Wuliangye Yibin Co., Ltd.
Interim Report 2026
Chairman of the Board: Deng Min
August 29, 2026
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Part I Important Notes, Table of Contents and Definitions
Wuliangye Yibin Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee that the
contents of this Report are true, accurate and complete and free of any misrepresentations,
misleading statements or material omissions, and collectively and individually accept legal
responsibility for such contents.
Financial Officer, and Liu Min, head of the Company’s accounting department (accounting
supervisor), hereby guarantee that the financial statements carried in this Report are true, accurate
and complete.
discrepancies or misunderstandings between the two versions, the Chinese version shall prevail.
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Table of Contents
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Documents Available for Reference
The following documents are available for shareholders at the relevant department of the
Company:
Chief Financial Officer, and the head of the accounting department.
Journal, Shanghai Securities News and Securities Times during the Reporting Period.
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Definitions
Term refers to Definitions
The “Company”, “Wuliangye”,
refers to Wuliangye Yibin Co., Ltd.
“WLY”, or “we”
Yibin Development Group refers to Yibin Development Holding Group Co., Ltd.
Wuliangye Group refers to Sichuan Yibin Wuliangye Group Co., Ltd.
Wuliang NongXiang Company refers to Sichuan Wuliangye NongXiang Baijiu Co., Ltd.
Wuliangye Group Finance refers to Sichuan Yibin Wuliangye Group Finance Co., Ltd.
Wuliangye Group I&E refers to Wuliangye Group I&E Co., Ltd.
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Part II Corporate Information and Key Financial Information
I Corporate Information
Stock name Wuliangye Stock code 000858
Stock exchange Shenzhen Stock Exchange
Company name in Chinese 宜宾五粮液股份有限公司
Abbr. (if any) 五粮液
Company name in English (if
WULIANGYE YIBIN CO.,LTD.
any)
Abbr. (if any) WLY
Legal representative Deng Min
II Contact Information
Board Secretary Securities Representative
Name Li Jianwei Huang Hui
Office address District, Yibin City, Sichuan Province, District, Yibin City, Sichuan Province,
China China
Tel. （0831）3567000 （0831）3567000
Fax （0831）3555958 （0831）3555958
Email address 000858-wly@sohu.com 000858-wly@sohu.com
III Other Information
Indicate 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 be found in Annual Report
Indicate whether any change occurred to the information disclosure media and the place for lodging the
Company’s periodic reports in the Reporting Period.
□ Applicable Not applicable
The website of the stock exchange, the media and other website where the Company’s 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 Annual Report 2025.
Indicate whether any change occurred 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 2026 of Wuliangye Yibin Co., Ltd.
□ Yes No
H1 2026 H1 2025 Change (%)
Operating revenue (RMB) 28,416,674,541.77 23,509,972,048.65 20.87%
Net profit attributable to the listed
company’s shareholders (RMB)
Net profit attributable to the listed
company’s shareholders before non- 8,483,289,707.34 4,611,552,206.91 83.96%
recurring gains and losses (RMB)
Net cash generated from/used in
-2,153,568,792.32 31,136,736,628.58 -106.92% (Note 2)
operating activities (RMB)
Basic earnings per share (RMB/share) 2.2551 1.1912 89.31%
Diluted earnings per share (RMB/share) 2.2551 1.1912 89.31%
Up by 3.73
Weighted average return on equity (%) 7.14% 3.41%
percentage points
June 30, 2026 December 31, 2025 Change (%)
Total assets (RMB) 184,999,362,605.88 189,984,270,815.47 -2.62%
Equity attributable to the listed
company’s shareholders (RMB)
Note 1: This was primarily driven by the combined effect of the relatively low profit base in the same
period of last year and the sound sell-through of core products during the peak sales season, which benefited
from the effective sell-through initiatives adopted during the New Year and Spring Festival period.
Note 2: This was primarily driven by the combined effect of the relatively high base in the same period of
last year, the decrease in cash received in the Reporting Period following the adjustment of the collection policy
in response to market changes, and the year-on-year decrease in the amount of bank acceptance bills maturing.
V Accounting Data Differences under China’s Accounting Standards for Business
Enterprises (CAS) and International Financial Reporting Standards (IFRS) and Foreign
Accounting Standards
□ Applicable Not applicable
No difference for the Reporting Period.
□ Applicable Not applicable
No difference for the Reporting Period.
VI Non-recurring Gains 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)
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
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Non-operating income and expense other than the above 22,452.31
Less: Income tax effects 8,741,477.69
Non-controlling interests effects (net of tax) 12,789,131.01
Total 269,653,283.97
Particulars about other items that meet the definition of non-recurring gain/loss:
□ Applicable Not applicable
No such cases for the Reporting Period.
Explanation of why the Company reclassifies as recurring an non-recurring gain/loss item listed in the
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Non-recurring Gain/Loss Items:
□ Applicable Not applicable
No such cases for the Reporting Period.
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
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 Guidelines for the
Industry Classification of Listed Companies issued by the China Securities Regulatory Commission, the Baijiu
industry falls into the category of the “liquor & wine, beverage, and refined tea production industry” (C15). No
change occurred to the principal operations of the Company during the Reporting Period. “Wuliangye”, the
primary product of the Company, is a classic strong-flavor Chinese Baijiu. Additionally, the Company has
developed, based on different production techniques and market needs, Wuliang NongXiang Baijiu products
such as Wuliang Chun (Spring), Wuliang Chun (Rich Flavor), Wuliang Tetouqu, and Mianrou Jianzhuang with
complete categories and unique tastes to meet the diverse needs of different consumers in pursuit of a better life.
The Company is subject to the disclosure requirements for the food and wine & liquor production industry
in Guidelines No. 3 of the Shenzhen Stock Exchange for the Self-Regulation of Listed Companies—Industry-
specific Information Disclosure.
(1) Wuliangye-branded Baijiu Products
In the first half of the year, closely following the "One Core, Three Enhancements and Two Goals"
marketing policy, the Company advanced in a coordinated manner key initiatives including enhancing brand
value, refining product operations and upgrading the channel system, with its operating quality and efficiency
improving steadily.
Firstly, the Company deepened the shaping of brand value, and its brand presence improved steadily.
It partnered with CCTV for the "Harmony Gifts" interactive event during the Spring Festival Gala for the fourth
consecutive year, successfully held the Fifth Harmony Cultural Festival and the 28th Rose Wedding Ceremony,
and launched the first "Harmony Voyage" maritime cultural exchange event. It exclusively sponsored the variety
show Lifestyle Lab and carried out cross-brand collaborations with the leading domestic animation A Record of
a Mortal's Journey to Immortality, achieving new breakthroughs in brand rejuvenation. It also systematically
rolled out World Cup-themed marketing campaigns, generating cumulative online exposure of over 1.3 billion
views and holding more than 700 "Wuliangye Cup" corporate football matches offline, effectively boosting the
international communication of the brand and expanding its reach within the football community.
Secondly, the Company iteratively optimized its product system, with its product operation
capabilities improving steadily. In response to the consumption trends toward younger and more international
consumers, it launched new products including the Wuliangye · Crush on co-branded gift box and 24 World
Cup series co-branded products, and continued to optimize its product mix. For the 8th-Generation Wuliangye,
it implemented digital marketing and scientifically adjusted planned quotas, which, coupled with activities such
as bottle-scanning campaigns, effectively drove sell-through. Propitious Purple Wuliangye consolidated its
benchmark position in terms of value in the premium low-alcohol Baijiu segment. Classic Wuliangye continued
to cultivate consumers in premium circles. Wuliangye 1618 and Wuliangye (39% vol) deepened their presence
in banquet scenarios, with both the number of banquet events and bottles opened continuing to grow.
Wuliangye · Crush on expanded into leisure and social scenarios such as bars, continuously broadening its reach
in the younger consumer market.
Thirdly, the Company advanced in a coordinated manner the channel quality upgrading, steadily
strengthening its channel control capability. It dynamically optimized the layout of exclusive stores, adding
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
trendy experience store. It carried out the "Step Into" series group-buying campaigns, connecting with a total of
over 4,000 enterprises in key sectors. It deepened direct-supply cooperation with platforms such as JD.com and
Tmall, partnered with mainstream instant retail platforms to empower over 500 physical stores nationwide, and
started building a unified membership direct-sales system, with user activity and point-of-sale conversion
efficiency improving steadily.
(2) Wuliang NongXiang products
In the first half of the year, Wuliang NongXiang Company adhered to the principles of "product purity,
packaging consistency, product grades, and brand recognition" and the "three focuses", along with the strategy
of building signature products, and systematically advanced business management, brand innovation, market
expansion and other key tasks, with its overall operations making steady progress.
Firstly, the market foundation continued to be consolidated. All brands focused on point-of-sale sell-
through and carried out bottle-scanning incentive campaigns on a regular basis. The cumulative bottle-scanning
volume of self-operated brands increased 12% year on year, and the number of scanning participants grew 10%
year on year, with product sell-through continuing to improve. Effective point-of-sale terminals expanded to
over 750,000, with the quality of point-of-sale terminal operations improving steadily. The Company upgraded
the "Nongyougou" mall into the core sales vehicle for its private domain, bringing the private-domain direct-to-
consumer sales system to initial scale, and advanced in parallel the instant retail transformation of core point-of-
sale terminals, achieving breakthroughs in new business formats.
Secondly, brand communication became more focused. The Company deepened the operation of its
proprietary IP system and continued to strengthen its core IP “Get into the Festive Spirit”, achieving total
exposure of over 2.4 billion views and 17 million interactions across all channels. Each brand carried out
distinctive cultural marketing campaigns based on its own positioning. With the "3K" operations — namely
KOLs (Key Opinion Leaders), KOCs (Key Opinion Consumers) and KOSs (Key Opinion Sales) — as the core
driver, 53,000 pieces of content were produced in the first half of the year, generating total exposure of over 900
million views and 89 million interactions. As a result, the coverage of customer groups continued to expand, and
the emotional bonding with consumers was further deepened.
Thirdly, digital and intelligent operations empowered efficiency. The Company launched digital
platforms such as the "Nongyou Share+" mini program and innovatively applied digital tools including the
"Nong Xiaowu" AI and digital humans to empower the entire process of business decision-making and refined
point-of-sale terminal operations, effectively improving operational efficiency. It had accumulated 28.85 million
members, with user engagement and member loyalty continuing to improve.
Distribution model: This includes the traditional channel operator model, KA marketplace, etc., mainly
sold offline.
Direct-to-consumer model: This includes the group purchase model, where products are sold directly to
groups of consumers, the exclusive store model for the retail end and consumer groups, and the online sales
model, where products are sold through e-commerce platforms such as Tmall and JD.
Applicable □ Not applicable
(1) Operating Revenues, Costs of Sales and Gross Profit Margins of Different Sales Models and Product
Categories
Unit: RMB
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
YoY change in YoY change in
Gross profit YoY change in
Item Operating revenue Cost of sales operating gross profit
margin cost of sales
revenue margin
By sales model
Liquor products 26,866,607,488.06 4,135,094,056.13 84.61% 23.27% 13.09% 1.39%
Of which:
Distribution model
Direct-to-
consumer model
By product category
Liquor products 26,866,607,488.06 4,135,094,056.13 84.61% 23.27% 13.09% 1.39%
Of which:
Wuliangye-branded 23,632,025,460.10 2,856,606,247.31 87.91% 72.84% 160.15% -4.06%
Baijiu products
Other liquor
products
(2) Number of Distributors
Number of distributors of Wuliangye- Reason for change (more than
Region YoY change (number)
branded Baijiu products 30%)
Domestic 2,340 -170
Number of distributors of Wuliang
Region YoY change (number)
NongXiang products
Domestic 1,137 60
Note: There is overlap between distributors of Wuliangye-branded Baijiu products and Wuliang NongXiang
Baijiu products.
(3) Main Settlement Methods and Dealing Methods of Distributor Customers
A distribution model is mainly used, with a “payment before delivery” settlement method. In the Reporting
Period, the total sales revenue from the top five distributors reached RMB10.195 billion, accounting for 35.87%
of the total sales revenue.
Applicable □ Not applicable
Number of exclusive stores Number of exclusive stores
Region at the beginning of the at the end of the Reporting Reason for change (more than 30%)
Reporting Period Period
Domestic 1,763 1,699
Applicable □ Not applicable
Product category Platform
Wuliangye-branded Baijiu products:
The 8th-generation Wuliangye, Wuliangye (39% vol), Classic
Tmall, JD, and WeChat
Wuliangye, Wuliangye (29% vol), etc.
Other liquor products:
Wuliang Chun (Spring), Wuliang Chun (Rich Flavor), Wuliang
Tmall, JD, and WeChat
Tequ, and Jianzhuang
Indicate whether any of the major products that accounted for more than 10% of the total operating
revenue in the current period saw a 30% or greater change in its selling price compared to the prior reporting
period.
□ Applicable Not applicable
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Unit: RMB
Purchase model Purchased items Amount
Raw materials and auxiliary materials,
Market-based purchase 4,252,935,852.19
etc.
Market-based purchase Packaging materials 1,350,851,115.70
Market-based purchase Energy 349,373,686.99
Indicate whether the purchase of raw materials from cooperatives or farmers accounted for more than 30%
of the total purchase amount.
□ Applicable Not applicable
Indicate whether the price of any of the major raw materials purchased externally changed by more than
□ Applicable Not applicable
The Company’s Baijiu products are all produced by itself.
Commissioned processing and production:
□ Applicable Not applicable
Unit: RMB
H1 2026 H1 2025
Operating Change in
Item As % of total cost of As % of total cost
division Cost of sales Cost of sales percentage
sales (%) of sales (%)
Raw materials 3,332,533,168.69 59.51% 2,901,558,603.25 55.76% 3.75%
Labor cost 1,257,081,047.90 22.45% 1,452,860,764.04 27.92% -5.47%
Manufacturing Energy 342,967,854.16 6.12% 307,536,071.47 5.91% 0.21%
Production
cost
(1) Production Volume, Sales Volume and Inventory of Major Products
Opening inventory (ton) Production volume (ton) Sales volume (ton) Closing inventory (ton)
Product
H1 2026 YoY change H1 2026 YoY change H1 2026 YoY change H1 2026 YoY change
Wuliangye-
branded Baijiu 25,118 306.90% 17,781 -30.43% (Note 2) 16,292 88.26% (Note 2) 26,607 15.29%
products
Other liquor
products
Total 47,616 45.18% 49,148 -51.91% 47,473 -49.85% 49,291 22.16%
Note 1: The liquor referred to in the table above is all commercial liquor.
Note 2: The increase in the sales volume of Wuliangye-branded Baijiu products was primarily driven by
the relatively low base in the same period of last year and the sound sell-through during the New Year and
Spring Festival peak season, with production volume and sales volume maintaining a relative balance.
Note 3: During the Reporting Period, competition for existing market share in the mid- and low-priced
Baijiu segment intensified, resulting in a decline in the sales volume of other liquor products and a
corresponding decrease in production volume.
(2) Finished Liquor and Semi-finished Liquor (Including Base Liquor)
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Category Inventory (ton)
Finished liquor 49,291
Semi-finished liquor (including base liquor in pottery jars) 265,402
(3) Designed, Actual and In-progress Production Capacity of Major Products by Production Entities
Actual production capacity in the
Designed production Production capacity in progress
Major product first half of the year (’0,000
capacity (’0,000 tons) (’0,000 tons)
tons)
Liquor 21.0252 9.4386 4.4
Note: The liquor in the table above includes the base liquor for Baijiu and fruit-flavored liquor.
II Core Competitiveness Analysis
The Company’s unique five major competitive edges of the regions of production, ancient fermentation pit
clusters, quality, brands, and consumer base constitute its irreplicable core competitiveness. During the
Reporting Period, the Company’s core competitiveness remained stable.
The first is the geographical competitiveness. The Yibin region of production, where the Company is
situated, boasts a uniquely favorable natural ecological distilling environment of “water, soil, air, climate, and
biology”. It has been recognized by United Nations Educational, Scientific and Cultural Organization
(UNESCO) and Food and Agricultural Organization (FAO) as “the most suitable region in the same latitude for
producing high-quality, pure distilled Baijiu”. The region of production has also been selected into the first
batch of the key cultivation list of regions of production for traditional advantageous food and local specialty
food industries, which is released by the Ministry of Industry and Information Technology.
The second competitive edge lies in the ancient fermentation pit clusters. The ancient fermentation pit
clusters of the Yuan and Ming dynasties, represented by Changfasheng and Lichuanyong, are the earliest and
largest cave-type ancient fermentation pits that have been continuously and actively used in distilling for the
longest time in China’s Baijiu industry. “Archaeological Wuliangye”, a continuation project under the
“Compass Plan” launched by the National Cultural Heritage Administration, has been successfully completed,
tracing the history of the ancient fermentation pit back to 1276 (the early Yuan Dynasty).
Quality represents the third competitive edge. The Company follows the five principles of
“planting, distilling, selecting, aging and blending” in the production of its Baijiu, which is the world’s first
liquor distilled from five grains—sorghum, rice, glutinous rice, wheat and corn. Also, it possesses the
unique “1366” traditional production technique that has been identified as a national intangible cultural
heritage, with 93 process steps, 310 working procedures, and 218 quality inspection points. A through-life,
integrated quality management model “from seed to liquor” has been established. During the Reporting
Period, the Company passed the CNAS accreditation scope expansion review, cumulatively obtaining 444
accredited testing capabilities and ranking first among Baijiu enterprises in China. With testing results
mutually recognized worldwide, the Company further consolidated the foundation for end-to-end quality
control.
The fourth is the brand strength. Wuliangye has a long history and profound cultural heritage. Its origins
trace back to the pre-Qin period; it began in the Tang dynasty, emerged in the Song dynasty, was refined in the
Yuan dynasty, became well-known in the Ming dynasty, and established its brand name in the Qing dynasty. In
batch of the China Famous Consumer Goods List issued by the Ministry of Industry and Information
Technology, while the Baijiu sector has been designated as a Time-Honored Classic Industry for targeted
cultivation and development. During the Reporting Period, the Company continued to deepen its cooperation
with CCTV, maintained in-depth participation in high-profile platforms such as the Boao Forum for Asia and
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
the China International Supply Chain Expo, and continued to build signature IPs including the Rose Wedding
Ceremony, the Harmony Cultural Festival and the Harmony Global Tour. It went all out for brand promotion
around the FIFA World Cup in the United States, Canada and Mexico, with its brand presence and reputation
continuing to improve.
The last is a broad consumer base. Strong-flavoured Baijiu is the Baijiu category with the highest market
share and the largest consumer base. Being famous for its lasting aroma, mellow, pleasant and smooth taste, and
harmonious, well-balanced and comprehensive flavours in particular, Wuliangye has a wide and solid consumer
base. Notably, the industry’s pioneering low-alcohol Baijiu possesses a unique competitive advantage in
cultivating a young consumer demographic and an overseas mainstream demographic.
III Analysis of Principal Operations
Overview: please refer to the contents under the heading “I Principal Operations of the Company during
the Reporting Period” above.
Unit: RMB
Main reason
H1 2026 H1 2025 Change (%)
for change
Operating revenue 28,416,674,541.77 23,509,972,048.65 20.87%
Cost of sales 5,599,528,326.71 5,203,656,031.65 7.61%
Selling expense 6,322,231,378.53 3,499,723,307.95 80.65% Note 1
Administrative expense 1,503,327,228.81 1,712,424,934.59 -12.21%
Finance costs -1,033,876,389.49 -1,261,269,705.58 N/A
Income tax expense 3,000,704,885.64 1,498,694,514.11 100.22% Note 2
Research and development
expense
Net cash generated from/used in
-2,153,568,792.32 31,136,736,628.58 -106.92% Note 3
operating activities
Net cash generated from/used in
-434,434,152.40 -967,484,650.22 N/A
investing activities
Net cash generated from/used in
-5,862,924,611.44 -10,300,233,479.06 N/A
financing activities
Net increase in cash and cash
-8,450,927,556.16 19,869,018,499.30 -142.53% Note 3
equivalents
Note 1: This was primarily driven by the Company's increased market investment during the Reporting
Period in response to market changes.
Note 2: This was primarily driven by the low profit base in the same period of last year and the sound sell-
through of core products during the peak sales season during the Reporting Period, which drove a significant
increase in profit and, consequently, higher income tax expense.
Note 3: This was primarily driven by the combined effect of the relatively high base in the same period of
last year, the decrease in cash received in the Reporting Period following the adjustment of the collection policy
in response to market changes, and the year-on-year decrease in the amount of bank acceptance bills maturing.
Indicate whether any significant change occurred to the profit structure or sources of the Company in the
Reporting Period.
□ Applicable Not applicable
No such cases in the Reporting Period.
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Unit: RMB
H1 2026 H1 2025
As % of total As % of total Change (%)
Operating revenue operating Operating revenue operating
revenue (%) revenue (%)
Total 28,416,674,541.77 100% 23,509,972,048.65 100% 20.87%
By operating division
Manufacturing 28,416,674,541.77 100.00% 23,509,972,048.65 100.00% 20.87%
By product category
Liquor products 26,866,607,488.06 94.55% 21,794,262,987.67 92.70% 23.27%
Non-liquor
products
By operating segment
Liquor products 26,866,607,488.06 94.55% 21,794,262,987.67 92.70% 23.27%
Of which:
Domestic
Non-liquor
products
Note: The Company does not directly export its liquor products. Instead, its products are sold to Wuliangye
Group I&E for export sales.
Revenue or Operating Profit
Applicable □ Not applicable
Unit: RMB
YoY YoY
YoY
change in change in
Gross profit change in
Operating revenue Cost of sales operating gross
margin cost of
revenue profit
sales (%)
(%) margin (%)
By operating division
Manufacturing (liquor
production)
By product category
Liquor products 26,866,607,488.06 4,135,094,056.13 84.61% 23.27% 13.09% 1.39%
Of which: Wuliangye-
branded Baijiu 23,632,025,460.10 2,856,606,247.31 87.91% 72.84% 160.15% -4.06%
products
Other liquor
products
By operating segment
Liquor products 26,866,607,488.06 4,135,094,056.13 84.61% 23.27% 13.09% 1.39%
Of which: Domestic 26,866,607,488.06 4,135,094,056.13 84.61% 23.27% 13.09% 1.39%
Note: The Company does not directly export its liquor products. Instead, its products are sold to Wuliangye
Group I&E for export sales.
Data of principal operations for the prior period adjusted according to the changed methods of
measurement that occurred in the Reporting Period:
Applicable □ Not applicable
Unit: RMB
Gross YoY YoY YoY
Operating revenue Cost of sales
profit change in change in change in
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
margin operating cost of gross profit
revenue sales (%) margin (%)
(%)
By operating segment
Liquor products 21,794,262,987.67 3,656,317,229.00 83.22% -53.74% -55.43% 0.63%
Of which:
Domestic
Reasons for the changed methods of measurement: During the Reporting Period, the Company optimized its
marketing management structure based on actual circumstances.
Unit: RMB
H1 2026 H1 2025
Change Reason for
Item
As % of selling As % of selling (%) change
Amount Amount
expense expense
Image promotion
expense
Sales promotion
expense
Warehousing and
logistics expense
Labor cost 308,713,843.46 4.88% 371,762,556.09 10.62% -16.96%
Other expenses 311,421,773.51 4.93% 256,464,187.64 7.33% 21.43%
Total 6,322,231,378.53 3,499,723,307.95 80.65%
Note: This was primarily driven by the Company's increased market investment during the Reporting
Period in response to market changes.
During the Reporting Period, the Company’s primary advertising means included TV, broadcasting, Internet,
outdoor ads and exhibitions. The expenses on online, offline and TV ads were RMB59 million, RMB424 million
and RMB439 million, respectively.
IV Analysis of Non-Core Businesses
□ Applicable Not applicable
V Analysis of Assets and Liabilities
Unit: RMB
Reaso
June 30, 2026 December 31, 2025
n for
Change in any
Item percentag signifi
As % of total As % of total
Amount Amount e (%) cant
assets assets
chang
e
Monetary assets 119,088,869,922.03 64.37% 127,014,443,016.86 66.86% -2.49%
Accounts
receivable
Inventories 22,658,310,149.65 12.25% 20,065,336,751.20 10.56% 1.69%
Long-term
equity 2,305,474,687.84 1.25% 2,233,514,411.45 1.18% 0.07%
investments
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Fixed assets 8,496,769,669.12 4.59% 7,641,231,013.35 4.02% 0.57%
Construction in
progress
Right-of-use
assets
Contract
liabilities
Lease liabilities 92,189,202.95 0.05% 44,381,182.44 0.02% 0.03%
□ Applicable Not applicable
Applicable □ Not applicable
Unit: RMB
Purc
Gain/los Impair Sold
Cumulativ hase
s on fair- ment in
e fair- d in
value allowa the
value the
Item Opening amount changes nce for curre Other changes Closing amount
changes curr
in the the nt
recognized ent
current current perio
in equity peri
period period d
od
Financial assets
financial assets (exclusive
of derivative financial
assets)
assets
investments
financial assets
Subtotal of financial
assets
Investment property
Productive living assets
Other
Total of the above 9,402,840,775.74 -1,857,547,299.92 7,545,293,475.82
Financial liabilities
Contents of other changes:
The Company classified the portion of bank acceptance bills received that were to be endorsed or
discounted as receivables financing, and other changes during the current period represented the net amount
recognized and utilized during the current period.
Indicate whether any significant change occurred to the measurement attributes of the major assets in the
Reporting Period.
□ Yes No
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Unit: RMB
Closing carrying
Item Reason for restriction
amount
Security deposits for bank acceptance bills, other security deposits, and the
Monetary assets 269,779,248.42 balance in the securities trading account with the Yibin Sales Department of
SDIC Securities
Other current assets 4,506,922,167.70 Restricted due to regulatory requirements
Total 4,776,701,416.12
VI Investment Analysis
□ Applicable Not applicable
□ Applicable Not applicable
□ Applicable Not applicable
(1) Securities Investments
□ Applicable Not applicable
No such cases in the Reporting Period.
(2) Investments in Derivative Financial Instruments
□ Applicable Not applicable
No such cases in the Reporting Period.
□ Applicable Not applicable
No such cases in the Reporting Period.
VII Sale of Major Assets and Equity Investments
□ Applicable Not applicable
No such cases in the Reporting Period.
□ Applicable Not applicable
VIII Principal Subsidiaries and Joint Stock Companies
Applicable □ Not applicable
Principal subsidiaries and joint stock companies with an over 10% effect on the consolidated net profit:
Unit: RMB
Relationsh
Principal
Name ip with the Registered capital Total assets Equity
activities
Company
Liquor-
Yibin Wuliangye Liquor Sales Co.,
Subsidiary related 200,000,000.00 68,815,629,052.86 26,997,187,798.60
Ltd.
operations
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Unit: RMB
Relationsh
Principal
Name ip with the Operating revenue Operating profit Net profit
activities
Company
Liquor-
Yibin Wuliangye Liquor Sales Co.,
Subsidiary related 23,285,136,511.99 6,672,350,975.43 5,003,381,542.34
Ltd.
operations
Subsidiaries acquired or disposed of in the Reporting Period:
Applicable □ Not applicable
How the subsidiary was acquired or Impact on the Company’s overall
Name
disposed of in the Reporting Period operations and business performance
Newly established by Sichuan Wuliangye
Sichuan Yibin Wuliangye Smart Marketing
New Retail Management Co., Ltd., a Minor impact
Co., Ltd.
controlled subsidiary of the Company
IX Structured Entities Controlled by the Company
□ Applicable Not applicable
X Risks Facing the Company and Countermeasures
Firstly, there may be uncertainties in the external environment; secondly, the recovery of effective demand
may fall short of expectations; and finally, the Baijiu industry continues to undergo deep change. In response,
the Company will maintain its strategic focus, closely adhering to the operating principle of "long-termism with
a sense of urgency and meticulous management grounded in systematic thinking", and vigorously advance
scenario innovation, customer group transformation and service upgrading, with a view to continuously
improving its ability to match supply with demand and its market share.
XI Formulation and Implementation of Market Value Management Rules and Valuation
Enhancement Plan
Indicate whether the Company has formulated market value management rules.
Yes □ No
Indicate whether the Company has disclosed a valuation enhancement plan.
□ Yes No
In order to enhance investment value, increase investor returns, and strengthen market value management,
the Company has formulated the Market Value Management Rules, which has been approved at the Fourth
Meeting of the Sixth Board of Directors in 2025. These rules mainly cover the specific departments or personnel
responsible for market value management, the responsibilities of directors and senior management, the methods
of market value management, and the monitoring and early warning arrangements for key indicators such as
market value, price-to-earnings ratio, and price-to-book ratio. For details, please refer to the Market Value
Management Rules disclosed by the Company on March 6, 2025.
XII Implementation of the Action Plan for “Dual Enhancement of Development Quality and
Investor Returns”
Indicate whether the Company has disclosed its Action Plan for “Dual Enhancement of Development
Quality and Investor Returns”.
Yes □ No
In order to comprehensively implement the guiding principles of the Political Bureau meeting on
“activating the capital market and boosting investor confidence” and the State Council Executive Meeting on
“vigorously enhancing the quality and investment value of listed companies, adopting more effective measures,
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
focusing on stabilizing the market and confidence”, the Company disclosed the Action Plan for “Dual
Enhancement of Development Quality and Investor Returns” (Announcement No.: 2024/No. 002) on March 7,
Firstly, innovation empowered by technology continued to deepen. The Company further applied
modern biotechnology to replicate old fermentation pit mud, continuously building a high-quality distilling
ecosystem based on artificial pit mud. It strengthened research on the flavor of aged liquor and drinking
methods, and, for the first time, revealed the formation mechanism of Wuliangye's unique "five-grain aroma" in
the international journal Journal of Agricultural and Food Chemistry. The construction of a whole-chain
innovation research system spanning from production to consumption has been accelerated.
Secondly, branding and market expansion were advanced in a coordinated manner. The Company
partnered with CCTV for the "Harmony Gifts" interactive event during the Spring Festival Gala and maintained
in-depth participation in high-profile platforms such as the annual meeting of the Boao Forum for Asia, global
cooperation with the Guide Michelin and the 4th China International Supply Chain Expo, showcasing Chinese
Baijiu culture and the Company's development achievements in multiple dimensions. It built a content matrix
featuring "professional science communication to set the tone, internet-savvy content to attract new users, and
AI-powered creativity to break through", continuously refreshing the brand's youthful expressions. It
successfully held cultural IP events such as the Harmony Cultural Festival and the Rose Wedding Ceremony,
launched a global short-video competition in partnership with Visual China Group, and exclusively titled the
"Wuliangye · Tomorrow Sculpture Awards" for the seventh consecutive year, with its brand presence
increasingly stronger. Wuliangye · Crush on co-branded with leading IPs and was launched in Hong Kong,
China and Singapore. The Company carried out in depth the "Famous Baijiu Entering Famous Enterprises"
series of activities, promoting integrated food-and-Baijiu marketing through venues such as the Wuliang Flame
trendy beverage store, the Wuliangye Grand Restaurant and the West Lake trendy experience store. It continued
to build a smart membership operation system for the C-end, with membership scale and activity improving
steadily.
Thirdly, raw material supply assurance and production management continued to be strengthened.
The Company continued to advance the construction of custom base farms for grain dedicated to Baijiu
distilling, increased the area under custom cultivation, and procured raw grain in an orderly manner according to
plan, further enhancing its capacity to secure high-quality raw materials. It strictly implemented distilling
process specifications and strengthened process control, with the quality and efficiency of distilling and
production continuing to improve.
Firstly, information disclosure management continued to be strengthened. The Company continued to
strengthen its learning of regulatory requirements such as the Stock Listing Rules, improved the whole-process
management of information collection, review and disclosure, and strengthened the management of inside
information. In the first half of 2026, the Company compiled and disclosed 64 periodic reports and current
announcements, conveying relevant information on its production and operation to the market in a timely
manner, with its transparency continuously improving.
Secondly, the supervision and checks-and-balances mechanism continued to be improved. In the first
half of 2026, the Audit Committee of the Board of Directors held five meetings, reviewing matters such as the
preparation of periodic reports, financial reports, internal control and related-party transactions, and issuing
written opinions. The independent directors convened one special meeting of independent directors to express
independent opinions on matters such as related-party transactions, continued to pay attention to the Company's
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
information disclosure work, and performed their duties independently, objectively and prudently, effectively
playing their role in prior review and special supervision and ensuring the standardized and efficient operation
of the Board of Directors.
Thirdly, ESG governance continued to deepen. In the first half of 2026, the Company completed the
preparation and disclosure of its annual ESG report, systematically presenting its practices and achievements in
the environmental, social and governance aspects. In addition, it formulated and released the Biodiversity
Conservation Policy, further improving its ESG framework.
The Company continued to uphold the core value of “creating sound returns for investors”, and while
focusing on its own development, it actively shares the fruits of its development with shareholders. Firstly, the
Company implemented the 2025 final dividend payout, distributing cash dividends totaling approximately
RMB10 billion to all shareholders. Secondly, it launched a share repurchase plan, repurchasing the Company's
shares through centralized bidding transactions using its own funds, with the total repurchase amount to be no
less than RMB8 billion and no more than RMB10 billion. All repurchased shares would be retired and the
registered capital would be reduced accordingly. As of July 31, 2026, the Company had cumulatively
repurchased 13,316,606 shares, accounting for 0.34% of the Company's existing total share capital, with a total
repurchase amount of RMB1,001,810,356.65 (excluding transaction fees).
On May 7, 2026, Wuliangye Group launched the third round of shareholding increase in the Company's
shares, and had cumulatively purchased 2,411,300 additional shares as of August 7, 2026 with an amount of
RMB199,434,240.41, accounting for 0.06% of the Company’s total share capital. As of now, the shareholding
increase plan has not been fully implemented, and Wuliangye Group will continue to increase its holdings in
accordance with the plan.
