瀘州老窖：2025年第一季度報告（英文版）.PDF

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1、Q1 2025 Report of Luzhou Laojiao Co.,Ltd.1 Stock Code:000568 Stock abbreviation:Luzhou Laojiao Announcement No.2025-17 Luzhou Laojiao Co.,Ltd.Q1 2025 Report Luzhou Laojiao Co.,Ltd.(hereinafter referred to as the“Company”)and all the members of the Companys Board of Directors hereby guarantee that th

2、e contents of this Report are true,accurate and complete and free of any misrepresentations,misleading statements or material omissions.Important Statements:1.The Board of Directors,Board of Supervisors,directors,supervisors and senior management guarantee that the information presented in this repo

3、rt is free of any false records,misleading statements or material omissions,and shall individually and together be legally liable for truthfulness,accuracy and completeness of its contents.2.The responsible person for the Company,the responsible person for accounting work and the responsible person

4、for the Companys financial affairs(Accounting Supervisor)have warranted that the financial statements in this report are true,accurate and complete.3.Whether the financial statements of this report have been audited by an auditor Yes No This report has been prepared in both Chinese and English.Shoul

5、d there be any discrepancies or misunderstandings between the two versions,the Chinese version shall prevail.Q1 2025 Report of Luzhou Laojiao Co.,Ltd.2 1.Key financial information 1.1 Key accounting data and financial indicators Whether the Company performed a retroactive adjustment to or restatemen

6、t of accounting data.Yes No Q1 2025 Q1 2024 YoY change(%)Operating revenues(CNY)9,352,165,445.50 9,188,402,377.79 1.78%Net profits attributable to shareholders of the Company(CNY)4,592,780,509.90 4,573,950,129.90 0.41%Net profits attributable to shareholders of the Company before non-recurring gains

7、 and losses(CNY)4,595,090,018.42 4,552,423,532.38 0.94%Net cash flows from operating activities(CNY)3,307,744,331.60 4,359,428,564.46-24.12%Basic earnings per share(CNY/share)3.13 3.12 0.32%Diluted earnings per share(CNY/share)3.13 3.12 0.32%Weighted average ROE 9.48%10.43%-0.95%March 31,2025 Decemb

8、er 31,2024 Change(%)Total assets(CNY)66,780,933,304.60 68,334,595,564.58-2.27%Net assets attributable to shareholders of the Company(CNY)50,165,245,185.51 47,388,500,553.46 5.86%1.2 Non-recurring gains and losses Applicable N/A Unit:CNY Item Q1 2025 Note Government grants recognized in profit or los

9、s(exclusive of those that are closely related to the Companys normal business operations and given in accordance with defined criteria and in compliance with government policies,and have a continuing impact on the Companys profit or loss)16,648,224.19 Gain or loss on fair-value changes in financial

10、assets and liabilities held by a non-financial enterprise,as well as on disposal of financial assets and liabilities(exclusive of the effective portion of hedges that is related to the Companys normal business operations)5,871,204.39 Other non-operating income and expenditure except above-mentioned

11、items -25,597,689.62 Q1 2025 Report of Luzhou Laojiao Co.,Ltd.3 Less:Corporate income tax -769,565.29 Minority interests(after tax)812.77 Total-2,309,508.52-Other items that meet the definition of non-recurring gain/loss:Applicable N/A No such cases for the reporting period.Explain the reasons if th

12、e Company classifies any non-recurring gain/loss item mentioned in the Explanatory Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public-Non-Recurring Gains and Losses as a recurring gain/loss item.Applicable N/A No such cases for the reporting period.1.3

13、Changes in key financial data and indicators and reasons for the changes Applicable N/A A.The closing balance of accounts receivables financing decreased by CNY 602,756,258.64 compared to the opening balance,indicating a decrease of 33.45%.It was mainly due to the discounting of notes and the honori

14、ng of due notes in the current period.B.The closing balance of prepayment increased by CNY 117,619,722.04 compared to the opening balance,indicating an increase of 94.95%.It was mainly due to the increased prepayment to suppliers for advertising.C.The closing balance of other current assets decrease

