and loss
income that will be classified into 1,020,862.73 -1,721,666.73
profit and loss under equity method
investments in other debt obligations
arising from the reclassification of
financial assets
investments in other debt obligations
translation of foreign currency -928,573.89 451,719.71
financial statements
Q1 2026 Report of Luzhou Laojiao Co., Ltd.
Net of tax from other comprehensive
-759,953.53 369,562.13
income to non-controlling interests
Total comprehensive income
attributable to owners of the parent 3,665,930,033.19 4,586,772,673.18
company
Total comprehensive income
attributable to non-controlling 20,854,173.07 19,395,114.14
interests
(1) Basic earnings per share 2.52 3.13
(2) Diluted earnings per share 2.52 3.13
Legal representative：Liu Miao
Person in charge of accounting affairs：Xie Hong
Person in charge of accounting department：Song Ying
Unit: CNY
Item Q1 2026 Q1 2025
activities
Cash received from sale of goods
and rendering of services
Net increase in customer bank
deposits and placement from banks
and other financial institutions
Net increase in loans from central
bank
Net increase in loans from other
financial institutions
Premiums received from original
insurance contracts
Net cash received from reinsurance
business
Net increase in deposits and
investments from policyholders
Cash received from interest, handling
charges and commissions
Net increase in placements from
other financial institutions
Net capital increase in repurchase
business
Net cash received from customer
brokerage deposits
Refunds of taxes and surcharges 370,144.17 3,362,081.35
Cash received from other operating
activities
Subtotal of cash inflows from
operating activities
Cash paid for goods purchased and
services received
Net increase in loans and advances
to customers
Net increase in deposits in central
bank and other banks and financial
institutions
Cash paid for original insurance
contract claims
Net increase in lending funds
Cash paid for interests, handling
Q1 2026 Report of Luzhou Laojiao Co., Ltd.
charges and commissions
Cash paid for policy dividends
Cash paid to and on behalf of
employees
Cash paid for taxes and surcharges 2,431,320,039.02 4,150,762,783.00
Cash paid for other operating
activities
Subtotal of cash outflows from
operating activities
Net cash flows from operating
activities
activities
Cash received from disposal of
investments
Cash received from returns on
investments
Net cash received from disposal of
fixed assets, intangible assets and
other long-term assets
Net cash received from disposal of
subsidiaries and other business units
Cash received from other investing
activities
Subtotal of cash inflows from
investing activities
Cash paid to acquire and construct
fixed assets, intangible assets and 109,594,916.87 390,672,949.17
other long-term assets
Cash paid for investments 10,000,000.00 300,000,000.00
Net increase in pledge loans
Net cash paid to acquire subsidiaries
and other business units
Cash paid for other investing
activities
Subtotal of cash outflows from
investing activities
Net cash flows from investing
-18,056,944.66 -82,179,640.70
activities
activities
Cash received from investors
Including: cash received by
subsidiaries from investments by
minority shareholders
Cash received from borrowings 3,024,253,322.82
Cash received from other financing
activities
Subtotal of cash inflows from
financing activities
Cash paid for debt repayments 3,051,700,000.00 1,510,300,000.00
Cash paid for distribution of
dividends and profits or payment of 2,035,480,667.35 2,094,436,129.07
interest
Including: dividends and profits paid
to minority shareholders by
subsidiaries
Cash paid for other financing
activities
Subtotal of cash outflows from
financing activities
Net cash flows from financing
-2,064,138,372.61 -3,605,087,675.07
activities
-7,340,315.58 -735,723.56
rate on cash and cash equivalents
Q1 2026 Report of Luzhou Laojiao Co., Ltd.
equivalents
Plus: balance of cash and cash
equivalents at the beginning of the 26,925,093,961.82 33,367,668,014.46
period
equivalents at the end of the 29,378,581,075.01 32,987,409,306.73
period
Implementation of the New Accounting Standards Implemented since 2026
□ Applicable N/A
Whether the financial statements of this report have been audited by an auditor
□ Yes No
The said financial statements are unaudited by an auditor.
The Board of Directors of Luzhou Laojiao Co., Ltd.
April 29, 2026
