五糧液：宜賓五糧液股份有限公司2024年半年度報告（英文版）.PDF

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1、 Wuliangye Yibin Co.,Ltd.Interim Report 2024 Chairman of the Board:Zeng Congqin 29 August 2024 Interim Report 2024 of Wuliangye Yibin Co.,Ltd.2 Part I Important Notes,Table of Contents and Definitions 1.The Board of Directors(or the“Board”),the Supervisory Committee as well as the directors,supervis

2、ors and senior management of 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

3、 responsibility for such contents.2.Zeng Congqin,the Companys legal representative,Zhang Xin,the Companys Chief Financial Officer,and Liu Hongxu,head of the Companys accounting department,hereby guarantee that the financial statements carried in this Report are true,accurate and complete.3.Eleven di

4、rectors were supposed to attend the board meeting for the review of this Report.Nine of them were present at the meeting in person while Mr.Jiang Wenge and Mr.Xie Zhihua voted by way of telecommunication for they were unable to be present due to work reasons.4.The Company has no interim dividend pla

5、n,either in the form of cash or bonus issue.5.This Report has been prepared in Chinese and translated into English.Should there be any discrepancies or misunderstandings between the two versions,the Chinese version shall prevail.Interim Report 2024 of Wuliangye Yibin Co.,Ltd.3 Table of Contents Part

6、 I Important Notes,Table of Contents and Definitions.2 Part II Corporate Information and Key Financial Information.6 Part III Management Discussion and Analysis.9 Part IV Corporate Governance.22 Part V Environmental and Social Responsibility.24 Part VI Significant Events.28 Part VII Share Changes an

7、d Shareholder Information.33 Part VIII Preference Shares.37 Part IX Bonds.37 Part X Financial Statements.38 Interim Report 2024 of Wuliangye Yibin Co.,Ltd.4 Documents Available for Reference The following documents are available for shareholders at the Companys Board Office:1.The financial statement

8、s that have been signed and stamped by the legal representative,the Chief Financial Officer,and the head of the accounting department.2.All the Companys documents and announcements that were disclosed on China Securities Journal,Shanghai Securities News and Securities Times during the Reporting Peri

9、od.3.The 2024 Interim Report of the Company.Interim Report 2024 of Wuliangye Yibin Co.,Ltd.5 Definitions Term refers to Definitions The“Company”,“Wuliangye”,“WLY”,or“we”refers to Wuliangye Yibin Co.,Ltd.Yibin Development Group refers to Yibin Development Holding Group Co.,Ltd.Wuliangye Group refers

10、to Sichuan Yibin Wuliangye Group Co.,Ltd.Wuliang NongXiang Company refers to Sichuan Wuliangye NongXiang Baijiu Co.,Ltd.Push Group refers to Sichuan Yibin Push Group Co.,Ltd.Global Group refers to Sichuan Yibin Global Group Co.,Ltd.Anji Logistic Group refers to Anji Logistic Group Co.,Ltd.Sichuan Wu

11、liangye Group Finance refers to Sichuan Yibin Wuliangye Group Finance Co.,Ltd.Creart refers to Yibin Wuliangye Creart Co.,Ltd.Interim Report 2024 of Wuliangye Yibin Co.,Ltd.6 Part II Corporate Information and Key Financial Information I Corporate Information Stock name Wuliangye Stock code 000858 St

12、ock exchange Shenzhen Stock Exchange Company name in Chinese 宜賓五糧液股份有限公司 Abbr.(if any)五糧液 Company name in English(if any)WULIANGYE YIBIN CO.,LTD.Abbr.(if any)WLY Legal representative Zeng Congqin II Contact Information Board Secretary Securities Representative Name Zhang Xin Huang Hui Office address

13、 150 Minjiang West Road,Cuiping District,Yibin City,Sichuan Province,China 150 Minjiang West Road,Cuiping District,Yibin City,Sichuan Province,China Tel.（0831）3567000（0831）3567000 Fax（0831）3555958（0831）3555958 Email address 000858- 000858- III Other Information 1.Contact Information of the Company I

14、ndicate whether any change occurred to the registered address,office address and their zip codes,website address,email address and other contact information of the Company in the Reporting Period.Applicable Not applicable No change occurred to the said information in the Reporting Period,which can b

15、e found in the 2023 Annual Report.2.Media for Information Disclosure and Place where this Report Is Lodged Indicate whether any change occurred to the information disclosure media and the place for lodging the Companys periodic reports in the Reporting Period.Applicable Not applicable The website of

16、 the stock exchange,the media and other website where the Companys periodic reports are disclosed,as well as the place for lodging such reports did not change in the Reporting Period.The said information can be found in the 2023 Annual Report.3.Other Information Indicate whether any change occurred

17、to other information in the Reporting Period.Applicable Not applicable IV Key Financial Information Indicate whether there is any retrospectively restated datum in the table below.Interim Report 2024 of Wuliangye Yibin Co.,Ltd.7 Yes No H1 2024 H1 2023 Change(%)Operating revenue(RMB)50,648,026,578.65

18、 45,506,384,818.37 11.30%Net profit attributable to the listed companys shareholders(RMB)19,056,829,528.87 17,036,708,791.18 11.86%Net profit attributable to the listed companys shareholders before exceptional gains and losses(RMB)18,938,813,683.76 16,941,269,701.10 11.79%Net cash generated from/use

19、d in operating activities(RMB)13,427,928,655.63 11,329,818,886.30 18.52%Basic earnings per share(RMB/share)4.910 4.389 11.87%Diluted earnings per share(RMB/share)4.910 4.389 11.87%Weighted average return on equity(%)13.70%14.19%Down by 0.49 percentage point 30 June 2024 31 December 2023 Change(%)Tot

20、al assets(RMB)185,984,511,884.61 165,432,981,684.75 12.42%Equity attributable to the listed companys shareholders(RMB)130,487,961,186.03 129,558,241,040.51 0.72%V Accounting Data Differences under Chinas Accounting Standards for Business Enterprises(CAS)and International Financial Reporting Standard

21、s(IFRS)and Foreign Accounting Standards 1.Net Profit and Equity under CAS and IFRS Applicable Not applicable No difference for the Reporting Period.2.Net Profit and Equity under CAS and Foreign Accounting Standards Applicable Not applicable No difference for the Reporting Period.VI Exceptional Gains

22、 and Losses Applicable Not applicable Unit:RMB Item Amount Note Gain or loss on disposal of non-current assets(inclusive of impairment allowance write-offs)-4,657,535.12 Government grants recognised in profit or loss(exclusive of those that are closely related to the Companys normal business operati

23、ons and given in accordance with defined criteria and in compliance with government policies,and have a continuing impact on the Companys profit or loss)163,594,119.28 Capital occupation charges on non-financial enterprises that are recognized in profit or loss 426,869.99 Non-operating income and ex

24、pense other than the above 6,080,605.56 Less:Income tax effects 41,341,400.04 Non-controlling interests effects(net of tax)6,086,814.56 Interim Report 2024 of Wuliangye Yibin Co.,Ltd.8 Total 118,015,845.11 Particulars about other items that meet the definition of exceptional gain/loss:Applicable Not

25、 applicable No such cases for the Reporting Period.Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the Explanatory Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the PublicExceptional Gain/Loss Items:Applicable

26、Not applicable No such cases for the Reporting Period.Interim Report 2024 of Wuliangye Yibin Co.,Ltd.9 Part III Management Discussion and Analysis I Principal Operations of the Company during the Reporting Period The Company is principally engaged in Baijiu production and sales.According to the Guid

27、elines 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 Re

28、porting Period.Wuliangye,the primary product of the Company,is a classic strong-flavour Chinese Baijiu,as well as a“Geographical Indication of P.R.China”product.It is one of the first Chinese Geographical Indication products under the protection of the European Union.Additionally,the Company has dev

29、eloped,based on different production techniques and market needs,Wuliang NongXiang Baijiu products such as Wuliang Chun(Spring),Wuliang Chun(Rich Flavour),Wuliang Tetouqu,and Mianrou Jianzhuang with complete categories and unique tastes to meet the diverse needs of different consumers in pursuit of

30、a better life.The Company is subject to the disclosure requirements for the food and wine&liquor production industry in Guidelines No.3 of the Shenzhen Stock Exchange for the Self-Regulation of Listed CompaniesIndustry-specific Information Disclosure.1.Brand Operation(1)Wuliangye-branded Baijiu Prod

31、ucts In the first half of 2024,the Company adhered to the general principle of“seeking progress in stability,maintaining stability with progress,improving quality and efficiency,and making more contributions”and the marketing principle of“boosting sell-through,stabilising prices,improving cost-effec

32、tiveness,and transforming working styles”.As a result,it successfully achieved more than half of the annual targets for revenue and net profit.Firstly,the operation of three major products delivered new results.Specifically,the 8th-generation Wuliangye saw steady increases in both price and sell-thr

33、ough.Since the Chinese New Year,Wuliangye-branded Baijiu products have shown a stable,upward trend.For Wuliangye 1618 and Wuliangye(39%vol),a combination of“banquet events+red pocket QR code+point of sale terminals ranking”drove increases in both sell-through and banquet events.Secondly,progress was

34、 made in channel development.The Company worked on market expansion by focusing on the channel ecosystem and firmly supported its distributors in optimisation and enhancement.It pushed ahead with the“Three Stores,One House”project,completed the 5th-generation storefront upgrade for 634 exclusive sto

35、res and the construction of 639“Wuliang NongXiangA World of Harmony”comprehensive stores.Also,it redoubled efforts at banquet events to seize business opportunities,serving nearly three million consumers through these events.Finally,brand promotion was carried forward to shape a new image.In terms o

36、f branding,the Company has maintained high visibility through frequent hits.Specifically,the Company,once again,partnered with China Central Television(“CCTV”)to exclusively sponsor the“Harmony Gifts”lucky draw during the Spring Festival Gala.It also launched the“Happy Chinese New Year”marketing eve

37、nt.In May,the 3rd Wuliangye Harmony Cultural Festival kicked off,highlighted by the 520 Wuliangye Rose Wedding Ceremony.The Company also collaborated with Hunan TV to sponsor“Singer 2024”,a Chinese singing competition show,sustaining a high-quality branding trend that ensured“daily buzz and monthly

38、hits”.(2)Wuliang NongXiang Baijiu products Interim Report 2024 of Wuliangye Yibin Co.,Ltd.10 In the first half of 2024,Wuliang NongXiang Company persevered in“innovation with integrity while expanding territories,and making more contributions”.Focusing on key tasks such as product sell-through,marke

39、t segmentation and hierarchy construction,the revaluation of brand,brand culture promotion,and market foundation consolidation,the Company made steady progress with hard work and determination.Firstly,product sell-through saw rapid growth.Seizing opportunities during peak seasons such as the Chinese

40、 New Year and the Dragon Boat Festival,the Company launched events such as“Get into the Festive Spirit,Scan and Win More Prizes”,with the daily average participants in the“crack a bottle,scan the code,and win a prize”activities increasing by more than 70%year on year.Secondly,the channel structure c

41、ontinued to improve.The market segmentation and hierarchy construction moved forward in an orderly manner,showing strong growth in key markets.Efforts to enhance retail development resulted in greater quality and efficiency,while channel control was steadily strengthened.E-commerce,key accounts(“KAs

42、”),and exclusive channels developed in tandem,further reinforcing the market foundation.Thirdly,the rejuvenation of brand value has borne fruit.Guided by a market management system that integrates monitoring,early warning,inspection,handling,and accountability,the Company launched the value rejuvena

