Wuliangye Yibin Co., Ltd.
Annual Report 2025
Chairman of the Board: Hua Tao (acting)
April 30, 2026
Annual 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.
fact, nine directors participated in the deliberation and voting, while one director was absent. The
Chairman of the Board was unable to attend the meeting as he could not duly perform his duties.
this Report shall not be considered as promises to investors for the reason of their uncertainty.
Investors are kindly advised to invest wisely. The Company has disclosed in this Report the possible
risks. And investors are reminded to exercise caution when making investment decisions.
shares to shareholders based on the total 3,881,608,005 shares held by them, with no bonus issue
from either profit or capital reserves. Where the Company’s total share capital changes prior to the
record date for the dividend payout, the total distribution amount shall remain unchanged; the
dividend per share shall be adjusted accordingly, and details shall be disclosed in the relevant
announcement.
discrepancies or misunderstandings between the two versions, the Chinese version shall prevail.
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Table of Contents
Annual 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.
firm, as well as signed and stamped by the relevant certified public accountants.
China Securities Journal, Shanghai Securities News and Securities Times during the Reporting
Period.
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Definitions
Term refers to Definitions
The “Company”, “Wuliangye”,
refers to Wuliangye Yibin Co., Ltd.
“WLY”, or “we”
The State-owned Assets Supervision and Administration
SASAC Yibin refers to
Commission of the People’s Government of Yibin City
Yibin Development Group refers to Yibin Development Holding Group Co., Ltd.
Wuliangye Group refers to Sichuan Yibin Wuliangye Group Co., Ltd.
Liquor Sales Company refers to Yibin Wuliangye Liquor Sales Co., Ltd.
Wuliang NongXiang Company refers to Sichuan Wuliangye NongXiang Baijiu Co., Ltd.
Wuliangye Group Finance refers to Sichuan Yibin Wuliangye Group Finance Co., Ltd.
Creart refers to Yibin Wuliangye Creart Co., Ltd.
Annual 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. 五粮液
Company name in English (if
WULIANGYE YIBIN CO.,LTD.
any)
Abbr. (if any) WLY
Legal representative Hua Tao (acting)
Registered address 150 Minjiang West Road, Cuiping District, Yibin City, Sichuan Province, China
Zip code 644007
Past changes of registered
N/A
address
Office address 150 Minjiang West Road, Cuiping District, Yibin City, Sichuan Province, China
Zip code 644007
Company website http://www.wuliangye.com.cn
Email address 000858-wly@sohu.com
II Contact Information
Board Secretary Securities Representative
Name Zhang Xin Huang Hui
Office address
Yibin City, Sichuan Province, China Yibin City, Sichuan Province, China
Tel. （0831）3567000 （0831）3567000
Fax （0831）3555958 （0831）3555958
Email address 000858-wly@sohu.com 000858-wly@sohu.com
III Media for Information Disclosure and Place where this Report Is Lodged
Stock exchange website where this Report
The website of the Shenzhen Stock Exchange (www.szse.cn)
is disclosed
Media and website where this Report is China Securities Journal, Shanghai Securities News, Securities Times, and
disclosed http://www.cninfo.com.cn
Place where this Report is lodged The Company’s Board Office
IV Change to Company Registered Information
Unified social credit code 91511500MA62A0WM8P
Changes to the principal activities of the Company
No change during the Reporting Period
since its listing (if any)
Every change of controlling shareholder since
No change during the Reporting Period
incorporation (if any)
V Other Information
The independent auditor appointed by the Company:
Name of the independent auditor Baker Tilly China Certified Public Accountants
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Office address Zones A-1 and A-5, Tower 68, 19 Chegongzhuang West Road, Haidian District, Beijing, China
Accountants writing signatures Shen Jun, and Liu Zonglei
The independent sponsor appointed by the Company to exercise constant supervision over the Company in
the Reporting Period:
□ Applicable Not applicable
The independent financial advisor appointed by the Company to exercise constant supervision over the
Company in the Reporting Period:
□ Applicable Not applicable
VI Key Financial Information
Indicate whether there is any retrospectively restated datum in the table below.
□ Yes No
(%)
Operating revenue (RMB) 40,528,509,770.23 89,175,178,322.70 -54.55% 83,272,067,317.19
Net profit attributable to
the listed company’s 8,954,257,202.51 31,853,172,533.98 -71.89% 30,210,585,269.30
shareholders (RMB)
Net profit attributable to
the listed company’s
shareholders before non- 8,815,635,943.27 31,741,959,276.27 -72.23% 30,116,468,910.79
recurring gains and losses
(RMB)
Net cash generated
from/used in operating 29,706,259,919.13 33,939,755,192.78 -12.47% 41,742,479,908.23
activities (RMB)
Basic earnings per share
(RMB/share)
Diluted earnings per share
(RMB/share)
Weighted average return Down by 16.46
on equity (%) percentage points
Change of December
December 31, 2025 December 31, 2024 December 31, 2023
December 31, 2024
(%)
Total assets (RMB) 189,984,270,815.47 188,252,218,704.17 0.92% 165,432,981,684.75
Equity attributable to the
listed company’s 119,932,271,234.99 133,285,282,015.97 -10.02% 129,558,241,040.51
shareholders (RMB)
Indicate whether the lower of the net profit before and after non-recurring gains and losses of the Company
was negative for the last three accounting years, or the latest independent auditor’s report indicated that there was
uncertainty about the continuity of the Company’s operations.
□ Yes No
Indicate whether the lowest of the audited profit before tax, net profit, and net profit before non-recurring
gains and losses was negative for the Reporting Period.
□ Yes No
VII Accounting Data Differences under China’s Accounting Standards for Business
Enterprises (CAS) and International Financial Reporting Standards (IFRS) and Foreign
Accounting Standards
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
□ Applicable Not applicable
No difference for the Reporting Period.
□ Applicable Not applicable
No difference for the Reporting Period.
VIII Key Financial Information by Quarter
Unit: RMB
Q1 Q2 Q3 Q4
Operating revenue 17,085,765,657.95 6,424,206,390.70 7,127,755,606.32 9,890,782,115.26
Net profit attributable to the
listed company’s 4,416,313,048.41 207,537,666.72 1,850,701,077.05 2,479,705,410.33
shareholders
Net profit attributable to the
listed company’s
shareholders before non-
recurring gains and losses
Net cash generated
from/used in operating 15,848,802,262.24 15,287,934,366.34 -2,889,248,211.64 1,458,771,502.19
activities
Indicate whether any of the quarterly financial data in the table above or their summations differs materially
from what have been disclosed in the Company’s quarterly or interim reports.
Yes □ No
The Company reviewed its business model for 2025 and, based on the principle of prudence, adjusted the
accounting treatment related to revenue recognition for certain business operations in 2025.
IX Non-recurring Gains and Losses
Applicable □ Not applicable
Unit: RMB
Item 2025 2024 2023 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
Reversed portions of impairment allowances for
receivables which are tested individually for 1,388,731.60
impairment
One-off costs incurred by the Company as a result of
discontinued operations, such as expenses for employee -6,387,155.45
arrangements
Non-operating income and expense other than the
-42,917,848.74 -26,421,266.14 -36,541,935.37
above
Less: Income tax effects 47,231,851.14 40,317,443.06 40,618,434.04
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Non-controlling interests effects (net of tax) 9,717,042.42 11,512,644.94 16,118,943.29
Total 138,621,259.24 111,213,257.71 94,116,358.51 --
Particulars about other items that meet the definition of non-recurring gain/loss:
□ Applicable Not applicable
No such cases for the Reporting Period.
Explanation of why the Company reclassifies as recurring an non-recurring gain/loss item listed in the
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Non-recurring Gain/Loss Items:
□ Applicable Not applicable
No such cases for the Reporting Period.
Annual 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 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.
i. Overview
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.
ii. Brand Operation
In 2025, under the strategic theme of the “Year of Marketing Execution Enhancement”, the Company kept
firmly on track to meet its annual targets and proactively responded to market changes. It maintained sustained
efforts in branding, product operation and channel development, driving steady progress in overall marketing
initiatives.
Firstly, branding promotion continued to improve, resulting in a stronger brand presence. The
Company systematically sorted out its “Five Grains and Six Cultural Veins Framework” to substantially elevate
the cultural value of its brand. It maintained a strong, long-term presence on mainstream media platforms
including China Media Group, Xinhua News Agency and People’s Daily. Meanwhile, the Company has
established deep strategic partnerships with high-end political, business and cultural platforms such as the Boao
Forum for Asia, APEC and the Golden Panda Awards. It fully rolled out signature IP initiatives such as the
Harmony Cultural Festival, the Harmony Global Tour, the Five Chapters of Happiness, and the Rose Wedding
Ceremony, forging an intimate connection with consumers’ aspiration for a better life. Leveraging flagship global
sports events including the FIFA World Cup in the United States, Canada and Mexico, the Company has launched
a series of cross-border marketing initiatives, further boosting its brand presence and international reputation.
Secondly, product operations advanced steadily with an improving product mix. The Company has
further improved its product mix by launching new offerings including Wuliangye · Crush on, the Year of the
Horse Edition, and the 8th-Generation Wuliangye FIFA Co-branded Edition. Adhering to a balanced volume-and-
price strategy, the 8th-Generation Wuliangye saw solidified leadership in the RMB1,000 price range. For
Wuliangye 1618, Wuliangye (39% vol) and other products, the Company carried out marketing initiatives focused
on bottle-scan campaigns, banquet consumption scenarios, etc.
Finally, channel development advanced in an orderly fashion, further strengthening the Company’s
market foothold. In traditional channels, the Company continued to refine its “Three Stores and One House”
network, optimize point-of-sale terminal deployment, and deepen cooperation with core point-of-sale terminals. It
onboarded an additional 12,000 partnered terminals, with the number of terminals placing purchases totaling
collaboration with platforms such as JD.com, rolled out pilot instant retail programs, improved the online
merchant and store ecosystem, and strengthened governance of the online channel ecosystem. In emerging
channels, the Company proactively expanded cross-industry cooperation, catering and group purchasing channels,
advanced direct sales cooperation with corporate clients, and developed more channels.
In 2025, the Company adhered to the principles of “product purity, packaging consistency, product grades,
and brand recognition” and “three focuses”. Centering on driving product sell-through, elevating brand value,
consolidating channel foundations and cultivating consumer groups, the Company made every effort to bolster the
overall efficiency of marketing execution.
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Firstly, sell-through initiatives were steadily advanced, further cementing the Company’s market
foothold. Prioritizing sell-through as the core focus, the Company organized consumer engagement activities such
as bottle-scan promotions during key sales periods including the Spring Festival, the Mid-Autumn Festival and the
National Day, to continuously boost product sell-through and end-market reach.
Secondly, the operational system was further improved, and consumer cultivation continued to deepen.
The Company steadily strengthened the integrated operation of KOLs, KOCs and KOSs — namely Key Opinion
Leaders, Key Opinion Consumers and Key Opinion Sales. It achieved a total exposure of 220 million views and
development and the NongXiang Friends Festival IP initiative.
Finally, diversified operations were advanced in a coordinated manner, driving the continuous
optimization of the channel structure. The Company further scaled up categorized and tiered development
within traditional channels, with benchmark effects becoming prominent in key markets. It steadily expanded
business layouts covering e-commerce, supermarket chains and group procurement. Meanwhile, the Company
kept refining its distributor management and point-of-sale terminal service mechanisms to enable better-organized
channel operations.
iii. Major Sales Models of the Company
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.
iv. Distribution Model
Applicable □ Not applicable
Categories
Unit: RMB
Gross YoY change in YoY change in
YoY change in
Item Operating revenue Cost of sales profit operating gross profit
cost of sales
margin revenue margin
By sales model
Liquor products 37,103,992,232.59 6,027,808,125.55 83.75% -55.36% -59.24% 1.54%
Of which: Distribution
model
Direct-to-
consumer model
By product category
Liquor products 37,103,992,232.59 6,027,808,125.55 83.75% -55.36% -59.24% 1.54%
Of which: Wuliangye-
branded Baijiu 27,936,099,726.56 2,919,602,981.19 89.55% -58.84% -66.86% 2.53%
products
Other
liquor products
Number of distributors of
Reason for change (more than
Region Wuliangye-branded Baijiu YoY change (number)
products
East China 1,094 -31
South China 838 -29
North China 630 -30 N/A
Subtotal 2,562 -90
Number of distributors of
Region YoY change (number)
Wuliang NongXiang
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
products
China 1,171 112
Total 3,733 22
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 customers reached RMB5,897 million, accounting for 14.55% 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 765 770
South China 565 563
N/A
North China 456 430
Total 1,786 1,763
Applicable □ Not applicable
Product category Platform
Wuliangye-branded Baijiu products:
The 8th-generation Wuliangye, Wuliangye (39% vol), Classic
Tmall, JD, and WeChat
Wuliangye, Wuliangye (29% vol), 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
v. Purchase Model and Purchased Items
Unit: RMB
Purchase model Purchased items Amount
Market-based purchase Raw materials and auxiliary materials, etc. 9,638,606,790.06
Market-based purchase Packaging materials 2,115,893,894.19
Market-based purchase Energy 737,845,442.20
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
vi. Main Production Models
The Company’s Baijiu products are all produced by itself.
Commissioned processing and production:
□ Applicable Not applicable
vii. Production Volume and Inventory
Opening inventory
Product Production volume (ton) Sales volume (ton) Closing inventory (ton)
(ton)
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
YoY
change
Wuliangye-
-53.00% (Note
branded Baijiu 6,173 39.13% 38,400 -10.96% 19,455 25,118 306.90% (Note 2)
products
Other liquor
products
Total 32,799 -32.12% 127,777 -12.76% 112,960 -30.26% 47,616 45.18% (Note 2)
Note 1: The liquor referred to in the table above is all commercial liquor.
Note 2: The Baijiu industry entered a period of in-depth adjustment. Shrinking consumption scenarios and
intensifying market competition led to declining sales volumes and increasing inventories at a cyclical stage.
Category Inventory (ton)
Finished liquor 47,616
Semi-finished liquor (including base liquor
in pottery jars)
Designed production Actual production capacity Production capacity in progress
Major product
capacity (‘0,000 tons) (‘0,000 tons) (‘0,000 tons)
Liquor 21.0227 13.3291 3.95
Note: The liquor in the table above includes Baijiu and base liquor.
II Industry Overview for the Reporting Period
During the Reporting Period, hit by multiple greater-than-expected headwinds, the Baijiu industry entered a
full-scale and in-depth adjustment phase amid an increasingly challenging operating environment. Market
competition intensified continuously, and the industry landscape evolved at an accelerated pace. According to data
released by the National Bureau of Statistics, China’s Baijiu output reached 3.549 million kiloliters in 2025, down
profit before tax amounted to RMB188.4 billion, dropping 13.3% year on year.
III 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.
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 750 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
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
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
process steps, 310 working procedures, and 218 quality inspection points. A through-life, integrated quality
management model “from seed to liquor” has been established. And Wuliangye is among the first to be
included in the protection list of the China-EU Geographical Indications Agreement, as well as the only
Baijiu producer that has won the National Quality Award four times and was shortlisted for the Fifth China
Quality Award. Wuliangye was among the first batch of the China Famous Consumer Goods List issued by
the Ministry of Industry and Information Technology, while the Baijiu sector has been designated as a Time-
Honored Classic Industry for targeted cultivation and development.
The fourth is the brand strength. The Company further cultivated its brand culture and steadily
strengthened its brand presence. Upholding the strategy of “high-end positioning at the forefront, breakthrough
outreach toward younger demographics, and scenario-driven market penetration”, the Company endeavored to
build an all-round, diversified and multi-layered branding system. It maintained in-depth participation in high-
profile events such as APEC, the Boao Forum for Asia, Sustainable Entrepreneurs Forum 2025, the World Expo
and the China International Import Expo. Partnering with the CCTV Spring Festival Gala and Mid-Autumn
Festival Gala, the Company delivered over RMB150 million in “Harmony Gifts”. It polished signature IP
initiatives including the Harmony Cultural Festival, the Rose Wedding Ceremony, the Five Chapters of Happiness,
and the Harmony Night Gala. The Company led the “Sichuan Liquor National Tour” into Shanghai and Hong
Kong, and rolled out the “Harmony Global Tour” spanning Germany, Australia, Seychelles, Singapore, Spain,
South Korea and Thailand, among others. In addition, it was named in the list of “Typical Cases for Quality
Improvement and Brand Development” released by the Ministry of Industry and Information Technology.
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.
IV Analysis of Principal Operations
During the Reporting Period, focusing on Baijiu production, quality improvement, marketing and branding,
the Company continued to shore up fundamentals, address weak links and build momentum, laying a solid
foundation for future improvement in business performance. In 2025, the Company achieved operating revenue of
RMB40.529 billion, down 54.55% year on year, and a net profit attributable to its shareholders of RMB8.954
billion, down 71.89% year on year.
Firstly, product quality was further strengthened. The dedicated grain base for liquor distilling reached
safety”, the Company effectively strengthened coordination between production and sales. It restructured the
Provincial Key Laboratory for Utilization of Solid-state Fermentation Resources. Two technological achievements
were certified as internationally leading. For the first time globally, three new microbial strains were released,
further unlocking the distillation and health-related scientific secrets behind its products. The Company
concurrently obtained three major quality honors: nomination for the Fifth China Quality Award, the EFQM
Global Award, and re-certification for the National Quality Award.
Secondly, branding was further deepened. The Company released the pedigrees of natural inheritors and
craft inheritors, and published the cultural classic Wuliangye Baijiu Canon. It maintained in-depth participation in
high-profile political and business events such as APEC, the Boao Forum for Asia, the World Expo, etc. The
Company took an active part in the CCTV Spring Festival Gala and Mid-Autumn Festival Gala, collaborated with
CCTV, Hunan Satellite TV, Zhejiang Satellite TV and Sichuan Satellite TV to produce hit programs, and rolled
out the “Harmony Global Tour” initiative.
Thirdly, market responsiveness was further enhanced. The Company operated its liquor sales subsidiary
as a fully fledged entity, and implemented a regional accountability system as well as a five-tier joint
accountability mechanism. It continued to expand the reach of traditional channels and accelerated the
development of its “Three Stores and One House” network while advancing direct distribution to point-of-sale
terminals. In e-commerce channels, it further deepened cooperation with leading platforms such as JD.com and
Tmall. For emerging channels, the Company expanded cross-industry clients and group purchasing customers. For
younger consumers, it launched the Wuliangye Crush on product, adopted a fan referral model, and recruited
more than 20,000 brand advocates. On the international market, the Company continued to integrate into local
consumption scenarios.
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Fourthly, the Company further elevated its overall management proficiency. It fully implemented the
work arrangements of central, provincial and municipal authorities regarding the new round of in-depth state-
owned enterprise reform and upgrading initiatives, and continued to build an efficient, professional modern
governance system. Its MSCI ESG rating was upgraded from B to BBB.
Finally, the Company delivered further notable comprehensive results. Wuliangye was selected into the
first batch of the China Famous Consumer Goods List issued by the Ministry of Industry and Information
Technology, while the Baijiu sector has been designated as a Time-Honored Classic Industry for targeted
cultivation and development. It was also selected by the Ministry of Industry and Information Technology as one
of the 2025 “Excellent Smart Factories”.
(1) Breakdown of Operating Revenue
Unit: RMB
As % of total As % of total Change (%)
Operating revenue operating Operating revenue operating revenue
revenue (%) (%)
Total 40,528,509,770.23 100.00% 89,175,178,322.70 100.00% -54.55%
By operating division
Manufacturing 40,528,509,770.23 100.00% 89,175,178,322.70 100.00% -54.55%
By product category
Liquor products 37,103,992,232.59 91.55% 83,126,834,116.05 93.22% -55.36%
Non-liquor products 3,424,517,537.64 8.45% 6,048,344,206.65 6.78% -43.38%
By operating segment
Liquor products 37,103,992,232.59 91.55% 83,126,834,116.05 93.22% -55.36%
Of which: East China 12,831,595,450.04 31.66% 31,290,019,510.12 35.09% -58.99%
South China 17,824,948,680.44 43.98% 39,335,834,243.15 44.11% -54.69%
North China 6,447,448,102.11 15.91% 12,500,980,362.78 14.02% -48.42%
Non-liquor products 3,424,517,537.64 8.45% 6,048,344,206.65 6.78% -43.38%
By sales model
Liquor products 37,103,992,232.59 91.55% 83,126,834,116.05 93.22% -55.36%
Of which: Distribution
model
Direct-to-
consumer model
Non-liquor products 3,424,517,537.64 8.45% 6,048,344,206.65 6.78% -43.38%
Note: The Baijiu industry entered a period of in-depth adjustment, and intensifying market competition
exerted certain pressure on revenue during the period.
(2) Operating Division, Product Category, Operating Segment or Sales Model Contributing over 10% of
Operating Revenue or Operating Profit
Applicable □ Not applicable
Unit: RMB
YoY
Gross YoY change YoY change in
change in
Operating revenue Cost of sales profit in operating cost of sales
gross profit
margin revenue (%) (%)
margin (%)
By operating division
Manufacturing
(liquor production)
By product category
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Liquor products 37,103,992,232.59 6,027,808,125.55 83.75% -55.36% -59.24% 1.54%
Of which:
Wuliangye-branded 27,936,099,726.56 2,919,602,981.19 89.55% -58.84% -66.86% 2.53%
Baijiu products
Other liquor
products
By operating segment
Liquor products 37,103,992,232.59 6,027,808,125.55 83.75% -55.36% -59.24% 1.54%
Of which: East
China
South China 17,824,948,680.44 3,694,433,392.63 79.27% -54.69% -57.00% 1.11%
North China 6,447,448,102.11 854,081,946.37 86.75% -48.42% -54.13% 1.65%
By sales model
Liquor products 37,103,992,232.59 6,027,808,125.55 83.75% -55.36% -59.24% 1.54%
Of which:
Distribution model
Direct-to-
consumer model
Data of principal operations for the prior period adjusted according to the changed methods of measurement
that occurred in the Reporting Period:
□ Applicable Not applicable
(3) Whether Revenue from Physical Sales Is Higher than Service Revenue
Yes □ No
Operating division Item Unit 2025 2024 Change (%)
Sales volume Metric ton 112,960 161,984 -30.26% (note)
Liquor Production volume Metric ton 127,777 146,461 -12.76%
Inventory Metric ton 47,616 32,799 45.18% (note)
Any over 30% YoY movements in the data above and why:
Applicable □ Not applicable
Note: The Baijiu industry entered a period of in-depth adjustment. Shrinking consumption scenarios and
intensifying market competition led to declining sales volumes and increasing inventories at a cyclical stage.
(4) Execution Progress of Significant Signed Sales or Purchase Contracts in the Reporting Period
□ Applicable Not applicable
(5) Breakdown of Cost of Sales
Unit: RMB
Operating in
Item As % of total cost As % of total cost
division Cost of sales Cost of sales percenta
of sales (%) of sales (%) ge
Raw
materials
Manufactu Labor cost 2,794,300,784.75 30.70% 6,418,761,550.78 31.37% -0.67%
ring Energy 660,802,074.83 7.26% 1,255,771,172.48 6.14% 1.12%
Productio
n cost
(6) Changes in the Scope of Consolidated Financial Statements for the Reporting Period
Yes □ No
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
As approved at the Fifth Meeting of the Sixth Board of Directors in 2025, it was agreed that the Company
would invest RMB100 million to establish Yibin Wuliangye Technology Innovation Co., Ltd., in which the
Company holds 100% equity interests.
(7) Significant Changes to the Business Scope or Product or Service Range in the Reporting Period
□ Applicable Not applicable
(8) Major Customers and Suppliers
Major customers:
Total sales to top five customers (RMB) 5,896,739,169.48
Total sales to top five customers as % of total sales in the
Reporting Period (%)
Total sales to related parties among top five customers as % of
total sales in the Reporting Period (%)
Top five customers:
As % of total sales in the
No. Customer Sales to the customer (RMB)
Reporting Period (%)
Total -- 5,896,739,169.48 14.55%
Other information about major customers:
□ Applicable Not applicable
Major suppliers:
Total purchases from top five suppliers (RMB) 3,694,394,245.23
Total purchases from top five suppliers as % of total purchases
in the Reporting Period (%)
Total purchases from related parties among top five suppliers
as % of total purchases in the Reporting Period (%)
Top five suppliers:
As % of total purchases in the
No. Supplier Purchases (RMB)
Reporting Period (%)
Total -- 3,694,394,245.23 29.57%
Other information about major suppliers:
□ Applicable Not applicable
Indicate whether the Company’s trading revenue accounted for more than 10% of its total operating revenue
during the Reporting Period.
□ Applicable Not applicable
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Unit: RMB
Main reason for any
Item 2025 2024 Change (%)
significant change
Selling expense 7,628,615,140.51 10,692,376,117.41 -28.65%
Administrative expense 3,096,502,911.23 3,555,238,122.50 -12.90%
Finance costs -2,661,630,589.09 -2,833,530,840.46 N/A
R&D expense 449,183,817.50 405,053,632.27 10.89%
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) Breakdown of Selling Expense
Unit: RMB
Change Reason for
Item As % of selling As % of selling
Amount Amount (%) change
expense expense
Image promotion
expense
Sales promotion
expense
Warehousing and
logistics expense
Labor cost 597,297,424.27 7.83% 682,820,306.59 6.39% -12.52%
Other expenses 649,010,062.23 8.51% 696,365,087.57 6.51% -6.80%
Total 7,628,615,140.51 10,692,376,117.41 -28.65%
Note: The Baijiu industry entered a period of in-depth adjustment. Shrinking consumption scenarios and
intensifying market competition exerted a certain impact on sales during the period, leading to a reduction in
corresponding market investment.
(2) Advertising Expense
During 2025, the Company’s primary advertising means included TV, broadcasting, Internet, outdoor ads
and exhibitions. The expenses on online, offline and TV ads were RMB178 million, RMB825 million and
RMB502 million, respectively.
Applicable □ Not applicable
Expected impact on the
Main R&D project Purpose Progress Specific objectives
Company
The purpose is to use To clarify the
modern biological active Targeted understanding of the
technologies to conduct (1) We constructed a profile of the active microorganisms active microorganisms and
targeted analysis of the microorganisms and enzymes in and enzymatic enzymatic composition in
active microorganisms and Baobaoqu, and analyzed their changes, composition in Baobaoqu as well as their
Analysis of the
enzymatic composition in confirming that Baobaoqu is an Wuliangye changes, and constructing a
succession patterns
Wuliangye Baobaoqu, as important saccharifying agent; Baobaoqu and their metabolic network for key
of Wuliangye
well as to track changes in (2) A completely new species of changes over time, compounds in Baobaoqu, will
Baobaoqu based on
these components. The functional Bacillus was discovered in the to establish a help facilitate precise control
meta-omics
project aims to construct a leaven-making environment and named metabolic network over the Baobaoqu production
technology
metabolic network of the key “Bacillus multifaciens”; of key compounds process, improve Baobaoqu
components of Baobaoqu, (3) We established the critical material in Baobaoqu, and quality, and thereby increase
enable precise control over metabolism network for Baobaoqu. apply it to the yield of high-quality
Baobaoqu production, Baobaoqu Wuliangye.
improve Baobaoqu quality, production
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
and thereby increase the
yield of high-quality
Wuliangye.