15、d by CNY 207,243,467.97 compared to the opening balance,indicating a decrease of 85.96%.It was mainly due to the offsetting in the current period of the overpaid tax in the prior period.D.The closing balance of deferred tax assets decreased by CNY 179,179,125.98 compared to the opening balance,indic

16、ating a decrease of 42.24%.It was mainly due to the decreased unrealized profits of internal transactions and the relevant reversal as a result of the unlocking of restricted shares.E.The closing balance of employee benefits payable decreased by CNY 230,481,981.50 compared to the opening balance,ind

17、icating a decrease of 41.63%.It was mainly due to the settlement in the current period of performance-based pay for last year.F.The closing balance of taxes payable decreased by CNY 1,023,611,643.36 compared to the opening balance,indicating a decrease of 31.65%.It was mainly due to the payment of t

18、he opening taxes payable in the current period.G.The closing balance of non-current liabilities due within one year increased by CNY 1,499,492,365.17 compared to the opening balance,indicating an increase of 45.76%.It was mainly due to the reclassification of long-term loans due within one year and

19、the repayment of due corporate bonds.Q1 2025 Report of Luzhou Laojiao Co.,Ltd.4 H.The closing balance of long-term loans decreased by CNY 3,051,700,000.00 compared to the opening balance,indicating a decrease of 48.59%.It was mainly due to the reclassification of long-term loans to non-current liabi

20、lities due within one year.I.The closing balance of treasury stock decreased by CNY 167,523,448.69 compared to the opening balance,indicating a decrease of 48.46%.It was mainly due to the relevant reversal as a result of the unlocking of restricted shares in the current period.J.Financial expenses i

21、n the current period decreased by CNY 60,239,722.44 compared to the same period of last year.It was mainly due to the reclassification of note discount expenses to investment income in the current period.K.Other income in the current period increased by CNY 11,168,461.78 compared to the same period

22、of last year,indicating an increase of 139.02%.It was mainly due to the increased amortization of deferred income in the current period.L.Investment income in the current period decreased by CNY 18,947,842.40 compared to the same period of last year,indicating a decrease of 102%.It was mainly due to

23、 the reclassification of note discount expenses.M.Gains from the changes in fair values in the current period decreased by CNY 18,661,129.65 compared to the same period of last year,indicating a decrease of 81.86%.It was mainly due to the changes in the net value of financial management products in

24、the current period.N.Non-operating expenses in the current period increased by CNY 26,172,463.55 compared to the same period of last year,indicating an increase of 3162.31%.It was mainly due to the increased donation expenses in the current period.O.Net cash flows from investing activities in the cu

25、rrent period decreased by CNY 60,158,437.67 compared to the same period of last year.It was mainly due to the increased cash payments for long-term asset investments in the current period.P.Net cash flows from financing activities in the current period decreased by CNY 5,439,119,558.41 compared to t

26、he same period of last year,indicating a decrease of 296.57%.It was mainly due to the interim dividend payout and the repayment of principals of corporate bonds with interest.2.Shareholder information 2.1 Total numbers of common shareholders and preference shareholders with resumed voting rights as

27、well as shareholdings of top 10 shareholders Unit:Share Total number of common shareholders at the end of the reporting period 180,122 Total number of preference shareholders with resumed voting rights at the end of the reporting period(if any)0 Shareholdings of the top 10 shareholders(exclusive of

28、shares lent in refinancing)Name of shareholder Nature of shareholder Shareholding percentage Total shares held Number of holding restricted shares Pledged,marked or frozen shares Status of shares Number of shares Luzhou State-owned 25.89%381,088,389.00 0.00 N/A 0.00 Q1 2025 Report of Luzhou Laojiao