43、tion campaign for proprietary brands,leading to a steady rise in the prices of main products.Finally,cultural promotion has become more targeted.The Company continued to develop its“Get into the Festive Spirit”IP,hosting targeted brand events such as“A Date with Spring”for Wuliang Chun(Spring),“Add

44、a Touch of Fragrance to Every Moment”for Wuliang Chun(Rich Flavour).It also sponsored the“2024 China Cup International City Orienteering Tour Match”through the brand“Wuliang Tetouqu”,and rolled out the event“A Tribute to Every Act of Perseverance”for the brand“Jianzhuang”.These events have steadily

45、boosted the brand image.2.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 excl

46、usive 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.3.Distribution Model Applicable Not applicable(1)Operating Revenues,Costs of Sales and Gross Profit Margins of Different Sales Models and Prod

47、uct Categories Unit:RMB Item Operating revenue Cost of sales Gross profit margin YoY change in operating revenue YoY change in cost of sales YoY change in gross profit margin By sales model Liquor products 47,110,718,721.26 8,203,080,533.11 82.59%12.46%12.63%-0.02%Of which:Distribution model 27,593,

48、788,277.69 5,601,755,361.78 79.70%13.51%12.46%0.19%Direct-to-consumer model 19,516,930,443.57 2,601,325,171.33 86.67%11.01%12.98%-0.23%By product category Liquor products 47,110,718,721.26 8,203,080,533.11 82.59%12.46%12.63%-0.02%Of which:Wuliangye-branded Baijiu 39,205,013,434.81 5,217,061,192.72 8

49、6.69%11.45%12.39%-0.11%Interim Report 2024 of Wuliangye Yibin Co.,Ltd.11 products Other liquor products 7,905,705,286.45 2,986,019,340.39 62.23%17.77%13.04%1.58%(2)Number of Distributors Region Number of distributors of Wuliangye-branded Baijiu products YoY change(number)Reason for change(more than

50、30%)East China 760 67 N/A South China 445 7 West China 441-7 North China 355 16 Central China 529 15 Subtotal 2,530 98 Region Number of distributors of Wuliang NongXiang Baijiu products YoY change(number)Reason for change(more than 30%)China 950 268 Wuliang NongXiang Company promoted intensive marke

51、t development and implemented a flat marketing system in markets where it had no or a weak presence.Total 3,480 366 Note:There is overlap between distributors of Wuliangye-branded Baijiu products and Wuliang NongXiang Baijiu products.(3)Main Settlement and Dealing Methods with Customers A distributi

52、on 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 RMB10.698 billion,accounting for 21.12%of the total sales revenue.4.Retail Store Sales Accounting for More Than 10%of Total Sales Applicable No

53、t applicable Region Number of exclusive stores at the beginning of the Reporting Period Number of exclusive stores at the end of the Reporting Period Reason for change(more than 30%)East China 475 513 N/A South China 285 299 West China 280 279 North China 244 255 Central China 378 403 Total 1662 174

54、9 5.Online Direct-to-consumer Sales Applicable Not applicable Product category Platform Wuliangye-branded Baijiu products:The 8th-generation Wuliangye Tmall,JD,and WeChat Other liquor products:Wuliang Chun(Spring),Wuliang Chun(Rich Flavour),Wuliang Tequ,and Jianzhuang Tmall,JD,and WeChat Indicate wh

55、ether 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.Interim Report 2024 of Wuliangye Yibin Co.,Ltd.12 Applicable Not applicable 6.Purchase Model and

56、 Purchased Items Unit:RMB Purchase model Purchased items Amount Market-based purchase Raw materials and auxiliary materials,etc.5,067,587,907.82 Market-based purchase Packaging materials 1,127,156,534.06 Market-based purchase Energy 348,266,345.32 Indicate whether the purchase of raw materials from

57、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 7.Main Production Models The Companys Baijiu prod

58、ucts are all produced by itself.Commissioned processing and production:Applicable Not applicable 8.Breakdown of Cost of Sales Unit:RMB Operating division Item H1 2024 H1 2023 Change in percentage Cost of sales As%of total cost of sales(%)Cost of sales As%of total cost of sales(%)Manufacturing Raw ma

59、terials 6,367,500,886.67 55.53%5,616,897,534.41 53.15%2.38%Labour cost 3,355,054,459.35 29.26%3,368,194,710.33 31.87%-2.61%Energy 666,410,145.73 5.81%644,974,323.73 6.10%-0.29%Production cost 1,077,173,015.45 9.39%937,893,776.30 8.87%0.52%9.Production Volume and Inventory(1)Production Volume,Sales V

60、olume and Inventory of Major Products Product Opening inventory(ton)Production volume(ton)Sales volume(ton)Closing inventory(ton)H1 2024 YoY change H1 2024 YoY change H1 2024 YoY change H1 2024 YoY change Wuliangye-branded Baijiu products 4,437 49.85%(note 2)22,910 10.74%24,194 12.07%3,153 52.91%(no

61、te 2)Other liquor products 43,885 115.47%(note 2)47,860-35.16%(note 3)54,156-23.86%37,589 63.05%(note 2)Total 48,322 107.14%70,770-25.12%78,350-15.50%40,742 62.22%Note 1:The liquor referred to in the table above is all commercial liquor.Note 2:Mainly because the Companys primary products performed w

62、ell in terms of sell-through,and the Company actively stocked up for sales in the Spring Festival,leading to a higher opening inventory base;and due to a larger business size,the Company took the initiative to increase the stock of liquor products,resulting in an increase in the closing inventory.No

63、te 3:Mainly because Wuliang NongXiang Company continued to concentrate more on medium to high priced products,resulting in decreased production and sales volumes of low priced products.(2)Finished Liquor and Semi-finished Liquor(Including Base Liquor)Interim Report 2024 of Wuliangye Yibin Co.,Ltd.13

64、 Category Inventory(ton)Finished liquor 40,742 Semi-finished liquor(including base liquor in pottery jars)180,940(3)Designed,Actual and In-progress Production Capacity of Major Products by Production Entities Major product Designed production capacity(0,000 tons)Actual production capacity in the fir

65、st half of the year(0,000 tons)Production capacity in progress (0,000 tons)Liquor 17.5627 7.8024 6 Note:The liquor in the table above includes Baijiu and base liquor.II Core Competitiveness Analysis The Company possesses five major competitive edges:the regions of production,ancient fermentation pit

66、 clusters,high product quality,a strong brand presence,and a broad consumer base.During the Reporting Period,the Companys core competitiveness continued to strengthen.The first is the geographical competitiveness.The Yibin region of production,where the Company is situated,boasts a uniquely favourab

67、le natural ecological distilling environment of water,soil,air,climate,and biology.It has been recognised 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,p

68、ure distilled Baijiu,making it one of the worlds top ten regions of production of spirits.In 2023,it was awarded the title of Chinas Wuliang NongXiang Core Region of Production.The second competitive edge lies in the ancient fermentation pit clusters.The ancient fermentation pit clusters of the Yuan

69、 and Ming dynasties,represented by Changfasheng and Lichuanyong,are the earliest and largest cave-type ancient fermentation pits in China with uninterrupted production.These clusters were certified as a“National Industrial Heritage”of China in 2018 and have a scarcity value that is unrepeatable and

70、non-reproducible.High product quality represents the third competitive edge.Wuliangye possesses the unique 1366 traditional production technique that has been identified as a national intangible cultural heritage.It has as many as 12 Chinese Baijiu Masters/Chinese Distilling Masters/Chinese Baijiu T

71、echnique Masters.Zhao Dong,the Companys General Technical Consultant,was selected as one of the sixth batch of representative bearers of national intangible cultural heritages.A through-life quality management model from seed to liquor has been established.In China,Wuliangye is the only Baijiu produ

72、cer with four National Quality Awards and the only Baijiu producer that was nominated for the 5th China Quality Awards.During the Reporting Period,in collaboration with the research team led by Jiang Lei,an academician with the Chinese Academy of Sciences(“CAS”),the Company uncovered the optimal ran

73、ge of alcohol by volume for Baijiu products in the prestigious international journal Matter.This paper,the first of its kind,proved that Wuliangye of different alcohol volumes and relevant series of products all fall within this optimal range.This paper has been the highest-impact research paper in

74、Chinas Baijiu industry to date.Additionally,the Company came first and fourth at the 2nd China Baijiu NongXiang Liquor Body Design Competition.The fourth is a strong brand presence.Wuliangyes brand culture has profound historical roots with a history of over a thousand years,beginning in the Tang dy

75、nasty,emerging in the Song dynasty,refined in the Yuan dynasty,becoming famous in the Ming dynasty,and establishing the brand name in the Qing dynasty.It possesses a unique“Harmonious Culture”,an ancient fermentation pit culture,and a rich poetic and Baijiu tradition.The advocacy of a harmonious cul

76、ture of“harmonious common prosperity”continues to be prominently displayed.During the Reporting Period,Wuliangye innovatively released the“Research Report on Harmony”to further clarify the value connotation of its“Harmonious Culture”.Its brand value has maintained double-digit growth for seven conse

77、cutive years,reaching RMB449.872 billion and ranking 15th on the list of Interim Report 2024 of Wuliangye Yibin Co.,Ltd.14“2024 Chinas 500 Most Valuable Brands”.In terms of brand strength index,Wuliangye received the highest global AAA+rating again,ranking first among Baijiu brands.Additionally,it h

78、as been awarded the“Foreigners Most Favourite Chinese Brands”for three years in a row.Finally,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

79、and smooth taste,and harmonious,well-balanced and comprehensive flavours,Wuliangye has a wide and solid consumer base.Notably,the industrys pioneering low-alcohol Baijiu possesses a unique competitive advantage in cultivating a young consumer demographic.During the Reporting Period,Wuliangye(39%vol)

80、experienced a strong consumer demand,while the popularity of Propitious Purple Wuliangye among specific consumer groups continued to grow.Furthermore,the Year of the Loong Baijiu became a highly sought-after product.III Analysis of Principal Operations Overview:please refer to the contents under the

81、 heading“I Principal Operations of the Company during the Reporting Period”above.1.Year-on-year Changes in Key Financial Data Unit:RMB H1 2024 H1 2023 Change(%)Main reason for change Operating revenue 50,648,026,578.65 45,506,384,818.37 11.30%Cost of sales 11,466,138,507.20 10,567,960,344.77 8.50%Se

82、lling expense 5,366,342,173.42 4,320,445,619.61 24.21%Administrative expense 1,738,561,638.52 1,756,898,762.85-1.04%Finance costs -1,400,855,109.46-1,250,071,396.41 N/A Income tax expense 6,563,541,257.72 5,879,733,314.24 11.63%Research and development expense 159,760,941.28 135,677,515.04 17.75%Net

83、 cash generated from/used in operating activities 13,427,928,655.63 11,329,818,886.30 18.52%Net cash generated from/used in investing activities -1,069,383,823.78-1,344,448,683.36 N/A Net cash generated from/used in financing activities -157,849,148.32-10,807,912,902.24 N/A Note Net increase in cash

84、 and cash equivalents 12,200,695,683.53-822,542,699.30 N/A Note Note:Mainly because the Companys 2023 final dividend plan was implemented in this July.Indicate whether any significant change occurred to the profit structure or sources of the Company in the Reporting Period.Applicable Not applicable

85、No such cases in the Reporting Period.2.Breakdown of Operating Revenue Unit:RMB H1 2024 H1 2023 Change(%)Operating revenue As%of total operating revenue(%)Operating revenue As%of total operating Interim Report 2024 of Wuliangye Yibin Co.,Ltd.15 revenue(%)Total 50,648,026,578.65 100%45,506,384,818.37

