ANNUAL REPORT 2025
Stock Code: 600519 Stock Abbr.: Kweichow Moutai
KWEICHOWMOUTAI CO. LTD.ANNUAL REPORT 2025
1 / 194ANNUAL REPORT 2025
Important Statements
I. The Board of Directors Board of Supervisors directors supervisors and the senior management of the
Company guarantee that the information presented in this report is free of any false records misleading
statements or material omissions and shall bear individual and joint legal liabilities for the truthfulness
accuracy and completeness of its contents.II. All directors of the Company attend the meeting of the board of directors.III. Pan-China Certified Public Accountants (Special General Partnership) issued an unqualified audit
report for the Company.IV. Chen hua responsible person for the Company Yu Siming responsible person for the Company’s
accounting work and Cai Congying responsible person for the Company’s financial affairs (Accounting
Supervisor) have guaranteed that the financial statements in this report are true accurate and complete.V. The proposed profit distribution plan or the proposed plan of capitalization of capital reserves in the
reporting period approved by the resolution of the Board of Directors.The Company proposes to implement the 2025 annual profit distribution based on the total share capital registered
on the record date for equity distribution excluding the shares held in the Company's specialized repurchase
account. A cash dividend of RMB 27.993 per share (tax inclusive) will be distributed to all shareholders. As of
March 31 2026 the Company's total share capital is 1252270215 shares and the number of shares in the
specialized repurchase account is 794176. The total share capital excluding the shares in the specialized repurchase
account is 1251476039 shares. Based on this the total proposed cash dividend is calculated to be RMB
35032568759.73 (tax inclusive). In the event of any change in the total share capital (excluding shares in the
specialized repurchase account) prior to the record date the Company will maintain the total distribution amount
unchanged and adjust the per-share distribution ratio accordingly. The above profit distribution plan is subject to
the review and approval of the General Meeting of Shareholders before implementation.As at the end of the reporting period information regarding accumulated losses of the parent company and
its impact on matters such as dividend distribution
□Applicable √N/A
VI. Risk disclosure statement for forward-looking statements
√Applicable □N/A
Future plans development strategies and other forward-looking statements involved in this annual report are
subject to uncertainty and do not constitute a material commitment of the Company to investors. Investors are
requested to pay attention to investment risks.VII. Existence of non-operational embezzlement of funds by controlling shareholders or their related
parties
No
VIII. Existence of financial guarantees to external parties in violation of the regulated decision procedures
No
IX. Over half of the directors’ failure to guarantee the truthfulness accuracy and completeness of the
Company’s disclosed annual report
No
2 / 194ANNUAL REPORT 2025
X. Significant Risk PromptsThe Company has elaborated the potential risks in the chapter of “The Company Discussion and Analysis on itsFuture Development”. Investors are advised to pay their due attention.XI. Others
□Applicable √N/A
3 / 194ANNUAL REPORT 2025
Contents
Section I Definitions ............................... 5
Section II Company Profile and Key Financial Resul....5
Section III Management’s Discussion and Analysis .....8
Section IV Corporate Governance Environment and So...24
Section V Significant Events ....................... 44
Section VI Changes in Shares and Information about...61
Section VII Information about Bond ................. 68
Section VIII Financial Report ...................... 68
References include the accounting statements signed and stamped by the
respective individuals in charge of the Company the Company’s
accounting work and the Company’s accounting department (Accounting
Documents Available for supervisor).Reference References include the audit report original signed and stamped by the
certified public accountant and stamped by the accounting firm.The originals of company documents and announcements that are publicly
disclosed in China Securities Journal and Shanghai Securities News during
the reporting period.
4 / 194ANNUAL REPORT 2025
Section I Definitions
I.Definitions
Unless it is otherwise referred in the context the terms in this report have the following meanings:
Terms and Definitions
CSRC refers to China Securities Regulatory Commission
SSE refers to Shanghai Stock Exchange
Company the Company refers to Kweichow Moutai Co. Ltd.Controlling Shareholder Group
Company refers to China Kweichow Moutai Distillery (Group) Co. Ltd.Reporting period refers to Fiscal Year of 2025
This report the report refers to Annual Report 2025
Section II Company Profile and Key Financial Results
I.Corporate Information
Name of the Company in Chinese 贵州茅台酒股份有限公司
Abbr. of the Company name in Chinese (if any) 贵州茅台
Name of the Company in English Kweichow Moutai Co. Ltd.Legal Representative Chen Hua
II. Contact Information
Secretary of the Board Representative for securities affairs
Name Yu Siming (Acting Secretary of the Board) Cai Congying
Address Maotai Town Renhuai City Guizhou Maotai Town Renhuai CityProvince Guizhou Province
Tel. 0851-22386002 0851-22386002
Fax 0851-22386193 0851-22386193
E-mail mtdm@moutaichina.com mtdm@moutaichina.com
III.Company profile
Registered address Maotai Town Renhuai City Guizhou Province
Office address Maotai Town Renhuai City Guizhou Province
Zip code of office address 564501
Website address http://www.moutaichina.com/
E-mail address mtdm@moutaichina.com
IV. Information disclosure and the place where the report is available
Media name and its website address where the
report is disclosed China Securities Journal and Shanghai Securities News
Website address of the stock exchange where the
report is disclosed http://www.sse.com.cn/
Place where the report is available The office of the Board of Directors
5 / 194ANNUAL REPORT 2025
V. Stock information
Stock information
Stock exchange where the shares are Previous stockStock type listed Stock abbreviation Stock code Abbreviation (ifany)
A shares Shanghai Stock Exchange Kweichow Moutai 600519
VI.Other information
Name Pan-China Certified Public Accountants (Special General Partnership)
Appointed Office address 128 Xixi Road Lingyin Street Xihu District Hangzhou city ZhejiangProvince China
accounting firm
(domestic) Name of thesigning Li Qinglong Liang Zhengyong Zeng Zhi
accountant
VII. Key Accounting Data and Financial Indicators in the past three years
(I) Key accounting data
Monetary Unit: Yuan Currency: RMB
Key accounting data 2025 2024 Change (%) 2023
Operating revenue 168838102514.79 170899152276.34 -1.21 147693604994.14
Total profit 114755261605.08 119638578194.46 -4.08 103662553689.81
Net profit attributable to 82320067101.68
shareholders of the listed 86228146421.62 -4.53 74734071550.75
Company
Net profits deducting non-
recurring profits and losses
attributable to shareholders of 82293107655.25 86240905977.42 -4.58 74752564425.52
the listed
Company
Net cash flows from operating
activities 61522204989.35 92463692168.43 -33.46 66593247721.09
Increase or decrease
at the end of the
At the end of 2025 At the end of 2024 current periodCompared with the At the end of 2023
same period of the
previous year (%)
Net assets attributable to
shareholders of the listed 244637811032.18 233105984399.47 4.95 215668571607.43
company
Total assets 303834844021.44 298944579918.70 1.64 272699660092.25
Share capital 1252270215.00 1256197800.00 -0.31 1256197800.00
(II) Key financial indicators
Year-on-year
Key financial indicators 2025 2024 increase/decrease 2023
(%)
Basic earnings per share (RMB/share) 65.66 68.64 -4.34 59.49
Diluted earnings per share (RMB/share) 65.66 68.64 -4.34 59.49
Basic earnings per share after deducting non-recurring profits and
losses (RMB/share) 65.64 68.65 -4.38 59.51
Weighted average rate of return on net assets (%) 32.53 36.02 Decrease by 3.49percentage points 34.19
Weighted average rate of return on net assets after deduction of
non-recurring profits or losses (%) 32.52 36.03
Decrease by 3.51
percentage points 34.20
Description of the Company's main accounting data and financial indicators for the recent three years at the end of
the reporting period
□Applicable □N/A
The decrease in net cash flows from operating activities is mainly due to the reduction in deposits accepted by the
Company's consolidated subsidiary Guizhou Moutai Group Finance Co. Ltd. from member units of the Group
Company and the increase in interbank deposits that are not available for withdrawal at any time during this period.