During the Reporting Period, the Company held the 2025 Annual and Q1 2026 Earnings Briefing as well as
the First Extraordinary Meeting of Shareholders in 2026 and the 2025 Annual Meeting of Shareholders, actively
listening to investors’ opinions and suggestions, continuously improving the effectiveness and pertinence of
communication, and effectively ensuring the equal participation of minority shareholders. The Company
communicated with a total of more than 900 investors through meetings of shareholders, one-on-one meetings,
securities firms’ investment conferences, conference calls, the investor hotline, irm.cninfo.com.cn and other
forms. The Company will continue to implement relevant measures of the Action Plan for “Dual Enhancement
of Development Quality and Investor Returns”, strive to realise the concept of “investors first” through good
performance, standardised corporate governance, and active investment returns, effectively fulfill the
responsibilities and obligations of a listed company, enhance investor confidence, and achieve sustained high-
quality development of the Company.
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Part IV Governance, Environmental and Social Information
I Change of Directors and Senior Management
Applicable □ Not applicable
Type of
Name Office title Date Reason
change
Director June 26, 2026 Elected by a meeting of shareholders
Deng Min Chairman of the Elected
June 26, 2026 Elected by the Board of Directors
Board
Director Elected May 18, 2026 Elected by a meeting of shareholders
Hu Bo
Director Resignation July 16, 2026 Resigned due to work changes
Deputy General
July 28, 2026
Li Jianwei Manager Appointed Appointed by the Board of Directors
Board Secretary July 28, 2026
Xiao Hao Director Resignation July 28, 2026 Resigned due to work changes
Dismissed by the Board of Directors due to
Zhang Xin Board Secretary Dismissed July 28, 2026 the Board Secretary's concurrent position
rules
Deputy General
Yue Song Dismissed July 24, 2026 Dismissed by the Board of Directors
Manager
Director June 26, 2026 Removed as director by a meeting of
Zeng
Chairman of the Resignation shareholders; chairmanship automatically
Congqin June 26, 2026
Board terminated accordingly
II Profit Distributions in the Form of Cash and/or Bonus Issue
□ Applicable Not applicable
The Company has no interim dividend plan, either in the form of cash or bonus issue.
III Equity Incentive Plans, Employee Stock Ownership Plans or Other Incentive Measures
for Employees
Applicable □ Not applicable
Not applicable
Applicable □ Not applicable
Outstanding employee stock ownership plans during the Reporting Period:
As % of the total
Scope of Number of Total number of shares
Change share capital of the Funding source
employees employees held under the plans
Company
Employees
covered by the 2,428 23,696,280 None 0.61% Self-pooled
plans
Shareholdings of directors and senior management under employee stock ownership plans during the
Reporting Period:
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
In April 2018, the Company carried out an employee stock ownership plan through a private placement,
and certain in-service directors and senior management participated in the employee stock ownership plan. As
of 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 shares by any holder, etc. during the Reporting Period:
□ Applicable Not applicable
□ Applicable Not applicable
Other information about the employee stock ownership plans during the Reporting Period:
□ Applicable Not applicable
Changes to members of the management committees of employee stock ownership plans:
□ Applicable Not applicable
The financial impact of employee stock ownership plans on the Company and the relevant accounting
treatments during the Reporting Period:
□ Applicable Not applicable
Termination of employee stock ownership plans during the Reporting Period:
□ Applicable Not applicable
Other information: None.
□ Applicable Not applicable
IV Environmental Information Disclosure
Indicate whether the listed company or any of its major subsidiaries is included in the list of companies that
are required by law to disclose environmental information.
Yes □ No
Number of companies included in the list of companies
that are required by law to disclose environmental 5
information
No. Company Index to the report on required environmental information
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Interim Report 2026 of Wuliangye Yibin Co., Ltd.
V Corporate Social Responsibility (CSR)
In the first half of 2026, in accordance with the arrangements and deployments of relevant departments at
the provincial and municipal levels, the Company provided foundational assistance to Litang County, Ganzi
Prefecture and Yuexi County, Liangshan Prefecture, and provided financial assistance to Shiqu County, Ganzi
Prefecture. It also undertook assistance tasks for 66 towns and villages within Yibin City. Focusing on key areas
such as industrial development, consumption and education, the Company made systematic plans and targeted
efforts, effectively contributing to local economic and social development.
Firstly, the annual plan was scientifically formulated. Focusing on the actual needs of assisted areas such as
Litang, Yuexi and Pingshan counties, the Company formulated the 2026 annual assistance work plan, refining
infrastructure, and employment assistance.
Secondly, the enterprise-local consultation mechanism was improved. The Company's leaders successively
led teams to the assisted areas to carry out over 20 activities such as field research and donation of charitable
materials, continuously consolidating the working pattern of enterprise-local coordination and joint
advancement.
Thirdly, the frontline assistance forces were strengthened. The Company completed the rotation of four
village-based assistance cadres in an orderly manner and additionally dispatched six professional managers,
providing a solid guarantee for the implementation of various assistance measures.
Firstly, project construction and operation was accelerated. The construction of the Baijiu bottling line in
Yuexi County was accelerated, and the main structure of the "Wuliangye Torch Square" in Qingping Yi
Township, Pingshan County was completed. In the first half of the year, projects under construction
cumulatively provided over 1,500 jobs. Adhering to the principle of "equal emphasis on construction and
management", the Litang mushroom base entered the harvesting stage, and the 200-mu high-mountain tea
garden and 200-mu edible bamboo shoot base in Pingshan County were managed, protected and harvested in an
orderly manner, providing 110 fixed jobs, with the effect of connecting with and driving farmers continuing to
emerge. Secondly, the industrial value chain was extended. Relying on its innovation and design center, the
Company created the "Hao Shi Jiang Cheng" regional public brand for citrus in Jiang'an County, helping
increase the added value and market competitiveness of local agricultural products. The "Wuliangyuan"
Daliangshan series of Baijiu tailored for Yuexi County cumulatively achieved sales of over RMB4 million.
Thirdly, the shortcomings of township-level development were addressed. The Company supported the
construction of a grain base dedicated to Baijiu distilling in Simianshan Town, Jiang'an County, with nearly 300
tons of custom-grown wheat all purchased and stored, expected to increase farmers' income by RMB1.19
million. It supported the construction of a batch of industrial and livelihood projects, including vegetable
greenhouses and supporting facilities for micro and small industrial parks, road improvement, and fitness trails,
with the production and living conditions in the assisted areas continuing to improve.
The Company built a diversified consumption assistance system featuring "internal consumption + market-
oriented channels", including 49 high-quality specialty agricultural products from the assisted areas in the
employee welfare procurement catalog and listing them on the "Wuliangye Home" platform. In the first half of
the year, it purchased over RMB10 million worth of specialty agricultural products from assisted areas outside
the city and nearly RMB1.2 million from assisted areas within the city. It simultaneously connected with
channels such as supermarkets, communities, canteens and deep-processing enterprises to help sell nearly
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
RMB1 million worth of specialty agricultural products, effectively promoting the continuous income increase of
people in the assisted areas.
The Company adhered to the combination of "intellectual assistance" and "aspiration-building", and held
two special job fairs for foundational employment assistance in Litang County and Yuexi County, providing 50
jobs. It carried out nine training sessions on various topics such as farmers and herdsmen skills and Baijiu
marketing, covering over 500 participants. Also, it planned to provide RMB1.25 million for the implementation
of projects such as the "Wuliangye · Litang Young Eagle Program for University Students", the "Five Loves"
talent education fund in Yuexi County, and care for children in special difficulties, among others.
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Part V Significant Events
I Undertakings of the Company’s Actual Controller, Shareholders, Related Parties and
Acquirers, as well as the Company Itself and other Entities Fulfilled in the Reporting Period
or Ongoing at the Period-end
Applicable □ Not applicable
Upon review and approval by the Fourth Meeting of the Seventh Board of Directors in 2026 held on April
intended to use its own funds to repurchase its A-stock shares through centralized bidding transactions for the
purpose of reducing the registered capital. The total repurchase amount shall be no less than RMB8 billion
(inclusive) and no more than RMB10 billion (inclusive), the repurchase price shall not exceed RMB151.01 per
share (inclusive), and the implementation period shall be within 12 months from the date on which the meeting
of shareholders reviewed and approved the repurchase plan.
Based on its confidence in the Company’s continuously stable development and recognition of the
Company’s long-term investment value, Wuliangye Group has undertaken to increase its shareholdings in the
Company within six months from May 7, 2026, with the total amount of the shareholding increase to be no less
than RMB3 billion (inclusive) and no more than RMB5 billion (inclusive). Wuliangye Group and its acting-in-
concert party Yibin Development Group have undertaken not to reduce their shareholdings in the Company
during the said period of shareholding increase. And the undertakings are being performed normally.
II Occupation of the Company’s Funds by the Controlling Shareholder or Any of Its
Related Parties for Non-Operating Purposes
□ Applicable Not applicable
No such cases in the Reporting Period.
III Irregularities in the Provision of Guarantees for External Parties
□ Applicable Not applicable
No such cases in the Reporting Period.
IV Appointment and Dismissal of CPA Firm
Indicate whether the interim financial statements are audited.
□ Yes No
The interim financial statements are unaudited.
V Statements Made by the Board of Directors Regarding the Independent Auditor’s
“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 on Financial Statements of Last Year
□ Applicable Not applicable
VII Bankruptcy Reorganization
□ Applicable Not applicable
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
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 matters:
Applicable □ Not applicable
D
Inde
Whet at
x to
her e
Amount disc
any Execution of
involved Result and lose
General information provi Progress of di
(RMB’0,00 impact d
sion judgment scl
is os
rma
made ur
tion
e
Contract dispute Yuxiang
between Sichuan has
Yibin Global Group On June 27, 2023, the court ruled that voluntaril
Case
Shenzhou Glass Co., 572.24 No Yuxiang should compensate Shenzhou y filed for
closed
Ltd. and Yibin a total of RMB5.7224 million. bankruptc
Yuxiang Packaging y with the
Materials Co., Ltd. court.
Arbitration between
Yibin Wuliangye The arbitration ruling came into effect,
Liquor Sales Co., Ltd. and Guangzhou Zhanyao Electronic
A ruling
and Guangzhou Technology Co., Ltd. was required to Being
Zhanyao Electronic pay a total of RMB659,800 in security executed
issued.
Technology Co., Ltd. deposits, utilities bills to Yibin
regarding a lease Wuliangye Liquor Sales Co., Ltd.
contract dispute
In December 2024, Weiyuan Rongwei
Real Estate Development Co., Ltd.
sued Yibin Wuliangye Liquor Sales
Co., Ltd. and Chengdu Boyang
Amazing Art Co., Ltd. in the Primary
The court
People’s Court of Sichuan Pilot Free
of second
Trade Zone, requesting: ① to revoke
Case concerning the instance
Article 2 of the Termination Agreement
creditor’s right of rendered
signed by Chengdu Boyang Amazing
rescission dispute the final
Art Co., Ltd. and Yibin Wuliangye
between Yibin judgment,
Liquor Sales Co., Ltd. on July 25, Unexecute
Wuliangye Liquor 7,432.46 No dismissing
Sales Co., Ltd. and the appeal
RMB74.3246 million from December
Weiyuan Rongwei and
Real Estate affirming
Chengdu Wuliangye Performing Arts
Development Co., Ltd. the
Center Venue Naming Contract to
original
Rongwei, and to bear the litigation
judgment.
costs. The first-instance judgment
dismissed all the claims of the plaintiff,
Weiyuan Rongwei Real Estate
Development Co., Ltd. Weiyuan
Rongwei Real Estate Development
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Co., Ltd. filed an appeal with the
Chengdu Intermediate People's Court
on December 29, 2025. The Chengdu
Intermediate People's Court rendered
the final judgment on April 30, 2026,
dismissing the appeal and affirming the
original judgment.
Hangzhou Zhixin Digital Technology
Co., Ltd. sued the Company and its
chip supplier, Shanghai Quanray
Electronics Co., Ltd., in the Shanghai
Intellectual Property Court, alleging
that the dual-band Qstar-6X anti-reuse
Patent infringement RFID chip used in the Company’s The
dispute between the Wuliangye 1618 infringed its invention plaintiff
Company and patent. The court was requested to has Case
Hangzhou Zhixin order the two defendants to withdrawn closed
Digital Technology immediately stop infringing the the
Co., Ltd. plaintiff’s invention patent right for lawsuit.
“Radio Frequency Identification Tags
and Their Control Methods”, and to
jointly bear the patent royalties and
economic losses involved, totaling
RMB6.2 million, as well as the
litigation costs of the case.
In January 2022, Yongbufenli filed a
lawsuit with the People’s 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,
Contract dispute
along with the interest calculated at the
between Handan Upholding
LPR published by the National
Yongbufenli Liquor the first- Case
Co., Ltd. and Sichuan instance closed
September 16, 2020 to the date when
Baijiadi Liquor Co., judgment
the payment is made in full; and b)
Ltd.
order the defendant to bear all litigation
and appraisal fees. The first-instance
judgment dismissed Yongbufenli’s
claims. In April 2024, Yongbufenli
filed an appeal with the Intermediate
People’s Court of Handan. On April 1,
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
of Handan made a final judgment,
upholding the first-instance judgment
and rejecting the lawsuit filed by
Yongbufenli.
In October 2022, Yongbufenli filed a
lawsuit with the Intermediate People’s
Court of Handan against Yuexin
Liquor, requesting a) payment of
RMB100.4928 million in outstanding
payments from the defendant, plus
interest calculated at the Loan Prime
Rate (“LPR”) from July 21, 2020 to the
date when the payment is made in full;
and b) the defendant to bear all
Contract dispute
litigation and appraisal fees. In March
between Handan Upholding
Yongbufenli Liquor the first- Case
Co., Ltd. and Chengdu instance closed
April 2023, Yongbufenli filed a
Yuexin Liquor Co., judgment
second-instance appeal with the Higher
Ltd.
People’s Court of Hebei, and the case
was reopened on April 10, 2024. In
April 2025, Yongbufenli received the
retrial judgment of the Intermediate
People’s Court of Handan, which again
ruled to dismiss the lawsuit.
Yongbufenli appealed to the Higher
People’s Court of Hebei in May 2025.
The court of second instance dismissed
the claims.
The hearing was held on April 27, The
May 11, a judgment was issued public
Case of Handan ordering the defendant to pay the announce
Yongbufenli Liquor overdue payment. Due to the inability ment for
Co., Ltd. suing to notify the judgment defaulter, the enforceme
Case
Handan Yongbufenli 211.41 No enforcement notice was served by nt has
closed
Zaiyang Liquor Co., public announcement. On December ended,
Ltd. for overdue 18, 2024, Yongbufenli filed an and the
payment application with the court to add an court has
entity subject to execution. The court issued a
has recommended that the application final
be withdrawn. ruling.
Case of Chongqing
Dingyue Landscape
On June 3, 2025, Chongqing Dingyue
Engineering Co., Ltd.
Landscape Engineering Co., Ltd. filed The
suing the Company,
a lawsuit with the People’s Court of plaintiff
Yibin Wuliangye
Cuiping District, Yibin City, requesting has Case
Liquor Sales Co., Ltd., 2,107.71 No
Yibin Wuliangye Liquor Sales Co., withdrawn closed
and the third party
Ltd. to pay RMB21.0771 million in the
Chongqing
engineering charges and warranty lawsuit.
Landscaping Co., Ltd.
deposits.
regarding an
engineering contract
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
dispute
For the Wuliangye Building Decoration
and Renovation Project — Canteen
Renovation Project undertaken by
Case of Sichuan Sichuan Guofu Tiancheng Construction
Guofu Tiancheng Engineering Co., Ltd., the original
Construction contract price was over RMB3.2
Engineering Co., Ltd. million, and additional works occurred
The trial
suing the Company during construction. The project has
and Sichuan Yibin been accepted and delivered for use.
yet begun.
Wuliangye Distillery However, due to the incomplete
Co., Ltd. regarding a documentation provided by the
construction contract construction unit, the cost audit has not
dispute been fully completed. Accordingly, the
construction party filed a lawsuit
claiming payment of the remaining
project payment of RMB1.8 million.
Case of Han Meilin
suing WAMTA Co.,
Ltd., Hainan WAMTA
Technology Co., Ltd., Settlement
the Company and and Case
Sanya Chuangxiang withdrawa closed
Weilai Enterprise l
Management Co., Ltd.
regarding a copyright
infringement dispute
Case of Han Meilin
suing WAMTA Co.,
Ltd., Hainan WAMTA
Technology Co., Ltd., Plaintiff
the Company and withdrew Case
Sanya Chuangxiang the closed
Weilai Enterprise lawsuit
Management Co., Ltd.
regarding a personal
rights dispute
Chengdu Zhidi Cultural Media Co.,
Ltd. signed a Production Contract and
an Advertising Space Lease Contract
with Chengdu Hongchuan Wine
Industry Co., Ltd. and claimed to have
Case of Chengdu performed its obligations, but Chengdu
Zhidi Cultural Media Hongchuan failed to make payment.
Co., Ltd. suing Chengdu Hongchuan Wine Industry
Sichuan Wuliangye Co., Ltd. stated that it was unable to Pending
NongXiang Baijiu make payment because Wuliang judgment
Co., Ltd. regarding a NongXiang Company had failed to pay
creditor's subrogation the relevant fees. Accordingly,
dispute Chengdu Zhidi Cultural Media Co.,
Ltd. claimed that Wuliang NongXiang
Company pay on its behalf the
purchase price, attorney's fees, as well
as interest, litigation costs and other
expenses, totaling RMB4.9564 million.
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
The plaintiff once filed a lawsuit in
subsequently filed a lawsuit again. The
first-instance court hearing was held on
March 5, 2026, and the first-instance
judgment was rendered on April 30,
dismissing all the plaintiff's claims.
The plaintiff filed an appeal, and the
second-instance court hearing was held
on June 16, 2026. The case is currently
awaiting the second-instance judgment.
The first
court
hearing
was held
on June
which
mainly
focused
on
evidence
exchange
On March 23, 2026, the plaintiff filed a and the
lawsuit against Red Mountains, judge's
Case of Sichuan Yibin
claiming that Red Mountains inquiry.
Global Glass
compensate Global Glass for The case
Manufacturing Co.,
optimization and renovation costs of will
Ltd. suing Anhui Red
RMB3.75 million, as well as additional subsequen Pending
Mountains 490.78 No
expenses of approximately tly be judgment
Environmental Sci-
RMB1.1578 million incurred due to converted
Tech Co., Ltd.
equipment failures during the operation from the
regarding a contract
of the equipment prior to the upgrade summary
dispute
and renovation, totaling RMB4.9078 procedure
million. to the
ordinary
procedure
and tried
by a
collegial
panel,
subject to
further
written
notice
from the
court.
The first
Case of Anhui Red court
In connection with the same
Mountains hearing
aforementioned matter, Red Mountains
Environmental Sci- was held
filed a lawsuit against Global Glass on
Tech Co., Ltd. suing on July 7, Pending
Sichuan Yibin Global 2026, judgment
Glass pay the remaining balance of
Glass Manufacturing which
RMB3.7743 million under the original
Co., Ltd. regarding a mainly
contract.
contract dispute focused
on
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
evidence
exchange
and the
judge's
inquiry,
and the
case is
subject to
further
written
notice
from the
court.
IX Penalties and Rectifications
Applicable □ Not applicable
Office Reason for Conclusion (if Index to disclosed
Name Type of penalty Date of disclosure
title penalty any) information
At the 2025 Announcement on the
Annual Meeting Chairman of the
He is
of Shareholders, Board Being Placed
currently
the Company February 28, 2026 under Designated
under
removed Zeng Surveillance
disciplinary
Congqin from his (Announcement No.
review and
position as a 2026/001)
supervisory
Under case- director, and his
investigation
filing position as
Former by the Yibin
investigation by Chairman of the
Zeng Chairman Municipal
judicial organs Board was
Congqin of the Commission
or disciplinary automatically Announcement on the
Board for Discipline
inspection terminated Resolutions of the
Inspection and
authorities accordingly. As of 2025 Annual Meeting
Supervision June 26, 2026
the date hereof, of Shareholders
on suspicion
the Company has (Announcement No.
of serious
not been informed 2026/027)
violations of
of the latest
discipline and
progress and
law.
conclusions of the
investigation.
X Credit Standings of the Company as well as Its Controlling Shareholder and Actual
Controller
Applicable □ Not applicable
The Company as well as its controlling shareholder and actual controller were in good credit standing
during the Reporting Period.
XI Significant Related-Party Transactions
Applicable □ Not applicable
See “5. Related-Party Transactions” under “XIV Related Parties and Related-Party Transactions” of Part
VIII.
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
□ Applicable Not applicable
No such cases in the Reporting Period.
□ Applicable Not applicable
No such cases in the Reporting Period.
□ Applicable Not applicable
No such cases in the Reporting Period.
Applicable □ Not applicable
Making deposits:
Upper limit Amount incurred in the period
of daily Opening
Related Relationsh Range of Closing balance
deposit balance Total amount Total amount
party ip interest rate (RMB’0,000)
(RMB’0,00 (RMB’0,000) deposited withdrawn
Wuliangy
e Group Associate 5,500,000 4,797,724.52 889,221.13 1,150,727.79 4,536,217.85
Finance 3.0%
Note: The amount incurred in the period is presented on a net basis, which means such transactions are
eliminated as the same company withdrawing a deposit and making another deposit of a different kind, or
companies included in the consolidated financial statements making transfers via Wuliangye Group Finance.
Receiving loans: The Company received no loans from Wuliangye Group Finance during the Reporting
Period.
Receiving credit facility or other financial services:
Amount incurred
Related party Relationship Type of business Line (RMB’0,000)
(RMB’0,000)
Wuliangye Group Receiving credit
Associate 1,000,000 6,399.60
Finance facility
Note: In 2026, the Company and Wuliangye Group Finance signed a Supplementary Agreement to the
Financial Service Agreement, agreeing that the daily deposit balance with Wuliangye Group Finance shall not
exceed RMB55 billion in 2026, and that the daily total balance of outstanding loans and unused credit facilities
with Wuliangye Group Finance shall not exceed RMB10 billion in 2026.
The “amount incurred” in the Reporting Period includes the bank acceptance bills of RMB63.9960 million
issued by Wuliangye Group Finance (undue bank acceptance bills as of June 30, 2026: RMB63.9960 million).
□ Applicable Not applicable
No such cases in the Reporting Period.
□ Applicable Not applicable
No such cases in the Reporting Period.
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
XII Significant Contracts and Execution
(1) Entrustment
□ Applicable Not applicable
No such cases in the Reporting Period.
(2) Contracting
□ Applicable Not applicable
No such cases in the Reporting Period.
(3) Leases
□ Applicable Not applicable
No significant leases in the Reporting Period.
□ Applicable Not applicable
No such cases in the Reporting Period.
□ Applicable Not applicable
No such cases in the Reporting Period.
□ Applicable Not applicable
No such cases in the Reporting Period.
XIII Researches, Inquiries, Interviews, etc. Received during the Reporting Period
Applicable □ Not applicable
Main
discussions Index to
Type of
and the
Way of the
Date Place Communication party materials relevant
communication communic
provided by informa
ation party
the tion
Company
The One-on-one
January 8, 2026 Institution ARGA
Company meeting
The Guofeng Xinghua, and
January 9, 2026 By phone Institution
Company CITIC Securities
The One-on-one
January 22, 2026 Institution Bernstein, BNP Paribas, etc. The
Company meeting
Company’s
The One-on-one Penghua Fund, and
February 3, 2026 Institution developmen http://w
Company meeting Zheshang Securities
t strategies, ww.cni
The Taikang Asset, China
March 16, 2026 By phone Institution production nfo.com
Company Merchants Securities, etc.
and .cn
E Fund, Invesco Great Wall,
March 24, 2026 Chengdu Other Institution operation
China Securities, etc.
status
Essence Fund, Penghua
March 26, 2026 Shenzhen Other Institution Fund, Guotai Haitong
Securities, etc.
The 2025 Annual and Institution Institutional and individual
April 30, 2026
Company Q1 2026 Earnings al and investors
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Briefing individual
investors
Beijing and E Fund, Taikang Life,
May 4, 2026 Other Institution
Guangzhou Yinhua Fund, CICC, etc.
China Merchants Fund,
Shanghai Southern Asset
May 5, 2026 and Other Institution Management, Perseverance
Shenzhen Asset Management, CITIC
Securities, etc.
Guofeng Xinghua, China
The One-on-one
May 13, 2026 Institution Galaxy Securities, and
Company meeting
CITIC Securities
Maxwealth Fund,
May 14, 2026 Shanghai Other Institution
Zhonggeng Fund, etc.
First
Institution
Extraordinary
The al and Institutional and individual
May 18, 2026 Meeting of
Company individual investors
Shareholders in
investors
Institution
The al and Institutional and individual
June 26, 2026 Meeting of
Company individual investors
Shareholders
investors
XIV Other Significant Events
□ Applicable Not applicable
No such cases in the Reporting Period.
XV Significant Events of Subsidiaries
Applicable □ Not applicable
Upon review and approval by the Third Meeting of the Seventh Board of Directors in 2026, the Company's
controlled subsidiary, Sichuan Wuliangye New Retail Management Co., Ltd., invested to establish a wholly-
owned subsidiary, "Sichuan Yibin Wuliangye Smart Marketing Co., Ltd." (hereinafter referred to as "Smart
Marketing Company"). Smart Marketing Company has a registered capital of RMB100 million, and the
Company holds an aggregate 90% equity interest in Smart Marketing Company.
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Part VI Share Changes and Shareholder Information
I Share Changes
Unit: share
Before Increase/decrease in the current period (+/-) After
B
on
us Bonus
iss issue
As % of As % of
Number of New ue from Number of
total Other Subtotal total
shares issue fro capital shares
shares shares
m reserv
pr es
ofi
t
I Restricted shares 94,614 0.00% 94,614 0.00%
state
owned corporations
domestic investors
Of which: Shares held
by domestic corporations
Shares held
by domestic individuals
overseas investors
Of which: Shares held
by overseas corporations
Shares held
by overseas individuals
II Unrestricted shares 3,881,513,391 100.00% 3,881,513,391 100.00%
ordinary shares
foreign shares
shares
III Total shares 3,881,608,005 100.00% 3,881,608,005 100.00%
Reasons for share changes:
□ Applicable Not applicable
Approval of share changes:
□ Applicable Not applicable
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Transfer of share ownership:
□ Applicable Not applicable
Progress on any share repurchase:
Applicable □ Not applicable
Upon review and approval by the Fourth Meeting of the Seventh Board of Directors in 2026 held on April
intended to use its own funds to repurchase its A-stock shares through centralized bidding transactions for the
purpose of reducing the registered capital. The total repurchase amount shall be no less than RMB8 billion
(inclusive) and no more than RMB10 billion (inclusive), the repurchase price shall not exceed RMB151.01 per
share (inclusive), and the implementation period shall be within 12 months from the date on which the meeting
of shareholders reviewed and approved the repurchase plan. As of July 31, 2026, the Company had
cumulatively repurchased 13,316,606 shares, representing 0.34% of the Company's existing total share capital,
with the highest transaction price at RMB85.25 per share and the lowest transaction price at RMB73.33 per
share. The total amount paid was RMB1,001,810,356.65 (excluding transaction fees).
Progress on reducing the repurchased shares by way of centralized bidding:
□ Applicable Not applicable
Effects of share changes on the basic earnings per share, diluted earnings per share, equity per share
attributable to the Company’s ordinary shareholders and other financial indicators of the latest year and the
latest accounting period, respectively:
□ Applicable Not applicable
Other information that the Company considers necessary or is required by the securities regulator to be
disclosed:
□ Applicable Not applicable
□ Applicable Not applicable
II Issuance and Listing of Securities
□ Applicable Not applicable
III Shareholders and Their Shareholdings at the End of the Reporting Period
Unit: share
Number of preference shareholders
Number of ordinary shareholders at
the period-end
period-end (if any) (see note 8)
Shares in
pledge,
Nature Shareho Increase/decre Restri
Total shares marked or
of lding ase in the cted Unrestricted
Name of shareholder held at the frozen
shareh percenta Reporting shares shares held
period-end Sh
older ge Period held Stat
ar
us
es
State-
Yibin Development Holding owned
Group Co., Ltd. corpor
ation
State-
Sichuan Yibin Wuliangye
owned 20.68% 802,619,277 1,116,000 0 802,619,277
Group Co., Ltd.
corpor
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
ation
Overs
Hong Kong Securities eas
Clearing Company Limited corpor
ation
China Securities Finance
Other 1.61% 62,460,815 -29,925,121 0 62,460,815
Corporation Limited
Bank of China Limited－
China Merchants China
Securities Baijiu Index Other 1.55% 60,147,752 401,613 0 60,147,752
Classification Securities
Investment Fund
Rui Life Insurance Co., Ltd.
Other 0.81% 31,283,057 11,832,861 0 31,283,057
－Own Funds
China Construction Bank
Corporation－Penghua
China Securities Liquor Other 0.70% 27,171,655 1,488,554 0 27,171,655
Exchange-traded Open-
ended Index Securities
Investment Fund
Guofeng Xinghua (Beijing)
Private Equity Fund
Management Co., Ltd.－
Other 0.51% 19,768,487 0 0 19,768,487
Guofeng Xinghua Honghu
Zhiyuan Phase II Private
Securities Investment Fund
Guofeng Xinghua (Beijing)
Private Equity Fund
Management Co., Ltd.－
Guofeng Xinghua Honghu Other 0.51% 19,606,640 291,700 0 19,606,640
Zhiyuan Phase III Private
Securities Investment Fund
No. 1
Industrial and Commercial
Bank of China Limited－
China Securities Major Other 0.49% 18,861,678 207,936 0 18,861,678
Consumption Exchange-
Traded Open-Ended Index
Securities Investment Fund
Strategic investor or general
corporation becoming a top-10
N/A
shareholder in a rights issue (if any)
(see note 3)
Among the top 10 shareholders, Wuliangye Group is a wholly-owned subsidiary of
Related or acting-in-concert parties
Yibin Development Group. And the Company is not aware of any related or acting-in-
among the shareholders above
concert parties among the other public shareholders.
Shareholders above
entrusting/entrusted with or waiving N/A
voting rights
Repurchased share account (if any)
among the top 10 shareholders (see N/A
note 11)
Top 10 unrestricted shareholders (exclusive of shares lent in refinancing and locked shares of senior management)
Shares by class
Unrestricted shares held at the
Name of shareholder
period-end
Class Shares
RMB-
Yibin Development Holding Group Co., Ltd. 1,336,548,020 denominated 1,336,548,020
ordinary shares
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
RMB-
Sichuan Yibin Wuliangye Group Co., Ltd. 802,619,277 denominated 802,619,277
ordinary shares
RMB-
Hong Kong Securities Clearing Company Limited 67,854,596 denominated 67,854,596
ordinary shares
RMB-
China Securities Finance Corporation Limited 62,460,815 denominated 62,460,815
ordinary shares
Bank of China Limited－China Merchants China RMB-
Securities Baijiu Index Classification Securities 60,147,752 denominated 60,147,752
Investment Fund ordinary shares
RMB-
Rui Life Insurance Co., Ltd.－Own Funds 31,283,057 denominated 31,283,057
ordinary shares
China Construction Bank Corporation－Penghua RMB-
China Securities Liquor Exchange-traded Open- 27,171,655 denominated 27,171,655
ended Index Securities Investment Fund ordinary shares
Guofeng Xinghua (Beijing) Private Equity Fund RMB-
Management Co., Ltd.－Guofeng Xinghua Honghu 19,768,487 denominated 19,768,487
Zhiyuan Phase II Private Securities Investment Fund ordinary shares
Guofeng Xinghua (Beijing) Private Equity Fund
RMB-
Management Co., Ltd.－Guofeng Xinghua Honghu
Zhiyuan Phase III Private Securities Investment Fund ordinary shares
No. 1
Industrial and Commercial Bank of China Limited－
RMB-
China Securities Major Consumption Exchange- 18,861,678 denominated 18,861,678
Traded Open-Ended Index Securities Investment ordinary shares
Fund
Among the top 10 shareholders, Wuliangye Group is a wholly-owned
Related or acting-in-concert parties among top 10
subsidiary of Yibin Development Group. And the Company is not aware
unrestricted shareholders, as well as between top 10
of any related or acting-in-concert parties among the other public
unrestricted shareholders and top 10 shareholders
shareholders.
Top 10 ordinary shareholders involved in securities
N/A
margin trading (if any) (see note 4)
refinancing shares lending:
□ Applicable Not applicable
Changes in top 10 shareholders and top 10 unrestricted public shareholders due to refinancing shares
lending/return compared with the prior period:
□ Applicable Not applicable
Indicate whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinary shareholders of
the Company conducted any promissory repurchase during the Reporting Period.
□ Yes No
No such cases in the Reporting Period.
IV Changes in Shareholdings of Directors and Senior Management
□ Applicable Not applicable
No changes occurred to the shareholdings of the directors and senior management in the Reporting Period.
See Annual Report 2025 for more details.
V Change of the Controlling Shareholder or the Actual Controller
If the Company previously disclosed that the actual controller plans a change of control which has not yet
been finalized, please elaborate on the latest progress of such change of control arrangement.
□ Applicable Not applicable
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Change of the controlling shareholder in the Reporting Period:
□ Applicable Not applicable
No such cases in the Reporting Period.
Change of the actual controller in the Reporting Period:
□ Applicable Not applicable
No such cases in the Reporting Period.
VI Preference Shares
□ Applicable Not applicable
No preference shares in the Reporting Period.
