泸州老窖: 2025年第三季度报告（英文）

                                                                   Q3 2025 Report of Luzhou Laojiao Co., Ltd.
    Stock Code: 000568       Stock abbreviation: Luzhou Laojiao      Announcement No. 2025-42
                                Luzhou Laojiao Co., Ltd.
                                       Q3 2025 Report
Luzhou Laojiao Co., Ltd. (hereinafter referred to as the “Company”) and all the members of the
Company’s Board of Directors hereby guarantee that the contents of this Report are true, accurate
and complete and free of any misrepresentations, misleading statements or material omissions.
Important Statements:
presented in this report is free of any false records, misleading statements or material omissions, and
shall individually and together be legally liable for truthfulness, accuracy and completeness of its
contents.
responsible person for the Company’s financial affairs (Accounting Supervisor) have warranted that
the financial statements in this report are true, accurate and complete.
□Yes  No
This report has been prepared in both Chinese and English. Should there be any discrepancies or
misunderstandings between the two versions, the Chinese version shall prevail.
                                                                                   Q3 2025 Report of Luzhou Laojiao Co., Ltd.
Whether the Company performed a retroactive adjustment to or restatement of accounting data.
□Yes  No
                                  Q3 2025                 YoY change               Q1-Q3 2025             YoY change
Operating revenues
(CNY)
Net profits
attributable to
shareholders of the
Company (CNY)
Net profits
attributable to
shareholders of the
Company before
non-recurring gains
and losses (CNY)
Net cash flows from
operating activities                 —                            —               9,822,590,732.99                -21.20%
(CNY)
Basic earnings per
share (CNY/share)
Diluted earnings per
share (CNY/share)
Weighted average
ROE
                          September 30, 2025           December 31, 2024                         Change
Total assets (CNY)          65,496,029,532.83           68,334,595,564.58                                          -4.15%
Net assets
attributable to
shareholders of the
Company (CNY)
Applicable □ N/A
                                                                                                                 Unit: CNY
            Item                            Q3 2025                        Q1-Q3 2025                     Note
Profit or loss from disposal
of non-current assets
(including the write-off                            -688,874.75                   -582,373.63
portion of the impairment
provision)
Government grants
accounted for, in the profit
or loss for the current
period (except for the
government grants closely
related to the business of
the Company and given in                       11,757,338.23                    36,148,591.03
accordance with defined
criteria and in compliance
with government policies,
and have a continuing
impact on the Company's
profit or loss)
Gain or loss on fair-value                          813,589.85                  25,554,248.49
                                                                       Q3 2025 Report of Luzhou Laojiao Co., Ltd.
changes in financial assets
and liabilities held by a
non-financial enterprise, as
well as on disposal of
financial assets and
liabilities (exclusive of the
effective portion of hedges
that is related to the
Company's normal
business operations)
Other non-operating
income and expenditure
                                      -1,482,891.57                -33,452,974.96
except above-mentioned
items
Less: Corporate income
tax
        Minority interests
(after tax)
Total                                  7,893,923.89                20,797,268.82                --
Other items that meet the definition of non-recurring gain/loss:
 Applicable  N/A
No such cases for the reporting period.
Explain the reasons if the Company classifies any non-recurring gain/loss item mentioned in the
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to
the Public-Non-Recurring Gains and Losses as a recurring gain/loss item.
 Applicable  N/A
No such cases for the reporting period.
 Applicable  N/A
A. The closing balance of held-for-trading financial assets decreased by CNY 984,561,704.91
compared to the opening balance at the beginning of the year, indicating a decrease of 58.11%. It was
mainly due to a decrease in the purchase of wealth management products and the redemptions upon
maturity of wealth management products in the current period.
B. The closing balance of accounts receivables financing decreased by CNY 598,274,183.67 compared
to the opening balance at the beginning of the year, indicating a decrease of 33.20%. It was mainly due
to the discounting of notes and the honoring of due notes in the current period.
C. The closing balance of prepayment increased by CNY 38,677,620.33 compared to the opening
balance at the beginning of the year, indicating an increase of 31.22%. It was mainly due to the
increased prepayment to suppliers for advertising.
                                                                       Q3 2025 Report of Luzhou Laojiao Co., Ltd.
D. The closing balance of other current assets decreased by CNY 206,848,338.13 compared to the
opening balance at the beginning of the year, indicating a decrease of 85.80%. It was mainly due to the
offsetting in the current period of the opening amount of overpaid tax.