To establish a
foundational
The purpose is to build upon
(1) We continued to improve the database of
the preliminary ecological We scientifically explained the
meteorological data monitoring system ecological and
and environmental impact of the ecological
at the Wuliangye Industrial Park to track environmental
monitoring system to environment of the Wuliangye
changes in the environmental microbial factors for the
continuously track and Industrial Park on Baijiu
communities in the park; Wuliangye
compare environmental quality. This enabled the
(2) We built meteorological data Industrial Park,
changes in the new and development of an early-
monitoring systems for different clarify the
Construction and existing distilling zones warning mechanism for
distilling areas, established correlation between
research on the within the distilling area distilling environmental micro-
meteorological data monitoring systems the park’s
ecological factor newly established under the ecosystems in response to
for both the new and old distilling zones, microclimate and
monitoring system high-quality and fast growth climate change, maintaining
and simultaneously tracked changes in zones suitable for
in the Wuliangye program. The project aims to the ecological sustainability of
microbial communities in the two zones; high-quality liquor
Industrial Park investigate the mechanisms Wuliangye distilling, and
(3) We completed research on the distilling, and
of interaction between the effectively preserving
succession process of microbial identify the unique
new distilling zone and its Wuliangye’s advantageous
communities in the park as climatic and
external environment, and to position as China’s largest
environmental conditions changed, ecological
elucidate the patterns of distilling base using the pure-
exploring the intrinsic links between advantages of the
succession and formation grain solid fermentation
climate and environmental Wuliangye
mechanisms of the distilling technique.
microorganisms. Industrial Park that
microclimate.
make it ideal for
liquor distilling
To establish a
database of volatile
phenolic
compounds during
The purpose is to establish a (1) We established analytical methods the liquor-making
It will help the enterprise
phenolic compound database for phenolic compounds, and process, clarify the
Research on the transition from experience-
covering the entire liquor- systematically studied the spatial spatiotemporal
temporal and based distilling to science-
distilling process, identify distribution patterns of phenolic distribution
spatial distribution based distilling, effectively
key control points in the compounds during the fermentation patterns of phenolic
and migration improve the flavor stability and
production process, provide process; compound content
patterns of volatile quality consistency of base
technical support for (2) We systematically studied the and their variation
phenolic liquor, and enhance the
controlling phenolic migration patterns of phenolic during distillation,
compounds during Company’s core advantages in
compounds during compounds during the distillation and lay the
fermentation and quality control, technological
production, and support the process, and explored the spatial technical
distillation innovation, and market
improvement of base liquor distribution characteristics of phenolic foundation for the
competition.
quality. substances in base liquor. scientific regulation
of volatile phenolic
compounds during
fermentation and
distillation
The establishment and
The purpose is to develop a
(1) We completed the configuration of application of the rapid testing
rapid detection system based
the fully automated cadmium system for raw grain quality
on multimodal sensors and
measurement system, and provided significantly improved the
AI models to replace
professional skills training to grain Company’s testing efficiency
traditional physicochemical
inspection personnel. The Company’s for raw and auxiliary materials,
testing methods and applied To establish a rapid
Research on rapid technical standards have been applied in substantially reduced labor
it to production. The project testing system for
detection methods actual production, with good costs for grain inspection, and
aims to improve the raw grains and
for distilling raw implementation results; generated a massive volume of
detection efficiency of raw apply it in actual
material quality (2) Rapid testing methods for rice quality testing data on raw and
and auxiliary materials, production
milling yield, chalkiness, and grain auxiliary materials, helping
reduce testing time, lower
shape were established; on-site build a large database for raw
labor costs for testing, and
validation trials were completed; and and auxiliary material quality
optimize the safety detection
corporate technical standards were management and achieve a
system for raw and auxiliary
formulated and published. comprehensive improvement in
materials for distilling.
the quality and safety
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
management of raw and
auxiliary materials.
Particulars about R&D personnel:
Number of R&D personnel 2,581 2,580 0.04%
R&D personnel as % of total
employees
Educational background of R&D personnel
Bachelor’s degree 924 921 0.33%
Master’s degree 180 176 2.27%
Doctoral degree 30 25 20.00%
Age structure of R&D personnel
Below 30 783 774 1.16%
Over 40 690 701 -1.57%
Particulars about R&D investments:
R&D investments (RMB) 449,183,817.50 405,053,632.27 10.89%
R&D investments as % of operating
revenue
Capitalized R&D investments (RMB) 0.00 0.00 0.00%
Capitalized R&D investments as % of
total R&D investments
Reasons for any significant change to the composition of R&D personnel and the impact:
□ Applicable Not applicable
Reasons for any significant YoY change in the percentage of R&D investments in operating revenue:
□ Applicable Not applicable
Reasons for any sharp variation in the percentage of capitalized R&D investments and rationale:
□ Applicable Not applicable
Unit: RMB
Item 2025 2024 Change (%)
Subtotal of cash generated from
operating activities
Subtotal of cash used in operating
activities
Net cash generated from/used in
operating activities
Subtotal of cash generated from
investing activities
Subtotal of cash used in investing
activities
Net cash generated from/used in
-1,970,567,930.01 -2,642,221,739.05 N/A
investing activities
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Subtotal of cash generated from
financing activities
Subtotal of cash used in financing
activities
Net cash generated from/used in
-28,391,572,146.41 -19,622,477,387.77 N/A
financing activities
Net increase in cash and cash
-656,583,784.01 11,675,590,193.38 -105.62% (Note 3)
equivalents
Explanation of why any of the data above varies significantly on a year-on-year basis:
Applicable □ Not applicable
Note 1: This is primarily driven by the increased net proceeds from the disposal of fixed assets, intangible
assets and other long-term assets during the Reporting Period.
Note 2: This is primarily driven by the increased capital contributions received by subsidiaries from non-
controlling interests.
Note 3: This is primarily driven by the significantly increased cash dividend payout during the Reporting
Period.
Explanation of why the net cash generated from/used in operating activities varies significantly from the net
profit of the Reporting Period:
□ Applicable Not applicable
V Analysis of Non-Core Businesses
□ Applicable Not applicable
VI Analysis of Assets and Liabilities
Unit: RMB
December 31, 2025 January 1, 2025 Reaso
n for
Change in any
Item As % of total As % of total percentag signifi
Amount Amount e (%) cant
assets assets
chang
e
Monetary
assets
Accounts
receivable
Inventories 20,065,336,751.20 10.56% 18,233,702,166.62 9.69% 0.87%
Long-term
equity 2,233,514,411.45 1.18% 2,081,612,703.43 1.11% 0.07%
investments
Fixed assets 7,641,231,013.35 4.02% 7,264,740,683.62 3.86% 0.16%
Construction in
progress
Right-of-use
assets
Contract
liabilities
Lease liabilities 44,381,182.44 0.02% 393,922,062.84 0.21% -0.19%
Indicate whether overseas assets account for a large proportion in total assets.
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
□ Applicable Not applicable
Applicable □ Not applicable
Unit: RMB
Gain/l
Purc
oss on Cumulat Impair
hase Sold
fair- ive fair- ment
d in in the
value value allowa
the curre
Item Opening amount change changes nce for Other changes Closing amount
curr nt
s in recogniz the
ent perio
the ed in current
peri d
current 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
Other
Total of the above 19,567,597,992.11 -10,164,757,216.37 9,402,840,775.74
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 current period represented the
net amount recognized and utilized during the current period.
Indicate whether any significant change occurred to the measurement attributes of the major assets in the
Reporting Period.
□ Yes No
Unit: RMB
Item Closing carrying amount Reason for restriction
Security deposits for bank acceptance bills, other security deposits,
and the balance in the securities trading account with the Yibin
Monetary assets 334,485,788.13
Jinshajiang Avenue Securities Sales Department of SDIC Securities
Co., Ltd.
Other current assets 4,906,972,184.40 Restricted due to regulatory requirements
Total 5,241,457,972.53
VII Investment Analysis
□ Applicable Not applicable
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
□ 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.
VIII Sale of Major Assets and Equity Investments
□ Applicable Not applicable
No such cases in the Reporting Period.
□ Applicable Not applicable
IX 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
Liquor-
Yibin Wuliangye Liquor Sales Co.,
Subsidiary related 200,000,000.00 73,864,067,512.75 21,993,806,256.26
Ltd.
operations
Unit: RMB
Relationsh
Principal
Name ip with the Operating revenue Operating profit Net profit
activities
Company
Liquor-
Yibin Wuliangye Liquor Sales Co.,
Subsidiary related 25,090,866,956.40 6,851,199,968.28 5,144,983,394.13
Ltd.
operations
Subsidiaries acquired or disposed of in the Reporting Period:
□ Applicable Not applicable
X Structured Entities Controlled by the Company
□ Applicable Not applicable
XI Prospects
i. Industry Landscape and Trends
At present, Chinese Baijiu is in a period of deep adjustment marked by the resonance of the economic cycle,
consumption cycle, and industry cycle. This is not only a critical juncture of transformation where challenges and
pressures coexist, but also a starting point for innovation where opportunities and hope are intertwined. Periodic
adjustments are an objective law of industrial evolution. The underlying logic of the Baijiu industry as a long-
cycle industry has not changed, the market logic of meeting people’s aspirations for a better life has not changed,
and the value expression logic of creating a better life has not changed. The overall long-term positive trend still
has multiple supports.
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Firstly, support policies at all levels continue to intensify. Last October, the liquor distilling industry was
recognized as a “Time-Honored Classic Industry” for the first time, marking a historic shift in the policy
orientation of the liquor industry. On the eve of this year’s Spring Festival, the Ministry of Industry and
Information Technology and other authorities issued the Guiding Opinions on Improving the Quality and
Upgrading the Liquor Distilling Industry (2026–2030), positioning the liquor distilling industry as “a traditional
competitive industry and a fundamental livelihood industry in China”. From the local level, core regions of
production such as Sichuan and Guizhou have incorporated promoting the high-quality development of the
historical classic industry into their provincial 15th Five-Year development plans.
Secondly, China’s economy has a solid foundation and strong resilience. At present, China’s economy
has shifted from a phase of rapid growth to a phase of high-quality development. In 2025, China’s total economic
output exceeded RMB140 trillion for the first time, with the growth rate maintained at 5%. The annual GDP
increment was approximately RMB7 trillion, far higher than the annual GDP increment of approximately RMB4
trillion during the industry adjustment period in 2012. As a super-large economy, our country has a large
economic increment and vast market potential, fully capable of supporting the Baijiu industry in moving forward
with resilience.
Thirdly, the foundation of China’s strategy to expand domestic demand remains solid. The country’s
boosting consumption”; the Central Work Conference explicitly stated that “expanding domestic demand must be
given top priority”; and the Ministry of Commerce listed boosting consumption as the top priority at the National
Commerce Work Conference, proposing to “deeply implement special actions to boost consumption and
accelerate the cultivation of new growth drivers for service consumption”. As a series of existing and incremental
policies to expand domestic demand are implemented and take effect, they will continue to stimulate the potential
and vitality of the domestic consumer market, and promote the steady expansion and sustained growth of the
consumer market.
Finally, the trend of consumption upgrading in China’s society continues. In the long term, the trend of
consumption upgrading in China is irreversible. At present, China’s GDP per capita has exceeded USD0.014, and
the country is advancing from a middle-income country toward a high-income country, which will give rise to
more diversified consumer demand and drive the consumption structure to upgrade to a higher level.
ii. Development Strategies of the Company
The Company will adhere to its overall positioning as “a leader in the inheritance, integration and cluster-
based development of Baijiu as a Time-Honored Classic Industry”. Taking quality, culture, integrity and
innovation as the foundation, the Company will steadily consolidate its fundamentals, leverage strengths, shore up
weaknesses, advance transformation and pursue world-class excellence. It will accelerate the fostering of new
competitive edges and cultivate new growth drivers, further strengthen its status as a leading Baijiu producer, and
take the lead in building a world-class quality Baijiu business cluster.
iii. Completion of the Business Plan for 2025
Planning at the beginning of the year: To consolidate and enhance a stable development trend, improve both
brand value and market share, as well as to keep growth in operating revenue in pace with that in macroeconomic
indicators.
Actual results: In 2025, the Baijiu industry entered a period of in-depth adjustment. The Company
proactively adjusted its business strategies to adapt to market changes and relieved operational pressures for
distribution channels. As a result, the Company achieved total operating revenue of RMB40.529 billion, a year-
on-year decrease of 54.55%.
iv. Development Goals for 2026
trends, adhere to quality standards, inherit and carry forward culture, uphold integrity while pursuing innovation,
and work pragmatically with ambition. It will make timely adjustments, accumulate strength, and strive to achieve
high-quality sell-through and effective growth in market share.
The year 2026 marks the 105th anniversary of the founding of the Communist Party of China and the kickoff
year of the 15th Five-Year Plan. Delivering a strong start is of vital importance. Guided by Xi Jinping’s Thought
on Socialism with Chinese Characteristics for a New Era, the Company will thoroughly implement the guiding
principles of the 20th National Congress of the Communist Party of China and all plenary sessions of the 20th
Central Committee. It will earnestly follow the arrangements and requirements of the economic work conferences
of the Central Government, the Provincial Party Committee and the Municipal Party Committee, as well as all
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
decisions and deployments of the Municipal Party Committee and the Municipal Government. The Company will
fully, accurately and comprehensively apply the new development philosophy, firmly adhere to the theme of high-
quality development, and take quality, culture, integrity and innovation as the foundation. It will accelerate the
expansion of new supply, new scenarios, new channels, new markets and new mechanisms, drive new supply with
new demand and create new demand through new supply, so as to continuously strengthen its leadership
industrywide.
v. Potential Risks
Firstly, there may be uncertainties in the environment at home and abroad; secondly, the recovery of
effective demand may fall short of expectations; and finally, competition in the industry, especially among the top
players, may be increasingly intense.
XII Researches, Inquiries, Interviews, etc. Received during the Reporting Period
Applicable □ Not applicable
Type of
Main discussions
Way of the Index to the
and materials
Date Place communicat commun Communication party relevant
provided by the
ion ication information
Company
party
The One-on-one Instituti Yinhua Fund and GF
January 10, 2025
Company meeting on Securities
The Instituti E Fund and Haitong
March 3, 2025 By phone
Company on Securities
Zhong Ou Asset,
Investor
Instituti Fullgoal Fund, China
March 4, 2025 Shanghai communicat
on Merchants Fund, and
ion meeting
others
E Fund, Invesco Great
Investor
Guangzho Instituti Wall Fund, GF Fund
March 5, 2025 communicat
u on Management, and
ion meeting
others
Harvest Fund, Bosera
The Instituti
March 12, 2025 By phone Funds, Taikang Asset,
Company on
and others
The Instituti
March 13, 2025 By phone Brilliance Capital
Company on The Company’s
The One-on-one Instituti Yinhua Fund and development
March 17, 2025 http://www.cni
Company meeting on Huachuang Securities strategies,
nfo.com.cn
Bosera Funds, China production and
The One-on-one Instituti Asset Management, operation status
March 18, 2025
Company meeting on Guosheng Securities,
and others
Perseverance Asset
Management, J.P.
The One-on-one Instituti
March 19, 2025 Morgan Asset
Company meeting on
Management, CICC,
and others
Investor China Merchants Fund,
Instituti
March 21, 2025 Chengdu communicat Huatai Securities, and
on
ion meeting others
Instituti
Operating E Fund, Invesco Great
The onal and
May 9, 2025 results Wall Fund, individual
Company individu
presentation shareholders, and others
al
Securities Instituti JP Morgan Group,
May 21, 2025 Shanghai
firm’s on Morgan Stanley, and
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
investment others
strategy
conference
The Instituti E Fund and Guotai
May 26, 2025 By phone
Company on Haitong Securities
The 2024
Instituti
Annual E Fund, Invesco Great
The onal and
June 20, 2025 Meeting of Wall Fund, individual
Company individu
Shareholder shareholders, and others
al
s
Investor JPMorgan Chase,
Instituti
July 15, 2025 London communicat Amundi, Invesco Ltd,
on
ion meeting etc.
The Instituti
July 23, 2025 By phone Templeton Chris
Company on
The One-on-one Instituti
July 29, 2025 Library Group
Company meeting on
Securities
firm’s
Instituti Bosera Funds, Franklin,
September 3, 2025 Shenzhen investment
on Lazard, etc.
strategy
conference
Securities
Fullgoal Fund, J.P.
firm’s
Instituti Morgan Asset
September 4, 2025 Shanghai investment
on Management, Guotai
strategy
Haitong, etc.
conference
Shenzhen Beidouxing,
New China Asset
The One-on-one Instituti
September 24, 2025 Management,
Company meeting on
Huachuang Securities,
etc.
The Instituti
September 26, 2025 By phone E Fund, Guotai Haitong
Company on
The Instituti
November 13, 2025 By phone E Fund, Guotai Haitong
Company on
Ping An Asset
The One-on-one Instituti
November 14, 2025 Management,
Company meeting on
Huachuang Securities
Securities
firm’s Harvest Fund, Yinhua
Instituti
November 19, 2025 Beijing investment Fund, Guotai Haitong,
on
strategy etc.
conference
The One-on-one Instituti
November 20, 2025 Brilliance Capital
Company meeting on
The Instituti Mondrian, Citadel,
November 26, 2025 By phone
Company on CICC, etc.
Securities
China Merchants Fund,
firm’s
Instituti Dacheng Fund, Penghua
December 3, 2025 Shenzhen investment
on Fund, Huachuang
strategy
Securities, etc.
conference
Securities Hwabao WP Fund, J.P.
Instituti
December 4, 2025 Shanghai firm’s Morgan Asset
on
investment Management, Guotai
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
strategy Haitong, etc.
conference
The One-on-one Instituti Dacheng Fund,
December 12, 2025
Company meeting on Huachuang Securities
E Fund, China
Investor Merchants Fund, First
The Instituti
December 18, 2025 communicat Seafront Fund, Rui Life
Company on
ion meeting Insurance, China
Everwin Asset, etc.
XIII 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.
XIV 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.
i. Strengthen development and build momentum for sustainable development
In the face of multiple factors such as changes in the consumer market and deep industry adjustments, the
Company consistently maintained strategic resolve, focused on strengthening our foundations for the long term,
and promoted sustainable corporate development.
Firstly, support for innovation continued to grow. The Company adhered to a market demand-oriented
approach, coordinated the advancement of product innovation, production technique optimization, and quality
improvement, and continuously strengthened the momentum for development. In 2025, the Company adapted to
changes in consumption, launched Wuliangye Crush on, and innovatively created new scenarios and new formats
such as “Wuliang Flame”, the West Lake Trend Experience Hall, and pop-up stores, promoting coordinated
efforts in product innovation and consumer engagement. We continuously consolidated our production foundation
by establishing 183,000 mu of dedicated grain base area for liquor distilling. The production volume of medium-
temperature liquor and the production volume of Grade I liquor achieved year-on-year growth. Quality
management achievements became increasingly evident, as the Company received a nomination for the China
Quality Award, earned the EFQM Global Award (Seven Diamonds), and successfully passed the re-certification
for the National Quality Award.
Secondly, brand culture development continued to deepen. The Company continued to improve its brand
development system around using culture to forge the soul, empowering communication, and maintaining image.
In 2025, the Company intensively developed distinctive branded cultural IPs, stepped up efforts to systematically
sort out the lineage of its historical and cultural context, carefully planned and participated in relevant major
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
events, and successfully held a series of high-quality events including the 750th anniversary of the Wuliangye
Yuan and Ming Dynasty Ancient Fermentation Pit Cluster; innovatively prepared branded IP events such as the
Harmony Cultural Festival, the Harmony Wedding Ceremony, and the “Five Chapters of Happiness”; upgraded
and enhanced high-quality cultural IPs such as the “China Reading Circle”; and continuously advanced projects
under the Brand Powerhouse Initiative. At the same time, we further built a full-domain brand communication
system, deepened cooperation with mainstream media, maintained a strong presence at high-profile platforms
such as the Boao Forum for Asia, APEC, and the China International Import Expo, and meticulously managed
domestic and overseas social media platforms to enhance brand exposure at core landmarks. Simultaneously, we
advanced the development of platforms such as the intellectual property digital system and the brand protection
exhibition center, while continuously strengthening the maintenance of our brand image.
Finally, key projects were implemented in an orderly manner. Centered on the requirements for high-
quality development, the Company continuously advanced the construction of key projects and supporting
projects, and our development support capabilities were continuously strengthened. In 2025, the Company orderly
advanced the subsequent commissioning and operation work of the high-quality and fast growth program,
accelerated the construction of projects such as Phase II of the 100,000-ton Ecological Distillery Project and the
Jiangbei area water supply system renovation project, initiated the construction of a smart factory, and
simultaneously advanced supporting projects in packaging, environmental protection, cultural tourism, and other
areas, thereby laying a solid foundation for the Company’s steady development.
ii. Strengthen compliance and continuously improve corporate governance
Firstly, the information disclosure continued to be strengthened. The Company continued to strengthen
information disclosure management. During 2025, the Company prepared and disclosed 98 announcements,
conveying relevant information on its production and operation in a timely manner with increasing transparency.
And it has won the highest level (A) assessment of information disclosure from the Shenzhen Stock Exchange for
Secondly, the governance system continued to be optimized. In 2025, the Company completed the re-
election of the Board of Directors on schedule, optimized the Board of Directors’ structure, and enhanced its
capacity to perform duties professionally. Throughout the year, the Board of Directors convened 14 meetings in
accordance with laws and regulations, efficiently reviewed 56 proposals of various types, strictly fulfilled
decision-making procedures, and ensured standardized operation and scientific decision-making of the Board of
Directors. In accordance with the new Company Law and regulatory requirements, the Supervisory Committee
was abolished, and the Audit Committee of the Board of Directors fully assumed the supervisory functions,
thereby strengthening the effectiveness of financial oversight, internal control review, and risk management and
control. At the same time, we systematically revised governance documents such as Articles of Association, Rules
of Procedure for Meetings of Shareholders, Rules of Procedure for Meetings of the Board of Directors and the
working rules of various specialized committees, continuously improving a modern corporate governance
mechanism with clear rights and responsibilities, effective checks and balances, and standardized operation, and
continuously enhancing the level of standardized governance and compliance management capabilities.
Finally, the supervision mechanism continued to be sound. In 2025, we held dedicated meetings of
independent directors in a standardized manner, fully safeguarding the role of independent directors in performing
their duties independently, conducting prior review, and carrying out special supervision. We continued to
strengthen the substantive review by the Audit Committee of the Board of Directors of financial reports, internal
controls, and related-party transactions, and strictly carried out risk investigation and internal control supervision.
We continuously improved key oversight processes such as the management of insiders with access to inside
information and the review of related-party transactions, strengthened whole-process oversight of major operating
matters, and ensured that the Company operated in a standardized, orderly, and compliant manner.
iii. Strengthen returns and continuously increase shareholder returns
The Company has always upheld its core value philosophy of “creating sound returns for investors”. While
focusing on the development of its core business and steadily improving operational quality and efficiency, it
actively shares the fruits of corporate growth with all shareholders. In 2025, the Company made two cash
dividend payouts, namely the 2024 final dividend and the 2025 interim dividend, with a cumulative cash dividend
payout of RMB22.308 billion, delivering tangible returns to all investors.
iv. Strengthen confidence with the largest shareholder increasing its shareholding in the Company
Based on its firm confidence in the Company’s continuously stable development and full recognition of the
Company’s long-term investment value, Wuliangye Group carried out another plan on April 9, 2025 to increase
its shareholding in the Company. The said shareholding increase has been completed on September 30, 2025.
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Wuliangye Group acquired a total of 6,273,266 additional shares in the Company with an amount of
RMB800.0363 million, accounting for 0.16% of the Company’s total share capital.
v. Strengthen communication and continuously optimise investor relations management
In 2025, the Company organized and convened the “2024 Annual and 2025 First Quarterly Results
Presentation” and the “2024 Annual Meeting of Shareholders”, earnestly responded to investor concerns, and fully
listened to the opinions and suggestions of minority shareholders; proactively conducted reverse roadshows and
participated in securities firms’ investment strategy conferences, engaged deeply with institutional investors, and
comprehensively communicated the Company’s development value; orderly conducted one-on-one meetings with
institutional and individual investors, and candidly exchanged views on operating conditions and future plans;
continuously kept online communication channels such as the investor hotline and the Easy IR platform,
responded to investor inquiries in a timely manner, and safeguarded the rights of minority investors to know,
participate, and supervise. Through diversified and regular investor communication activities, we continuously
enhanced the capital market’s recognition of the Company and effectively maintained a sound image in the capital
market.
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 sound
performance, standardised corporate governance, and good investment returns, effectively fulfil the
responsibilities and obligations of a listed company, enhance investor confidence, and achieve sustained high-
quality development of the Company.
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Part IV Governance, Environmental and Social Information
I Corporate Governance Overview
In 2025, focusing closely on the development goal of building a world-class enterprise with modern
governance, the Company continued to improve its corporate governance structure, optimize its mechanisms, as
well as accelerate the establishment of a well-organized, well-coordinated and well-balanced corporate
governance mechanism.
Firstly, the Company continuously optimized the governance system. During the Reporting Period, the
Company revised 15 sets of rules including the Rules of Procedure for Meetings of Shareholders, further
consolidating the foundation of corporate governance. In relation to the decision-making of major matters, the
Company continued to improve the pre-review mechanism, strictly implemented the preliminary deliberation
procedure of the Party Committee, and steadily enhanced the Board of Directors’ capability for scientific decision-
making and compliant operation. Throughout the year, the Company convened one meeting of shareholders,
deliberating 18 proposals; and held 14 meetings of the Board of Directors, deliberating 56 proposals. The
functions and powers of the Board of Directors were effectively fulfilled, enabling more compliant and efficient
corporate governance.
Secondly, the Company continuously improved the supervision mechanism. During the Reporting Period,
the Company continued to improve its supervision mechanism and gave full play to the supervisory and checks-
and-balances role of independent directors. Throughout the year, the independent directors attended 14 meetings
of the Board of Directors, attended one meeting of shareholders as non-voting participants, and participated in one
special meeting of independent directors. They conducted independent deliberations and expressed opinions on
matters such as related-party transactions. In accordance with the new Company Law and regulatory requirements,
the Company abolished the Supervisory Committee, and the Audit Committee of the Board of Directors fully
assumed the supervisory powers, enhancing the effectiveness of financial supervision, internal control review and
risk control.
Finally, the Company continuously improved internal control effectiveness. During the Reporting Period,
the Company continued to strengthen the construction of its internal control system, further improving its ability
to prevent risks and operate in a compliant manner. The Company continuously optimized related-party
transaction management, regularly updated the list of related parties, strengthened the whole-process management
of related-party transactions, and organized the Related-Party Transaction Leading Group to conduct regular
research and discussions on relevant matters.
Indicate whether there is any material incompliance with the applicable laws, regulations, or rules issued by
the CSRC governing the governance of listed companies.
□ Yes No
No such cases.
II Independence of the Company from its Controlling Shareholder and Actual Controller in
Assets, Personnel, Finance, Organizational Structure, Business, etc.
The Company is independent of its controlling shareholder in business, personnel, assets, organizational
structure, finance, etc. It has independent and complete systems of production and operation and is able to operate
on its own.
In terms of business, the Company has independent production and operation systems, production supporting
systems and related ancillary facilities. It is able to make decisions on its own with respect to operating activities.
In terms of personnel, the Company independently manages labor, human resources and salaries.
In terms of assets, the Company has ownership and control of its assets, and the controlling shareholder does
not occupy its assets or funds.
In terms of organizational structure, the principal management organs and systems for production and
operation of the Company are independent.
In terms of finance, the Company has an independent financial organ, independent accounting system and
financial management mechanism, and has its own bank account.
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
III Horizontal Competition
□ Applicable Not applicable
IV Directors and Senior Management
Inc De
rea cre Ot
se ase her
in in inc
the the rea
Empl Closing Reason
Opening cur cur se/
Gen Ag oyme sharehol for
Name Office title Start of office term End of office term shareholdi ren ren dec
der e nt ding share
ng (share) t t rea
status (share) changes
per per se
iod iod (sh
(sh (sh are
are are )
) )
Secretary of
Zeng the CPC January 28, 2022
Mal
Congqi 57 Committee
e
n Chairman of
June 20, 2025
the Board
Deputy
Secretary of
September 25, 2024
the CPC
Incu
Hua Mal Committee
Tao e General
t June 20, 2025
Manager
Vice Chairman
June 20, 2025
of the Board
Member of the
CPC Incu December 30, 2020
Zhang Mal
Yu e
Vice Chairman t
June 20, 2025
of the Board
Deputy
Secretary of Incu
Xiao Mal December 15, 2021
Hao e
Committee t
Director June 20, 2025
Han Incu
Mal
Chengk 44 Director mben June 20, 2025 Currently ongoing
e
e t
Member of the
CPC September 25, 2023
Committee
Director June 20, 2025
Incu
Zhang Mal Deputy
Xin e General June 20, 2025
t
Manager
CFO June 20, 2025
Board
June 20, 2025
Secretary
Hou Incu
Mal Independent
Shuipin 70 mben June 20, 2025 Currently ongoing
e Director
g t
Incu
Luo Mal Independent
Huawei e Director
t
Incu
Mal Independent
Lu Li 55 mben June 20, 2025 Currently ongoing
e Director
t
Incu
Ding Mal Independent
Nan e Director
t
Member of the
Incu
Yang Fem CPC May 23, 2022
Yunxia ale Committee
t
Chief Engineer June 20, 2025
Member of the
CPC Incu February 22, 2022
Jiang Mal
Jia e
Deputy t
June 20, 2025
General
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Manager
Deputy Incu
Yue Mal
Song e
Manager t
Deputy Incu
Chen Mal
Chong e
Manager t
Wang Deputy Incu
Mal
Yuanpe 38 General mben June 20, 2025 Currently ongoing
e
i Manager t
Fem Form
Xu Bo 58 Director May 27, 2022 June 20, 2025
ale er
Xie Mal Independent Form
Zhihua e Director er
Mal Independent Form
Wu Yue 59 May 27, 2022 June 20, 2025
e Director er
Deputy
Mal Form
Li Jian 51 General May 27, 2022 January 2, 2025
e er
Manager
Total -- -- -- -- -- -- 126,153 0 0 0 126,153 --
Indicate whether any director or senior management resigned before the expiration of their terms of office
during the Reporting Period.