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Part VII Bonds
□ Applicable Not applicable
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Part VIII Financial Statements
I Independent Auditor’s 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 statements and the statements in the notes thereto unless otherwise stated:
RMB
Prepared by Wuliangye Yibin Co., Ltd. June 30, 2026 Unit:
RMB
Item June 30, 2026 January 1, 2026
Current assets:
Monetary assets 119,088,869,922.03 127,014,443,016.86
Settlement reserve
Loans to other banks and financial
institutions
Held-for-trading financial assets
Derivative financial assets
Notes receivable 1,618,246.08 4,841,437.44
Accounts receivable 67,086,144.92 37,745,419.51
Receivables financing 7,544,093,475.82 9,401,640,775.74
Prepayments 229,794,329.59 194,996,398.52
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
reserve
Other receivables 77,309,788.51 64,356,368.30
Of which: Interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 22,658,310,149.65 20,065,336,751.20
Of which: Data resources
Contract assets
Assets held for sale
Current portion of non-current
assets
Other current assets 7,080,726,031.18 7,968,202,942.10
Total current assets 156,747,808,087.78 164,751,563,109.67
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Non-current assets:
Loans and advances to customers
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 2,305,474,687.84 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 8,496,769,669.12 7,641,231,013.35
Construction in progress 6,548,314,746.02 7,034,061,137.40
Productive living assets
Oil and gas assets
Right-of-use assets 315,835,646.95 406,402,594.29
Intangible assets 2,605,421,314.10 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 113,659,728.69 121,712,293.75
Deferred income tax assets 7,574,770,110.87 4,813,123,125.48
Other non-current assets 288,486,994.98 305,514,631.72
Total non-current assets 28,251,554,518.10 25,232,707,705.80
Total assets 184,999,362,605.88 189,984,270,815.47
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 2,023,943,104.59 1,352,014,535.90
Accounts payable 7,934,726,772.56 8,534,820,869.28
Advances from customers 7,347,174.82 13,915,018.07
Contract liabilities 10,441,471,221.99 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
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Employee benefits payable 3,529,210,249.68 4,319,426,136.50
Taxes and levies payable 364,860,285.09 2,093,071,546.91
Other payables 14,667,085,573.39 10,185,754,419.34
Of which: Interest payable
Dividends payable 10,060,865,836.82 5,565,976,643.61
Fees and commissions payable
Reinsurance payables
Liabilities directly associated with
assets held for sale
Current portion of non-current
liabilities
Other current liabilities 24,348,788,958.09 27,029,072,199.84
Total current liabilities 63,575,107,969.25 67,351,815,353.24
Non-current liabilities:
Insurance contract reserve
Long-term borrowings
Bonds payable
Of which: Preference shares
Perpetual bonds
Lease liabilities 92,189,202.95 44,381,182.44
Long-term payables
Long-term employee benefits
payable
Provisions
Deferred income 318,721,818.27 307,239,518.79
Deferred income tax liabilities 68,953,927.59 100,151,115.86
Other non-current liabilities
Total non-current liabilities 479,864,948.81 451,771,817.09
Total liabilities 64,054,972,918.06 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 200,021,342.74
Other comprehensive income
Specific reserve
Surplus reserves 42,948,822,868.25 42,948,822,868.25
General reserve
Retained earnings 69,165,017,608.77 70,418,860,054.34
Total equity attributable to owners of the
parent company
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Non-controlling interests 2,464,346,617.28 2,248,412,410.15
Total owners’ equity 120,944,389,687.82 122,180,683,645.14
Total liabilities and owners’ equity 184,999,362,605.88 189,984,270,815.47
Legal representative: Deng Min Chief Financial Officer: Zhang Xin Head of the accounting department: Liu
Min
Unit: RMB
Item June 30, 2026 January 1, 2026
Current assets:
Monetary assets 58,439,818,255.27 64,227,222,544.51
Held-for-trading financial assets
Derivative financial assets
Notes receivable
Accounts receivable
Receivables financing 1,767,801.44 126,513,281.06
Prepayments 1,564,578.46 1,727,908.38
Other receivables 4,197,655,157.68 3,746,164,525.54
Of which: Interest receivable
Dividends receivable 534,248,092.95 534,248,092.95
Inventories 58,966.84 10,697.16
Of which: Data resources
Contract assets
Assets held for sale
Current portion of non-current
assets
Other current assets 16,715,700.14 14,613,741.04
Total current assets 62,657,580,459.83 68,116,252,697.69
Non-current assets:
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 14,909,247,397.65 14,761,328,381.60
Other equity investments
Other non-current financial assets 1,200,000.00 1,200,000.00
Investment property
Fixed assets 111,231,255.67 112,173,251.56
Construction in progress 121,527,353.81 120,527,353.81
Productive living assets
Oil and gas assets
Right-of-use assets 7,980,026.67 9,388,998.93
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Intangible assets 33,987,364.62 33,495,946.94
Of which: Data resources
Development costs
Of which: Data resources
Goodwill
Long-term prepaid expense
Deferred income tax assets 15,384,495.48 14,504,773.24
Other non-current assets 5,001,404.53 6,198,320.00
Total non-current assets 15,205,559,298.43 15,058,817,026.08
Total assets 77,863,139,758.26 83,175,069,723.77
Current liabilities:
Short-term borrowings
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 175,000.00 175,000.00
Advances from customers
Contract liabilities
Employee benefits payable 503,522.06 494,073.73
Taxes and levies payable 81,715,762.42 26,589,345.63
Other payables 10,174,096,004.36 5,675,161,185.57
Of which: Interest payable
Dividends payable 10,006,785,436.89 5,511,896,243.68
Liabilities directly associated with
assets held for sale
Current portion of non-current
liabilities
Other current liabilities
Total current liabilities 10,258,173,281.13 5,705,174,913.55
Non-current liabilities:
Long-term borrowings
Bonds payable
Of which: Preference shares
Perpetual bonds
Lease liabilities 6,180,369.70 6,068,906.80
Long-term payables
Long-term employee benefits
payable
Provisions
Deferred income 2,746,840.62 2,426,840.62
Deferred income tax liabilities 1,995,006.67 2,347,249.73
Other non-current liabilities
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Total non-current liabilities 10,922,216.99 10,842,997.15
Total liabilities 10,269,095,498.12 5,716,017,910.70
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 200,021,342.74
Other comprehensive income
Specific reserve
Surplus reserves 20,271,654,476.00 20,271,654,476.00
Retained earnings 40,958,156,035.73 50,623,142,245.92
Total owners’ equity 67,594,044,260.14 77,459,051,813.07
Total liabilities and owners’ equity 77,863,139,758.26 83,175,069,723.77
Unit: RMB
Item H1 2026 H1 2025
I Total revenues 28,416,674,541.77 23,509,972,048.65
Of which: Operating revenue 28,416,674,541.77 23,509,972,048.65
Interest income
Insurance premium income
Fee and commission income
II Total costs and expenses 16,799,452,900.31 17,215,953,875.78
Of which: Cost of sales 5,599,528,326.71 5,203,656,031.65
Interest costs
Fee and commission costs
Surrenders
Net insurance claims paid
Net appropriation of insurance liability reserve
Expenditure on policy dividends
Reinsurance premium expense
Taxes and levies 4,206,740,962.94 7,851,817,565.80
Selling expense 6,322,231,378.53 3,499,723,307.95
Administrative expense 1,503,327,228.81 1,712,424,934.59
R&D expense 201,501,392.81 209,601,741.37
Finance costs -1,033,876,389.49 -1,261,269,705.58
Of which: Interest expense 22,832,658.04 17,182,807.06
Interest income 1,057,421,196.40 1,279,488,906.12
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Add: Other income 300,802,403.62 52,723,817.63
Return on investment (“－” for loss) 75,960,276.39 51,393,321.62
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) -1,241,598.17 -1,178,280.15
Asset impairment loss (“－” for loss)
Asset disposal income (“－” for loss) 539,168.60 9,129,289.36
III Operating profit (“－” for loss) 11,993,281,891.90 6,406,086,321.33
Add: Non-operating income 20,784,625.90 21,508,498.66
Less: Non-operating expense 17,228,809.86 48,596,190.60
IV Gross profit (“－” for gross loss) 11,996,837,707.94 6,378,998,629.39
Less: Income tax expense 3,000,704,885.64 1,498,694,514.11
V Net profit (“－” for net loss) 8,996,132,822.30 4,880,304,115.28
i. By operating continuity
ii. By ownership
(“－” for net loss) 8,752,942,991.31 4,623,850,715.13
net loss)
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
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
denominated financial statements
Other comprehensive income, net of tax attributable to non-
controlling interests
VII Total comprehensive income 8,996,132,822.30 4,880,304,115.28
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 2.2551 1.1912
ii. Diluted earnings per share 2.2551 1.1912
Legal representative: Deng Min Chief Financial Officer: Zhang Xin Head of the accounting department: Liu
Min
Unit: RMB
Item H1 2026 H1 2025
I Operating revenue
Less: Cost of sales
Taxes and levies 331,460.75 334,545.12
Selling expense
Administrative expense 117,048,907.69 80,612,553.29
R&D expense 35,807,260.95 32,911,441.85
Finance costs -541,732,181.41 -713,773,109.90
Of which: Interest expense 139,596.61 158,801.18
Interest income 541,884,723.39 713,953,950.50
Add: Other income 3,952,033.59 3,480,148.55
Return on investment (“－” for loss) 70,299,016.05 45,613,142.00
Of which: Share of profit or loss of joint
ventures and associates
Income from the derecognition of
financial assets at amortized cost (“－” for loss)
Net gain on exposure hedges (“－” for loss)
Gain on changes in fair value (“－” for loss)
Credit impairment loss (“－” for loss) -8,694.08 -26,202.66
Asset impairment loss (“－” for loss)）
Asset disposal income (“－” for loss)
II Operating profit (“－” for loss) 462,786,907.58 648,981,657.53
Add: Non-operating income 26,287.01 119,080.64
Less: Non-operating expense 3,018,885.58 31,911,927.18
III Gross profit (“－” for gross loss) 459,794,309.01 617,188,810.99
Less: Income tax expense 117,995,082.32 137,130,635.21
IV Net profit (“－” for net loss) 341,799,226.69 480,058,175.78
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
i. Net profit from continuing operations (“－” for
net loss)
ii. Net profit from discontinued operations (“－”
for net loss)
V Other comprehensive income, net of tax
i. Other comprehensive income that will not be
reclassified to profit or loss
benefit schemes
reclassified to profit or loss under the equity method
investments
in own credit risk
ii. Other comprehensive income that will be
reclassified to profit or loss
reclassified to profit or loss under the equity method
investments
reclassification of financial assets
investments
foreign currency-denominated financial statements
VI Total comprehensive income 341,799,226.69 480,058,175.78
VII Earnings per share:
i. Basic earnings per share
ii. Diluted earnings per share
Unit: RMB
Item H1 2026 H1 2025
I Cash flows from operating activities:
Proceeds from sale of goods and rendering of services 25,484,429,955.13 69,467,039,356.79
Net increase in customer deposits and deposits from other
banks and financial institutions
Net increase in borrowings from the central bank
Net increase in loans from other financial institutions
Premiums received on original insurance contracts
Net proceeds from reinsurance
Net increase in deposits and investments of policy holders
Interest, fees and commissions received
Net increase in loans from other banks and financial
institutions
Net increase in proceeds from repurchase transactions
Net proceeds from acting trading of securities
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Tax and levy rebates 3,932,120.00 3,869,080.00
Cash generated from other operating activities 1,189,835,537.84 776,441,645.40
Subtotal of cash generated from operating activities 26,678,197,612.97 70,247,350,082.19
Payments for goods and services 6,793,844,234.19 7,421,678,285.80
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 4,755,183,626.05 4,945,127,822.75
Taxes and levies paid 13,683,552,541.11 23,191,258,525.87
Cash used in other operating activities 3,599,186,003.94 3,552,548,819.19
Subtotal of cash used in operating activities 28,831,766,405.29 39,110,613,453.61
Net cash generated from/used in operating activities -2,153,568,792.32 31,136,736,628.58
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 34,162,432.67 22,584,050.71
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 468,596,585.07 990,068,700.93
Net cash generated from/used in investing activities -434,434,152.40 -967,484,650.22
III Cash flows from financing activities:
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 5,511,896,243.67 9,999,022,175.17
Of which: Dividends paid by subsidiaries to non-controlling
interests
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Cash used in other financing activities 363,028,367.77 301,211,303.89
Subtotal of cash used in financing activities 5,874,924,611.44 10,300,233,479.06
Net cash generated from/used in financing activities -5,862,924,611.44 -10,300,233,479.06
IV Effect of foreign exchange rate changes on cash and cash
equivalents
V Net increase in cash and cash equivalents -8,450,927,556.16 19,869,018,499.30
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 115,663,763,077.51 144,640,292,916.98
Unit: RMB
Item H1 2026 H1 2025
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 323,391,432.79 4,447,489,694.30
Subtotal of cash generated from operating activities 323,391,432.79 4,447,489,694.30
Payments for goods and services
Cash paid to and for employees 117,747,601.91 92,173,629.46
Taxes and levies paid 75,349,261.45 209,406,339.64
Cash used in other operating activities 522,579,226.66 1,341,370,506.25
Subtotal of cash used in operating activities 715,676,090.02 1,642,950,475.35
Net cash generated from/used in operating activities -392,284,657.23 2,804,539,218.95
II Cash flows from investing activities:
Proceeds from the disposal of investments 102,000,000.00
Return on investment 38,054,374.71
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 140,054,374.71
Payments for the acquisition and construction of fixed
assets, intangible assets and other long-term assets
Payments for the acquisition of investments 77,620,000.00 402,320,711.59
Net payments for the acquisition of subsidiaries and other
business units
Cash used in other investing activities
Subtotal of cash used in investing activities 86,748,258.32 415,615,625.37
Net cash generated from/used in investing activities -86,748,258.32 -275,561,250.66
III Cash flows from financing activities:
Capital contributions received
Borrowings received
Cash generated from other financing activities
Subtotal of cash generated from financing activities
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Repayment of borrowings
Interest and dividends paid 5,511,896,243.67 9,999,022,175.17
Cash used in other financing activities 200,021,342.74
Subtotal of cash used in financing activities 5,711,917,586.41 9,999,022,175.17
Net cash generated from/used in financing activities -5,711,917,586.41 -9,999,022,175.17
IV Effect of foreign exchange rate changes on cash and cash
equivalents
V Net increase in cash and cash equivalents -6,190,950,501.96 -7,470,044,206.88
Add: Cash and cash equivalents, beginning of the period 63,167,372,498.93 63,091,285,700.97
VI Cash and cash equivalents, end of the period 56,976,421,996.97 55,621,241,494.09
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
H1 2026
Unit: RMB
H1 2026
Equity attributable to owners of the parent company
Other equity Oth
instruments er
Item co Spe Ge
mp cifi ner Non-controlling
Total owners’ equity
Pre Less: Treasury reh c al interests
Share capital Perp Capital reserves Surplus reserves Retained earnings Other Subtotal
fere Ot shares ens res res
etual
nce he ive erv erv
bond
sha r inc e e
s
res om
e
I Balance as at
the end of the 3,881,608,005.00 2,682,980,307.40 42,948,822,868.25 70,418,860,054.34 119,932,271,234.99 2,248,412,410.15 122,180,683,645.14
prior year
Add:
Adjustments for
changes in
accounting
policies
Adjustments for
correction of
previous errors
Other
II Balance as at
the beginning of 3,881,608,005.00 2,682,980,307.40 42,948,822,868.25 70,418,860,054.34 119,932,271,234.99 2,248,412,410.15 122,180,683,645.14
the year
III Increase/
decrease in the
period (“-” for
decrease)
i. Total
comprehensive 8,752,942,991.31 8,752,942,991.31 243,189,830.99 8,996,132,822.30
income
ii. Capital
increase and
reduction by
owners
increase by
owners
increase by
holders of other
equity
instruments
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
payments
recognized in
owners’ equity
iii. Profit
-10,006,785,436.88 -10,006,785,436.88 -10,006,785,436.88
distribution
to surplus
reserves
to general
reserve
owners (or -10,006,785,436.88 -10,006,785,436.88 -10,006,785,436.88
shareholders)
iv. Transfers
within owners’
equity
capital (or share
capital) from
capital reserves
capital (or share
capital) from
surplus reserves
reserves used to
offset loss
defined benefit
schemes
transferred to
retained earnings
comprehensive
income
transferred to
retained earnings
v. Specific
reserve
period
period
vi. Other
IV Balance as at
the end of the 3,881,608,005.00 2,684,615,931.26 200,021,342.74 42,948,822,868.25 69,165,017,608.77 118,480,043,070.54 2,464,346,617.28 120,944,389,687.82
period
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
H1 2025
Unit: RMB
H1 2025
Equity attributable to owners of the parent company
Other equity Othe
instruments Less r Sp Ge
Item : com eci ner Non-controlling
Pref O Total owners’ equity
Perp Trea preh fic al Ot interests
Share capital eren t Capital reserves Surplus reserves Retained earnings Subtotal
etual sury ensiv res res her
ce h
bon shar e erv erv
shar e
ds es inco e e
es r
me
I Balance as
at the end of
the prior
year
Add:
Adjustment
s for
changes in
accounting
policies
Adjustment
s for
correction
of previous
errors
Other
II Balance
as at the
beginning
of the year
III Increase/
decrease in
the period -7,676,965,052.72 -7,676,965,052.72 158,453,400.15 -7,518,511,652.57
(“-” for
decrease)
i. Total
comprehens 4,623,850,715.13 4,623,850,715.13 256,453,400.15 4,880,304,115.28
ive income
ii. Capital
increase and
-98,000,000.00 -98,000,000.00
reduction
by owners
share
increase by
owners
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
increase by
holders of
other equity
instruments
based
payments
recognized
in owners’
equity
iii. Profit
-12,300,815,767.85 -12,300,815,767.85 -12,300,815,767.85
distribution
Appropriate
d to surplus
reserves
Appropriate
d to general
reserve
Distributed
to owners
-12,300,815,767.85 -12,300,815,767.85 -12,300,815,767.85
(or
shareholder
s)
iv. Transfers
within
owners’
equity
in capital
(or share
capital)
from capital
reserves
in capital
(or share
capital)
from
surplus
reserves
reserves
used to
offset loss
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
in defined
benefit
schemes
transferred
to retained
earnings
comprehens
ive income
transferred
to retained
earnings
v. Specific
reserve
in the
period
the period
vi. Other
IV Balance
as at the end
of the
period
H1 2026
Unit: RMB
H1 2026
Other equity
instruments Other
Pre comp
Item Per
fer Less: Treasury rehen Specific
Share capital pet Capital reserves Surplus reserves Retained earnings Other Total owners’ equity
enc shares sive reserve
ual Other
e inco
bo
sha me
nds
res
I Balance as at the end
of the prior year
Add: Adjustments
for changes in
accounting policies
Adjustments
for correction of
previous errors
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Other
II Balance as at the
beginning of the year
III Increase/ decrease in
the period (“-” for 200,021,342.74 -9,664,986,210.19 -9,865,007,552.93
decrease)
i. Total comprehensive
income
ii. Capital increase and
reduction by owners
increase by owners
holders of other equity
instruments
recognized in owners’
equity
iii. Profit distribution -10,006,785,436.88 -10,006,785,436.88
surplus reserves
-10,006,785,436.88 -10,006,785,436.88
(or shareholders)
iv. Transfers within
owners’ equity
share capital) from
capital reserves
share capital) from
surplus reserves
to offset loss
benefit schemes
transferred to retained
earnings
income transferred to
retained earnings
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
v. Specific reserve
vi. Other
IV Balance as at the end
of the period
H1 2025
Unit: RMB
H1 2025
Other equity instruments Other
Less:
comp Speci
Item Prefer Treas Ot
Perpe rehen fic
Share capital ence Capital reserves ury Surplus reserves Retained earnings he Total owners’ equity
tual Other sive reserv
share share r
bonds inco e
s s
me
I Balance as at the end of
the prior year
Add: Adjustments
for changes in
accounting policies
Adjustments
for correction of
previous errors
Other
II Balance as at the
beginning of the year
III Increase/ decrease in
the period (“-” for -11,820,757,592.07 -11,820,757,592.07
decrease)
i. Total comprehensive
income
ii. Capital increase and
reduction by owners
increase by owners
holders of other equity
instruments
recognized in owners’
equity
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
iii. Profit distribution -12,300,815,767.85 -12,300,815,767.85
surplus reserves
-12,300,815,767.85 -12,300,815,767.85
(or shareholders)
iv. Transfers within
owners’ equity
share capital) from
capital reserves
share capital) from
surplus reserves
to offset loss
benefit schemes
transferred to retained
earnings
income transferred to
retained earnings
v. Specific reserve
vi. Other
IV Balance as at the end
of the period
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
III Company Profile
Wuliangye Yibin Co., Ltd. (hereinafter referred to as the “Company”) is a company limited by shares
established by Sichuan Yibin Wuliangye Distillery through fund raising on August 19, 1997 with the approval of
Document CFH (1997) No. 295 issued by the People’s Government of Sichuan Province. The Company is
principally engaged in the production and sales of “Wuliangye”-branded Baijiu products and other Baijiu series,
with a registered capital of RMB3,881.6080 million and registered address: 150 Minjiang West Road, Cuiping
District, Yibin City, Sichuan Province, China.
The Company issued 80 million ordinary shares (in RMB) on-line by fixed price offering at Shenzhen Stock
Exchange on April 27, 1998. According to the resolution of the extraordinary general meeting of Shareholders in
September 1999, the Company, based on the total share capital of 320 million shares on June 30, 1999, transferred
capital reserve to increase share capital, increasing five shares for every ten shares and the total share capital after
the conversion was changed to 480 million shares. The Company placed 31.2 million ordinary shares (in RMB) to
the original shareholders as approved by Document ZH.J.G.S.Z. [2001] No. 6 issued by the China Securities
Regulatory Commission. The total share capital after the placement was 511.2 million shares. In August 2001, the
Company implemented the interim distribution plan 2001 and issued four bonus shares and increased three shares
for every ten shares by transferring capital reserve to share capital, with 357.84 million bonus shares and shares
transferred from capital reserve in total. The total share capital after the issuance and translation was 869.04
million shares. In April 2002, the Company implemented the distribution plan 2001 and issued one bonus shares,
increased two shares by transferring capital reserve to share capital, and distributed RMB0.25 (tax inclusive) in
cash for every ten shares, with 260.712 million bonus shares in total. The total share capital after the issuance and
translation was 1,129.752 million shares. In April 2003, the Company implemented the distribution plan 2002 and
increased two shares for every ten shares by transferring capital reserve to share capital for all shareholders,
increasing the share capital by 225.9504 million shares. The total share capital after the translation was
bonus shares and increased two shares by transferring capital reserve to share capital for every ten shares, with
million shares.
On March 31, 2006, the Company carried out the equity division reform and the shareholding structure after
the reform was as below: 1,817.7869 million shares for state-owned legal person, taking up 67.04% of the total
share capital, 493.4 thousand shares for officers, taking up 0.02% of the total share capital, and 893.1245 million
shares for other shareholders, taking up 32.94% of the total share capital. The total share capital remained at
In April 2007, the Company implemented the distribution plan 2006 and issued four bonus shares and
distributed RMB0.60 (tax inclusive) in cash for every ten shares, with 1,084.5619 million bonus shares in total.
The total share capital after the issuance and distribution was 3,795.96672 million shares. On April 2, 2008, shares
for state-owned legal person decreased by 416.5303 million shares due to the exercise of warrants and became
shares, taking up 43.93% of the total share capital.
According to the Notice on Free Transfer of Shares Held by State-owned Shareholders of Wuliangye Yibin
Co., Ltd. of the State-owned Assets Supervision and Administration Commission of Sichuan Province
(CH.G.Z.CH.Q. [2012] No. 88) and the Reply on Free Transfer of Shares Held by State-owned Shareholders of
Wuliangye Yibin Co., Ltd. of the State-owned Assets Supervision and Administration Commission of the State
Council (G.Z.CH.Q. [2012] No. 889), Yibin State-Owned Assets Operation Co., Ltd. (renamed as Yibin
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Development Holding Group Co., Ltd. in 2021) transferred 761,823,343 shares held by it in the Company to
Sichuan Yibin Wuliangye Group Co., Ltd. for free on October 10, 2012. After this free transfer of shares, Yibin
Development Holding Group Co., Ltd. still held 36% shares of the Company (i.e. 1,366,548,020 shares) and was
the first majority shareholder of the Company; Sichuan Yibin Wuliangye Group Co., Ltd., holding 20.07% shares
of the Company (i.e. 791,823,343 shares), was the second majority shareholder of the Company.
According to the Reply on Free Transfer of 49% Shares Held by Sichuan Yibin Wuliangye Group Co., Ltd.
(Y.G.Z.W. [2016] No. 32), the State-owned Assets Supervision and Administration Commission of the People’s
Government of Yibin City transferred 49% shares held by it in Sichuan Yibin Wuliangye Group Co., Ltd. to Yibin
Development Holding Group Co., Ltd. for free in 2016. This transfer of shares did not involve the change of
shares held by both parties in the Company, without changing the controlling shareholder and actual controller of
the Company.
According to the resolutions of the 11th meeting of the 5th Board of Directors, annual general meeting of
Shareholders 2015, the 19th meeting of the 5th Board of Directors, the 24th meeting of the 5th Board of Directors,
and annual general meeting of Shareholders 2016 of the Company and as approved by the License ZH.J.X.K.
[2017] No. 1910 issued by the China Securities Regulatory Commission, the Company issued 85,641,285 shares
by non-public offering by means of targeted issue on April 12, 2018. The total share capital after the issuance was
the total share capital, and 1,753.2366 million shares for other shareholders, taking up 45.17% of the total share
capital.
According to the Reply on Approval of Free Transfer of Shares Held by Wuliangye Yibin Co., Ltd. (Y.G.Z.W.
[2020] No. 157), issued by The State-owned Assets Supervision and Administration Commission of the People’s
Government of Yibin City, the transfer was approved in principle. On August 24, 2020, Yibin Development
Holding Group Co., Ltd. transferred 30,000,000 shares held by it in the Company to Sichuan Yibin Wuliangye
Group Co., Ltd. for free. After this transfer of shares, Yibin Development Holding Group Co., Ltd. still held
Sichuan Yibin Wuliangye Group Co., Ltd., holding 20.40% shares of the Company (i.e. 791,823,343 shares), was
the second majority shareholder of the Company. This transfer of shares did not change the controlling
shareholder and actual controller of the Company.
Sichuan Yibin Wuliangye Group Co., Ltd. has, during the period from December 14, 2023 to the close of
trading on June 12, 2024, cumulatively increased its shareholding in the Company by 3,406,668 shares (or 0.09%
of the Company’s current total share capital of 3,881,608,005 shares) through the trading system of the Shenzhen
Stock Exchange by way of centralized bidding with an amount of RMB500.0016 million. Upon completion of the
implementation of the shareholding increase plan, Yibin Development Holding Group Co., Ltd. still holds a
Sichuan Yibin Wuliangye Group Co., Ltd. holds a 20.49% interest in the Company (i.e. 795,230,011 shares),
being the second largest shareholder of the Company. Therefore, the controlling shareholder and the actual
controller of the Company have remained unchanged.
During the period from April 9, 2025 to the close of trading on September 30, 2025, Sichuan Yibin
Wuliangye Group Co., Ltd. (Wuliangye Group) purchased a total of 6,273,266 additional shares through the
trading system of the Shenzhen Stock Exchange by way of centralized bidding with an amount of RMB800.0363
million, accounting for 0.16% of the Company’s total share capital of 3,881,608,005 shares. Upon completion of
the implementation of the shareholding increase plan, Yibin Development Holding Group Co., Ltd. still holds a
Sichuan Yibin Wuliangye Group Co., Ltd. holds a 20.65% interest in the Company (i.e. 801,503,277 shares),
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
being the second largest shareholder of the Company. Therefore, the controlling shareholder and the actual
controller of the Company have remained unchanged.
During the period from May 7, 2026 to the close of trading on May 21, 2026, Sichuan Yibin Wuliangye
Group Co., Ltd. cumulatively increased its shareholding in the Company by 1,116,000 shares through the trading
system of the Shenzhen Stock Exchange via centralized bidding transactions, representing 0.03% of the
Company's existing total share capital of 3,881,608,005 shares. The amount of the shareholding increase was
RMB99.4359 million. As of June 30, 2026, Yibin Development Holding Group Co., Ltd. still held 34.43% of the
Company's shares (namely 1,336,548,020 shares), making it the Company's largest shareholder. Sichuan Yibin
Wuliangye Group Co., Ltd. held 20.68% of the Company's shares (namely 802,619,277 shares), making it the
Company's second largest shareholder. Therefore, the controlling shareholder and the actual controller of the
Company have remained unchanged.
The Company is engaged in the beverage production industry and its business scope is: Production and
operation of liquor products and relevant auxiliary products (bottle caps, trademarks, logos and packaging
products). Its primary products are “Wuliangye”-branded Baijiu products and other Baijiu series.
The Company’s parent company is Yibin Development Holding Group Co., Ltd., and ultimate controller is
The State-owned Assets Supervision and Administration Commission of the People’s Government of Yibin City.
These financial statements have been approved for issue by the Board of Directors of the Company on
August 27, 2026.
IV Preparation Basis for Financial Statements
The financial statements are prepared on the assumption that the Company is a going concern, based on
actual transactions, in accordance with the relevant provisions of the Accounting Standards for Business
Enterprises, and based on the significant accounting policies and accounting estimates described below.
The Company has the ability of going concern for at least 12 months from the end of the Reporting Period,
and there is no major event affecting the ability of going concern.
V Significant Accounting Policies and Accounting Estimates
The Company is subject to the disclosure requirements for the food and wine & liquor production industry in
Guidelines No. 3 of the Shenzhen Stock Exchange for the Self-Regulation of Listed Companies—Industry-
specific Information Disclosure.
Specific accounting policies and accounting estimates:
The contents disclosed below cover the specific accounting policies and accounting estimates formulated by
the Company according to the actual production and operation characteristics.
The financial statements prepared on the above-mentioned basis comply with the requirements of the latest
Accounting Standards for Business Enterprises, application guidelines, interpretations and other related
regulations issued by the Ministry of Finance (collectively referred to as the “Accounting Standards for Business
Enterprises”, which truly and completely reflect the Company’s financial position, operating results, cash flows
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
and other relevant information.
In addition, these financial statements have been prepared by reference to the presentation and disclosure
requirements of the Preparation Rules for Information Disclosure by Companies Offering Securities to the Public
No. 15 - General Provisions on Financial Reports (2023 revision) issued by the China Securities Regulatory
Commission.
An accounting year of the Company is from January 1 to December 31 of each calendar year.
The Company’s operating cycle is 12 months.
RMB is adopted as the recording currency of the Company.
Applicable □ Not applicable
Item Significance standard
Significant receivables withdrawal of bad The provision separately accrued amount accounts for over 10% of the total bad
debt provision separately accrued debt provision for various receivables and exceeds RMB40 million.
Significant bad debt provision recovered or The separately accrued recovery or reversal amount accounts for over 10% of the
reversed in accounts receivables total receivables and exceeds RMB40 million.
The separately accrued write-off amount accounts for over 10% of the total
Write-off of significant accounts receivable
receivables and exceeds RMB40 million.
The separately accrued investment budget for construction in progress exceeds
Significant construction in progress
RMB1 billion.
Exceeds 10% of the total budget for existing research and development projects,
Significant externally purchased research and
with the amount of externally purchased research and development projects
development projects
exceeding RMB40 million.
Significant capitalised research and Exceeds 10% of the total budget for existing research and development projects,
development projects with the capitalisation amount for the current period exceeding RMB40 million.
Significant prepayments, accounts payable, Accounts aged over 1 year account for over 10% of the corresponding items in the
and other accounts payable consolidated financial statements and exceed RMB1 billion.
Significant advances received and contract Accounts aged over 1 year account for over 10% of the corresponding items in the
liabilities consolidated financial statements and exceed RMB1 billion.
Individual investment cash flows account for over 10% of the total cash flows in
Significant investment projects
or out of investment activities, exceeding RMB10 billion.
Minority shareholders hold 5% or more equity, with total assets, net assets,
Significant non-wholly-owned subsidiary operating income, and net profit accounting for over 10% of the corresponding
items in the consolidated financial statements.
Significant joint ventures or associated The long-term equity investment amount accounts for over 1% of the total assets
enterprises in the consolidated financial statements.
(1) Accounting methods for business combinations involving entities under common control
For a business combination under the common control achieved through step-by-step implementation of
multiple transactions by the Company, the assets and liabilities acquired in a business combination are measured
at the carrying amount of the acquiree in the consolidated financial statements of the ultimate controlling party at
the date of combination. The difference between the carrying amount of the net assets obtained by the Company
and the carrying amount of consideration paid for the combination (or total par value of the shares issued) is
adjusted against the capital reserve; if the capital reserve is not sufficient for writing down, the retained earnings
shall be adjusted.
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
(2) Accounting methods for business combinations involving entities not under common control
On the acquisition date, the difference between the combination costs and the fair value share of the
identifiable net assets of the acquiree obtained in the merger is recognized as goodwill. If the combination costs
are less than the fair value share of the identifiable net assets of the acquiree obtained in the combination, firstly,
the fair value of identifiable assets, liabilities and contingent liabilities of the acquiree and the measurement of
combination costs are reviewed. If the combination costs are still less than the fair value share of identifiable net
assets of the acquiree obtained in the merger after review, the difference is recorded in current profit or loss.