86、 100%11.30%By operating division Manufacturing 50,648,026,578.65 100.00%45,506,384,818.37 100.00%11.30%By product category Liquor products 47,110,718,721.26 93.02%41,891,531,380.50 92.06%12.46%Plastic products 1,981,033,159.97 3.91%1,630,576,660.51 3.58%21.49%Printing 50,553,920.22 0.10%74,747,681.1

87、7 0.16%-32.37%(note)Glass bottles 48,683,476.63 0.10%59,030,590.99 0.13%-17.53%Others 1,457,037,300.57 2.88%1,850,498,505.20 4.07%-21.26%By operating segment Liquor products 47,110,718,721.26 93.02%41,891,531,380.50 92.06%12.46%Of which:East China 13,552,135,672.17 26.76%11,713,625,680.73 25.74%15.7

88、0%South China 3,496,256,070.40 6.90%3,516,633,542.62 7.73%-0.58%West China 16,758,820,769.19 33.09%14,365,783,554.45 31.57%16.66%North China 4,841,310,361.21 9.56%4,475,867,727.32 9.84%8.16%Central China 8,462,195,848.29 16.71%7,819,620,875.38 17.18%8.22%Non-liquor products 3,537,307,857.39 6.98%3,6

89、14,853,437.87 7.94%-2.15%Note:Mainly because the presswork was affected by the market environment and product iteration.3.Operating Division,Product Category,or Operating Segment Contributing over 10%of Operating Revenue or Operating Profit Applicable Not applicable Unit:RMB Operating revenue Cost o

90、f sales Gross profit margin YoY change in operating revenue(%)YoY change in cost of sales(%)YoY change in gross profit margin(%)By operating division Manufacturing(liquor production)47,110,718,721.26 8,203,080,533.11 82.59%12.46%12.63%-0.02%By product category Liquor products 47,110,718,721.26 8,203

91、,080,533.11 82.59%12.46%12.63%-0.02%Of which:Wuliangye-branded Baijiu products 39,205,013,434.81 5,217,061,192.72 86.69%11.45%12.39%-0.11%Other liquor products 7,905,705,286.45 2,986,019,340.39 62.23%17.77%13.04%1.58%By operating segment Liquor products 47,110,718,721.26 8,203,080,533.11 82.59%12.46

92、%12.63%-0.02%Of which:East China 13,552,135,672.17 2,059,657,459.06 84.80%15.70%14.63%0.14%South China 3,496,256,070.40 488,121,708.11 86.04%-0.58%4.21%-0.64%West China 16,758,820,769.19 3,728,672,761.25 77.75%16.66%14.75%0.37%North China 4,841,310,361.21 668,971,370.38 86.18%8.16%8.81%-0.08%Interim

93、 Report 2024 of Wuliangye Yibin Co.,Ltd.16 Central China 8,462,195,848.29 1,257,657,234.31 85.14%8.22%8.97%-0.10%Data of principal operations for the prior period adjusted according to the changed methods of measurement that occurred in the Reporting Period(if any):Applicable Not applicable The Comp

94、any 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 CompaniesIndustry-specific Information Disclosure.4.Breakdown of Selling Expense Unit:RMB Note:The Companys sales promoti

95、on expense covered three major categories:channel development,team development and customer development.In order to further boost the confidence of merchants,the Company increased its marketing investment.5.Advertising Expense During the Reporting Period,the Companys primary advertising means includ

96、ed TV,broadcasting,Internet,outdoor ads and exhibitions.The expenses on online,offline and TV ads were RMB128 million,RMB548 million and RMB256 million,respectively.IV Analysis of Non-Core Businesses Applicable Not applicable V Analysis of Assets and Liabilities 1.Significant Changes in Asset Compos

97、ition Unit:RMB Item 30 June 2024 31 December 2023 Change in percentage(%)Reason for any significant change Amount As%of total assets Amount As%of total assets Monetary assets 128,714,842,080.74 69.21%115,456,300,910.64 69.79%-0.58%Accounts receivable 84,118,689.50 0.05%42,647,461.48 0.03%0.02%Invent

98、ories 16,847,018,906.97 9.06%17,387,841,712.87 10.51%-1.45%Long-term 2,028,290,932.39 1.09%2,020,366,240.69 1.22%-0.13%Item H1 2024 H1 2023 Change(%)Reason for change Amount As%of selling expense Amount As%of selling expense Image promotion expense 932,275,200.41 17.37%759,134,414.08 17.57%22.81%Sal

99、es promotion expense 3,440,601,772.58 64.11%2,612,938,992.07 60.48%31.68%Note Warehousing and logistics expense 272,408,237.24 5.08%268,515,233.60 6.21%1.45%Labor cost 455,092,791.02 8.48%459,063,335.23 10.63%-0.86%Other expenses 265,964,172.17 4.96%220,793,644.63 5.11%20.46%Total 5,366,342,173.42 4

100、,320,445,619.61 24.21%Interim Report 2024 of Wuliangye Yibin Co.,Ltd.17 equity investments Fixed assets 5,144,267,933.32 2.77%5,189,917,302.17 3.14%-0.37%Construction in progress 6,809,490,371.99 3.66%5,623,356,422.20 3.40%0.26%Right-of-use assets 980,047,470.78 0.53%126,810,315.49 0.08%0.45%Contrac

101、t liabilities 8,157,503,632.65 4.39%6,864,383,635.25 4.15%0.24%Lease liabilities 646,160,709.88 0.35%115,722,608.68 0.07%0.28%2.Major Assets Overseas Applicable Not applicable 3.Assets and Liabilities Measured at Fair Value Applicable Not applicable Unit:RMB Item Opening amount Gain/loss on fair-val

102、ue changes in the current period Cumulative fair-value changes recognized in equity Impairment allowance for the current period Purchased in the current period Sold in the current period Other changes Closing amount Financial assets 1.Held-for-trading financial assets(exclusive of derivative financi

103、al assets)2.Derivative financial assets 3.Other debt investments 4.Other equity investments 5.Other non-current financial assets 1,200,000.00 1,200,000.00 6.Receivables financing 14,086,450,565.79 5,489,979,940.11 19,576,430,505.90 Subtotal of financial assets 14,087,650,565.79 5,489,979,940.11 19,5

104、77,630,505.90 Investment property Productive living assets Other Total of the above 14,087,650,565.79 5,489,979,940.11 19,577,630,505.90 Interim Report 2024 of Wuliangye Yibin Co.,Ltd.18 Financial liabilities Contents of other changes:The Company classified the portion of bank acceptance bills recei

105、ved 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 Repor

106、ting Period.Yes No 4.Restricted Assets as at the Period-end Unit:RMB Item Closing carrying amount Reason for restriction Monetary assets 234,648,885.56 Security deposits for bank acceptance bills,other security deposits,and the balance in the securities trading account with the Yibin Business Depart

107、ment of Essence Securities Total 234,648,885.56 VI Investment Analysis 1.Total Investment Amount Applicable Not applicable 2.Significant Equity Investments Acquired in the Reporting Period Applicable Not applicable 3.Significant Ongoing Non-Equity Investments in the Reporting Period Applicable Not a

108、pplicable 4.Financial Investments(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.5.Use of Raised Funds Applicable Not applicable No such cases

109、in the Reporting Period.VII Sale of Major Assets and Equity Investments 1.Sale of Major Assets Applicable Not applicable No such cases in the Reporting Period.2.Sale of Major Equity Investments Applicable Not applicable Interim Report 2024 of Wuliangye Yibin Co.,Ltd.19 VIII Principal Subsidiaries an

110、d Joint Stock Companies Applicable Not applicable Principal subsidiaries and joint stock companies with an over 10%effect on the consolidated net profit:Unit:RMB Name Relationship with the Company Principal activities Registered capital Total assets Equity Yibin Wuliangye Liquor Sales Co.,Ltd.Subsid

111、iary Sale of liquor,etc.200,000,000.00 68,041,092,862.64 46,504,177,947.58 Unit:RMB Name Relationship with the Company Principal activities Operating revenue Operating profit Net profit Yibin Wuliangye Liquor Sales Co.,Ltd.Subsidiary Sale of liquor,etc.38,924,211,000.09 16,616,194,521.42 12,460,145,

112、152.08 Subsidiaries acquired or disposed of in the Reporting Period:Applicable Not applicable IX Structured Entities Controlled by the Company Applicable Not applicable X Risks Facing the Company and Countermeasures Firstly,there may be uncertainties in the environment at home and abroad;secondly,va

113、lid demand may not be recovering in an expected pace;and finally,competition in the industry,especially among the top players,may be increasingly intense.In response,the Company will adhere to its strategic focus,implement the“135”strategy in depth,and continue to strengthen its five major competiti

114、ve edges.With ecological development as the big picture,quality as the key,culture as the foundation,digital transformation as the driver and sound corporate governance as the support,the Company will strive for sustainable,solid and high-quality development.XI Implementation of the Action Plan for

115、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

116、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 E

117、nhancement of Development Quality and Investor Returns(Announcement No.:2024/No.002)on 7 March 2024.The implementation of the action plan is as follows.(I)Strengthen development and strive to accelerate the journey to become a world-leading enterprise Firstly,the Company has maintained steady and ro

118、bust growth in operating performance.The Interim Report 2024 of Wuliangye Yibin Co.,Ltd.20 Company adhered to the working principles of seeking progress in stability,maintaining stability with progress,improving quality and efficiency,and making more contributions,solidly carried out its work,and to

119、ok scientific actions,achieving new heights in corporate development.In the first half of 2024,the Company achieved operating revenue of RMB50.648 billion,an increase of 11.30%year on year;and the net profit attributable to its shareholders was RMB19.057 billion,an increase of 11.86%year on year.The

120、 Company maintained steady growth in operating performance.Secondly,the driving force for innovative development continued to strengthen.The Company further promoted supply-side structural innovation with liquor body innovation and production technique innovation as the core.It launched Wuliangye(45

121、%vol)and Wuliangye(68%vol),as well as the full range of Classic Wuliangye(10%,20%,30%and 50%vol),making every effort to create new growth drivers.In collaboration with the research team led by Jiang Lei,an academician with the Chinese Academy of Sciences(“CAS”),the Company uncovered the optimal rang

122、e of alcohol by volume for Baijiu products in the prestigious international journal Matter.This paper,the first of its kind,proved that Wuliangye of different alcohol volumes and relevant series of products all fall within this optimal range.This paper has been the highest-impact research paper in C

123、hinas Baijiu industry to date,which is of great significance to build a scientific system for sensory evaluation of Wuliangye Baijiu and even all the products in the Baijiu industry.Thirdly,the Company had a stronger brand presence.The Company was,once again,in the spotlight by sponsoring CCTVs 2024

124、 Spring Festival Gala.Additionally,the Company was invited to participate in the 2024 New Years Eve countdown celebrations in New York Citys Times Square,capturing the attention of hundreds of millions of people worldwide.Its brand value has maintained double-digit growth for seven consecutive years

125、,reaching RMB449.8 billion.In terms of brand strength index,Wuliangye received the highest global AAA+rating again,ranking first among Baijiu brands.Finally,technological upgrade projects showed strong momentum.The Company continued to push forward with major ongoing projects.Specifically,the Ecolog

126、ical Distillery Project(Phase I)gradually commenced production,ensuring consistent output and high quality.The intelligent distilling demonstration workshop is now up and running.Additionally,the Company has successfully installed an automated packaging line.(II)Strengthen compliance and continuousl