E. The closing balance of construction in progress increased by CNY 545,311,852.79 compared to the
opening balance at the beginning of the year, indicating an increase of 67.55%. It was mainly due to the
increased investments in construction projects in progress such as the Technical Upgrade Project of
Intelligent Brewing in the current period.
F. The closing balance of other non-current assets increased by CNY 276,536,953.01 compared to the
opening balance at the beginning of the year, indicating an increase of 67.89%. It was mainly due to the
payment for long-term assets—the Chengdu Innovation and Development Center Building—in the
current period.
G. The closing balance of taxes payable decreased by CNY 1,463,460,434.51 compared to the opening
balance at the beginning of the year, indicating a decrease of 45.25%. It was mainly due to the payment
of the opening taxes payable in the current period.
H. The closing balance of other payable decreased by CNY 283,921,249.39 compared to the opening
balance at the beginning of the year, indicating a decrease of 32.50%. It was mainly due to the
unlocking of the restricted share incentive plan, resulting in a decrease in liabilities recognized for
repurchase obligations.
I. The closing balance of non-current liabilities due within one year increased by CNY 1,297,106,329.87
compared to the opening balance at the beginning of the year, indicating an increase of 39.59%. It was
mainly due to the reclassification of long-term loans due within one year.
J. The closing balance of long-term loans decreased by CNY 4,060,900,000.00 compared to the
opening balance at the beginning of the year, indicating a decrease of 64.67%. It was mainly due to the
repayment of loans and the reclassification of long-term loans to non-current liabilities due within one
year.
K. The closing balance of treasury stock decreased by CNY 185,360,249.28 compared to the opening
balance at the beginning of the year, indicating a decrease of 53.62%. It was mainly due to the relevant
reversal as a result of the unlocking of restricted shares in the current period.
L. The closing balance of other comprehensive income increased by CNY 39,900,966.34 compared to
the opening balance at the beginning of the year, indicating an increase of 47.37%. It was mainly due to
the increased fair value of equity investments in the current period.
M. Financial expenses in the current Q1-Q3 period decreased by CNY 143,083,151.84 compared to the
same period of last year. It was mainly due to the decreased bond interest expenses and
reclassification of bill discounting expenses in the current period.
N. Other income in the current Q1-Q3 period increased by CNY 11,484,687.14 compared to the same
period of last year, indicating an increase of 41.75%. It was mainly due to an increase in government
grants received in the current period.
                                                                             Q3 2025 Report of Luzhou Laojiao Co., Ltd.
O. Investment income in the current Q1-Q3 period increased by CNY 14,636,165.05 compared to the
same period of last year, indicating an increase of 35.19%. It was mainly due to the increased earnings
of investee Huaxi Securities.
P. Non-operating expenses in the current Q1-Q3 period increased by CNY 26,519,734.83 compared to
the same period of last year, indicating an increase of 123.51%. It was mainly due to the increased
donation expenses in the current period.
Q. Net cash flows from investing activities in the current Q1-Q3 period increased by CNY
purchase of wealth management products in the current period.
R. Net cash flows from financing activities in the current Q1-Q3 period decreased by CNY
principals of corporate bonds with interest and loans, as well as the increased dividend payout in the
current period.
rights as well as shareholdings of top 10 shareholders
                                                                                                           Unit: Share
Total number of common                            Total number of preferred shareholders with
shareholders at the end of the          161,212 resumed voting rights by the end of the reporting                      0
reporting period                                  period (if any)
                  Shareholdings of the top 10 shareholders (exclusive of shares lent in refinancing)
                                                                      Number of          Pledged, marked or frozen
   Name of          Nature of    Shareholding       Total shares       holding                      shares
  shareholder     shareholder      percentage           held          restricted          Status of        Number of
                                                                        shares             shares           shares
Luzhou
                 State-owned                       383,433,639.0
Laojiao Group                            26.05%                                   0 N/A                                0
                 corporation                                    0
Co., Ltd.
Luzhou
XingLu
                 State-owned                       365,971,142.0
Investment                               24.86%                                   0 N/A                                0
                 corporation                                    0
Group Co.,
Ltd.
Bank of China
Co., Ltd. –
Baijiu index
classification
securities       Other                    3.89% 57,281,307.00                     0 N/A                                0
investment
fund by China
Merchants
Fund
Hong Kong
Securities
                 Outbound
Clearing                                  2.50% 36,806,820.00                     0 N/A                                0
                 corporation
Company
Limited
China
Securities       Other                    2.30% 33,842,059.00                     0 N/A                                0
Finance
                                                                             Q3 2025 Report of Luzhou Laojiao Co., Ltd.