Business combinations not under the same control achieved step by step through multiple transactions
should be treated in the following order:
purchase is accounted under the equity method, the equity is remeasured at the fair value on the purchase date,
and the difference between the fair value and its carrying amount is included in the investment income of the
current period; if the equity in the acquiree held prior to the purchase date involves other comprehensive income
or changes in other owners’ equity under the equity method of accounting, it is converted into income for the
current period on the purchase date, except for other comprehensive income arising from the re-measurement of
the invested company’s net liabilities of the defined benefit pension plan or changes in net assets of the defined
benefit plan and changes in the fair value of investments in other equity instruments held.
initial investment cost of long-term equity investments adjusted in the first step with the share of the fair value of
the identifiable net assets of the subsidiary on the purchase date, if the former is more than the latter, the
difference between the former and the latter is recognized as goodwill; if the former is less than the latter, the
difference is included in the current profit or loss.
Step-by-step disposal of equity through multiple transactions that results in loss of control over the
subsidiary:
results in the loss of control over a subsidiary constitute a “package deal”
The multiple transactions are generally regarded as a “package deal” in accounting treatment if the clauses,
conditions, and economic impacts of various transactions fall under one or more of the following circumstances:
① These transactions were entered into simultaneously or considering their mutual influence;
② The transactions as a whole can achieve a complete commercial outcome;
③ The occurrence of one transaction is contingent upon the occurrence of at least one other transaction;
④ One transaction is uneconomical on its own, but it is economical when taken together with other
transactions.
loss of control over a subsidiary constitute a “package deal”
If the transactions in the disposal of equity of a subsidiary that results in the loss of control constitute a
package deal, each transaction should be accounted for as a transaction that disposes of and loses control over a
subsidiary; however, the difference between the disposal price and the share of the net assets of the subsidiary
corresponding to the disposal of the investment for each disposal prior to the loss of control should be recognized
as other comprehensive earnings in the consolidated financial statements and transferred to profit or loss for the
current period when the Company lost the control.
In the consolidated financial statements, the remaining equity should be remeasured at fair value on the date
of loss of control. The sum of the consideration obtained from the disposition of equity and the fair value of the
residual equity minus the Company’s portion of net assets in the former subsidiary calculated from the date of
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
combination on an ongoing basis at the original shareholding ratio is included in the return on investment for the
current period when the Company lost the control. Other comprehensive income related to the equity investments
in the former subsidiary should be included in the return on investment or retained earnings for the current period
when the Company lost the control.
loss of control over a subsidiary do not constitute a “package deal”
If the Company disposes of investments made in its subsidiary without losing control over the subsidiary, in
the consolidated financial statements, the difference between the payment for equity disposed of and the
Company’s corresponding portion of net assets in the subsidiary is included in the capital reserve. If the capital
reserve is insufficient for writing down, the retained earnings should be adjusted.
If the disposal of investments made in its subsidiary results in a loss of control over the subsidiary, in the
consolidated financial statements, the remaining equity should be remeasured at the fair value on the date of loss
of control. The sum of the consideration obtained from the disposal of equity and the fair value of the remaining
equity minus the Company’s portion of net assets in the former subsidiary calculated from the date of combination
on an ongoing basis at the original shareholding ratio is included in the return on investment for the current period
when the Company lost the control. Other comprehensive income related to the equity investments in the former
subsidiary should be included in the return on investment or retained earnings for the current period when the
Company lost the control.
The scope of consolidation of the Company’s consolidated financial statements shall be determined on the
basis of control.
Control means that the Company has the power over the invested company, gets variable return by
participating in related activities of the invested company and has the ability to influence the amount of the return
by its power over the invested company. Related activities refer to activities that have a significant impact on the
returns of the invested company. The related activities of the invested company should be judged based on the
specific circumstances, and usually include the sale and purchase of goods or services, the management of
financial assets, the purchase and disposal of assets, research and development activities, and financing activities.
The Company will judge whether these entities have been controlled by the investee based on its
comprehensive consideration of relevant facts and circumstances. Should any changes in such facts and
circumstances alter the elements defining control, a reassessment is promptly conducted. Relevant facts and
circumstances mainly include: (1) the purpose of the investee’s establishment; (2) the investee’s activities and
how decisions regarding them are made; (3) whether the rights held by the investor currently enable it to dominate
the investee’s activities; (4) whether the investor receives variable returns from participating in the investee’s
activities; (5) whether the investor has the ability to use its power over the investee to affect the amount of its
returns; (6) the relationship between the investor and other parties.
The consolidated financial statements are based on the financial statements of the parent company and its
subsidiaries and are prepared by the Company in accordance with Accounting Standard No. 33 for Business
Enterprises - Consolidated Financial Statements based on other relevant information.
The parent company shall prepare the consolidated financial statements based on its financial statements and
those of its subsidiaries and according to other relevant information. The share of the subsidiaries in current
profit/loss attributable to non-controlling interests shall be presented in the consolidated income statement as “net
profit attributable to non-controlling interests” under the net profit. The share in current comprehensive income of
the subsidiaries which is attributable to non-controlling interests shall be presented in the consolidated income
statement as “total comprehensive income attributable to non-controlling interests” under the total other
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
comprehensive income.
For subsidiaries and businesses of the parent company added by business combination involving enterprises
under the common control during the Reporting Period, the revenue, expenses, and profits of such subsidiaries
and businesses from the beginning to the end of the period of business combination shall be recorded into the
consolidated income statement. Cash flows of such subsidiaries and businesses from the beginning to the end of
the year of business combination shall be recorded into the consolidated cash flow statement, and relevant items
of the statements shall be adjusted through comparison of the statements, as if the reporting entity after the
combination had been existing from control of the final controlling party after the combination comes into effect.
For subsidiaries and businesses added by business combination involving enterprises not under the common
control or other means, the revenue, expenses, and profits of such subsidiaries and businesses from the date of
acquisition to the end of Reporting Period shall be recorded into the consolidated income statement. Cash flows of
such subsidiary from the date of acquisition to the end of the Reporting Period shall be recorded into the
consolidated cash flow statement.
When the parent company disposes subsidiaries and businesses during the Reporting Period, the revenue,
expenses, and profits of such subsidiary and business from the beginning of the Reporting Period to the date of
disposal shall be recorded into the consolidated income statement; and the cash flow of such subsidiary and
business from the beginning of the Reporting Period to the date of disposal shall be recorded into the consolidated
cash flow statement.
In the consolidated financial statements, when the parent company acquires the equity held by the minority
shareholders in the subsidiary, the difference between the long-term equity investment obtained by acquiring non-
controlling interests and the share of the net assets to be enjoyed and continuously calculated from the date of
acquisition or combination according to the new increase in shareholding proportion shall be adjusted against the
capital reserve (capital premium or share premium). If the capital reserve is not sufficient for writing down, the
retained earnings shall be adjusted.
(1) Identification and classification of joint arrangements
Joint arrangement refers to an arrangement under the joint control of two or more participants. A joint
arrangement has the following characteristics: 1) Each participant is bound by the arrangement; 2) two or more
parties of the joint arrangement exercise joint control over the arrangement. No one party can control the
arrangement alone, and any party with joint control over the arrangement can prevent the other party or
combination of parties from controlling the arrangement alone.
Joint control refers to the common control of an arrangement in accordance with the relevant agreement, and
related activities of the arrangement must be agreed upon by the parties sharing control rights before they can
make decisions.
Joint arrangements are divided into joint operations and joint ventures. A joint operation is a joint
arrangement whereby the party to joint arrangement has rights to the assets, and obligations for the liabilities
related to the arrangement. A joint venture is a joint arrangement whereby the party to joint arrangement has
rights to the net assets of the arrangement.
(2) Accounting treatment of joint arrangements
A party to a joint operation shall recognize the following items related to its share of interest in the joint
operation and conduct accounting treatment for them in accordance with the relevant provisions of the Accounting
Standard for Business Enterprises: 1) Recognition of assets held separately and of assets held jointly in proportion
to its share; 2) recognition of liabilities incurred separately and of liabilities incurred jointly in proportion to its
share; 3) recognition of revenue from the sale of its share of the output of the joint operation; 4) recognition of
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
revenue from the sale of output of the joint operation in proportion to its share; 5) recognition of expenses
incurred separately and of expenses incurred in the joint operation in proportion to its share.
The party to a joint venture should conduct accounting treatment in accordance with relevant provisions of
the Enterprise Accounting Standard No. 2 - Long-term Equity Investments.
Cash in the cash flow statements refers to cash on hand and deposits that can be used for payment at any
time; cash equivalents refer to the short-term (usually no more than three months since the date of acquisition) and
highly liquid investments that are readily convertible into known amounts of cash and that are subject to an
insignificant risk of change in value.
(1) Conversion of foreign currency business
Transactions denominated in foreign currency are converted into RMB at the spot exchange rate at the
transaction date at initial recognition. At the balance sheet date, the foreign monetary items are converted at the
spot exchange rate at the balance sheet date, and the exchange difference arising from exchange rate difference,
except for the exchange difference arising from principal and interest of foreign currency special borrowings
relating to purchasing assets satisfying capitalization conditions, is included in current profit or loss; the foreign
non-monetary items measured at historical cost are still converted at the spot exchange rate at the transaction date,
and its RMB amount will not be changed; the foreign non-monetary items measured at fair value are converted at
the spot exchange rate at the fair value determination date, and the difference is included in current profit or loss
or other comprehensive income.
(2) Conversion of foreign currency financial statements
The assets and liabilities in the balance sheet are converted at the spot exchange rate at the balance sheet
date; the owners’ equity items, other than retained earnings, are converted at the spot exchange rate at the
transaction date; the incomes and expenses in the income statement are converted at the spot exchange rate at the
transaction date. The foreign currency financial statement conversion difference arising from the aforementioned
translation is recognized as other comprehensive income.
(1) Recognition and de-recognition of financial instruments
The Company recognizes a financial asset or liability when it becomes a party of the relevant financial
instrument contract.
The purchase and sale of financial assets under the normal ways shall be recognized and stopped to be
recognized respectively at the price of transaction date. Regular acquisitions or sales of financial assets mean
delivering financial assets within the time limit of laws, regulations, or usual market practices and in line with
contract terms. The transaction date refers to the date when the Company promises to acquire or sell financial
assets.
A financial asset (or a part of the financial assets, or part of a group of similar financial assets) will be
derecognized, that is, a previously recognized financial asset is transferred from the balance sheet, when meeting
the following conditions:
amount of cash flows received to a third party in a timely manner are assumed under a “pass-through agreement”;
and (a) substantially almost all the risks and returns of its ownership of the financial assets are transferred, or (b)
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
control over the financial asset is relinquished, although substantially all the risks and returns of its ownership of
the financial assets are neither transferred nor retained.
If the obligation of financial liabilities has been assumed, revoked, or terminated, financial liabilities shall be
derecognized. If the current financial liabilities are replaced with other financial liabilities under substantially
different terms by the same creditor, or almost all current liabilities terms are substantially revised, such
replacement or revision shall be taken as the derecognition of original liabilities and recognition of new liabilities,
and the differences are included in the current profit or loss.
(2) Classification and measurement of financial assets
At initial recognition, according to the business model of managing financial assets and the contractual cash
flow characteristics of financial assets, financial assets of the Company are classified into the following categories:
Financial assets measured at the amortized cost, financial assets measured at fair value through other
comprehensive income of the current period, and financial assets measured at fair value through current profit or
loss. The subsequent measurement of financial assets depended on their categories.
Financial assets that meet both of the following conditions shall be classified as financial assets measured at
the amortized cost: The Company’s business model of managing financial assets aims at obtaining contractual
cash flows; and, as stipulated by term contract of the financial assets, the cash flows generated on a specific date
are merely for the payment of principal or the interest from the unpaid principal. Such financial assets are
subsequently measured at the amortized cost using the effective interest method. Gains or losses arising from
derecognition or amortization using the effective interest method are included in current profit or loss.
Financial assets that meet all the following conditions shall be classified as financial assets measured at fair
value through other comprehensive income: The Company’s business model of managing the financial assets aims
at obtaining contractual cash flows as well as selling financial assets; and, as stipulated by contract clauses of the
financial assets, the cash flows generated on a specific date are merely for the payment of principal or interest
from the unpaid principal. Such financial assets shall be subsequently measured at fair value. The discount or
premium is amortized using the effective interest method and recognized as interest income or expense. Changes
in the fair value of such financial assets are recognized as other comprehensive income until the financial asset is
derecognized, at which time the cumulative gain or loss is transferred to current profit or loss, except for
impairment losses and exchange differences on monetary financial assets denominated in foreign currencies,
which are recognized in current profit or loss. Interest income related to such financial assets is included in profit
or loss for the current period.
For financial assets measured at fair value through other comprehensive income that are irrevocably chosen
and designated by the Company from some non-trading equity investments, the relevant dividend income is
included in the current profit or loss, and changes in the fair value are recognized as other comprehensive income,
until the financial assets are derecognized when accumulative gains or losses shall be transferred to retained
earnings.
The aforementioned financial assets measured at the amortized cost and financial assets other than those
measured at fair value through other comprehensive income are classified as financial assets at fair value through
profit or loss. At initial recognition, in order to eliminate or significantly reduce accounting mismatch, financial
assets can be designated as financial assets measured at fair value through the profit or loss for the current period.
Such financial assets shall be measured at fair value, and all changes in fair value are included in the current profit
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
or loss.
Only when the Company changes the business model of managing financial assets, shall relevant financial
assets that are affected be reclassified.
For financial assets at fair value through profit or loss, transaction costs are directly included in the current
profit or loss. For other types of financial assets, related transaction costs are included in their initial recognized
amounts.
(3) Classification and measurement of financial liabilities
At initial recognition, the financial liabilities of the Company are classified into the following categories:
Financial liabilities measured at the amortized cost, and financial liabilities measured at fair value through the
current profit or loss.
Any financial liability meeting any of the following conditions can be designated upon initial measurement
as the financial liabilities at fair value through profit or loss: 1) This designation can eliminate or significantly
reduce accounting mismatch; 2) According to the risk management or investment strategy of the Company as
stated in formal written document, the portfolio of financial liabilities or the portfolio of financial assets and
financial liabilities is managed and evaluated on the basis of fair value, and reported to the key management on
the basis of this inside the Company; 3) This financial liability contains embedded derivative to be separately split.
For financial liabilities measured at fair value through the current profit or loss, transaction costs are directly
included in current profit or loss. For other types of financial liabilities, related transaction costs are included in
their initial recognized amounts.
The subsequent measurement of financial liabilities depends on their categories:
Such financial liabilities are subsequently measured at the amortized cost with the effective interest method.
Financial liabilities measured at fair value through profit or loss for the current period include held-for-
trading financial liabilities (including derivatives that are financial liabilities) and financial liabilities designated as
at fair value through profit or loss at initial recognition.
(4) Financial instrument offset
When the following conditions are met at the same time, the financial assets and financial liabilities shall be
presented as net amount after offset in the balance sheet: The Company has the legal rights to offset the
recognized amount and may exercise such legal rights currently; the Company plans to settle with net amount or
realize the financial asset and pay off the financial liability simultaneously.
(5) Impairment of financial assets
The Company shall recognize impairment for loss of the financial assets measured at the amortized cost,
investment in debt instruments through other comprehensive income and financial guarantee contracts based on
the expected credit loss. Credit loss refers to the difference between all contractual cash flows discounted at the
original effective interest rate and receivable according to the contract and all cash flows expected to be collected
of the Company, i.e. the present value of all cash shortfalls.
The Company considers all reasonable and substantiated information, including forward-looking
information, and estimated the expected credit losses of the financial assets measured at the amortized cost, and
the financial assets (debt instruments) measured at fair value through other comprehensive income by individual
items or portfolios.
If the credit risk of the financial instrument is increased significantly since the initial recognition, the
Company measures its loss reserves according to the amount equivalent to the expected credit losses of the
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
financial instrument in the whole duration; if the credit risk of the financial instrument is not increased
significantly since the initial recognition, the Company measures its loss reserves according to the amount
equivalent to the expected credit losses of the financial instrument in the next 12 months. The consequent
increases or reversals of loss reserves are included in the profit or loss for the current period as an impairment loss
or gain. For the specific assessment of credit risk by the Company, please refer to notes to the financial statements
“Part VIII, XII Risks Related to Financial Instruments”.
On the balance sheet date, the Company measured the expected credit loss of financial instruments at
different stages, respectively. If the credit risk of a financial instrument has not increased significantly since the
initial recognition, the financial instrument is in Stage 1, and the Company measures the provisions for loss
according to the 12-month expected credit loss; if the credit risk of a financial instrument has increased
significantly but the credit impairment has not yet occurred since the initial recognition, the financial instrument is
in Stage 2, and the Company measures the provisions for loss according to the lifetime expected credit losses; if
the financial instrument has suffered credit impairment since the initial recognition, it is in Stage 3, and the
Company measures the provisions for loss according to the lifetime expected credit loss.
For a financial instrument with low credit risk on the balance sheet date, the Company assumes that the
credit risk has not increased significantly since the initial recognition, and the Company measures the provisions
for loss according to the 12-month expected credit loss.
For financial instruments with low credit risk in Stage 1 and Stage 2, the Company shall calculate the
interest income according to the carrying amount and effective interest rate before deducting the provisions for
impairment. For financial instruments in Stage 3, the Company shall calculate the interest income according to the
amortized cost and effective interest rate of the carrying amount after withdrawing the provisions for impairment.
The Company applies a simplified model of expected credit loss to accounts receivable as prescribed by
Accounting Standards for Business Enterprises No.14 – Revenues, excluding significant financing components
(including cases where financing components within contracts not exceeding one year are disregarded under the
standard), and always measures its losses based on the amount of expected credit losses over the entire life of the
accounts receivable.
For accounts receivable containing a significant financing component and lease receivables regulated by
Accounting Standards for Business Enterprises No. 21 —Leases, the Company makes an accounting policy choice
to adopt the simplified model of expected credit loss, i.e., measuring the loss provision equivalent to the expected
credit loss over the entire life of the accounts receivable.
① Accounts receivable
(a) At the end of the Reporting Period, if there is objective evidence indicating that impairment has occurred
in an account receivable, impairment test shall be carried out separately on it, such as accounts receivable in
dispute with counterparties or involved in litigation or arbitration; if there is obvious indication that the debtor is
likely to fail to comply with the repayment obligation, the impairment loss shall be recognized and the bad debt
provisions shall be made based on the balance between the present value of future cash flows and its carrying
value.
(b) If there is no objective evidence indicating that impairment or the credit loss of a single financial asset
cannot be evaluated at reasonable cost, the accounts receivable shall be classified into several groups by
characteristics of credit risk. The expected credit loss shall be calculated based on the combinations and the
account ages. Basis for determining the combinations is as below:
Item Determination basis
Bank acceptance bill group Bank acceptance bills
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Letter of credit group Letters of credit
Commercial acceptance bills group Commercial acceptance bills
Accounts receivable group Accounts receivable from related parties
Accounts receivable group External customer
Other receivables group Other receivables from related parties
Other receivables group Cash float, deposits and other receivables with low credit risk
Other receivables group Other amounts
For accounts receivable divided into groups, the Company, with reference to historical experience in credit
loss and based on current situation and forecast of future economic situation, shall prepare a comparison table
between the aging of accounts receivable and the lifetime expected credit loss rate to calculate the expected credit
losses. For other groups, the Company, with reference to historical experience in credit loss and based on current
situation and forecast of future economic situation, shall calculate the expected credit losses according to the
exposure at default and the 12-month or lifetime expected credit loss rate.
② Debt investments and other debt investments
For debt investment and other debt investments, the Company shall calculate the expected credit loss
according to the nature of investment, types of counterparties and risk exposure, exposure at default and the 12-
month or lifetime expected credit loss rate.
The Company shall include the provision or reversal for loss made or included in current profit or loss. For
investment in debts instruments at fair value through other comprehensive income, the Company shall adjust other
comprehensive income when the impairment loss or gain is included in current profit or loss; for financial assets
measured at amortized cost, the provision for loss shall offset the carrying value of such financial assets.
(1) Classification of inventory
Inventories include finished goods or goods held for sale in the ordinary course of business, work in process
in the production process, materials or supplies to be consumed in the production process, or the rendering of
services.
(2) Valuation method of shipped inventory
Grains, raw coal and auxiliary materials for producing Baijiu are measured at actual cost, and shipped
inventories are priced by weighted average method; paper, printing ink, and auxiliary materials for producing
printed matters are measured at planned cost when purchased and shipped, with the difference between actual cost
and planned cost included in “materials cost difference”. The difference to be amortized by the materials shipped
shall be calculated by materials cost difference by category at the end of the month, so as to adjust cost of the
materials shipped into actual cost; goods in process, self-manufactured semi-finished products, and finished
products are measured at actual cost and priced by weighted average method when shipped.
(3) Inventory system of inventories
The perpetual inventory system is adopted.
(4) Amortization method for low-value consumables and packaging materials
The one-off amortization method is adopted.
(5) Determination basis and methods for provision of inventory falling price reserves
On the balance sheet date, the inventories shall be measured at the lower of cost and net realizable value. If
cost of the inventories is higher than the net realizable value, a provision for inventory falling price reserves shall
be made and included in current profit or loss.
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Net realizable value refers to the amount after deducting the cost estimated until completion, estimated
selling expenses, and relevant taxes from the estimated selling price of the inventory.
The Company shall determine the net realizable value of inventories based on solid evidence obtained and
after taking into consideration the purpose for which the inventory is held, and the impact of post-balance sheet
events. Materials held for use in the production of inventories are measured at cost if the net realizable value of
the finished products in which they will be incorporated is higher than their cost; decline in the price of materials
indicates that the cost of the finished products exceeds their net realizable value, the materials are measured at net
realizable value. The net realizable value of inventory held to satisfy sales or service contracts is based on the
contract price. If the quantities held by the Company is higher than the quantities of inventories specified in sales
contracts, the net realizable value of the excess portion of inventories shall be based on general selling price.
Any of the following circumstances usually indicates that net realizable value of an inventory is lower than
the cost:
future;
the product;
the market price of the raw material is lower than the book cost;
change of market demands due to change of consumer preference; and
The Company shall usually determine the falling price reserves of inventories on an item-by-item basis. For
inventories in large amount and low unit price, provision for inventory falling price reserves may be made by
category of the inventories. For item of inventories relating to a product line that is produced and marketed in the
same geographical area, have the same or similar end uses or purposes, and cannot be practically measured
separately from other items, provision for inventory falling price reserves may be made on an aggregate basis.
The Company shall determine the net realizable value of inventories on the balance sheet date. When factors
causing written-down of the inventory value disappear, the amount written down shall be recovered and will be
reversed from the provided inventory falling price reserves. The amount reversed will be included in current profit
or loss.
(1) Recognition criteria and accounting methods for non-current assets or disposal groups held for sale
The Company classifies group components (or non-current assets) that meet the following conditions
simultaneously as assets held for sale: 1) Assets or disposal groups can be sold immediately under current
conditions based on the practice of selling such assets or disposal groups in similar transactions; 2) The sale is
very likely to occur, that is, the Company has already made a resolution on a sale plan and obtained a certain
acquisition commitment, and the sale is expected to be completed within one year. (A certain acquisition
commitment refers to a legally binding acquisition agreement signed by an enterprise and other parties, which
includes important terms such as transaction price, time and sufficiently severe default penalties, so as to make it
extremely unlikely that the agreement will be significantly adjusted or revoked.) It has been approved by relevant
authorities or regulatory authorities in accordance with relevant regulations.
The Company adjusts the expected net residual value of assets held for sale to reflect the net amount of fair
value minus selling costs (but not exceeding the original carrying amount of the asset held for sale). The
difference between the original book value and the adjusted expected net residual value is recognized as an
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
impairment loss and included in the current profit or loss, with a corresponding impairment provision for the asset
held for sale. The amount of asset impairment loss recognized for disposal groups held for sale shall be offset
against the carrying amount of goodwill in the disposal group first, and then against the carrying value of each
non-current asset proportionately according to the proportion of the carrying value of each non-current asset in the
disposal group as defined in the applicable measurement of the Accounting Standards for Business Enterprises No.
If, after follow-up balance sheet dates, the fair value less costs to sell of non-current assets held for sale
increases, the previously recognized impairment loss shall be reversed. The amount of the reversal is transferred
from the impairment loss recognized for assets classified as held for sale, and the reversal amount is recognized in
current profit or loss, follow-up balance sheet date Impairment losses recognized before an asset is classified as
held for sale shall not be reversed. If the net amount of fair value minus selling costs for assets held for sale or
disposal groups increases after the follow-up balance sheet date, previously recognized impairment losses should
be reversed, and the reversal should be applied in accordance with the measurement regulations for non-current
assets classified as held for sale, as stated in Accounting Standards for Business Enterprises No. 42—Non-current
Assets Held for Sale, Disposal Groups, and Discontinued Operations, and the reversal amount is recognized in the
current profit or loss. The carrying amount of goodwill that has been impaired, and the impairment losses of non-
current assets recognized before being classified as held for sale, as per Accounting Standards for Business
Enterprises No. 42—Non-current Assets Held for Sale, Disposal Groups, and Discontinued Operations., cannot be
reversed. The reversal of asset impairment losses recognized for assets held for sale in a disposal group should be
proportionally increased based on the carrying value of each non-current asset in the disposal group, excluding
goodwill, in accordance with their respective carrying amounts under the measurement regulations of Accounting
Standards for Business Enterprises No. 42—Non-current Assets Held for Sale, Disposal Groups, and
Discontinued Operations. If an enterprise loses control over a subsidiary due to the sale of its investment in a
subsidiary or other reasons, regardless of whether the enterprise retains part of the equity investment after the sale,
when the investment in the subsidiary to be sold satisfies the classification conditions of the held-for-sale the
parent company category, the investment in the subsidiary shall be classified as held for sale as a whole in
individual financial statements of the parent Company, and all assets and liabilities of the subsidiary shall be
classified as held for sale in the consolidated financial statements.
(2) Recognition criteria and presentation of discontinued operations
Discontinued operation refers to a component of an enterprise that meets one of the following conditions,
can be distinguished separately, and has either been disposed of or classified as held for sale: 1) The component
represents a major separate business or a major geographical area of operation; 2) The component is part of a plan
to dispose of a major separate business or a major geographical area of operation; 3) The component is a
subsidiary acquired specifically for resale.
The definition of discontinued operations includes the following three aspects:
this component should be clearly distinguishable from other parts of the enterprise when preparing financial
statements and conducting business operations.
independent major business or a separate major operating region, or part of a related plan to dispose of such a
business or operating region.
discontinued operations should belong to one of the following two conditions: it has already been disposed of
before the balance sheet date, including being sold or ended (e.g., shut down or scrapped); or it has been classified
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
as held for sale before the balance sheet date.
(1) Determination of initial investment cost
in cash, transfers non-cash assets, assumes its liabilities, or issues equity securities on the date of combination, it
regards the share of the carrying amount of the owners’ equity of the combined party included in the consolidated
financial statements of the ultimate controlling party as the initial cost of the investment. The share premium of
the capital reserve shall be adjusted with the difference between the initial investment cost of the long-term equity
investment and the carrying amount of the consideration paid or the par value of shares issued. If the share
premium of the capital reserve is insufficient for writing down, the retained earnings shall be adjusted.
In cases of step-by-step implementation of business combinations under common control, the initial
investment cost of the investment shall be the share of the acquired entity’s owners’ equity attributable to the
acquiring entity on the acquisition date, calculated based on the ownership percentage. The difference between the
initial investment cost and the sum of the carrying amount of the original long-term equity investments and the
carrying value of any additional consideration paid for further shares acquired on the acquisition date is adjusted
to share premium (capital surplus or share premium). If the share premium is insufficient for writing down, the
retained earnings shall be used for writing down.
paid by it on the acquisition date shall be its initial investment cost.
taken as its initial investment cost; if it is acquired by issuing equity securities, the fair value of the issued equity
securities shall be taken as its initial investment cost; if it is acquired by the investment of the investors, the value
agreed in the investment contract or agreement shall be taken as its initial investment cost (except when the agreed
value is considered unfair).
(2) Subsequent measurement and profit & loss recognition methods
For long-term equity investments in invested companies over which the Company has control, the cost
method is used in the Company’s individual financial statements; for long-term equity investments with joint
control or significant influence, the equity method is applied.
Under the cost method, long-term equity investments are valued at the initial investment cost. Except for the
price actually paid at the acquisition of investment or the declared but undistributed cash dividends or profits
included in the consideration, the Company recognized the return on investment of the current period in
accordance with the cash dividends or profits declared and distributed by the invested company, with
consideration given to the impairment of long-term investments based on applicable impairment policies.
For long-term equity investment accounted for using the equity method, if the initial cost of long-term
equity investment is greater than the fair value of identifiable net assets of the invested company gained from the
investment, the excess shall be included in the initial investment cost of the long-term equity investment. If the
initial investment cost is smaller than the fair value of identifiable net assets of the invested company gained from
the investment, the difference shall be included in the current profit or loss, and the cost of long-term equity
investments shall be adjusted.
Under the equity method, after acquiring long-term equity investments, the investment gains or losses are
realized based on the share of net profit or loss that the invested company shall be entitled to or share. The long-
term equity investment’s carrying amount is adjusted accordingly. When the share of the net profits and losses of
the invested company is recognized, the fair value of the invested company’s identifiable assets at the time of
obtaining the investment shall be used as the basis. This is done in accordance with the Company’s accounting
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
policies and accounting period, and internal transaction gains and losses with joint ventures and associates are
offset based on the ownership proportion attributable to the investing company (except when internal transaction
losses are related to asset impairment losses, in which case they shall be fully recognized). Subsequent to
adjusting the net profits of the invested institution after recognition. The investor reduces the carrying amount of
long-term equity investments correspondingly when calculating the portion to be received based on the cash
dividends or profits declared to be distributed by the invested company. The Company shall recognize the net
losses of the invested company until the carrying amount of the long-term equity investment and other long-term
rights and interests which substantially form the net investment made to the invested company are reduced to zero,
unless the Company has the obligation to undertake extra losses. As for other changes in owners’ equity except
for the net profit and loss of the invested company, the Company shall adjust the carrying amount of the long-term
equity investment and include it in the owners’ equity.
(3) Determination basis of control and significant influence on the invested company
Control means that the investor has power over the invested company, enjoys variable returns by
participating in the relevant activities of the invested company, and has the ability to use the power over the
invested company to affect the amount of returns. Significant influence means that the investor has the rights to
participate in the decision-making of the financial and operating policies of the invested company, but cannot
control or jointly control the formulation of these policies with other parties.
(4) Disposal of long-term equity investments
In the case of a partial disposal of long-term equity investments in a subsidiary without losing control, the
variance between the disposal proceeds and the corresponding carrying amount of the disposed investment is
recognized as current investment income.
In cases where control over a subsidiary is lost due to the disposal of equity investments or other reasons, the
carrying amount of long-term equity investments corresponding to the disposed equity shall be transferred. The
difference between the proceeds from the sale and the carrying value of the disposed long-term equity investment
shall be recognized as investment income (loss). At the same time, the remaining equity shall be recognized at its
carrying value as long-term equity investments or other related financial assets. If the remaining equity after the
disposal can exercise joint control or significant influence over the subsidiary, accounting treatment shall be
conducted in accordance with relevant regulations on the conversion from the cost method to the equity method.
(5) Impairment test method and impairment provision method
Investments in subsidiaries, associates, and joint ventures should be assessed for impairment at the balance
sheet date if there is objective evidence indicating impairment. The corresponding impairment provision should be
recognized based on the difference between the carrying amount and the recoverable amount.
(1) Recognition conditions
Fixed assets refer to tangible assets which are held for producing goods, providing services, renting or
operation and management and with service life of more than one accounting year and high unit value.
Costs of outsourced fixed assets include purchase price, import duty and other relevant taxes, and other
expenditures incurred before and for making the fixed assets reach its intended condition for use directly
attributable to such assets.
Book value of self-constructed fixed assets shall be the necessary expenditures incurred before and for
making the fixed assets reach its intended condition for use. Book value of fixed assets invested by investors
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
shall be the value recognized by the investors.
Subsequent expenditures related to fixed assets shall be included in the cost of fixed assets if meeting the
recognition conditions for fixed assets, and shall be included in current profit or loss if not meeting the
recognition conditions for fixed assets.
Fixed assets are recorded at actual cost at the time of acquisition and depreciated using the straight-line
method from the second month after they reach their intended serviceable condition.
(2) Depreciation method
Category Depreciation Method Depreciation Life Residual Rate Yearly Depreciation Rate
Tenements and Buildings Straight-line method 25-30 years 3%-5% 3.17-3.88%
Machinery and
Straight-line method 8-12 years 3%-5% 7.92-12.13%
equipment
Transport equipment Straight-line method six years 3%-5% 15.83-16.17%
Other equipment Straight-line method six years 3%-5% 15.83-16.17%
(3) Impairment testing method and impairment provision method for fixed assets
If there are signs that fixed assets have been impaired on the balance sheet date, a corresponding impairment
provision shall be made based on the difference between the book value and the recoverable amount.
(1) From the date when the construction in progress is ready for its intended use, based on factors such as
the project budget, cost, or actual cost, it is transferred to fixed assets based on the estimated value and
depreciated according to the Company’s fixed asset depreciation policy. Adjustment shall be made to the
originally and provisionally estimated value based on the actual cost after the completion settlement is handled,
but depreciation already provided shall not be adjusted.
(2) If there are signs that construction in progress has been impaired on the balance sheet date, a
corresponding impairment provision shall be made based on the difference between the book value and the
recoverable amount.
(1) Recognition principles of capitalization of borrowing costs
The borrowing costs that have occurred and can be directly attributed to the acquisition, construction or
production of assets eligible for capitalization are capitalized by the Company and recorded in relevant cost of
assets; other borrowing costs are recognized as expenses based on the amount incurred when they occur, and shall
be recorded in current profit or loss.