6 / 194ANNUAL REPORT 2025
VIII. Differences in accounting data by domestic and overseas accounting standards
(I) Differences in the net profits and net assets attributable to shareholders of the Company disclosed in the
financial reports prepared under the international accounting standards and China accounting standards
□Applicable √N/A
(II) Differences in the net profits and net assets attributable to shareholders of the Company disclosed in the
financial reports prepared under the overseas accounting standards and China accounting standards
□Applicable √N/A
(III) Explanation of differences between domestic and overseas accounting standards
□Applicable √N/A
IX. Quarterly key financial data in 2025
Monetary Unit: Yuan Currency: RMB
Q1 (Jan.-Mar.) Q2 (Apr.-Jun.) Q3 (Jul.-Sept.) Q4 (Oct.-Dec.)
Operating revenue 50600957885.78 38788396531.06 39064353239.02 40384394858.93
Net profit attributable to
shareholders of the listed 26847474238.76 18555488059.34 19223784414.08 17693320389.50
Company
Net profits deducting non-
recurring profits and losses
attributable to shareholders of 26849883702.90 18540363920.92 19290368807.38 17612491224.05
the listed Company
Net cash flows from operating
activities 8809195646.38 4309865384.95 25077741123.94 23325402834.08
Explanations for the differences between quarterly data and those disclosed in previous periodical reports
□Applicable √N/A
X. Non-recurring Gains and Losses Items and Amounts
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Non-recurring gains and losses Amount in 2025 Notes (ifapplicable) Amount in 2024 Amount in 2023
Profit or loss of disposal of non-current assets
(including the offset amount where provision for -2384586.28 -6898481.82 1152516.17
asset impairment has been made)
Government grants included in the current profit
or loss (except for government grants closely
related with the normal business of the Company
obtained based on the established standard in 4271947.79 4539419.20 17137523.89
accordance with national policies and
provisions and having the continuous influence
on the profits or losses of the Company)
The profit or loss from changes in the fair value of
financial assets and financial liabilities held by
non-financial enterprises and the profit or loss
from the disposal of financial assets and financial 76162597.66 26539092.99 2439902.57
liabilities except the effective hedging relevant to
the Company’s normal business
Other non-operating income and expenses other
than the above items -48197347.69 -42713924.90 -47733771.71
Other profit or loss items that satisfy the definition
of non-recurring gains and losses 7138800.00 2395600.72 4710466.67
Less: Influenced amount of income tax 9247852.87 -4034573.45 -5573340.60
Impact of minority shareholders' equity
(after tax) 784112.18 655835.44 1772852.96
Total 26959446.43 -12759555.80 -18492874.77
Where the Company recognizes the items not listed in the Explanatory Notice on Information Disclosure of
Companies that Issue Securities Publicly No.1 - Non-recurring Profit or Loss as the non-recurring profit or loss items
with the significant amount or defines the non-recurring profit and loss items listed in Explanatory Notice on
7 / 194ANNUAL REPORT 2025
Information Disclosure of Companies that Issue Securities Publicly No.1 - Non-recurring Profit or Loss as recurring
profit or loss items reasons shall be given.□Applicable √N/A
XI. Companies with equity incentive schemes or employee share ownership plans may elect to disclose net
profit excluding the impact of share-based payments.□Applicable √N/A
XII. Items measured at fair value
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Balance at the beginning Balance at the end of Increase/decrease in Affected amount of theof the period the period the period profit of the period
Held-for-trading financial assets 248513280.00 -248513280.00 265351.99
Receivables financing 4457064160.16 4457064160.16 -19841855.81
Other non-current financial assets 4028978995.56 4105141593.22 76162597.66 76162597.66
Other debt investments 3496539016.41 3496539016.41 8316130.29
Total 4277492275.56 12058744769.79 7781252494.23 64902224.13
XIII. Others
□Applicable √N/A
Section III Management’s Discussion and Analysis
I. Business scope in the reporting period
The main business of the Company is the production and sales of Kweichow Moutai and series liquor products.The leading product "Kweichow Moutai" is the originator and archetype of Moutai-flavor Baijiu and it is also a
liquor brand integrating national geographical indication products organic food and national intangible cultural
heritage. The Company's marketing network covers 66 countries and regions both at home and abroad.In 2025 the Company's business model is as follows: raw material procurement - product manufacturing - product
sales. The raw material procurement model specifically involves: sorghum for Kweichow Moutai is procured
through a "company + local government + supplier + cooperative or farmer" model while wheat is procured
through a "company + supplier + cooperative or farm" model. The procurement of other raw and auxiliary materials
as well as packaging materials is primarily based on the Company's production and sales plans and is conducted
through centralized procurement in the market. The production process flow involves: starter making- liquor
brewing – cellaring - blending - packaging. The sales model comprises both direct selling and wholesale
distribution channels. Direct selling channels refer to self-operated sales and digital marketing platforms such as "i
Moutai" while wholesale distribution channels involve social dealers supermarkets e-commerce platforms and
other channels.Description of the Company's Newly Added Significant Non-core Businesses During the Reporting Period
□Applicable √N/A
II. Industry sector situation in the reporting period
See "Industry profile" on page 16 and "Pattern and trend in the industry" on page 21 in this report.III. Discussion and analysis of business situation
In 2025 the Company consistently followed the guidance of Xi Jinping Thought on Socialism with Chinese
Characteristics for a New Era thoroughly implemented the spirit of the 20th National Congress of the Communist
Party of China and its subsequent plenary sessions as well as the important instructions from General Secretary Xi
Jinping’s inspection in Guizhou. The Company fully executed the decisions and deployments of the Provincial Party
Committee and the Provincial Government adhering to the general principle of seeking progress while maintaining
stability and the new philosophy of new development. The Company coordinated the completion of key tasks in
8 / 194ANNUAL REPORT 2025
production operation reform and development. Consequently the Company delivered outstanding results for the
successful conclusion of the "14th Five-Year Plan" with high-quality development.IV. Analysis of core competitiveness
√Applicable □N/A
The Company adheres to the corporate values of "following nature respecting people understanding principles
and cultivating virtue" and possesses the "five core competencies" composed of quality brand craftsmanship
environment and culture. During the reporting period there were no significant changes in the Company's core
competencies.V. Business operation briefing for the reporting period
First the foundation of product quality has been further strengthened. The Company has consistently upheld the
belief that “quality is the soul of life” adhering to the quality philosophy of “honoring the principles abiding bythe rules sticking to the craftsmanship cellaring enough aged liquor and not selling young liquor. ” It has
continuously developed advanced quality standards and implemented stringent process controls while leveraging
