First Quarterly Report 2026 of Wuliangye Yibin Co., Ltd.
Stock Code: 000858 Stock Name: Wuliangye Announcement No.: 2026/ No. 007
Wuliangye Yibin Co., Ltd.
First Quarterly Report 2026
The Company and all members of its Board of Directors hereby guarantee that the information disclosed
herein are true, accurate and complete and free of any misrepresentations, misleading statements or material
omissions.
Important information:
Yibin Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee that the contents of this Report are
true, accurate and complete and free of any misrepresentations, misleading statements or material omissions, and
collectively and individually accept legal responsibility for such contents.
hereby guarantee that the financial statements carried in this Report are true, accurate and complete.
□ Yes No
□ Applicable Not applicable
I Key Financial Information
(I) Key Accounting Data and Financial Indicators
Indicate whether there is any retrospectively restated datum in the table below.
Yes □ No
Reason for retrospective restatements:
□ Change in accounting policy Correction of accounting error □ Business combination under common
control □ Other reasons
Q1 2025 YoY change (%)
Q1 2026
Before Restated Restated
Operating revenue (RMB) 22,838,024,164.27 36,940,356,116.35 17,085,765,657.95 33.67%
Net profit attributable to the
listed company’s 8,062,764,940.78 14,860,265,752.48 4,416,313,048.41 82.57%
shareholders (RMB)
Net profit attributable to the
listed company’s
shareholders before non- 8,036,134,136.04 14,861,410,760.60 4,417,458,056.53 81.92%
recurring gains and losses
(RMB)
Net cash generated
from/used in operating -2,535,371,232.04 15,848,802,262.24 15,848,802,262.24 -116.00%
activities (RMB)
First Quarterly Report 2026 of Wuliangye Yibin Co., Ltd.
Basic earnings per share
(RMB/share)
Diluted earnings per share
(RMB/share)
Weighted average return on Up by 3.24
equity (%) percentage points
December 31, 2025 Change (%)
March 31, 2026
Before Restated Restated
Total assets (RMB) 198,638,173,212.42 189,984,270,815.47 189,984,270,815.47 4.56%
Equity attributable to the
listed company’s 127,996,671,799.63 119,932,271,234.99 119,932,271,234.99 6.72%
shareholders (RMB)
Reason for change in accounting policy and correction of accounting error:
The Company reviewed its business model for 2025 and, based on the principle of prudence, adjusted the
accounting treatment related to revenue recognition for certain business operations in 2025. For details, please
refer to the Announcement on the Correction of Prior Period Accounting Errors.
(II) Non-recurring Gains and Losses
Applicable □ Not applicable
Unit: RMB
Item Q1 2026 Note
Gain or loss on disposal of non-current assets (inclusive of impairment allowance
write-offs)
Government grants recognized in profit or loss (exclusive of those that are
closely related to the Company's normal business operations and given in
accordance with defined criteria and in compliance with government policies,
and have a continuing impact on the Company's profit or loss)
Capital occupation charges on non-financial enterprises that are recognized in
profit or loss
Non-operating income and expense other than the above -4,074,811.08
Less: Income tax effects 6,649,822.06
Non-controlling interests effects (net of tax) 256,554.69
Total 26,630,804.74 --
Particulars about other items that meet the definition of non-recurring gain/loss:
□ Applicable Not applicable
No such cases for the Reporting Period.
Explanation of why the Company reclassifies as recurrent an non-recurring gain/loss item listed in the
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Non-recurring Gain/Loss Items:
□ Applicable Not applicable
No such cases for the Reporting Period.
(III) Changes in Key Financial Statement Items and Reasons
Applicable □ Not applicable
Unit: RMB
Change of Q1 2026 Main reason for the
Item Q1 2026 Q1 2025 (restated)
on Q1 2025 change
First Quarterly Report 2026 of Wuliangye Yibin Co., Ltd.