(2) Capitalization period of borrowing costs
expenditure has already occurred; 2) Borrowing costs have already occurred; 3) Acquisition and construction
activities necessary to bring the assets to the intended condition for use or sale have already begun.
suspended for over three months for abnormal reasons, capitalization of the borrowing costs shall be suspended;
borrowing costs incurred during the suspension shall be recognized as the current costs until the acquisition,
construction or production of assets is resumed.
reach the expected available or marketable status, the capitalization of the borrowing costs shall be suspended.
(3) Capitalized amount of borrowing costs
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
For borrowings exclusively for the acquisition and construction or production of assets eligible for
capitalization, the to-be-capitalized amount of interest is determined in light of the actual interest expenses
incurred (including amortization of premium or discount based on effective interest method) of the special
borrowings in the current period less the interest income on the unused borrowings as a deposit in the bank or as a
temporary investment; where a general borrowing is used for the acquisition and construction or production of
assets eligible for capitalization, the Company calculates and determines the to-be-capitalized amount of interests
on the general borrowing by multiplying the weighted average asset expenditure of the part of the accumulative
asset disbursements less the general borrowing by the capitalization rate of the general borrowing used.
(1) Service life and the basis for its determination, estimation, amortisation methods or review
procedures
Externally acquired intangible assets shall be measured at the actual cost when acquired and averagely
amortized during the expected service life since the month when the intangible assets is acquired; book value of
the self-developed intangible assets shall be the sum of the expenditures during the research and development
stage of internal research and development projects of the Company which are eligible for capitalization and the
expenditures incurred before reaching the intended condition for use, and be averagely amortized over the
expected service life since the month in which the intangible asset is ready for use.
Service life of intangible assets shall be analysed and determined when acquired. Intangible assets with
limited service life shall be amortized over period during which they may bring economic interests; if the period
during which the intangible assets may bring economic benefit to the enterprise is unforeseeable, such intangible
assets shall be considered as intangible assets with uncertain service life and shall not be amortized.
Impairment test: At the end of each year, the Company shall recheck the service life and amortization
method of the intangible assets. Intangible assets with uncertain service life shall be subject to impairment test
every year whether there is any indication of impairment.
(2) Scope of research and development expenditures and related accounting treatment
The scope of research and development expenditures includes staff salaries for research and development
personnel, direct input costs, depreciation and amortisation expenses, and other expenses. The expenditures of
the Company’s internal research and development projects are divided into research phase expenditures and
development phase expenditures.
Research phase expenditures of internal research and development projects shall be included in current
profit or loss when incurred. Development phase expenditures of internal research and development projects can
be recognized as intangible assets only when meeting all of the following conditions: 1) It is technically feasible
to complete this intangible assets so that it can be used or sold; 2) The Company has the intention to complete the
intangible assets and use or sell them; 3) The way in which intangible assets generate economic benefits,
including the ability to prove that the products produced using the intangible assets exist in the market or the
intangible assets themselves exist in the market, and the intangible assets will be used internally, can prove their
usefulness; 4) sufficient technical, financial resources and other resources support to complete the development of
the intangible asset and the ability to use or sell the intangible asset; and 5) the expenditure attributable to the
development phase of the intangible asset can be reliably measured.
For the long-term equity investments, investment properties, fixed assets, construction in progress,
intangible assets, and other long-term assets measured at cost model, if there are signs of impairment, an
impairment test shall be conducted on the balance sheet date. If the recoverable amount of the asset is less than its
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
carrying value according to the test, provision for impairment will be made at the difference and included in
impairment loss. Recoverable amount is the higher of the net amount of fair value of an asset deducting the
disposal expenses and the present value of estimated future cash flow of the asset. The provision for impairment
of assets is calculated and made on an individual basis. If it is difficult for the Company to estimate the
recoverable amount of the individual asset, the recoverable amount of an asset group, to which the said asset
belongs, shall be determined. Asset group is the smallest asset group that can independently generate cash inflows.
For goodwill, impairment test shall be conducted at least at the end of each year. Impairment test shall be
carried out in combination with the relevant asset group or combination of asset group.
The carrying value of goodwill caused by business combination is amortized to relevant asset groups with a
reasonable method from the date of acquisition when the Company carries out impairment test on goodwill; or
amortized to relevant combination of asset groups if it is difficult to be amortized to relevant asset groups. When
the carrying value of goodwill is amortized to the relevant assets group or combination of assets groups, it shall be
evenly amortized according to the proportion of the fair value of each assets group or combination of assets
groups in the total fair value of the relevant assets groups or combinations of assets groups. Where the fair value
cannot be reliably measured, it should be amortized according to the proportion of the carrying value of each asset
group or combination of assets groups in the total carrying value of assets groups or combinations of assets groups.
When making an impairment test on the relevant assets groups or combination of assets groups containing
goodwill, if any indication shows that the assets groups or combinations of assets groups may be impaired, the
Company shall first conduct an impairment test on the assets groups or combinations of assets groups not
containing goodwill, calculate the recoverable amount and compare it with relevant carrying value to recognize
the corresponding impairment loss. Then the Company shall conduct an impairment test on the assets groups or
combinations of assets groups containing goodwill, and compare the carrying value of these assets groups or
combinations of assets groups (including the carrying value of the goodwill apportioned thereto) with the
recoverable amount. Where the recoverable amount of the relevant assets groups or combinations of assets groups
is lower than the carrying value thereof, the Company shall recognize the impairment loss of goodwill.
The above asset impairment losses shall not be reversed in subsequent accounting periods once recognized.
Long-term prepaid expense is recorded according to the actual amount incurred and amortized over the
benefit period or the stipulated amortization period by the straight-line method. If a long-term deferred expense
item cannot benefit a later accounting period, the amortized value of the item that has not been amortized shall be
transferred to the current profit or loss; long-term prepaid expense such as expenditure for improvement of fixed
assets under operating lease shall be amortized averagely within the benefit period.
The Company presents contract assets or contract liabilities in the balance sheet based on the relationship
between its performance obligations and customers’ payments. The Company presents the obligation of
transferring goods to or providing services for customers for consideration received or receivable as a contract
liability. Revenue is recognized from contract liabilities when the Company performs its obligation to transfer
goods or provide services to the customer.
(1) Accounting treatment of short-term remuneration
Short-term remuneration refers to the payroll which is expected to be paid in full by the enterprise within 12
months after the end of the year in which the employee provided relevant services.
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
During the accounting period when employees serve the Company, the actual short-term remuneration is
recognized as liabilities and included in current profit or loss or costs of relevant assets.
(2) Accounting treatment of post-employment benefits
Post-employment benefits refer to various compensations and benefits to be provided by the enterprise after
retirement from or termination of the labour relation with the enterprise in exchange for the service provided by
the employee. Post-employment benefits are divided into two types: Defined contribution plans and defined
benefit plans.
sheet date in exchange for the service provided by the employee during the accounting period shall be recognized
as payroll liabilities and included in current profit or loss or relevant asset cost.
benefit obligations arising from the defined benefit plan shall be attributable to the period in which the employee
provides service and included in current profit or loss or cost of relevant asset; changes due to remeasurement of
the net liabilities or net assets of the defined benefit plan shall be included in other comprehensive income and
shall not be reversed to profit or loss in subsequent accounting periods.
(3) Accounting treatment of dismissal benefits
Dismissal benefits refer to the compensation paid to the employee by the enterprise for termination of the
labour contract with the employee prior to expiration, or encouraging the employee to accept downsizing
voluntarily.
If the enterprise provides dismissal benefits, payroll liabilities arising from dismissal benefits shall be
recognized and included in current profit or loss on the earlier date of:
plan or layoff proposal due to termination of the labour relation.
payment of the dismissal benefits.
(4) Accounting treatment of the other long-term employee welfare
Other long-term employee benefits refer to all payrolls except for short-term remuneration, post-
employment benefits, and dismissal benefits, including long-term paid absences, long-term disability benefits,
long-term profit sharing plan, etc.
The other long-term employee benefits provided by the enterprise shall be recognized and measured as net
liability or net asset of other long-term employee benefits according to relevant provisions of the defined benefit
plan, except for those meetings the conditions of defined contribution plan.
(1) Recognition criteria for provisions
When obligations related to contingencies meet the following conditions, the Company shall recognize them
as provisions:
(2) Measurement method of provisions
Considering the risks, uncertainties, and time value of money related to contingencies, the provisions shall
be initially measured at the best estimate of the required expenditure for the performance of current obligation. If
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
the time value of money is significant, the best estimate shall be determined after discounting relevant future cash
outflow. The Company shall check the carrying value of the provisions on the balance sheet date, and adjust the
carrying value to reflect current best estimate.
Disclose the accounting policies adopted for the recognition and measurement of revenue by business type:
(1) Recognition of revenues
Revenue is the total inflow of economic benefits arising from the Company’s ordinary activities that would
result in an increase in shareholders’ equity and are unrelated to capital contributions by shareholders.
The Company recognizes revenue when it has fulfilled its performance obligations under the contract, that is,
when the customer obtains control of the relevant goods. Obtaining control over related goods means being able to
dominate the use of the goods and obtain almost all economic benefits from them.
If the contract contains two or more performance obligations, the Company will allocate the transaction
price to each individual performance obligation according to the relative proportion of the individual selling price
of the goods or services promised under each individual performance obligation on the contract commencement
date, and measure the revenue according to the transaction price allocated to each individual performance
obligation.
Transaction price is the amount of consideration that the Company is expected to be received due to the
transfer of goods or services to customers, excluding the amount collected on behalf of third parties. In
determining the transaction price of a contract, if variable consideration exists, the Company will determine the
best estimate of the variable consideration based on the expected or most likely amount and include in the
transaction price in an amount not exceeding the amount that the accumulated recognized revenue will most likely
not be significantly reversed when the relevant uncertainty is eliminated. If there is a significant financing
component in the contract, the Company will determine the transaction price according to the amount payable by
the customer in cash when obtaining the control right of the goods. The difference between the transaction price
and the contract consideration will be amortized by the effective interest rate method during the contract period. If
the interval between the transfer of control right and the payment price by the customer does not exceed one year,
the Company will not consider the financing component.
Performance obligations are fulfilled within a certain period if any of the following conditions is met:
time as the Company’s performance;
the Company has the right to collect money for the accumulated performance that has been completed so far
during the whole contract period.
For performance obligations performed within a certain period, the Company recognizes revenue according
to the performance progress within that period, except that the performance progress cannot be reasonably
determined. The Company considers the nature of the goods and uses either the output approach or the input
approach to determine the appropriate performance progress.
For performance obligations performed at a certain point in time instead of within a certain period, the
Company recognizes revenue at the point when the customer obtains control of the relevant goods.
When judging whether the customer has acquired control of goods or services, the Company will consider
the following indications:
obligation to pay for the goods.
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
ownership of the goods.
possession of the goods.
i.e., the customer has acquired the principal risks and rewards of ownership of the good.
(2) Recognition policies of revenues of the Company
The Company arranges logistics delivery to the customer’s designated location, delivers the goods to the
buyer according to the contract, and recognizes revenue after the buyer signs for it.
Group purchase sales: Revenue is recognized when the Company delivers the goods to the buyer and
receives payment or acquires the right to receive payment.
Online sales: Revenue is recognized when the Company receives the payment transferred from the e-
commerce platform from the consumer.
(1) Government subsidies include asset-related government subsidies and income-related government
subsidies.
(2) If the government subsidy is a monetary asset, it shall be measured at the amount received or receivable;
if the government subsidy is a non-monetary asset, it shall be measured at fair value. If the fair value cannot be
obtained reliably, it shall be measured at the nominal amount.
(3) Government subsidies shall be measured using the gross amount method:
The asset-related government subsidies refer to the government subsidies obtained by the Company and
used for acquisition or construction or for formation of long-term assets in other ways, including the financial
allocation for purchasing fixed assets or intangible assets, the financial discount for special loan of fixed assets
and others.
The specific standard of the Company for classifying the government subsidies as asset-related subsidies:
government subsidies obtained by the Company and used for acquisition or construction or for formation of long-
term assets in other ways.
If the government documents do not specify the target of the subsidies, the basis that the Company classifies
the government subsidies as asset-related subsidies or income-related subsidies were as follows: Whether the
subsidies are used for acquisition or construction or for formation of long-term assets in other ways.
Timing of recognition of asset-related government subsidies of the Company: Government subsidies, when
actually received, shall be recognized as deferred income and transferred equally to current profit or loss based on
the expected service life of the long-term assets when the long-term assets are available for use.
The asset-related government subsidies are recognized as deferred income, and included in current profit or
loss by stages based on the service life of the assets acquired and constructed. If the related asset is sold,
transferred, scrapped or damaged before the end of the service life, the deferred income balance not yet distributed
shall be transferred to the profits and losses of the period in which the assets are disposed.
Income-related government subsidies refer to all the government subsidies other than asset-related
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
government subsidies.
The specific standard of the Company for classifying the government subsidies as income-related subsidies:
All the government subsidies other than asset-related government subsidies.
Timing of recognition of income-related government subsidies of the Company: Government subsidies,
when actually received, shall be included in current profit or loss if used to compensate the relevant expenses or
losses of the Company in the subsequent period; included in current profit or loss directly when acquired if used
to compensate relevant expenses or losses incurred by the Company.
Income-related government subsidies used to compensate the relevant expenses or losses of the Company in
the subsequent period shall be recognized as deferred income when acquired; included in current profit or loss in
the period in which relevant expenses are recognized; those used to compensate relevant expenses or losses
incurred by the Company, shall be directly included in profit or loss directly when they are received.
If it is used to compensate for related expenses or losses in future periods, it shall be recognized as deferred
income and included in profit or loss during the period in which the related expenses are recognized; if it is used
to compensate for related expenses or losses that have already occurred, it shall be directly included in profit or
loss.
For a government subsidy that includes both asset-related and income-related portions, different portions
shall be distinguished and accounted for separately; if it is difficult to distinguish, it shall be classified as an
income-related government subsidy as a whole.
The government subsidies related to daily activities of the Company shall be included in other income
according to the substance of the economic business. The government subsidies irrelevant to the daily activities of
the Company shall be included in non-operating income/expenses.
(1) The Company recognizes the deferred income tax assets or deferred income tax liabilities in accordance
with the applicable tax rate during the estimated period of recapturing the assets or paying the liabilities for the
different amount between the carrying amount of assets or liabilities and its tax base (for items not recognized as
assets and liabilities, if its tax basis can be determined according to the tax law, the tax basis is recognized as the
different amount).
(2) The recognition of deferred income tax assets is subject to the amount of taxable income obtained to
offset the deductible temporary differences. On the balance sheet date, deferred income tax assets without
recognition during the former accounting period shall be recognized if there are definite indications representing
that it is probable to have sufficient taxable income to offset the deductible temporary differences during the
future period.
(3) The Company reviews carrying amount of deferred income tax assets on the balance sheet date. If it is
determined that the Company is not likely to obtain adequate taxable income to offset benefits from deferred
income tax assets, the book values of deferred income tax assets are written down. Such write-downs are reversed
when it becomes probable that sufficient taxable income should be available.
(4) The current income tax and deferred income tax of the Company shall be included in the current profit or
loss as income tax expenses or incomes, excluding the income taxes incurred in the following circumstances: 1)
Business combinations; 2) transactions or events directly recognized in the owner’s equity.
(1) Accounting treatment with the Company as the lessee
On the commencement date of the lease term, except for short-term leases and leases of low-value assets
being adopted simplified treatment, the Company recognises right-of-use assets or lease liabilities for the lease.
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Right-of-use assets shall be initially measured at costs, including: 1) The initial measurement amount of the
lease liabilities; 2) the lease payment paid on or before the commencement date of the lease term. If there is a
lease incentive, the amount related to the lease incentive taken should be deducted; 3) the initial direct cost
incurred by the lessee; 4) the estimated cost that the Company will use to pull down and remove the leasehold
property, and restore the site of the leasehold property or restore the leasehold property to the state agreed in the
lease clauses (excluding the costs incurred by inventories for production).
The lease liabilities shall be initially measured at the present value of the unpaid lease payment from the
commencement date of the lease term. When calculating the present value of lease payments, the Company uses
the interest rate implicit in lease as the rate of discount. If the interest rate implicit in lease cannot be determined,
the Company’s incremental lending rate is used as the rate of discount.
After the commencement date of the lease term, the Company subsequently measures the right-of-use assets
at cost model, and the right-of-use assets are subject to depreciation by using the straight-line method. Meanwhile,
the interest expenses of the lease liabilities in each period of the lease term are calculated, and shall be included in
the profit or loss for the current period, unless otherwise stipulated to be included in underlying asset costs.
Variable lease payments that are not covered in the measurement of the lease liabilities are included in current
profit or loss when actually incurred, unless otherwise stipulated to be included in underlying asset costs.
For short-term leases within 12 months and leases of low-value assets, the Company chooses not to
recognise right-of-use assets and lease liabilities. The relevant lease expenditures are included in relevant asset
cost or the profit or loss for the current period in the straight-line method in each period of the lease term.
(2) Accounting treatment of leases with the Company as the lessor
The Company classifies leases into finance leases and operating leases at the inception of leases. A finance
lease refers to a lease where almost all the risks and rewards, related to the ownership of the leased asset, are
substantially transferred, regardless of whether the ownership is eventually transferred or not. An operating lease
refers to all leases other than finance leases.
On the commencement date of the lease term, the Company recognises the finance lease receivables for the
finance lease and derecognises the leased asset of the finance lease. In the initial measurement of finance lease
receivables, the sum of the unsecured residual value and the present value of the lease payments receivable not yet
received on the commencement date of the lease term discounted at the interest rate implicit in lease is the book
value of the finance lease receivables. The Company calculates and recognises the interest income in each period
within the lease term at a fixed interest rate implicit in the lease. The received variable lease payments that are not
included in the measurement of the net investment in the lease are included in profit or loss for the current period
when they are actually incurred.
The Company recognises the lease payments receivable of the operating lease as rental earning in each
period within the lease term on a straight-line basis or according to other systematic and reasonable methods. The
initial direct costs related to the operating lease are capitalised, amortised within the lease term on the same basis
as the recognition of rental earning, and included in profit or loss for the current period. The received variable
lease payments related to the operating lease that are not included in the lease payments receivable are included in
profit or loss for the current period when they are actually incurred.
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
(1) Changes to Significant Accounting Policies
□ Applicable Not applicable
(2) Changes to Significant Accounting Estimates
□ Applicable Not applicable
(3) Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation of
any New Accounting Standard Implemented since 2026
□ Applicable Not applicable
VI Taxes
Tax Item Tax Basis Tax Rate
VAT Value added 6%, 9%, 13%
Taxable prices or ex-factory prices, sales
Consumption tax 10%, 20%; RMB0.5/500ml
volume of liquor products
Urban maintenance and construction tax Turnover tax payable 5%, 7%
Corporate income tax Taxable income 15%, 20%, 25%
Education surcharge Turnover tax payable 3%
Local education surcharge Turnover tax payable 2%
Note on disclosure of taxpayer applying different corporate income tax rates:
Name of taxpayer Income tax rate
Yibin Xinxing Packaging Co., Ltd. 20%
Sichuan Wuliangye Tourist Agency Co., Ltd. 20%
Sichuan Jiebeike Environmental Technology Co., Ltd. 20%
Sichuan Jinwuxin Technology Co., Ltd. 20%
Yibin Wuliang Tequ and Touqu Brand Marketing Co., Ltd. 20%
Sichuan Yibin Plastic Packaging Materials Company Limited 15%
Sichuan Yibin Jiang’an Plastic New Materials Co., Ltd. 15%
Sichuan Yibin Plastic Packaging Products Co., Ltd. 15%
Sichuan Yibin Wuliangye Jingmei Printing Co., Ltd. 15%
Sichuan Yibin Global Glass Manufacturing Co., Ltd. 15%
Sichuan Yibin Wuliangye Environmental Protection Industry Co., Ltd. 15%
(1) Value added tax (VAT)
In January 2007, Sichuan Yibin Global Glass Manufacturing Co., Ltd. obtained the certificate of social
welfare enterprise “F.Q.ZH.Z. No. 51004121049” issued by the Department of Civil Affairs of Sichuan Province.
The Company, conforming to relevant provisions of Announcement No. 33 (2016) of the State Taxation
Administration and the Notice on VAT Preferential Policy for Promoting the Employment of the Disabled of the
Ministry of Finance and the State Administration of Taxation (C.SH. 〔 2016 〕 No. 52), enjoys the drawback
policy of value-added tax. Recoverable value-added tax of each month = Number of disabled people employed by
the taxpayer in current month x quadruple of the minimum wage of current month. The amount of value-added tax
refunded in the first half of 2026 was RMB3,932,120.00.
(2) Corporate income tax
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Sichuan Yibin Wuliangye Jingmei Printing Co., Ltd., Sichuan Yibin Plastic Packaging Materials Company
Limited, Sichuan Yibin Jiang’an Plastic New Materials Co., Ltd., Sichuan Yibin Plastic Packaging Products Co.,
Ltd., and Sichuan Yibin Wuliangye Environmental Protection Industry Co., Ltd. conforming to the
Announcement of the Ministry of Finance and the State Taxation Administration on Continuing the Corporate
Income Tax Policies for the Large-Scale Development of Western China (Announcement [2020] No. 23 of the
Ministry of Finance, the State Taxation Administration and the National Development and Reform Commission)
has been filed with the Taxation Bureau of Yibin for preferential corporate income tax and pays the corporate
income tax at 15%.
Sichuan Yibin Global Glass Manufacturing Co., Ltd. is in compliance with the provisions of the
Announcement of the State Taxation Administration on Issues Concerning the Implementation of the Preferential
Income Tax Policy for Innovation Companies (Announcement No. 24 (2017) of the State Taxation
Administration). Having filed for the record of enterprise income tax preferential items with the Yibin Municipal
Tax Bureau, its enterprise income tax is levied at a reduced rate of 15%.
Yibin Xinxing Packaging Co., Ltd., Sichuan Wuliangye Tourist Agency Co., Ltd., Sichuan Jiebeike
Environmental Technology Co., Ltd., Sichuan Jinwuxin Technology Co., Ltd., and Yibin Wuliang Tequ and
Touqu Brand Marketing Co., Ltd., comply with the provisions of the Announcement of the State Taxation
Administration and the Ministry of Finance on Further Supporting Small and Micro Enterprises and Individual
Industrial and Commercial Businesses through Relevant Tax and Fee Policies (Announcement No. 12 of 2023 of
the Ministry of Finance and the State Taxation Administration). They are eligible for a 25% reduction in the
calculation of taxable income for small and micro-profit enterprises, and they are subject to a 20% enterprise
income tax rate, continuing until December 31, 2027.
VII Notes to the Consolidated Financial Statements
Unit: RMB
Item Closing balance Opening balance
Cash on hand 2,400.00
Bank deposits 71,230,356,541.15 77,584,094,430.66
Other monetary assets 1,178,996,681.77 457,207,824.46
Deposits in Wuliangye Group Finance 46,679,516,699.11 48,973,138,361.74
Total 119,088,869,922.03 127,014,443,016.86
A liquor/wine production enterprise should disclose in detail whether there is any special interest
arrangement where the Company and any of its stakeholders have a joint account for funds, etc.
□ Applicable Not applicable
(1) Notes receivable presented by category
Unit: RMB
Item Closing balance Opening balance
Letters of credit 1,618,246.08 4,841,437.44
Total 1,618,246.08 4,841,437.44
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
(2) Notes receivable by method of establishing loss allowances
Unit: RMB
Closing balance Opening balance
Gross amount Loss allowances Gross amount Loss allowances
Category As % of Allowance Carrying As % of Allowance Carrying
the total as % of amount the total as % of amount
Amount Amount Amount Amount
gross the gross gross the gross
amount amount amount amount
Notes
receivable
for which
loss
allowances
are
established
on an
individual
basis
Notes
receivable
for which
loss
allowances
are
established
on a
grouping
basis
Of
which:
Letters of
credit
Total 1,618,246.08 100.00% 1,618,246.08 4,841,437.44 100.00% 4,841,437.44
Loss allowances for notes receivable established using the general model of expected credit loss:
□ Applicable Not applicable
(3) Loss allowances established, recovered or reversed in the period
The Company had no loss allowances established, recovered or reversed in the period.
(4) Notes receivable in pledge at the end of the period
The Company had no notes receivable in pledge by the Company at the end of the period.
(5) Notes receivable endorsed or discounted by the Company at the end of the period and not expired yet
on the balance sheet date
The Company had no notes receivable endorsed or discounted by the Company at the end of the period and
not expired yet on the balance sheet date.
(6) Notes receivable actually written off in the period
The Company had no notes receivable actually written off in the period.
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
(1) Accounts receivable presented by aging
Unit: RMB
Aging Closing gross amount Opening gross amount
Within 1 year (inclusive) 63,109,402.57 36,640,706.04
More than 3 years 6,226,226.74 5,418,687.44
More than 5 years 5,418,687.44 5,140,055.64
Total 74,767,388.31 44,901,936.12
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
(2) Accounts receivable by method of establishing loss allowances
Unit: RMB
Closing balance Opening balance
Gross amount Loss allowances Gross amount Loss allowances
Category As % of Allowance Carrying As % of Allowance
the total as % of the the total as % of Carrying amount
Amount Amount amount Amount Amount
gross gross gross the gross
amount amount amount amount
Accounts
receivable
for which
loss
allowances
are
established
on an
individual
basis
Of
which:
External
customers
Accounts
receivable
for which
loss
allowances
are
established
on a
grouping
basis
Of
which:
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
External
customers
Related
parties
Total 74,767,388.31 100.00% 7,681,243.39 10.27% 67,086,144.92 44,901,936.12 100.00% 7,156,516.61 15.94% 37,745,419.51
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Loss allowances established on an individual basis:
Unit: RMB
Opening balance Closing balance
Allowance
Name as % of the Reason for
Gross amount Loss allowances Gross amount Loss allowances
gross allowance
amount
Sichuan Debo
Expected to be
Daily Commodity 294,230.65 294,230.65 294,230.65 294,230.65 100.00%
unrecoverable
Co., Ltd.
Beijing Junhui
Expected to be
Tianhong Trading 1,174,891.71 1,174,891.71 1,174,891.71 1,174,891.71 100.00%
unrecoverable
Co., Ltd.
Expected to be
Qu Liang 1,411,528.44 1,411,528.44 1,411,528.44 1,411,528.44 100.00%
unrecoverable
Gushi County Expected to be
Yingjun Liquor unrecoverable
Total 3,088,250.80 3,088,250.80 3,088,250.80 3,088,250.80
Loss allowances established on a grouping basis:
Closing balance
Allowance
Name as % of the
Gross amount Loss allowances
gross
amount
Accounts receivable for which loss allowances are
established based on the external customer group
Accounts receivable for which loss allowances are
established based on the related party group
Total 71,679,137.51 4,592,992.59
Unit: RMB
Loss allowances for accounts receivable established using the general model of expected credit loss:
□ Applicable Not applicable
(3) Loss allowances established, recovered or reversed in the period
Loss allowances in the period:
Unit: RMB
Changes in the period
Opening
Category Recovered Written Closing balance
balance Established Others
or reversed off
Accounts receivable for which loss
allowances are established on an 3,088,250.80 3,088,250.80
individual basis
Accounts receivable for which loss
allowances are established based on 4,068,265.81 524,726.78 4,592,992.59
the external customer group
Total 7,156,516.61 524,726.78 7,681,243.39
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
The Company had no significant recovered or reversed loss allowances in the period.
(4) Accounts receivable actually written off in the period
The Company had no accounts receivable actually written off in the period.
(5) Top five entities with respect to accounts receivable and contract assets
Unit: RMB
As % of the Closing balance
closing of loss
Closing Closing balance
balance of allowances for
Closing balance balance of accounts
total accounts
Entity of accounts of receivable and
accounts receivable and
receivable contract contract assets
receivable impairment
assets combined
and contract allowances for
assets contract assets
Sichuan Yibin Licai Group Co., Ltd. 15,293,590.17 15,293,590.17 20.45%
Chengdu Kanglongxin Plastic Industry Co.,
Ltd.
Yibin Sanjiang Huihai Brand Management
Co., Ltd.
Chengdu Huayu Glass Manufacturing Co.,
Ltd.
Hebei Baisha Tobacco Co., Ltd. Baoding
Cigarette Factory
Total 42,510,927.18 42,510,927.18 56.86% 1,067,540.07
(1) Receivables financing presented by category
Unit: RMB
Item Closing balance Opening balance
Bank acceptance bills 7,544,093,475.82 9,401,640,775.74
Total 7,544,093,475.82 9,401,640,775.74
(2) Receivables financing by method of establishing loss allowances
Unit: RMB
Closing balance Opening balance
Gross amount Loss allowances Gross amount Loss allowances
Allowa Carr
Category Carrying As % of nce ying
As % of the Allowance
amount the total as % of amo
Amount total gross Amount as % of the Amount Amount
gross the unt
amount gross amount
amount gross
amount
Loss
allowance
s
establishe
d on an
individual
basis
Loss 9,40
allowance 100.00% 100.00% 1,64
s 0,77
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
establishe 5.74
d on a
grouping
basis
Of which:
Bank
acceptanc 100.00% 100.00%
e bills
Total 100.00% 100.00%
Loss allowances established on a grouping basis:
Unit: RMB
Closing balance
Name Allowance as % of the gross
Gross amount Loss allowances
amount
Bank acceptance bills 7,544,093,475.82
Total 7,544,093,475.82
(3) Loss allowances established, recovered or reversed in the period
The Company had no loss allowances established, recovered or reversed in the period.
(4) Receivables financing in pledge at the end of the period
The Company had no receivables financing in pledge at the end of the period.
(5) Receivables financing endorsed or discounted by the Company at the end of the period and not
expired yet on the balance sheet date
Unit: RMB
Amount derecognized at the end of the Amount not yet derecognized at the end
Item
period of the period
Bank acceptance bills 4,108,215,138.10
Total 4,108,215,138.10
Unit: RMB
Item Closing balance Opening balance
Interest receivable
Dividends receivable
Other receivables 77,309,788.51 64,356,368.30
Total 77,309,788.51 64,356,368.30
(1) Other receivables
Unit: RMB
Nature Closing gross amount Opening gross amount
Cash float 15,169,500.62 3,070,075.60
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Security deposits 51,650,410.03 53,971,520.30
Other advance money for others or
temporary payment
Total 90,485,803.15 76,815,511.55
Unit: RMB
Aging Closing gross amount Opening gross amount
Within 1 year (inclusive) 56,088,727.69 45,597,812.61
More than 3 years 13,890,708.18 12,472,351.61
More than 5 years 10,693,206.34 10,193,869.68
Total 90,485,803.15 76,815,511.55
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Applicable □ Not applicable
Unit: RMB
Closing balance Opening balance
Gross amount Loss allowances Gross amount Loss allowances
Category As % of Carrying As % of As % of Carrying
As % of the
the total amount the total the total amount
Amount Amount total gross Amount Amount
gross gross gross
amount
amount amount amount
Loss
allowances
established
on an
individual
basis
Of which:
External
customers
Loss
allowances
established
on a
grouping
basis
Of which:
External
customers
Related
parties
Total 90,485,803.15 100.00% 13,176,014.64 14.56% 77,309,788.51 76,815,511.55 100.00% 12,459,143.25 16.22% 64,356,368.30
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Loss allowances established on an individual basis:
Unit: RMB
Opening balance Closing balance
Allowance
Name Loss
Gross Loss Gross as % of the Reason for
allowance
amount allowances amount gross allowance
s
amount
Other receivables for which loss
Expected to be
allowances are established on an 1,838.85 1,838.85 1,838.85 1,838.85 100.00%
unrecoverable
individual basis
Total 1,838.85 1,838.85 1,838.85 1,838.85
Loss allowances established on a grouping basis:
Unit: RMB
Closing balance
Name Allowance
Gross amount Loss allowances as % of the
gross amount
Other receivables for which loss allowances are
established based on the external customer group
Other receivables for which loss allowances are
established based on the related party group
Total 90,483,964.30 13,174,175.79
Loss allowances established using the general model of expected credit loss:
Unit: RMB
Stage 1 Stage 2 Stage 3
Loss allowances Lifetime expected Lifetime expected credit Total
credit loss (without loss (with credit
credit loss
credit impairment) impairment)
Balance as at January 1, 2026 12,457,304.40 1,838.85 12,459,143.25
Balance as at January 1, 2026
was in the period
——Transferred to Stage 2
——Transferred to Stage 3
——Transferred back to Stage
——Transferred back to Stage
Established in the period 716,871.39 716,871.39
Reversed in the period
Charged off in the period
Written off in the period
Other changes
Balance as at June 30, 2026 13,174,175.79 1,838.85 13,176,014.64
Gross amounts with significant changes in loss allowances in the period:
□ Applicable Not applicable
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Loss allowances in the period:
Unit: RMB
Changes in the period
Category Opening balance Recover Charged off Ot Closing balance
Established ed or or written he
reversed off rs
Other receivables for which loss
allowances are established on an 1,838.85 1,838.85
individual basis
Other receivables for which loss
allowances are established based on 12,457,304.40 716,871.39 13,174,175.79
the credit risk characteristic group
Total 12,459,143.25 716,871.39 13,176,014.64
The Company had no other receivables actually written off in the period.