Yes □ No
City, Mr. Li Jian ceased to serve as Deputy General Manager of the Company on January 2, 2025 due to job
adjustment.
Changes of directors and senior management:
Applicable □ Not applicable
Name Office title Type of change Date Reason
Lu Li Independent Director Elected June 20, 2025 Re-election
Ding Nan Independent Director Elected June 20, 2025 Re-election
Resignation upon the
Xu Bo Director expiration of the term June 20, 2025 Re-election
of office
Resignation upon the
Xie Zhihua Independent Director expiration of the term June 20, 2025 Re-election
of office
Resignation upon the
Wu Yue Independent Director expiration of the term June 20, 2025 Re-election
of office
Deputy General
Li Jian Resignation January 2, 2025 Job adjustment
Manager
Professional backgrounds, main work experience and current positions in the Company of the incumbent
directors and senior management:
(1) Mr. Zeng Congqin, a doctoral degree holder and professorate senior economist. He began to work in July
Economic Development Zone. He once served as a member of the Standing Committee of the Changning County
CPC Committee, Director of the Publicity Department, and Executive Deputy County Chief of Changning County,
Director of the Investment Service Bureau of Yibin Lingang Economic Development Zone, Secretary of the Party
Leadership Group and Director of the Yibin Municipal Development and Reform Commission and Director of the
Municipal Price Bureau, Director of the Municipal Bureau of Energy, Secretary of the Cuiping District CPC
Committee, and Secretary of the Party Working Committee of Lingang Economic Development Zone. At present,
he serves as the Secretary of the CPC Committee and the Chairman of the Board of the Company, as well as the
Secretary of the CPC Committee and the Chairman of the Board of Wuliangye Group. In February 2026, he was
placed on file for investigation by the Yibin Municipal Commission for Discipline Inspection and the Yibin
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Municipal Supervisory Commission, and was placed under designated surveillance by the Yibin Municipal
Supervisory Commission.
(2) Mr. Hua Tao, a master’s degree holder. He began his career in October 1995. He has previously held
various positions, including Member of the Standing Committee of Xingwen County Party Committee and
Executive Deputy County Mayor, Member of the Standing Committee of Changning County Party Committee and
Executive Deputy County Mayor, Deputy Secretary of Jiang’an County Party Committee, Secretary of the CPC
Committee and Chairman of the Board of Yibin City Urban and Transportation Construction Investment Group,
Secretary of the CPC Committee and Director of Yibin City Transportation Bureau, Director of Yibin City
Transportation Mobilization Office, Deputy Secretary of the Party Working Committee and Director of the
Management Committee of Yibin High-tech Industrial Park, among other roles. He now serves as the Deputy
Secretary of the CPC Committee, Vice Chairman of the Board and General Manager of the Company.
(3) Mr. Zhang Yu, a doctoral degree holder. He began to work in July 1997 and successively served in the
Chengdu Education Bureau, Qingyang District Government and Xindu District Committee. He once served as
Secretary of CPC Committee, Director, and Party Group Secretary of the District Education Bureau, a member of
the Party Group of the District Government, Deputy District Chief, a member of the Standing Committee of
District Committee and Director of the Organization Department of the District Government, Deputy Secretary of
the CPC Committee of Wuliangye Group from April to December 2020, and Deputy Secretary of the CPC
Committee of the Company from December 2020 to December 2021. Currently, he is a member of the CPC
Committee and Vice Chairman of the Board of the Company.
(4) Mr. Xiao Hao, a master’s degree holder and Senior Political Instructor. He began to work in July 1998.
He successively served in the Organization Department of the CPC Committee of Yibin County, the Organization
Department of the CPC Committee of Yibin City, and the Office of the CPC Committee of Yibin City. He
successively served as the Deputy Director of Municipal CPC Committee Office, Director of the Standing
Committee Office of the Municipal CPC Committee, and Deputy Secretary-General of the Municipal CPC
Committee. He served as the Deputy Secretary of the CPC Committee of Wuliangye Group from December 2020
to December 2021. He has been the Deputy Secretary of the CPC Committee of the Company since December
is now a Deputy Secretary of the CPC Committee and a Director of the Company.
(5) Mr. Han Chengke, a master’s degree holder. He started his career in July 2005. He has held various
positions, including Director of the Budget Division at the Yibin Municipal Finance Bureau, Member of the Party
Leadership Group and Deputy Director of the Yibin Municipal Finance Bureau, Deputy Secretary of the Party
Leadership Group and Deputy Director of the Yibin Municipal Government Office in Chengdu. He is currently a
Director of the Company and the Secretary of the CPC Committee and Chairman of the Board of Yibin
Development Group.
(6) Mr. Zhang Xin, a master’s degree holder. With his career starting in August 1991, he used to serve in the
Yibin Bureau of Finance, and the Yibin State-owned Assets Supervision and Administration Commission. He once
was a Head of Section, Deputy Head of the Corporate Section, Full-time Deputy Secretary of the CPC Committee
and Head of the Asset Management Section of the Yibin Bureau of Finance. Also, he used to be a member of the
CPC Committee and Deputy General Manager of Yibin Development Group, as well as the Secretary of the CPC
Branch and Chairman of the Board of Sichuan Sanjiang Huihai Finance Leasing Co., Ltd. Currently, he is a
member of the CPC Committee, a Director, a Deputy General Manager, the CFO, and the Board Secretary of the
Company.
(7) Mr. Hou Shuiping, a doctorate degree holder, researcher and an expert entitled to special allowances from
the State Council. He took the posts of Dean of the Sichuan Academy of Social Sciences and Deputy Director of
the Decision-making Advisory Committee (Provincial Science and Technology Advisory Group) of the CPC
Sichuan Provincial Committee and the People’s Government of Sichuan Province. At present, he serves as a
Senior Research Fellow at the Sichuan Academy of Social Sciences. He is also an Independent Director of the
Company, and Sichuan Shudao Equipment & Technology Co., Ltd.
(8) Mr. Luo Huawei, a doctorate degree holder, professor, certified public accountant, and legal practitioner.
At present, he serves as a doctoral supervisor at Sichuan Agricultural University. He is also an Independent
Director of the Company, an Outside Director of Ya’an Culture and Tourism Group Co., Ltd. and Ya’an Urban
Construction Investment and Development Co., Ltd., an Independent Director of Sichuan Yahua Industrial Group
Co., Ltd., and an Independent Director of DO&SHUIHUA Group Co., Ltd.
(9) Mr. Lu Li, a doctorate degree holder, Dean of the Law School of Southwestern University of Finance and
Economics, second-grade professor, and doctoral supervisor. He is currently a director of the China Law Society,
executive director and member of the Academic Committee of the China Economic Law Research Association,
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
executive director of the China Association for Legal Education of China Law Society, executive director of the
Sichuan Law Society and President of the Economic Law and International Economic Law Research Association;
he currently serves as an independent director of State Grid Information & Telecommunication Co., Ltd. and an
independent director of Great Wall West China Bank Co., Ltd.
(10) Mr. Ding Nan, a doctorate degree holder and professor. He previously served as Deputy Dean of the
Law School of Shenzhen University. He currently serves as Part-time Vice Chairman of the Shenzhen Federation
of Trade Unions, a member of the Supervision and Judicial Affairs Committee of the Standing Committee of
Shenzhen Municipal People’s Congress, Part-time Attorney at JunZeJun Shenzhen Law Office, an arbitrator of
the Shenzhen Court of International Arbitration (Shenzhen Arbitration Commission), a member of the Legal
Expert Advisory Committee of the Shenzhen Municipal Government, the inaugural President of the Shenzhen
Commercial Mediation Association, and an arbitrator of the China International Economic and Trade Arbitration
Commission.
(11) Ms. Yang Yunxia, a bachelor’s degree holder and Senior Political Mentor. She began to work at the
Wuliangye distillery in July 1991. She once held offices at Workshop 508, Workshop 513, the Audit Supervision
and Legal Affairs Department, and the Organization Department of the CPC Committee. She was Deputy
Secretary to the CPC Branch of Workshop 506 in August 2003 and Secretary of the CPC Branch of Workshop 506
in December 2003. Ms. Yang Yunxia was an Employee Representative Supervisor of the Company between June
July 2015. She started serving as the Head of the Mass Work Department of the Company in July 2015
(concurrently, she was Deputy Secretary to the CPC Xingwen Committee between March 2016 and June 2018).
She took the posts of Member of the CPC Committee, President of the Labor Union, and Head of the Mass Work
Department of the Company in June 2018, and of Member of the CPC Committee, Chairman of the Supervisory
Committee, and Head of the Mass Work Department of the Group in December 2020. At present, she is a Member
of the CPC Committee, the Chief Engineer and Food Safety Director of the Company.
(12) Mr. Jiang Jia, a bachelor’s degree holder and senior economist. He began to work in Wuliangye
distillery in July 1997 and once served as the Deputy General of the Sales Department, Deputy General of the
Brand Affairs Department of Brand Distributors, Deputy Director and Director of the Strategic Development
Department, and Chairman of Wuliangye Health Wine Company. He has served as a member of the CPC
Committee and Chief Economist of Wuliangye Group since April 2020. He used to be the Chief Economist of the
Company. At present, he is a member of the CPC Committee, a Deputy General Manager and the Chief
Compliance Officer of the Company.
(13) Mr. Yue Song, a bachelor’s degree holder and senior distilling technician. He started to work in the
Wuliangye Distillery in December 1995. He once served as the Deputy Director of the Office, Deputy Director of
the Office of the Board of Directors, Secretary of the CPC Branch, as well as Secretary of the CPC Branch and
President of the Branch Labor Union of Workshop 505 and Workshop 523 of the Company, General Manager and
President of the Branch Labor Union of Sichuan Wuliangye Cultural Tourism Development Co., Ltd., Secretary of
the Party General Branch and Chairman of Yibin Changjiangyuan Liquor Co., Ltd., and General Engineer of
Wuliangye Group. He is now a Deputy General Manager and the Safety Director of the Company.
(14) Mr. Chen Chong, a bachelor’s degree holder. Mr. Chen started his career in June 2002. He has held
several positions, including Deputy Manager of the Northwest Region, Deputy Manager of the Brand Affairs
Department, General Manager of the East China Branch, Assistant General Manager of the Company, Head of the
Marketing Department, Director of the East China Marketing Center, Head of the Brand Management Affairs
Department, General Manager of the Wuliangye Brand Project Department, Chairman of Creart, Chairman of
Yibin Wuliangye Group I&E Co., Ltd., and Assistant General Manager of Wuliangye Group. Currently, he is a
Deputy General Manager of the Company.
(15) Mr. Wang Yuanpei, a bachelor’s degree holder. He started his career in June 2010. He has held various
positions, including Deputy Manager of the Shanghai Provincial Area of the East China Marketing Center,
Manager of the Anhui Provincial Area, Manager of the Shandong Provincial Area, General Manager of the
Jiangsu Marketing Region, and Assistant General Manager of the Company. Currently, he is a Deputy General
Manager of the Company.
Indicate whether the controlling shareholder or actual controller concurrently serves as the Chairman of the
Board or General Manager of the Company.
□ Applicable Not applicable
Offices held concurrently in shareholding entities:
Applicable □ Not applicable
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Shareholding Start of office End of office Paid by the entity
Name Office held in the entity
entity term term or not
Secretary of the CPC
Zeng Congqin Wuliangye Group Committee and No
Chairman of the Board
Deputy Secretary of the
Xiao Hao Wuliangye Group CPC Committee and No
Director
Yibin Secretary of the CPC
Han Chengke Development Committee and Yes
Group Chairman of the Board
Offices held concurrently in other entities:
Applicable □ Not applicable
Start of End of
Office held Paid by the entity
Name Other entity office office
in the entity or not
term term
Senior
Sichuan Academy of Social Sciences Research Yes
Hou Shuiping Fellow
Sichuan Shudao Equipment & Technology Independent
Yes
Co., Ltd. Director
Sichuan Agricultural University Professor Yes
Ya’an Culture and Tourism Group Co., Ltd.,
Outside
Luo Huawei and Ya’an Urban Construction Investment Yes
Director
and Development Co., Ltd.
Sichuan Yahua Industrial Group Co., Ltd., Independent
Yes
and DO&SHUIHUA Group Co., Ltd. Director
Southwestern University of Finance and
Professor Yes
Economics
Lu Li State Grid Information & Telecommunication
Independent
Co., Ltd., and Great Wall West China Bank Yes
Director
Co., Ltd.
Part-time
JunZeJun Shenzhen Law Office Yes
Attorney
Part-time
Shenzhen Federation of Trade Unions Vice Yes
Ding Nan
Chairman
Supervision and Judicial Affairs Committee
of the Standing Committee of Shenzhen Member Yes
Municipal People’s Congress
Punishments imposed in the recent three years by the securities regulator on the incumbent directors and
senior management as well as those who resigned in the Reporting Period:
□ Applicable Not applicable
Decision-making procedure, determination basis and actual payments of remunerations for directors and
senior management:
(1) Decision-making procedure
The Remuneration and Appraisal Committee of the Board of Directors is responsible for assessing the
performance of deputy senior management personnel. Based on their job responsibilities and contributions, the
Board of Directors reasonably determines an allocation coefficient ranging from 0.6 to 0.9 of that of the principal
executive (the coefficient for the principal executive is 1). In accordance with the annual assessment results of
deputy senior management personnel, the Company’s Remuneration and Appraisal Committee formulates the
annual performance assessment and remuneration allocation coefficient calculation table for deputy senior
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
management personnel. In accordance with relevant institutional provisions, the Company submits the allocation
coefficients to SASAC Yibin for review, and settles and disburses remuneration based on the remuneration
approved by SASAC Yibin.
(2) Payment basis
According to the Implementation Measures on Deepening the Reform of the Remuneration System for Heads
of Municipal State-Owned Enterprises (Y.W.F. [2017] No. 6) issued by the Yibin Municipal Party Committee and
Municipal Government, the Notice on Issuing the Measures for the Remuneration Management of Heads of
Municipal State-Owned Enterprises (Y.G.Z.W. [2021] No. 166) issued by SASAC Yibin, and the Notice on
Issuing the Interim Measures for the Evaluation of Operating Performance of the Persons in Charge of Municipal
State-Owned Enterprises in Yibin City ([2023]-12) issued by the General Office of the Yibin Municipal Party
Committee and Municipal Government, the remuneration of the persons in charge of the Company is subject to
the remuneration management measures for heads of municipal state-owned enterprises. The Company has
established and improved a well-regulated and orderly remuneration distribution system for persons in charge, and
formulated the Measures for Performance Assessment and Remuneration Management of Deputy Senior
Management Personnel, providing a clear basis for remuneration distribution. This system was approved by the
Company’s Party Committee and the Board of Directors, and complies with the provisions of the Company Law
and the Articles of Association.
(3) Actual payments
The actual payment of the remuneration of the Company’s senior management was carried out in strict
accordance with the approval standards of SASAC Yibin, and settlement and disbursement were completed
throughout the process in compliance with regulations, effectively fulfilling the relevant requirements for state-
owned assets supervision.
Remunerations of Directors and Senior Management during the Reporting Period
Unit: RMB’0,000
Total before-tax
Paid by any
Employment remunerations
Name Gender Age Office title related party or
status from the
not
Company
Chairman of
Zeng Congqin Male 57 67.83 No
the Board
Vice Chairman
of the Board
Hua Tao Male 52 Incumbent 67.83 No
General
Manager
Vice Chairman
Zhang Yu Male 51 Incumbent 61.03 No
of the Board
Xiao Hao Male 49 Director Incumbent 61.03 No
Han Chengke Male 44 Director Incumbent 0 Yes
Director
Deputy General
Manager
Zhang Xin Male 56 Incumbent 61.03 No
CFO
Board
Secretary
Independent
Hou Shuiping Male 70 Incumbent 15 No
Director
Independent
Luo Huawei Male 56 Incumbent 15 No
Director
Independent
Lu Li Male 55 Incumbent 10 No
Director
Independent
Ding Nan Male 54 Incumbent 10 No
Director
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Yang Yunxia Female 54 Chief Engineer Incumbent 61.03 No
Deputy General
Jiang Jia Male 51 Incumbent 61.03 No
Manager
Deputy General
Yue Song Male 53 Incumbent 61.03 No
Manager
Deputy General
Chen Chong Male 46 Incumbent 57.67 No
Manager
Deputy General
Wang Yuanpei Male 38 Incumbent 61.03 No
Manager
Xu Bo Female 58 Director Former 0 Yes
Independent
Xie Zhihua Male 66 Former 5 No
Director
Independent
Wu Yue Male 59 Former 5 No
Director
Deputy General
Li Jian Male 51 Former 0 No
Manager
Total -- -- -- -- 680.54 --
Notes: 1. Remunerations of directors and senior management are accounted for and disclosed on an accrual
basis.
Being Placed under Designated Surveillance. Currently, Mr. Zeng Congqin remains under designated surveillance.
Mr. Ding Nan have served as Independent Directors since June 2025; and Mr. Wu Yue and Mr. Xie Zhihua have
ceased to serve as Independent Directors since June 2025.
In accordance with the relevant requirements of the higher-level competent
authorities, the Company’s Chairman of the Board and General Manager are
Performance appraisal basis for the actual
evaluated in accordance with Interim Measures for the Evaluation of Operating
remuneration received by all directors and
Performance of the Persons in Charge of Municipal State-Owned Enterprises in
senior management at the end of the
Yibin City, while the other internal directors and senior management are evaluated in
Reporting Period
accordance with the Company’s Measures for Performance Assessment and
Remuneration Management of Deputy Senior Management Personnel.
Performance appraisal results for the For 2025, the target responsibility assessment of the Company’s internal directors
actual remuneration received by all and senior management by the competent higher-level authority for 2025 is still in
directors and senior management at the progress; the independent directors’ allowances received by independent directors are
end of the Reporting Period not applicable to assessment.
Deferred payment arrangements for the
actual remuneration received by all The Company has no deferred payment arrangements for its directors and senior
directors and senior management at the management at present.
end of the Reporting Period
Suspension and clawback of the actual
remuneration received by all directors and For 2025, the Company has no disclosures to make regarding suspension or
senior management at the end of the clawback of remuneration for directors and senior management.
Reporting Period
Other information:
□ Applicable Not applicable
V Activities of Directors during the Reporting Period
Attendance of directors at board meetings and meetings of shareholders
Number of Board Board Board The director
Board
board meetings meetings meetings failed to attend Meetings of
meetings
Director meetings attended by attended the director two consecutive shareholders
attended on
required to way of through a failed to board meetings attended
site
attend during telecommunic proxy attend or not
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
the Reporting ation or
Period circulation
Zeng
Congqin
Hua Tao 14 2 12 0 0 No 1
Zhang Yu 14 3 11 0 0 No 1
Xiao Hao 14 2 12 0 0 No 1
Han Chengke 14 2 12 0 0 No 1
Xu Bo 7 1 6 0 0 No 1
Zhang Xin 14 3 11 0 0 No 1
Xie Zhihua 7 0 7 0 0 No 0
Wu Yue 7 1 6 0 0 No 1
Hou
Shuiping
Luo Huawei 14 3 11 0 0 No 1
Lu Li 7 2 5 0 0 No 1
Ding Nan 7 1 6 0 0 No 1
Explanation of why any director failed to attend two consecutive board meetings:
Not applicable.
Indicate whether any director raised any objections on any matter of the Company.
□ Yes No
No such cases in the Reporting Period.
Indicate whether any recommendation from directors was adopted by the Company.
Yes □ No
Explanation on adoption/rejection of recommendations of directors:
During the Reporting Period, in strict compliance with the applicable laws, regulations and the Articles of
Association, the directors of the Company performed their duties diligently, providing professional opinion or
recommendations for business decisions of the Company. They have played their part in protecting the legitimate
rights and interests of the Company and its shareholders.
VI Activities of Special Committees under the Board of Directors during the Reporting Period
Number
Important
of Particular
opinion Other
meeting Date of s about
Committee Members Contents and work
s meeting objection
suggestio done
conven s (if any)
ns
ed
Zeng Congqin
Hua Tao Receiving a briefing on the feasibility report on
Zhang Yu 1 March 4, 2025 adjustments to the 100,000-ton Ecological None None None
Xiao Hao Distillery Project (Phase II)
Xie Zhihua
The Strategy Receiving a briefing on the Company’s semi-
Committee Zeng Congqin annual production and operation performance as
July 21, 2025 None None None
Hua Tao well as the analysis of industry development
Zhang Yu 2 trends
Xiao Hao Receiving a briefing on the progress and
November 27,
Ning Nan preliminary ideas for the formulation of the None None None
Company’s 15th Five-Year Plan
The Zeng Congqin The 2025 Comprehensive Budget Formulation
Comprehens Hua Tao Plan
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
ive Budget Zhang Xin
December 15, The 2025 Comprehensive Budget Adjustment
Managemen None None None
t Committee
Urging the audit of the 2024 annual financial
March 5, 2025 None None None
statements and internal control
Reviewing the summary financial statements of
April 14, 2025 None None None
Reviewing the 2024 annual financial statements,
April 18, 2025 None None None
and providing a written review opinion
Luo Huawei Reviewing the 2024 Annual Financial
Zeng Congqin Statements, the 2024 Internal Control
Xu Bo 4 Assessment Report, the Independent Auditor’s
Wu Yue Reports on the Financial Statements and Internal
Hou Shuiping Control of 2024, the First Quarterly Report
The Audit
Committee
Accounting Firm for 2025, the 2024 Internal
Audit Work Report and 2025 Internal Audit
April 24, 2025 None None None
Work Plan; summarizing the audit work in
respect of the Independent Auditor’s Reports on
the Financial Statements and Internal Control of
and reporting on the performance of supervision
duties over the 2024 audit work of Baker Tilly
China Certified Public Accountants, and
providing a written review opinion
Luo Huawei
August 25,
Zeng Congqin Reviewing the Interim Report 2025 None None None
Han Chengke 2
Hou Shuiping October 28,
Lu Li Reviewing the Third Quarterly Report 2025 None None None
Hou Shuiping
Zeng Congqin
Reviewing the qualifications of candidate
Hua Tao 1 May 29, 2025 None None None
directors for the Seventh Board of Directors
Luo Huawei
The Wu Yue
Nomination
Hou Shuiping
Committee Reviewing the qualifications of senior
Zeng Congqin June 20, 2025 None None None
management candidates
Hua Tao 2
Luo Huawei September 12, Reviewing the qualifications of candidate
Ning Nan None None None
Zeng Congqin
Reviewing the Wuliangye Double Materiality
The ESG Zhang Xin
Committee Wu Yue
Governance (ESG) Report 2024
Luo Huawei
The January 13, Reviewing the settlement of senior
None None None
Remunerati Wu Yue 2025 management’s 2023 annual remunerations
on and Han Chengke 2
Appraisal Luo Huawei Reviewing the Proposal on Adjusting the
May 26, 2025 None None None
Committee Allowance for Independent Directors
VII Activities of the Audit Committee
Indicate whether the Audit Committee identified any risk to the Company during its supervision in the
Reporting Period.
□ Yes No
The Audit Committee raised no objections with respect to matters of the Company.
VIII Employees
Number of in-service employees of the parent company at the
period-end
Number of in-service employees of major subsidiaries at the
period-end
Total number of in-service employees at the period-end 25,216
Total number of paid employees in the Reporting Period 25,216
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Number of retirees to whom the parent company and its major
subsidiaries need to pay retirement pensions
Employees by function
Function Number of employees
Production 18,768
Sales 1,204
Technical 4,043
Financial 198
Administrative 1,003
Total 25,216
Employees by educational background
Educational background Number of employees
Junior college and beyond 9,730
High school to junior college (exclusive) 8,561
Middle school and below 6,925
Total 25,216
The remuneration policies implemented by the Company are the Trial Measures for the Management of Total
Wages of Municipal Supervised Enterprises in Yibin City (YGZW [2019] No. 205), and the Company’s Interim
Provisions on Wage Management and the Trial Measures for the Management of Total Wages of Subsidiaries.
In 2025, guided by organizational objectives and supported by employee needs, the Company precisely and
individually formulated six major categories of training plans: essential knowledge and skills for employees,
onboarding training for new employees, enhancement of production and distilling skills, improvement of job-
specific professional capabilities, functional management knowledge, and enhancement of marketing capabilities.
We established a comprehensive, multi-level, and diversified “three-tier, six-category + external + skills” training
system. Throughout the year, the Company conducted more than 616 offline training sessions and 170 online
training sessions, with total attendance exceeding 130,000 person-times. The content covered the first liquor body
designer training, system management knowledge, study of production technique documents, occupational health
management, and more. In collaboration with the Production Management Department, we carried out more than
persons. More than 3,871 persons obtained qualification certificates, with a pass rate of over 80%.
Applicable □ Not applicable
During 2025, the Company and its major majority-owned subsidiaries outsourced carriage, loading and
unloading, repair, temporary work, etc., for which they paid RMB714 million in total.
IX Profit Distribution and Bonus Issue
The formulation, implementation and amendments to the profit distribution policy, especially the cash
dividend policy, in the Reporting Period:
Applicable □ Not applicable
Company declared a cash dividend of RMB31.69 (tax inclusive) per 10 shares to shareholders based on the total
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Directors in 2025, the Company declared a cash dividend of RMB25.78 (tax inclusive) per 10 shares to
shareholders based on the total 3,881,608,005 shares held by them. The dividend plan has been carried out on
December 18, 2025.
Special statement about the cash dividend policy
In compliance with the Company’s Articles of Association and
Yes
resolution of meeting of shareholders
Specific and clear dividend standard and ratio Yes
Complete decision-making procedure and mechanism Yes
Independent directors faithfully performed their duties and
Yes
played their due role
If the Company has no dividend plan, it should disclose the
specific reasons and the next steps it intends to take to enhance N/A
investor returns
Non-controlling shareholders are able to fully express their
opinion and desire and their legal rights and interests are fully Yes
protected
In case of adjusting or altering the cash dividend policy, the
conditions and procedures involved are in compliance with Yes
applicable regulations and transparent
Indicate whether the Company fails to put forward a cash dividend plan despite the facts that the Company
has made profit in the Reporting Period and the profit of the parent company distributable to shareholders is
positive.
□ Applicable Not applicable
Final dividend plan for the Reporting Period:
Applicable □ Not applicable
Bonus issue from profit (share/10 shares) 0
Cash dividend/10 shares (RMB) (tax inclusive) 25.78
Share base (share) 3,881,608,005
Cash dividends (RMB) (tax inclusive) 10,006,785,436.89
Cash dividends in other forms (such as share repurchase)
(RMB)
Total cash dividends (including those in other forms) (RMB) 10,006,785,436.89
Distributable profit (RMB) 50,623,142,245.92
Total cash dividends (including those in other forms) as % of
the total profit to be distributed
Applicable cash dividend policy
Where the Company is at a mature stage of development and has any substantial spending plan, total cash dividends shall account for
at least 40% of the total profit to be distributed.
Final dividend plan in detail
As the 2025 final dividend plan, the Company intends to pay a cash dividend of RMB25.78 (tax inclusive) per 10 shares to
shareholders based on the total share capital at the record date for the dividend payout, with the total amount to be distributed
amounting to RMB10,006,785,436.89; and no bonus issue will be carried out, either from profit or capital reserves.
X Equity Incentive Plans, Employee Stock Ownership Plans or Other Incentive Measures for
Employees
Applicable □ Not applicable
Not applicable.
Equity incentives received by directors and senior management:
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
□ Applicable Not applicable
Appraisal mechanism and incentives for senior management:
See “Part IV, IV, 3. Remunerations of Directors and Senior Management” herein.