29、Co.,Ltd.5 Laojiao Group Co.,Ltd.corporation Luzhou XingLu Investment Group Co.,Ltd.State-owned corporation 24.86%365,971,142.00 0.00 N/A 0.00 Bank of China Co.,Ltd.Baijiu index classification securities investment fund by China Merchants Fund Other 3.13%46,054,228.00 0.00 N/A 0.00 Hong Kong Securiti

30、es Clearing Company Limited Outbound corporation 2.55%37,466,958.00 0.00 N/A 0.00 China Securities Finance Corporation Limited Other 2.30%33,842,059.00 0.00 N/A 0.00 Bank of China Co.,Ltd.Blue chip selected hybrid securities investment fund by E Fund Other 1.58%23,200,100.00 0.00 N/A 0.00 Central Hu

31、ijin Asset Management Co.,Ltd.State-owned corporation 0.92%13,539,862.00 0.00 N/A 0.00 Industrial and Commercial Bank of China Co.,Ltd.-Huatai-Pinebridge CSI 300 Exchange-Traded Fund Other 0.82%12,083,435.00 0.00 N/A 0.00 Industrial and Commercial Bank of China Co.,Ltd.-New growth hybrid securities

32、investment fund by Invesco Great Other 0.82%12,000,000.00 0.00 N/A 0.00 Q1 2025 Report of Luzhou Laojiao Co.,Ltd.6 Wall China Construction Bank CorporationPenghua Wine&Liquor Exchange-Traded Fund Other 0.67%9,867,625.00 0.00 N/A 0.00 Shareholdings of the top 10 non-restricted shareholders(exclusive

33、of shares lent in refinancing and locked shares of executives)Name of shareholder Number of non-restricted shares held Type and number of shares Type Number Luzhou Laojiao Group Co.,Ltd.381,088,389.00 CNY common shares 381,088,389.00 Luzhou XingLu Investment Group Co.,Ltd.365,971,142.00 CNY common s

34、hares 365,971,142.00 Bank of China Co.,Ltd.Baijiu index classification securities investment fund by China Merchants Fund 46,054,228.00 CNY common shares 46,054,228.00 Hong Kong Securities Clearing Company Limited 37,466,958.00 CNY common shares 37,466,958.00 China Securities Finance Corporation Lim

35、ited 33,842,059.00 CNY common shares 33,842,059.00 Bank of China Co.,Ltd.Blue chip selected hybrid securities investment fund by E Fund 23,200,100.00 CNY common shares 23,200,100.00 Central Huijin Asset Management Co.,Ltd.13,539,862.00 CNY common shares 13,539,862.00 Industrial and Commercial Bank o

36、f China Co.,Ltd.-Huatai-Pinebridge CSI 300 Exchange-Traded Fund 12,083,435.00 CNY common shares 12,083,435.00 Industrial and Commercial Bank of China Co.,Ltd.-New growth hybrid securities investment fund by Invesco Great Wall 12,000,000.00 CNY common shares 12,000,000.00 China Construction Bank Corp

37、orationPenghua Wine&Liquor Exchange-Traded Fund 9,867,625.00 CNY common shares 9,867,625.00 Related parties or acting-in-concert 1.Luzhou Laojiao Group Co.,Ltd.(hereinafter referred to as“Laojiao Group”)and Luzhou XingLu Investment Group Co.,Ltd.are both holding state-owned companies under the juris

38、diction of the State-owned Assets Supervision and Administration Commission of Luzhou.The two companies signed the agreement of persons acting in concert.For details,please refer to the announcement of the Company on May 23,2024-Announcement on the Renewed Agreement of Persons Acting in Concert Sign

39、ed by Shareholders(Announcement No.2024-22).2.In 2024,Luzhou Laojiao Group Co.,Ltd.,through its wholly-owned subsidiary Sichuan Golden Rudder Investment Co.,Ltd.,increased its holdings in the Company by 1,140,200 shares through call auction trading,accounting for 0.08%of the total share capital of t