digital technologies to establish a quality management system covering the entire industry chain. Quality indicators
in key processes such as yeast-making Chinese Baijiu making cellaring blending and packaging remain leading.The product quality of Moutai Liquor remains stable at an excellent level systematically fortifying the quality
lifeline for high-quality development.Second the market foundation has remained solid. The Company adheres to a consumer-centric approach and
market-driven strategy strengthening market research and collaboration with distributors and addressing market
uncertainties with its own operational certainty. It has steadily advanced the “Comprehensive To-Consumer (C)”
strategy by promoting the “three transformations” in consumption scenarios customer segments and services as
well as the “three-end reforms” across products channels and terminals. The synergistic efforts across the three
major segments—Moutai Liquor Series Liquor and Internationalization— have continuously boosted market
confidence and effectively stabilized market fundamentals demonstrating development resilience and achieving
steady market growth.Third brand influence has reached new heights. The Company initiated the first Chishui River Forum andparticipated in major events such as the World Economic Forum (Davos) the “China Consumer Premium BrandsTour” (Guizhou session) the Brand Strengthen A Nation and the 2025 Boao Forum for Chinese Entrepreneurs
further enhancing brand recognition and reputation. Kweichow Moutai ranked first in the spirits category of the
Brand Finance China 500 2025 list with a brand value of USD 58.38 billion representing a year-on-year increase
of 16.50%. Its brand strength rating reached the highest AAA+ level reflecting continued improvement in brand
influence.Fourth ESG governance has achieved remarkable results. The Company has continued to advance the “One BaseOne Benchmark” initiative and actively promote an ecosystem of harmonious coexistence between humanity andnature. Guided by the philosophy of “ coexisting harmoniously with nature sharing value with society andmodernizing internal governance” it has systematically strengthened ESG governance and enhanced the quality of
its sustainable development practices. Its MSCI ESG rating improved from BBB to A making it the first company
in Chinese Baijiu industry to achieve this rating. Its S&P CSA score also increased significantly with its
sustainability capabilities gaining international recognition.Fifth further progress has been made in market value management. The Company has continuously enhanced its
market value management system and issued and implemented the Measures for Market Value Management further
improving the standardization and refinement of management practices. It has continued to implement its three-year
cash dividend plan achieving two cash dividend distributions in 2025 with total cash dividends expected to amount
to RMB 650.33 billion (including the proposed 2025 dividend) reaching a record high. The Company also
completed its first RMB 6.0 billion share repurchase program and launched a second round of share repurchase
effectively protecting investors’ interests and continuously creating value for shareholders.(I) Main business analysis
1. Analysis of accounting item changes related to the income statement and the cash flow statement
Monetary Unit: Yuan Currency: RMB
Amount in the same
Item Amount in the reporting period reporting period of YoY Change
last year (%)
9 / 194ANNUAL REPORT 2025
Operating revenue 168838102514.79 170899152276.34 -1.21
Operating costs 14892277570.91 13789482367.98 8.00
Selling and distribution expenses 7253499600.68 5639300059.49 28.62
General and administrative expenses 8320061659.66 9315650060.38 -10.69
Financial expenses -815240284.72 -1470219863.34 N/A
Research and development expenses 190112246.58 218375472.87 -12.94
Net cash flows from operating activities 61522204989.35 92463692168.43 -33.46
Net cash flows from investing activities -31641898948.89 -1785202630.71 N/A
Net cash flows from financing activities -73427081208.87 -71067506484.81 N/A
Explanation of Changes in Operating Revenue: Mainly due to the adjustments to the product structure of the
Moutai-flavor series liquor.Explanation of Changes in Operating Costs: Mainly due to the increase in sales volume and production costs in the
current period.Explanation for Changes in Sales Expenses: Mainly due to the increase in advertising promotion and marketing
expenses during the current period.Explanation of Changes in Financial Expenses: Mainly due to the decline in interest rates on commercial bank
deposits as well as changes in their scale and structure during the current period.Explanation of Changes in Net Cash Flow from Operating Activities: This mainly reflects the decrease in deposits
accepted from member units of the Group Company by Kweichow Moutai Group Finance Co. Ltd. a consolidated
subsidiary of the Company as well as the increase in interbank deposits that are not available for withdrawal on
demand during the current period.Explanation of Changes in Net Cash Flow from Investing Activities: This mainly reflects the increase in cash
outflows for investments such as the purchase of interbank certificates of deposit by Kweichow Moutai Group
Finance Co. Ltd. a consolidated subsidiary of the Company during the current period.Explanation of Changes in Net Cash Flow from Financing Activities: The change is mainly attributable to the
Company's share repurchase implemented during the current period.Detailed explanation ofmajor changes in the Company's business type profit composition or profit source
in the current period
□Applicable √N/A
2. Income and cost analysis
√Applicable □N/A
(1) Main business grouped by business segment by product by region and by sales model.
Monetary Unit: Yuan Currency: RMB
Main business grouped by business segment
Increase Or Increase or Increase Or
Gross Profit decrease in decrease in decrease in
Industry Operating revenue Operating costs margin operating operating costs gross Profit
(%) revenue over over the margin overthe previous previous year the previous
year (%) (%) year (%)
Liquor 168774585187.65 14805900139.59 91.23 -1.08 8.63 -0.78
Main business (by product)
Increase Or Increase Or Increase or
decrease in Decrease in decrease in
Product Operating revenue Operating costs Gross profit operating Operating gross profitmargin (%) revenue over Costs over the Margin over
the previous previous year the previous
year (%) (%) year (%)
Moutai liquor 146499906480.49 9484757825.54 93.53 0.39 9.50 -0.53
Other series
liquor 22274678707.16 5321142314.05 76.11 -9.76 7.11 -3.76
Main business grouped by region
Region Operating revenue Operating costs Gross profit Increase or Increase or Increase Or
10 / 194ANNUAL REPORT 2025
margin (%) decrease in decrease in decrease in
Operating Operating gross profit
revenue over costs over the margin over
the previous Previous year the previous
year (%) (%) year (%)
Domestic 163924442864.97 14402942526.84 91.21 -0.91 8.89 -0.79
Overseas 4850142322.68 402957612.75 91.69 -6.52 -0.04 -0.54
Main business grouped by sales model
Increase or Increase or Increase or
decrease in decrease in decrease in
Model of sales Operating revenue Operating costs Gross profit operating operating costs gross profitmargin (%) revenue over over the margin over
the previous previous year the previous
year (%) (%) year (%)
Wholesale
agency 84231553333.02 10226331441.18 87.86 -12.05 0.89 -1.56
Direct sales 84543031854.63 4579568698.41 94.58 12.96 31.07 -0.75
Explanation of Changes in Direct Selling Operating Costs:
The increase in Operating costs of direct sales is mainly attributable to the increase in its sales volume and production
costs.