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 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 and senior management participated in the employee stock ownership plan. By the end
of 2023, 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
Exercise of shareholder rights during the Reporting Period:
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:
□ 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
XI Establishment and Implementation of Internal Controls during the Reporting Period
In 2025, in accordance with the applicable laws and regulations such as the Company Law, the Basic Criteria
of Enterprise Internal Control, and the Guidelines for Operational Compliance of Listed Companies, the Company
continuously established institutional norms for Party building, business operation, risk control and post-event
supervision, and continued to improve the internal control system. The Company improved the content related to
Party building in its Articles of Association. Major operational and management matters are subject to pre-study
by the Party Committee, and the Board of Directors or the management team makes decisions according to their
respective powers and prescribed procedures, fully exerting the leadership role of the Party Committee in setting
directions, overall planning, and ensuring implementation.
To further strengthen the establishment of the Company’s internal control system and ensure the
comprehensiveness and applicability of the Company’s internal control manual, each unit of the Company
updated relevant internal control measures in accordance with national regulations and business development
needs. Upon sorting out, in 2025, the Company updated 27 internal control management regulations, abolished 9,
and added 17 new ones. As per the relevant requirements, the Company conducts internal control self-assessment
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
with full participation every year. It set up steering groups for internal control self-assessment to guide a total of
work and at the same time, set up groups for random inspection of internal control to conduct random inspection
on the construction and implementation of the Company’s internal control system, focused on major business
links such as procurement, sales, and production, evaluated the rationality of the design and the effectiveness of
the operation of the internal control system, so as to continuously optimized internal control. The evaluation
results showed that no material and significant deficiency was identified in the internal control system.
Going forward, the Company will continuously optimize its internal control system, strengthen awareness of
compliant operation, enhance its risk prevention capability, and effectively facilitate the steady implementation of
its strategies.
□ Yes No
XII Management and Control of Subsidiaries during the Reporting Period
None.
Anomalies found in the management and control of subsidiaries:
□ Yes No
XIII Assessment Report or Independent Auditor’s Report on Internal Control
Date of full disclosure of the internal control assessment report April 30, 2026
Index of full disclosure of the internal control assessment report http://www.cninfo.com.cn
Ratio of the total assets of the organizations included in the assessment to
the Company’s consolidated total assets
Ratio of the operating revenue of the organizations included in the
assessment to the Company’s operating revenue in the consolidated 100.00%
financial statements
Deficiency identification criteria
Category Financial report Non-financial report
Company of the financial statement which have documents. (2) unscientific enterprise decision-
been published. (2) major misstatements found making procedure, such as wrong decision,
by the external auditor in current financial which causes failure of major transactions. (3)
statements which have not been identified. (3) loss of management personnel or technician of
corrupt practice of directors, supervisors, and important posts. (4) lack of institutional control
officers found by the external auditor. (4) or systematic failure of the institution for
ineffective supervision of internal control by the important businesses, and existing but ineffective
Company’s internal audit department. (5) operation of institutional guidance for internal
material deficiencies previously found but were control of important economic business. (5)
not corrected within a reasonable period or were failure to correct material deficiencies within a
ineffectively corrected. reasonable period.
Qualitative criteria
and apply accounting policies in accordance reaching or exceeding the level of materiality but
with generally accepted accounting policies. (2) should be noticed by the Board of Directors and
failure to effectively control irregular (non- the management in nature. (2) individual events
repeating) or complicated transactions. (3) criticized by government departments, causing
failure to effectively control the anti-corrupt moderate negative influence on reputation of the
work. (4) ineffective internal control over the Company. (3) violation of internal rules and
financial report at the end of the period. regulations of the enterprise and causing losses.
material deficiencies and significant or system.
deficiencies are recognized as general 3. General deficiencies: deficiencies in internal
deficiencies. control other than material deficiencies and
significant deficiencies are general deficiencies.
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
amount >3% of total operating revenue;
misstatement amount >10% of net profit;
misstatement amount >3% of total assets.
operating revenue < misstatement amount ≤3% profit ≥5%.
of total operating revenue; 5% of net profit < 2. Significant deficiencies: 3%≤ proportion of
Quantitative criteria
misstatement amount ≤10% of net profit; 1% of loss to net profit <5%.
total assets < misstatement amount ≤3% of total 3. General deficiencies: proportion of loss to net
assets. profit <3%.
≤1% of total operating revenue; misstatement
amount ≤5% of net profit; misstatement amount
≤1% of total assets.
Number of material deficiencies
in financial reports
Number of material deficiencies
in non-financial reports
Number of significant
deficiencies in financial reports
Number of significant
deficiencies in non-financial 0
reports
Applicable □ Not applicable
Opinion paragraph
Baker Tilly China Certified Public Accountants is of the opinion that the Company maintained, in all material respects, effective
internal control over financial reporting as of December 31, 2025, based on the Basic Rules on Enterprise Internal Control and
other applicable regulations.
Report disclosed or not Disclosed
Disclosure date April 30, 2026
Index to the disclosed report http://www.cninfo.com.cn
Type of opinion Unmodified unqualified opinion
Material defects in internal control
N/A
not related to financial reporting
Indicate whether any modified opinion is expressed in the Independent Auditor’s Report on Internal Control.
□ Yes No
Indicate whether the Independent Auditor’s Report on Internal Control is consistent with the internal control
self-assessment report issued by the Company’s Board of Directors.
Yes □ No
Indicate whether the Company was issued any modified opinion by the independent auditor on its internal
control for the Reporting Period or last year.
□ Yes No
XIV Remediation of Problems Identified by Self-inspection in the Special Action on the
Governance of Listed Companies
Completed.
XV 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
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
information
No. Company Index to the report on required environmental information
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XVI Corporate Social Responsibility (CSR)
For details, please refer to the Environmental, Social and Governance (ESG) Report 2025 disclosed by the
Company on April 30, 2026.
XVII Efforts in Poverty Alleviation and Rural Revitalization
In accordance with the arrangements and deployments of the provincial and municipal governments, the
Company provided foundational assistance to Litang County, Ganzi Prefecture and Yuexi County, Liangshan
Prefecture, provided financial assistance to Shiqu County, Ganzi Prefecture, and also undertook assistance tasks
for 54 towns and villages within Yibin City. Based on the resource endowments and development needs of the
assisted areas, the Company continued to explore the “Baijiu + industry” assistance model. In 2025, the
Company’s cumulative investment in assistance funds exceeded RMB60 million, and 25 assistance cadres were
regularly stationed in villages and at designated sites, driving the implementation of more than 80 various
assistance projects and key initiatives, and helping the assisted areas continuously consolidate their development
foundations and steadily strengthen their development momentum.
i. Leverage the core business strengths to consolidate the foundation for industrial development
Firstly, the Company strengthened the development of industrial carriers to enhance the capacity of
industrial development. The Company provided RMB15 million in support to help Yuexi County build a
production base integrating Baijiu distilling, storage, and bottling. The first phase was designed with an annual
production capacity of 3,000 tons. We provided full-process guidance in project design, construction, and
operations, promoting the transformation of Yuexi’s Baijiu production from a small-scale, artisanal model to an
industrialized one. The Company supported Simian Mountain Town, Jiang’an County in creating a “Provincial
Four-Star Modern Agricultural Park” and building a customized dedicated grain base for liquor distilling. In 2025,
we built 31,880 mu of dedicated grain base area for liquor distilling, representing a year-on-year increase of 10%.
We purchased and stored 10,483 tons of dedicated grain, achieved an output value of RMB66.42 million,
benefited 18,991 farming households, and increased average household income by RMB3,497.
Secondly, the Company built distinctive product brands and extended the industrial value chain.
Leveraging Wuliangye’s premium base liquor resources, we tailored the “Wuliangyuan” Daliangshan series of
Baijiu products for Yuexi, which are exclusively operated by Yuexi State-owned Assets Company, and had
achieved sales of RMB2.2 million. Leveraging the distinctive Tibetan and traditional Chinese medicinal resources
nurtured by Litang County’s plateau environment, we invested RMB2 million to develop “Shangxuan” series of
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
sea buckthorn and matsutake mushroom liquor, and sea buckthorn and Cistanche deserticola liquor for Litang,
promoting the transformation of local Tibetan and traditional Chinese medicinal resources into specialty products,
extending the industrial chain, and enhancing the added value of resources.
Finally, the Company strengthened market marketing empowerment and expanded product sales
channels. We selected marketing professionals to be stationed in Yuexi, organize and carry out special training on
liquor sales, and help the local area cultivate specialized marketing talent. In 2025, the cumulative training
covered 120 participants. Through on-site research and guidance, we assisted local state-owned liquor enterprises
in connecting with diversified sales channels such as supermarkets, catering, and group purchasing, promoted
local brand building and market expansion, and initially established a marketing channel network covering the
Liangshan Prefecture area. We facilitated the integration of state-owned enterprises in Yuexi into the Wuliangye
supply chain system, achieving sales of RMB84 million and a profit of RMB2.1 million.
ii. Advance integrated empowerment to foster momentum for regional development
Firstly, we integrated advantageous resources and elements to promote the attraction and conversion
of customer traffic. Wuliangye cultural tourism branch companies were established in Litang and Yuexi
respectively. Yuexi was included in the route of Wuliangye cultural publicity and promotion activities,
introducing the Company’s high-quality customer group resources. To date, 20 batches of customers have been
organized to visit Yuexi to experience the cultural and tourism activities of the Greater Liangshan area.
Secondly, we built distinctive cultural platforms to enrich the provision of public services. Focusing on
Litang’s traditional sports events, we invested RMB1 million through brand sponsorship and other means to
support Litang in hosting the Horse Racing Culture Festival, helping enhance the influence of local distinctive
culture. We invested RMB6 million in Pingshan County’s Qingping Yi Township to build a 20,000-square-meter
Wuliangye Torch Square, helping improve the infrastructure and rural governance conditions of Yingxiong
Village, and enrich the distinctive cultural life of local residents.
Finally, we strengthened village-level collective economies to enhance grassroots development capacity.
Five professional managers were assigned to establish targeted connections with 14 administrative villages,
providing guidance on the registration and establishment of three wholly village-owned companies. This initiative
addressed the issue of village collectives having resources but lacking the necessary entities to manage them,
resulting in a cumulative increase of RMB0.84 million in the collective economies of the 14 villages.
iii. Strengthen coordinated collaboration and enhance the quality and effectiveness of comprehensive
assistance
Firstly, we leveraged the driving role of the industrial chain to consolidate the foundation for upstream
development. Relying on the liquor-distilling raw material supply chain, we built 1.53 million mu of dedicated
grain base area for liquor distilling within the province, covering underdeveloped counties, and drove 234,700
farming households to achieve an average household income of over RMB8,000 Leveraging the driving effect of
a diversified industrial chain, the relevant enterprises purchased over 500,000 tons of bamboo materials and over
households and the sustainable development of related industries.
Secondly, we deepened consumer assistance measures and broadened the channels for increasing
public income. Leveraging our internal and external channels and network resources, we built a diversified
consumer assistance system featuring “online + offline” and “direct procurement + platform-based sales
promotion,” and continuously promoted specialty agricultural and sideline products as well as cultural and
tourism resources from assisted areas. In 2025, the Company directly procured over RMB23 million of specialty
agricultural products from Litang, Yuexi, and other areas, and facilitated the sale of over RMB1.80 million of
specialty agricultural products through channels such as employee internal exhibitions and sales events, the
Wuliangye online mall, and the central SOE consumer assistance platform, driving industrial development and
increasing local incomes.
Finally, we intensified support for people’s livelihoods and continuously improved basic infrastructure.
A special assistance fund of RMB5 million was invested in Simianshan Town, Jiang’an County, for the
construction of infrastructure and public service facilities in settlement areas, continuously improving the living
environment. 13 village-based assistance cadres were selected and dispatched within Yibin City. We actively
secured RMB2.08 million in various types of funding, and promoted the implementation of 16 assistance projects
in the assisted villages, including village road transportation, water conservancy and electricity, and cultural and
sports facilities, effectively improving people’s living conditions.
iv. Highlight the supporting role of education talent and enhance endogenous development capabilities
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Firstly, we supported the development of education and contributed to talent cultivation and growth.
The Company provided RMB0.6 million in support to Litang County in carrying out the Young Eagle Program
for University Students, talent training, cultivation and exchange, and other activities; and provided RMB0.078
million in scholarships to 55 incoming college freshmen of the Class of 2025 in Qingping Yi Township, Pingshan
County, helping students in need enroll smoothly. The Party School of Yuexi County Committee was designated
as Wuliangye’s education base for Party member education on Party spirit, and two training sessions have been
organized.
Secondly, strengthen vocational skills training to enhance employability and entrepreneurship
capabilities. Leveraging Wuliangye’s e-commerce and new media operation resources, we offered training
courses in livestreaming and e-commerce operations for the assisted areas. In response to issues such as non-
standard fermentation pit construction, low liquor yield, and unstable quality at local liquor enterprises in
Nanjiang County and Pingchang County of Bazhong City, we deployed experienced master distillers, quality
inspection experts, and other personnel for on-site assistance. They helped these enterprises optimize the
composition of their fermentation mud, standardize production processes such as raw material fermentation and
distillation, and offer technical guidance on blending semi-finished spirits and quality inspection. Additionally, we
endeavored to promote the automation upgrade of packaging production lines to enhance production efficiency
and product quality. At the same time, we held skills classes such as financial management and night classes for
farmers and herders in assisted villages, providing training to more than 1,500 participants in total.
Finally, we improved primary-level Party-building positions and consolidated the foundation of
organizational support. Special funds were allocated to support Litang in upgrading and renovating the Party
member information-based education platform, as well as constructing or renovating four village-level Party-
building facilities and community activity centers, thereby continuously strengthening the foundation of primary-
level organizations.
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Part V Significant Events
I Fulfillment of Undertakings
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 have been fulfilled.
within the forecast period, explain why the forecast has been reached for the Reporting Period.
□ Applicable Not applicable
□ Applicable Not applicable
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 Statement Made by the Board of Directors Regarding the Latest “Modified Opinion” of an
Independent Auditor on Financial Statements
□ Applicable Not applicable
V Statements Made by the Board of Directors and the Independent Directors (if any)
Regarding the Independent Auditor’s “Modified Opinion” on the Financial Statements of the
Reporting Period
□ Applicable Not applicable
VI Changes to Accounting Policies and Estimates and Correction of Material Accounting
Errors Compared with Last Year
□ Applicable Not applicable
No such cases in the Reporting Period.
VII Changes to the Scope of Consolidated Financial Statements Compared with Last Year
Applicable □ Not applicable
As approved at the Fifth Meeting of the Sixth Board of Directors in 2025, it was agreed that the Company
would invest RMB100 million to establish Yibin Wuliangye Technology Innovation Co., Ltd., in which the
Company holds 100% equity interests.
VIII Appointment and Dismissal of CPA Firm
Current CPA firm:
Name of the domestic CPA firm Baker Tilly China Certified Public Accountants
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
The Company’s payment to the domestic CPA firm
(RMB’0,000)
How many consecutive years the domestic CPA firm has
provided audit service for the Company
Names of the certified public accountants from the domestic
Shen Jun, and Liu Zonglei
CPA firm writing signatures on the independent auditor’s report
How many consecutive years the certified public accountants
have provided audit service for the Company
Indicate whether the CPA firm was changed for the Reporting Period.
□ Yes No
CPA firm appointed for the audit of internal control, as well as financial advisor or sponsor appointed:
Applicable □ Not applicable
In 2025, the Company appointed Baker Tilly China Certified Public Accountants as its internal control
auditor, with a payable fee of RMB600,000.
IX Possibility of Delisting after the Disclosure of this Report
□ Applicable Not applicable
X Insolvency and Reorganization
□ Applicable Not applicable
No such cases in the Reporting Period.
XI Significant Legal Matters
□ Applicable Not applicable
No such cases in the Reporting Period.
XII Penalties and Rectifications
Applicable □ Not applicable
Office Reason for Conclusion (if Date of Index to the disclosed
Name Type of penalty
title penalty any) disclosure information
He is
currently
As of the
under
disclosure date of
disciplinary
this annual report,
review and See the Announcement on
the Chairman of
supervisory the Chairman of the
Under case- the Board is still
investigation Board Being Placed
filing under disciplinary
by the Yibin under Designated
Chairman investigation by review and
Zeng Municipal February 28, Surveillance
of the judicial organs supervisory
Congqin Commission 2026 (Announcement No.
Board or disciplinary investigation by
for Discipline 2026/001) disclosed by
inspection the Yibin
Inspection and the Company on
authorities Municipal
Supervision www.cninfo.com.cn
Commission for
on suspicion dated February 28, 2026.
Discipline
of serious
Inspection and
violations of
Supervision.
discipline and
law.
Notes to the rectification:
□ Applicable Not applicable
There were no penalties nor rectification circumstances for the Company during the Reporting Period.
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
XIII 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.
XIV 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 during the period
of daily Opening
Related Relations Range of Closing balance
deposit balance Total amount Total amount
party hip interest rate (RMB’0,000)
(RMB’0,000 (RMB’0,000) deposited withdrawn
) (RMB’0,000) (RMB’0,000)
Wuliangye
Group Associate 5,500,000 0.3%～3.5% 4,714,637.03 2,812,514.91 2,729,427.42 4,797,724.52
Finance
Note: The amount incurred in the current 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:
Amount incurred
Related party Relationship Type of business Line (RMB’0,000)
(RMB’0,000)
Wuliangye Group
Associate Receiving credit 1,000,000 58,678.93
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 RMB435.0034 million of the Company’s bank
acceptance bills discounted with Wuliangye Group Finance (undue bank acceptance bills as of December 31, 2025:
RMB435.0034 million), as well as RMB151.7859 million of bank acceptance bills issued by Wuliangye Group
Finance for the Company (undue bank acceptance bills as of December 31, 2025: RMB89.9289 million).
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
□ Applicable Not applicable
No such cases in the Reporting Period.
□ Applicable Not applicable
No such cases in the Reporting Period.
XV 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.
(1) Cash Entrusted for Wealth Management
□ Applicable Not applicable
No such cases in the Reporting Period.
(2) Entrusted Loans
□ Applicable Not applicable
No such cases in the Reporting Period.
□ Applicable Not applicable
No such cases in the Reporting Period.
XVI Use of Raised Funds
□ Applicable Not applicable
No such cases in the Reporting Period.
XVII Other Significant Events
□ Applicable Not applicable
No such cases in the Reporting Period.
XVIII Significant Events of Subsidiaries
□ Applicable Not applicable
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Part VI Share Changes and Shareholder Information
I Share Changes
Unit: share
Before Increase/decrease in the current period (+/-) After
B
on
us Bonus
iss issue
As % of As % of
Number of New ue from Number of
total Other Subtotal total
shares issue fro capital shares
shares shares
m reserv
pr es
ofi
t
I Restricted shares 148,547 0.00% -53,933 -53,933 94,614 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 3,881,459,458 100.00% 53,933 53,933 3,881,513,391 100.00%
ordinary shares
foreign shares
shares
III Total shares 3,881,608,005 100.00% 3,881,608,005 100.00%
Reasons for share changes:
Applicable □ Not applicable
The Company abolished the Supervisory Committee in June 2025, and the locked shares of relevant
personnel were unlocked upon the expiration of lockup periods.
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Approval of share changes:
□ Applicable Not applicable
Transfer of share ownership:
□ 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
Name of Increase in Restricted shares Closing
Opening Reason for Date of
shareholde restricted shares unlocked during the restricted
restricted shares restriction unlocking
r during the period period shares
Locked
According to
Zhao shares of
Dong outgoing
lockup rules
personnel
Locked
According to
shares of
Liu Ming 4,549 0 4,549 0 the share
outgoing
lockup rules
personnel
Locked
According to
Zhang shares of
Qing outgoing
lockup rules
personnel
Locked
According to
Wu shares of
Guoping outgoing
lockup rules
personnel
Total 53,933 0 53,933 0 -- --
II Issuance and Listing of Securities
□ Applicable Not applicable
□ Applicable Not applicable
□ Applicable Not applicable
III Shareholders and Actual Controller
Unit: share
Number of Number of Number of preference
Number of ordinary
ordinary preference shareholders with resumed
shareholders at the 681,426 676,701 0 0
shareholder shareholders voting rights at the month-
period-end
s at the with resumed end prior to the disclosure
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
month-end voting rights of this Report (if any) (see
prior to the at the period- note 8)
disclosure end (if any)
of this (see note 8)
Report
Restr Shares in pledge,
Increase/decr
Nature of Shareholdin Total shares icted marked or frozen
ease in the Unrestricted
Name of shareholder sharehold g held at the share
Reporting shares held
er percentage period-end s Status Shares
Period
held
State-
Yibin Development Holding owned
Group Co., Ltd. corporati
on
State-
Sichuan Yibin Wuliangye owned
Group Co., Ltd. corporati
on
China Securities Finance
Other 2.38% 92,385,936 92,385,936
Corporation Limited
Overseas
Hong Kong Securities Clearing
corporati 2.27% 88,074,584 -65,428,529 88,074,584
Company Limited
on
Bank of China Limited－China
Merchants China Securities
Other 1.54% 59,746,139 11,704,418 59,746,139
Baijiu Index Classification
Securities Investment Fund
State-
Central Huijin Asset owned
Management Co., Ltd. corporati
on
Industrial and Commercial
Bank of China Limited -
Huatai-PineBridge CSI 300
Other 0.82% 32,021,642 -1,561,179 32,021,642
Exchange-traded Open-ended
Index Securities Investment
Fund
Bank of China Limited－E
Fund Blue Chip Selected
Other 0.73% 28,200,000 2,200,000 28,200,000
Mixed Securities Investment
Fund
China Construction Bank
Corporation－Penghua China
Securities Liquor Exchange- Other 0.66% 25,683,101 11,371,304 25,683,101
traded Open-ended Index
Securities Investment Fund
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
China Construction Bank
Corporation－E Fund CSI 300
Exchange-traded Open-ended Other 0.59% 22,873,459 -249,341 22,873,459
Index Promoter Securities
Investment Fund
Strategic investor or general corporation
becoming a top-10 shareholder in a rights N/A
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 among
Development Group. And the Company is not aware of any related or acting-in-concert parties
the shareholders above
among the other public shareholders.
Shareholders above entrusting/entrusted with
N/A
or waiving voting rights
Repurchased share account (if any) among
N/A
the top 10 shareholders (see note 10)
Top 10 unrestricted shareholders (exclusive of shares lent in refinancing and locked shares of senior management)
Unrestricted shares Shares by class
Name of shareholder held at 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. 801,503,277 denominated 801,503,277
ordinary shares
RMB-
China Securities Finance Corporation Limited 92,385,936 denominated 92,385,936
ordinary shares
RMB-
Hong Kong Securities Clearing Company Limited 88,074,584 denominated 88,074,584
ordinary shares
RMB-
Bank of China Limited－China Merchants China Securities Baijiu Index
Classification Securities Investment Fund
ordinary shares
RMB-
Central Huijin Asset Management Co., Ltd. 39,325,400 denominated 39,325,400
ordinary shares
RMB-
Industrial and Commercial Bank of China Limited -Huatai-PineBridge CSI 300
Exchange-traded Open-ended Index Securities Investment Fund
ordinary shares
RMB-
Bank of China Limited－E Fund Blue Chip Selected Mixed Securities Investment
Fund
ordinary shares
RMB-
China Construction Bank Corporation－Penghua China Securities Liquor
Exchange-traded Open-ended Index Securities Investment Fund
ordinary shares
RMB-
China Construction Bank Corporation－E Fund CSI 300 Exchange-traded Open-
ended Index Promoter Securities Investment Fund
ordinary shares
Among the top 10 shareholders, Wuliangye Group is a
Related or acting-in-concert parties among top 10 unrestricted public shareholders,
wholly-owned subsidiary of Yibin Development Group. And
as well as between top 10 unrestricted public shareholders and top 10 shareholders
the Company is not aware of any related or acting-in-concert
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
parties among the other public shareholders.
Top 10 ordinary shareholders involved in securities margin trading (if any) (see
N/A
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.
Nature of the controlling shareholder: controlled by a local state-owned organization
Type of the controlling shareholder: corporation
Legal
Name of the controlling representative/
Date of incorporation Organization code Principal activities
shareholder person-in-
charge
Capital and asset operations as
Yibin Development Holding
Han Chengke August 4, 1999 915115007118234259 authorized by the People’s
Group Co., Ltd.
Government of Yibin City
Interests held in other Yibin Development Group directly held 261,375,941 shares (or 20.08%) in Yibin Tianyuan Group
domestically and overseas Co., Ltd.; indirectly held 85,959,884 shares (or 6.60%) in Yibin Tianyuan Group Co., Ltd.;
listed companies in the indirectly held 79,368,520 shares (or 44.87%) in Yibin Paper Industry Co., Ltd.; and indirectly held
Reporting Period 779,610,000 shares (or 16.99%) in Yibin City Commercial Bank Co., Ltd.
Change of the controlling shareholder in the Reporting Period:
□ Applicable Not applicable
No such cases in the Reporting Period.
Nature of the actual controller: local state-owned assets management organization
Type of the actual controller: corporation
Legal representative/person- Date of
Name of the actual controller Organization code Principal activities
in-charge incorporation
The State-owned Assets Supervision
and Administration Commission of the Xiang Junge February 24, 2005 N/A N/A
People’s Government of Yibin City
SASAC Yibin indirectly held 347,335,825 shares (or 26.68%) in Yibin Tianyuan Group
Interests controlled in other
Co., Ltd.; indirectly held 79,368,520 shares (or 44.87%) in Yibin Paper Industry Co., Ltd.;
domestically and overseas listed
and indirectly held 779,610,000 shares (or 16.99%) in Yibin City Commercial Bank Co.,
companies in the Reporting Period
Ltd.
Change of the actual controller in the Reporting Period:
□ Applicable Not applicable
No such cases in the Reporting Period.
Illustration of the relationship between the actual controller and the Company:
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Indicate whether the actual controller controls the Company via trust or other ways of asset management.
□ Applicable Not applicable
largest shareholder and its acting-in-concert parties that are in pledge accounts for over 80% of their total
shareholdings in the Company.
□ Applicable Not applicable
Applicable □ Not applicable
Legal
Name of corporate
representative/person- Date of incorporation Registered capital Principal activities
shareholder
in-charge
Investment and investment
Sichuan Yibin Wuliangye management, asset
Zeng Congqin August 12, 1998 RMB1,000,000,000
Group Co., Ltd. management, and business
management services
Reorganizer and Other Undertaking Makers
□ Applicable Not applicable
IV Share Repurchases in the Reporting Period
Progress on any share repurchase:
□ Applicable Not applicable
Progress on reducing the repurchased shares by way of centralized bidding:
□ Applicable Not applicable
V Preference Shares
□ Applicable Not applicable
No preference shares in the Reporting Period.
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Part VII Bonds
□ Applicable Not applicable
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Part VIII Financial Statements
I Independent Auditor’s Report
Type of the independent auditor’s opinion Unmodified unqualified opinion
Date of signing the independent auditor’s report April 28, 2026
Name of the independent auditor Baker Tilly China Certified Public Accountants
Number of the independent auditor’s report Baker Tilly Report [2026] No. 25376
Names of the certified public accountants Shen Jun, and Liu Zonglei
Independent Auditor’s Report
To the Shareholders of Wuliangye Yibin Co., Ltd.:
I Opinion
We have audited the financial statements of Wuliangye Yibin Co., Ltd. (hereinafter referred to as the
“Company”), which comprise the consolidated and parent company balance sheets as at December 31, 2025, the
consolidated and parent company statements of income, cash flows and changes in owners’ equity for the year
then ended, as well as the notes to the financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
consolidated and parent company financial position of the Company at December 31, 2025, and the consolidated
and parent company operating results and cash flows for the year then ended, in conformity with China’s
Accounting Standards for Business Enterprises (CAS).
II Basis for Opinion
We conducted our audits in accordance with the Audit Standards for Chinese Registered Accountants. Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for Audit of Financial
Statements section of our report. We are independent of the Company in accordance with the China Certified
Public Accountants Independence Standards and the Code of Ethics for Chinese Certified Public Accountants, and
we have applied the independence requirements applicable to public interest entities and fulfilled our other ethical
responsibilities. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
III Key Audit Matters
Key audit matters are matters that, based on our professional judgment, are deemed most important to the
audit of the financial statements of the current period. These matters were addressed in the context of our audit of
the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters.
Key audit matters Audit response
i. Existence and integrity of monetary assets
For detailed information, please refer The audit procedures we performed for the 2025 financial statement audit primarily
to notes to financial statements “V, i”. included:
As at December 31, 2025, the balance 1. Understood the key internal controls related to monetary assets management,
of monetary assets of Wuliangye was evaluated the design of these controls, determined whether they were implemented, and tested
RMB127,014.4430 million, accounting for their effectiveness.