127、y improve corporate governance Firstly,the information disclosure continued to be strengthened.The Company continued to strengthen its learning of the Stock Listing Rules and other applicable regulations,and strengthen information disclosure management.It has won the highest level(A)assessment of in

128、formation disclosure from the Shenzhen Stock Exchange for nine consecutive years.Since 2024,the Company has compiled and disclosed 55 periodic reports and current announcements,conveying relevant information on its production and operation in a timely manner with increasing transparency.Secondly,the

129、 governance system continued to be optimised.The Company currently has eleven directors,including five internal directors and six outside directors.Major agenda items are subject to pre-review and pre-study by the Party Committee,continuously exerting the effectiveness of scientific decision-making

130、by the Board of Directors.During the first half of 2024,the Company convened seven Board meetings,deliberating on 24 proposals,including matters related to profit distribution,actively implementing the functions of the Board of Directors,and ensuring efficient and orderly management of the Company.F

131、inally,the supervision mechanism continued to be sound.Since 2024,the independent directors attended one special meeting of independent directors and seven Meetings of the Board of Directors,while continuing to pay attention to the Companys information disclosure work,objectively evaluating the time

132、liness and accuracy of information disclosure,and independently and prudently expressing opinions to ensure the Interim Report 2024 of Wuliangye Yibin Co.,Ltd.21 normative,compliant,and effective operation of the Board of Directors;the Companys Supervisory Committee independently exercised its power

133、s in accordance with the law,supervised the Companys lawful operations,financial status,related transactions,external guarantees,and actively safeguarded the legitimate rights and interests of all shareholders,the Company,and employees.(III)Strengthen returns and continuously increase shareholder re

134、turns The Company continued to uphold the core value of creating returns for investors.While focusing on its own development and improving performance,it actively shared the yield of development with all shareholders.The Companys total cash dividend amount for 2023 was RMB18.127 billion,representing

135、 a cash dividend payout ratio of 60%.Both the dividend amount and the dividend payout ratio were the highest since the Company went public,and the dividend payout was completed on 12 July 2024.(IV)Strengthen confidence with the largest shareholder increasing its shareholding in the Company Wuliangye

136、 Group initiated a plan to increase its shareholding in the Company on 14 December 2023,and has cumulatively purchased 3,406,668 additional shares with an amount of RMB500.0016 million,accounting for 0.09%of the Companys total share capital.So far,the implementation of the shareholding increase plan

137、 has been completed.(V)Strengthen communication and continuously optimise investor relations management The Company always adhered to the principles of compliance,equality,proactivity,and honesty and trustworthiness,continuously optimised investor relations management,and built various communication

138、 platforms.During the Reporting Period,the Company held the 2023 Annual and 2024 First Quarterly Results Briefing and the 2023 Annual General Meeting of Shareholders,actively listening to investors opinions and suggestions,improving the effectiveness and pertinence of communication,and ensuring the

139、equal participation of minority shareholders.During the Reporting Period,the Company communicated with a total of more than 1,300 investors through the annual general meeting of shareholders,one-on-one meetings,securities firms investment conferences,conference calls and other forms.The Company will

140、 continue to implement relevant measures of the Action Plan for Dual Enhancement of Development Quality and Investor Returns”,strive to realise the concept of investors first through good performance,standardised corporate governance,and active investment returns,effectively fulfill the responsibili

141、ties and obligations of a listed company,enhance investor confidence,and achieve sustained high-quality development of the Company.Interim Report 2024 of Wuliangye Yibin Co.,Ltd.22 Part IV Corporate Governance I Annual and Extraordinary General Meetings of Shareholders Convened during the Reporting

142、Period 1.General Meetings of Shareholders Convened during the Reporting Period Meeting Type Investor participation ratio Date of the meeting Disclosure date Resolutions The 2023 Annual General Meeting of Shareholders Annual General Meeting of Shareholders 72.03%28 June 2024 29 June 2024 See the Anno

143、uncement on Resolutions of the 2023 Annual General Meeting of Shareholders(2024/No.024)2.Extraordinary General Meetings of Shareholders Convened at the Request of Preference Shareholders with Resumed Voting Rights Applicable Not applicable II Change of Directors,Supervisors and Senior Management App

144、licable Not applicable Name Office title Type of change Date Reason Han Chengke Director Elected 28 June 2024 Elected at a general meeting of shareholders Zhang Xin Director Elected 28 June 2024 Elected at a general meeting of shareholders Li Shuai Supervisor Elected 28 June 2024 Elected at a genera

145、l meeting of shareholders Zhu Yongliang Supervisor Elected 28 June 2024 Elected at a general meeting of shareholders Zhang Xin Board Secretary Appointed 19 April 2024 Appointed by the Board of Directors Chief Financial Officer 25 June 2024 Jiang Jia Deputy General Manager Appointed 2 February 2024 A

146、ppointed by the Board of Directors Chief Economist Former 2 February 2024 Dismissed by the Board of Directors for the reason of job change Jiang Lin Board Secretary Former 19 April 2024 Dismissed by the Board of Directors for the reason of job change Xie Zhiping Chief Financial Officer Former 2 Febr

147、uary 2024 Dismissed by the Board of Directors for the reason of job change Liu Yang Deputy General Manager Former 2 February 2024 Dismissed by the Board of Directors for the reason of job change III Profit Distributions in the Form of Cash and/or Bonus Issue Applicable Not applicable The Company has

148、 no interim dividend plan,either in the form of cash or bonus issue.Interim Report 2024 of Wuliangye Yibin Co.,Ltd.23 IV Equity Incentive Plans,Employee Stock Ownership Plans or Other Incentive Measures for Employees Applicable Not applicable 1.Equity Incentives Applicable Not applicable 2.Employee

149、Stock Ownership Plans Applicable Not applicable Outstanding employee stock ownership plans during the Reporting Period:Scope of employees Number of employees Total number of shares held under the plans Change As%of the total share capital of the Company Funding source Employees covered by the plans

150、2,428 23,696,280 None 0.61%Self-pooled Shareholdings of directors,supervisors and senior management under employee stock ownership plans during the Reporting Period:In April 2018,the Company carried out an employee stock ownership plan through a private placement,and certain in-service directors,sup

151、ervisors and senior management participated in the employee stock ownership plan.By the end of the Reporting Period,non-transaction transfers had been completed.Change of the asset management agency during the Reporting Period:Applicable Not applicable Equity changes incurred by the disposal of shar

152、es by any holder,etc.during the Reporting Period:Applicable Not applicable 3.Exercise of Shareholder Rights during the Reporting Period Applicable Not applicable Other information about the employee stock ownership plans during the Reporting Period:Applicable Not applicable Changes to members of the

153、 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 t

154、he Reporting Period:Applicable Not applicable Other information:None.4.Other Incentive Measures for Employees Applicable Not applicable Interim Report 2024 of Wuliangye Yibin Co.,Ltd.24 Part V Environmental and Social Responsibility I Major Environmental Issues Indicate whether the Company or any of

155、 its subsidiaries was identified as a major polluter by environmental authorities.Yes No 1.Policies and Industry Standards on Environmental Protection The Company strictly complies with environmental protection laws,regulations,and relevant policies.In line with the environmental management system,t

156、he Company has compiled a list of updates in accordance with environmental laws,regulations,standards,and other requirements.In 2024,it identified and collected 186 relevant laws,regulations,and requirements.Meanwhile,taking into account its realities,the Company formulated 17 policies on environmen

157、tal protection,and developed the internal control standardDistilling Wastewater Discharge Standard,which is stricter than the national and Sichuan provincial requirements.And the Company ensures that all environmental protection concepts and requirements are implemented into every aspect of daily pr

158、oduction and operation activities.2.Administrative Licenses of Environmental Protection The Company has adhered strictly to national administrative licence requirements for environmental protection,completed environmental impact assessments,obtained discharge licenses for its projects as required,an

159、d conducted environmental compliance self-inspections upon project completion.In January 2024,it renewed its discharge licence,and the new discharge licence is valid until November 2024.3.Industry Discharge Standards and Discharge of Pollutants in Production and Operation Name of the Company or subs

160、idiary Type of major pollutants Major pollutants Way of discharge Number of discharge outlets Distribution of discharge outlets Discharge concentration/intensity Governing discharge standards Total discharge(metric ton)Approved total discharge(metric ton)Excessive discharge The Company Air pollutant

161、s Particulate matter Organized discharge 9 Coal to Gas Phase I 10.3 mg/m 20 mg/m /N/A/Sulfur dioxide 21.4 mg/m 50 mg/m /N/A/Oxynitride 100.7mg/m 150 mg/m 27 50.5/Particulate matter 6 Coal to Gas Phase II 2.9 mg/m 20 mg/m 0.1 4.8/Sulfur dioxide 5.6 mg/m 50 mg/m 0.5 2/Oxynitride 99.6 mg/m 150 mg/m 19.

162、4 27.4/Particulate matter 3 Coal to Gas Phase III 4.2 mg/m 20 mg/m 0.04 1.9/Sulfur dioxide 5.3 mg/m 50 mg/m 0.15 0.8/Oxynitride 95.7 mg/m 150 mg/m 6.72 10.96/Particulate matter 10 Hot water/20 mg/m /N/A/Interim Report 2024 of Wuliangye Yibin Co.,Ltd.25 Sulfur dioxide boilers/50 mg/m 0.0002 0.08/Oxyn

163、itride 105 mg/m 150 mg/m 0.1 0.89/Water pollutants COD Direct discharge 1 Wuliangye Ecological Wetland 25.6mg/L 40 mg/L 44.8 72/Ammonia nitrogen 1 0.3 mg/L 3 mg/L 0.8 5.4/Total nitrogen 1 7mg/L 15 mg/L 12.5 27/Total phosphorus 1 0.1mg/L 0.5 mg/L 0.3 0.9/4.Treatments of Pollutants The Company has thr

164、ee wastewater pretreatment stations and one wastewater advanced treatment zone in the Jiangbei industrial park,using biochemical treatment and Fenton treatment technology for wastewater treatment,with a daily capacity of 10,000 tons.The advanced treated tailwater in compliance with the applicable st

165、andards is discharged after being further purified by ecological wetlands.The system is functioning normally.At present,the Company has built 18 20t/h natural gas boilers in the Jiangbei industrial park and put them into operation,which adopts the advanced low-NOx combustion technology from Germany.