Unit: RMB
As % of
the
closing
Nature
balance Closing balance of
Entity of Closing balance Aging
of total loss allowances
account
other
receivabl
es
Yibin City Public Resources Trading Security
Center deposit
Security
Yibin Zhongqi Natural Gas Co., Ltd. 7,500,000.00 1-2 years 8.29% 750,000.00
deposit
State Grid Sichuan Electric Power Security
Company deposit
Yibin Cuiping District Housing and Security
Urban-Rural Development Bureau deposit
Tempor
China Mobile Group Sichuan Sub- Within 1 year; 1-2
ary 2,615,042.27 2.89% 134,601.69
Company Yibin Branch years
payment
Total 30,510,288.00 33.72% 5,346,459.06
(1) Prepayments presented by aging
Unit: RMB
Closing balance Opening balance
Aging As % of total As % of total
Amount Amount
prepayments prepayments
Within 1 year 199,407,343.57 86.78% 175,084,942.69 89.79%
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
More than 3 years 1,726,394.06 0.75% 3,399,404.89 1.74%
Total 229,794,329.59 194,996,398.52
The Company had no prepayments with significant amounts aged over one year at the end of the period.
(2) Top five entities with respect to prepayments
Unit: RMB
As % of the closing balance of total
Entity Closing balance
prepayments
Yibin PetroChina Kunlun Guoding Gas Co., Ltd. 48,250,000.00 21.00%
PetroChina Company Limited Southwest Chemical Sales
Branch
ZheJiang Yisheng Plastic Industry Co., Ltd. 25,245,000.00 10.99%
Guangxi JD Xingchen E-commerce Co., Ltd. 17,505,049.41 7.62%
Xiamen Yijianxing Industrial Co., Ltd. 8,221,213.22 3.58%
Total 136,940,757.67 59.59%
Indicate whether the Company is subject to the information disclosure requirements for the real estate
sector.
No.
(1) Classification of inventory
Unit: RMB
Closing balance Opening balance
Inventory Inventory
valuation valuation
Item allowances or allowances or
Gross amount impairment Carrying amount Gross amount impairment Carrying amount
allowances for allowances for
contract contract
fulfillment costs fulfillment costs
Raw materials 545,426,990.62 8,994,894.47 536,432,096.15 457,072,723.59 9,586,491.65 447,486,231.94
Goods in
process
Merchandise on
hand
Turnover
materials
Goods issued 145,125,290.21 917,805.65 144,207,484.56 130,650,900.57 917,805.65 129,733,094.92
Homemade
semi-finished 16,390,581,306.72 150,386.01 16,390,430,920.71 14,527,664,526.00 150,386.01 14,527,514,139.99
products
Packing
materials
Manufacturing
consignment 49,668,260.39 49,668,260.39 39,324,227.97 39,324,227.97
materials
Goods in transit 71,444,870.21 71,444,870.21 60,743,634.95 60,743,634.95
Total 22,699,256,863.96 40,946,714.31 22,658,310,149.65 20,124,504,199.72 59,167,448.52 20,065,336,751.20
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
The Company is subject to the disclosure requirements for the food and wine & liquor production industry in
Guidelines No. 3 of the Shenzhen Stock Exchange for the Self-Regulation of Listed Companies—Industry-
specific Information Disclosure.
(2) Classification of merchandise on hand
Unit: RMB
Closing balance Opening balance
Item Valuation Valuation
Gross amount Carrying amount Gross amount Carrying amount
allowances allowances
Liquor 3,590,554,584.22 3,590,554,584.22 2,740,648,104.58 2,740,648,104.58
Non-liquor 551,661,758.87 30,447,218.77 521,214,540.10 641,893,946.81 32,159,559.70 609,734,387.11
Total 4,142,216,343.09 30,447,218.77 4,111,769,124.32 3,382,542,051.39 32,159,559.70 3,350,382,491.69
(3) Inventory valuation allowances and impairment allowances for contract fulfillment costs
Unit: RMB
Increase in the period Decrease in the period
Item Opening balance Reversed or charged Closing balance
Established Others Others
off
Raw materials 9,586,491.65 591,597.18 8,994,894.47
Merchandise on
hand
Turnover
materials
Goods issued 917,805.65 917,805.65
Semi-finished
products
Packing
materials
Total 59,167,448.52 18,220,734.21 40,946,714.31
(4) Note on closing balance of inventory containing the capitalized amount of borrowing costs
There was no capitalized amount of borrowing costs in the closing balance of inventory.
(5) Notes of the amount of contract fulfillment costs amortized for the period
None
Unit: RMB
Item Closing balance Opening balance
Input VAT to be deducted 308,205,277.42 134,998,788.60
Prepaid VAT and corporate income tax 2,265,598,586.06 2,926,231,969.10
Regulated commodities 4,506,922,167.70 4,906,972,184.40
Total 7,080,726,031.18 7,968,202,942.10
Unit: RMB
Opening Open Increase/decrease in the period Closing Closing
balance ing Incre Decre Return on Adjust Other Declare Impairme balance balance
Investee
(carrying balan ase in ase in investment ment to equity d cash nt Others (carryin of
amount) ce of invest invest recognized using other changes dividen allowance g impair
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
impai ment ment the equity compre ds or s amount) ment
rment method hensive profit allowan
allow income ces
ances
I Joint ventures
II Associates
Oriental
Outlook 23,269,691 15,228,
-8,041,305.83
Media .45 385.62
Co., Ltd.
Sichuan
Yibin
Wuliangy 2,122,023,
e Group 846.07
Finance
Co., Ltd.
Beijing
Zhongjiu
huicui
Educatio 10,867,705 10,679,
-188,340.80
n and .97 365.17
Technolo
gy Co.,
Ltd.
Yibin
Jiamei
Intelligen
t 325,893.72
.85 329.57
Packagin
g Co.,
Ltd.
Sichuan
Jinzhu
New 5,335,366.62
.11 00.00 098.73
Materials
Co., Ltd.
Sub-total 75,960,276.39 74,687.
Total 75,960,276.39 74,687.
Unit: RMB
Item Closing balance Opening balance
Sichuan Chinese Baijiu Jinsanjiao Brand Operation and Development Co., Ltd. 1,200,000.00 1,200,000.00
Total 1,200,000.00 1,200,000.00
Unit: RMB
Item Closing balance Opening balance
Fixed assets 8,494,216,262.22 7,638,677,606.45
Disposal of fixed assets 2,553,406.90 2,553,406.90
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Total 8,496,769,669.12 7,641,231,013.35
(1) Information on fixed assets
Buildings and Machinery Transport
Item Other equipment Total
constructions equipment equipment
I Gross amount:
(1) Acquisition 1,522,400.40 77,582,926.30 189,076.33 26,892,811.18 106,187,214.21
(2) Transferred from
construction in progress
(3) Increase from
business combination
(1) Disposed or scrapped 5,740,572.93 110,656,378.48 942,240.77 109,102,449.64 226,441,641.82
II Accumulated
depreciation
(1) Provisions 171,423,792.71 138,515,018.80 7,500,621.56 21,796,466.31 339,235,899.38
(1) Disposed or scrapped 4,111,165.34 71,692,777.80 892,830.64 98,726,662.44 175,423,436.22
III Impairment
allowances
(1) Provisions
(1) Disposed or scrapped
IV Carrying amount
amount
amount
Unit: RMB
(2) Fixed assets that are temporarily idle
The Company has no major fixed assets that are temporarily idle.
(3) Fixed assets leased out under operating leases
Unit: RMB
Item Closing carrying amount
Buildings and constructions, equipment, etc. 231,093,674.46
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
(4) Fixed assets without certificate of title
Unit: RMB
Item Carrying amount Reason for not obtaining certificate of title
Buildings and The Company is sorting out relevant assets and handling with the
constructions certificate of title of relevant assets.
(5) Disposal of fixed assets
Unit: RMB
Item Closing balance Opening balance
Buildings and constructions, equipment,
etc.
Total 2,553,406.90 2,553,406.90
Unit: RMB
Item Closing balance Opening balance
Construction in progress 6,545,772,914.93 7,031,225,011.94
Engineering materials 2,541,831.09 2,836,125.46
Total 6,548,314,746.02 7,034,061,137.40
(1) Construction in progress
Unit: RMB
Closing balance Opening balance
Item Impairment Impairment
Gross amount Carrying amount Gross amount Carrying amount
allowances allowances
Constr
uction
in 6,548,172,920.48 2,400,005.55 6,545,772,914.93 7,033,625,017.49 2,400,005.55 7,031,225,011.94
progre
ss
Total 6,548,172,920.48 2,400,005.55 6,545,772,914.93 7,033,625,017.49 2,400,005.55 7,031,225,011.94
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
(2) Changes in important construction in progress in the period
Unit: RMB
Cumulative
Other Of which: Interest
Transferred to project Cumulative
Increase in the decreases Project Capitalized capitalization Funding
Project Budget Opening balance fixed assets in Closing balance investment capitalized
period in the progress interest in rate for the source
the period as % of the interest
period the period period
budget
Liquor Packaging and Owned
Integrated Smart and
Storage-and-delivery raised
Project (Note) funds
Owned
and
Baijiu Cellar raised
Renovation Project funds
and
subsidies
Qu-making Workshop Owned
Expansion Project funds
Owned
funds
Distillery Project 1,407,954,000.00 613,110,609.13 32,311,491.49 448,019,741.78 197,402,358.84 48.47% 99%
and
(Phase I)
subsidies
Owned
funds
Distillery Project 4,799,148,000.00 1,521,035,429.26 99,996,021.98 1,621,031,451.24 33.99% 85%
and
(Phase II)
subsidies
Wuliangye Gateway Owned
Area Project funds
New centralized
Owned
wastewater treatment 1,200,000,000.00 481,563,617.97 160,834,182.03 642,397,800.00 53.53% 100%
funds
plant
Wuliangye 501 Ancient
Fermentation Pits- Owned
Chinese Baijiu Cultural funds
Sanctuary Project
Smart Factory Project Owned
in Area B of Wuliangye funds
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Industrial Park
Total 27,753,609,100.00 5,082,673,792.53 484,511,612.57 1,090,417,541.78 235,849.06 4,476,532,014.26
Note: The total budget investment in liquor packaging and integrated smart storage-and-delivery project is RMB8,596.655 million, among which the investment
in construction is RMB6,787.568 million, with RMB1,809.087 million of initial working capital. The project has two phases. The progress of the first phase is 94%,
and the second phase will begin at the right time according to the production and operations of the Company. The total progress of the two phases of the project is
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
(3) Impairment allowances established for construction in progress for the period
There were no additional impairments of construction in progress for the period.
(4) Impairment tests of construction in progress
□ Applicable Not applicable
(5) Engineering materials
Unit: RMB
Closing balance Opening balance
Item Impairment Carrying Impairment Carrying
Gross amount Gross amount
allowances amount allowances amount
Engineering
materials
Total 2,541,831.09 2,541,831.09 2,836,125.46 2,836,125.46
(1) Right-of-use assets
Unit: RMB
Buildings and Specialized Transport
Item Land use right Total
constructions equipment equipment
I Gross amount
period
(1) Operating
leases
period
(1) Expiry or
termination of leases
II Accumulated
depreciation
period
(1) Provisions 51,174,444.18 419,770.99 62,385.90 141,284,417.40 192,941,018.47
period
(1) Disposal
(2) Expiry or
termination of leases
III Impairment allowances
period
(1) Provisions
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
period
(1) Disposal
IV Carrying amount
amount
amount
(2) Impairment tests of right-of-use assets
□ Applicable Not applicable
(1) Intangible assets
Unit: RMB
Non-
Technology use
Item Land use right Patents patent Software system Copyright Total
right
technology
I Gross
amount
balance
in the period
(1)
Acquisition
(2) Internal
research and
development
(3) Increase
from business
combination
in the period
(1) Disposal
balance
II
Accumulated
amortization
balance
in the period
(1)
Provisions
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
in the period
(1) Disposal
balance
III
Impairment
allowances
balance
in the period
(1)
Provisions
in the period
(1) Disposal
balance
IV Carrying
amount
carrying 2,368,210,376.01 10,517.82 237,178,958.21 21,462.06 2,605,421,314.10
amount
carrying 2,402,095,817.52 15,372.18 272,190,547.81 25,141.32 2,674,326,878.83
amount
There were no intangible assets created by internal research and development of the Company at the end of
the period.
(2) Land use right failed to accomplish certification of property
Unit: RMB
Item Carrying amount Reason for failing to accomplish certification of property
Land of the Wuliangye Gateway Area Certification of property has not yet started for the
Project construction planning is still being optimized.
(3) Impairment tests of intangible assets
□ Applicable Not applicable
(1) Gross amounts of goodwill
Unit: RMB
Decrease in
Increase in the period
the period
Investee or item generating goodwill Opening balance Generated due to Closing balance
business Disposal
combination
Sichuan Yibin Plastic Packaging Materials
Company Limited
Sichuan Yibin Global Group Shenzhou Glass
Co., Ltd.
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Sichuan Yibin Global Glass Manufacturing
Co., Ltd.
Sichuan Yibin Push Group 3D Co., Ltd. 899,616.62 899,616.62
Total 1,621,619.53 1,621,619.53
Unit: RMB
Increase in the Amortization in
Item Opening balance Other decreases Closing balance
period the period
Molds 110,657,444.86 28,240,663.65 34,064,501.58 104,833,606.93
Overhaul expenses
of kilns
Others 8,952,627.75 848,931.67 2,338,246.70 7,463,312.72
Total 121,712,293.75 29,089,595.32 37,142,160.38 113,659,728.69
Other information: Long-term prepaid expense include the molds of the subsidiary Sichuan Yibin Plastic
Packaging Materials Company Limited, amortized over three years, and the overhaul expenses of kilns of
Sichuan Yibin Global Glass Manufacturing Co., Ltd., amortized over three, four and five years according to the
design service life of the kilns..
(1) Deferred income tax assets which have not been offset
Unit: RMB
Closing balance Opening balance
Item Deductible temporary Deferred income tax Deductible temporary Deferred income tax
differences assets differences assets
Asset impairment
allowances
Unrealized profit of
internal transactions
Employee benefits
payable
Lease liabilities
(inclusive of the 314,439,622.88 73,117,310.03 406,873,143.70 100,736,206.66
current portion)
Accrued expenses, etc. 16,381,554,089.93 4,095,386,689.66 3,807,798,621.61 951,947,822.58
Total 30,337,972,412.22 7,574,770,110.87 19,279,254,087.38 4,813,123,125.48
(2) Deferred income tax liabilities which have not been offset
Unit: RMB
Closing balance Opening balance
Item Taxable temporary Deferred income tax Taxable temporary Deferred income tax
differences liabilities differences liabilities
Right-of-use assets 314,392,632.86 68,953,927.59 404,418,969.75 100,151,115.86
Total 314,392,632.86 68,953,927.59 404,418,969.75 100,151,115.86
(3) Details about deferred income tax assets which have not been recognized
Unit: RMB
Item Closing balance Opening balance
Deductible temporary differences 2,429,207.71 4,523,844.40
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Deductible losses 793,366,889.16 373,388,164.28
Total 795,796,096.87 377,912,008.68
(4) Deductible losses of deferred income tax assets which have not been recognized will become due in the
following years
Unit: RMB
Year Closing amount Opening amount Remarks
Total 793,366,889.16 373,388,164.28
Unit: RMB
Closing balance Opening balance
Impairme Impairme
Item nt nt
Gross amount Carrying amount Gross amount Carrying amount
allowance allowance
s s
Prepayments
for progress of
information 133,217,795.73 133,217,795.73 131,781,098.61 131,781,098.61
system
construction
Prepayments
for equipment
Others 28,986,667.18 28,986,667.18 31,986,667.18 31,986,667.18
Total 288,486,994.98 288,486,994.98 305,514,631.72 305,514,631.72
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Unit: RMB
At the end of the period At the beginning of the period
Item
Gross amount Carrying amount Type of restriction Restriction Gross amount Carrying amount Type of restriction Restriction
Security deposits Security deposits
for bank for bank
acceptance bills, acceptance bills,
other security other security
deposits, and the deposits, and the
balance in the balance in the
Security deposit, Security deposit,
Monetary assets 269,779,248.42 269,779,248.42 securities trading 334,485,788.13 334,485,788.13 securities trading
etc. etc.
account with the account with the
Yibin Jinsha River Yibin Jinsha River
Avenue Securities Avenue Securities
Business Business
Department of Department of
SDIC Securities SDIC Securities
Subject to Subject to
Other current
assets
restrictions restrictions
Total 4,776,701,416.12 4,776,701,416.12 5,241,457,972.53 5,241,457,972.53
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Unit: RMB
Category Closing balance Opening balance
Bank acceptance notes 2,021,197,796.43 1,352,014,535.90
Letters of credit 2,745,308.16
Total 2,023,943,104.59 1,352,014,535.90
There were no notes payable which became mature but were unpaid at the end of the period.
(1) Presentation of accounts payable
Unit: RMB
Item Closing balance Opening balance
Accounts payable 7,934,726,772.56 8,534,820,869.28
Total 7,934,726,772.56 8,534,820,869.28
(2) Significant accounts payable that are over one year or overdue
There were no significant accounts payable that were over one year or overdue at the end of the period.
Unit: RMB
Item Closing balance Opening balance
Interest payables
Dividends payable 10,060,865,836.82 5,565,976,643.61
Other payables 4,606,219,736.57 4,619,777,775.73
Total 14,667,085,573.39 10,185,754,419.34
(1) Dividends payable
Unit: RMB
Item Closing balance Opening balance
Dividends payable to ordinary
shareholders
Total 10,060,865,836.82 5,565,976,643.61
(2) Other payables
Unit: RMB
Item Closing balance Opening balance
Image publicity expense and sales
promotional expense
Security deposits 998,439,353.39 997,989,595.94
Frozen funds 307,300,122.29 319,086,274.76
Collecting payment on behalf of others 47,912,586.32 35,088,126.08
Claims from safeguarding rights 36,911,307.11 55,181,420.77
Others 651,180,322.24 689,785,885.49
Total 4,606,219,736.57 4,619,777,775.73
Unit: RMB
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Item Closing balance Reason for unsettlement or carryforward
Frozen funds 307,300,122.29
Total 307,300,122.29
(1) Presentation of advances from customers
Unit: RMB
Item Closing balance Opening balance
Advances from customers 7,347,174.82 13,915,018.07
Total 7,347,174.82 13,915,018.07
(2) Significant advances from customers that are over one year or overdue
There were no significant advances from customers that were over one year or overdue at the end of the
period.
Unit: RMB
Item Closing balance Opening balance
Advances from customers 10,441,471,221.99 13,459,591,156.56
Total 10,441,471,221.99 13,459,591,156.56
There were no significant contract liabilities that were over one year at the end of the period.
Top five entities with respect to contract liabilities at the end of the period:
The aggregate amount of the contract liabilities of the top five entities stood at RMB4,569,876,552.76 at
the end of the period, accounting for 43.77% of the total contract liabilities at the end of the period.
(1) Presentation of employee benefits payable
Unit: RMB
Item Opening balance Increase in the period Decrease in the period Closing balance
I Short-term
remuneration
II Post-employment
benefits - defined 394,010.99 602,143,175.05 602,151,254.01 385,932.03
contribution plans
III Dismissal benefits 5,800,000.00 2,836,964.67 2,853,619.71 5,783,344.96
Total 4,319,426,136.50 4,012,006,992.29 4,802,222,879.11 3,529,210,249.68
(2) Presentation of short-term remuneration
Unit: RMB
Item Opening balance Increase in the period Decrease in the period Closing balance
allowances and 4,291,736,463.22 2,748,358,623.68 3,539,105,373.38 3,500,989,713.52
subsidies
charges
Including: Medical
insurance premium
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Industrial
injury insurance 107.45 10,211,495.84 10,211,495.84 107.45
premium
fund
expenditure and
personnel educational
fund
Total 4,313,232,125.51 3,407,026,852.57 4,197,218,005.39 3,523,040,972.69
(3) Presentation of defined contribution plans
Unit: RMB
Item Opening balance Increase in the period Decrease in the period Closing balance
insurance
insurance premium
contribution
Total 394,010.99 602,143,175.05 602,151,254.01 385,932.03
Unit: RMB
Item Closing balance Opening balance
VAT 47,586,086.13 703,772,682.26
Consumption tax 15,478,908.28 733,979,696.79
Corporate income tax 239,634,456.36 395,444,906.19
Individual income tax 14,453,791.10 19,653,868.90
Urban maintenance and construction tax 3,299,743.69 113,574,557.14
Education surcharge 1,385,069.31 48,885,525.17
Local education surcharge 1,166,511.39 32,594,900.10
Deed tax 37,629,000.00 37,629,000.00
Stamp duty 2,404,488.34 6,359,459.63
Land use tax 669,153.14 669,153.14
Property tax 1,123,077.35 467,797.59
Environmental protection tax 30,000.00 40,000.00
Total 364,860,285.09 2,093,071,546.91
Other information: The taxes and levies of the Company depend on the amount verified and imposed by
the tax authorities.
Unit: RMB
Item Closing balance Opening balance
Current portion of lease liabilities 257,674,629.04 364,149,470.84
Total 257,674,629.04 364,149,470.84
Unit: RMB
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Item Closing balance Opening balance
Output tax to be transferred 376,090,188.58 714,391,243.84
Regulated commodity funds 23,972,698,769.51 26,314,680,956.00
Total 24,348,788,958.09 27,029,072,199.84
Unit: RMB
Item Closing balance Opening balance
Lease liabilities 92,189,202.95 44,381,182.44
Total 92,189,202.95 44,381,182.44
Unit: RMB
Increase in the Decrease in the
Item Opening balance Closing balance Cause
period period
Receiving fiscal
Government grants 307,239,518.79 25,239,400.00 13,757,100.52 318,721,818.27
appropriation
Total 307,239,518.79 25,239,400.00 13,757,100.52 318,721,818.27
Unit: RMB
Increase/decrease in the period (+/-)
Bonus
Opening balance Bonus issue Closing balance
issue
New issue from capital Others Subtotal
from
reserves
profit
Total shares 3,881,608,005.00 3,881,608,005.00
Unit: RMB
Decrease
Increase in the
Item Opening balance in the Closing balance
period
period
Capital premium (share premium) 2,682,523,702.98 1,635,623.86 2,684,159,326.84
Other capital reserves 456,604.42 456,604.42
Total 2,682,980,307.40 1,635,623.86 2,684,615,931.26
Unit: RMB
Item Opening balance Increase in the period Decrease in the period Closing balance
Treasury shares 200,021,342.74 200,021,342.74
Total 200,021,342.74 200,021,342.74
Unit: RMB
Item Opening balance Increase in the period Decrease in the period Closing balance
Statutory surplus
reserves
Total 42,948,822,868.25 42,948,822,868.25
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Unit: RMB
Item H1 2026 H1 2025
Retained earnings at the end of the prior period before
adjustment
Total retained earnings at the beginning of the period
before adjustment (“+” for increase, “-” for decrease)
Retained earnings at the beginning of the period after
adjustment
Add: Net profit attributable to owners of the parent
company in the period
Less: Appropriation to statutory surplus reserves
Appropriation to discretionary surplus reserves
Appropriation to general reserve
Dividends payable to ordinary shareholders 10,006,785,436.88 12,300,815,767.85
Dividends for ordinary shareholders converted
into share capital
Retained earnings at the end of the period 69,165,017,608.77 79,979,794,871.67
Adjustments to the retained earnings at the beginning of the period:
adjustment according to the Accounting Standards for Business Enterprises and relevant new provisions.
accounting policies.
accounting errors.
combination scope under common control.
adjustments.
Unit: RMB
H1 2026 H1 2025
Item
Revenue Costs Revenue Costs
Principal operations 28,305,023,433.54 5,538,397,462.86 23,347,118,054.41 5,101,838,024.34
Other operations 111,651,108.23 61,130,863.85 162,853,994.24 101,818,007.31
Total 28,416,674,541.77 5,599,528,326.71 23,509,972,048.65 5,203,656,031.65
Breakdown of operating revenue and cost of sales of liquor products in the period:
Unit: RMB
Liquor products
Type of contract
Operating revenue Cost of sales
By operating segment
Within China 26,866,607,488.06 4,135,094,056.13
By sales channel
Online 3,314,305,255.37 395,684,126.74
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Offline 23,552,302,232.69 3,739,409,929.39
Total 26,866,607,488.06 4,135,094,056.13
Information related to performance obligations:
Revenue is recognized at the point when the Company completes its contractual performance obligations
when the customer obtains control of the goods to which it belongs in the contractual agreement.
Information related to the transaction price apportioned to the remaining performance obligation:
The amount of revenue corresponding to performance obligations that have been contracted but not yet
performed or not completed at the end of the Reporting Period was RMB10,441,471,221.99.
Unit: RMB
Item H1 2026 H1 2025
Consumption tax 3,382,343,890.56 6,288,911,118.08
Urban maintenance and construction tax 423,091,981.53 848,693,163.55
Education surcharge 182,101,383.57 364,630,682.04
Tax on natural resources 70,221.46 107,825.30
Property tax 45,074,144.93 43,452,210.49
Land use tax 20,293,542.78 20,858,497.80
Vehicle and vessel usage tax 55,106.42 38,142.16
Stamp duty 32,090,036.32 41,710,777.57
Local education surcharge 121,400,895.90 243,087,121.35
Environmental protection tax 219,759.47 328,027.46
Total 4,206,740,962.94 7,851,817,565.80
Unit: RMB
Item H1 2026 H1 2025
Comprehensive expenses of the
Company (including travel, office,
expenses of the Board of Directors, 778,628,268.22 724,190,852.09
employee remuneration, labor insurance,
labor protection appliances, etc.)
Rents 4,026,580.34 8,082,647.76
Trademark and logo royalties 308,776,162.80 589,976,329.09
Others 411,896,217.45 390,175,105.65
Total 1,503,327,228.81 1,712,424,934.59
Unit: RMB
Item H1 2026 H1 2025
Image publicity expense 922,164,501.70 921,538,548.01
Sales promotional expense 4,491,722,681.45 1,664,520,575.56
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Storage and logistics expenses 288,208,578.41 285,437,440.65
Expenses of labor 308,713,843.46 371,762,556.09
Other expenses 311,421,773.51 256,464,187.64
Total 6,322,231,378.53 3,499,723,307.95
Unit: RMB
Item H1 2026 H1 2025
Comprehensive expenses (including travel, office,
payroll, labor insurance, labor protection appliances, 121,220,042.26 131,510,126.47
etc.)
Material expenses 14,780,157.00 14,080,079.36
Product design fees 10,493,780.60 14,285,439.20
Depreciation and amortization expenses 13,967,017.74 12,719,432.99
Technical service expenses 14,544,082.07 7,196,099.72
Others 26,496,313.14 29,810,563.63
Total 201,501,392.81 209,601,741.37
Unit: RMB
Item H1 2026 H1 2025
Interest costs 22,832,658.04 17,182,807.06
Less: Interest income 1,057,421,196.40 1,279,488,906.12
Exchange loss 323,381.89 323,536.87
Less: Exchange gains 91,802.12 249,637.12
Service charge of financial institutions 560,767.87 1,085,006.21
Others -80,198.77 -122,512.48
Total -1,033,876,389.49 -1,261,269,705.58
Unit: RMB
Sources of other income H1 2026 H1 2025
Government subsidies 286,996,678.20 37,367,086.20
Tax rebates 3,932,120.00 3,869,080.00
Tax preferences 9,873,605.42 11,487,651.43
Total 300,802,403.62 52,723,817.63
Unit: RMB
Item H1 2026 H1 2025
Return on long-term equity investments
measured using the equity method
Total 75,960,276.39 51,393,321.62
Unit: RMB
Item H1 2026 H1 2025
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Loss on uncollectible accounts
-524,726.78 -941,901.89
receivable
Loss on uncollectible other receivables -716,871.39 -236,378.26
Total -1,241,598.17 -1,178,280.15
Unit: RMB
Source of asset disposal income H1 2026 H1 2025
Disposal of non-current assets 539,168.60 9,129,289.36
Total 539,168.60 9,129,289.36
Unit: RMB
Amounts included in current
Item H1 2026 H1 2025 non-recurring gains and
losses
Penalty income 4,182,909.33 3,198,585.91 4,182,909.33
Gains from scrap of non-
current assets
Others 12,330,564.99 18,208,990.69 12,330,564.99
Total 20,784,625.90 21,508,498.66 20,784,625.90
Unit: RMB
Amounts included in current non-
Item H1 2026 H1 2025
recurring gains and losses
Donations 8,682,271.79 31,992,061.18 8,682,271.79
Penalty expenditure 773,152.11 2,631,255.77 773,152.11
Loss on scrap of non-current
assets
Exceptional loss 27,136.04 321,307.07 27,136.04
Others 7,008,462.07 13,134,978.12 7,008,462.07
Total 17,228,809.86 48,596,190.60 17,228,809.86
(1) List of income tax expense
Unit: RMB
Item H1 2026 H1 2025
Current income tax expense 5,793,549,059.30 2,872,102,980.52
Deferred income tax expense -2,792,844,173.66 -1,373,408,466.41
Total 3,000,704,885.64 1,498,694,514.11
(2) Reconciliation from accounting profit to income tax expense
Unit: RMB
Item H1 2026
Profit before tax 11,996,837,707.94
Income tax expense based on the statutory/applicable tax rates 2,999,209,426.99
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Effects of different tax rates of subsidiaries -100,202,815.27
Effects of adjustments to income tax of the prior period 17,430,394.10
Effects of non-taxable revenue -21,556,845.16
Effects of non-deductible costs, expenses and losses 3,480,321.81
Effects of the utilization of deductible losses on which deferred
-12,320,530.83
income tax assets were unrecognized in the prior period
Effects of deductible temporary differences or losses on which
deferred income tax assets are unrecognized in the period
Effects of the over-deduction in the calculation of the taxable
-2,272,701.71
amount in relation to R&D expense
Income tax expense 3,000,704,885.64
(1) Cash generated from/used in operating activities
Cash generated from other operating activities:
Unit: RMB
Item H1 2026 H1 2025
Interest income 467,360,195.36 461,645,566.08
Security deposits and government grants
received
Total 1,189,835,537.84 776,441,645.40
Cash used in other operating activities:
Unit: RMB
Item H1 2026 H1 2025
Expenses relating to selling 1,970,485,051.29 1,364,147,008.54
Trademark and logo royalties 453,083,943.18 718,741,664.03
Security deposits paid, payments for current transactions,
and other out-of-pocket expenses
Total 3,599,186,003.94 3,552,548,819.19
(2) Cash generated from/used in investing activities
Cash used in significant investing activities:
Unit: RMB
Item H1 2026 H1 2025
Wuliangye Gateway Area Project 42,479,094.63 41,398,860.50
Wuliangye 501 Ancient Fermentation Pits-Chinese
Baijiu Cultural Sanctuary Project
Liquor Packaging and Integrated Smart Storage-
and-delivery Project
Qu-making Workshop Expansion Project 9,671,259.00 26,227,380.52
New centralized wastewater treatment plant 15,493,512.45 85,042,679.42
Baijiu Cellar Renovation Project 10,906,976.28 18,141,755.02
Smart Factory Project in Area B of Wuliangye
Industrial Park
Total 298,644,265.87 633,058,857.63
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
(3) Cash generated from/used in financing activities
Cash used in other financing activities:
Unit: RMB
Item H1 2026 H1 2025
Payment for the lease liabilities 163,007,025.03 203,211,303.89
Repurchase of treasury shares 200,021,342.74
Cash paid to non-controlling interests for
capital reduction of subsidiaries
Total 363,028,367.77 301,211,303.89
Changes in liabilities as a result of financing activities:
□ Applicable Not applicable
(1) Supplementary information to the cash flow statement
Unit: RMB
Supplementary information H1 2026 H1 2025
operating activities:
Net profit 8,996,132,822.30 4,880,304,115.28
Add: Asset impairment allowances 1,241,598.17 -2,984,813.79
Depreciation of fixed assets, depletion of oil and gas
assets, and depreciation of productive living assets
Depreciation of right-of-use assets 191,693,352.19 207,804,399.13
Amortization of intangible assets 59,798,420.56 83,878,641.41
Amortization of long-term prepaid expense 37,142,160.38 36,374,672.69
Loss on the disposal of fixed assets, intangible assets and
-539,168.60 -9,129,289.36
other long-term assets (“-” for gain)
Loss on the retirement of fixed assets (“-” for gain) -3,533,363.73 415,666.40
Loss on changes in fair value (“-” for gain)
Finance costs (“-” for income) 6,286,173.45 17,182,807.06
Loss on investment (“-” for income) -75,960,276.39 -51,393,321.62
Decrease in deferred income tax assets (“-” for increase) -2,761,646,985.39 -1,323,064,425.63
Increase in deferred income tax liabilities (“-” for
-31,197,188.27 -50,344,040.78
decrease)
Decrease in inventories (“-” for increase) -2,592,973,398.45 491,793,952.74
Decrease in operating receivables (“-” for increase) 1,983,904,488.89 6,897,912,934.68
Increase in operating payables (“-” for decrease) -8,303,153,326.81 19,667,037,956.88
Others
Net cash generated from/used in operating activities -2,153,568,792.32 31,136,736,628.58
cash proceeds or payments:
Conversion of debt to capital
Current portion of convertible corporate bonds
Fixed assets under finance leases
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Closing balance of cash 115,663,763,077.51 144,640,292,916.98
Less: Opening balance of cash 124,114,690,633.67 124,771,274,417.68
Add: Closing balance of cash equivalents
Less: Opening balance of cash equivalents
Net increase in cash and cash equivalents -8,450,927,556.16 19,869,018,499.30
(2) Composition of cash and cash equivalents
Unit: RMB
Item Closing balance Opening balance
I Cash 115,663,763,077.51 124,114,690,633.67
Of which: Cash on hand 2,400.00
Bank deposits that can be readily drawn
on demand
Other monetary assets that can be
readily drawn on demand
II Cash equivalents
Of which: Bond investments due within three
months
III Cash and cash equivalents, end of the period 115,663,763,077.51 124,114,690,633.67
(3) Monetary assets that do not belong to cash and cash equivalents
Unit: RMB
Reason for not belong to cash and
Item H1 2026 H1 2025
cash equivalents
Security deposits for bank
acceptance bills, etc.