Company’s main asset. Due to the account information and integrity of the bank accounts;
significant amount of monetary assets, their
safekeeping, and the accuracy and 3. Obtained the bank statement and bank reconciliation for confirmation of the balance of
completeness of the balance, which have a the bank accounts, and controlled the process of confirmation;
major impact on the financial statements, 4. Obtained the Company’s credit report to examine the restricted conditions of monetary
we have identified the existence and assets at year-end, such as pledges or freezes;
integrity of monetary assets as a key audit
matter. 5. Checked the original certificates of term deposits and their holder information, and
cross-referencing with the Company’s credit report to verify whether there were any pledges
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
on monetary assets at year-end.
aligns with the scale of monetary assets.
ii. Recognition of operating revenue
For detailed information, please refer The audit procedures we performed for the 2025 financial statement audit primarily
to notes to financial statement “V, xxxv”. included:
For the year 2025, the operating 1. Understood key internal controls related to revenue recognition, assessed the design of
revenue recorded in the financial statements these controls, determined whether they had been executed, and tested the effectiveness of the
was RMB40,528.5098 million. Operating operation;
revenue is one of the Company’s key
performance indicators; therefore, we have 2. Selected samples to examine sales contracts and identify contractual terms and
identified operating revenue recognition as conditions relating to the transfer of control of goods in order to evaluate whether the time of
a key audit matter. recognition of revenue meets the requirements of the CAS;
whether there was abnormal fluctuation in the current income amount;
supporting documents such as sales contracts or orders, warehouse delivery slips and sales
invoices, so as to evaluate the authenticity and accuracy of revenue recognition.
supporting documents to assess whether the revenue was recognized in the appropriate
accounting period.
liabilities to perform correspondence procedures to verify the amount of operating revenue for
the period and the closing balance of contract liabilities and verify the authenticity and
accuracy of the amount of operating revenue recognized by management.
IV Other Information
The Company’s management is responsible for the other information. The other information comprises all
of the information included in the Company’s Annual Report 2025 other than the financial statements and our
auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial statements or
our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
V Responsibilities of Management and Those Charged with Governance for Financial Statements
The Company’s management is responsible for the preparation of the financial statements that give a fair
view in accordance with CAS, and for designing, implementing and maintaining such internal control as the
management determines is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the management is responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern (if applicable) and using
the going concern basis of accounting unless the management either intends to liquidate the Company or to cease
operations, or have no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.
VI Auditor’s Responsibilities for Audit of Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with CAS will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with CAS, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
(1) Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
(2) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances.
(3) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by the management.
(4) Conclude on the appropriateness of the management’s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required by CAS to draw users’ attention in our auditor’s report to the related
disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events
or conditions may cause the Company to cease to continue as a going concern.
(5) Evaluate the overall presentation, structure and content of the financial statements, and whether the
financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
(6) Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Company to express an opinion on the financial statements. We are responsible for
the direction, supervision and performance of the Company audit. We remain solely responsible for our audit
opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any noteworthy deficiencies in internal control
that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were
of most significance in the audit of the financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
Baker Tilly China Certified Public Accountants Chinese certified public accountant: Shen Jun
Beijing · China Chinese certified public accountant: Liu Zonglei
April 28, 2026
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
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.
December 31, 2025
Unit: RMB
Item December 31, 2025 January 1, 2025
Current assets:
Monetary assets 127,014,443,016.86 127,398,915,484.11
Settlement reserve
Loans to other banks and financial
institutions
Held-for-trading financial assets
Derivative financial assets
Notes receivable 4,841,437.44 10,297,383.00
Accounts receivable 37,745,419.51 37,346,561.95
Receivables financing 9,401,640,775.74 19,566,397,992.11
Prepayments 194,996,398.52 144,877,853.45
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
reserve
Other receivables 64,356,368.30 47,264,361.93
Of which: Interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 20,065,336,751.20 18,233,702,166.62
Of which: Data resources
Contract assets
Assets held for sale
Current portion of non-current
assets
Other current assets 7,968,202,942.10 344,496,042.69
Total current assets 164,751,563,109.67 165,783,297,845.86
Non-current assets:
Loans and advances to customers
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 2,233,514,411.45 2,081,612,703.43
Other equity investments
Other non-current financial assets 1,200,000.00 1,200,000.00
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Investment property
Fixed assets 7,641,231,013.35 7,264,740,683.62
Construction in progress 7,034,061,137.40 5,795,172,321.07
Productive living assets
Oil and gas assets
Right-of-use assets 406,402,594.29 796,264,399.72
Intangible assets 2,674,326,878.83 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 121,712,293.75 141,764,604.11
Deferred income tax assets 4,813,123,125.48 3,397,108,317.96
Other non-current assets 305,514,631.72 318,149,689.32
Total non-current assets 25,232,707,705.80 22,468,920,858.31
Total assets 189,984,270,815.47 188,252,218,704.17
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 1,352,014,535.90 416,456,848.09
Accounts payable 8,534,820,869.28 9,076,595,227.75
Advances from customers 13,915,018.07 9,237,322.95
Contract liabilities 13,459,591,156.56 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 4,319,426,136.50 4,574,708,782.13
Taxes and levies payable 2,093,071,546.91 7,287,276,026.82
Other payables 10,185,754,419.34 16,507,125,170.07
Of which: Interest payable
Dividends payable 5,565,976,643.61 9,999,022,175.17
Fees and commissions payable
Reinsurance payables
Liabilities directly associated with
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
assets held for sale
Current portion of non-current
liabilities
Other current liabilities 27,029,072,199.84 1,056,550,277.52
Total current liabilities 67,351,815,353.24 51,026,506,357.06
Non-current liabilities:
Insurance contract reserve
Long-term borrowings
Bonds payable
Of which: Preference shares
Perpetual bonds
Lease liabilities 44,381,182.44 393,922,062.84
Long-term payables
Long-term employee benefits
payable
Provisions
Deferred income 307,239,518.79 242,976,829.32
Deferred income tax liabilities 100,151,115.86 194,019,722.26
Other non-current liabilities
Total non-current liabilities 451,771,817.09 830,918,614.42
Total liabilities 67,803,587,170.33 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 2,682,980,307.40 2,682,647,086.15
Less: Treasury shares
Other comprehensive income
Specific reserve
Surplus reserves 42,948,822,868.25 39,064,267,000.43
General reserve
Retained earnings 70,418,860,054.34 87,656,759,924.39
Total equity attributable to owners of the
parent company
Non-controlling interests 2,248,412,410.15 3,109,511,716.72
Total owners’ equity 122,180,683,645.14 136,394,793,732.69
Total liabilities and owners’ equity 189,984,270,815.47 188,252,218,704.17
Legal representative: Hua Tao (acting) Chief Financial Officer: Zhang Xin Head of the accounting department: Liu Min
Unit: RMB
Item December 31, 2025 January 1, 2025
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Current assets:
Monetary assets 64,227,222,544.51 64,649,635,834.51
Held-for-trading financial assets
Derivative financial assets
Notes receivable
Accounts receivable
Receivables financing 126,513,281.06
Prepayments 1,727,908.38 3,440,553.42
Other receivables 3,746,164,525.54 6,717,040,098.08
Of which: Interest receivable
Dividends receivable 534,248,092.95 960,807,884.40
Inventories 10,697.16
Of which: Data resources
Contract assets
Assets held for sale
Current portion of non-current
assets
Other current assets 14,613,741.04 8,885,747.03
Total current assets 68,116,252,697.69 71,379,002,233.04
Non-current assets:
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 14,761,328,381.60 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 112,173,251.56 101,633,894.68
Construction in progress 120,527,353.81 114,728,119.31
Productive living assets
Oil and gas assets
Right-of-use assets 9,388,998.93 8,113,004.32
Intangible assets 33,495,946.94 35,876,171.85
Of which: Data resources
Development costs
Of which: Data resources
Goodwill
Long-term prepaid expense
Deferred income tax assets 14,504,773.24 15,140,221.21
Other non-current assets 6,198,320.00
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Total non-current assets 15,058,817,026.08 14,098,822,026.68
Total assets 83,175,069,723.77 85,477,824,259.72
Current liabilities:
Short-term borrowings
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 175,000.00 175,000.00
Advances from customers
Contract liabilities
Employee benefits payable 494,073.73 12,634,396.71
Taxes and levies payable 26,589,345.63 100,640,957.74
Other payables 5,675,161,185.57 10,156,982,619.15
Of which: Interest payable
Dividends payable 5,511,896,243.68 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 5,705,174,913.55 10,271,228,052.00
Non-current liabilities:
Long-term borrowings
Bonds payable
Of which: Preference shares
Perpetual bonds
Lease liabilities 6,068,906.80 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 2,347,249.73 2,028,251.08
Other non-current liabilities
Total non-current liabilities 10,842,997.15 11,382,459.16
Total liabilities 5,716,017,910.70 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
Perpetual bonds
Capital reserves 2,682,647,086.15 2,682,647,086.15
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Less: Treasury shares
Other comprehensive income
Specific reserve
Surplus reserves 20,271,654,476.00 17,814,510,549.07
Retained earnings 50,623,142,245.92 50,816,448,108.34
Total owners’ equity 77,459,051,813.07 75,195,213,748.56
Total liabilities and owners’ equity 83,175,069,723.77 85,477,824,259.72
Unit: RMB
Item 2025 2024
I Total revenues 40,528,509,770.23 89,175,178,322.70
Of which: Operating revenue 40,528,509,770.23 89,175,178,322.70
Interest income
Insurance premium income
Fee and commission income
II Total costs and expenses 28,652,689,973.67 45,321,474,085.74
Of which: Cost of sales 9,101,956,953.59 20,461,423,083.74
Interest costs
Fee and commission costs
Surrenders
Net insurance claims paid
Net amount provided as insurance contract reserve
Expenditure on policy dividends
Reinsurance premium expense
Taxes and levies 11,038,061,739.93 13,040,913,970.28
Selling expense 7,628,615,140.51 10,692,376,117.41
Administrative expense 3,096,502,911.23 3,555,238,122.50
R&D expense 449,183,817.50 405,053,632.27
Finance costs -2,661,630,589.09 -2,833,530,840.46
Of which: Interest expense 28,573,949.37 40,436,892.68
Interest income 2,693,164,763.58 2,875,863,410.11
Add: Other income 277,275,170.97 274,172,688.85
Return on investment (“－” for loss) 111,568,486.77 75,199,102.74
Of which: Share of profit or loss of joint ventures and
associates
Income from the derecognition of financial
assets at amortized cost
Exchange gain (“－” for loss)
Net gain on exposure hedges (“－” for loss)
Gain on changes in fair value (“－” for loss)
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Credit impairment loss (“－” for loss) -2,165,181.95 -1,309,307.48
Asset impairment loss (“－” for loss) -24,041,709.02 1,665,749.10
Asset disposal income (“－” for loss) 12,694,451.10 -3,356,759.80
III Operating profit (“－” for loss) 12,251,151,014.43 44,200,075,710.37
Add: Non-operating income 46,397,872.57 40,043,015.14
Less: Non-operating expense 98,695,848.77 76,793,483.50
IV Gross profit (“－” for gross loss) 12,198,853,038.23 44,163,325,242.01
Less: Income tax expense 2,881,739,853.55 10,969,864,757.69
V Net profit (“－” for net loss) 9,317,113,184.68 33,193,460,484.32
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 9,317,113,184.68 33,193,460,484.32
Total comprehensive income attributable to owners of the
parent company
Total comprehensive income attributable to non-controlling
interests
VIII Earnings per share:
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
i. Basic earnings per share 2.3068 8.2062
ii. Diluted earnings per share 2.3068 8.2062
Legal representative: Hua Tao (acting) Chief Financial Officer: Zhang Xin Head of the accounting department: Liu Min
Unit: RMB
Item 2025 2024
I Operating revenue
Less: Cost of sales
Taxes and levies 675,994.20 669,804.08
Selling expense
Administrative expense 168,584,821.44 159,909,183.40
R&D expense 65,817,189.75 72,783,701.31
Finance costs -1,268,374,025.67 -1,683,493,368.20
Of which: Interest expense 316,995.68 495,078.32
Interest income 1,268,722,406.40 1,684,008,957.20
Add: Other income 5,143,948.55 4,076,731.76
Return on investment (“－” for loss) 23,811,514,667.67 21,992,036,229.92
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) -3,761.45 2,207.50
Asset impairment loss (“－” for loss)）
Asset disposal income (“－” for loss) -11,103.64
II Operating profit (“－” for loss) 24,849,939,771.41 23,446,245,848.59
Add: Non-operating income 229,210.47 2,374,199.78
Less: Non-operating expense 48,583,087.59 34,657,542.48
III Gross profit (“－” for gross loss) 24,801,585,894.29 23,413,962,505.89
Less: Income tax expense 230,146,625.04 356,556,555.61
IV Net profit (“－” for net loss) 24,571,439,269.25 23,057,405,950.28
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
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
in own credit risk
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 24,571,439,269.25 23,057,405,950.28
VII Earnings per share:
i. Basic earnings per share
ii. Diluted earnings per share
Unit: RMB
Item 2025 2024
I Cash flows from operating activities:
Proceeds from sale of goods and rendering of services 91,400,295,974.06 101,868,590,728.87
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 31,878,354.72 94,626,847.80
Cash generated from other operating activities 2,982,189,922.58 2,946,413,228.48
Subtotal of cash generated from operating activities 94,414,364,251.36 104,909,630,805.15
Payments for goods and services 19,575,747,032.10 21,471,357,324.45
Net increase in loans and advances to customers
Net increase in deposits in the central bank and other banks
and financial institutions
Payments for claims on original insurance contracts
Net increase in loans to other banks and financial
institutions
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Interest, fees and commissions paid
Policy dividends paid
Cash paid to and for employees 8,202,043,064.90 8,160,223,972.99
Taxes and levies paid 30,797,656,038.37 34,415,656,693.45
Cash used in other operating activities 6,132,658,196.86 6,922,637,621.48
Subtotal of cash used in operating activities 64,708,104,332.23 70,969,875,612.37
Net cash generated from/used in operating activities 29,706,259,919.13 33,939,755,192.78
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 36,839,386.35 24,089,041.18
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 2,007,407,316.36 2,666,310,780.23
Net cash generated from/used in investing activities -1,970,567,930.01 -2,642,221,739.05
III Cash flows from financing activities:
Capital contributions received 138,643,589.71 91,727,645.70
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 138,643,589.71 91,727,645.70
Repayment of borrowings
Interest and dividends paid 28,005,245,614.75 19,240,745,409.33
Of which: Dividends paid by subsidiaries to non-controlling
interests
Cash used in other financing activities 524,970,121.37 473,459,624.14
Subtotal of cash used in financing activities 28,530,215,736.12 19,714,205,033.47
Net cash generated from/used in financing activities -28,391,572,146.41 -19,622,477,387.77
IV Effect of foreign exchange rate changes on cash and cash
-703,626.72 534,127.42
equivalents
V Net increase in cash and cash equivalents -656,583,784.01 11,675,590,193.38
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 124,114,690,633.67 124,771,274,417.68
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Unit: RMB
Item 2025 2024
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 5,107,032,704.15 1,603,880,138.93
Subtotal of cash generated from operating activities 5,107,032,704.15 1,603,880,138.93
Payments for goods and services
Cash paid to and for employees 122,262,017.87 157,506,678.24
Taxes and levies paid 304,052,331.18 355,690,717.14
Cash used in other operating activities 1,079,532,232.37 409,905,417.53
Subtotal of cash used in operating activities 1,505,846,581.42 923,102,812.91
Net cash generated from/used in operating activities 3,601,186,122.73 680,777,326.02
II Cash flows from investing activities:
Proceeds from the disposal of investments 102,000,000.00
Return on investment 24,138,128,082.12 21,902,063,070.58
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 24,241,467,167.08 21,905,522,755.13
Payments for the acquisition and construction of fixed
assets, intangible assets and other long-term assets
Payments for the acquisition of investments 941,251,389.29 325,471,631.23
Net payments for the acquisition of subsidiaries and other
business units
Cash used in other investing activities
Subtotal of cash used in investing activities 968,862,241.92 330,160,937.87
Net cash generated from/used in investing activities 23,272,604,925.16 21,575,361,817.26
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 26,794,727,136.23 18,127,109,383.35
Cash used in other financing activities 2,977,113.70 2,828,224.77
Subtotal of cash used in financing activities 26,797,704,249.93 18,129,937,608.12
Net cash generated from/used in financing activities -26,797,704,249.93 -18,129,937,608.12
IV Effect of foreign exchange rate changes on cash and cash
equivalents
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
V Net increase in cash and cash equivalents 76,086,797.96 4,126,201,535.16
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 63,167,372,498.93 63,091,285,700.97
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Unit: RMB
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 333,221.25 3,884,555,867.82 -17,237,899,870.05 -13,353,010,780.98 -861,099,306.57 -14,214,110,087.55
decrease)
i. Total
comprehensive 8,954,257,202.51 8,954,257,202.51 362,855,982.17 9,317,113,184.68
income
ii. Capital
increase and
reduction by 40,643,589.71 40,643,589.71
owners
share increase 138,643,589.71 138,643,589.71
by owners
increase by
holders of other
equity
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
instruments
payments
recognized in
owners’ equity
iii. Profit
distribution 3,884,555,867.82 -26,192,157,072.56 -22,307,601,204.74 -1,264,598,878.45 -23,572,200,083.19
to surplus 3,884,555,867.82 -3,884,555,867.82
reserves
to general
reserve
owners (or -22,307,601,204.74 -22,307,601,204.74 -1,264,598,878.45 -23,572,200,083.19
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
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
period
vi. Other 333,221.25 333,221.25 333,221.25
IV Balance as at
the end of the 3,881,608,005.00 2,682,980,307.40 42,948,822,868.25 70,418,860,054.34 119,932,271,234.99 2,248,412,410.15 122,180,683,645.14
period
Unit: RMB
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 5,475,713,497.62 -1,748,672,522.16 3,727,040,975.46 318,379,570.06 4,045,420,545.52
decrease)
i. Total
comprehensive 31,853,172,533.98 31,853,172,533.98 1,340,287,950.34 33,193,460,484.32
income
ii. Capital increase
and reduction by 91,727,645.70 91,727,645.70
owners
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
increase by owners 91,727,645.70 91,727,645.70
holders of other
equity instruments
payments recognized
in owners’ equity
iii. Profit distribution 5,475,713,497.62 -33,601,845,056.14 -28,126,131,558.52 -1,113,636,025.98 -29,239,767,584.50
surplus reserves 5,475,713,497.62 -5,475,713,497.62
general reserve
owners (or -28,126,131,558.52 -28,126,131,558.52 -1,113,636,025.98 -29,239,767,584.50
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 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
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Unit: RMB
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) 2,457,143,926.93 -193,305,862.42 2,263,838,064.51
i. Total comprehensive
income 24,571,439,269.25 24,571,439,269.25
ii. Capital increase and
reduction by owners
by owners
holders of other equity
instruments
recognized in owners’ equity
iii. Profit distribution 2,457,143,926.93 -24,764,745,131.67 -22,307,601,204.74
reserves 2,457,143,926.93 -2,457,143,926.93
shareholders) -22,307,601,204.74 -22,307,601,204.74
iv. Transfers within owners’
equity
share capital) from capital
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
reserves
share capital) from surplus
reserves
offset loss
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 20,271,654,476.00 50,623,142,245.92 77,459,051,813.07
Unit: RMB
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
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
III Increase/ decrease in the
period (“-” for decrease) 2,305,740,595.03 -7,374,466,203.27 -5,068,725,608.24
i. Total comprehensive income 23,057,405,950.28 23,057,405,950.28
ii. Capital increase and reduction
by owners
owners
other equity instruments
recognized in owners’ equity
iii. Profit distribution 2,305,740,595.03 -30,431,872,153.55 -28,126,131,558.52
reserves 2,305,740,595.03 -2,305,740,595.03
shareholders) -28,126,131,558.52 -28,126,131,558.52
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 17,814,510,549.07 50,816,448,108.34 75,195,213,748.56
Annual 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 1,129.752 million shares. In April 2003, the Company implemented the distribution plan 2002 and
increased two 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
bonus shares and increased two shares by transferring capital reserve to share capital for every ten shares, with
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 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,
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
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
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
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
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.
During the period from April 9, 2025 to the close of trading on September 30, 2025, Sichuan Yibin
Wuliangye Group Co., Ltd. (Wuliangye Group) purchased a total of 6,273,266 additional shares through the
trading system of the Shenzhen Stock Exchange by way of centralized bidding with an amount of RMB800.0363
million, accounting for 0.16% 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
Sichuan Yibin Wuliangye Group Co., Ltd. holds a 20.65% interest in the Company (i.e. 801,503,277 shares),
being the second largest shareholder of the Company. Therefore, the controlling shareholder and the actual
controller of the Company have remained unchanged.
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 the meeting of shareholders of the Company on
April 28, 2026, and will be submitted to the meeting of shareholders for deliberation according to the Articles of
Association.
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
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
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.
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
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
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 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.
initial 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:
results 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
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
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 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 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-
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
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.
(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.
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
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 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.
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.
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
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.
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.
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 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.
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
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
For accounts receivable divided into 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 counterparties 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.
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
(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
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:
future;
the product;
the market price of the raw material is lower than the book cost;
change 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
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
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.
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 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
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
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.
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.
paid by it on the acquisition date shall be its initial investment cost.
taken 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 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
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
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%
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.
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
(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.
suspended 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.
reach 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
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
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
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
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
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
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.
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.
payment 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.
Disclose the accounting policies adopted for the recognition and measurement of revenue by business type:
(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 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
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
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:
obligation 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.
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:
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
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.
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
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
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
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.
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
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
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%
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 Wuliangye Tourist Agency Co., Ltd. 20%
Sichuan Jiebeike Environmental Technology Co., Ltd. 20%
Sichuan Jinwuxin Technology Co., Ltd. 20%
Yibin Wuliang Tequ and Touqu Brand Marketing Co., Ltd. 20%
Sichuan Yibin Plastic Packaging Materials Company Limited 15%
Sichuan Yibin Jiang’an Plastic New Materials Co., Ltd. 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 2025 was
RMB31,275,720.00.
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, Sichuan Yibin Jiang’an Plastic New Materials Co., Ltd., 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 Wuliangye Tourist Agency Co., Ltd., Sichuan Jiebeike
Environmental Technology Co., Ltd., Sichuan Jinwuxin Technology Co., Ltd., and Yibin Wuliang Tequ and
Touqu Brand Marketing 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
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Cash on hand 2,400.00 4,465.96
Bank deposits 77,584,094,430.66 78,907,591,498.82
Other monetary assets 457,207,824.46 202,456,023.63
Deposits in Wuliangye Group Finance 48,973,138,361.74 48,288,863,495.70
Total 127,014,443,016.86 127,398,915,484.11
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 4,841,437.44 10,297,383.00
Total 4,841,437.44 10,297,383.00
(2) Notes receivable by method of establishing loss allowances
Unit: RMB
Closing balance Opening balance
Gross amount Loss allowances Gross amount Loss allowances
Category As % of Allowance Carrying As % of Allowance Carrying
the total as % of amount the total as % of amount
Amount Amount Amount Amount
gross the gross gross the gross
amount amount amount amount
Notes
receivable
for which
loss
allowances
are
established
on an
individual
basis
Notes
receivable
for which
loss
allowances
are
established
on a
grouping
basis
Of
which:
Letters of
credit
Total 4,841,437.44 100.00% 4,841,437.44 10,297,383.00 100.00% 10,297,383.00
Loss allowances for notes receivable established using the general model of expected credit loss:
□ Applicable Not applicable
(3) Loss allowances established, recovered or reversed in the period
The Company had no loss allowances established, recovered or reversed in the period.
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
(4) Notes receivable in pledge at the end of the period
The Company had no notes receivable in pledge 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) 36,640,706.04 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 44,901,936.12 43,604,028.89
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
(2) Accounts receivable by method of establishing loss allowances
Unit: RMB
Closing balance Opening balance
Gross amount Loss allowances Gross amount Loss allowances
Category Carrying Carrying
As % of the Allowance As % of the Allowance
Amount total gross Amount as % of the amount Amount total gross Amount as % of the amount
amount gross amount amount gross amount
Accounts
receivable for
which loss
allowances are 3,088,250.80 6.88% 3,088,250.80 100.00% 3,088,250.80 7.08% 3,088,250.80 100.00%
established on
an individual
basis
Of which:
External
customers
Accounts
receivable for
which loss
allowances are 41,813,685.32 93.12% 4,068,265.81 9.73% 37,745,419.51 40,515,778.09 92.92% 3,169,216.14 7.82% 37,346,561.95
established on
a grouping
basis
Of which:
External
customers
Related
parties
Total 44,901,936.12 100.00% 7,156,516.61 15.94% 37,745,419.51 43,604,028.89 100.00% 6,257,466.94 14.35% 37,346,561.95
Loss allowances established on an individual basis:
Unit: RMB
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Opening balance Closing balance
Name Allowance as % of the
Gross amount Loss allowances Gross amount Loss allowances Reason for allowance
gross amount
Expected to be
Qu Liang 1,411,528.44 1,411,528.44 1,411,528.44 1,411,528.44 100.00%
unrecoverable
Beijing Junhui Tianhong Trading Expected to be
Co., Ltd. unrecoverable
Sichuan Debo Daily Commodity Expected to be
Co., Ltd. unrecoverable
Expected to be
Gushi County Yingjun Liquor 207,600.00 207,600.00 207,600.00 207,600.00 100.00%
unrecoverable
Total 3,088,250.80 3,088,250.80 3,088,250.80 3,088,250.80
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Loss allowances established on a grouping basis:
Unit: RMB
Closing balance
Allowanc
Name e as % of
Gross amount Loss allowances
the gross
amount
Accounts receivable for which loss allowances are established based on
the external customer group
Accounts receivable for which loss allowances are established based on
the related party group
Total 41,813,685.32 4,068,265.81
(3) Loss allowances established, recovered or reversed in the period
Loss allowances 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 loss
allowances are established on an 3,088,250.80 3,088,250.80
individual basis
Accounts receivable for which loss
allowances are established on a 3,169,216.14 899,049.67 4,068,265.81
grouping basis
Total 6,257,466.94 899,049.67 7,156,516.61
The Company had no significant recovered or reversed loss allowances in the period.
(4) Accounts receivable actually written off in the period
The Company had no accounts receivable actually written off in the period.
(5) Top five entities with respect to accounts receivable and contract assets
Unit: RMB
As % of
Closi
the Closing balance
ng
closing of loss
bala Closing balance
balance of allowances for
nce of accounts
Closing balance of total accounts
Entity of receivable and
accounts receivable accounts receivable and
contr contract assets
receivable impairment
act combined
and allowances for
asset
contract contract assets
s
assets
Chengdu Kanglongxin Plastic Industry Co.,
Ltd.