(2) Analysis of production volume sales volume and inventory
√Applicable □N/A
Main product Unit Production
YoY change of YoY change of
volume Sales volume Inventory Production sales Volume
YoY change of
Volume (%) (%) Inventory (%)
Liquor Ton 116123.73 85104.14 339977.86 11.25 2.13 9.67
(3) Execution situation of major acquisition contracts and major sales contracts
□Applicable √N/A
(4) Cost Analysis Table
Monetary Unit: Yuan Currency: RMB
Condition by business segment
As % of total
By business Main breakdown Amount in the reporting As % of Amount in the same
segment items of cost period total cost reporting period of
cost in YoY Description of
(%) previous year previous year change (%) reasons(%)
Liquor 14805900139.59 100.00 13629995812.89 100.00 8.63
Condition by product
By product Main breakdown Amount in the reporting
As % of Amount in the same As % of cost
items of cost period Total cost Reporting period of in previous
YoY Description of
(%) previous year year (%) change (%) reasons
Direct materials
costs 7607858939.76 51.38 6895320421.92 50.59 10.33
Direct labor costs 5499482112.67 37.14 5224448485.08 38.32 5.26
Manufacturing
Liquor costs 902282395.06 6.10 776373890.79 5.70 16.22
Fuels and energies 469410305.65 3.17 422328634.52 3.10 11.15
Transportation
costs 326866386.45 2.21 311524380.58 2.29 4.92
Total 14805900139.59 100.00 13629995812.89 100.00 8.63
(5) Any merger scope changes resulting from share changes of main subsidiaries in the reporting period
□Applicable √N/A
(6) Information about significant changes or adjustments of the Company’s businesses products or
services in the reporting period.□Applicable √N/A
11 / 194ANNUAL REPORT 2025
(7) Major customers and suppliers
A. Major customers and suppliers of the Company
√Applicable □N/A
Sales to the top five customers were 17045.7878 million accounting for 10.10% of the total annual sales. Among
them sales to related parties included in the top five customers amounted to 6358.2928 million representing 3.77%
of the total annual sales.Purchases from the top five suppliers were 3488.2584 million accounting for 38.12% of the total annual purchases.Among them purchases from related parties included in the top five suppliers amounted to 1392.8325 million
representing 15.22% of the total annual purchases.B. During the reporting period the sales ratio to a single customer exceeded 50% of the total sales there were
new customers among the top five customers or there was a situation of significant reliance on a small
number of customers.□Applicable √N/A
During the reporting period the procurement ratio from a single supplier exceeded 50% of the total
procurement there were new suppliers among the top five suppliers or there was a situation of significant
reliance on a small number of suppliers.□Applicable √N/A
C. During the reporting period the Company's shares were subject to delisting risk warning or other risk
warnings.Top five customers
□Applicable √N/A
Top five suppliers
□Applicable √N/A
D. The Company had revenue from trading business during the reporting period.√Applicable □N/A
Monetary Unit: RMB '0000 Currency: RMB
Trading business overview Revenue for the current Revenue for the priorperiod period Year-on-Year change (%)
Revenue from liquor trading
business 551.68 7169.06 -92.30
Top Five Customers with Trading Business Revenue Accounting for More Than 10% of Total Revenue
□Applicable √N/A
Top Five Suppliers with Trading Business Procurement Accounting for More Than 10% of Total Procurement
□Applicable √N/A
3. Expenses
√Applicable □N/A
Financial expenses for the current period amounted to RMB -815240284.72 compared with RMB
-1470219863.34 for the previous period. The year-on-year change was mainly due to the decline in commercial
bank deposit interest rates and changes in scale and structure in the current period.
4. R&D expenses
(1) Statement of R&D expenses
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
12 / 194ANNUAL REPORT 2025
R&D investment expensed in the current period 674657764.92
R&D investment capitalized in the current period 128474467.39
Total R&D investment 803132232.31as（%）of operating revenue 0.48
Proportion of capitalization of research and development investment (%) 16.00
Notes: R&D investment expensed in the current period includes R&D investment listed as production costs and
expenditures for research employees' salaries and other use.
(2) Statement of R&D employee
√Applicable □N/A
Number of R&D employees 806
As (%) of the total number of the Company’s
employees 2.30
Educational background structure of R&D employees
Educational background structure type Number in each educational background structure
Doctorate 88
Master 193
Undergraduate 458
Junior college 54
High school and below 13
Age structure of R&D employees
Age structure type Number in each age structure
under 30 (excluding 30) 153
30-40 (including 30 but excluding 40) 408
40-50 (including 40 but excluding 50) 192
50-60 (including 50 but excluding 60) 42
60 and above 11
(3) Explanation
□Applicable √N/A
(4) Reasons for the significant changes in R&D employees and their impacts on the Company’s future
development
□Applicable √N/A
5. Cash flows
√ applicable□ not applicable
Monetary Unit: Yuan Currency: RMB
Item Amount in this Amount in last Changeperiod period (%)
Net increase in customer deposits and deposits with other banks -5099271966.87 11060205782.10 N/A
Cash received from other activities related to operating activities 4712295194.89 3258097705.14 44.63
13 / 194ANNUAL REPORT 2025
Net increase in customer loans and advances -848113545.25 262376929.65 N/A
Net increase in deposits with the central bank and other banks 12847265866.72 -4585245646.29 N/A
Net increase in borrowed funds -900000000.00 -400000000.00 N/A
Cash paid for interest fees and commissions 141082631.31 97061751.28 45.35
Cash received from disposal of investments 33455136000.00 8550000000.00 291.29
Net cash received from disposal of fixed assets intangible assets and other
long-term assets 155949.50 715708.44 -78.21
Cash received from other activities relating to investing activities 24750303.39 5532536.42 347.36
Cash paid to acquire and construct fixed assets intangible assets and other
long-term assets 3127594916.41 4678712053.56 -33.15
Cash paid for investments 62097000000.00 5745136000.00 980.86
Cash paid for other activities related to investing activities 6185347863.42 116478781.87 5210.28
Effect of fluctuation in exchange rate on cash and cash equivalents 2295358.30 -1082747.55 N/A
(1) The change in the net increase in customer deposits and deposits with other banks was mainly due to the
decrease in funds pooled from other member units of the Group Company by Kweichow Moutai Group Finance
Co. Ltd. a consolidated subsidiary of the Company.