(restated) (%)
Operating revenue 22,838,024,164.27 17,085,765,657.95 33.67%
Net profit attributable to the
listed company’s 8,062,764,940.78 4,416,313,048.41 82.57%
shareholders The year-on-year
Net profit attributable to the increases were
listed company’s primarily driven by
shareholders before non- lower bases in the
recurring gains and losses same period of last
Basic earnings per share year.
(RMB/share)
Diluted earnings per share
(RMB/share)
A larger volume of
notes received by the
Company in the
Net cash generated
Reporting Period in
from/used in operating -2,535,371,232.04 15,848,802,262.24 -116.00%
response to market
activities
changes and a higher
base in the same
period of last year
II Shareholder Information
(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting
Rights as well as Holdings of Top 10 Shareholders
Unit: share
Number of preference shareholders with resumed
Number of ordinary shareholders at the period-end 676,701 0
voting rights at the period-end (if any)
Top 10 shareholders (exclusive of shares lent in refinancing)
Sharehold Shares in
Nature of pledge, marked
ing Restricted
Name of shareholder sharehold Total shares held or frozen
percentag shares held
er
e (%) Status Shares
State-
Yibin Development Holding Group Co., owned
Ltd. corporatio
n
State-
owned
Sichuan Yibin Wuliangye Group Co., Ltd. 20.65% 801,503,277
corporatio
n
China Securities Finance Corporation
Other 2.25% 87,164,419
Limited
Overseas
Hong Kong Securities Clearing Company
corporatio 2.10% 81,576,415
Limited
n
Bank of China Limited－China
Merchants China Securities Baijiu Index Other 1.62% 62,848,970
Classification Securities Investment Fund
State-
Central Huijin Asset Management Co., owned
Ltd. corporatio
n
First Quarterly Report 2026 of Wuliangye Yibin Co., Ltd.
China Construction Bank Corporation－
Penghua China Securities Liquor
Other 0.67% 26,159,968
Exchange-traded Open-ended Index
Securities Investment Fund
Bank of China Limited－E Fund Blue
Chip Selected Mixed Securities Other 0.66% 25,680,000
Investment Fund
Rui Life Insurance Co., Ltd.－Own Funds Other 0.57% 21,963,862
China Life Insurance Company Limited –
Traditional – Ordinary Insurance Product Other 0.51% 19,821,591
– 005L – CT001 Shanghai
Top 10 unrestricted shareholders (exclusive of shares lent in refinancing and locked-up shares of senior management)
Unrestricted Shares by class
Name of shareholder
shares held Class Shares
RMB-
Yibin Development Holding Group Co., Ltd. 1,336,548,020 denominated 1,336,548,020
ordinary shares
RMB-
Sichuan Yibin Wuliangye Group Co., Ltd. 801,503,277 denominated 801,503,277
ordinary shares
RMB-
China Securities Finance Corporation Limited 87,164,419 denominated 87,164,419
ordinary shares
RMB-
Hong Kong Securities Clearing Company Limited 81,576,415 denominated 81,576,415
ordinary shares
RMB-
Bank of China Limited－China Merchants China Securities Baijiu
Index Classification Securities Investment Fund
ordinary shares
RMB-
Central Huijin Asset Management Co., Ltd. 39,325,400 denominated 39,325,400
ordinary shares
China Construction Bank Corporation－Penghua China Securities RMB-
Liquor Exchange-traded Open-ended Index Securities Investment 26,159,968 denominated 26,159,968
Fund ordinary shares
RMB-
Bank of China Limited－E Fund Blue Chip Selected Mixed
Securities Investment Fund
ordinary shares
RMB-
Rui Life Insurance Co., Ltd.－Own Funds 21,963,862 denominated 21,963,862
ordinary shares
RMB-
China Life Insurance Company Limited – Traditional – Ordinary
Insurance Product – 005L – CT001 Shanghai
ordinary shares
Among the top 10 shareholders, Sichuan Yibin
Wuliangye Group Co., Ltd. is a wholly-owned subsidiary
Related or acting-in-concert parties among the shareholders above of Yibin Development Holding Group Co., Ltd. And the
Company is not aware of any related or acting-in-concert
parties among the other public shareholders.