40、he Company.By the end of the reporting period,Q1 2025 Report of Luzhou Laojiao Co.,Ltd.7 Luzhou Laojiao Group Co.,Ltd.and Sichuan Golden Rudder Investment Co.,Ltd.collectively held 382,228,589 shares in the Company,representing 25.97%of the total share capital of the Company.3.In addition,whether th

41、ere is an association between the remaining shareholders or they belong to persons acting in concert is unknown.Top 10 shareholders participating in securities margin trading(if any)N/A 5%or greater shareholders,top 10 shareholders and Top 10 unrestricted shareholders involved in refinancing shares

42、lending Applicable N/A Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares lending/return compared with the prior period Applicable N/A 2.2 Total number of preferred shareholders and shareholdings of the top 10 preferred shareholders Applicable N/A 3.Other s

43、ignificant events Applicable N/A A.On January 21,2025,the Company held the Eighth Meeting of the 11th Board of Directors and the Sixth Meeting of the 11th Board of Supervisors,at which the Proposal on the Satisfaction of Unlocking Conditions for the First Unlocking Period of the Reserved Restricted

44、Shares under the 2021 Restricted Share Incentive Plan and the Proposal on the Satisfaction of Unlocking Conditions for the Second Unlocking Period of the 2021 Restricted Share Incentive Plan were reviewed and approved respectively.As the unlocking conditions had been satisfied for the first unlockin

45、g period of the reserved restricted shares under the 2021 Restricted Share Incentive Plan,a total of 37,069 restricted shares held by 17 eligible awardees were unlocked for public trading on February 17,2025.Meanwhile,as the unlocking conditions had been satisfied for the second unlocking period of

46、the 2021 Restricted Share Incentive Plan,a total of 2,022,530 restricted shares held by 434 eligible awardees were unlocked for public trading on February 24,2025.B.The Company invested in the technical upgrade program of intelligent brewing(Phase I)with the wholly-owned subsidiary,Luzhou Laojiao Br

47、ewing Co.,Ltd.,as the implementer.The total investment amount approximated CNY 4,782.5090 million.For further information,see Announcement No.2022-24 on the Implementation of Luzhou Laojiaos Technical Upgrade Program of Intelligent Brewing(Phase I)by Subsidiary.The program is currently under constru

48、ction.C.On January 24,2025,the Company carried out the 2024 interim dividend payout of CNY 13.58(tax inclusive)for every 10 existing shares held,totaling CNY 1,998,910,141.07(tax inclusive).Q1 2025 Report of Luzhou Laojiao Co.,Ltd.8 4.Financial statements 4.1 Financial statements 4.1.1 Consolidated

49、balance sheet Prepared by:Luzhou Laojiao Co.,Ltd.March 31,2025 Unit:CNY Item March 31,2025 December 31,2024 Current assets:Cash and cash equivalents 33,231,596,265.59 33,578,396,831.33 Settlement reserves Lending funds Held-for-trading financial assets 1,391,691,462.99 1,694,282,295.97 Derivative fi

50、nancial assets Notes receivables Accounts receivables 15,207,500.27 11,022,302.31 Accounts receivables financing 1,199,191,197.14 1,801,947,455.78 Prepayment 241,490,004.69 123,870,282.65 Premiums receivable Reinsurance accounts receivable Reinsurance contract reserve Other receivables 8,584,456.10

51、13,053,645.00 Including：Interests receivable Dividends receivable Buying back the sale of financial assets Inventories 13,279,875,794.16 13,392,794,475.96 Including:Data resource Contract assets Assets held for sale Non-current assets due within one year Other current assets 33,838,440.92 241,081,90

52、8.89 Total current assets 49,401,475,121.86 50,856,449,197.89 Non-current assets:Disbursement of loans and advances Investments in debt obligations Investments in other debt obligations Long-term receivables Long-term equity investments 2,831,422,148.18 2,801,252,317.93 Investments in other equity i

53、nstruments 400,119,557.95 407,194,706.55 Other non-current financial assets Investment property 49,524,449.85 50,246,694.16 Fixed assets 8,962,011,726.25 9,131,776,915.51 Construction in progress 974,337,683.33 807,233,988.90 Productive biological assets Oil and gas assets Use right assets 27,143,94