Corporation
Limited
Bank of China
Co., Ltd.－
Blue chip
selected
hybrid             Other                   1.81% 26,600,000.00                     0 N/A                              0
securities
investment
fund by E
Fund
China
Construction
Bank
Corporation－
                   Other                   1.37% 20,161,129.00                     0 N/A                              0
Penghua
Wine & Liquor
Exchange-
Traded Fund
Guofeng
Xinghua
(Beijing)
Private Equity
Fund
Management
Co., Ltd.－
Guofeng            Other                   1.28% 18,871,962.00                     0 N/A                              0
Xinghua
Honghuzhiyua
n Tranche 3
Private
Securities
Investment
Fund No. 1
Central Huijin
Asset              State-owned
Management         corporation
Co., Ltd.
Industrial and
Commercial
Bank of China
Co., Ltd.-
Huatai-            Other                   0.86% 12,595,905.00                     0 N/A                              0
Pinebridge
CSI 300
Exchange-
Traded Fund
 Shareholdings of the top 10 non-restricted shareholders (exclusive of shares lent in refinancing and locked shares of
                                                 senior management)
                                                                                                Type of shares
      Name of shareholder                Number of non-restricted shares held
                                                                                             Type           Number
                                                                                        CNY common 383,433,639.0
Luzhou Laojiao Group Co., Ltd.                                      383,433,639.00
                                                                                        shares                        0
Luzhou XingLu Investment                                                                CNY common 365,971,142.0
Group Co., Ltd.                                                                         shares                        0
Bank of China Co., Ltd. – Baijiu
index classification securities                                                         CNY common
investment fund by China                                                                shares
Merchants Fund
Hong Kong Securities Clearing                                                           CNY common
Company Limited                                                                         shares
China Securities Finance                                                                CNY common
Corporation Limited                                                                     shares
Bank of China Co., Ltd.－Blue
                                                                                        CNY common
chip selected hybrid securities                                      26,600,000.00                       26,600,000.00
                                                                                        shares
investment fund by E Fund
                                                                           Q3 2025 Report of Luzhou Laojiao Co., Ltd.
China Construction Bank
                                                                                    CNY common
Corporation－Penghua Wine &                                         20,161,129.00                     20,161,129.00
                                                                                    shares
Liquor Exchange-Traded Fund
Guofeng Xinghua (Beijing)
Private Equity Fund
Management Co., Ltd.－
                                                                                    CNY common
Guofeng Xinghua                                                    18,871,962.00                     18,871,962.00
                                                                                    shares
Honghuzhiyuan Tranche 3
Private Securities Investment
Fund No. 1
Central Huijin Asset                                                                CNY common
Management Co., Ltd.                                                                shares
Industrial and Commercial
Bank of China Co., Ltd.-                                                            CNY common
Huatai-Pinebridge CSI 300                                                           shares
Exchange-Traded Fund
                                                  Group Co., Ltd. are both state-owned holding companies under
                                                  the jurisdiction of SASAC of Luzhou. The two companies have
                                                  signed the agreement of persons acting in concert. For details,
                                                  please refer to the announcement of the Company on May 23,
                                                  Acting in Concert Signed by Shareholders (Announcement No.
Related parties or acting-in-concert              2. During the reporting period, Luzhou Laojiao Group Co., Ltd.
                                                  increased its holdings in the Company by 2,345,250 shares
                                                  through call auction trading. By the end of the reporting period,
                                                  Luzhou Laojiao Group Co., Ltd. and its wholly-owned subsidiary
                                                  Sichuan Golden Rudder Investment Co., Ltd. collectively held
                                                  total share capital of the Company.
                                                  remaining shareholders or they belong to persons acting in
                                                  concert is unknown.
Top 10 shareholders participating in securities
                                                  None
margin trading (if any)
refinancing shares lending
□Applicable  N/A
Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares
lending/return compared with the prior period
□Applicable  N/A
shareholders
□Applicable  N/A
Applicable □ N/A
A. Progress on the restricted share incentive plan
                                                                  Q3 2025 Report of Luzhou Laojiao Co., Ltd.