(2) The change in cash received from other activities relating to operating activities was mainly due to the increase
in interest income received by the Company on matured commercial bank deposits during the current period.
(3) The change in the net increase in customer loans and advances was mainly due to the recovery of matured
buyer’s credit by Kweichow Moutai Group Finance Co. Ltd. a consolidated subsidiary of the Company.
(4) The change in the net increase in deposits with the central bank and other banks was mainly due to the increase
in the net increase in time deposits with banks that are not withdrawable on demand placed by Kweichow Moutai
Group Finance Co. Ltd. a consolidated subsidiary of the Company compared with the previous period.
(5) The change in the net increase in borrowed funds was mainly due to the recovery of interbank placements by
Kweichow Moutai Group Finance Co. Ltd. a consolidated subsidiary of the Company.
(6) The increase in cash paid for interest fees and commissions was mainly due to the increase in interest paid on
notice deposits to Group member units by Kweichow Moutai Group Finance Co. Ltd. a consolidated subsidiary of
the Company compared with the previous period.
(7) The increase in cash received from disposal of investments was mainly due to the recovery of maturing
interbank certificates of deposit by Kweichow Moutai Group Finance Co. Ltd. a consolidated subsidiary of the
Company.
(8) The decrease in net cash received from disposal of fixed assets intangible assets and other long-term assets was
mainly due to fewer disposals of fixed assets in the current period compared with the previous period.
(9) The increase in cash received from other activities related to investing activities was mainly due to the increase
in project performance guarantees received in the current period.
(10) The decrease in cash paid for acquisition and construction of fixed assets intangible assets and other
long-term assets was mainly due to the decrease in payments for capital construction project funds compared with
the previous period.
(11) The increase in cash paid for investments was mainly due to the increase in investment businesses such as the
purchase of interbank certificates of deposit by Kweichow Moutai Group Finance Co. Ltd. a consolidated
subsidiary of the Company.
(12) The increase in cash paid for other activities relating to financing activities was mainly due to the Company's
share repurchase in the current period.
(13) The increase in the effect of exchange rate changes on cash and cash equivalents was attributable to foreign
currency translation differences arising from the translation of the financial statements of the overseas operations of
Kweichow Moutai Paris Trading Co. Ltd. a wholly-owned subsidiary of the Company into the functional
currency financial statements.(II) Reasons for significant changes of profit caused by non-core business
□Applicable √N/A
(III) Analysis of assets and liabilities
√Applicable □N/A
14 / 194ANNUAL REPORT 2025
1. Assets and liabilities
Monetary Unit: Yuan Currency: RMB
As % As %
Item Amount by the
of Amount by the end of Change in
end of this period total of last period Total percentage Explanationsassets assets (%)
(%)(%)
Cash and bank
balances 51690610946.50 17.01 59295822956.89 19.84 -12.83
Funds Lent 99096188059.75 32.62 127187293298.17 42.55 -22.09
This is mainly attributable to the
Held-for-trading recovery of maturing debt instrument
financial assets 248513280.00 0.08 -100.00 investments by Kweichow MoutaiGroup Finance Co. Ltd. a consolidated
subsidiary of the Company.This is mainly attributable to the
Notes maturity of bank acceptances receivable
receivable 1984407967.50 0.66 -100.00 of Kweichow Moutai-Flavor LiquorMarketing Co. Ltd. a wholly-owned
subsidiary of the Company.This is mainly attributable to bank
Receivables acceptance bills held for discounting by
Financing 4457064160.16 1.47 N/A the Kweichow Moutai-Flavor LiquorMarketing Co. Ltd. a wholly-owned
subsidiary of the Company.This is mainly attributable to the
Accounts decrease in receivables from online
receivable 2609048.49 0.001 18974192.75 0.01 -86.25 platform sales of Kweichow MoutaiSales Co. Ltd. a consolidated
subsidiary of the Company.This is mainly attributable to the
decrease in prepayments of Beijing
Prepayments 6637314.31 0.002 26975033.20 0.01 -75.39 Friendship Messenger Trading Co.Ltd. a consolidated subsidiary of the
Company.Inventories 61427421796.18 20.22 54343285157.47 18.18 13.04
Other current
assets 51027010.56 0.02 160176582.69 0.05 -68.14
This is mainly attributable to the
decrease in deductible input VAT.This is mainly attributable to certain
Non-current debt investments of Kweichow Moutai
assets maturing 26871114612.71 8.84 1210959803.42 0.41 2118.99 Group Finance Co. Ltd. a consolidated
within one year subsidiary of the Company will mature
within one year.This is mainly attributable to the
Loans and recovery of buyer credit by Kweichow
advances 1553536744.78 0.51 2381228475.45 0.80 -34.76 Moutai Group Finance Co. Ltd. a
granted consolidated subsidiary of the
Company.This is mainly attributable to the
Other debt purchase of financial bonds by
investments 3496539016.41 1.15 N/A Kweichow Moutai Group Finance Co.Ltd. a consolidated subsidiary of the
Company.Long-term This is mainly attributable to the capital
equity 147181873.67 0.05 N/A contribution for the registered capital of
investments Kweichow Moutai BiotechnologyResearch & Development Co. Ltd.Fixed assets 22488122304.35 7.40 21871446747.14 7.32 2.82
Right-of-use
assets 221738227.51 0.07 410594173.53 0.14 -46.00 This is mainly attributaable to the
Non-current termination of leases for certain leased
liabilities due 44206237.05 0.01 111951112.20 0.04 -60.51 assets of Kweichow Moutai Sales Co.within one year Ltd. a consolidated subsidiary of the
Lease liabilities 189504942.77 0.06 313906415.76 0.11 -39.63 Company.Capital reserve 1577095.18 0.001 1374964415.72 0.46 -99.89 This is mainly attributable to the
15 / 194ANNUAL REPORT 2025
adjustment of share premium resulting
from the cancellation of repurchased
shares of the Company in the current
period.This is mainly attributable to the share
Treasury stock 120112601.53 0.04 N/A repurchase by the Company in the
current period.This change is mainly attributable to
exchange differences arising from the
Other translation of the financial statements
comprehensive -5778843.62 -9916224.69 N/A of the Kweichow Moutai Paris Trading
income Co. Ltd. (a wholly-owned overseas
subsidiary of the Company) into the
presentation currency.
2. Main assets overseas
√Applicable □N/A
(1) Asset size
Including: overseas assets of RMB 101952616.79 accounting for 0.03% of the total assets.