54、6.12 29,254,214.23 Intangible assets 3,472,265,416.58 3,417,898,796.19 Including:Data resource Development expenses Including:Data resource Q1 2025 Report of Luzhou Laojiao Co.,Ltd.9 Goodwill Long-term deferred expenses 1,542,838.16 1,756,272.03 Deferred tax assets 245,005,967.06 424,185,093.04 Othe

55、r non-current assets 416,084,449.26 407,347,368.15 Total non-current assets 17,379,458,182.74 17,478,146,366.69 Total assets 66,780,933,304.60 68,334,595,564.58 Current liabilities:Short-term loans Borrowings from the central bank Loans from other banks Held-for-trading financial liabilities Derivat

56、ive financial liabilities Notes payable Accounts payable 1,526,522,728.93 1,844,497,206.78 Advance from customer Contract liabilities 3,065,704,152.19 3,978,131,528.88 Financial assets sold for repurchase Deposits from customers and inter-bank Customer brokerage deposits Securities underwriting brok

57、erage deposits Employee benefits payable 323,098,787.49 553,580,768.99 Taxes payable 2,210,336,953.72 3,233,948,597.08 Other payable 692,178,947.65 873,595,429.08 Including：Interests payable Dividends payable 29,668,290.20 29,668,290.20 Handling charges and commissions payable Reinsurance accounts p

58、ayable Liabilities held for sale Non-current liabilities due within one year 4,776,120,981.91 3,276,628,616.74 Other current liabilities 398,536,991.59 516,729,820.48 Total current liabilities 12,992,499,543.48 14,277,111,968.03 Non-current liabilities:Insurance contract reserves Long-term loans 3,2

59、28,200,000.00 6,279,900,000.00 Bonds payable Including：Preference shares Perpetual bonds Lease liabilities 23,260,493.44 24,528,519.13 Long-term payables Long-term payroll payables Accrued liabilities Deferred income 80,455,288.74 86,672,726.83 Deferred tax liabilities 152,183,995.33 158,375,714.88

60、Other non-current liabilities Total non-current liabilities 3,484,099,777.51 6,549,476,960.84 Total liabilities 16,476,599,320.99 20,826,588,928.87 Owners equity Share capital 1,471,951,503.00 1,471,951,503.00 Other equity instruments Including:preference shares Perpetual bonds Capital reserves 5,38

61、7,122,217.80 5,365,763,566.55 Less:treasury stock 178,175,995.20 345,699,443.89 Other comprehensive income 78,227,278.66 84,235,115.38 Q1 2025 Report of Luzhou Laojiao Co.,Ltd.10 Special reserves Surplus reserves 1,471,951,503.00 1,471,951,503.00 General risk reserve Undistributed profits 41,934,168

62、,678.25 39,340,298,309.42 Total equity attributable to owners of the parent company 50,165,245,185.51 47,388,500,553.46 Non-controlling interests 139,088,798.10 119,506,082.25 Total owners equity 50,304,333,983.61 47,508,006,635.71 Total liabilities and owners equity 66,780,933,304.60 68,334,595,564

63、.58 Legal representative：Liu Miao Person in charge of accounting affairs：Xie Hong Person in charge of accounting department：Song Ying 4.1.2 Consolidated income statement Unit:CNY Item Q1 2025 Q1 2024 1.Total operating revenue 9,352,165,445.50 9,188,402,377.79 Including:Operating revenue 9,352,165,44

64、5.50 9,188,402,377.79 Interest income Earned premium Fee and commission income 2.Total operating costs 3,218,498,654.93 3,126,339,967.34 Including:Cost of sales 1,261,650,794.98 1,068,393,034.10 Interest expense Handling charges and commission expenses Refunded premiums Net payments for insurance cl