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 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.
b. On February 14, 2025, the Company disclosed the Reminder Announcement on Unlocked Shares in
the First Unlocking Period of the Reserved Restricted Shares under the 2021 Restricted Share
Incentive Plan Being Allowed for Public Trading. As such, the unlocked restricted shares in the first
unlocking period of the reserved restricted shares under the 2021 Restricted Share Incentive Plan were
allowed for public trading on February 17, 2025.
c. On February 21, 2025, the Company disclosed the Reminder Announcement on Unlocked Shares in
the Second Unlocking Period of the 2021 Restricted Share Incentive Plan Being Allowed for Public
Trading. As such, the unlocked restricted shares in the second unlocking period of the 2021 Restricted
Share Incentive Plan were allowed for public trading on February 24, 2025.
d. On September 16, 2025, the Company held the 15th Meeting of the 11th Board of Directors, at which
the Proposal on the Satisfaction of Unlocking Conditions for the Second Unlocking Period of the
Reserved Restricted Shares under the 2021 Restricted Share Incentive Plan and the Proposal on the
Repurchase and Retirement of Certain Restricted Shares and the Adjustment of Repurchase Price
were reviewed and approved respectively.
e. On September 26, 2025, the Company disclosed the Reminder Announcement on Unlocked Shares
in the Second Unlocking Period of the Reserved Restricted Shares under the 2021 Restricted Share
Incentive Plan Being Allowed for Public Trading. As such, the unlocked restricted shares in the second
unlocking period of the reserved restricted shares under the 2021 Restricted Share Incentive Plan were
allowed for public trading on September 29, 2025.
B. The Company invested in the technical upgrade program of intelligent brewing (Phase I) with the
wholly-owned subsidiary, Luzhou Laojiao Brewing Co., Ltd., as the implementer. The total investment
amount approximated CNY 4,782.5090 million. For further information, see Announcement No. 2022-
(Phase I) by Subsidiary. The program is currently under construction.
Prepared by: Luzhou Laojiao Co., Ltd.
                                         September 30, 2025
                                                                                             Unit: CNY
                  Item                   September 30, 2025                   December 31, 2024
 Current assets:
 Cash and cash equivalents                         31,744,503,028.23                    33,578,396,831.33
 Settlement reserves
 Lending funds
 Held-for-trading financial assets                   709,720,591.06                      1,694,282,295.97
                                                        Q3 2025 Report of Luzhou Laojiao Co., Ltd.
Derivative financial assets
Notes receivables
Accounts receivables                         11,026,848.84                        11,022,302.31
Accounts receivables financing            1,203,673,272.11                     1,801,947,455.78
Prepayment                                  162,547,902.98                       123,870,282.65
Premiums receivable
Reinsurance accounts receivable
Reinsurance contract reserve
Other receivables                             8,895,090.59                        13,053,645.00
Including：Interests receivable
            Dividends receivable
Buying back the sale of financial
assets
Inventories                              13,747,352,903.12                    13,392,794,475.96
Including: Data resource
Contract assets
Assets held for sale
Non-current assets due within one
year
Other current assets                         34,233,570.76                       241,081,908.89
Total current assets                     47,621,953,207.69                    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              2,888,775,482.32                     2,801,252,317.93
Investments in other equity
instruments
Other non-current financial assets
Investment property                          48,481,236.85                        50,246,694.16
Fixed assets                              8,664,421,347.95                     9,131,776,915.51
Construction in progress                  1,352,545,841.69                       807,233,988.90
Productive biological assets
Oil and gas assets
Use right assets                             22,160,046.10                        29,254,214.23
Intangible assets                         3,427,367,009.53                     3,417,898,796.19
Including: Data resource
Development expenses
Including: Data resource
Goodwill
Long-term deferred expenses                   1,141,342.75                         1,756,272.03
Deferred tax assets                         326,477,211.79                       424,185,093.04
Other non-current assets                    683,884,321.16                       407,347,368.15
Total non-current assets                 17,874,076,325.14                    17,478,146,366.69
Total assets                             65,496,029,532.83                    68,334,595,564.58
Current liabilities:
Short-term loans
Borrowings from the central bank
Loans from other banks
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable                          1,391,991,485.85                     1,844,497,206.78
Advance from customer                         3,889,942.66
Contract liabilities                      3,838,045,781.84                     3,978,131,528.88
Financial assets sold for repurchase
                                                                     Q3 2025 Report of Luzhou Laojiao Co., Ltd.