China Tobacco Sichuan Industrial Co., Ltd. 7,407,430.24 7,407,430.24 16.50% 370,371.51
Shanxi Fenyang Du Mu Chateau Co., Ltd. 2,002,000.00 2,002,000.00 4.46% 200,200.00
Hefei Yili Dairy Industry Co., Ltd. 1,887,796.68 1,887,796.68 4.20% 94,389.83
Wuhan Art Packaging Co., Ltd. 1,837,349.00 1,837,349.00 4.09% 91,867.45
Total 23,543,524.44 23,543,524.44 52.43% 1,277,276.22
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
(1) Receivables financing presented by category
Unit: RMB
Item Closing balance Opening balance
Bank acceptance bills 9,401,640,775.74 19,566,397,992.11
Total 9,401,640,775.74 19,566,397,992.11
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
(2) Receivables financing by method of establishing loss allowances
Unit: RMB
Closing balance Opening balance
Gross amount Loss allowances Gross amount Loss allowances
Category As % of Allowance As % of Allowance
the total as % of Carrying amount the total as % of Carrying amount
Amount Amount Amount Amount
gross the gross gross the gross
amount amount amount amount
Loss allowances
established on an
individual basis
Loss allowances
established on a grouping 9,401,640,775.74 100.00% 9,401,640,775.74 19,566,397,992.11 100.00% 19,566,397,992.11
basis
Of which:
Bank acceptance bills 9,401,640,775.74 100.00% 9,401,640,775.74 19,566,397,992.11 100.00% 19,566,397,992.11
Total 9,401,640,775.74 100.00% 9,401,640,775.74 19,566,397,992.11 100.00% 19,566,397,992.11
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Loss allowances established on a grouping basis:
Unit: RMB
Closing balance
Name Allowance as % of the gross
Gross amount Loss allowances
amount
Bank acceptance bills 9,401,640,775.74
Total 9,401,640,775.74
(3) Loss allowances established, recovered or reversed in the period
The Company had no loss allowances 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 3,032,081,032.42
Total 3,032,081,032.42
Unit: RMB
Item Closing balance Opening balance
Interest receivable
Dividends receivable
Other receivables 64,356,368.30 47,264,361.93
Total 64,356,368.30 47,264,361.93
(1) Other receivables
Unit: RMB
Nature Closing gross amount Opening gross amount
Cash float 3,070,075.60 890,541.57
Security deposits 53,971,520.30 41,901,987.04
Other advance money for others or
temporary payment
Total 76,815,511.55 58,457,372.90
Unit: RMB
Aging Closing gross amount Opening gross amount
Within 1 year (inclusive) 45,597,812.61 28,668,722.63
More than 3 years 12,472,351.61 11,713,605.68
More than 5 years 10,193,869.68 9,632,659.34
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Total 76,815,511.55 58,457,372.90
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Gross amount Loss allowances Gross amount Loss allowances
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
Loss
allowances
established on 1,838.85 1,838.85 100.00% 1,838.85 1,838.85 100.00%
an individual
basis
Of
which:
External
customers
Loss
allowances
established on 76,813,672.70 100.00% 12,457,304.40 16.22% 64,356,368.30 58,455,534.05 100.00% 11,191,172.12 19.14% 47,264,361.93
a grouping
basis
Of
which:
External
customers
Related
parties
Total 76,815,511.55 100.00% 12,459,143.25 16.22% 64,356,368.30 58,457,372.90 100.00% 11,193,010.97 19.15% 47,264,361.93
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Loss allowances established on an individual basis:
Unit: RMB
Opening balance Closing balance
Allowance
Name Loss
Gross Gross as % of the Reason for
allowance Loss allowances
amount amount gross allowance
s
amount
Other receivables for which loss
Expected to be
allowances are established on an 1,838.85 1,838.85 1,838.85 1,838.85 100.00%
unrecoverable
individual basis
Total 1,838.85 1,838.85 1,838.85 1,838.85
Loss allowances established on a grouping basis:
Unit: RMB
Closing balance
Allowanc
Name e as % of
Gross amount Loss allowances
the gross
amount
Other receivables for which loss allowances are established based on
the external customer group
Other receivables for which loss allowances are established based on
the related party group
Total 76,813,672.70 12,457,304.40
Loss allowances established using the general model of expected credit loss:
Unit: RMB
Stage 1 Stage 2 Stage 3
Lifetime expected
Loss allowances Lifetime expected credit Total
loss (with credit
credit loss (without credit
impairment)
impairment)
Balance as at January 1, 2025 11,191,172.12 1,838.85 11,193,010.97
Balance as at January 1, 2025
was in the period
——Transferred to Stage 2
——Transferred to Stage 3
——Transferred back to Stage
——Transferred back to Stage
Established in the period 1,266,132.28 1,266,132.28
Reversed in the period
Charged off in the period
Written off in the period
Other changes
Balance as at December 31,
Gross amounts with significant changes in loss allowances in the period:
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
□ Applicable Not applicable
Loss allowances in the period:
Unit: RMB
Changes in the period
Opening Charged
Category Recover Closing balance
balance off or
Established ed or Others
written
reversed
off
Other receivables for which loss
allowances are established on an 1,838.85 1,838.85
individual basis
Other receivables for which loss
allowances are established based on 11,191,172.12 1,266,132.28 12,457,304.40
the credit risk characteristic group
Total 11,193,010.97 1,266,132.28 12,459,143.25
The Company had no other receivables actually written off in the period.
Unit: RMB
As % of
the
Nature closing
Closing balance of
Entity of Closing balance Aging balance of
loss allowances
account total other
receivable
s
Security Within 1
Yibin City Public Resources Trading Center 12,640,000.00 16.46% 379,200.00
deposit year
Security
Yibin Zhongqi Natural Gas Co., Ltd. 7,500,000.00 1-2 years 9.76% 750,000.00
deposit
Security Within 1
State Grid Sichuan Electric Power Company 6,335,660.04 8.25% 190,069.80
deposit year
Yibin Cuiping District Housing and Urban- Security Over 5
Rural Development Bureau deposit years
Tempor
China Mobile Group Sichuan Sub-Company Within 1
ary 2,698,456.97 3.51% 80,953.70
Yibin Branch year
payment
Total 34,174,117.01 44.49% 5,400,223.50
(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 175,084,942.69 89.79% 128,590,930.55 88.76%
More than 3 years 3,399,404.89 1.74% 9,785,066.73 6.76%
Total 194,996,398.52 144,877,853.45
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
The Company had no prepayments with significant amounts aged over one year at the end of the period.
(2) Top five entities with respect to prepayments
Unit: RMB
Entity Closing balance As % of the closing balance of total prepayments
Yibin PetroChina Kunlun Guoding Gas Co., Ltd. 42,170,000.00 21.63%
Guangxi JD Xingchen E-commerce Co., Ltd. 24,223,500.00 12.42%
PetroChina Company Limited Southwest Chemical Sales Branch 20,612,002.27 10.57%
Beijing Juliang Engine Information Technology Co., Ltd. 10,955,965.32 5.62%
Sichuan Shujiao Trading Co., Ltd. 8,691,840.00 4.46%
Total 106,653,307.59 54.70%
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
(1) Classification of inventory
Unit: RMB
Closing balance Opening balance
Inventory valuation Inventory valuation
Item allowances or impairment allowances or impairment
Gross amount Carrying amount Gross amount Carrying amount
allowances for contract allowances for contract
fulfillment costs fulfillment costs
Raw materials 457,072,723.59 9,586,491.65 447,486,231.94 523,518,853.06 8,753,993.75 514,764,859.31
Goods in process 1,477,182,175.09 1,477,182,175.09 1,389,525,714.99 1,389,525,714.99
Merchandise on
hand
Turnover
materials
Goods issued 130,650,900.57 917,805.65 129,733,094.92 64,025,690.35 917,805.65 63,107,884.70
Homemade semi-
finished products
Packing
materials
Manufacturing
consignment 39,324,227.97 39,324,227.97 42,483,687.02 42,483,687.02
materials
Goods in transit 60,743,634.95 60,743,634.95 57,153,306.62 57,153,306.62
Total 20,124,504,199.72 59,167,448.52 20,065,336,751.20 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.
(2) Classification of merchandise on hand
Unit: RMB
Closing balance Opening balance
Item
Gross amount Valuation allowances Carrying amount Gross amount Valuation allowances Carrying amount
Liquor 2,740,648,104.58 2,740,648,104.58 3,045,044,472.65 3,045,044,472.65
Non-liquor 641,893,946.81 32,159,559.70 609,734,387.11 623,032,264.97 18,846,992.64 604,185,272.33
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Total 3,382,542,051.39 32,159,559.70 3,350,382,491.69 3,668,076,737.62 18,846,992.64 3,649,229,744.98
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
(3) Inventory valuation allowances and impairment allowances for contract fulfillment costs
Unit: RMB
Increase in the period Decrease in the period
Item Opening balance Reversed or Closing balance
Established Others Others
charged off
Raw
materials
Merchandis
e on hand
Turnover
materials
Goods
issued
Semi-
finished 150,386.01 150,386.01
products
Packing
materials
Total 45,022,383.56 23,088,564.90 8,943,499.94 59,167,448.52
(4) Note on closing balance of inventory containing the capitalized amount of borrowing costs
There was no capitalized amount of borrowing costs in the closing balance of inventory.
(5) Notes of the amount of contract fulfillment costs amortized for the period
None
Unit: RMB
Item Closing balance Opening balance
Input VAT to be deducted 134,998,788.60 300,126,541.56
Prepaid VAT and corporate income tax 2,926,231,969.10 44,369,501.13
Regulated commodities 4,906,972,184.40
Total 7,968,202,942.10 344,496,042.69
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Unit: RMB
Opening Increase/decrease in the period Closing
balance Declar balance
Opening balance of Return on Closing balance of
Decreas Adjustment ed Impairme
Investee (carrying impairm investment Other (carrying impairm
Increase in e in to other cash nt Other
amount) ent recognized equity amount) ent
investment investm comprehens divide allowance s
allowanc using the equity changes allowanc
ent ive income nds or s
es method es
profit
I Joint ventures
II Associates
Oriental
Outlook
Media Co.,
Ltd.
Sichuan Yibin
Wuliangye
Group 2,019,841,357.11 102,182,488.96 2,122,023,846.07
Finance Co.,
Ltd.
Beijing
Zhongjiuhuic
ui Education
and
Technology
Co., Ltd.
Yibin Jiamei
Intelligent
Packaging
Co., Ltd.
Sichuan
Jinzhu New
Materials Co.,
Ltd.
Sub-total 2,081,612,703.43 40,000,000.00 111,568,486.77 333,221.25 2,233,514,411.45
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Total 2,081,612,703.43 40,000,000.00 111,568,486.77 333,221.25 2,233,514,411.45
Other information:
As of 2025, Sichuan Yibin Global Group Shenzhou Glass Co., Ltd., a holding subsidiary of the Company, has fully paid up its capital contribution in Sichuan
Jinzhu New Materials Co., Ltd. Established in 2024, Sichuan Jinzhu New Materials Co., Ltd. has a registered capital of RMB0.2 billion, with Yibin Paper Industry
Co., Ltd. holding 60%, and Yibin Push Linko Technology Co., Ltd. and Sichuan Yibin Global Group Shenzhou Glass Co., Ltd. each holding 20%. The company was
established in response to the “Replace Plastic with Bamboo” policy, contributing to the development of a zero-carbon Baijiu producer.
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
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 7,638,677,606.45 7,262,016,086.69
Disposal of fixed assets 2,553,406.90 2,724,596.93
Total 7,641,231,013.35 7,264,740,683.62
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
(1) Information on fixed assets
Unit: RMB
Buildings and
Item Machinery equipment Transport equipment Other equipment Total
constructions
I Gross amount:
(1) Acquisition 3,971,074.35 130,077,107.87 5,644,019.57 39,044,919.43 178,737,121.22
(2) Transferred from
construction in progress
(3) Increase from
business combination
(1) Disposed or
scrapped
II Accumulated depreciation
(1) Provisions 324,192,427.31 210,836,096.43 15,700,426.16 41,935,079.60 592,664,029.50
(1) Disposed or
scrapped
III Impairment allowances
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
(1) Provisions 953,144.12 953,144.12
(1) Disposed or
scrapped
IV Carrying amount
amount
amount
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
(2) Fixed assets that are temporarily idle
The Company has no major fixed assets that are temporarily idle.
(3) Fixed assets leased out under operating leases
Unit: RMB
Item Closing carrying amount
Buildings and constructions, equipment, etc. 295,479,295.23
(4) Fixed assets without certificate of title
Unit: RMB
Item Carrying amount Reason for not obtaining certificate of title
Buildings and The Company is sorting out relevant assets and handling with the certificate
constructions of title of relevant assets.
(5) 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 7,031,225,011.94 5,792,601,022.56
Engineering materials 2,836,125.46 2,571,298.51
Total 7,034,061,137.40 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
allowances allowances
Construction
in progress
Total 7,033,625,017.49 2,400,005.55 7,031,225,011.94 5,795,001,028.11 2,400,005.55 5,792,601,022.56
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
(2) Changes in important construction in progress in the period
Unit: RMB
Int
ere
Cu
Of st
mu
Cumula whic cap
lati
tive h: ital
ve
project Proje Capit iza
Transferred to Other cap
Increase in the investm ct alized tio Funding
Project Budget Opening balance fixed assets in the decreases in Closing balance ital
period ent progr intere n source
period the period ize
as % of ess st in rat
d
the the e
int
budget perio for
ere
d the
st
per
iod
Liquor Packaging and
Owned and
Integrated Smart Storage-
and-delivery Project (Note
funds
Owned and
Baijiu Cellar Renovation raised
Project funds and
subsidies
Qu-making Workshop Owned
Expansion Project funds
Owned
Distillery Project (Phase I)
subsidies
Owned
Distillery Project (Phase II)
subsidies
Wuliangye Gateway Area Owned
Project funds
New centralized Owned
wastewater treatment plant funds
Wuliangye 501 Ancient
Fermentation Pits-Chinese Owned
Baijiu Cultural Sanctuary funds
Project
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Smart Factory Project in
Owned
Area B of Wuliangye 1,023,840,000.00 1,635,921.13 290,538,825.76 292,174,746.89 28.54% 80%
funds
Industrial Park
Total 27,753,609,100.00 4,294,882,560.36 1,500,403,399.30 709,077,923.74 3,534,243.39 5,082,673,792.53
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%.
Annual 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 for the period.
(4) Impairment tests of construction in progress
□ Applicable Not applicable
(5) Engineering materials
Unit: RMB
Closing balance Opening balance
Item Impairment Carrying Impairment Carrying
Gross amount Gross amount
allowances amount allowances amount
Engineering
materials
Total 2,836,125.46 2,836,125.46 2,571,298.51 2,571,298.51
(1) Right-of-use assets
Unit: RMB
Buildings and Specialized Transport
Item Land use right Total
constructions equipment equipment
I Gross amount
balance
period
(1) Operating
leases
period
(1) Expiry or
termination of 182,196,527.46 182,196,527.46
leases
II Accumulated
depreciation
balance
period
(1) Provisions 113,603,504.15 839,541.72 124,771.80 282,568,834.80 397,136,652.47
period
(1) Disposal
(2) Expiry or
termination of 160,129,357.67 160,129,357.67
leases
III Impairment
allowances
balance
period
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
(1) Provisions
period
(1) Disposal
IV Carrying
amount
amount
carrying amount
(2) Impairment tests of right-of-use assets
□ Applicable Not applicable
(1) Intangible assets
Unit: RMB
Non-
Technology use
Item Land use right Patents patent Software system Copyright Total
right
technology
I Gross amount
period
(1) Acquisition 343,934.03 19,417.48 179,376,590.42 179,739,941.93
(2) Internal research
and development
(3) Increase from
business combination
period
(1) Disposal 2,196,803.12 1,650,314.63 3,847,117.75
II Accumulated
amortization
period
(1) Provisions 68,315,611.81 4,045.30 106,252,182.47 7,358.52 268,867.79 174,848,065.89
period
(1) Disposal 748,523.03 1,247,077.96 1,995,600.99
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
III Impairment
allowances
period
(1) Provisions
period
(1) Disposal
IV Carrying amount
amount
amount
There were no intangible assets created by internal research and development of the Company at the end of
the period.
(2) Data resources recognized as intangible assets
□ Applicable Not applicable
(3) 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.
(4) Impairment tests of intangible assets
□ Applicable Not applicable
(1) Gross amounts of goodwill
Unit: RMB
Decrease
Increase in the period in the
period
Investee or item generating goodwill Opening balance Closing balance
Generated due to
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
Item Opening balance Increase in the Amortization in Other decreases Closing balance
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
period the period
Molds 123,775,043.95 82,659,716.75 95,777,315.84 110,657,444.86
Overhaul expenses
of kilns
Others 6,168,053.75 7,611,856.96 4,827,282.96 8,952,627.75
Total 141,764,604.11 90,271,573.71 110,323,884.07 121,712,293.75
Other information: 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, four years and five years,
respectively.
(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 106,951,416.78 21,031,369.96 91,024,670.35 18,757,857.30
Unrealized profit of internal
transactions
Employee benefits payable 3,865,350,548.19 966,337,637.01 4,118,046,248.81 1,029,511,562.17
Lease liabilities (inclusive of
the current portion)
Accrued expenses, etc. 3,807,798,621.61 951,947,822.58 6,192,952,568.22 1,548,238,142.06
Total 19,279,254,087.38 4,813,123,125.48 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 404,418,969.75 100,151,115.86 793,199,588.50 194,019,722.26
Total 404,418,969.75 100,151,115.86 793,199,588.50 194,019,722.26
(3) Details about deferred income tax assets which have not been recognized
Unit: RMB
Item Closing balance Opening balance
Deductible temporary differences 4,523,844.40 4,928,504.70
Deductible losses 373,388,164.28 324,561,290.06
Total 377,912,008.68 329,489,794.76
(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
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Total 373,388,164.28 324,561,290.06
Unit: RMB
Closing balance Opening balance
Im
pa
ir
m
Impair en
Item ment t
Gross amount Carrying amount Gross amount Carrying amount
allowa all
nces o
w
an
ce
s
Prepayments for progress of
information system 131,781,098.61 131,781,098.61 188,274,005.14 188,274,005.14
construction
Prepayments for equipment 141,746,865.93 141,746,865.93 104,108,829.13 104,108,829.13
Others 31,986,667.18 31,986,667.18 25,766,855.05 25,766,855.05
Total 305,514,631.72 305,514,631.72 318,149,689.32 318,149,689.32
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Unit: RMB
At the end of the period At the beginning of the period
Item Type of Type of
Gross amount Carrying amount Restriction Gross amount Carrying amount Restriction
restriction restriction
Security deposits
for bank
Security deposits for bank acceptance bills,
acceptance bills, other other security
security deposits, and the deposits, and the
balance in the securities Security balance in the
Security
Monetary assets 334,485,788.13 334,485,788.13 trading account with the 126,847,002.57 126,847,002.57 deposit, securities trading
deposit, etc.
Yibin Jinsha River Avenue etc. account with the
Securities Business Yibin Jinsha River
Department of SDIC Avenue Securities
Securities Business
Department of
SDIC Securities
Other current Subject to regulatory
assets restrictions
Total 5,241,457,972.53 5,241,457,972.53 126,847,002.57 126,847,002.57
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Unit: RMB
Category Closing balance Opening balance
Bank acceptance notes 1,352,014,535.90 414,559,110.49
Letters of credit 1,897,737.60
Total 1,352,014,535.90 416,456,848.09
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 8,534,820,869.28 9,076,595,227.75
Total 8,534,820,869.28 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 one year or overdue at the end of the period.
(3) Whether there are any overdue and outstanding payments to small and medium-sized enterprises
(SMEs)
Whether the Company is a large enterprise
Yes No
Whether there are any overdue and outstanding payments to small and medium-sized enterprises (SMEs)
□Yes No
Unit: RMB
Item Closing balance Opening balance
Interest payables
Dividends payable 5,565,976,643.61 9,999,022,175.17
Other payables 4,619,777,775.73 6,508,102,994.90
Total 10,185,754,419.34 16,507,125,170.07
(1) Dividends payable
Unit: RMB
Item Closing balance Opening balance
Dividends payable to ordinary
shareholders
Total 5,565,976,643.61 9,999,022,175.17
(2) Other payables
Unit: RMB
Item Closing balance Opening balance
Image publicity expense and sales
promotional expense
Security deposits 997,989,595.94 968,577,002.09
Frozen funds 319,086,274.76 271,730,671.64
Collecting payment on behalf of others 35,088,126.08 36,320,489.25
Claims from safeguarding rights 55,181,420.77 55,766,151.01
Others 689,785,885.49 754,383,391.95
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Total 4,619,777,775.73 6,508,102,994.90
Unit: RMB
Item Closing balance Reason for unsettlement or carryforward
Frozen funds 270,818,697.11
Total 270,818,697.11
(1) Presentation of advances from customers
Unit: RMB
Item Closing balance Opening balance
Advances from customers 13,915,018.07 9,237,322.95
Total 13,915,018.07 9,237,322.95
There were no significant advances from customers that were over one year or overdue at the end of the
period.
Unit: RMB
Item Closing balance Opening balance
Advances from customers 13,459,591,156.56 11,689,880,975.04
Total 13,459,591,156.56 11,689,880,975.04
There were no significant contract liabilities that were over one 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 RMB4,871,806,223.89 at the
end of the period, accounting for 36.20% of the total contract liabilities at the end of the period.
(1) Presentation of employee benefits payable
Unit: RMB
Item Opening balance Increase in the period Decrease in the period Closing balance
I Short-term
remuneration
II Post-employment
benefits - defined 14,059.66 1,229,375,522.22 1,228,995,570.89 394,010.99
contribution plans
III Dismissal benefits 5,800,000.00 1,177,382.75 1,177,382.75 5,800,000.00
Total 4,574,708,782.13 7,940,602,444.74 8,195,885,090.37 4,319,426,136.50
(2) Presentation of short-term remuneration
Unit: RMB
Item Opening balance Increase in the period Decrease in the period Closing balance
allowances and 4,544,361,788.86 5,443,235,459.90 5,695,860,785.54 4,291,736,463.22
subsidies
charges
Including: Medical
insurance premium
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Industrial
injury insurance 107.45 19,838,944.91 19,838,944.91 107.45
premium
fund
expenditure and
personnel educational
fund
Total 4,568,894,722.47 6,710,049,539.77 6,965,712,136.73 4,313,232,125.51
(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
Total 14,059.66 1,229,375,522.22 1,228,995,570.89 394,010.99
Unit: RMB
Item Closing balance Opening balance
VAT 703,772,682.26 1,745,210,260.14
Consumption tax 733,979,696.79 1,707,331,535.80
Corporate income tax 395,444,906.19 3,322,665,633.85
Individual income tax 19,653,868.90 26,768,495.02
Urban maintenance and construction tax 113,574,557.14 254,415,348.02
Education surcharge 48,885,525.17 109,482,529.02
Local education surcharge 32,594,900.10 72,992,902.64
Deed tax 37,629,000.00 37,629,000.00
Stamp duty 6,359,459.63 9,412,473.25
Land use tax 669,153.14 794,497.14
Property tax 467,797.59 468,133.28
Environmental protection tax 40,000.00 105,218.66
Total 2,093,071,546.91 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 364,149,470.84 408,675,726.69
Total 364,149,470.84 408,675,726.69
Unit: RMB
Item Closing balance Opening balance
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Output tax to be transferred 714,391,243.84 1,056,550,277.52
Regulated commodity funds 26,314,680,956.00
Total 27,029,072,199.84 1,056,550,277.52
Unit: RMB
Item Closing balance Opening balance
Lease liabilities 44,381,182.44 393,922,062.84
Total 44,381,182.44 393,922,062.84
Unit: RMB
Increase in the Decrease in the
Item Opening balance Closing balance Cause
period period
Government grants 242,976,829.32 82,100,303.89 17,837,614.42 307,239,518.79
Total 242,976,829.32 82,100,303.89 17,837,614.42 307,239,518.79 --
Unit: RMB
Increase/decrease in the period (+/-)
Bonus
Opening balance Bonus issue Closing balance
issue Subtot
New issue from capital Others
from al
reserves
profit
Total shares 3,881,608,005.00 3,881,608,005.00
Unit: RMB
Item Opening balance Increase in the period Decrease in the period Closing balance
Capital premium (share
premium)
Other capital reserves 123,383.17 333,221.25 456,604.42
Total 2,682,647,086.15 333,221.25 2,682,980,307.40
Unit: RMB
Item Opening balance Increase in the period Decrease in the period Closing balance
Statutory surplus
reserves
Total 39,064,267,000.43 3,884,555,867.82 42,948,822,868.25
Unit: RMB
Item 2025 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
Plus: Net profit attributable to owners of the parent 8,954,257,202.51 31,853,172,533.98
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
company in the period
Less: Appropriation to statutory surplus reserves 3,884,555,867.82 5,475,713,497.62
Dividends payable to ordinary shareholders 22,307,601,204.74 28,126,131,558.52
Retained earnings at the end of the period 70,418,860,054.34 87,656,759,924.39
Adjustments to the retained earnings at the beginning of the period:
adjustment according to the Accounting Standards for Business Enterprises and relevant new provisions.
accounting policies.
accounting errors.
combination scope under common control.
adjustments.
Unit: RMB
Item
Revenue Costs Revenue Costs
Principal operations 40,268,469,572.66 8,988,780,142.57 88,793,406,654.51 20,211,037,904.31
Other operations 260,040,197.57 113,176,811.02 381,771,668.19 250,385,179.43
Total 40,528,509,770.23 9,101,956,953.59 89,175,178,322.70 20,461,423,083.74
Indicate whether the lowest of the audited profit before tax, net profit, and net profit before non-recurring
gains and losses was negative for the period.
□ Yes No
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 12,831,595,450.04 1,479,292,786.55
South China 17,824,948,680.44 3,694,433,392.63
North China 6,447,448,102.11 854,081,946.37
By sales channel
Online 4,742,664,695.40 465,325,794.03
Offline 32,361,327,537.19 5,562,482,331.52
Total 37,103,992,232.59 6,027,808,125.55
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 RMB13,459,591,156.56.
Unit: RMB
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Item 2025 2024
Consumption tax 8,872,841,951.26 10,358,245,516.37
Urban maintenance and construction tax 1,125,437,475.63 1,443,704,328.83
Education surcharge 484,091,807.76 620,022,152.40
Tax on natural resources 192,019.10 192,216.40
Property tax 128,217,142.84 51,535,625.54
Land use tax 41,815,076.35 84,632,536.01
Vehicle and vessel usage tax 157,027.23 82,981.27
Stamp duty 61,982,147.19 68,623,177.37
Local education surcharge 322,727,871.86 413,348,102.29
Environmental protection tax 599,220.71 527,333.80
Total 11,038,061,739.93 13,040,913,970.28
Unit: RMB
Item 2025 2024
Comprehensive expenses of the Company (including travel,
office, expenses of the Board of Directors, employee
remuneration, labor insurance, labor protection appliances,
etc.)
Rents 12,660,010.52 25,643,166.83
Trademark and logo royalties 805,743,972.32 1,072,541,210.92
Others 842,210,741.89 853,035,325.54
Total 3,096,502,911.23 3,555,238,122.50
Unit: RMB
Item 2025 2024
Image publicity expense 1,505,304,516.36 1,812,057,137.87
Sales promotional expense 4,307,878,291.29 6,760,331,902.91
Storage and logistics expenses 569,124,846.36 740,801,682.47
Expenses of labor 597,297,424.27 682,820,306.59
Other expenses 649,010,062.23 696,365,087.57
Total 7,628,615,140.51 10,692,376,117.41
Unit: RMB
Item 2025 2024
Comprehensive expenses (including
travel, office, payroll, labor insurance, 250,178,069.86 251,406,828.41
labor protection appliances, etc.)
Material expenses 49,655,401.70 61,815,354.16
Product design fees 49,449,882.16 14,796,766.02
Depreciation and amortization expenses 30,248,203.45 24,499,612.71
Technical service expenses 21,935,778.99 9,622,354.74
Others 47,716,481.34 42,912,716.23
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Total 449,183,817.50 405,053,632.27
Unit: RMB
Item 2025 2024
Interest costs 28,573,949.37 40,436,892.68
Less: Interest income 2,693,164,763.58 2,875,863,410.11
Exchange loss 1,155,204.32 757,944.54
Less: Exchange gains 303,079.29 1,292,071.96
Service charge of financial institutions 2,268,631.80 2,954,685.94
Others -160,531.71 -524,881.55
Total -2,661,630,589.09 -2,833,530,840.46
Unit: RMB
Sources of other income 2025 2024
Government subsidies 234,992,793.36 208,922,914.53
Tax rebates 31,275,720.00 56,311,629.47
Tax preferences 11,006,657.61 8,938,144.85
Total 277,275,170.97 274,172,688.85
Unit: RMB
Item 2025 2024
Return on long-term equity investments
measured using the equity method
Total 111,568,486.77 75,199,102.74
Unit: RMB
Item 2025 2024
Loss on uncollectible accounts
-899,049.67 80,911.87
receivable
Loss on uncollectible other receivables -1,266,132.28 -1,390,219.35
Total -2,165,181.95 -1,309,307.48
Unit: RMB
Item 2025 2024
Inventory valuation loss and impairment
-23,088,564.90 5,549,290.81
loss on contract fulfillment costs
Impairment loss on fixed assets -953,144.12 -3,883,541.71
Total -24,041,709.02 1,665,749.10
Unit: RMB
Source of asset disposal income 2025 2024
Disposal of non-current assets 12,694,451.10 -3,356,759.80
Total 12,694,451.10 -3,356,759.80
Unit: RMB
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Amounts included in current non-
Item 2025 2024
recurring gains and losses
Penalty income 7,437,701.90 8,873,268.27 7,437,701.90
Gains from scrap of non-
current assets
Others 37,614,941.27 30,886,382.58 37,614,941.27
Total 46,397,872.57 40,043,015.14 46,397,872.57
Unit: RMB
Amounts included in current non-
Item 2025 2024
recurring gains and losses
Donations 51,424,925.53 47,536,300.00 51,424,925.53
Penalty expenditure 3,156,167.33 816,383.44 3,156,167.33
Loss on scrap of non-current
assets
Exceptional loss 600,461.94 419,179.58 600,461.94
Others 32,788,937.11 17,409,053.97 32,788,937.11
Total 98,695,848.77 76,793,483.50 98,695,848.77
Other information: The donations mainly consisted of RMB46.02 million to Sichuan Wuliangye Charity
Foundation.