166、The system is functioning normally.The leaven production line and the grain processing production line are equipped with bag-type dust collectors,and the wastewater treatment station is equipped with odour gas collection and treatment facilities,which are all functioning normally.5.Contingency Plan

167、for Environmental Emergencies The Company has formulated and issued the Contingency Plan on Unexpected Environmental Events in Yibin City Wuliangye Industrial Park,Contingency Plan on Unexpected Environmental Events of Wuliangye Yibin Co.,Ltd.,Contingency Plan on Unexpected Environmental Events of W

168、uliangye Yibin Co.,Ltd.(Special Plan for Baijiu Storage Tanks),and Contingency Plan on Unexpected Environmental Events of Wuliangye Yibin Co.,Ltd.(Special Plan for Wastewater).Concurrently,updates have been made to the risk assessment reports and environmental contingency resource survey reports for

169、 environmental emergencies.6.Spending on Environmental Protection and Payment of Environmental Protection Tax Pollution control costs attributable to the H1 2024 period totalled RMB139.38 million and environmental protection tax payments were RMB0.23 million.7.Environmental Self-Monitoring Plan The

170、Company has developed a self-monitoring plan in line with the requirements of the discharge licence,and completed self-monitoring strictly according to the prescribed monitoring frequency and the requirements of monitoring projects.The results showed that the concentration and emission rate of air p

171、ollutants were within the permissible limits;the concentration of air pollutants at the plant boundary met the limit requirements of fugitive emission monitoring;the concentration of water pollutants discharged was within the permissible discharge limit;and the noise levels at the plant boundary wer

172、e within the permissible limits.Additionally,it conducted rainwater outlet monitoring as required.8.Administrative Penalties Imposed for Environmental Issues during the Reporting Period None.9.Other Environmental Information that should Be Disclosed None.10.Measures Taken to Reduce Carbon Emissions

173、in the Reporting Period and the Results Interim Report 2024 of Wuliangye Yibin Co.,Ltd.26 Applicable Not applicable The existing biogas power generation facilities of the wastewater treatment stations generated approximately 2.8 million kWh of electricity,reducing greenhouse gas emissions by approxi

174、mately 600 tons.And the biogas power generation facilities of the new centralised wastewater treatment plant are under construction.11.Other Environmental Information The Company organised and conducted internal reviews and assessments of its energy management system and environmental management sys

175、tem.In addition,a third-party organisation was hired to conduct external reviews of the Companys energy management system and environmental management system.The Company passed these reviews and received the relevant certificates.The Company entrusted a third-party organisation to carry out reviews

176、of its greenhouse gas emissions in 2023 and received the relevant review statement.II Corporate Social Responsibility(CSR)In the first half of 2024,the Company thoroughly studied and implemented General Secretary Xi Jinpings important speeches and guiding principles on effectively connecting the con

177、solidation and expansion of achievements in poverty alleviation with rural revitalisation.In response to the provincial and municipal decisions and arrangements for necessary and paired assistance,it focused on addressing the major weaknesses and shortcomings that hinder the development of assisted

178、areas such as Litang and Pingshan counties.By prioritising industrial and project-based assistance,it revolved around key tasks of the year,driving all initiatives forward with a strong sense of mission,responsibility,and urgency.The Companys assistance model and achievements were highlighted in the

179、 Daily Report submitted by the General Office of the CPC Sichuan Provincial Committee to the leaders of the CPC Sichuan Provincial Committee.Additionally,a special report titled“Wuliangye Supports High-Quality Development of Litang Countys Distinctive Agriculture and Animal Husbandry”was circulated

180、across the province by the United Front Work Department of the CPC Sichuan Provincial Committee.1.Paired Assistance to Litang County Firstly,in terms of overall arrangements,the Company has established an assistance steering group headed by the Secretary of the CPC Committee and Chairman of the Boar

181、d.This group includes a task force to provide necessary,paired assistance to four villages under four townships or towns in Litang County.Upon consultation with Litang County,the Company developed a 2024 assistance plan that outlines eight key tasks of the year and a funding plan of RMB46.4 million.

182、It also completed the“One Enterprise,One Policy”necessary assistance plan and executed the“Agreement on Guiding County-Enterprise Common Growth through Party Building”with Litang County.According to this agreement,both parties will continue to deepen cooperation and exchanges in collaborative Party

183、building,the development of distinctive agricultural and cultural tourism industries in the Tibetan Plateau,market expansion,education,and talent projects.The Company has undertaken to invest,on an annual basis,at least RMB10 million to support Litang County from 2024 to 2027.Secondly,regarding visi

184、ts and exchanges,the Company has strictly implemented regular mechanisms for county-enterprise interactions,including regular visits,special meetings,and surveys.Several trips,led by the Companys management,have been made to Litang County for field surveys.Leaders from the subsidiaries joining the“T

185、hree-level Assistance”programme have visited the four townships or towns and four villages that receive paired assistance from the Company.The trip aimed to explore the Sacred Genie Mountain and its surrounding tourism resources,Cunge Townships rural collective industry-hot springs,the Wuliangye mus

186、hroom base,and the Litang Logistics Industry Park.The Company held the Wuliangye-Litang County“Three-level Assistance”Work Symposium,where key officials from the Peoples Government of Litang County and the CPC Litang County Committee were invited to the Company to discuss industrial assistance Inter

187、im Report 2024 of Wuliangye Yibin Co.,Ltd.27 directions,project selection,and the establishment of assistance mechanisms.Ultimately,both sides reached a consensus.Finally,as to the progress of key projects,particularly centralised procurement,the Company proposes to purchase agricultural and other d

188、istinctive products with a combined budget of RMB10 million from Litang County in 2024.The procurement is expected to be fully completed by the Mid-Autumn Festival.In terms of base upgrading,the Company proposes to invest RMB3 million in 2024 to upgrade the winter warm-type mushroom sheds in the mus

189、hroom base.A preliminary renovation plan has been developed and will be implemented upon confirmation by the county.Concerning grassroots infrastructure development,the Company proposes to invest RMB2 million in supporting the construction of village-level Party building infrastructure in Litang Cou

190、ntys Mula Town,including the construction of Mayan Villages Party service centre and Naisha Villages community activity centre.The Company aims to continuously improve grassroots governance facilities.The construction plans and sites have been determined.With respect to support for talent cultivatio

191、n,the Company proposes to invest RMB0.4 million in 2024 in the“Wuliangye-Litang University Student Cultivation Programme”to provide a job practice platform for“jobless university graduates who have returned to their hometown”.The first batch of ten graduates has been recruited and assigned to grassr

192、oots positions in assisted villages.The Company will also provide 20 outstanding,financially disadvantaged students with RMB5,000 each in student grants.Additionally,it will implement the“Assist Disabled StudentsCaring Project”by donating two school libraries worth a total of RMB0.12 million to Lita

193、ng County.These libraries are expected to contain over 4,000 books spanning categories such as history,astronomy,classic stories,guides,and life knowledge.2.Paired Assistance to Pingshan County Firstly,regarding new assistance efforts,the Company has dispatched 11 staff members to the assisted villa

194、ges.All of them are CPC members,including five members of middle ranks or higher.They have reported for duty by the end of July.Finally,regarding the progress of key projects,particularly the development of industrial bases,the Company replanted 70,000 tea seedlings on the 200-mu high-mountain selen

195、ium-rich organic tea base in Yingxiong Village,Qingping Yi Ethnic Township,Pingshan County,to ensure proper planting density.Additionally,the Company has completed the construction of sightseeing platforms and roads,and continued to improve subsequent maintenance and operational support.In the 200-m

196、u high-mountain edible bamboo shoot base in Yingxiong Village,land levelling was completed,and 60,000 bamboo seedlings were planted.This initiative has encouraged surrounding communities to plant over 210,000 bamboo seedlings.Concerning assistance through product consumption,during the Chinese New Y

197、ear,the Company made targeted and centralised procurement of agricultural and distinctive products,such as honey,from Pingshan County,amounting to RMB1.93 million.In terms of educational assistance,the Company implemented the“Assist Disabled StudentsCaring Project”by donating libraries to three scho

198、ols in Pingshan County,worth a total of RMB0.18 million.These libraries are expected to contain over 6,000 books in categories such as history,astronomy,classic stories,guides,and life knowledge.It also conducted a“Warm Winter Action”donation event at Starbase School in Qingping Yi Ethnic Township i

199、n Pingshan County.At this event,daily supplies such as down jackets,scarves,hats,gloves,and socks were donated to over 200 students,with a total value of over RMB60 thousand.The Company also provided student grants of RMB2,000 each to 39 financially needed families in Qingping Yi Ethnic Township in

200、Pingshan County with university-bound students.Interim Report 2024 of Wuliangye Yibin Co.,Ltd.28 Part VI Significant Events I Undertakings of the Companys Actual Controller,Shareholders,Related Parties and Acquirers,as well as the Company Itself and other Entities Fulfilled in the Reporting Period o

201、r Ongoing at the Period-end Applicable Not applicable Based on their confidence in the Companys prospects and recognition of its long-term investment value,Yibin Development Holding Group Co.,Ltd.and Sichuan Yibin Wuliangye Group Co.,Ltd.have voluntarily undertaken not to reduce their shareholdings

202、in the Company in any way within one year from 24 August 2023,and the undertakings are being honoured continuously.II Occupation of the Companys Funds by the Controlling Shareholder or Any of Its Related Parties for Non-Operating Purposes Applicable Not applicable No such cases in the Reporting Peri

203、od.III Irregularities in the Provision of Guarantees for External Parties Applicable Not applicable No such cases in the Reporting Period.IV Appointment and Dismissal of CPA Firm Indicate whether the interim financial statements are audited.Yes No The interim financial statements are unaudited.V Sta

204、tements Made by the Board of Directors and the Supervisory Committee Regarding the Independent Auditors“Modified Opinion”on the Financial Statements of the Reporting Period Applicable Not applicable VI Statement Made by the Board of Directors Regarding the“Modified Opinion”of an Independent Auditor

205、on Financial Statements of Last Year Applicable Not applicable VII Insolvency and Reorganization Applicable Not applicable No such cases in the Reporting Period.VIII Legal Matters Significant lawsuits and arbitrations:Applicable Not applicable No such cases in the Reporting Period.Other legal matter

206、s:Applicable Not applicable Interim Report 2024 of Wuliangye Yibin Co.,Ltd.29 General information Amount involved(RMB0,000)Whether any provision is made Progress Result and impact Execution of judgment Date of disclosure Index to disclosed information Contract dispute between Yibin Wuliangye Xianlin

207、 Ecological Liquor Co.,Ltd.and Chengdu Pomegranate Agricultural Products Development Co.,Ltd.492.68 No The first-instance judgment has taken effect.The court has ordered the enforcement of an asset auction.The enforcement has not yet been carried out.Contract dispute between Sichuan Yibin Global Gro

208、up Shenzhou Glass Co.,Ltd.(hereinafter referred to as“Shenzhou”)and Yibin Yuxiang Packaging Materials Co.,Ltd.(hereinafter referred to as“Yuxiang”)574.14 No In June 2023,the court ruled that Yuxiang should compensate Shenzhou a total of RMB5.7414 million.Yuxiang fails to fulfil the judgment on time.