 Deposits from customers and inter-
 bank
 Customer brokerage deposits
 Securities underwriting brokerage
 deposits
 Employee benefits payable                               535,592,774.86                       553,580,768.99
 Taxes payable                                         1,770,488,162.57                     3,233,948,597.08
 Other payable                                           589,674,179.69                       873,595,429.08
 Including：Interests payable
              Dividends payable                                                                29,668,290.20
 Handling charges and commissions
 payable
 Reinsurance accounts payable
 Liabilities held for sale
 Non-current liabilities due within one
 year
 Other current liabilities                            498,945,272.36                         516,729,820.48
 Total current liabilities                         13,202,362,546.44                       14,277,111,968.03
 Non-current liabilities:
 Insurance contract reserves
 Long-term loans                                       2,219,000,000.00                     6,279,900,000.00
 Bonds payable
 Including：Preference shares
               Perpetual bonds
 Lease liabilities                                       19,753,715.91                         24,528,519.13
 Long-term payables
 Long-term payroll payables
 Accrued liabilities
 Deferred income                                         79,415,062.89                         86,672,726.83
 Deferred tax liabilities                               150,492,718.03                        158,375,714.88
 Other non-current liabilities
 Total non-current liabilities                      2,468,661,496.83                        6,549,476,960.84
 Total liabilities                                 15,671,024,043.27                       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                                      5,427,488,106.77                     5,365,763,566.55
 Less: treasury stock                                    160,339,194.61                       345,699,443.89
 Other comprehensive income                              124,136,081.72                        84,235,115.38
 Special reserves
 Surplus reserves                                      1,471,951,503.00                     1,471,951,503.00
 General risk reserve
 Undistributed profits                             41,344,582,305.41                       39,340,298,309.42
 Total equity attributable to owners of
 the parent company
 Non-controlling interests                            145,235,184.27                          119,506,082.25
 Total owners' equity                              49,825,005,489.56                       47,508,006,635.71
 Total liabilities and owners' equity              65,496,029,532.83                       68,334,595,564.58
Legal representative: Liu Miao
Person in charge of accounting affairs: Xie Hong
Person in charge of accounting department: Song Ying
                                                                Q3 2025 Report of Luzhou Laojiao Co., Ltd.
                                                                                              Unit: CNY
                     Item                   Q1-Q3 2025                          Q1-Q3 2024
 Including: Operating revenue                    23,127,459,902.13                   24,303,555,187.30
             Interest income
             Earned premium
             Fee and commission
 income
  Including: Cost of sales                        2,980,340,788.02                     2,810,818,847.64
               Interest expense
             Handling charges and
 commission expenses
             Refunded premiums
             Net payments for
 insurance claims
               Net provision for
 insurance contracts
               Bond insurance expense
               Reinsurance Expenses
              Taxes and surcharges                2,800,294,797.90                     2,738,129,445.18
              Selling and distribution
 expenses
              General and
 administrative expenses
              Research and
 Development expenses
              Financial expenses                   -385,104,228.00                      -242,021,076.16
              Including：Interest
 expenses
                          Interest income           517,472,242.09                       619,035,153.33
  Plus: Other income                                 38,992,675.48                        27,507,988.34
         Investment income ("-" for
 losses)
         Including: income from
 investment in associates and joint                 110,153,845.03                         40,700,111.73
 ventures
                    Income from the
 derecognition of financial assets
 measured at amortized cost
          Foreign exchange gains ("-"
 for losses)
          Net gain on exposure hedges
 (“-” for losses)
          Gains from the changes in fair
 values(“-“ for losses)
          Credit impairment losses (“-”
 for losses)
          Impairment losses(“-“ for
 losses)
          Gains from disposal of
                                                       -582,373.63                          1,058,796.90
 assets("-" for losses)
   Plus: non-operating income                        14,538,207.24                        12,737,373.78
   Less: non-operating expenses                      47,991,182.20                        21,471,447.37
 total losses)
   Less: income tax expenses                      3,792,874,776.92                     4,072,760,301.97
                                                                  Q3 2025 Report of Luzhou Laojiao Co., Ltd.