(2) Description of overseas assets with a high proportion
□Applicable √N/A
3. Restricted assets rights as of the end of this reporting period
√Applicable □N/A
For details see Section VIII Financial Statements VII. Notes to Consolidated Financial Statements 27. Assets with
Restricted Ownership or Right of Use.(IV) Analysis of operating information in the industry
√Applicable □N/A
Analysis of operating information in the liquor production industry
1 Industry profile
√Applicable □N/A
According to data from the National Bureau of Statistics the cumulative output of liquor by enterprises above
designated size nationwide was 3.549 million kiloliters in 2025.
2 Production Capacity
Current capacity
√Applicable □N/A
Main Factories Designed Capacity Actual Capacity
Moutai liquor production workshop of Moutai 46395.00 58473.16
Series liquor production workshop 59400.00 57650.57
Note: (1) The designed production capacity of Moutai base liquor was 46395.00 tons in 2025 representing a
year-on-year increase of 1800.00 tons in base liquor capacity. The newly added base liquor capacity was put into
production in October 2025 and will be released in 2026 due to the production process characteristics of Moutai
liquor. The designed production capacity of series base liquor was 59400.00 tons in 2025 representing a
year-on-year increase of 6940.00 tons in base liquor capacity. The newly added base liquor capacity was put into
production in December 2025 and will be released in 2026 due to the production process characteristics of the series
liquor. (2) In accordance with the Company’s practice the unit of measurement for designed capacity and actual
capacity in this report is “ton”.Capacity under Construction
√Applicable □N/A
16 / 194ANNUAL REPORT 2025
Monetary Unit: RMB '0000 Currency: RMB
Name of the Capacity under Construction Planned investment Amount invested in this Accumulated investment
amount reporting period amount
Technical renovation project of 30000-ton
Moutai-flavor series liquor and its supporting 1018000.00 35642.58 707713.26
facilities
First Phase Xishui Tongminba Construction
Project of Moutai-flavor Liquor during the 14th 411000.00 48520.12 220005.39
Five-Year Plan period
Technical transformation and construction project
of Moutai Liquor during the 14th Five-Year Plan 1551600.00 66063.42 242494.96
period
Production capacity calculation standards
√Applicable □N/A
In the above “Current capacity ” table the designed capacity is calculated according to the production process
requirements combined with the plant size and the number of cellars and the actual capacity is calculated according
to the actual base liquor production yield in the reporting period.
3 Inventory at the end of the reporting period
√Applicable □N/A
Unit: Ton
Finished liquor Semi-finished liquor (including base liquor)
24770.35315207.51
Note: The finished liquor is the Company’s packaged inventory stock (including Moutai-flavor series liquor).Inventory Impairment Risk Warning
□Applicable √N/A
4 Product profile
√Applicable □N/A
Monetary Unit: RMB '0000 Currency: RMB
Produ
YoYProduct grade Production (ton) YoY Change Sales (tons) YoY ction- Sales revenue Main(%) Change (%) sales ratio Change（%) Representing brand(%)
Moutai
Liquor 58473.16 3.91 46750.66 0.73 14649990.65 0.39 Kweichow Moutai
Moutai Wangzi
Other series liquor Moutai 193557650.57 19.82 38353.48 3.88 2227467.87 -9.76 liquor Han Jiang
liquor liquor Lai Mou
liquor
Note: (1) In order to ensure the sustainable development of the Company a certain amount of base liquor needs to
be retained every year. According to the production process it takes Moutai liquor at least 5 years of cellaring since
its production before it can be released from the factory. (2) Moutai Liquor is a blend of base liquor of different
years different rounds and different concentrations. It is a perfect combination of technology and art. Therefore
the base liquor of a certain year may appear as a product in the next several years. (3) The Company regards
quality as “the soul of life” and adheres to the principle of “honoring the principles abiding by the rules stickingto the craftsmanship cellaring enough aged liquor and not selling young liquor”. Moutai Liquor is produced
through natural solid-state fermentation brewed with traditional craftsmanship and therefore there is certain
volatility in the production yield. (4) Based on the above reasons the production and sales rate of Moutai base
liquor cannot be accurately calculated. The production process of series liquor is similar to that of Moutai Liquor.Product grading standards
√Applicable □N/A
Graded by the quality of the product.Changes in the product structure and business strategy
□Applicable √N/A
17 / 194ANNUAL REPORT 2025
5 Raw material purchase
(1) Purchase model
√Applicable □N/A
The sorghum used in Moutai liquor was purchased in the "company + local government + supplier + cooperative
or farmer" model while the wheat was purchased in the "company + supplier + cooperative or farm" model. Other
raw and auxiliary materials and packaging materials were purchased from the market through centralized
procurement according to the Company's production and sales plans.
(2) Purchase amount
√Applicable □N/A
Monetary Unit: RMB '0000 Currency: RMB
Raw materials type Purchase amount in this period Purchase amount in last period as % in total purchaseamount
Liquor brewing raw
materials 378619.53 384290.51 41.38
Packaging materials 467885.20 419421.77 51.14
Energies 50242.24 42323.56 5.49
Workshop auxiliary
materials 18245.68 12806.32 1.99
6 Sales
(1) Sales model
√Applicable □N/A
The Company’s products are sold through direct selling and wholesale distribution channels. Direct sales channels
refer to self-operated channels and "i Moutai" digital marketing platform channel and wholesale distribution
channels refer to social distributors supermarkets e-commerce and other channels.
(2) Sales channel
√Applicable □N/A
Monetary Unit: RMB '0000 Currency: RMB
Sales amount in this Sales amount in last Sales volume in this Sales volume in last
Channel type period period period (ton) period (ton)
Direct selling 8454303.19 7484332.71 21249.31 18221.93
Wholesale agency 8423155.33 9576851.10 63854.83 65110.83
(3) Regional situation
√Applicable □N/A
Monetary Unit: RMB '0000 Currency: RMB
Sales Sales
Region Sales revenue in this Sales revenue in last As % of the volume in volume in As % of the
Name period period total amount this period last period total
(ton) (ton) volume
Domestic
16392444.2916542330.8897.1383110.9581219.8997.66
Overseas 485014.23 518852.93 2.87 1993.19 2112.87 2.34
Regional division standards
□Applicable √N/A
(4) Distributor Situation
√Applicable □N/A
Unit: piece
Number of distributors by
Region Name the end of the reporting Number increased in the Number decreased in the
period reporting period reporting period
Domestic 2353 233 23
Overseas 126 23 1
18 / 194ANNUAL REPORT 2025
Explanation
√Applicable □N/A
All additions in the domestic market during the current period are distributors of the Moutai-flavor series liquor.
(5) Online-sales situation
√Applicable □N/A
Monetary Unit: RMB '0000 Currency: RMB
Online sales Product grade of Revenue from
Revenue from
sales in the sales in theplatform online sales previous YoY (%) Gross profitcurrent period period margin (%)
"i Moutai" Digital
marketing Platform Medium-andhigh-grade liquor 1303141.15 2002366.62 -34.92 94.47channel
Other digital marketing Medium-and
platforms high-grade liquor 40619.50 209561.85 -80.62 94.81
Future online business strategy
√Applicable □N/A
The Company will establish a channel framework comprising five parallel channels: wholesale offline retail online
retail catering and private-domain channels. Through the integrated transformation of “ online + offline ”
operations online channels will focus on efficiency and customer reach while offline channels will emphasize
conversion and service thereby forming a consumer-centric and well-balanced channel ecosystem. Going forward
the Company will in accordance with market-oriented principles progressively enrich the product portfolio
available on the “i Moutai” platform.