(1) List of income tax expense
Unit: RMB
Item 2025 2024
Current income tax expense 4,391,623,267.47 11,962,045,364.45
Deferred income tax expense -1,509,883,413.92 -992,180,606.76
Total 2,881,739,853.55 10,969,864,757.69
(2) Reconciliation from accounting profit to income tax expense
Unit: RMB
Item 2025
Profit before tax 12,198,853,038.23
Income tax expense based on the statutory/applicable tax rates 3,049,713,259.56
Effects of different tax rates of subsidiaries -143,773,851.27
Effects of adjustments to income tax of the prior period 14,553,623.31
Effects of non-taxable revenue -27,783,961.81
Effects of non-deductible costs, expenses and losses 42,314,690.48
Effects of the utilization of deductible losses on which deferred
-24,505,725.97
income tax 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
-11,927,845.88
amount in relation to wages for the disabled employees
Effects of the over-deduction in the calculation of the taxable
-33,159,405.87
amount in relation to R&D expense
Effects of the one-time deduction of fixed assets -1,474,894.62
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Others 2,120.49
Income tax expense 2,881,739,853.55
(1) Cash generated from/used in operating activities
Cash generated from other operating activities:
Unit: RMB
Item 2025 2024
Interest income 2,628,692,232.38 2,534,708,773.11
Security deposits and government grants
received
Total 2,982,189,922.58 2,946,413,228.48
Cash used in other operating activities:
Unit: RMB
Item 2025 2024
Expenses relating to selling 4,145,839,111.98 5,101,016,958.55
Trademark and logo royalties 967,905,123.18 908,041,746.28
Security deposits paid, payments for current transactions,
and other out-of-pocket expenses
Total 6,132,658,196.86 6,922,637,621.48
(2) Cash generated from/used in investing activities
Cash used in significant investing activities:
Unit: RMB
Item 2025 2024
Wuliangye Gateway Area Project 81,596,415.19 95,162,703.32
Wuliangye 501 Ancient Fermentation Pits-Chinese Baijiu
Cultural Sanctuary Project
Liquor Packaging and Integrated Smart Storage-and-delivery
Project
Qu-making Workshop Expansion Project 57,044,398.97 303,754,617.19
New centralized wastewater treatment plant 84,129,173.26 218,137,889.90
Baijiu Cellar Renovation Project 27,862,377.58 45,971,250.22
Smart Factory Project in Area B of Wuliangye Industrial Park 251,673,341.51
Total 1,361,747,699.59 1,962,145,216.56
(3) Cash generated from/used in financing activities
Cash used in other financing activities:
Unit: RMB
Item 2025 2024
Payment for the lease liabilities 426,970,121.37 473,459,624.14
Cash paid to non-controlling interests for
capital reduction of subsidiaries
Total 524,970,121.37 473,459,624.14
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Changes in liabilities as a result of financing activities:
□ Applicable Not applicable
(1) Supplementary information to the cash flow statement
Unit: RMB
Supplementary information 2025 2024
activities
Net profit 9,317,113,184.68 33,193,460,484.32
Add: Asset impairment allowances 26,206,890.97 -356,441.62
Depreciation of fixed assets, depletion of oil and gas assets, and
depreciation of productive living assets
Depreciation of right-of-use assets 397,136,652.47 435,931,379.16
Amortization of intangible assets 174,848,065.89 147,093,862.04
Amortization of long-term prepaid expense 110,323,884.07 73,077,414.56
Loss on the disposal of fixed assets, intangible assets and other long-
-12,694,451.10 3,356,759.80
term assets (“-” for gain)
Loss on the retirement of fixed assets (“-” for gain) 9,380,127.46 10,329,202.22
Loss on changes in fair value (“-” for gain)
Finance costs (“-” for income) 29,426,074.40 39,902,765.26
Loss on investment (“-” for income) -111,568,486.77 -75,199,102.74
Decrease in deferred income tax assets (“-” for increase) -1,416,014,807.52 -1,154,497,750.14
Increase in deferred income tax liabilities (“-” for decrease) -93,868,606.40 162,317,143.38
Decrease in inventories (“-” for increase) -1,854,723,149.48 -840,311,162.94
Decrease in operating receivables (“-” for increase) 1,878,001,271.04 -6,528,539,454.89
Increase in operating payables (“-” for decrease) 20,660,029,239.92 7,909,891,810.58
Others
Net cash generated from/used in operating activities 29,706,259,919.13 33,939,755,192.78
payments
Conversion of debt to capital
Current portion of convertible corporate bonds
Fixed assets under finance leases
Closing balance of cash 124,114,690,633.67 124,771,274,417.68
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 -656,583,784.01 11,675,590,193.38
(2) Composition of cash and cash equivalents
Unit: RMB
Item Closing balance Opening balance
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
I Cash 124,114,690,633.67 124,771,274,417.68
Of which: Cash on hand 2,400.00 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
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
Item 2025 2024
cash equivalents
Security deposits for bank
acceptance bills, etc.
Accrued interest on term
deposits
Total 2,899,752,383.19 2,627,641,066.43
(1) Foreign currency monetary items
Unit: RMB
Closing balance in foreign
Item Exchange rate Closing balance in RMB
currency
Monetary assets
Of which: USD 5,324,633.49 7.02880 37,425,783.87
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
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
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 2025
Expenses on short-term leases or leases of low-value assets 128,854,942.77
(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 included in
Item Lease income
lease receipts
Income from
operating leases
Total 49,448,273.89
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 2025 2024
Comprehensive expenses (including travel, office, payroll, labor insurance,
labor protection appliances, etc.)
Material expenses 49,655,401.70 61,815,354.16
Product design fees 49,449,882.16 14,796,766.02
Depreciation and amortization expenses 30,248,203.45 24,499,612.71
Technical service expenses 21,935,778.99 9,622,354.74
Others 47,716,481.34 42,912,716.23
Total 449,183,817.50 405,053,632.27
Of which: expensed R&D expenditures 449,183,817.50 405,053,632.27
The Company had no significant outsourced R&D projects.
IX Changes to the Scope of the Consolidated Financial Statements
(1) Business combination not under common control in the period
There was no business combination not under common control in the Reporting Period.
(1) Business combination under common control in the period
There was no business combination under common control in the Reporting Period.
There was no subsidiary acquired by counter purchase during the Reporting Period.
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
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
As reviewed and approved by the 5th Meeting in 2025 of the 6th Board of Directors of the Company: it was
agreed that the Company would contribute RMB100 million to establish Yibin Wuliangye Technology Innovation
Co., Ltd., holding a 100% stake in the company.
X Interests in Other Entities
(1) Compositions of the Group
Unit: RMB
Princip Place The Company’s
How the
al place of interest
Nature of subsidiary
Subsidiary Registered capital of regis
business was
busines tratio Direct Indirect obtained
s n
Yibi Manufactur Incorporate
Sichuan Yibin Wuliangye Distillery Co., Ltd. 85,000,000.00 Yibin 99.00% 0.99%
n ing d
Yibi Commercia Incorporate
Yibin Wuliangye Liquor Sales Co., Ltd. 200,000,000.00 Yibin 95.00% 0.00%
n l d
Yibin Wuliang Tequ and Touqu Brand Yibi Commercia Incorporate
Marketing Co., Ltd. n l d
Yibi Commercia Incorporate
Yibin Wuliangchun Brand Marketing Co., Ltd 20,000,000.00 Yibin 0.00% 95.00%
n l d
Yibin Wuliangye Series Liquor Brand Yibi Commercia Incorporate
Marketing Co., Ltd. n l d
Sichuan Yibin Wuliangye Supply and Yibi Commercia Incorporate
Marketing Co., Ltd. n l d
Yibi Manufactur Incorporate
Yibin Jiangjiu Liquor Co., Ltd. 50,000,000.00 Yibin 100.00% 0.00%
n ing d
Sichuan Yibin Wuliangye Environmental Yibi Manufactur Incorporate
Protection Industry Co., Ltd. n ing d
Business
combinatio
Yibi Commercia
Sichuan Jinwuxin Technology Co., Ltd. 14,000,000.00 Yibin 0.00% 51.00% n not under
n l
common
control
Sichuan Jiebeike Environmental Technology Yibi Engineerin Incorporate
Co., Ltd. n g d
Yibi Manufactur Incorporate
Yibin Changjiangyuan Liquor Co., Ltd. 20,000,000.00 Yibin 100.00% 0.00%
n ing d
Yibi Commercia Incorporate
Yibin Changjiangyuan Trade Co., Ltd. 19,800,000.00 Yibin 0.00% 100.00%
n l d
Yibi Manufactur Incorporate
Yibin Changjiangyuan Distillery Co., Ltd. 18,900,000.00 Yibin 0.00% 100.00%
n ing d
Yibin Wuliangye Organic Agriculture Yibi Agricultura Incorporate
Development Co., Ltd. n l d
Yibin Wuliangye Xianlin Ecological Liquor Yibi Manufactur Incorporate
Co., Ltd. n ing d
Yibi Commercia Incorporate
Yibin Xianlin Liquor Marketing Co., Ltd. 3,000,000.00 Yibin 0.00% 90.00%
n l d
Sichuan Yibin Wuliangye Jingmei Printing 14,000,000.00 Yibin Yibi Manufactur 97.00% 1.53% Incorporate
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Co., Ltd. n ing d
Yibi Commercia Incorporate
Yibin Xinxing Packaging Co., Ltd. 5,000,000.00 Yibin 0.00% 98.53%
n l d
Business
combinatio
Sichuan Yibin Plastic Packaging Materials Yibi Manufactur
Company Limited n ing
common
control
Sichuan Yibin Jiang’an Plastic New Materials Yibi Manufactur Incorporate
Co., Ltd. n ing d
Sichuan Yibin Plastic Packaging Products Co., Yibi Manufactur Incorporate
Ltd. n ing d
Business
combinatio
Sichuan Yibin Global Group Shenzhou Glass Yibi Manufactur
Co., Ltd. n ing
common
control
Business
combinatio
Sichuan Yibin Global Gelasi Glass Yibi Manufactur
Manufacturing Co., Ltd. n ing
common
control
Business
combinatio
Yibi Manufactur
Sichuan Yibin Push Group 3D Co., Ltd. 22,133,300.00 Yibin 100.00% 0.00% n not under
n ing
common
control
Guangdong Plastic Packaging Materials Zhaoqi Zhao Manufactur Incorporate
Company Limited ng qing ing d
Sichuan Yibin Wuliangye Investment Yibi Incorporate
(Consulting) Co., Ltd. n d
Beiji Commercia Incorporate
Wuliangye Dashijie (Beijing) Trade Co., Ltd. 20,000,000.00 Beijing 95.00% 0.00%
ng l d
Handa Hand Manufactur Incorporate
Handan Yongbufenli Liquor Co., Ltd. 300,000,000.00 51.00% 0.00%
n an ing d
Handa Hand Commercia Incorporate
Linzhang Desheng Liquor Trade Co., Ltd. 1,000,000.00 0.00% 51.00%
n an l d
Handa Hand Commercia Incorporate
Handan Yongbufenli Sales Co., Ltd. 5,000,000.00 0.00% 51.00%
n an l d
Business
combinatio
Huaibi Huai Manufactur
Wuguchun Jiu Ye Co., Henan. China 373,280,762.00 51.03% 0.00% n not under
n bin ing
common
control
Huaibi Huai Commercia Incorporate
Huaibin Tenglong Trade Co., Ltd. 5,000,000.00 0.00% 51.03%
n bin l d
Huaibi Huai Commercia Incorporate
Wuguchun Jiu Ye Sales Co., Henan. China 10,000,000.00 0.00% 51.03%
n bin l d
Sichuan Wuliangye Culture Tourism Yibi Incorporate
Development Co., Ltd. n d
Yibi Incorporate
Sichuan Wuliangye Tourist Agency Co., Ltd. 1,000,000.00 Yibin Tourism 0.00% 80.00%
n d
Yibi Commercia Incorporate
Yibin Wuliangye Creart Co., Ltd. 100,000,000.00 Yibin 45.00% 0.00%
n l d
Sichuan Wuliangye NongXiang Baijiu Co., Yibi Commercia Incorporate
Ltd. n l d
Sichuan Wuliangye New Retail Management 100,000,000.00 Cheng Chen Commercia 90.00% 0.00% Incorporate
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Co., Ltd. du gdu l d
Professiona
Yibin Wuliangye Technology Innovation Co., Yibi Incorporate
Ltd. n d
Services
Note on the difference between shareholding proportion and proportion of voting rights in subsidiary:
On December 9, 2014, the Company and Shanghai Yue Shan Investment Management Co., Ltd. entered into
the Investment Cooperation Agreement of Yibin Wuliangye Creart Co., Ltd. Pursuant to the agreement, through
mutual negotiation, Shanghai Yue Shan Investment Management Co., Ltd. entrusted the Company for
management of the 6% equity held by it in Yibin Wuliangye Creart Co., Ltd. from the effective date of the
agreement till the expiry of the term of Yibin Wuliangye Creart Co., Ltd. Pursuant to such agreement, the
Company will be entitled to the voting right at meetings of shareholders and the right of management in respect of
such equity interest. The Company holds 51% of the voting rights at meetings of shareholders of Yibin Wuliangye
Creart Co., Ltd. in total, enabling the Company to control it, and therefore Yibin Wuliangye Creart Co., Ltd. has
been included in the consolidated financial statements since the effective date of the agreement.
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:
On December 9, 2014, the Company and Shanghai Yue Shan Investment Management Co., Ltd. entered into
the Investment Cooperation Agreement of Yibin Wuliangye Creart Co., Ltd. Pursuant to the agreement, through
mutual negotiation, Shanghai Yue Shan Investment Management Co., Ltd. entrusted the Company for
management of the 6% equity held by it in Yibin Wuliangye Creart Co., Ltd. from the effective date of the
agreement till the expiry of the term of Yibin Wuliangye Creart Co., Ltd. Pursuant to such agreement, the
Company will be entitled to the voting right at meetings of shareholders and the right of management in respect of
such equity interest. The Company holds 51% of the voting rights at meetings of shareholders of Yibin Wuliangye
Creart Co., Ltd. in total, enabling the Company to control it, and therefore Yibin Wuliangye Creart Co., Ltd. has
been included in the consolidated financial statements since the effective date of the agreement.
(2) Important non-wholly-owned subsidiaries
Unit: RMB
Net profit or loss
Non- Declared dividends for Closing balance of
attributable to non-
Subsidiary controlling non-controlling interests non-controlling
controlling interests in
interests in the period interests
the period
Yibin Wuliangye Liquor Sales Co.,
Ltd.
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
(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
Subsidiary Net cash generated from/used in
Operating revenue Net profit Total comprehensive income
operating activities
Yibin Wuliangye Liquor Sales Co.,
Net cash generated from/used in
Ltd. Operating revenue Net profit Total comprehensive income
operating activities
Annual 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
Principal Place of interest (%) treatment of
Nature of
Joint venture or associate place of registrat investment in the
business Indire
business ion Direct joint venture or
ct associate
Sichuan Yibin Wuliangye Group Finance
Yibin Yibin Finance 40.56% Equity method
Co., Ltd.
(2) Key financial information of important associates
Unit: RMB
Closing balance/2025 Opening balance/2024
Sichuan Yibin Wuliangye Group Finance Sichuan Yibin Wuliangye Group Finance
Co., Ltd. Co., Ltd.
Current assets 45,392,690,364.45 41,326,524,030.22
Non-current assets 18,519,157,742.82 20,650,916,092.29
Total assets 63,911,848,107.27 61,977,440,122.51
Current liabilities 58,677,945,187.70 56,995,678,179.07
Non-current liabilities 2,088,703.43 1,876,940.71
Total liabilities 58,680,033,891.13 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 458,627,696.09 432,258,057.06
Net profit 251,929,213.41 186,423,513.83
Net profit of discontinued operations
Other comprehensive income
Total comprehensive income 251,929,213.41 186,423,513.83
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Dividends received from the associates
in the period
(3) Aggregate financial information of unimportant joint ventures and associates
Unit: RMB
Closing balance/2025 Opening balance/2024
Joint ventures:
Total carrying amount of investments
Aggregate amount in proportion to the
Company’s interests
--Net profit
--Other comprehensive income
--Total comprehensive income
Associates:
Total carrying amount of investments 111,490,565.38 61,771,346.32
Aggregate amount in proportion to the
Company’s interests
--Net profit 9,385,997.81 -414,274.47
--Other comprehensive income
--Total comprehensive income 9,385,997.81 -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
Amou
nt
record
er in Other
Amount
non- chang Related to
Accountin New grant in transferred to
Opening balance operat es in Closing balance assets/incom
g item the period other income in
ing the e
the period
incom period
e in
the
period
Deferred Related to
income assets
Deferred Related to
income income
Total 242,976,829.32 82,100,303.89 17,837,614.42 307,239,518.79
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Applicable □ Not applicable
Unit: RMB
Accounting item 2025 2024
Other income 234,992,793.36 208,922,914.53
Total 234,992,793.36 208,922,914.53
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 December 31, 2025
Unit: RMB
Financial assets at fair
Financial assets at
Financial assets measured at value and changes
Item fair value through Total
amortized cost included in other
profit or loss
comprehensive income
Monetary assets 127,014,443,016.86 127,014,443,016.86
Notes receivable 4,841,437.44 4,841,437.44
Accounts receivable 37,745,419.51 37,745,419.51
Receivables financing 9,401,640,775.74 9,401,640,775.74
Other receivables 64,356,368.30 64,356,368.30
Other non-current
financial assets
② December 31, 2024
Unit: RMB
Financial assets at fair
Financial assets at fair
Financial assets measured at value and changes
Item value through profit or Total
amortized cost included in other
loss
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 December 31, 2025
Unit: RMB
Other financial
Item Financial liabilities at fair value through profit or loss Total
liabilities
Notes payable 1,352,014,535.90 1,352,014,535.90
Accounts payable 8,534,820,869.28 8,534,820,869.28
Other payables 10,185,754,419.34 10,185,754,419.34
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Current portion of non-
current liabilities
Lease liabilities 44,381,182.44 44,381,182.44
② December 31, 2024
Unit: RMB
Other financial
Item Financial liabilities at fair value through profit or loss Total
liabilities
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
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
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 at
measurement measurement Total
level III
at level I at level II
I Consistent fair value measurement -- -- -- --
i. Receivables financing 9,401,640,775.74 9,401,640,775.74
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
ongoing bases
Not applicable
information on the valuation techniques used and significant parameters
Not applicable
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
quantitative 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.
and closing carrying amounts 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., by administrative transfer of state-owned assets, holds 100% of
the equity of Sichuan Yibin Wuliangye Group Co., Ltd., so that it controls 2,138,051,297.00 shares of the
Company directly or indirectly, taking up 55.08% 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
Sichuan Jinzhu New Materials Co., Ltd. Associate
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
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
Sichuan Yibin Wuliangye Group Co., Ltd.
of the Company concurrently hold positions in Wuliangye
Group. Wuliangye Group directly holds a 20.65% interest in
the Company.
Chengdu Wuliangye Hotel Co., Ltd. Under common control of the same parent company
Chengdu Wuliangye Construction Investment Co., Ltd. Under common control of the same parent company
Sichuan Tyre Rubber (Group) Co., Ltd. Under common control of the same parent company
Anji Logistic Group Co., Ltd. Sichuan and its branches Under common control of the same parent company
Chengdu Anjiu Supply Chain Co., Ltd. Under common control of the same parent company
Sichuan Andaxin Logistics Co., Ltd. Under common control of the same parent company
Sichuan Ansage Supply Chain Management Co., Ltd. Under common control of the same parent company
Sichuan Lesong Logistics Co., Ltd. Under common control of the same parent company
Sichuan United Liquor Exchange Co., Ltd. Under common control of the same parent company
Sichuan United Liquor Investment Management Co., Ltd. Under common control of the same parent company
Sichuan Sanjiang New Energy Supply Chain Technology Co.,
Under common control of the same parent company
Ltd.
ASGL Under common control of the same parent company
Sichuan Yibin Wuliangye Group Anji Logistic Co., Ltd. Under common control of the same parent company
Yibin Anhong Jishun Automobile Sales and Service Co., Ltd. Under common control of the same parent company
Yibin Anhong Investment Co., Ltd. Under common control of the same parent company
Yibin Anshiji International Logistics Co., Ltd. Under common control of the same parent company
Yibin An Shi Ji Auto Service Co., Ltd. and its branches Under common control of the same parent company
Yibin Jichi Automobile Sales Service Co., Ltd. Under common control of the same parent company
Yibin Jimao Automobile Sales and Service Co., Ltd. Under common control of the same parent company
Sichuan Gloport Meicheng Investment and Development Group
Under common control of the same parent company
Co., Ltd.
Yibin Gangbo Construction Engineering Co., Ltd. Under common control of the same parent company
Yibin Ronghuijia Trading Co., Ltd. Under common control of the same parent company
Yibin Zhonggang Energy Co., Ltd. Under common control of the same parent company
Sichuan Jinzhu Paper Industry Co., Ltd. Under common control of the same parent company
Sichuan Sanjiang Huihai Financial Leasing Co., Ltd. Under common control of the same parent company
Sichuan Chuanhong Tea Group Co., Ltd. Under common control of the same parent company
Sichuan Linhu Tea Industry Co., Ltd. Under common control of the same parent company
Sichuan Nongwu E-commerce Co., Ltd. Under common control of the same parent company
Sichuan Yibin Global Group Co., Ltd. Under common control of the same parent company
Chengdu Huayu Glass Manufacturing Co., Ltd. Under common control of the same parent company
Sichuan Global Photoelectric Technology Co., Ltd. Under common control of the same parent company
Sichuan Global Insulator Co., Ltd. Under common control of the same parent company
Sichuan Yibin Global Huaxin Commercial Development Co., Ltd. Under common control of the same parent company
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Sichuan Yibin Global Environmental Technology Co., Ltd. Under common control of the same parent company
Sichuan Zhongke Beiteer Technology Co., Ltd. Under common control of the same parent company
Sichuan Yibin Licai Group Co., Ltd. Under common control of the same parent company
Yibin Wucai Packaging Co., Ltd. Under common control of the same parent company
Sichuan Yibin Push Group Co., Ltd. Under common control of the same parent company
Chengdu Push Automobile Mold Co., Ltd. Under common control of the same parent company
Push Information & Automation (Chengdu) Co., Ltd. Under common control of the same parent company
Chengdu PUTH Medical Technology Co., Ltd. Under common control of the same parent company
Mianyang Xinchen Engine Co., Ltd. Under common control of the same parent company
Mianyang Xinhua Intelligent Drive Technology Co., Ltd. Under common control of the same parent company
Sichuan Pujian Digital Technology Co., Ltd. Under common control of the same parent company
Push Ningjiang Machine Tool Co., Ltd. Under common control of the same parent company
Sichuan Putian Packaging Co., Ltd. Under common control of the same parent company
Sichuan Yibin Push Building Materials Co., Ltd. Under common control of the same parent company
Sichuan Yibin Push Mold Co., Ltd. Under common control of the same parent company
Sichuan Yibin Push Automobile Integrated Industry Development
Under common control of the same parent company
Co., Ltd.
Sichuan Yibin Push Auto Parts Co., Ltd. Under common control of the same parent company
Sichuan Yibin Push Drive Co., Ltd. Under common control of the same parent company
Sichuan Yibin Push International Co., Ltd. Under common control of the same parent company
Sichuan Yibin Push Intelligent Technology Co., Ltd. Under common control of the same parent company
Yibin Wuliangye Group Pengcheng Electronics Equipment Co.,
Under common control of the same parent company
Ltd.
Yibin Push Linko Technology Co., Ltd. Under common control of the same parent company
Yibin Push Assets Management Co., Ltd. Under common control of the same parent company
Yibin Puxin New Energy Technology Co., Ltd. Under common control of the same parent company
Yibin Puyi Automotive Technology Co., Ltd. Under common control of the same parent company
Sun Display Co., Ltd. Under common control of the same parent company
Zhejiang Pukai New Material Co., Ltd. Under common control of the same parent company
Chongqing PUSH Machinery Co., Ltd. Under common control of the same parent company
Sichuan Yibin Wuliang Pharmaceutical Co., Ltd. Under common control of the same parent company
Sichuan Huansheng Pharmacy Co., Ltd. Under common control of the same parent company
WuLiangYe Group Health Liquor Co., Ltd. Yibin. Sichuan Under common control of the same parent company
Yibin Wuliangye Group I&E Co., Ltd. Under common control of the same parent company
Wuliangye Import and Export (Chengdu) Co., Ltd. Under common control of the same parent company
Sichuan Yibin Wuliangye Group Ecological Distillery and
Under common control of the same parent company
Marketing Co., Ltd.
Sacred Mountain Molin Group Co., Ltd. Si Chuan Under common control of the same parent company
Chengdu Fansheng Wanhui Cultural Development Co., Ltd. Under common control of the same parent company
Sacred Mountain White Magnolia Industrial Co., Ltd., Sichuan Under common control of the same parent company
Sichuan Shuzhan New Materials Co., Ltd. Under common control of the same parent company
Yibin Shenghexing Trading Co., Ltd. Under common control of the same parent company
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Sichuan Shunan Cultural, Tourism and Business Travel Service
Under common control of the same parent company
Co., Ltd.
Yibin Cuipingshan Hotel Co., Ltd. Under common control of the same parent company
Yibin Shunanzhuhai Scenic Area Management Co., Ltd. Under common control of the same parent company
Yibin Yilvyun Industry Co., Ltd. Under common control of the same parent company
Yibin Shunan Mingkun Supply Chain Service Co., Ltd. Under common control of the same parent company
Yibin Shunan Cultural Tourism and Creative Product
Under common control of the same parent company
Development Co., Ltd.
Yibin Zhuhai Shiwai Taoyuan Resort Hotel Co., Ltd. Under common control of the same parent company
Sichuan Wuliangye Products Co., Ltd. Under common control of the same parent company
Xiamen Xinwufa Supply Chain Management Co., Ltd. Under common control of the same parent company
Sichuan Xinhexu Import and Export Trading Co., Ltd. Under common control of the same parent company
Yibin Huanyu Trading Co., Ltd. Under common control of the same parent company
Yibin Xinjinfa Supply Chain Management Co., Ltd. Under common control of the same parent company
Sichuan Wuliangye New Energy Investment Co., Ltd. Under common control of the same parent company
Sichuan Zhongxin Green Energy Co., Ltd. Under common control of the same parent company
Wuming Tea Industry Holding Co., Ltd. Under common control of the same parent company
Yibin City Operating & Investment Co., Ltd. Under common control of the same parent company
Yibin State-owned Enterprise Management Service Co., Ltd. Under common control of the same parent company
Yibin Airport Group Co., Ltd. Under common control of the same parent company
Yibin Airport Aviation Service Co., Ltd. Under common control of the same parent company
Yibin Sanjiang Huiyuanhe Agricultural Investment Development
Under common control of the same parent company
Co., Ltd.
Yibin Sanjiang Xingcheng Supply Chain Co., Ltd. Under common control of the same parent company
Sichuan Gloport Digital Technology Co., Ltd. Under common control of the same parent company
Sichuan Jinkaitai Hotel Management Co., Ltd. Under common control of the same parent company
Yibin Construction Investment Group Jinpaiyuan Supply Chain
Under common control of the same parent company
Management Co., Ltd.