209、The enforcement has not yet been carried out.Construction contract dispute between the Company and Xian Construction Engineering Group Co.,Ltd.(hereinafter referred to as“Xian Construction Engineering Group”)2,162.33 No In April 2023,the Peoples Court of Cuiping District,Yibin City,made the first-in

210、stance judgment,requiring Xian Construction Engineering Group to compensate the Company for various losses totalling RMB7.5327 million.After offsetting the outstanding project payments,Xian Construction Engineering Group shall still pay the Company RMB1.7194 million.Both parties appealed against the

211、 first-instance judgment.The second-instance court dismissed the appeal and upheld the original judgment.Xian Construction Engineering Group is currently paying the Company the outstanding payment.The enforcement is underway.The“Phoenix Series”illustrations of the Companys“Bainiao Chaofeng”brand are

212、 suspected to have infringed upon Li Linxins copyright.100.00 No Pre-litigation mediation.None for now.The enforcement has not yet been carried out.Contract dispute between Handan Yongbufenli Liquor Co.,Ltd.(hereinafter referred to as“Yongbufenli”)and Chengdu Yuexin Liquor Co.,Ltd.(hereinafter refer

213、red to as“Yuexin 10,049.28 No In October 2022,Yongbufenli filed a lawsuit with the Intermediate Peoples Court of Handan against Yuexin Liquor,requesting a)payment of RMB100.4928 million in outstanding payments from the defendant,plus interest calculated The second-instance court session has been ope

214、ned.The judgment has not yet been made.Interim Report 2024 of Wuliangye Yibin Co.,Ltd.30 Liquor”)at the Loan Prime Rate(“LPR”)from 21 July 2020 to the date when the payment is made in full;and b)the defendant to bear all litigation and appraisal fees.In March 2023,the first-instance judgment dismiss

215、ed Yongbufenlis claims.In April 2023,Yongbufenli filed a second-instance appeal with the Supreme Peoples Court of Hebei,and the case was reopened on 10 April 2024.The judgment has not yet been made.Case of Handan Yongbufenli Liquor Co.,Ltd.suing Handan Yongbufenli Zaiyang Liquor Co.,Ltd.for overdue

216、payment 211.41 No The hearing was held on 27 April 2023,with the defendant absent.On 11 May,a judgment was issued ordering the defendant to pay the overdue payment.Due to the inability to notify the judgment defaulter,the enforcement notice was served by public announcement.The second public announc

217、ement for enforcement has ended,and the court has issued a final ruling.The court has issued a final ruling.Contract dispute between Handan Yongbufenli Liquor Co.,Ltd.(hereinafter referred to as“Yongbufenli”)and Sichuan Baijiadi Liquor Co.,Ltd.(hereinafter referred to as“Baijiadi”)7,246.35 No In Jan

218、uary 2022,Yongbufenli filed a lawsuit with the Peoples Court of Linzhang County against Baijiadi over a sales contract dispute involving an amount of RMB72.4635 million.The court was requested to a)order the defendant to pay RMB72.4635 million,along with the interest calculated at the LPR published

219、by the National Interbank Funding Center from 16 September 2020 to the date when the payment is made in full;and b)order the defendant to bear all litigation and appraisal fees.The first-instance judgment dismissed Yongbufenlis claims.In April 2024,Yongbufenli filed an appeal with the Intermediate P

220、eoples Court of Handan.The case is currently under a second-instance hearing.The judgment has not yet been made.IX Penalties and Rectifications Applicable Not applicable No such cases in the Reporting Period.X Credit Standings of the Company as well as Its Controlling Shareholder and Actual Controll

221、er Applicable Not applicable XI Significant Related-Party Transactions 1.Continuing Related-Party Transactions Applicable Not applicable Interim Report 2024 of Wuliangye Yibin Co.,Ltd.31 See“5.Related-Party Transactions”under“XIII Related Parties and Related-Party Transactions”of Part X.2.Related-Pa

222、rty Transactions Regarding Purchase or Sales of Assets or Equity Investments Applicable Not applicable No such cases in the Reporting Period.3.Related-Party Transactions Regarding Joint Investments in Third Parties Applicable Not applicable No such cases in the Reporting Period.4.Amounts Due to and

223、from Related Parties Applicable Not applicable No such cases in the Reporting Period.5.Transactions with Related Finance Companies Applicable Not applicable Making deposits:Related party Relationship Upper limit of daily deposit(RMB0,000)Range of interest rate Opening balance(RMB0,000)Amount incurre

224、d in the current period Closing balance(RMB0,000)Total amount deposited(RMB0,000)Total amount withdrawn(RMB0,000)Wuliangye Group Finance Associate 5,500,000 0.42%-3.5%4,029,953.75 818,109.62 673,229.07 4,174,834.30 Note:The amount incurred in the current period is presented on a net basis,which mean

225、s 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 F

226、inance during the Reporting Period.Receiving credit(inclusive of discounting)or other financial services:Related party Relationship Type of business Line(RMB0,000)Amount incurred(RMB0,000)Wuliangye Group Finance Associate Receiving credit 1,000,000 1,935.53 Note:On 28 June 2024,the Company and Wulia

227、ngye Group Finance signed the Financial Service Agreement,agreeing that the daily total balance of outstanding loans and unused credit with Wuliangye Group Finance shall not exceed RMB10 billion in 2024.The“amount incurred”in the Reporting Period includes the bank acceptance bills of RMB19.3553 mill

228、ion issued by Wuliangye Group Finance(undue bank acceptance bills as of 30 June 2024:RMB19.3553 million).6.Transactions between Finance Companies Controlled by the Company and Related Parties Applicable Not applicable No such cases in the Reporting Period.Interim Report 2024 of Wuliangye Yibin Co.,L

229、td.32 7.Other Significant Related-Party Transactions Applicable Not applicable No such cases in the Reporting Period.XII Significant Contracts and Execution 1.Entrustment,Contracting and Leases(1)Entrustment Applicable Not applicable No such cases in the Reporting Period.(2)Contracting Applicable No

230、t applicable No such cases in the Reporting Period.(3)Leases Applicable Not applicable No such cases in the Reporting Period.2.Significant Guarantees Applicable Not applicable No such cases in the Reporting Period.3.Cash Entrusted for Wealth Management Applicable Not applicable No such cases in the

231、Reporting Period.4.Other Significant Contracts Applicable Not applicable No such cases in the Reporting Period.XIII Other Significant Events Applicable Not applicable No such cases in the Reporting Period.XIV Significant Events of Subsidiaries Applicable Not applicable As approved at the Second Meet

232、ing of the Sixth Board of Directors of 2024 dated 19 April 2024,the Companys wholly-owned subsidiary Sichuan Yibin Plastic Packaging Materials Company Limited has incorporated“Sichuan Yibin Plastic Packaging Products Co.,Ltd.”(hereinafter referred to as“Plastic Packaging Products”).Plastic Packaging

233、 Products has a registered capital of RMB50 million,and the Company owns 100%of Plastic Packaging Products.Interim Report 2024 of Wuliangye Yibin Co.,Ltd.33 Part VII Share Changes and Shareholder Information I Share Changes 1.Share Changes Unit:share Before Increase/decrease in the current period(+/

234、-)After Number of shares As%of total shares New issue Bonus issue from profit Bonus issue from capital reserves Other Subtotal Number of shares As%of total shares I Restricted shares 82,098 0.00%82,098 0.00%1.Shares held by the state 2.Shares held by state-owned corporations 3.Shares held by other d

235、omestic investors 82,098 0.00%82,098 0.00%Of which:Shares held by domestic corporations Shares held by domestic individuals 82,098 0.00%82,098 0.00%4.Shares held by overseas investors Of which:Shares held by overseas corporations Shares held by overseas individuals II Unrestricted shares 3,881,525,9

236、07 100.00%3,881,525,907 100.00%1.RMB-denominated ordinary shares 3,881,525,907 100.00%3,881,525,907 100.00%2.Domestically listed foreign shares 3.Overseas listed foreign shares 4.Others III Total shares 3,881,608,005 100.00%3,881,608,005 100.00%Reasons for share changes:Applicable Not applicable App

237、roval of share changes:Interim Report 2024 of Wuliangye Yibin Co.,Ltd.34 Applicable Not applicable Transfer of share ownership:Applicable Not applicable Progress on any share repurchase:Applicable Not applicable Progress on reducing the repurchased shares by means of centralized bidding:Applicable N

238、ot applicable Effects of share changes on the basic earnings per share,diluted earnings per share,equity per share attributable to the Companys ordinary shareholders and other financial indicators of the latest year and the latest accounting period,respectively:Applicable Not applicable Other inform

239、ation that the Company considers necessary or is required by the securities regulator to be disclosed:Applicable Not applicable 2.Changes in Restricted Shares Applicable Not applicable II Issuance and Listing of Securities Applicable Not applicable III Shareholders and Their Shareholdings at the End

240、 of the Reporting Period Unit:share Number of ordinary shareholders at the period-end 605,118 Number of preference shareholders with resumed voting rights at the period-end(if any)(see note 8)0 5%or greater ordinary shareholders or top 10 ordinary shareholders(exclusive of shares lent in refinancing

241、)Name of shareholder Nature of shareholder Shareholding percentage Total ordinary shares held at the period-end Increase/decrease in the Reporting Period Restricted ordinary shares held Unrestricted ordinary shares held Shares in pledge,marked or frozen Status Shares Yibin Development Holding Group

242、Co.,Ltd.State-owned corporation 34.43%1,336,548,020 1,336,548,020 Sichuan Yibin Wuliangye Group Co.,Ltd.State-owned corporation 20.49%795,230,011 3,406,668 795,230,011 Hong Kong Securities Clearing Company Limited Overseas corporation 4.79%185,881,215 10,991,548 185,881,215 China Securities Finance

243、Corporation Limited Other 2.38%92,385,936 92,385,936 Bank of China LimitedChina Merchants China Securities Baijiu Index Other 1.33%51,481,362-5,636,617 51,481,362 Interim Report 2024 of Wuliangye Yibin Co.,Ltd.35 Classification Securities Investment Fund Central Huijin Asset Management Co.,Ltd.State

244、-owned corporation 1.01%39,325,400 39,325,400 Bank of China LimitedE Fund Blue Chip Selected Mixed Securities Investment Fund Other 0.68%26,400,000-2,980,000 26,400,000 China Life Insurance Company LimitedTraditionalGeneral Insurance Product-005L-CT001 Shanghai Other 0.62%23,951,250 422,519 23,951,2

245、50 Industrial and Commercial Bank of China Limited-Huatai Bairui CSI 300 Traded Open-ended Index Securities Investment Fund Other 0.59%22,838,574 8,226,365 22,838,574 Industrial and Commercial Bank of China LimitedInvesco Great Wall Newly Growth Mixed Securities Investment Fund Other 0.46%17,678,300

246、-751,200 17,678,300 Strategic investor or general corporation becoming a top-10 ordinary shareholder in a rights issue(if any)(see note 3)N/A Related or acting-in-concert parties among the shareholders above Among the top 10 shareholders,Wuliangye Group is a wholly-owned subsidiary of Yibin Developm

247、ent Group.And the Company is not aware of any related or acting-in-concert parties among the other public shareholders.Shareholders above entrusting/entrusted with or waiving voting rights N/A Repurchased share account(if any)among the top 10 shareholders(see note 11)N/A Top 10 unrestricted ordinary

248、 shareholders(exclusive of shares lent in refinancing and locked-up shares of senior management)Name of shareholder Unrestricted ordinary shares held at the period-end Shares by class Class Shares Yibin Development Holding Group Co.,Ltd.1,336,548,020 RMB-denominated ordinary shares 1,336,548,020 Sic

249、huan Yibin Wuliangye Group Co.,Ltd.795,230,011 RMB-denominated ordinary shares 795,230,011 Hong Kong Securities Clearing Company Limited 185,881,215 RMB-denominated ordinary shares 185,881,215 China Securities Finance Corporation Limited 92,385,936 RMB-denominated ordinary shares 92,385,936 Bank of

250、China LimitedChina Merchants China Securities Baijiu Index Classification Securities Investment Fund 51,481,362 RMB-denominated ordinary shares 51,481,362 Interim Report 2024 of Wuliangye Yibin Co.,Ltd.36 Central Huijin Asset Management Co.,Ltd.39,325,400 RMB-denominated ordinary shares 39,325,400 B

251、ank of China LimitedE Fund Blue Chip Selected Mixed Securities Investment Fund 26,400,000 RMB-denominated ordinary shares 26,400,000 China Life Insurance Company LimitedTraditionalGeneral Insurance Product-005L-CT001 Shanghai 23,951,250 RMB-denominated ordinary shares 23,951,250 Industrial and Comme

252、rcial Bank of China Limited-Huatai Bairui CSI 300 Traded Open-ended Index Securities Investment Fund 22,838,574 RMB-denominated ordinary shares 22,838,574 Industrial and Commercial Bank of China LimitedInvesco Great Wall Newly Growth Mixed Securities Investment Fund 17,678,300 RMB-denominated ordina