Accrued interest on term
deposits
Total 3,425,106,844.52 3,679,653,425.08
(1) Foreign currency monetary items
Unit: RMB
Closing balance in foreign
Item Exchange rate Closing balance in RMB
currency
Monetary assets
Of which: USD 6,420,697.27 6.981407 44,825,499.43
EUR
HKD
Accounts receivable
Of which: USD
EUR
HKD
Long-term borrowings
Of which: USD
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
EUR
HKD
(2) The nature and financial impacts of the lack of exchangeability, the spot exchange rate used and its
estimation process, and the risks to the entity arising from the lack of exchangeability
□ Applicable Not applicable
(3) Overseas business entities (for substantial overseas business entities, the following information shall be
disclosed: principal place of business, functional currency and basis for the choice, change of functional
currency and reasons)
□ Applicable Not applicable
(4) The lack of exchangeability between the functional currency of an overseas business entity and the
entity‘s presentation currency
□ Applicable Not applicable
(1) The Company as the lessee
Applicable □ Not applicable
Variable lease payments not included in lease liabilities:
□ Applicable Not applicable
Expenses on short-term leases or leases of low-value assets:
Applicable □ Not applicable
Unit: RMB
Item H1 2026
Expenses on short-term leases or leases of low-value assets 60,874,153.96
(2) The Company as the lessor
Operating leases with the Company as the lessor:
Applicable □ Not applicable
Unit: RMB
Of which: Income related to variable lease payments not included in
Item Lease income
lease receipts
Income from
operating leases
Total 15,913,187.34
Finance leases with the Company as the lessor:
□ Applicable Not applicable
Yearly undiscounted lease receipts in the coming five years:
□ Applicable Not applicable
(3) Recognition of gains and losses on sales under finance leases as a producer or distributor
□ Applicable Not applicable
VIII R&D Expenditures
Unit: RMB
Item H1 2026 H1 2025
Comprehensive expenses (including travel, office, payroll, labor insurance,
labor protection appliances, etc.)
Material expenses 14,780,157.00 14,080,079.36
Product design fees 10,493,780.60 14,285,439.20
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Depreciation and amortization expenses 13,967,017.74 12,719,432.99
Technical service expenses 14,544,082.07 7,196,099.72
Others 26,496,313.14 29,810,563.63
Total 201,501,392.81 209,601,741.37
Of which: expensed R&D expenditures 201,501,392.81 209,601,741.37
The Company had no significant outsourced R&D projects.
IX Changes to the Scope of the Consolidated Financial Statements
(1) Business combination not under common control in the period
There was no business combination not under common control in the Reporting Period.
(1) Business combination under common control in the period
There was no business combination under common control in the Reporting Period.
There was no subsidiary acquired by counter purchase during the Reporting Period.
Indicate whether there was any transaction or event during the period in which control of a subsidiary
ceased.
□ Yes No
Indicate whether there was any step-by-step disposal of the investment in a subsidiary through multiple
transactions and control of the subsidiary ceased during the period.
□ Yes No
As reviewed and approved by the 3rd Meeting in 2026 of the 7th Board of Directors of the Company: the
Company’s controlled subsidiary, Sichuan Wuliangye New Retail Management Co., Ltd., established a wholly-
owned subsidiary named “Sichuan Yibin Wuliangye Smart Marketing Co., Ltd.” (hereinafter referred to as
“Smart Marketing”) through capital contribution. The registered capital of Smart Marketing is RMB100 million
and the Company holds an aggregate of 90% equity in it.
X Interests in Other Entities
(1) Compositions of the Group
Unit: RMB
Princi The Company’s
pal Place Nature interest How the
place of of subsidia
Subsidiary Registered capital
of registr busine ry was
busine ation ss Direct Indirect obtained
ss
Manuf
Sichuan Yibin Wuliangye Distillery Co., Incorpor
Ltd. ated
ng
Comm Incorpor
Yibin Wuliangye Liquor Sales Co., Ltd. 200,000,000.00 Yibin Yibin 95.00% 0.00%
ercial ated
Yibin Wuliang Tequ and Touqu Brand Comm Incorpor
Marketing Co., Ltd. ercial ated
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Yibin Wuliangchun Brand Marketing Co., Comm Incorpor
Ltd ercial ated
Yibin Wuliangye Series Liquor Brand Comm Incorpor
Marketing Co., Ltd. ercial ated
Sichuan Yibin Wuliangye Supply and Comm Incorpor
Marketing Co., Ltd. ercial ated
Manuf
Incorpor
Yibin Jiangjiu Liquor Co., Ltd. 50,000,000.00 Yibin Yibin acturi 100.00% 0.00%
ated
ng
Manuf
Sichuan Yibin Wuliangye Environmental Incorpor
Protection Industry Co., Ltd. ated
ng
Business
combina
Comm tion not
Sichuan Jinwuxin Technology Co., Ltd. 14,000,000.00 Yibin Yibin 0.00% 51.00%
ercial under
common
control
Sichuan Jiebeike Environmental Engin Incorpor
Technology Co., Ltd. eering ated
Manuf
Incorpor
Yibin Changjiangyuan Liquor Co., Ltd. 20,000,000.00 Yibin Yibin acturi 100.00% 0.00%
ated
ng
Comm Incorpor
Yibin Changjiangyuan Trade Co., Ltd. 19,800,000.00 Yibin Yibin 0.00% 100.00%
ercial ated
Manuf
Incorpor
Yibin Changjiangyuan Distillery Co., Ltd. 18,900,000.00 Yibin Yibin acturi 0.00% 100.00%
ated
ng
Yibin Wuliangye Organic Agriculture Agric Incorpor
Development Co., Ltd. ultural ated
Manuf
Yibin Wuliangye Xianlin Ecological Incorpor
Liquor Co., Ltd. ated
ng
Comm Incorpor
Yibin Xianlin Liquor Marketing Co., Ltd. 3,000,000.00 Yibin Yibin 0.00% 90.00%
ercial ated
Manuf
Sichuan Yibin Wuliangye Jingmei Incorpor
Printing Co., Ltd. ated
ng
Comm Incorpor
Yibin Xinxing Packaging Co., Ltd. 5,000,000.00 Yibin Yibin 0.00% 98.53%
ercial ated
Business
combina
Manuf
Sichuan Yibin Plastic Packaging Materials tion not
Company Limited under
ng
common
control
Manuf
Sichuan Yibin Jiang’an Plastic New Incorpor
Materials Co., Ltd. ated
ng
Manuf
Sichuan Yibin Plastic Packaging Products Incorpor
Co., Ltd. ated
ng
Business
Manuf combina
Sichuan Yibin Global Group Shenzhou
Glass Co., Ltd.
ng under
common
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
control
Business
combina
Manuf
Sichuan Yibin Global Glass tion not
Manufacturing Co., Ltd. under
ng
common
control
Business
combina
Manuf
tion not
Sichuan Yibin Push Group 3D Co., Ltd. 22,133,300.00 Yibin Yibin acturi 100.00% 0.00%
under
ng
common
control
Manuf
Guangdong Plastic Packaging Materials Zhaoq Zhaoq Incorpor
Company Limited ing ing ated
ng
Sichuan Yibin Wuliangye Investment Invest Incorpor
(Consulting) Co., Ltd. ment ated
Wuliangye Dashijie (Beijing) Trade Co., Beijin Beijin Comm Incorpor
Ltd. g g ercial ated
Manuf
Handa Hand Incorpor
Handan Yongbufenli Liquor Co., Ltd. 300,000,000.00 acturi 51.00% 0.00%
n an ated
ng
Handa Hand Comm Incorpor
Linzhang Desheng Liquor Trade Co., Ltd. 1,000,000.00 0.00% 51.00%
n an ercial ated
Handa Hand Comm Incorpor
Handan Yongbufenli Sales Co., Ltd. 5,000,000.00 0.00% 51.00%
n an ercial ated
Business
combina
Manuf
Huaibi Huaib tion not
Wuguchun Jiu Ye Co., Henan. China 373,280,762.00 acturi 51.03% 0.00%
n in under
ng
common
control
Huaibi Huaib Comm Incorpor
Huaibin Tenglong Trade Co., Ltd. 5,000,000.00 0.00% 51.03%
n in ercial ated
Huaibi Huaib Comm Incorpor
Wuguchun Jiu Ye Sales Co., Henan. China 10,000,000.00 0.00% 51.03%
n in ercial ated
Sichuan Wuliangye Culture Tourism Touris Incorpor
Development Co., Ltd. m ated
Sichuan Wuliangye Tourist Agency Co., Touris Incorpor
Ltd. m ated
Comm Incorpor
Yibin Wuliangye Creart Co., Ltd. 100,000,000.00 Yibin Yibin 65.00% 0.00%
ercial ated
Sichuan Wuliangye NongXiang Baijiu Comm Incorpor
Co., Ltd. ercial ated
Sichuan Wuliangye New Retail Cheng Chen Comm Incorpor
Management Co., Ltd. du gdu ercial ated
Sichuan Yibin Wuliangye Smart Comm Incorpor
Marketing Co., Ltd. ercial ated
Yibin Wuliangye Technology Innovation Comm Incorpor
Co., Ltd. ercial ated
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
(2) Important non-wholly-owned subsidiaries
Unit: RMB
Net profit or loss attributable to Declared dividends for
Closing balance of non-controlling
Subsidiary Non-controlling interests non-controlling interests in the non-controlling
interests
period interests in the period
Yibin Wuliangye Liquor Sales Co., Ltd. 5.00% 250,169,077.12 1,364,390,425.81
(3) Key financial information of important non-wholly-owned subsidiaries
Unit: RMB
Closing balance
Subsidiary
Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities
Yibin Wuliangye Liquor Sales Co., Opening balance
Ltd. Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities
H1 2026
Subsidiary Net cash generated from/used in operating
Operating revenue Net profit Total comprehensive income
activities
H1 2025
Yibin Wuliangye Liquor Sales Co.,
Net cash generated from/used in operating
Ltd. Operating revenue Net profit Total comprehensive income
activities
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Company
(1) Changes in the Company’s interests in its subsidiaries
There were no transactions in which the interest in a subsidiary changes and the subsidiary is still
controlled by the Company during the Reporting Period.
(1) Important joint ventures or associates
The Company’s Accounting
interest (%) treatment of
Principal Place of
Nature of investment in
Joint venture or associate place of registratio
business Indir the joint
business n Direct
ect venture or
associate
Sichuan Yibin Wuliangye Group Finance Co.,
Yibin Yibin Finance 40.56% Equity method
Ltd.
(2) Key financial information of important associates
Unit: RMB
Closing balance/H1 2026 Opening balance/H1 2025
Sichuan Yibin Wuliangye Group Finance Sichuan Yibin Wuliangye Group Finance
Co., Ltd. Co., Ltd.
Current assets 47,826,462,359.82 45,392,690,364.45
Non-current assets 12,378,292,251.10 18,519,157,742.82
Total assets 60,204,754,610.92 63,911,848,107.27
Current liabilities 54,777,460,013.07 58,677,945,187.70
Non-current liabilities 1,869,280.43 2,088,703.43
Total liabilities 54,779,329,293.50 58,680,033,891.13
Non-controlling interests
Equity attributable to the shareholders of
the parent company
Share of net assets in proportion to the
Company’s interest
Adjustments
--Goodwill
--Unrealized profit of internal
transactions
--Others
Carrying amount of equity investments
in associates
Fair value of equity investments in
associates with quoted prices on the open
market
Operating revenue 284,290,043.13 215,438,154.96
Net profit 193,611,101.28 128,663,840.59
Net profit of discontinued operations
Other comprehensive income
Total comprehensive income 193,611,101.28 128,663,840.59
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
(3) Aggregate financial information of unimportant joint ventures and associates
Unit: RMB
Closing balance/H1 2026 Opening balance/H1 2025
Joint ventures:
Total carrying amount of investments
Aggregate amount in proportion to the
Company’s interests
--Net profit
--Other comprehensive income
--Total comprehensive income
Associates:
Total carrying amount of investments 104,922,179.09 111,490,565.38
Aggregate amount in proportion to the
Company’s interests
--Net profit -2,568,386.29 -792,732.12
--Other comprehensive income
--Total comprehensive income -2,568,386.29 -792,732.12
There were no structured entities that were not included in the consolidated financial statements in the
Reporting Period.
XI Government Grants
□ Applicable Not applicable
Reasons for not receiving the projected amount of government grants at the projected time:
□ Applicable Not applicable
Applicable □ Not applicable
Unit: RMB
Amou
nt
record
er in Other
Amount
non- chang
Accountin New grant in transferred to Related to
Opening balance operat es in Closing balance
g item the period other income in assets/income
ing the
the period
incom period
e in
the
period
Deferred Related to
income assets
Deferred Related to
income income
Total 307,239,518.79 25,239,400.00 13,757,100.52 318,721,818.27
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Applicable □ Not applicable
Unit: RMB
Accounting item H1 2026 H1 2025
Other income 286,996,678.20 37,367,086.20
Total 286,996,678.20 37,367,086.20
XII Risks related to financial instruments
The risks of the Company arising from financial instruments mainly include credit risk and liquidity risk.
(1) Risks from financial instruments
① June 30, 2026
Unit: RMB
Financial assets at
fair value and
Financial assets measured at Financial assets at fair value changes included in
Item Total
amortized cost through profit or loss other
comprehensive
income
Monetary assets 119,088,869,922.03 119,088,869,922.03
Notes receivable 1,618,246.08 1,618,246.08
Accounts receivable 67,086,144.92 67,086,144.92
Receivables financing 7,544,093,475.82 7,544,093,475.82
Other receivables 77,309,788.51 77,309,788.51
Other non-current
financial assets
② December 31, 2025
Unit: RMB
Financial assets at fair
Financial assets at
Financial assets measured at value and changes
Item fair value through Total
amortized cost included in other
profit or loss
comprehensive income
Monetary assets 127,014,443,016.86 127,014,443,016.86
Notes receivable 4,841,437.44 4,841,437.44
Accounts receivable 37,745,419.51 37,745,419.51
Receivables financing 9,401,640,775.74 9,401,640,775.74
Other receivables 64,356,368.30 64,356,368.30
Other non-current 1,200,000.00 1,200,000.00
financial assets
① June 30, 2026
Unit: RMB
Item Financial liabilities at fair value Other financial liabilities Total
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
through profit or loss
Notes payable 2,023,943,104.59 2,023,943,104.59
Accounts payable 7,934,726,772.56 7,934,726,772.56
Other payables 14,667,085,573.39 14,667,085,573.39
Current portion of non-current liabilities 257,674,629.04 257,674,629.04
Lease liabilities 92,189,202.95 92,189,202.95
② December 31, 2025
Unit: RMB
Other financial
Item Financial liabilities at fair value through profit or loss Total
liabilities
Notes payable 1,352,014,535.90 1,352,014,535.90
Accounts payable 8,534,820,869.28 8,534,820,869.28
Other payables 10,185,754,419.34 10,185,754,419.34
Current portion of non-
current liabilities
Lease liabilities 44,381,182.44 44,381,182.44
(2) Credit Risk
The Company merely trades with the authorized third party with good credit. In accordance with the
Company’s policy, credit checks are required for all customers who request to transact on credit. In addition, the
Company monitors its accounts receivable balances on an ongoing basis to ensure that the Company is not
exposed to significant bad debt risk.
The Company’s other financial assets include monetary assets, accounts receivable, and other receivables,
the credit risk of which arises from default of the counter-parties, with the maximum exposure equal to the
carrying amount of these instruments.
Due to the Company merely trades with the authorized third party with good credit, the guarantee is not
required. Credit risk concentration is managed in accordance with the customers. The Company’s sales are
primarily made on a receipts-in-advance basis and the credit risk of the transactions is low.
(3) Liquidity Risk
Liquidity risk refers to the risk of fund shortage occurring when the Company fulfills the settlement
obligation in the mode of cash delivery or other financial assets. The goal of the Company is to maintain
sufficient funds and credit limits to meet the liquidity requirements.
XIII Disclosure of Fair Value
Unit: RMB
Closing fair value
Item Fair value measurement at Fair value measurement at Fair value measurement at
Total
level I level II level III
I Consistent fair
value -- -- -- --
measurement
i. Receivables
financing
ii. Other non-
current financial 1,200,000.00 1,200,000.00
assets
Total assets 7,545,293,475.82 7,545,293,475.82
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
measured at fair
value on an
ongoing basis
II Fair value
measurement on a -- -- -- --
non-ongoing basis
ongoing bases
Not applicable
quantitative information on the valuation techniques used and significant parameters
Not applicable
quantitative information on the valuation techniques used and significant parameters
Receivables financing: Due to the short term of notes receivable held by the Company, and the selling time,
selling price and selling proportion cannot be estimated reliably, the Company measures the notes receivable
according to the par value as a reasonable estimate of fair value.
Other non-current financial assets: Since the Company holds other non-current financial assets that are not
traded in an active market, and its equity interest in the invested company is low and has no significant
influence, it is not realistic and feasible to value the equity in the invested company using the income approach
or market approach, and there is no recent introduction of external investors to the invested company or transfer
of equity among shareholders that can be used as a reference basis for determining fair value. In addition, the
Company has not found any significant changes in the internal and external environment of the invested
company since the beginning of the year from the analysis of the relevant information available, therefore, it is a
“limited circumstances” in which the carrying cost can be used as the best estimate of the fair value, and
therefore the fair value is based on the cost at the end of the period.
opening and closing carrying amounts and sensitivity analysis of unobservable parameters
Not applicable
levels in the period, the reasons for the conversion and the policy for determining the conversion time
point
Not applicable
Not applicable
Not applicable
XIV Related Parties and Related-Party Transactions
The parent
The parent
Place of Nature of company’s voting
Name of the parent company Registered capital company’s interest
registration business right percentage in
in the Company
the Company
Yibin Development Holding Investmen RMB5,577.2928
Yibin 34.43% 34.43%
Group Co., Ltd. t million
Information on the parent company of the Company:
Yibin Development Holding Group Co., Ltd., by administrative transfer of state-owned assets, holds 100%
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
of the equity of Sichuan Yibin Wuliangye Group Co., Ltd., so that it controls 2,139,167,297.00 shares of the
Company directly or indirectly, taking up 55.11% of the total share capital of the Company.
The State-owned Assets Supervision and Administration Commission of the People’s Government of Yibin
City is the ultimate controller of the Company.
Refer to the Note “X Interests in Other Entities” for information about subsidiaries of the Company.
Refer to the Note “X Interests in Other Entities” for information about important joint ventures and
associates of the Company.
Other joint ventures or associates that were involved in related-party transactions with the Company in the
period, or that were involved in related-party transactions with the Company in prior periods with balances
lasting into the period:
Name of joint venture or associate Relationship with the Company
Sichuan Yibin Wuliangye Group Finance Co., Ltd. Associate
Yibin Jiamei Intelligent Packaging Co., Ltd. Associate
Beijing Zhongjiuhuicui Education and Technology Co., Ltd. Associate
Sichuan Jinzhu New Materials Co., Ltd. Associate
Relationship between other related parties and the
Names of other related parties
Company
The legal representative of the Company
concurrently serves as the Secretary of the CPC
Committee and Chairman of the Board of Wuliangye
Sichuan Yibin Wuliangye Group Co., Ltd. Group, and some directors and officers of the
Company concurrently hold positions in Wuliangye
Group. Wuliangye Group directly holds a 20.68%
interest in the Company.
Anji Logistic Group Co., Ltd. Sichuan Under common control of the same parent company
Sichuan Andaxin Logistics Co., Ltd. Under common control of the same parent company
Chengdu Huayu Glass Manufacturing Co., Ltd. Under common control of the same parent company
Sacred Mountain Molin Group Co., Ltd. Si Chuan Under common control of the same parent company
Yibin Wucai Packaging Co., Ltd. Under common control of the same parent company
Chengdu PUTH Medical Technology Co., Ltd. Under common control of the same parent company
Sichuan Yibin Push Mold Co., Ltd. Under common control of the same parent company
Sichuan Wuliangye Products Co., Ltd. Under common control of the same parent company
Sichuan Yibin Wuliangye Group Anji Logistic Co., Ltd. Under common control of the same parent company
Sichuan Global Photoelectric Technology Co., Ltd. Under common control of the same parent company
Yibin Shunanzhuhai Scenic Area Management Co., Ltd. Under common control of the same parent company
Yibin Airport Group Co., Ltd. Under common control of the same parent company
Yibin Sanjiang Huiyuanhe Agricultural Investment Development Co.,
Under common control of the same parent company
Ltd.
Push Information & Automation (Chengdu) Co., Ltd. Under common control of the same parent company
Sichuan Putian Packaging Co., Ltd. Under common control of the same parent company
Yibin Huanyu Trading Co., Ltd. Under common control of the same parent company
Sichuan Yibin Global Environmental Technology Co., Ltd. Under common control of the same parent company
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Sichuan Yibin Global Huaxin Commercial Development Co., Ltd. Under common control of the same parent company
Sichuan Nongwu E-commerce Co., Ltd. Under common control of the same parent company
Yibin Wuliangye Group I&E Co., Ltd. Under common control of the same parent company
Wuming Tea Industry Holding Co., Ltd. Under common control of the same parent company
Sichuan Yibin Wuliangye Group Ecological Distillery and Marketing Co.,
Under common control of the same parent company
Ltd.
Chengdu Wuliangye Construction Investment Co., Ltd. Under common control of the same parent company
Yibin Construction Investment Group Jinpaiyuan Supply Chain
Under common control of the same parent company
Management Co., Ltd.
Sichuan Yibin Licai Group Co., Ltd. Under common control of the same parent company
Sacred Mountain White Magnolia Industrial Co., Ltd., Sichuan Under common control of the same parent company
Sichuan Yibin Push Building Materials Co., Ltd. Under common control of the same parent company
Yibin Push Assets Management Co., Ltd. Under common control of the same parent company
Sichuan Yibin Push Group Co., Ltd. Under common control of the same parent company
Yibin Wuliangye Group Pengcheng Electronics Equipment Co., Ltd. Under common control of the same parent company
Yibin Push Linko Technology Co., Ltd. Under common control of the same parent company
Sichuan Yibin Global Group Co., Ltd. Under common control of the same parent company
Yibin Construction Investment Group Construction Engineering Co., Ltd. Under common control of the same parent company
WuLiangYe Group Health Liquor Co., Ltd. Yibin. Sichuan Under common control of the same parent company
Yibin Wuliangye Ecological Distillery Co., Ltd. Under common control of the same parent company
Sichuan Gloport Investment Development Group Co., Ltd. Under common control of the same parent company
Sichuan Yibin Push Auto Parts Co., Ltd. Under common control of the same parent company
Zhejiang Pukai New Material Co., Ltd. Under common control of the same parent company
Sichuan Ansage Supply Chain Management Co., Ltd. Under common control of the same parent company
Yibin Hecheng Commercial Operation Management Co., Ltd. Zhusong
Under common control of the same parent company
Ecological City Branch
Yibin Puxin New Energy Technology Co., Ltd. Under common control of the same parent company
Sichuan Yibin Push Drive Co., Ltd. Under common control of the same parent company
Sichuan Shuzhan New Materials Co., Ltd. Under common control of the same parent company
Yibin An Shi Ji Auto Service Co., Ltd. Under common control of the same parent company
Yibin Shunan Cultural Tourism and Creative Product Development Co.,
Under common control of the same parent company
Ltd.
Sichuan Chuanhong Jinye Tea Co., Ltd. Under common control of the same parent company
Yibin Wuliangye Health Management Co., Ltd. Under common control of the same parent company
Yibin Yiduoduo Technology Co., Ltd. Under common control of the same parent company
Sichuan Wuliangye New Energy Investment Co., Ltd. Under common control of the same parent company
Yibin Wuliangye Fund Management Co., Ltd. Under common control of the same parent company
Anji Logistic Group Co., Ltd. Sichuan, Chengdu Branch Under common control of the same parent company
Dujiangyan Wuliangye Hemei Health Investment Co., Ltd. Under common control of the same parent company
Sichuan Zhongxin Green Energy Co., Ltd. Under common control of the same parent company
Sichuan Zhongke Beiteer Technology Co., Ltd. Under common control of the same parent company
Sichuan Global Insulator Co., Ltd. Under common control of the same parent company
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Yibin Anshiji International Logistics Co., Ltd. Under common control of the same parent company
Chengdu Ningjiang Technology Co., Ltd. Under common control of the same parent company
Yibin An Shi Ji Auto Service Co., Ltd., Chengdu Branch Under common control of the same parent company
Sichuan Tyre Rubber (Group) Co., Ltd. Under common control of the same parent company
Push Ningjiang Machine Tool Co., Ltd. Under common control of the same parent company
Chengdu Ningjiang Machine Tool Sales Co., Ltd. Under common control of the same parent company
Chengdu Anjiu Supply Chain Co., Ltd. Under common control of the same parent company
Sichuan Lesong Logistics Co., Ltd. Under common control of the same parent company
Push Ningjiang Precision Lathe (Sichuan) Co., Ltd. Under common control of the same parent company
Chengdu Fansheng Wanhui Cultural Development Co., Ltd. Under common control of the same parent company
Sichuan Global Microcrystalline Glass Technology Co., Ltd. Under common control of the same parent company
Sichuan Chuanhong Tea Group Co., Ltd. Under common control of the same parent company
Sichuan Yibin Wuliang Pharmaceutical Co., Ltd. Under common control of the same parent company
Sichuan Global Microcrystalline Glass Technology (Yixing) Co., Ltd. Under common control of the same parent company
Yibin Grace Fiber Industry Co., Ltd. Under common control of the same parent company
Sichuan Xinhexu Import and Export Trading Co., Ltd. Under common control of the same parent company
Yibin City Commercial Bank Co., Ltd. and its branches and sub-branches Wuliangye Group holds a 16.99% interest
Yibin Jinxilai Changxin Industry Co., Ltd. Under common control of the same parent company
Sichuan Linhu Tea Industry Co., Ltd. Under common control of the same parent company
Yibin Paper Industry Co., Ltd. Under common control of the same parent company
Yibin Wukang Huansheng Pharmacy Co., Ltd. Under common control of the same parent company
Sichuan Liya E-commerce Co., Ltd. Under common control of the same parent company
Yibin Liya Department Store Co., Ltd. Under common control of the same parent company
Sichuan Yibin Push International Co., Ltd. Under common control of the same parent company
Sichuan Pujian Digital Technology Co., Ltd. Under common control of the same parent company
Sichuan Yibin Push Intelligent Technology Co., Ltd. Under common control of the same parent company
Sichuan United Liquor Investment Management Co., Ltd. Under common control of the same parent company
Sichuan Gangrong Hengchuang Urban Construction Development Group
Under common control of the same parent company
Co., Ltd.
Yibin Lingang Business Service Co., Ltd. Under common control of the same parent company
Sichuan Shunan Cultural, Tourism and Business Travel Service Co., Ltd. Under common control of the same parent company
Yibin Jichi Automobile Sales Service Co., Ltd. Under common control of the same parent company
Sichuan Huansheng Pharmacy Co., Ltd. Under common control of the same parent company
Chongqing PUSH Machinery Co., Ltd. Under common control of the same parent company
Sichuan Push Acetati Co., Ltd. Under common control of the same parent company
ASGL Under common control of the same parent company
Chengdu Wuliangye Hotel Co., Ltd. Under common control of the same parent company
Sichuan Chuanhong Tea Sales Co., Ltd. Under common control of the same parent company
Sichuan Sanjiang New Energy Supply Chain Technology Co., Ltd. Under common control of the same parent company
Yibin Gangxin Hotel Management Co., Ltd. Lingang Zhuyunli Hotel
Under common control of the same parent company
Branch
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Yibin Gangxin Hotel Management Co., Ltd. Under common control of the same parent company
Yibin Xinjinfa Supply Chain Management Co., Ltd. Under common control of the same parent company
Xiamen Xinwufa Supply Chain Management Co., Ltd. Under common control of the same parent company
Xiamen Xinjiyue International Trade Co., Ltd. Under common control of the same parent company
Sichuan Puxi Intelligent Equipment Co., Ltd. Under common control of the same parent company
Zhejiang Anhong Xinshang Supply Chain Technology Co., Ltd. Under common control of the same parent company
Sichuan Yilu Tongxue Study Tour Service Co., Ltd. Under common control of the same parent company
Yibin Zhurui Import & Export Trading Co., Ltd. Under common control of the same parent company
Yibin Education Investment Development Co., Ltd. Under common control of the same parent company
Chengdu Push Automobile Mold Co., Ltd. Under common control of the same parent company
Yibin Puyi Automotive Technology Co., Ltd. Under common control of the same parent company
Yibin Grace Group Co., Ltd. Under common control of the same parent company
Sichuan Chuanhong International Trade Co., Ltd. Under common control of the same parent company
Hainan Haixinrong Supply Chain Management Co., Ltd. Under common control of the same parent company
Mianyang Xinchen Engine Co., Ltd. Under common control of the same parent company
Yibin Chancheng Kechuang Investment Co., Ltd. Under common control of the same parent company
Yibin Shunan Mingkun Supply Chain Service Co., Ltd. Under common control of the same parent company
Yibin Cultural Tourism and Exhibition Group Co., Ltd. Under common control of the same parent company
Yibin State-owned Enterprise Management Service Co., Ltd. Under common control of the same parent company
Yibin Guanggang Cultural Exhibition Co., Ltd. Under common control of the same parent company
Yibin Jinxiu Garden Landscaping Co., Ltd. Under common control of the same parent company
Yibin Airport Aviation Service Co., Ltd. Under common control of the same parent company
Sichuan United Liquor Exchange Co., Ltd. Under common control of the same parent company
Yibin Talent Development Group Co., Ltd. Under common control of the same parent company
Yibin Jindun Security Service Co., Ltd. Under common control of the same parent company
Yibin Zhonggang Energy Co., Ltd. Under common control of the same parent company
Sichuan Shu'an Network Information Technology Co., Ltd. Under common control of the same parent company
Sichuan Changjiang Industry and Finance Think Tank Consulting Co.,
Under common control of the same parent company
Ltd.
Sichuan Jinkaitai Hotel Management Co., Ltd. Under common control of the same parent company
Yibin Yilvyun Industry Co., Ltd. Under common control of the same parent company
Yibin Science and Education Hotel Management Co., Ltd. University
Under common control of the same parent company
City Hotel Branch
Yibin Public Service Group Municipal Engineering Co., Ltd. Under common control of the same parent company
Sichuan Zhongxin Green Energy Co., Ltd. Yibin Cuiping District Guta
Under common control of the same parent company
Gas Station
Yibin City Operating & Investment Co., Ltd. Under common control of the same parent company
Yibin Development Yingcheng Property Management Co., Ltd. Under common control of the same parent company
Yibin Qingyuan Water Group Co., Ltd. Under common control of the same parent company
Yibin Airport Logistics Co., Ltd. Under common control of the same parent company
Yibin Sanjiang Xingcheng Supply Chain Co., Ltd. Under common control of the same parent company
Yibin Xinjinxiu Garden Landscaping Co., Ltd. Under common control of the same parent company
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Sun Display Co., Ltd. Under common control of the same parent company
Yibin Wuliangye Anpei Nasi Wine Manufacturing Co., Ltd. Under common control of the same parent company
Yibin Jindun Technology Co., Ltd. Under common control of the same parent company
(1) Related-party transactions involving purchase and sale of goods, as well as receipt and rendering of
services
Purchases of goods/receipt of services:
Unit: RMB
Over
the
Appro
appro
ved
ved
Content of transa
Related party H1 2026 transa H1 2025
transaction ction
ction
amoun
amou
t
nt or
not
Sacred Mountain Molin Group Co., Ltd. Si Packaging
Chuan materials, etc.
Packaging
Sichuan Jinzhu New Materials Co., Ltd. 149,475,391.66 121,514,366.17
materials, etc.
Chengdu Huayu Glass Manufacturing Co., Glass bottles,
Ltd. etc.
Chengdu PUTH Medical Technology Co., Raw materials,
Ltd. etc.
Sacred Mountain White Magnolia Industrial
PPE, etc. 53,926,165.07 41,799,024.52
Co., Ltd., Sichuan
Raw materials,
Sichuan Wuliangye Products Co., Ltd. 49,263,536.43 32,198,512.77
etc.
Basic liquor,
Yibin Huanyu Trading Co., Ltd. 36,530,385.59 2,647,152.65
etc.
Raw materials,
Sichuan Putian Packaging Co., Ltd. 32,501,625.36 50,410,288.16
etc.
Sichuan Chuanhong Tea Group Co., Ltd. Tea 20,356,691.09 15,403,100.95
Yibin Sanjiang Huiyuanhe Agricultural Raw materials,
Investment Development Co., Ltd. etc.
Sichuan Yibin Push Mold Co., Ltd. Molds, etc. 17,926,752.32 11,461,008.87
Yibin Shunanzhuhai Scenic Area Raw materials,
Management Co., Ltd. etc.
Wuming Tea Industry Holding Co., Ltd. PPE, etc. 16,979,691.96 14,447,932.80
Sichuan Yibin Wuliang Pharmaceutical Co.,
Drugs, etc. 15,853,285.27 15,320,432.84
Ltd.
Push Information & Automation (Chengdu) Packaging
Co., Ltd. materials
Paper products,
Yibin Paper Industry Co., Ltd. 6,842,154.08 11,093,090.95
etc.
Sichuan Yibin Global Environmental
Glass bottles 451,067.88 59,274,357.12
Technology Co., Ltd.