Top 10 shareholders involved in securities margin trading (if any) None
refinancing shares lending:
□ Applicable Not applicable
Changes in top 10 shareholders and top 10 unrestricted public shareholders due to shares lent/returned in
First Quarterly Report 2026 of Wuliangye Yibin Co., Ltd.
refinancing compared with the prior period:
□ Applicable Not applicable
(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□ Applicable Not applicable
III Other Significant Events
□ Applicable Not applicable
IV Quarterly Financial Statements
(I) Financial Statements
Prepared by Wuliangye Yibin Co., Ltd. March 31, 2026 Unit: RMB
Item March 31, 2026 January 1, 2026
Current assets:
Monetary assets 124,259,000,313.65 127,014,443,016.86
Settlement reserve
Loans to other banks and financial institutions
Held-for-trading financial assets
Derivative financial assets
Notes receivable 11,163,679.30 4,841,437.44
Accounts receivable 186,892,598.91 37,745,419.51
Receivables financing 20,705,725,822.87 9,401,640,775.74
Prepayments 311,612,649.45 194,996,398.52
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract reserve
Other receivables 72,306,351.61 64,356,368.30
Of which: Interest receivable
Dividends receivable
Financial assets purchased under resale agreements
Inventories 20,139,576,875.04 20,065,336,751.20
Of which: Data resources
Contract assets
Assets held for sale
Current portion of non-current assets
Other current assets 7,476,057,642.42 7,968,202,942.10
Total current assets 173,162,335,933.25 164,751,563,109.67
Non-current assets:
Loans and advances to customers
Debt investments
Other debt investments
Long-term receivables
First Quarterly Report 2026 of Wuliangye Yibin Co., Ltd.
Long-term equity investments 2,229,514,411.45 2,233,514,411.45
Other equity investments
Other non-current financial assets 1,200,000.00 1,200,000.00
Investment property
Fixed assets 7,537,530,852.60 7,641,231,013.35
Construction in progress 7,406,318,918.73 7,034,061,137.40
Productive living assets
Oil and gas assets
Right-of-use assets 411,709,605.10 406,402,594.29
Intangible assets 2,639,071,715.33 2,674,326,878.83
Of which: Data resources
Development costs
Of which: Data resources
Goodwill 1,621,619.53 1,621,619.53
Long-term prepaid expense 110,295,129.91 121,712,293.75
Deferred income tax assets 4,858,654,950.53 4,813,123,125.48
Other non-current assets 279,920,075.99 305,514,631.72
Total non-current assets 25,475,837,279.17 25,232,707,705.80
Total assets 198,638,173,212.42 189,984,270,815.47
Current liabilities:
Short-term borrowings
Borrowings from the central bank
Loans from other banks and financial institutions
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 1,532,268,845.90 1,352,014,535.90
Accounts payable 8,367,920,076.56 8,534,820,869.28
Advances from customers 8,424,935.55 13,915,018.07
Contract liabilities 14,138,270,216.02 13,459,591,156.56
Financial assets sold under repurchase agreements
Customer deposits and deposits from other banks
and financial institutions
Payables for acting trading of securities
Payables for underwriting of securities
Employee benefits payable 3,633,489,040.22 4,319,426,136.50
Taxes and levies payable 2,808,794,666.20 2,093,071,546.91
Other payables 10,540,459,907.84 10,185,754,419.34
Of which: Interest payable
Dividends payable 5,565,976,643.61 5,565,976,643.61
Fees and commissions payable
Reinsurance payables
First Quarterly Report 2026 of Wuliangye Yibin Co., Ltd.