65、aims Net provision for insurance contracts Bond insurance expense Reinsurance Expenses Taxes and surcharges 1,089,740,352.82 1,143,231,107.37 Selling and distribution expenses 766,999,539.58 720,930,095.03 General and administrative expenses 193,087,410.88 228,669,867.50 Research and Development exp

66、enses 32,435,337.30 30,290,921.53 Financial expenses -125,414,780.63-65,175,058.19 Including：Interest expenses 52,002,581.19 150,321,893.20 Interest income 179,345,923.67 216,342,852.29 Plus:Other income 19,202,006.29 8,033,544.51 Investment income(-for losses)-372,207.37 18,575,635.03 Including:inc

67、ome from investment in associates and joint ventures 35,884,043.67 22,958,991.23 Income from the derecognition of financial assets measured at amortized cost Foreign exchange gains(-for losses)Net gain on exposure hedges Q1 2025 Report of Luzhou Laojiao Co.,Ltd.11(“-”for losses)Gains from the change

68、s in fair values(“-“for losses)4,135,698.87 22,796,828.52 Credit impairment losses(“-”for losses)-1,320,090.80 386,569.13 Impairment losses(“-“for losses)Gains from disposal of assets(-for losses)3.Operating profits(-for losses)6,155,312,197.56 6,111,854,987.64 Plus:non-operating income 1,402,410.38

69、 5,625,187.06 Less:non-operating expenses 27,000,100.00 827,636.45 4.Total profits before tax (-for total losses)6,129,714,507.94 6,116,652,538.25 Less:income tax expenses 1,517,908,446.03 1,538,281,406.31 5.Net profit(-for net loss)4,611,806,061.91 4,578,371,131.94 5.1 By operating continuity 5.1.1

70、 Net profit from continuing operation(-for losses)4,611,806,061.91 4,578,371,131.94 5.1.2 Net profit from discontinued operation(-for losses)5.2 By ownership 1)Attributable to owners of the parent company 4,592,780,509.90 4,573,950,129.90 2)Attributable to non-controlling interests 19,025,552.01 4,4

71、21,002.04 6.Net of tax from other comprehensive income -5,638,274.59-18,978,063.93 Net of tax from other comprehensive income to the owner of the parent company -6,007,836.72-19,096,034.51 6.1 Other comprehensive income cannot be reclassified into the profit and loss:-4,737,889.70-17,060,226.55 1)Re

72、measure the variation of net indebtedness or net asset of defined benefit plans 2)Share in other comprehensive income that cannot be classified into profit and loss under equity method 568,471.73 3)Changes in fair value of investments in other equity instruments-5,306,361.43-17,060,226.55 4)Changes

73、in fair value of the companys credit risks 5)Other 6.2 Other comprehensive income that will be reclassified into the profit and loss -1,269,947.02-2,035,807.96 1)Share in other comprehensive income that will be classified into profit and loss under equity method -1,721,666.73-2,180,946.52 2)Changes

74、in fair value of investments in other debt obligations 3)Other comprehensive income arising from the reclassification of financial assets 4)Allowance for credit impairments in investments in other debt obligations 5)Reserve for cash-flow hedge 6)Balance arising from the translation of foreign curren

75、cy financial statements 451,719.71 145,138.56 7)Others Q1 2025 Report of Luzhou Laojiao Co.,Ltd.12 Net of tax from other comprehensive income to non-controlling interests 369,562.13 117,970.58 7.Total comprehensive income 4,606,167,787.32 4,559,393,068.01 Total comprehensive income attributable to o

76、wners of the parent company 4,586,772,673.18 4,554,854,095.39 Total comprehensive income attributable to non-controlling interests 19,395,114.14 4,538,972.62 8.Earnings per share (1)Basic earnings per share 3.13 3.12(2)Diluted earnings per share 3.13 3.12 Legal representative：Liu Miao Person in char

77、ge of accounting affairs：Xie Hong Person in charge of accounting department：Song Ying 4.1.3 Consolidated statement of cash flows Unit:CNY Item Q1 2025 Q1 2024 1.Cash flows from operating activities Cash received from sale of goods and rendering of services 9,867,424,870.77 10,640,663,886.35 Net incr

78、ease in customer bank deposits and placement from banks and other financial institutions Net increase in loans from central bank Net increase in loans from other financial institutions Premiums received from original insurance contracts Net cash received from reinsurance business Net increase in dep

79、osits and investments from policyholders Cash received from interest,handling charges and commissions Net increase in placements from other financial institutions Net capital increase in repurchase business Net cash received from customer brokerage deposits Refunds of taxes and surcharges 3,362,081.