Raw materials,
Sichuan Yibin Global Huaxin Commercial
glass bottles, 216,636.90 6,212,658.82
Development Co., Ltd.
etc.
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Anti-counterfeit
Sichuan Yibin Push International Co., Ltd. 41,200,167.96
labels etc.
Yibin Wuliangye Ecological Distillery Co., Liquor products,
Ltd. etc.
Other miscellaneous purchases of goods
from related parties
Subtotal purchases of goods from related
parties
Freight and
miscellaneous
Anji Logistic Group Co., Ltd. Sichuan 511,894,402.20 397,047,380.75
charges, service
charges, etc.
External labor
Sichuan Andaxin Logistics Co., Ltd. 310,626,828.87 214,410,803.27
costs, etc.
External
Yibin Wucai Packaging Co., Ltd. processing 57,540,136.88 72,822,491.57
expenses
Freight and
miscellaneous
Sichuan Yibin Wuliangye Group Anji
charges, shuttle 31,660,753.35 35,242,009.78
Logistic Co., Ltd.
service charges,
etc.
External
Chengdu Huayu Glass Manufacturing Co.,
processing 25,158,611.97
Ltd.
expenses
Sichuan Shunan Cultural, Tourism and Business travel
Business Travel Service Co., Ltd. services, etc.
Repair expenses
and marketing
Sichuan Wuliangye Products Co., Ltd. 18,487,972.29 18,831,781.32
support
expenses
Sales promotion
Sichuan Nongwu E-commerce Co., Ltd. 17,135,345.26 12,447,779.84
services, etc.
External
Chengdu PUTH Medical Technology Co.,
processing 9,541,668.86 12,721,832.23
Ltd.
expenses, etc.
External
Sichuan Putian Packaging Co., Ltd. processing 6,746,592.12 143,284.06
expenses, etc.
Medical
Yibin Wuliangye Health Management Co.,
examination 5,704,600.00 2,911,600.00
Ltd.
services, etc.
External
Yi Bin Jia Mei Smartpackaging Co., Ltd. processing 2,877,754.36 249,293.63
expenses
Sichuan Chuanhong Tea Group Co., Ltd. Labor costs, etc. 256,959.00 7,183,837.24
External labor
Yibin Huanyu Trading Co., Ltd. 33,786,263.55
costs, etc.
Sales promotion
Wuming Tea Industry Holding Co., Ltd. 16,895,964.49
services
Image
Yibin Airport Group Co., Ltd. promotion 4,139,150.94
expenses
Other miscellaneous receipts of services
from related parties
Subtotal receipts of services from related
parties
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Total 1,973,633,906.13 1,649,097,100.84
Sale of goods/rendering of services:
Unit: RMB
Related party Content of transaction H1 2026 H1 2025
Yibin Wuliangye Group I&E Co., Ltd. Liquor products, etc. 282,428,283.74 399,453,187.73
Wuming Tea Industry Holding Co., Ltd. Liquor products, etc. 106,988,742.72 24,050,795.67
Sichuan Putian Packaging Co., Ltd. Bottle caps, slices, etc. 29,324,764.14 38,689,286.52
Chengdu Huayu Glass Manufacturing Co.,
Packaging materials, etc. 27,376,308.27 5,590,566.13
Ltd.
Sichuan Nongwu E-commerce Co., Ltd. Liquor products, etc. 22,858,802.08 32,429,487.53
Sichuan Yibin Licai Group Co., Ltd. Printed materials, etc. 13,535,212.49 47,275,590.44
Sichuan Wuliangye Products Co., Ltd. Raw materials, etc. 5,210,041.44 7,947,171.45
Chengdu PUTH Medical Technology Co.,
Raw materials, etc. 2,867,133.53 13,731,584.09
Ltd.
Sichuan Chuanhong Tea Group Co., Ltd. Packaging boxes, etc. 745,025.91 6,103,618.78
Sichuan Jinzhu New Materials Co., Ltd. Raw materials, etc. 524,901.00 24,811,504.36
Chengdu Wuliangye Construction Investment
Liquor products, etc. 7,363.18 10,981,865.96
Co., Ltd.
Other miscellaneous sales to related parties 19,140,206.08 31,385,584.92
Total 511,006,784.58 642,450,243.58
(2) Leases between the Company and related parties
The Company as the lessor:
Unit: RMB
Lease income recognized in Lease income recognized in
Lessee Type of the leased asset
the period the prior period
Buildings and constructions,
Other miscellaneous leases 8,531,836.55 8,185,568.30
and warehouses
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
The Company as the lessee:
Unit: RMB
Variable lease
Lease expense on short-term leases
payments not
Type of and leases of low-value assets Interest expense on lease
included in lease Lease payments Addition of right-of-use assets
the accounted with a simplified liabilities
Lessor liabilities (if
leased approach (if applicable)
applicable)
asset
H1 H1
H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025
Anji Logistic Group Co., Wareho
Ltd. Sichuan uses
Sichuan Yibin Wuliangye
Group Anji Logistic Co., Vehicles 1,477,959.63 3,465.81 6,329.92
Ltd.
Buildin
Sichuan Yibin Wuliangye gs and
Group Co., Ltd. construc
tions
Sichuan Yibin Wuliangye
Land 124,651,957.79 147,913,833.18 3,465,984.96 7,729,815.99
Group Co., Ltd.
Buildin
Yibin Wuliangye Group
gs and
Pengcheng Electronics 3,603,424.26 4,220,567.10 103,937.16 191,469.34
construc
Equipment Co., Ltd.
tions
Yibin Push Linko Wareho
Technology Co., Ltd. uses
Yibin Push Assets Wareho
Management Co., Ltd. uses
Buildin
Sichuan Yibin Licai Group gs and
Co., Ltd. construc
tions
Buildin
Sichuan Yibin Global
gs and
Huaxin Commercial 228,571.43 1,908.75 1,775,142.86 34,940.97 98,328.08 10,203,264.80
construc
Development Co., Ltd.
tions
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Wareho
Other miscellaneous leases uses, 1,605,852.29 1,796,314.29 2,642,342.70 2,090,511.99 228,390.08 354,286.70 431,047.02 233,728.80
etc.
Total 34,819,253.75 15,908,880.98 158,030,417.59 182,701,578.27 5,275,283.53 9,677,622.90 99,303,188.83 14,198,881.18
Notes to the leases between the Company and related parties:
Note 1: The Company and Sichuan Yibin Wuliangye Group Co., Ltd. entered into the Operation and Management Areas Lease Agreement, according to which
Wuliangye Group leases part of the operation and management areas (including the office building, multi-function pavilion, etc.) owned by it to the Company. The leased
area is 27,121.32 square meters, with the annual rent of RMB29.2552 million (tax exclusive). The lease term is from January 1, 2024 to December 31, 2026.
Note 2: The Company and Sichuan Yibin Wuliangye Group Co., Ltd. entered into a Land Lease Agreement, according to which Wuliangye Group leased Wujiaba Land
Parcel, Zongchang Land Parcel, Ziyan Land Parcel I, Fuzao Land Parcel, Zhuchangqu Land Parcel, Guifei Land Parcel, Yuanmingyuan Land Parcel I and II, Nanxi Land
Parcel I, II, and III, and 1,000 mu of land in the north side of Hongba Road, totaling 3,697,845.83 square meters, to the Company. The annual rent is RMB295.8277 million
(tax exclusive), and the lease term is from January 1, 2024 to December 31, 2026.
Land price criterion:
The land lease pricing policy of the Company and Sichuan Yibin Wuliangye Group Co., Ltd. is formulated in accordance with the Reply of Yibin Land Resource
Administration Bureau on the Request of Wuliangye Group for Adjustment of the Land Lease Criterion, which states that “the lease criterion for the industrial land in
Jiangbei Area of Yibin City is RMB50 to RMB110 per square meter per year”. The Company and Wuliangye Group determine the rent of leased land as RMB80 per square
meter per year through mutual agreement.
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
(3) Guarantees between the Company and related parties
There were no guarantees between the Company and related parties during the Reporting Period.
(4) Loans between the Company and related parties
There were no loans between the Company and related parties during the Reporting Period.
(5) Asset transfers and debt restructuring involving related parties
There were no asset transfers or debt restructuring involving related parties during the Reporting Period.
(6) Other related-party transactions
Unit: RMB
Related party Content of transaction H1 2026 H1 2025
Trademark and logo
Sichuan Yibin Wuliangye Group Co., Ltd. (Note 1) 308,561,232.59 589,812,134.03
royalties
Procurement of
Yibin Wuliangye Group I&E Co., Ltd. 8,575,299.13
equipment
Procurement of
Sichuan Yibin Push Mold Co., Ltd. 20,235,398.22 19,863,716.82
equipment
Procurement of
Sichuan Global Photoelectric Technology Co., Ltd. 158,208.93 10,609,397.81
equipment
Sichuan Jinzhu New Materials Co., Ltd. Sale of equipment 19,280,889.55
Sichuan Jinzhu New Materials Co., Ltd. Sale of software 334,520.00
Yibin Construction Investment Group Construction Engineering
Engineering Co., Ltd. construction
Engineering
Sichuan Global Photoelectric Technology Co., Ltd. 7,200,025.47
construction
Other miscellaneous purchases of equipment, etc. 8,269,337.43 14,916,929.04
Total 361,392,139.95 654,817,587.25
Note 1: On December 31, 2023, the Company and Sichuan Yibin Wuliangye Group Co., Ltd. entered into
the Trademark and Logo Licensing Agreement, which specifies that: Wuliangye Group licenses to the Company
some of its registered trademarks and logos with exclusive rights for use. The royalty shall be paid by the
following means: ① The royalty of “factory emblem” shall be paid at 1.27% of the annual sales revenue from
all liquor products using the factory emblem; ② no royalty shall be paid for trademark of liquor products of
which the annual sales revenue is less than 50 tons, and royalty of trademark of liquor products sold by 50 tons
(inclusive) or more shall be calculated by the total sales volume. Royalties of trademark shall be paid by the
following means: Trademark royalty of products with selling price at RMB30,000 per ton and above shall be
RMB1,500 per ton; and that of products with selling price at RMB12,000 per ton and above but below
RMB30,000 per ton shall be RMB1,400 per ton; that of products with selling price below RMB12,000 shall be
RMB1,300 per ton. The Agreement is valid from January 1, 2024 to December 31, 2026.
Finance entered into a Supplementary Agreement to the Financial Service Agreement. According to the
Agreement, the daily balances of the Company’s deposits in as well as loans and credit lines from Wuliangye
Group Finance in 2026 shall be no more than RMB55 billion and RMB10 billion, respectively.
The total deposits of the Company deposited in Wuliangye Group Finance was RMB45,362,178,536.85 at
the end of the period; Wuliangye Group issued the Commitment Letter to the Company, assuring that relevant
deposits and loans of the Company with Wuliangye Group Finance are safe; the current interest income is
RMB443,402,635.50 in total; and Wuliangye Group Finance issued bank acceptance bills of
RMB63,995,969.05 for the Company during the period (undue bank acceptance bills as at June 30, 2026:
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
RMB63,995,969.05).
Company with Yibin City Commercial Bank Co., Ltd. was RMB13,517,066,326.04 at the end of the period; the
current interest income is RMB149,513,246.68 in total; Yibin City Commercial Bank Co., Ltd. issued bank
acceptance bills of RMB196,680,000.00 for the Company during the period (undue bank acceptance bills as at
June 30, 2026: RMB196,680,000.00).
(1) Amounts due from related parties
Unit: RMB
Closing balance Opening balance
Los
Loss
Item Related party s
allo
Gross amount Gross amount allo
wan
wan
ces
ces
Account
Sichuan Yibin Licai Group Co., Ltd. 15,293,590.17
receivable
Account
Chengdu Huayu Glass Manufacturing Co., Ltd. 5,866,535.67 589,654.06
receivable
Account
Other miscellaneous accounts receivable 1,470,086.78 1,102,814.42
receivable
Receivables
Wuming Tea Industry Holding Co., Ltd. 8,745,154.88
financing
Receivables
Yibin Wuliangye Group I&E Co., Ltd. 163,176,630.01
financing
Receivables
Other miscellaneous receivables financing 37,746.96 176,762.68
financing
Prepayment Sichuan Yibin Push Building Materials Co., Ltd. 5,015,949.14 5,306,168.14
Prepayment Yibin Jindun Technology Co., Ltd. 1,807,134.10 1,807,134.10
Push Information & Automation (Chengdu) Co.,
Prepayment 1,245,000.00 1,245,000.00
Ltd.
Sichuan Global Photoelectric Technology Co.,
Prepayment 1,880,799.01
Ltd.
Dujiangyan Wuliangye Hemei Health Investment
Prepayment 1,401,362.10
Co., Ltd.
Prepayment Other miscellaneous prepayments 775,417.55 782,677.65
Sichuan Yibin Wuliangye Group Finance Co.,
Monetary assets 1,317,338,162.26 999,893,208.48
Ltd. (Note 1)
Monetary assets Yibin City Commercial Bank Co., Ltd. (Note 1) 612,086,426.16 498,473,922.84
Other
Sichuan Yibin Wuliangye Group Co., Ltd. 11,655,805.25 56,200.00
receivables
Other
Other miscellaneous other receivables 1,945,426.20 1,936,946.63
receivables
Note 1: The amounts related to Sichuan Yibin Wuliangye Group Finance Co., Ltd. and Yibin City
Commercial Bank Co., Ltd. in this table represented the interest on time deposits accrued on an accrual basis,
and the closing balances were presented in monetary assets.
Note 2: The above prepayments included the balance reclassified to other non-current assets.
(2) Amounts due to related parties
Unit: RMB
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Closing gross Opening gross
Item Related party
amount amount
Account payable Anji Logistic Group Co., Ltd. Sichuan 426,597,962.55 293,409,266.41
Account payable Sichuan Andaxin Logistics Co., Ltd. 112,660,140.28 125,796,738.07
Account payable Chengdu Huayu Glass Manufacturing Co., Ltd. 61,641,765.50
Sacred Mountain Molin Group Co., Ltd. Si
Account payable 37,662,704.81 182,896,866.53
Chuan
Account payable Yibin Wucai Packaging Co., Ltd. 35,370,155.30 31,112,732.20
Account payable Sichuan Jinzhu New Materials Co., Ltd. 31,696,472.83 17,040,374.22
Account payable Chengdu PUTH Medical Technology Co., Ltd. 28,519,023.02 486,196.24
Account payable Sichuan Yibin Push Mold Co., Ltd. 22,682,905.27 33,209,445.22
Account payable Sichuan Wuliangye Products Co., Ltd. 15,624,671.03 9,057,842.96
Sichuan Yibin Wuliangye Group Anji Logistic
Account payable 14,626,752.59 216,084.00
Co., Ltd.
Sichuan Global Photoelectric Technology Co.,
Account payable 14,075,948.16 30,444,277.43
Ltd.
Yibin Shunanzhuhai Scenic Area Management
Account payable 13,976,738.04
Co., Ltd.
Account payable Yibin Airport Group Co., Ltd. 12,346,800.00
Yibin Sanjiang Huiyuanhe Agricultural
Account payable 9,463,792.83
Investment Development Co., Ltd.
Account payable Yi Bin Jia Mei Smartpackaging Co., Ltd. 7,235,136.27 5,041,478.47
Account payable Sichuan Yibin Wuliangye Group Co., Ltd. 6,488,100.47 795,449.46
Push Information & Automation (Chengdu)
Account payable 5,827,115.34
Co., Ltd.
Account payable Sichuan Putian Packaging Co., Ltd. 5,300,632.97 4,470,323.26
Account payable Yibin Huanyu Trading Co., Ltd. 3,965,960.30 402,579.00
Sichuan Yibin Global Environmental
Account payable 3,815,443.36 3,816,267.20
Technology Co., Ltd.
Sichuan Yibin Global Huaxin Commercial
Account payable 35,909.12 1,051,095.07
Development Co., Ltd.
Account payable Other miscellaneous accounts payable 7,008,287.87 106,573,946.55
Contract liability Sichuan Nongwu E-commerce Co., Ltd. 44,775,294.71 1,878,324.91
Contract liability Yibin Wuliangye Group I&E Co., Ltd. 44,423,619.14 1,601,906.78
Contract liability Wuming Tea Industry Holding Co., Ltd. 39,848,450.19 4,810,260.68
Sichuan Yibin Wuliangye Group Ecological
Contract liability 10,353,393.00 10,353,393.00
Distillery and Marketing Co., Ltd.
Chengdu Wuliangye Construction Investment
Contract liability 7,335,812.69 7,079,115.04
Co., Ltd.
Yibin Construction Investment Group
Contract liability Jinpaiyuan Supply Chain Management Co., 4,601,806.67 12,217,185.96
Ltd.
Sacred Mountain Molin Group Co., Ltd. Si
Contract liability 1,589,851.24 1,156,637.43
Chuan
Contract liability Other miscellaneous contract liabilities 4,342,974.66 2,814,333.91
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Note payable Chengdu Huayu Glass Manufacturing Co., Ltd. 37,200,082.76 19,314,091.34
Note payable Yibin Wucai Packaging Co., Ltd. 19,448,000.00 4,200,000.00
Note payable Sichuan Jinzhu New Materials Co., Ltd. 12,050,016.98 10,802,645.47
Note payable Sichuan Yibin Licai Group Co., Ltd. 7,710,000.00
Yibin Sanjiang Huiyuanhe Agricultural
Note payable 6,330,000.00 3,940,000.00
Investment Development Co., Ltd.
Note payable Sichuan Wuliangye Products Co., Ltd. 5,279,305.00 2,131,001.00
Note payable Anji Logistic Group Co., Ltd. Sichuan 3,680,484.00 37,443,678.19
Sacred Mountain White Magnolia Industrial
Note payable 3,172,624.05 2,347,036.80
Co., Ltd., Sichuan
Sichuan Yibin Push Building Materials Co.,
Note payable 2,134,500.00 8,530,500.00
Ltd.
Note payable Yibin Huanyu Trading Co., Ltd. 1,707,313.00
Sichuan Global Photoelectric Technology Co.,
Note payable 1,409,887.00 940,400.00
Ltd.
Note payable Other miscellaneous notes payable 940,293.89 11,687,416.55
Other payable Yibin Development Holding Group Co., Ltd. 3,445,620,795.56 3,445,620,795.56
Other payable Sichuan Yibin Wuliangye Group Co., Ltd. 2,122,495,428.13 2,232,665,195.36
Other payable Anji Logistic Group Co., Ltd. Sichuan 393,604,252.04 393,020,415.50
Other payable Chengdu Huayu Glass Manufacturing Co., Ltd. 6,354,623.08 5,174,660.05
Other payable Wuming Tea Industry Holding Co., Ltd. 3,088,271.88 100,000.00
Other payable Sichuan Nongwu E-commerce Co., Ltd. 2,756,292.65 207,000.00
Yibin Sanjiang Huiyuanhe Agricultural
Other payable 2,500,000.00 2,500,000.00
Investment Development Co., Ltd.
Other payable Sichuan Wuliangye Products Co., Ltd. 2,198,782.22 1,889,164.22
Yibin Shunanzhuhai Scenic Area Management
Other payable 2,000,000.00 2,000,000.00
Co., Ltd.
Other payable Sichuan Andaxin Logistics Co., Ltd. 1,897,448.39 847,400.00
Sichuan Global Photoelectric Technology Co.,
Other payable 1,097,056.34 1,215,299.97
Ltd.
Other payable Yibin Push Assets Management Co., Ltd. 1,070,221.88 1,129,467.57
Other payable Other miscellaneous other payables 7,577,706.03 7,096,916.20
Lease liabilities (inclusive of
Sichuan Yibin Wuliangye Group Co., Ltd. 195,957,618.85 327,621,079.61
the current portion)
Lease liabilities (inclusive of
Sichuan Yibin Licai Group Co., Ltd. 88,028,791.64
the current portion)
Lease liabilities (inclusive of
Sichuan Yibin Push Group Co., Ltd. 9,157,668.26 9,022,333.28
the current portion)
Lease liabilities (inclusive of Yibin Wuliangye Group Pengcheng Electronics
the current portion) Equipment Co., Ltd.
Lease liabilities (inclusive of
Chengdu Huayu Glass Manufacturing Co., Ltd. 3,724,664.37
the current portion)
Lease liabilities (inclusive of Sichuan Global Photoelectric Technology Co.,
the current portion) Ltd.
Lease liabilities (inclusive of Yibin Push Linko Technology Co., Ltd. 1,908,715.58 1,896,847.96
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
the current portion)
Lease liabilities (inclusive of
Sichuan Yibin Global Group Co., Ltd. 1,025,639.93 1,889,284.32
the current portion)
Lease liabilities (inclusive of
Other miscellaneous lease liabilities 823,140.07 8,882,231.85
the current portion)
XV Undertakings and Contingencies
(1) Share repurchase by the Company
As reviewed and approved at the 4th Meeting in 2026 of the 7th Board of Directors of the Company held
on April 28, 2026 and the First Extraordinary Meeting of Shareholders in 2026 held on May 18, 2026, the
Company plans to repurchase its A shares by way of centralized bidding transactions using its own funds, for
the purpose of reducing its registered capital. The total amount of funds to be used for the repurchase shall be
not less than RMB8 billion (inclusive) and not more than RMB10 billion (inclusive), with the repurchase price
not exceeding RMB151.01 per share (inclusive). The implementation period is within 12 months from the date
of approval of the repurchase plan by the meeting of shareholders. As at July 31, 2026, the Company had
cumulatively repurchased 13,316,606 shares, representing 0.34% of the Company’s total share capital, with the
highest transaction price of RMB85.25 per share and the lowest transaction price of RMB73.33 per share, and
the total amount paid was RMB1,001,810,356.65 (excluding transaction fees).
(2) Shareholding increase by Wuliangye Group
Based on its confidence in the Company’s continuously stable development and recognition of the
Company’s long-term investment value, Wuliangye Group has undertaken to increase its shareholdings in the
Company by not less than RMB3 billion (inclusive) and not more than RMB5 billion (inclusive) within six
months from May 7, 2026. Wuliangye Group and its acting-in-concert party Yibin Development Group have
undertaken not to reduce their shareholdings in the Company during the said period of shareholding increase.
Wuliangye Group commenced the third round of shareholding increase on May 7, 2026. As at August 7, 2026, it
had cumulatively increased its shareholding in the Company by 2,411,300 shares, representing 0.06% of the
Company’s total share capital, with the total amount of shareholding increase being RMB199,434,240.41. As of
the date of this report, the shareholding increase plan has not yet been fully implemented, and Wuliangye Group
will continue to implement the shareholding increase in accordance with the plan.
(1) Significant contingencies on balance sheet date
The Company had no significant contingencies which needed to be disclosed during the Reporting Period.
(2) In despite of no significant contingency to disclose, the Company shall also make relevant statements
The Company had no significant contingencies which needed to be disclosed.
XVI Post-Balance Sheet Date Events
The Company had no important non-adjustment matters which need to be disclosed.
The Company has no interim dividend plan, either in the form of cash or bonus issue.
The Company has no other post-balance sheet date events which need to be disclosed.
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
XVII Other Significant Matters
The Company obtained the reply of the State-owned Assets Supervision and Administration Commission
of the People’s Government of Yibin City on the Plan of Establishing the Corporate Annuity Plan of the
Company (YGZW [2018] No. 221) on September 14, 2018, and had filed with the Department of Human
Resources and Social Security of Sichuan Province on October 30, 2018. On August 21, 2023, the Yibin Human
Resources and Social Security Bureau agreed to the Company’s revised Corporate Annuity Plan for filing and
implementation.
Participants of the corporate annuity plan of the Company include: (1) Employees who have entered into
labour contracts with the Company; (2) employees who participate in the basic old-age insurance system for
enterprise employees according to the law and perform the obligation of payment; and (3) employees who are
on duty and registered (excluding the probation period) will participate the corporate pension plan on a
voluntary basis.
Expenses for the corporate annuities shall be jointly borne by the Company and the employees.
Contribution by an employee shall be 4% of the contribution base of such employee, and the monthly
contribution base of the employee shall be the average wage in the previous year. Total amount of contribution
by the Company shall be 8% of the total annual wage paid by the Company.
(1) Determination basis and accounting policies of reportable segment
The Company has no other businesses than liquor products which have significant impact on the operating
result. The Company has no segment information that needs to be disclosed since revenue of the Company is
mainly generated within China and the assets are also located within China.
XVIII Notes to Major Line Items in the Financial Statements of the Parent Company
Unit: RMB
Item Closing balance Opening balance
Interest receivable
Dividends receivable 534,248,092.95 534,248,092.95
Other receivables 3,663,407,064.73 3,211,916,432.59
Total 4,197,655,157.68 3,746,164,525.54
(1) Dividends receivable
Unit: RMB
Item (or investee) Closing balance Opening balance
Dividends receivable from subsidiaries 534,248,092.95 534,248,092.95
Total 534,248,092.95 534,248,092.95
(2) Other receivables
Unit: RMB
Nature Closing gross amount Opening gross amount
Current account 3,662,415,116.16 3,210,883,460.06
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Cash float 40,000.00
Security deposits 5,000,000.00 5,000,000.00
Other advance money for others or
temporary payment
Total 3,667,427,648.93 3,215,928,322.71
Unit: RMB
Aging Closing gross amount Opening gross amount
Within 1 year (inclusive) 736,304,146.87 656,015,435.00
More than 3 years 2,348,083,306.29 2,325,137,453.34
More than 5 years 2,199,991,689.18 1,985,654,606.08
Total 3,667,427,648.93 3,215,928,322.71
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Unit: RMB
Closing balance Opening balance
Gross amount Loss allowances Gross amount Loss allowances
Category As % of the Allowance As % of the Allowance
Carrying amount Carrying amount
Amount total gross Amount as % of the Amount total gross Amount as % of the
amount gross amount amount gross amount
Loss
allowances
established
on an
individual
basis
Loss
allowances
established
on a
grouping
basis
Of which:
External
customers
Related
parties
Total 3,667,427,648.93 100.00% 4,020,584.20 0.11% 3,663,407,064.73 3,215,928,322.71 100.00% 4,011,890.12 0.12% 3,211,916,432.59
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Loss allowances established on a grouping basis:
Unit: RMB
Closing balance
Allowance
Name as % of the
Gross amount Loss allowances
gross
amount
Other receivables for which loss allowances are
established based on the external customer group
Other receivables for which loss allowances are
established based on the related party group
Total 3,667,427,648.93 4,020,584.20
Loss allowances established using the general model of expected credit loss:
Unit: RMB
Stage 1 Stage 2 Stage 3
Loss allowances 12-month Lifetime expected credit Lifetime expected credit Total
expected credit loss (without credit loss (with credit
loss impairment) impairment)
Balance as at January 1,
Balance as at January 1,
——Transferred to Stage
——Transferred to Stage
——Transferred back to
Stage 2
——Transferred back to
Stage 1
Established in the period 8,694.08 8,694.08
Reversed in the period
Charged off in the period
Written off in the period
Other changes
Balance as at June 30,
Gross amounts with significant changes in loss allowances in the period:
□ Applicable Not applicable
Loss allowances in the period:
Unit: RMB
Changes in the period
Opening Charged off
Category Establishe Recovered Othe Closing balance
balance or written
d or reversed rs
off
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
Other receivables for which loss
allowances are established based on 4,011,890.12 8,694.08 4,020,584.20
the credit risk characteristic group
Total 4,011,890.12 8,694.08 4,020,584.20
There were no other receivables actually written off in the period.
Unit: RMB
As % of
the
Nature closing Closing balance
Entity of Closing balance Aging balance of of loss
account total other allowances
receivable
s
Within 1 year,
Current
Yibin Jiangjiu Liquor Co., Ltd. 3,356,835,760.28 1-5 years, over 91.53%
account
Sichuan Yibin Wuliangye Environmental Current Within 5 years,
Protection Industry Co., Ltd. account over 5 years
Yibin Wuliangye Xianlin Ecological Current
Liquor Co., Ltd. account
Sichuan Yibin Wuliangye Distillery Co., Current Within 1 year,
Ltd. account 1-5 years
Housing and Urban-Rural Development Security
Bureau of Cuiping District, Yibin City deposit
Total 3,667,091,617.80 99.99% 4,000,000.00
Unit: RMB
Closing balance Opening balance
Impa
Impair irme
Item ment nt
Gross amount Carrying amount Gross amount Carrying amount
allowa allo
nces wanc
es
Investments in
subsidiaries
Investments in
associates and 2,226,460,259.54 2,226,460,259.54 2,156,161,243.49 2,156,161,243.49
joint ventures
Total 14,909,247,397.65 14,909,247,397.65 14,761,328,381.60 14,761,328,381.60
(1) Investments in subsidiaries
Unit: RMB
Opening Increase/decrease in the period Closin
balance g
of Decrease Impair Closing balance balanc
Opening balance
Investee impairme Increase in in ment Othe （Carrying e of
(carrying amount)
nt investment investme allowa rs amount） impair
allowanc nt nces ment
es allowa
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
nces
Sichuan Yibin Wuliangye
Distillery Co., Ltd.
Yibin Wuliangye Liquor
Sales Co., Ltd.
Sichuan Yibin Wuliangye
Supply and Marketing 765,756,006.41 765,756,006.41
Co., Ltd.
Yibin Jiangjiu Liquor
Co., Ltd.
Sichuan Yibin Wuliangye
Environmental Protection 273,870,000.00 273,870,000.00
Industry Co., Ltd.
Yibin Changjiangyuan
Liquor Co., Ltd.
Yibin Wuliangye Xianlin
Ecological Liquor Co., 2,700,000.00 2,700,000.00
Ltd.
Sichuan Yibin Wuliangye
Jingmei Printing Co., 49,374,409.93 49,374,409.93
Ltd.
Sichuan Yibin Plastic
Packaging Materials 4,338,414,609.25 4,338,414,609.25
Company Limited
Sichuan Yibin Global
Group Shenzhou Glass 108,922,175.18 108,922,175.18
Co., Ltd.
Sichuan Yibin Global
Glass Manufacturing Co., 307,282,551.14 307,282,551.14
Ltd.
Sichuan Yibin Push
Group 3D Co., Ltd.
Sichuan Yibin Wuliangye
Investment (Consulting) 47,500,000.00 47,500,000.00
Co., Ltd.
Wuliangye Dashijie
(Beijing) Trade Co., Ltd.
Handan Yongbufenli
Liquor Co., Ltd.
Wuguchun Jiu Ye Co.,
Henan. China
Sichuan Wuliangye
Culture Tourism 80,000,000.00 40,000,000.00 120,000,000.00
Development Co., Ltd.
Yibin Wuliangye Creart
Co., Ltd.
Sichuan Wuliangye
NongXiang Baijiu Co., 95,000,000.00 95,000,000.00
Ltd.
Sichuan Wuliangye New
Retail Management Co., 90,000,000.00 90,000,000.00
Ltd.
Yibin Wuliangye
Technology Innovation 100,000,000.00 100,000,000.00
Co., Ltd.
Total 12,605,167,138.11 77,620,000.00 12,682,787,138.11
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
(2) Investment in associates and joint ventures
Unit: RMB
Increase/decrease in the period
Openin Return Closin
g on g
Opening Adjustme Othe Decla Closing
balance investme balance
balance Increas Decrea nt to r red balance
of nt Impair of
Investee e in se in other equit cash
(carrying impair recogniz ment Oth (carrying impair
invest invest comprehe y divide
amount) ment ed using allowa ers amount) ment
ment ment nsive chan nds or
allowa the nces allowa
income ges profit
nces equity nces
method
I Joint ventures
II Associates
Oriental
Outlook 23,269,691 15,228,385
Media .45 .62
Co., Ltd.
Sichuan
Yibin
Wuliangy 2,122,023, 78,528,6 2,200,552,
e Group 846.07 62.68 508.75
Finance
Co., Ltd.
Beijing
Zhongjiu
huicui
Education 10,867,705 10,679,365
and .97 .17
Technolo
gy Co.,
Ltd.
Sub-total
Total
The recoverable amount is determined based on the net amount of the fair value minus disposal costs
□ Applicable N/A
The recoverable amount is determined by the present value of the forecasted future cash flow
□ Applicable N/A
Unit: RMB
Item H1 2026 H1 2025
Return on long-term equity investments
measured using the equity method
Total 70,299,016.05 45,613,142.00
Interim Report 2026 of Wuliangye Yibin Co., Ltd.
XIX Supplementary Information
Applicable □ Not applicable
Unit: RMB
Item Amount Note
Gain or loss on disposal of non-current assets 4,072,532.33
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 22,452.31
Less: Income tax effects 8,741,477.69
Non-controlling interests effects (net of tax) 12,789,131.01
Total 269,653,283.97 --
Particulars about other items that meet the definition of non-recurring gains and losses:
□ Applicable Not applicable
No such cases for the Reporting Period.
Explanation of why the Company reclassifies as recurrent a recurring gain/loss item listed in the
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Non-Recurring Gains and Losses Items:
□ Applicable Not applicable
Weighted average ROE EPS
Profit in the Reporting Period
(%) Basic EPS (RMB/share) Diluted EPS (RMB/share)
Net profit attributable to the
Company’s ordinary shareholders
Net profit attributable to the
Company’s ordinary shareholders 6.92% 2.1857 2.1857
before non-recurring gains and losses
International Financial Reporting Standards (IFRS) and foreign accounting standards
(1) Net profit and equity under CAS and IFRS
□ Applicable Not applicable
(2) Net profit and equity under CAS and foreign accounting standards
□ Applicable Not applicable
(3) Accounting data differences under CAS and IFRS and foreign accounting standards. Where any
reconciliation is made to the data audited by an overseas independent auditor, the name of the overseas
independent auditor shall be provided.
□ Applicable Not applicable
None