Liabilities directly associated with assets held for
sale
Current portion of non-current liabilities 338,919,955.01 364,149,470.84
Other current liabilities 26,284,586,900.35 27,029,072,199.84
Total current liabilities 67,653,134,543.65 67,351,815,353.24
Non-current liabilities:
Insurance contract reserve
Long-term borrowings
Bonds payable
Of which: Preference shares
Perpetual bonds
Lease liabilities 102,184,957.37 44,381,182.44
Long-term payables
Long-term employee benefits payable
Provisions
Deferred income 311,301,798.28 307,239,518.79
Deferred income tax liabilities 92,707,899.25 100,151,115.86
Other non-current liabilities
Total non-current liabilities 506,194,654.90 451,771,817.09
Total liabilities 68,159,329,198.55 67,803,587,170.33
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 2,684,615,931.26 2,682,980,307.40
Less: Treasury shares
Other comprehensive income
Specific reserve
Surplus reserves 42,948,822,868.25 42,948,822,868.25
General reserve
Retained earnings 78,481,624,995.12 70,418,860,054.34
Total equity attributable to owners of the parent company 127,996,671,799.63 119,932,271,234.99
Non-controlling interests 2,482,172,214.24 2,248,412,410.15
Total owners’ equity 130,478,844,013.87 122,180,683,645.14
Total liabilities and owners’ equity 198,638,173,212.42 189,984,270,815.47
Legal representative: Hua Tao (acting) Chief Financial Officer: Zhang Xin Head of the accounting department: Liu Min
First Quarterly Report 2026 of Wuliangye Yibin Co., Ltd.
Unit: RMB
Item Q1 2026 Q1 2025
I Total revenues 22,838,024,164.27 17,085,765,657.95
Of which: Operating revenue 22,838,024,164.27 17,085,765,657.95
Interest income
Insurance premium income
Fee and commission income
II Total costs and expenses 12,220,848,061.58 10,963,023,364.44
Of which: Cost of sales 4,240,019,547.18 3,575,965,782.65
Interest costs
Fee and commission costs
Surrenders
Net insurance claims paid
Net accrual of insurance liability reserves
Expenditure on policy dividends
Reinsurance premium expense
Taxes and levies 3,728,608,895.16 5,405,179,903.22
Selling expense 3,670,356,443.99 1,494,238,861.87
Administrative expense 994,431,022.43 1,044,414,757.19
R&D expense 121,059,517.95 101,894,061.27
Finance costs -533,627,365.13 -658,670,001.76
Of which: Interest expense 3,241,983.24 5,872,950.39
Interest income 537,133,453.15 665,219,912.83
Add: Other income 43,026,082.31 17,819,866.76
Return on investment (“－” for loss)
Of which: Share of profit or loss of joint ventures and
associates
Income from the derecognition of financial
assets at amortized cost
Exchange gain (“－” for loss)
Net gain on exposure hedges (“－” for loss)
Gain on changes in fair value (“－” for loss)
Credit impairment loss (“－” for loss)
Asset impairment loss (“－” for loss) 2,056,185.03
Asset disposal income (“－” for loss) 262,253.98 8,306,654.82
III Operating profit (“－” for loss) 10,660,464,438.98 6,150,925,000.12
Add: Non-operating income 13,530,869.28 11,133,134.75
Less: Non-operating expense 13,527,755.37 26,079,446.39
IV Gross profit (“－” for gross loss) 10,660,467,552.89 6,135,978,688.48
Less: Income tax expense 2,336,687,184.16 1,489,273,953.16
V Net profit (“－” for net loss) 8,323,780,368.73 4,646,704,735.32
First Quarterly Report 2026 of Wuliangye Yibin Co., Ltd.