80、35 Cash received from other operating activities 206,201,999.62 262,649,960.08 Subtotal of cash inflows from operating activities 10,076,988,951.74 10,903,313,846.43 Cash paid for goods purchased and services received 1,136,400,189.39 991,589,339.08 Net increase in loans and advances to customers Ne

81、t increase in deposits in central bank and other banks and financial institutions Cash paid for original insurance contract claims Net increase in lending funds Cash paid for interests,handling Q1 2025 Report of Luzhou Laojiao Co.,Ltd.13 charges and commissions Cash paid for policy dividends Cash pa

82、id to and on behalf of employees 562,542,987.16 535,931,858.37 Cash paid for taxes and surcharges 4,150,762,783.00 4,169,663,653.49 Cash paid for other operating activities 919,538,660.59 846,700,431.03 Subtotal of cash outflows from operating activities 6,769,244,620.14 6,543,885,281.97 Net cash fl

83、ows from operating activities 3,307,744,331.60 4,359,428,564.46 2.Cash flows from investing activities Cash received from disposal of investments 608,462,037.37 802,249,587.02 Cash received from returns on investments 31,271.10 19,500,169.98 Net cash received from disposal of fixed assets,intangible

84、 assets and other long-term assets Net cash received from disposal of subsidiaries and other business units Cash received from other investing activities Subtotal of cash inflows from investing activities 608,493,308.47 821,749,757.00 Cash paid to acquire and construct fixed assets,intangible assets

85、 and other long-term assets 390,672,949.17 172,070,960.03 Cash paid for investments 300,000,000.00 671,700,000.00 Net increase in pledge loans Net cash paid to acquire subsidiaries and other business units Cash paid for other investing activities Subtotal of cash outflows from investing activities 6

86、90,672,949.17 843,770,960.03 Net cash flows from investing activities-82,179,640.70-22,021,203.03 3.Cash flows from financing activities Cash received from investors 79,604.28 Including:cash received by subsidiaries from investments by minority shareholders 79,604.28 Cash received from borrowings 2,

87、000,000,000.00 Cash received from other financing activities Subtotal of cash inflows from financing activities 2,000,079,604.28 Cash paid for debt repayments 1,510,300,000.00 10,100,000.00 Cash paid for distribution of dividends and profits or payment of interest 2,094,436,129.07 147,009,569.27 Inc

88、luding:dividends and profits paid to minority shareholders by subsidiaries 29,684,819.82 Cash paid for other financing activities 351,546.00 8,938,151.67 Subtotal of cash outflows from financing activities 3,605,087,675.07 166,047,720.94 Net cash flows from financing activities-3,605,087,675.07 1,83

89、4,031,883.34 4.Effect of fluctuation in exchange rate on cash and cash equivalents-735,723.56 69,769.10 Q1 2025 Report of Luzhou Laojiao Co.,Ltd.14 5.Net increase in cash and cash equivalents-380,258,707.73 6,171,509,013.87 Plus:balance of cash and cash equivalents at the beginning of the period 33,

90、367,668,014.46 25,893,029,277.86 6.Balance of cash and cash equivalents at the end of the period 32,987,409,306.73 32,064,538,291.73 4.2 Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation of the New Accounting Standards Implemented since 2025 Applicable N/A 4.3 Auditors report Whether the financial statements of this report have been audited by an auditor Yes No The said financial statements are unaudited by an auditor.The Board of Directors of Luzhou Laojiao Co.,Ltd.April 28,2025