 operation ("-" for losses)
 operation ("-" for losses)
 parent company ("-" for losses)
 interests ("-" for losses)
 comprehensive income
 Net of tax from other comprehensive
 income to the owner of the parent                     39,901,755.85                        -10,696,523.43
 company
 cannot be reclassified into the profit                39,226,482.98                        -16,573,138.80
 and loss:
 indebtedness or net asset of defined
 benefit plans
 income that cannot be classified into                   505,649.11                             -98,594.78
 profit and loss under equity method
 investments in other equity                           38,720,833.87                        -16,474,544.02
 instruments
 company’s credit risks
 that will be reclassified into the profit               675,272.87                           5,876,615.37
 and loss
 income that will be classified into                    1,356,156.40                          6,125,748.26
 profit and loss under equity method
 investments in other debt obligations
 arising from the reclassification of
 financial assets
 investments in other debt obligations
 translation of foreign currency                         -680,883.53                           -249,132.89
 financial statements
 Net of tax from other comprehensive
                                                         -557,295.73                           -205,024.69
 income to non-controlling interests
 (1) Total comprehensive income
 attributable to owners of the parent              10,802,296,405.17                    11,582,344,626.62
 company
 (2) Total comprehensive income
 attributable to non-controlling                       31,738,672.90                        14,190,074.33
 interests
 (1) Basic earnings per share                                   7.31                                  7.89
 (2) Diluted earnings per share                                 7.31                                  7.89
Legal representative: Liu Miao
Person in charge of accounting affairs: Xie Hong
Person in charge of accounting department: Song Ying
                                                              Q3 2025 Report of Luzhou Laojiao Co., Ltd.
                                                                                            Unit: CNY
                    Item                  Q1-Q3 2025                          Q1-Q3 2024
 activities
 Cash received from sale of goods
 and rendering of services
 Net increase in customer bank
 deposits and placement from banks
 and other financial institutions
 Net increase in loans from central
 bank
 Net increase in loans from other
 financial institutions
 Premiums received from original
 insurance contracts
 Net cash received from reinsurance
 business
 Net increase in deposits and
 investments from policyholders
 Cash received from interest, handling
 charges and commissions
 Net increase in placements from
 other financial institutions
 Net capital increase in repurchase
 business
 Net cash received from customer
 brokerage deposits
 Refunds of taxes and surcharges                    8,154,186.38                          2,958,263.90
 Cash received from other operating
 activities
 Subtotal of cash inflows from
 operating activities
 Cash paid for goods purchased and
 services received
 Net increase in loans and advances
 to customers
 Net increase in deposits in central
 bank and other banks and financial
 institutions
 Cash paid for original insurance
 contract claims
 Net increase in lending funds
 Cash paid for interests, handling
 charges and commissions
 Cash paid for policy dividends
 Cash paid to and on behalf of
 employees
 Cash paid for taxes and surcharges             9,958,294,094.47                     9,726,003,677.88
 Cash paid for other operating
 activities
 Subtotal of cash outflows from
 operating activities
 Net cash flows from operating
 activities
 activities
 Cash received from disposal of
 investments
 Cash received from returns on
 investments
                                                           Q3 2025 Report of Luzhou Laojiao Co., Ltd.
 Net cash received from disposal of
 fixed assets, intangible assets and              534,068.91                          11,432,852.36
 other long-term assets
 Net cash received from disposal of
 subsidiaries and other business units
 Cash received from other investing
 activities
 Subtotal of cash inflows from
 investing activities
 Cash paid to acquire and construct
 fixed assets, intangible assets and        1,137,163,772.20                        611,683,806.45
 other long-term assets
 Cash paid for investments                  1,210,000,000.00                      2,471,700,000.00
 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
 Net cash flows from investing
                                              -90,614,313.85                       -939,195,423.72
 activities
 activities
 Cash received from investors                                                             79,496.11
 Including: cash received by
 subsidiaries from investments by                                                         79,496.11
 minority shareholders
 Cash received from borrowings                                                    2,000,000,000.00
 Cash received from other financing
 activities
 Subtotal of cash inflows from
 financing activities
 Cash paid for debt repayments              2,720,200,000.00                      1,020,600,000.00
 Cash paid for distribution of
 dividends and profits or payment of        8,965,980,678.14                      8,229,507,984.85
 interest
 Including: dividends and profits paid
 to minority shareholders by                   36,240,666.20                         29,684,819.82
 subsidiaries
 Cash paid for other financing
 activities
 Subtotal of cash outflows from
 financing activities
 Net cash flows from financing
                                           -11,691,012,264.24                     -7,266,091,278.90
 activities
                                                -5,048,523.60                         -4,009,184.32
 rate on cash and cash equivalents
                                            -1,964,084,368.70                     4,255,418,909.17
 equivalents
 Plus: balance of cash and cash
 equivalents at the beginning of the       33,367,668,014.46                     25,893,029,277.86
 period
 equivalents at the end of the             31,403,583,645.76                     30,148,448,187.03
 period
Implementation of the New Accounting Standards Implemented since 2025
□ Applicable  N/A
                                                                  Q3 2025 Report of Luzhou Laojiao Co., Ltd.
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.
                                                                                   October 31, 2025