253、ry shares 17,678,300 Related or acting-in-concert parties among top 10 unrestricted ordinary shareholders,as well as between top 10 unrestricted ordinary shareholders and top 10 ordinary shareholders Among the top 10 shareholders,Wuliangye Group is a wholly-owned subsidiary of Yibin Development Grou

254、p.And the Company is not aware of any related or acting-in-concert parties among the other public shareholders.Top 10 ordinary shareholders involved in securities margin trading(if any)(see note 4)N/A 5%or greater shareholders,top 10 shareholders and top 10 unrestricted public shareholders involved

255、in 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

256、unrestricted ordinary shareholders of the Company conducted any promissory repurchase during the Reporting Period.Yes No No such cases in the Reporting Period.IV Changes in Shareholdings of Directors,Supervisors and Senior Management Applicable Not applicable No changes occurred to the shareholdings

257、 of the directors,supervisors and senior management in the Reporting Period.See the 2023 Annual Report for more details.V Change of the Controlling Shareholder or the Actual Controller Change of the controlling shareholder in the Reporting Period:Applicable Not applicable No such cases in the Report

258、ing Period.Change of the actual controller in the Reporting Period:Applicable Not applicable No such cases in the Reporting Period.Interim Report 2024 of Wuliangye Yibin Co.,Ltd.37 Part VIII Preference Shares Applicable Not applicable No preference shares in the Reporting Period.Part IX Bonds Applic

259、able Not applicable Interim Report 2024 of Wuliangye Yibin Co.,Ltd.38 Part X Financial Statements I Independent Auditors Report Indicate whether the interim financial statements are audited.Yes No The interim financial statements are unaudited.II Financial Statements Monetary unit for the financial

260、statements and the statements in the notes thereto unless otherwise stated:RMB 1.Consolidated Balance Sheet Prepared by Wuliangye Yibin Co.,Ltd.30 June 2024 Unit:RMB Item 30 June 2024 1 January 2024 Current assets:Monetary assets 128,714,842,080.74 115,456,300,910.64 Settlement reserve Loans to othe

261、r banks and financial institutions Held-for-trading financial assets Derivative financial assets Notes receivable 3,650,281.25 Accounts receivable 84,118,689.50 42,647,461.48 Receivables financing 19,576,430,505.90 14,086,450,565.79 Prepayments 160,861,414.58 169,425,745.15 Premiums receivable Reins

262、urance receivables Receivable reinsurance contract reserve Other receivables 51,547,943.32 39,624,933.74 Of which:Interest receivable Dividends receivable Financial assets purchased under resale agreements Inventories 16,847,018,906.97 17,387,841,712.87 Of which:Data resources Contract assets Assets

263、 held for sale Current portion of non-current assets Other current assets Total current assets 165,438,469,822.26 147,182,291,329.67 Interim Report 2024 of Wuliangye Yibin Co.,Ltd.39 Non-current assets:Loans and advances to customers Debt investments Other debt investments Long-term receivables Long

264、-term equity investments 2,028,290,932.39 2,020,366,240.69 Other equity investments Other non-current financial assets 1,200,000.00 1,200,000.00 Investment property Fixed assets 5,144,267,933.32 5,189,917,302.17 Construction in progress 6,809,490,371.99 5,623,356,422.20 Productive living assets Oil

265、and gas assets Right-of-use assets 980,047,470.78 126,810,315.49 Intangible assets 2,646,157,958.12 2,056,870,639.03 Of which:Data resources Development costs Of which:Data resources Goodwill 1,621,619.53 1,621,619.53 Long-term prepaid expense 149,194,939.46 163,120,023.86 Deferred income tax assets

266、 2,493,692,024.42 2,242,610,567.82 Other non-current assets 292,078,812.34 824,817,224.29 Total non-current assets 20,546,042,062.35 18,250,690,355.08 Total assets 185,984,511,884.61 165,432,981,684.75 Current liabilities:Short-term borrowings Borrowings from the central bank Loans from other banks

267、and financial institutions Held-for-trading financial liabilities Derivative financial liabilities Notes payable 569,729,467.22 732,432,611.26 Accounts payable 8,951,591,862.82 8,864,206,997.09 Advances from customers 18,100,649.63 17,522,814.61 Contract liabilities 8,157,503,632.65 6,864,383,635.25

268、 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 Interim Report 2024 of Wuliangye Yibin Co.,Ltd.40 Employee benefits payable 3,648,149,395.63

269、 3,872,122,436.43 Taxes and surcharge payable 4,504,909,475.97 6,268,458,145.77 Other payables 23,954,160,106.68 5,385,776,903.69 Of which:Interest payable Dividends payable 18,127,109,383.35 Fees and commissions payable Reinsurance payables Liabilities directly associated with assets held for sale

270、Current portion of non-current liabilities 373,908,963.84 14,512,448.92 Other current liabilities 624,081,189.42 663,723,991.63 Total current liabilities 50,802,134,743.86 32,683,139,984.65 Non-current liabilities:Insurance contract reserve Long-term borrowings Bonds payable Of which:Preference shar

271、es Perpetual bonds Lease liabilities 646,160,709.88 115,722,608.68 Long-term payables Long-term employee benefits payable Provisions Deferred income 246,950,215.16 253,043,325.37 Deferred income tax liabilities 240,471,806.67 31,702,578.88 Other non-current liabilities Total non-current liabilities

272、1,133,582,731.71 400,468,512.93 Total liabilities 51,935,717,475.57 33,083,608,497.58 Owners equity:Share capital 3,881,608,005.00 3,881,608,005.00 Other equity instruments Of which:Preference shares Perpetual bonds Capital reserves 2,682,647,086.15 2,682,647,086.15 Less:Treasury shares Other compre

273、hensive income Specific reserve Surplus reserves 33,588,553,502.81 33,588,553,502.81 General reserve Retained earnings 90,335,152,592.07 89,405,432,446.55 Total equity attributable to owners of the Company as the parent 130,487,961,186.03 129,558,241,040.51 Non-controlling interests 3,560,833,223.01

274、 2,791,132,146.66 Interim Report 2024 of Wuliangye Yibin Co.,Ltd.41 Total owners equity 134,048,794,409.04 132,349,373,187.17 Total liabilities and owners equity 185,984,511,884.61 165,432,981,684.75 Legal representative:Zeng Congqin Chief Financial Officer:Zhang Xin Head of the accounting departmen

275、t:Liu Hongxu 2.Balance Sheet of the Company as the Parent Unit:RMB Item 30 June 2024 1 January 2024 Current assets:Monetary assets 60,959,151,409.68 60,323,450,012.71 Held-for-trading financial assets Derivative financial assets Notes receivable Accounts receivable Receivables financing Prepayments

276、3,946,792.23 3,380,448.33 Other receivables 6,410,452,552.43 6,485,949,705.92 Of which:Interest receivable Dividends receivable 650,667,449.43 930,755,375.66 Inventories Of which:Data resources Contract assets Assets held for sale Current portion of non-current assets Other current assets Total curr

277、ent assets 67,373,550,754.34 66,812,780,166.96 Non-current assets:Debt investments Other debt investments Long-term receivables Long-term equity investments 13,443,389,025.18 13,436,738,333.48 Other equity investments Other non-current financial assets 1,200,000.00 1,200,000.00 Investment property F

278、ixed assets 105,941,317.09 114,171,167.35 Construction in progress 112,398,471.31 112,398,471.31 Productive living assets Interim Report 2024 of Wuliangye Yibin Co.,Ltd.42 Oil and gas assets Right-of-use assets 9,102,156.14 985,149.93 Intangible assets 37,459,792.91 39,378,847.31 Of which:Data resou

279、rces Development costs Of which:Data resources Goodwill Long-term prepaid expense Deferred income tax assets 14,681,556.80 11,183,406.83 Other non-current assets Total non-current assets 13,724,172,319.43 13,716,055,376.21 Total assets 81,097,723,073.77 80,528,835,543.17 Current liabilities:Short-te

280、rm 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 9,151,590.18 9,870,448.65 Taxes and surcharge payable 84,444,965.08 86,642,875.45 Other pa

281、yables 18,281,781,510.70 159,525,988.83 Of which:Interest payable Dividends payable 18,127,109,383.35 Liabilities directly associated with assets held for sale Current portion of non-current liabilities 2,539,935.97 685,585.96 Other current liabilities Total current liabilities 18,378,093,001.93 256

282、,899,898.89 Non-current liabilities:Long-term borrowings Bonds payable Of which:Preference shares Interim Report 2024 of Wuliangye Yibin Co.,Ltd.43 Perpetual bonds Lease liabilities 6,796,944.74 Long-term payables Long-term employee benefits payable Provisions Deferred income 7,750,000.00 7,750,000.

283、00 Deferred income tax liabilities 2,275,539.04 246,287.48 Other non-current liabilities Total non-current liabilities 16,822,483.78 7,996,287.48 Total liabilities 18,394,915,485.71 264,896,186.37 Owners equity:Share capital 3,881,608,005.00 3,881,608,005.00 Other equity instruments Of which:Prefere

284、nce shares Perpetual bonds Capital reserves 2,682,647,086.15 2,682,647,086.15 Less:Treasury shares Other comprehensive income Specific reserve Surplus reserves 15,508,769,954.04 15,508,769,954.04 Retained earnings 40,629,782,542.87 58,190,914,311.61 Total owners equity 62,702,807,588.06 80,263,939,3

285、56.80 Total liabilities and owners equity 81,097,723,073.77 80,528,835,543.17 3.Consolidated Income Statement Unit:RMB Item H1 2024 H1 2023 I Total revenues 50,648,026,578.65 45,506,384,818.37 Of which:Operating revenue 50,648,026,578.65 45,506,384,818.37 Interest income Insurance premium income Fee

286、 and commission income II Total costs and expenses 24,499,814,494.48 22,026,681,871.19 Of which:Cost of sales 11,466,138,507.20 10,567,960,344.77 Interest costs Fee and commission costs Surrenders Interim Report 2024 of Wuliangye Yibin Co.,Ltd.44 Net insurance claims paid Net amount provided as rese

287、rve for insurance obligations Expenditure on policy dividends Reinsurance premium expense Taxes and surcharge 7,169,866,343.52 6,495,771,025.33 Selling expense 5,366,342,173.42 4,320,445,619.61 Administrative expense 1,738,561,638.52 1,756,898,762.85 Research and development expense 159,760,941.28 1

288、35,677,515.04 Finance costs-1,400,855,109.46-1,250,071,396.41 Of which:Interest expense 17,030,819.31 6,811,996.58 Interest income 1,423,837,619.29 1,259,323,479.12 Add:Other income 220,749,387.64 218,711,927.56 Investment income(“”for loss)21,877,331.70 20,626,708.35 Of which:Share of profit or los

289、s of joint ventures and associates 21,877,331.70 20,626,708.35 Income from the derecognition of financial assets at amortized cost Exchange gain(“”for loss)Net gain on exposure hedges(“”for loss)Gain on changes in fair value(“”for loss)Credit impairment losses(“”for loss)-2,190,011.01-3,713,694.44 A

290、sset impairment losses(“”for loss)Gains on disposals of assets(“”for losses)-3,917,579.22 237,968.66 III Operating profit(“”for loss)26,384,731,213.28 23,715,565,857.31 Add:Non-operating income 12,505,112.08 11,950,306.57 Less:Non-operating expense 7,164,462.42 55,248,945.45 IV Gross profit(“”for gr

291、oss loss)26,390,071,862.94 23,672,267,218.43 Less:Income tax expense 6,563,541,257.72 5,879,733,314.24 V Net profit(“”for net loss)19,826,530,605.22 17,792,533,904.19 (I)By operating continuity 1.Net profit from continuing operations(“”for net loss)19,826,530,605.22 17,792,533,904.19 2.Net profit fr