i. By operating continuity
ii. By ownership
VI Other comprehensive income, net of tax
Other comprehensive income, net of tax attributable to owners of
the parent company
i. Other comprehensive income that will not be reclassified to
profit or loss
schemes
profit or loss under the equity method
credit risk
ii. Other comprehensive income that will be reclassified to
profit or loss
profit or loss under the equity method
reclassification of financial assets
denominated financial statements
Other comprehensive income, net of tax attributable to non-
controlling interests
VII Total comprehensive income 8,323,780,368.73 4,646,704,735.32
Total comprehensive income attributable to owners of the
parent company
Total comprehensive income attributable to non-controlling
interests
VIII Earnings per share:
i. Basic earnings per share 2.0772 1.1378
ii. Diluted earnings per share 2.0772 1.1378
Legal representative: Hua Tao (acting) Chief Financial Officer: Zhang Xin Head of the accounting department: Liu Min
Unit: RMB
Item Q1 2026 Q1 2025
I Cash flows from operating activities:
Proceeds from sale of goods and rendering of services 13,311,265,445.29 38,234,128,546.72
Net increase in customer deposits and deposits from other
banks and financial institutions
Net increase in borrowings from the central bank
First Quarterly Report 2026 of Wuliangye Yibin Co., Ltd.
Net increase in loans from other financial institutions
Premiums received on original insurance contracts
Net proceeds from reinsurance
Net increase in deposits and investments of policy holders
Interest, fees and commissions received
Net increase in loans from other banks and financial
institutions
Net increase in proceeds from repurchase transactions
Net proceeds from acting trading of securities
Tax and levy rebates
Cash generated from other operating activities 497,184,787.44 469,059,184.72
Subtotal of cash generated from operating activities 13,808,450,232.73 38,703,187,731.44
Payments for goods and services 3,471,591,309.18 3,815,328,384.40
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 commissions paid
Policy dividends paid
Cash paid to and for employees 3,177,268,397.03 3,351,345,082.62
Taxes and levies paid 7,395,183,760.72 13,563,879,816.10
Cash used in other operating activities 2,299,777,997.84 2,123,832,186.08
Subtotal of cash used in operating activities 16,343,821,464.77 22,854,385,469.20
Net cash generated from/used in operating activities -2,535,371,232.04 15,848,802,262.24
II Cash flows from investing activities:
Proceeds from the disposal of investments
Return on investment 4,000,000.00
Net proceeds from the disposal of fixed assets, intangible
assets and other long-term assets
Net proceeds from the disposal of subsidiaries and other
business units
Cash generated from other investing activities
Subtotal of cash generated from investing activities 20,616,830.34 22,447,707.43
Payments for the acquisition and construction of fixed
assets, intangible assets and other long-term assets
Payments for the acquisition of investments 37,620,000.00 40,000,000.00
Net increase in pledge loans
Net payments for the acquisition of subsidiaries and other
business units
Cash used in other investing activities
Subtotal of cash used in investing activities 384,063,644.15 468,957,997.08
Net cash generated from/used in investing activities -363,446,813.81 -446,510,289.65
III Cash flows from financing activities:
First Quarterly Report 2026 of Wuliangye Yibin Co., Ltd.
Capital contributions received 12,000,000.00
Of which: Capital contributions received by subsidiaries
from non-controlling interests
Borrowings received
Cash generated from other financing activities
Subtotal of cash generated from financing activities 12,000,000.00
Repayment of borrowings
Interest and dividends paid 4,507,561,967.32
Of which: Dividends paid by subsidiaries to non-controlling
interests
Cash used in other financing activities 70,696,910.56 104,356,504.37
Subtotal of cash used in financing activities 70,696,910.56 4,611,918,471.69
Net cash generated from/used in financing activities -58,696,910.56 -4,611,918,471.69
IV Effect of foreign exchange rate changes on cash and cash
equivalents
V Net increase in cash and cash equivalents -2,957,514,956.41 10,790,373,500.90
Add: Cash and cash equivalents, beginning of the period 124,114,690,633.67 124,771,274,417.68
VI Cash and cash equivalents, end of the period 121,157,175,677.26 135,561,647,918.58
(II) Adjustments to Financial Statement Items at the Beginning of the Year of the First
Implementation of the New Accounting Standards Implemented since 2026
□ Applicable Not applicable
(III) Independent Auditor’s Report
Indicate whether the financial statements in this Report have been audited by an independent auditor.
□ Yes No
These financial statements are unaudited by such an auditor.
The Board of Directors of Wuliangye Yibin Co., Ltd.
April 30, 2026