7 Analysis of the Company’s revenue and cost
(1) The composition of the Company’s main business by different types
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Gross
Type Operating revenue Change （%） Operating costs Change （%） profit rate
Change%)（%）（By class ofproduct
Moutai Liquor 146499906480.49 0.39 9484757825.54 9.50 93.53 -0.53
Other series liquor 22274678707.16 -9.76 5321142314.05 7.11 76.11 -3.76
Subtotal 168774585187.65 -1.08 14805900139.59 8.63 91.23 -0.78
By sales channel
Wholesale agency 84231553333.02 -12.05 10226331441.18 0.89 87.86 -1.56
Direct selling 84543031854.63 12.96 4579568698.41 31.07 94.58 -0.75
Subtotal 168774585187.65 -1.08 14805900139.59 8.63 91.23 -0.78
By regional segment
Domestic 163924442864.97 -0.91 14402942526.84 8.89 91.21 -0.79
Overseas 4850142322.68 -6.52 402957612.75 -0.04 91.69 -0.54
Subtotal 168774585187.65 -1.08 14805900139.59 8.63 91.23 -0.78
Explanation
□Applicable √N/A
(2) Costs
√Applicable □N/A
Explanation
√Applicable □N/A
See (4) Cost Analysis Table 2. Income and cost analysis (I) Main business analysis Section III Management’s
Discussion and Analysis.
8 Other Circumstances
□Applicable √N/A
19 / 194ANNUAL REPORT 2025
(V) Analysis of investment situation
Total investment
□Applicable √N/A
1. Significant equity investment
□Applicable √N/A
2. Important non-equity investment
□Applicable √N/A
3. Financial assets measured at fair value
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Profit or loss Accumulated Provision for
Type of Amount at theBeginning of the from changes in
changes in impairment Selling / redemption
fair value made in Purchase amount in amount in the Other changes Amount at the end ofassets period fair value in the the current periodcurrent period included in the current current period
the period
equity period
Bonds 248513280.00 265351.99 -11459887.71 3929067150.00 702911294.28 33064416.41 3496539016.41
Private 4028978995.56 76162597.66 4105141593.22
equity
Total 4277492275.56 76427949.65 -11459887.71 3929067150.00 702911294.28 33064416.41 7601680609.63
Portfolio investment
□Applicable √N/A
Description of portfolio investment
□Applicable √N/A
Private equity investment
√Applicable □N/A
(1) Moutai Zhaohua (Guizhou) Industrial Development Fund Partnership (Limited Partnership) (hereinafter
referred to as "Moutai Zhaohua Fund"): The Moutai Zhaohua Fund was registered on August 2 2023 and
completed its fund filing on August 25 2023. The initial committed capital of the fund is 2.204 billion yuan. As of
December 31 2025 the total cumulative paid-in capital of the Moutai Zhaohua Fund is 2.204 billion yuan it has
invested in 2 projects and 1 sub fund with a total investment of 597 million yuan.
(2) Moutai Jinshi (Guizhou) Industrial Development Fund Partnership (Limited Partnership) (hereinafter referred
to as "Moutai Jinshi Fund"): The Moutai Jinshi Fund was registered on August 2 2023 and completed its fund
filing on August 25 2023. The initial committed capital of the fund is 2.204 billion yuan. As of December 31
2025 the total cumulative paid-in capital of the Moutai Jinshi Fund is 2.204 billion yuan invested in 11 projects
and 2 sub funds with a total investment of 2.143 billion yuan.
4. Specific progress of major assets reorganization and integration during the reporting period
□Applicable √N/A
(VI) Significant asset and equity selling
□Applicable √N/A
(VII) Analysis of major controlled and other invested company
√Applicable □N/A
Information on Major Subsidiaries and Investee Companies whose Impact on the Company's Net Profit Exceeds 10%
√Applicable □N/A
20 / 194ANNUAL REPORT 2025
Monetary Unit: RMB '0000 Currency: RMB
Company name Companytype Industry
Registered
capital Total assets Net assets
Operating Operating
revenue profit Net profit
Kweichow Liquor
Moutai Sales Subsidiary beveragesCo. Ltd. and tea 1000.00 8399598.03 6358183.81 14161293.55 6322456.89 4722835.76
wholesale
Kweichow Liquor
Moutai-Flavor beverages
Liquor Marketing Subsidiary and tea 20000.00 2324422.18 1733099.35 2230890.56 687143.14 490839.11
Co. Ltd. wholesale
Acquisition and disposal of subsidiaries during the reporting period
□Applicable √N/A
(VIII) Structured entities controlled by the Company
□Applicable √N/A
VI. Discussion and analysis of the Company’s future development
(I) Pattern and trend in the industry
√Applicable □N/A
1. Industry pattern and trend
From a macroeconomic perspective national economic policies have created significant market opportunities. The
Central Economic Work Conference emphasized that the underlying conditions and fundamental trend of China’s
positive long-term economic development remain unchanged. For 2026 it highlighted the need to prioritize
domestic demand and build a strong domestic market proposing measures such as the in-depth implementation of
initiatives to stimulate consumption the expansion of high-quality goods and service supply and the removal of
unreasonable restrictions in the consumption sector to unlock the potential of service consumption including
cultural tourism. These measures send positive signals for consumption growth. At the same time the national
15th Five-Year Plan sets forth the goal of achieving per capita GDP at the level of moderately developed countries
by 2035. As this objective is progressively realized continued economic development and rising household
incomes are expected to further enhance consumption levels. Against this backdrop the Company is well
positioned to capture new opportunities and benefit from broader development prospects amid China’s economic
growth momentum. From an industry perspective on the one hand the baijiu sector demonstrates strong
long-term vitality with further potential for consumption growth yet to be unlocked. As a historic and classic
industry baijiu is deeply embedded in important social occasions such as joy celebrations leisure and
commemorations. China has become the world ’ s largest consumer market for baijiu and significant growth
potential remains. On the other hand the Matthew Effect within the industry is becoming increasingly pronounced.As the industry enters a period of adjustment market forces will drive a process of natural selection resulting in a
more efficient allocation of resources toward stronger companies leading brands and high-quality products.