292、om discontinued operations(“”for net loss)(II)By ownership 1.Net profit attributable to owners of the Company as the parent(“”for net loss)19,056,829,528.87 17,036,708,791.18 2.Net profit attributable to non-controlling interests(“”for net loss)769,701,076.35 755,825,113.01 VI Other comprehensive in

293、come,net of tax Other comprehensive income,net of tax attributable to owners of the Company as the parent (I)Other comprehensive income that will not be reclassified to profit or loss 1.Changes caused by remeasurements on defined benefit schemes Interim Report 2024 of Wuliangye Yibin Co.,Ltd.45 2.Ot

294、her comprehensive income that will not be reclassified to profit or loss under the equity method 3.Changes in the fair value of other debt investments 4.Changes in the fair value arising from changes in own credit risk 5.Other (II)Other comprehensive income that will be reclassified to profit or los

295、s 1.Other comprehensive income that will be reclassified to profit or loss under the equity method 2.Changes in the fair value of other debt investments 3.Other comprehensive income arising from the reclassification of financial assets 4.Credit impairment allowances for other debt investments 5.Rese

296、rve for cash flow hedges 6.Differences arising from the translation of foreign currency-denominated financial statements 7.Other Other comprehensive income,net of tax attributable to non-controlling interests VII Total comprehensive income 19,826,530,605.22 17,792,533,904.19 Total comprehensive inco

297、me attributable to owners of the Company as the parent 19,056,829,528.87 17,036,708,791.18 Total comprehensive income attributable to non-controlling interests 769,701,076.35 755,825,113.01 VIII Earnings per share:(I)Basic earnings per share 4.910 4.389(II)Diluted earnings per share 4.910 4.389 Wher

298、e business combinations involving entities under common control occurred in the current period,the net profit achieved by the acquirees before the combinations was RMB0.00,with the amount for the same period of last year being RMB0.00.Legal representative:Zeng Congqin Chief Financial Officer:Zhang X

299、in Head of the accounting department:Liu Hongxu 4.Income Statement of the Company as the Parent Unit:RMB Item H1 2024 H1 2023 I Operating revenue Less:Cost of sales Taxes and surcharge 328,041.00 331,940.81 Selling expense Administrative expense 83,757,026.19 77,330,772.58 Research and development e

300、xpense 37,880,928.14 38,580,473.31 Finance costs-848,544,763.65-733,373,985.00 Of which:Interest expense 349,686.50 16,584.06 Interest income 848,904,968.99 733,404,479.69 Add:Other income 2,346,572.38 3,212,099.46 Investment income(“”for loss)20,603,331.70 22,559,787.80 Interim Report 2024 of Wulia

301、ngye Yibin Co.,Ltd.46 Of which:Share of profit or loss of joint ventures and associates 20,603,331.70 17,969,787.80 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 losses(

302、“”for loss)-5,811.93-1,518,840.36 Asset impairment losses(“”for loss)）Gains on disposals of assets(“”for loss)-92,629.13 II Operating profit(“”for loss)749,522,860.47 641,291,216.07 Add:Non-operating income 401,401.08 33,279.40 Less:Non-operating expense 900,000.00 4,377,295.50 III Gross profit(“”fo

303、r gross loss)749,024,261.55 636,947,199.97 Less:Income tax expense 183,046,646.94 141,550,011.95 IV Net profit(“”for net loss)565,977,614.61 495,397,188.02(I)Net profit from continuing operations(“”for net loss)565,977,614.61 495,397,188.02(II)Net profit from discontinued operations(“”for net loss)V

304、 Other comprehensive income,net of tax (I)Other comprehensive income that will not be reclassified to profit or loss 1.Changes caused by remeasurements on defined benefit schemes 2.Other comprehensive income that will not be reclassified to profit or loss under the equity method 3.Changes in the fai

305、r value of other debt investments 4.Changes in the fair value arising from changes in own credit risk 5.Other (II)Other comprehensive income that will be reclassified to profit or loss 1.Other comprehensive income that will be reclassified to profit or loss under the equity method 2.Changes in the f

306、air value of other debt investments 3.Other comprehensive income arising from the reclassification of financial assets 4.Credit impairment allowances for other debt investments 5.Reserve for cash flow hedges 6.Differences arising from the translation of foreign currency-denominated financial stateme

307、nts 7.Other VI Total comprehensive income 565,977,614.61 495,397,188.02 VII Earnings per share:(I)Basic earnings per share (II)Diluted earnings per share Interim Report 2024 of Wuliangye Yibin Co.,Ltd.47 5.Consolidated Cash Flow Statement Unit:RMB Item H1 2024 H1 2023 I Cash flows from operating act

308、ivities:Proceeds from sale of goods and rendering of services 49,648,363,358.43 43,051,685,416.56 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 Premiu

309、ms 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 proc

310、eeds from acting trading of securities Tax and levy rebates 44,310,389.47 24,684,000.00 Cash generated from other operating activities 814,125,658.15 754,037,354.75 Subtotal of cash generated from operating activities 50,506,799,406.05 43,830,406,771.31 Payments for goods and services 7,486,715,895.

311、21 7,505,024,442.31 Net increase in loans and advances to customers Net increase in deposits in the central bank and other banks and financial institutions Payments for claims on original insurance contracts Net increase in loans to other banks and financial institutions Interest,fees and commission

312、s paid Policy dividends paid Cash paid to and for employees 4,796,005,443.62 4,794,521,049.72 Taxes and surcharge paid 21,391,864,462.34 17,401,299,720.73 Cash used in other operating activities 3,404,284,949.25 2,799,742,672.25 Subtotal of cash used in operating activities 37,078,870,750.42 32,500,

313、587,885.01 Net cash generated from/used in operating activities 13,427,928,655.63 11,329,818,886.30 II Cash flows from investing activities:Proceeds from the disposal of investments Investment income 13,952,640.00 Net proceeds from the disposal of fixed assets,intangible assets and other long-term a

314、ssets 3,976,302.92 594,829.45 Net proceeds from the disposal of subsidiaries and other business units Cash generated from other investing activities Subtotal of cash generated from investing activities 17,928,942.92 594,829.45 Payments for the acquisition and construction of fixed assets,1,087,312,7

315、66.70 1,345,043,512.81 Interim Report 2024 of Wuliangye Yibin Co.,Ltd.48 intangible assets and other long-term assets Payments for the acquisition of investments Net increase in pledge loans Net payments for the acquisition of subsidiaries and other business units Cash used in other investing activi

316、ties Subtotal of cash used in investing activities 1,087,312,766.70 1,345,043,512.81 Net cash generated from/used in investing activities-1,069,383,823.78-1,344,448,683.36 III Cash flows from financing activities:Capital contributions received Of which:Capital contributions received by subsidiaries

317、from non-controlling interests Borrowings received Cash generated from other financing activities Subtotal of cash generated from financing activities Repayment of borrowings Interest and dividends paid 10,606,030,081.23 Of which:Dividends paid by subsidiaries to non-controlling interests 17,601,392

318、.99 Cash used in other financing activities 157,849,148.32 201,882,821.01 Subtotal of cash used in financing activities 157,849,148.32 10,807,912,902.24 Net cash generated from/used in financing activities-157,849,148.32-10,807,912,902.24 IV Effect of foreign exchange rate changes on cash and cash e

319、quivalents V Net increase in cash and cash equivalents 12,200,695,683.53-822,542,699.30 Add:Cash and cash equivalents,beginning of the period 113,095,684,224.30 90,584,643,897.66 VI Cash and cash equivalents,end of the period 125,296,379,907.83 89,762,101,198.36 6.Cash Flow Statement of the Company

320、as the Parent Unit:RMB Item H1 2024 H1 2023 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 933,235,725.86 1,797,517,178.90 Subtotal of cash generated from operating activities 933,235,72

321、5.86 1,797,517,178.90 Payments for goods and services Cash paid to and for employees 88,701,721.91 116,579,383.93 Taxes and surcharge paid 187,456,637.30 351,172,696.63 Cash used in other operating activities 1,097,222,803.55 681,369,113.25 Subtotal of cash used in operating activities 1,373,381,162

322、.76 1,149,121,193.81 Net cash generated from/used in operating activities-440,145,436.90 648,395,985.09 II Cash flows from investing activities:Proceeds from the disposal of investments Interim Report 2024 of Wuliangye Yibin Co.,Ltd.49 Investment income 294,040,566.23 1,213,162,199.85 Net proceeds f

323、rom the disposal of fixed assets,intangible assets and other long-term assets 3,857,701.37 350,616.31 Net proceeds from the disposal of subsidiaries and other business units Cash generated from other investing activities Subtotal of cash generated from investing activities 297,898,267.60 1,213,512,8

324、16.16 Payments for the acquisition and construction of fixed assets,intangible assets and other long-term assets 1,320,554.12 12,506,369.28 Payments for the acquisition of investments Net payments for the acquisition of subsidiaries and other business units Cash used in other investing activities Su

325、btotal of cash used in investing activities 1,320,554.12 12,506,369.28 Net cash generated from/used in investing activities 296,577,713.48 1,201,006,446.88 III Cash flows from financing activities:Capital contributions received Borrowings received Cash generated from other financing activities Subto

326、tal of cash generated from financing activities Repayment of borrowings Interest and dividends paid 10,588,428,688.24 Cash used in other financing activities 447,300.00 Subtotal of cash used in financing activities 10,588,875,988.24 Net cash generated from/used in financing activities -10,588,875,98

327、8.24 IV Effect of foreign exchange rate changes on cash and cash equivalents V Net increase in cash and cash equivalents-143,567,723.42-8,739,473,556.27 Add:Cash and cash equivalents,beginning of the period 58,965,084,165.81 49,975,638,860.17 VI Cash and cash equivalents,end of the period 58,821,516

328、,442.39 41,236,165,303.90 Interim Report 2024 of Wuliangye Yibin Co.,Ltd.50 7.Consolidated Statements of Changes in Owners Equity H1 2024 Unit:RMB Item H1 2024 Equity attributable to owners of the Company as the parent Non-controlling interests Total owners equity Share capital Other equity instrume

329、nts Capital reserves Less:Treasury shares Other comprehensive income Specific reserve Surplus reserves General reserve Retained earnings Other Subtotal Preference shares Perpetual bonds Other 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

330、.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,

331、132,146.66 132,349,373,187.17 III Increase/decrease in 929,720,145.52 929,720,145.52 769,701,076.35 1,699,421,221.87 Interim Report 2024 of Wuliangye Yibin Co.,Ltd.51 the period(“-”for decrease)(I)Total comprehensive income 19,056,829,528.87 19,056,829,528.87 769,701,076.35 19,826,530,605.22(II)Capi

332、tal increase and reduction by owners 1.Ordinary share increase by owners 2.Capital increase by holders of other equity instruments 3.Share-based payments recognized in owners equity 4.Other (III)Profit distribution -18,127,109,383.35 -18,127,109,383.35 -18,127,109,383.35 1.Appropriated to surplus re

333、serves 2.Appropriated to general reserve Interim Report 2024 of Wuliangye Yibin Co.,Ltd.52 3.Distributed to owners(or shareholders)-18,127,109,383.35 -18,127,109,383.35 -18,127,109,383.35 4.Other (IV)Transfers within owners equity 1.Increase in capital(or share capital)from capital reserves 2.Increase in capital(or share capital)from surplus reserves 3.Surplus reserves used to offset loss 4.Change