Yibin Public Service Group Municipal Engineering Co., Ltd. Under common control of the same parent company
Yibin Jindun Security Service Co., Ltd. Under common control of the same parent company
Yibin Jindun Technology Co., Ltd. Under common control of the same parent company
Yibin Qingyuan Water Group Co., Ltd. Under common control of the same parent company
Yibin Education Investment Development Co., Ltd. Under common control of the same parent company
Yibin City Commercial Bank Co., Ltd. and its branches and sub-
Wuliangye Group holds a 19.99% interest
branches
Yibin New Energy Industry Co., Ltd. Under common control of the same parent company
Yibin New Green Energy Co., Ltd. Under common control of the same parent company
Yibin Kaiyi International Trade Co., Ltd Under common control of the same parent company
Yibin Kain Auto Co., Ltd. Under common control of the same parent company
Yibin Grace Group Co., Ltd. Under common control of the same parent company
Sichuan Liya E-commerce Co., Ltd. Under common control of the same parent company
Sichuan Changjiang Papermaking Instrument Co., Ltd. Under common control of the same parent company
Xinjiang Siyayuan Industrial Co., Ltd. Under common control of the same parent company
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Yibin Jinxilai Liquor Co., Ltd. Under common control of the same parent company
Yibin Jinxilai Changxin Industry Co., Ltd. Under common control of the same parent company
Yibin Jinxiu Garden Landscaping Co., Ltd. Under common control of the same parent company
Yibin Liya Electromechanical Engineering Co., Ltd. Under common control of the same parent company
Yibin Grace Fiber Industry Co., Ltd. Under common control of the same parent company
Yibin Liya New Materials Co., Ltd. Under common control of the same parent company
Yibin Xinjinxiu Garden Landscaping Co., Ltd. Under common control of the same parent company
Yibin Tianchang Logistics Co., Ltd. Under common control of the same parent company
Yibin Tianyi New Material Technology Co., Ltd. Under common control of the same parent company
Yibin Wuliangye Anpei Nasi Wine Manufacturing Co., Ltd. Under common control of the same parent company
Yibin Wuliangye Fund Management Co., Ltd. Under common control of the same parent company
Yibin Wuliangye Health Industry Co., Ltd. Under common control of the same parent company
Dujiangyan Wuliangye Hemei Health Investment Co., Ltd. Under common control of the same parent company
Yibin Wuliangye Hemei Health Investment Co., Ltd. Under common control of the same parent company
Yibin Wuliangye Ecological Distillery Co., Ltd. Under common control of the same parent company
Yibin Paper Industry Co., Ltd Under common control of the same parent company
Sichuan Push Acetati Co., Ltd. Under common control of the same parent company
Yibin Huijie Environmental Protection Technology Co., Ltd. Under common control of the same parent company
(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 2025 transaction transaction 2024
transaction
amount amount or
not
Packaging
Sacred Mountain Molin Group Co., Ltd. Si
materials, PPE, 451,842,849.99 382,766,539.83
Chuan
etc.
Packaging
Sichuan Jinzhu New Materials Co., Ltd. materials, PPE, 247,295,959.64
etc.
Chengdu Huayu Glass Manufacturing Co., Bottle preforms,
Ltd. glass bottles, etc.
Sacred Mountain White Magnolia Industrial
PPE, etc. 108,882,541.37 105,032,245.20
Co., Ltd., Sichuan
Packaging
Chengdu PUTH Medical Technology Co.,
materials, raw 98,217,278.70 44,323,391.57
Ltd.
materials, etc.
Packaging
Sichuan Putian Packaging Co., Ltd. materials, raw 80,997,945.83 124,400,353.83
materials, etc.
Basic liquor, raw
Sichuan Wuliangye Products Co., Ltd. 62,125,618.99 170,929,266.49
materials, etc.
Sichuan Yibin Global Environmental Raw materials,
Technology Co., Ltd. etc.
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Anti-counterfeit
Sichuan Yibin Push International Co., Ltd. 58,403,888.70 103,727,322.23
labels etc.
Sichuan Chuanhong Tea Group Co., Ltd. Tea, etc. 38,241,361.46 24,609,561.58
Wuming Tea Industry Holding Co., Ltd. Tea, etc. 37,441,225.96 165,252,949.08
Yibin Sanjiang Huiyuanhe Agricultural Raw materials,
Investment Development Co., Ltd. etc.
Yibin Huanyu Trading Co., Ltd. Basic liquor, etc. 18,829,941.97
Raw materials,
Sichuan Yibin Push Mold Co., Ltd. 17,496,467.55 53,084,186.17
etc.
Sichuan Yibin Wuliang Pharmaceutical Co.,
PPE 17,315,266.60 1,047,448.85
Ltd.
Anti-counterfeit
Push Information & Automation (Chengdu)
labels, raw 9,839,249.25 14,525,037.25
Co., Ltd.
materials, etc.
Yibin Wuliangye Ecological Distillery Co.,
Basic liquor 8,256,993.00 65,922,754.39
Ltd.
Sichuan Yibin Global Huaxin Commercial Raw materials,
Development Co., Ltd. glass bottles, etc.
Raw materials,
Sichuan Yibin Push Auto Parts Co., Ltd. 7,596,104.47 8,847,606.53
etc.
Raw materials,
Sichuan Yibin Push Drive Co., Ltd. 2,229,307.92 14,743,572.24
etc.
Sichuan Huansheng Pharmacy Co., Ltd. PPE 2,207,807.19 14,189,826.91
Sichuan Yibin Push Building Materials Co.,
Raw materials 133,021.97 5,113,561.11
Ltd.
Other miscellaneous purchases of goods
from related parties
Subtotal purchases of goods from related
parties
Freight and
miscellaneous
Anji Logistic Group Co., Ltd. Sichuan 1,058,732,007.49 1,133,609,146.81
charges, service
charges, etc.
External labor
Sichuan Andaxin Logistics Co., Ltd. 612,048,702.72 282,064,416.02
costs, etc.
Freight and
miscellaneous
Sichuan Yibin Wuliangye Group Anji
charges, shuttle 76,788,765.67 69,380,391.33
Logistic Co., Ltd.
service charges,
etc.
External
Yibin Wucai Packaging Co., Ltd. processing 52,912,886.96 89,009,540.67
expenses
External labor
Yibin Huanyu Trading Co., Ltd. 42,137,074.02 39,765,764.15
costs
Marketing support
Sichuan Wuliangye Products Co., Ltd. 37,694,742.02 27,633,667.30
expenses, etc.
Mould sample
Sichuan Yibin Push Mold Co., Ltd. 26,766,697.44 7,971,247.76
making fees, etc.
Sichuan Shunan Cultural Tourism Business Business travel
Travel Service Co., Ltd. services, etc.
External
Chengdu PUTH Medical Technology Co.,
processing 22,652,489.91 23,670,503.81
Ltd.
expenses
Chengdu Huayu Glass Manufacturing Co., External 9,950,995.74 126,230.64
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Ltd. processing
expenses
Image promotion
Yibin Airport Group Co., Ltd. 8,257,187.76 16,556,603.76
expenses
Marketing and
Sichuan Nongwu E-commerce Co., Ltd. 7,973,671.41
planning fees
External
Sichuan Putian Packaging Co., Ltd. processing 5,828,386.53 651,478.31
expenses
External
Yi Bin Jia Mei Smartpackaging Co., Ltd. processing 1,579,177.77 5,922,275.78
expenses
Other miscellaneous receipts of services
from related parties
Subtotal receipts of services from related
parties
Total 3,622,265,808.54 3,434,782,210.04
Sale of goods/rendering of services:
Unit: RMB
Related party Content of transaction 2025 2024
Yibin Wuliangye Group I&E Co., Ltd. Liquor products, etc. 831,749,351.40 541,197,964.13
Sichuan Nongwu E-commerce Co., Ltd. Liquor products 83,802,052.52 111,364,794.93
Wuming Tea Industry Holding Co., Ltd. Liquor products, etc. 83,544,647.14 20,455,460.60
Sichuan Putian Packaging Co., Ltd. Packaging boxes, etc. 75,186,470.63 165,349,391.90
Sichuan United Liquor Investment
Liquor products 43,922,798.17 2,851,383.15
Management Co., Ltd.
Sichuan Yibin Licai Group Co., Ltd. Packaging materials, etc. 40,638,189.37 745.31
Sichuan Jinzhu New Materials Co., Ltd. Packaging materials 23,401,725.31
Chengdu Huayu Glass Manufacturing
Packaging materials 19,766,318.12 11,462,621.76
Co., Ltd.
Chengdu PUTH Medical Technology Co.,
Packaging materials 19,214,146.01 36,805,531.88
Ltd.
Liquor products, raw
Sichuan Wuliangye Products Co., Ltd. 12,096,986.96 82,509,162.58
materials
Chengdu Wuliangye Construction
Liquor products, etc. 10,980,454.89 43,479,829.46
Investment Co., Ltd.
Sichuan Chuanhong Tea Group Co., Ltd. Packaging boxes, etc. 7,896,509.84 6,318,042.90
Sichuan Yibin Global Environmental Scrap materials,
Technology Co., Ltd. packaging materials, etc.
Sichuan Shuzhan New Materials Co., Ltd. Packaging materials, etc. 5,900,176.18 4,691,751.19
Sichuan Yibin Push Building Materials
Packaging materials, etc. 3,766,801.67 5,396,803.19
Co., Ltd.
Yibin Shunan Mingkun Supply Chain
Liquor products 2,753,415.94 27,270,247.69
Service Co., Ltd.
Yi Bin Jia Mei Smartpackaging Co., Ltd. Packaging materials, etc. 1,754,387.01 10,802,946.88
Sichuan Yibin Global Huaxin Commercial
Packaging materials, etc. 615,938.15 168,588,111.35
Development Co., Ltd.
Sichuan Yibin Push Drive Co., Ltd. Packaging materials, etc. 606,729.39 6,002,506.43
Sichuan Linhu Tea Industry Co., Ltd. Packaging materials, etc. 494,040.07 13,058,728.22
Other miscellaneous sales to related 33,824,795.61 33,259,909.80
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
parties
Total 1,309,687,584.76 1,293,880,042.74
(2) Leases between the Company and related parties
The Company as the lessor:
Unit: RMB
Lease income recognized in Lease income recognized in
Lessee Type of the leased asset
the period the prior period
Buildings and constructions,
Other miscellaneous leases 23,031,562.79 10,499,739.25
and warehouses
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
The Company as the lessee:
Unit: RMB
Variable lease
payments not
Lease expense on short-term leases and leases of low-value Interest expense on lease
Type of the included in lease Lease payments Addition of right-of-use assets
Lessor assets accounted with a simplified approach (if applicable) liabilities
leased asset liabilities (if
applicable)
Anji Logistic
Group Co., Warehouses 57,429,253.88 97,884,321.97 14,703,150.12 20,035,622.72 237,744.50 1,153,379.22
Ltd. Sichuan
Sichuan Yibin Buildings
Push Group and 9,225,775.24 9,687,064.00 468,204.30 725,136.11 187,307.59
Co., Ltd. constructions
Sichuan Yibin
Buildings
Wuliangye
and 641,474.29 641,474.29 30,613,578.10 31,696,475.20 1,624,295.92 2,658,288.91 94,557,106.34
Group Co.,
constructions
Ltd. (Note 1)
Sichuan Yibin
Wuliangye
Land 295,827,666.40 295,827,666.40 13,343,685.58 21,682,085.74 847,706,504.22
Group Co.,
Ltd. (Note 2)
Yibin Global
Photoelectric
Warehouses 4,118,655.72 321,964.50 372,125.88 37,601.54 3,689,266.93
Technology
Co., Ltd.
Yibin Push
Linko
Warehouses 10,142,050.15 9,145,285.79 2,079,831.20 4,142,853.92 47,975.46 19,002.70 3,761,887.58 848,831.27
Technology
Co., Ltd.
Yibin Push
Assets
Warehouses 3,607,989.96 3,221,691.48 1,215,960.00 3,512.90
Management
Co., Ltd.
Yibin Buildings
Wuliangye and 9,698,388.62 4,220,567.10 3,942,264.49 343,030.19 449,761.97 233,153.78 20,158,250.78
Group constructions
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Pengcheng
Electronics
Equipment
Co., Ltd.
Other
Warehouses,
miscellaneous 11,428,087.53 5,345,289.74 6,457,098.35 10,509,513.68 535,732.87 883,843.69 10,203,264.80 42,228,864.95
etc.
leases
Total 83,248,855.81 130,055,107.61 363,449,631.01 377,429,546.29 16,638,270.36 27,575,011.24 17,887,573.09 1,005,686,865.15
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 price 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 Land Resource
Administration 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.
Annual 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) Remuneration of key management
Unit: RMB’0,000
Item 2025 2024
Remuneration of key management 680.54 927.53
(7) Other related-party transactions
Unit: RMB
Related party Content of transaction 2025 2024
Sichuan Yibin Wuliangye Group Co., Ltd. (Note 1) Trademark and logo royalties 807,883,200.62 1,071,272,582.07
Sichuan Yibin Push Group Co., Ltd. Trademark and logo royalties 141,509.44
Procurement of equipment and
Push Information & Automation (Chengdu) Co., Ltd. 1,372,157.29 741,794.13
software systems
Yibin Push Assets Management Co., Ltd. Procurement of equipment 2,923,805.31 9,935,929.21
Sichuan Global Photoelectric Technology Co., Ltd. Engineering construction 52,107,505.20 7,154,324.60
Yibin Construction Investment Group Construction
Engineering construction 6,603,726.60
Engineering Co., Ltd.
Sichuan Junzheng Construction Engineering Co., Ltd. Engineering construction 5,260,000.00
Sichuan Yibin Push Building Materials Co., Ltd. Engineering construction 3,528,831.86
Sichuan Yibin Global Environmental Technology Co.,
Engineering construction 3,318,584.06
Ltd.
Other miscellaneous purchases and disposals of
equipment, etc.
Total 945,474,538.21 1,100,152,892.92
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 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 per ton; that of products with selling price below RMB12,000 shall be RMB1,300 per ton. The
Agreement is valid from January 1, 2024 to December 31, 2026.
Wuliangye Group Finance entered into a supplemental 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 balance of the Company deposited in Wuliangye Group Finance was RMB47,977,245,153.26 at the
end of the period, of which RMB4,000,000.00 was bill deposit guarantee and was presented in other monetary
assets. 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 was RMB1,133,825,870.22
in total. During the period, the Company discounted bank acceptance bills with an aggregate face value of
RMB435,003,392.00 with Wuliangye Group Finance, incurring discount interest expense of RMB473,670.36. As
at December 31, 2025, the amount of bank acceptance bills that had been discounted but had not yet matured was
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
RMB435,003,392.00, and Wuliangye Group Finance issued bank acceptance bills of RMB151,785,899.00 for the
Company during the period (undue bank acceptance bills as at December 31, 2025: RMB89,928,885.00).
Company with Yibin City Commercial Bank Co., Ltd. was RMB13,244,518,445.56 at the end of the period; the
current interest income was RMB358,627,304.40 in total; Yibin City Commercial Bank Co., Ltd. issued bank
acceptance bills of RMB317,190,000.00 for the Company during the period (undue bank acceptance bills as at
December 31, 2025: RMB131,700,000.00).
(1) Amounts due from related parties
Unit: RMB
Closing balance Opening balance
Item Related party Loss Loss
Gross amount allowa Gross amount allow
nces ances
Account
Chengdu Huayu Glass Manufacturing Co., Ltd. 589,654.06 3,271,490.61
receivable
Account
Sichuan Putian Packaging Co., Ltd. 7,266,966.24
receivable
Account
Yibin Grace Fiber Industry Co., Ltd. 1,398,535.29
receivable
Account
Other miscellaneous accounts receivable 1,102,814.42 2,758,525.65
receivable
Receivables
Yibin Wuliangye Group I&E Co., Ltd. 163,176,630.01 75,849,086.38
financing
Receivables
Other miscellaneous receivables financing 176,762.68 1,086,284.33
financing
Sichuan Yibin Push Building Materials Co.,
Prepayment 5,306,168.14
Ltd.
Sichuan Global Photoelectric Technology Co.,
Prepayment 1,880,799.01
Ltd.
Prepayment Yibin Jindun Technology Co., Ltd. 1,807,134.10 2,573,134.10
Dujiangyan Wuliangye Hemei Health
Prepayment 1,401,362.10 1,401,362.10
Investment Co., Ltd.
Push Information & Automation (Chengdu)
Prepayment 1,245,000.00
Co., Ltd.
Prepayment Sichuan Putian Packaging Co., Ltd. 5,418,900.00
Sacred Mountain White Magnolia Industrial
Prepayment 3,398,230.09
Co., Ltd., Sichuan
Prepayment Wuming Tea Industry Holding Co., Ltd. 840,000.00
Prepayment Other miscellaneous prepayments 782,677.65 877,264.00
Monetary Sichuan Yibin Wuliangye Group Finance Co.,
assets Ltd. (Note 1)
Monetary
Yibin City Commercial Bank Co., Ltd. (Note 1) 498,473,922.84 325,874,632.08
assets
Other
Other miscellaneous other receivables 1,993,146.63 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.
Note 2: The above prepayments included the balance reclassified to other non-current assets.
(2) Amounts due to related parties
Unit: RMB
Item Related party Closing gross amount Opening gross
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
amount
Account payable Anji Logistic Group Co., Ltd. Sichuan 293,409,266.41 365,536,640.52
Sacred Mountain Molin Group Co., Ltd. Si
Account payable 182,896,866.53 242,542,904.89
Chuan
Account payable Sichuan Andaxin Logistics Co., Ltd. 125,796,738.07 2,939,085.02
Account payable Sichuan Yibin Push Mold Co., Ltd. 33,209,445.22 28,168,606.03
Account payable Yibin Wucai Packaging Co., Ltd. 31,112,732.20
Sichuan Global Photoelectric Technology
Account payable 30,444,277.43
Co., Ltd.
Account payable Sichuan Wuliangye Products Co., Ltd. 9,057,842.96 38,276,769.24
Account payable Sichuan Putian Packaging Co., Ltd. 4,470,323.26 33,704,999.42
Sichuan Yibin Global Environmental
Account payable 3,816,267.20 18,504,500.97
Technology Co., Ltd.
Sichuan Yibin Global Huaxin Commercial
Account payable 1,051,095.07 7,286,254.62
Development Co., Ltd.
Account payable Sichuan Yibin Push International Co., Ltd. 25,516,325.80
Account payable Other miscellaneous accounts payable 130,556,107.94 10,315,978.12
Yibin Construction Investment Group
Contract liability Jinpaiyuan Supply Chain Management Co., 12,217,185.96 27,256,855.18
Ltd.
Sichuan Yibin Wuliangye Group Ecological
Contract liability 10,353,393.00 10,353,393.00
Distillery and Marketing Co., Ltd.
Contract liability Yibin Wuliangye Group I&E Co., Ltd. 1,601,906.78 875,690.27
Contract liability Sichuan Wuliangye Products Co., Ltd. 392,472.69 24,718,280.02
Contract liability Sichuan Putian Packaging Co., Ltd. 53,097.35 6,041,736.42
Contract liability Other miscellaneous contract liabilities 17,293,101.93 14,514,481.64
Note payable Anji Logistic Group Co., Ltd. Sichuan 37,443,678.19 12,867,762.72
Chengdu Huayu Glass Manufacturing Co.,
Note payable 19,314,091.34 3,084,653.79
Ltd.
Note payable Other miscellaneous notes payable 44,578,999.82 7,048,603.29
Yibin Development Holding Group Co.,
Other payable 3,445,620,795.56 3,442,947,699.52
Ltd.
Other payable Sichuan Yibin Wuliangye Group Co., Ltd. 2,232,665,195.36 2,280,523,007.80
Other payable Anji Logistic Group Co., Ltd. Sichuan 393,020,415.50 339,725,494.66
Other payable Other miscellaneous other payables 22,159,908.01 14,087,264.11
Lease liabilities (inclusive of
Sichuan Yibin Wuliangye Group Co., Ltd. 327,621,079.61 639,094,342.61
the current portion)
Lease liabilities (inclusive of Yibin Wuliangye Group Pengcheng
the current portion) Electronics Equipment Co., Ltd.
Lease liabilities (inclusive of
Sichuan Yibin Licai Group Co., Ltd. 20,956,515.96
the current portion)
Lease liabilities (inclusive of
Other miscellaneous lease liabilities 25,095,601.38 43,556,131.78
the current portion)
XV Undertakings and Contingencies
The Company had no significant undertakings which need to be disclosed during the Reporting Period.
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
(1) Significant contingencies on balance sheet date
The Company had no significant contingencies which needed to be disclosed during the Reporting Period.
(2) In despite of no significant contingency to disclose, the Company shall also make relevant statements
The Company had no significant contingencies which needed to be disclosed.
XVI Post-Balance Sheet Date Events
The Company had no important non-adjustment matters which need to be disclosed.
As resolved by the 4th Meeting in 2026 of the 7th Board of Directors of the Company held on April 28, 2026,
the final dividend plan for 2025 is: a cash dividend of RMB25.78 (tax inclusive) per 10 shares should be
distributed to shareholders, with no bonus issue from capital reserves. This plan shall be subject to the approval of
a meeting of shareholders.
The Company has no other post-balance sheet date events which need to be disclosed.
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 jointly borne 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
(1) Determination basis and accounting policies of reportable segment
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 534,248,092.95 960,807,884.40
Other receivables 3,211,916,432.59 5,756,232,213.68
Total 3,746,164,525.54 6,717,040,098.08
(1) Dividends receivable
Unit: RMB
Item (or investee) Closing balance Opening balance
Dividends receivable from subsidiaries 534,248,092.95 960,807,884.40
Total 534,248,092.95 960,807,884.40
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
(2) Other receivables
Unit: RMB
Nature Closing gross amount Opening gross amount
Current account 3,210,883,460.06 5,755,187,527.98
Cash float 40,000.00 40,000.00
Security deposits 5,000,000.00 5,000,000.00
Other advance money for others or
temporary payment
Total 3,215,928,322.71 5,760,240,342.35
Unit: RMB
Aging Closing gross amount Opening gross amount
Within 1 year (inclusive) 656,015,435.00 207,007,972.36
More than 3 years 2,325,137,453.34 2,205,414,303.92
More than 5 years 1,985,654,606.08 1,840,990,966.26
Total 3,215,928,322.71 5,760,240,342.35
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Unit: RMB
Closing balance Opening balance
Gross amount Loss allowances Gross amount Loss allowances
Category As % of Allowance As % of Allowance
the total as % of Carrying amount the total as % of Carrying amount
Amount Amount Amount Amount
gross the gross gross the gross
amount amount amount amount
Loss
allowances
established
on an
individual
basis
Loss
allowances
established
on a
grouping
basis
Of
which:
External
customers
Related
parties
Total 3,215,928,322.71 100.00% 4,011,890.12 0.12% 3,211,916,432.59 5,760,240,342.35 100.00% 4,008,128.67 0.07% 5,756,232,213.68
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Loss allowances established on a grouping basis:
Unit: RMB
Closing balance
Allowanc
Name e as % of
Gross amount Loss allowances
the gross
amount
Accounts receivable for which loss allowances are established based
on the external customer group
Accounts receivable for which loss allowances are established based
on the related party group
Total 3,215,928,322.71 4,011,890.12
Loss allowances established using the general model of expected credit loss:
Unit: RMB
Stage 1 Stage 2 Stage 3
Loss allowances 12-month Lifetime expected credit Lifetime expected credit Total
expected loss (without credit loss (with credit
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
——Transferred back to Stage
Established in the period 3,761.45 3,761.45
Reversed in the period
Charged off in the period
Written off in the period
Other changes
Balance as at December 31,
Gross amounts with significant changes in loss allowances in the period:
□ Applicable Not applicable
Loss allowances in the period:
Unit: RMB
Changes in the period
Opening
Category Establishe Recovered or Charged off or Closing balance
balance Others
d reversed written off
Other receivables for which loss
allowances are established based
on the credit risk characteristic
group
Total 4,008,128.67 3,761.45 4,011,890.12
There were no other receivables actually written off in the period.
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Unit: RMB
As % of
the
Nature closing Closing balance
Entity of Closing balance Aging balance of of loss
account total other allowances
receivable
s
Within 1 year, 1-5
Current
Yibin Jiangjiu Liquor Co., Ltd. 2,900,835,760.28 years, over 5 90.20%
account
years
Sichuan Yibin Wuliangye
Current Within 5 years,
Environmental Protection Industry Co., 163,892,182.50 5.10%
account over 5 years
Ltd.
Yibin Wuliangye Xianlin Ecological Current
Liquor Co., Ltd. account
Sichuan Yibin Wuliangye Distillery Current
Co., Ltd. account
Housing and Urban-Rural Development Security
Bureau of Cuiping District, Yibin City deposit
Total 3,215,881,178.58 100.00% 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 2,156,161,243.49 2,156,161,243.49 2,056,214,866.49 2,056,214,866.49
joint ventures
Total 14,761,328,381.60 14,761,328,381.60 13,822,130,615.31 13,822,130,615.31
(1) Investments in subsidiaries
Unit: RMB
Increase/decrease in the period Clos
ing
Openin
bala
g
nce
balance
Impair Closing balance of
Opening balance of Ot
Investee Increase in Decrease in ment （Carrying impa
(carrying amount) impair her
investment investment allowa amount） irme
ment s
nces nt
allowa
allo
nces
wan
ces
Sichuan Yibin Wuliangye
Distillery Co., Ltd.
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Yibin Wuliangye Liquor
Sales Co., Ltd.
Sichuan Yibin Wuliangye
Supply and Marketing 765,756,006.41 765,756,006.41
Co., Ltd.
Yibin Jiangjiu Liquor
Co., Ltd.
Sichuan Yibin Wuliangye
Environmental Protection 137,883,610.71 135,986,389.29 273,870,000.00
Industry Co., Ltd.
Yibin Changjiangyuan
Liquor Co., Ltd.
Yibin Wuliangye Xianlin
Ecological Liquor Co., 2,700,000.00 2,700,000.00
Ltd.
Sichuan Yibin Wuliangye
Jingmei Printing Co., 49,374,409.93 49,374,409.93
Ltd.
Sichuan Yibin Plastic
Packaging Materials 3,673,149,609.25 665,265,000.00 4,338,414,609.25
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 (Consulting) 47,500,000.00 47,500,000.00
Co., Ltd.
Wuliangye Dashijie
(Beijing) Trade Co., Ltd.
Handan Yongbufenli 102,000,000.0
Liquor Co., Ltd. 0
Wuguchun Jiu Ye Co.,
Henan. China
Sichuan Wuliangye
Culture Tourism 40,000,000.00 40,000,000.00 80,000,000.00
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 Management Co., 90,000,000.00 90,000,000.00
Ltd.
Yibin Wuliangye
Technology Innovation 100,000,000.00 100,000,000.00
Co., Ltd.
Total 11,765,915,748.82 941,251,389.29 12,605,167,138.11
(2) Investment in associates and joint ventures
Unit: RMB
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Increase/decrease in the period
Ope Closi
ning Adju ng
Ot
bala Inc De stme Im
bala
her Decla
nce rea cre nt to pai
nce
Return on eq red
of se ase other Closing balance of
Opening balance investment uit cash rm
Investee impa in in com Ot (carrying impa
(carrying amount) recognized y divid ent
irme inv inv preh her amount) irme
using the equity ch ends all
nt est est ensiv s nt
method an or ow
allo me me e anc
allo
ge profit
wanc nt nt inco es
wanc
s
es me es
I Joint ventures
II Associates
Oriental Outlook
Media Co., Ltd.
Sichuan Yibin
Wuliangye Group 2,019,841,357.11 102,182,488.96 2,122,023,846.07
Finance Co., Ltd.
Beijing
Zhongjiuhuicui
Education and 10,812,696.35 55,009.62 10,867,705.97
Technology Co.,
Ltd.
Sub-total 2,056,214,866.49 99,946,377.00 2,156,161,243.49
Total 2,056,214,866.49 99,946,377.00 2,156,161,243.49
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 2025 2024
Return on long-term equity investments
measured using the cost method
Return on long-term equity investments
measured using the equity method
Total 23,811,514,667.67 21,992,036,229.92
XIX Supplementary Information
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)
Annual Report 2025 of Wuliangye Yibin Co., Ltd.
Capital occupation charges on non-financial enterprises that are recognized in
profit or loss
Non-operating income and expense other than the above -42,917,848.74
Less: Income tax effects 47,231,851.14
Non-controlling interests effects (net of tax) 9,717,042.42
Total 138,621,259.24 --
Particulars about other items that meet the definition of non-recurring gains and losses:
□ Applicable Not applicable
No such cases for the Reporting Period.
Explanation of why the Company reclassifies as recurrent a recurring gain/loss item listed in the Explanatory
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Non-
Recurring Gains and Losses Items:
□ Applicable Not applicable
EPS
Profit in the Reporting Period Weighted average ROE (%)
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 6.78% 2.2711 2.2711
before non-recurring 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.
□ Applicable Not applicable