2. Competitive Advantages of the Company
First outstanding product quality. Adhering to the principle that "quality is the soul of life" the Company
implements comprehensive quality control across all regions the entire value chain and all employees while
vigorously safeguarding the balanced and distinctive ecology of its production region. By inheriting the traditional
craftsmanship of “premium ingredients refined techniques and exquisite tools” each batch of products is
crafted using long-aged base liquor reserves and advanced blending techniques to create diverse base liquor
profiles forming the distinctive flavor characteristics of Moutai Liquor. The Company pursues excellence and
refinement across 30 production processes and 165 procedures maintaining superior quality at all times and
consolidating its fundamental advantage in pursuing development amid changes.Second a strong brand reputation. With a history spanning over a century Moutai liquor has risen to become the
“world’s leading distilled spirits brand.” The Company adheres to a strategy of aligning product quality with
pricing and focusing on flagship products and has grown into the world’s leading spirits brand characterized by
single-product revenue exceeding RMB 100 billion and a market capitalization surpassing RMB 1 trillion. Over
the long term the Company has remained committed to effectively telling its brand story and actively fulfilling its
social responsibilities thereby continuously strengthening its brand competitiveness. It has consistently enhanced
the prestige of its national brand highlighting the global appeal of “Chinese Moutai Aroma Shared Worldwide.”
As a result its brand influence and reputation have been significantly elevated with brand value continuing to
rise.Third unique production techniques. The Company possesses a distinctive brewing heritage passed down for
thousands of years following the rhythm of nature adapting to local conditions and producing liquor in
21 / 194ANNUAL REPORT 2025
accordance with traditional methods. Through unremitting efforts to achieve harmonious balance among the
natural ecology micro-ecology and humanistic environment it continuously strengthens its core technological
competitiveness. The Company upholds the principles of “premium ingredients” “refined craftsmanship” and
“exquisite tools.” In terms of ingredients it has established a comprehensive quality evaluation system to ensure
the high-quality supply of sorghum and wheat from both origin and quality perspectives. In terms of
craftsmanship it follows traditional processes including a one-year production cycle Daqu production during the
Dragon Boat Festival grain feeding during the Double Ninth Festival pure grain fermentation open solid-state
fermentation long-term storage in pottery jars and blending using base liquors. In terms of equipment and
facilities it preserves traditional elements such as earthen drying grounds small-tile fermentation cellars
stone-lined pits and purple clay materials. At the same time the Company continues to enhance its innovation
capabilities by deeply exploring the scientific principles underlying traditional techniques thereby sustaining the
vitality of its heritage craftsmanship.Fourth strong cultural influence. The Company has continuously optimized its Moutai cultural system forming
its corporate mission of "Brewing High-Quality Life" its corporate vision of "Making the World Love Moutai and
Letting Moutai Aroma Spread Across the World" its corporate spirit of "Love My Moutai Bring Glory to Our
Nation" its corporate values of "Revering Heaven and People Upholding Reason and Virtue" and its five core
competitive strengths of quality brands craftsmanship culture and environment.Fifth irreplaceable environment. The distinctive topography and geomorphology unique climatic conditions
high-quality water resources for brewing protected designation of origin and irreplicable microbial communities
collectively define the unique characteristics of the core production region of Kweichow Moutai liquor.Committed to "ecology first green development" the Company stays on the path of green development driven by
scientific and technological innovation leads the building of the Chishui River ecological brand and preserves its
environmental competitiveness through more advanced methods and technologies. The Company has established
a comprehensive environmental protection institutional framework intensified the introduction and development
of new technologies and processes and improved an integrated ecological monitoring network. Through these
efforts it has pioneered a technology-driven “dual carbon” pathway and has been recognized as a national-level
“Green Factory.” In addition the Company continues to carry out scientific research on watershed
microorganisms aquatic life and vegetation striving to safeguard biodiversity and ecological stability across the
river basin and to maintain the ecological balance upon which the production of Moutai liquor fundamentally
depends.(II) Development strategy
√Applicable □N/ADuring the 15th Five-Year Plan period the Company will focus on its strategic positioning as a “world-leadingbaijiu enterprise a globally competitive listed liquor company and a benchmark for world-class value-drivenenterprises.” Guided by its mission of “Brewing a high-quality life ” and its corporate vision of “Making theWorld Love Moutai and Letting Moutai Aroma Spread Across the World ” the Company will adhere to the
guiding principles of “ product excellence brand distinction innovation leadership and modern governance. ”
The Company will comprehensively strengthen Party building and key functional capabilities continuously
enhance the resilience of its business model improve its competitiveness in global markets and cultivate new
drivers of growth thereby further consolidating and enhancing its core competitive strengths.(III) Business plan
√Applicable □N/A
The year 2026 marks the opening year of the “15th Five-Year Plan”. The general requirements are as follows: to
be guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era; to thoroughly study
and implement the guiding principles of the 20th National Congress of the Communist Party of China and the
Second Third and Fourth Plenary Sessions of the 20th Central Committee; to earnestly implement the important
instructions delivered by General Secretary Xi Jinping during his inspection in Guizhou; to fully carry out the
arrangements of the Provincial Economic Work Conference and the Provincial “Two Sessions”; to adhere to the
general principle of pursuing progress while maintaining stability; to fully accurately and comprehensively
implement the new development philosophy; to actively serve and integrate into the new development paradigm;and to focus on the theme of “adhering to a consumer-centric approach and comprehensively advancingmarket-oriented transformation”. The Company will solidly advance all aspects of production and operations
continuously strengthen its core competitiveness and strive to promote high-quality development and
modernization to a new level.In 2026 the Company will focus on the following eight key areas:
1. Strengthening the foundation of quality: The Company will firmly uphold the belief that “quality is the soul oflife” and adhere to the principles of “honoring the principles abiding by the rules sticking to the craftsmanshipcellaring enough aged liquor and not selling young liquor”. It will establish a more advanced coordinated and
resilient quality assurance system covering production and supply. Efforts will be made to enhance the production
22 / 194ANNUAL REPORT 2025
management system and deepen the application of the “space-time method” quality management model with the
goal of stabilizing outcomes and optimizing processes. The Company will accelerate the transformation and
application of Daqu research results improve packaging quality management. In addition the Company will build
a modern procurement ecosystem strengthen lifecycle quality collaboration with suppliers advance the digital
upgrade of procurement platforms promote the development of organic raw material bases and establish an agile
supply chain response mechanism. A cooperative ecosystem featuring integrity risk-sharing and value co-creation
will be fostered to support high-quality development.
2. Advancing market-oriented transformation: Guided by a consumer-centric and demand-driven approach the
Company will systematically promote the market-oriented transformation of its marketing system. For Moutai
liquor products a stable “pyramid-shaped” product structure will be established alongside a clear and
differentiated value matrix. On the channel side a scientific allocation mechanism will be implemented forming a
multi-dimensional system. On the service side efforts will focus on enhancing the provision of “ triple value”
thereby improving brand loyalty and customer satisfaction. On pricing a market-oriented dynamic pricing
adjustment mechanism will be established to maintain relative stability. For the Moutai-flavor series liquor the
Company will advance market-oriented upgrades across products pricing channels and services optimize
channel layout and enhance operational efficiency and revenue stability. Internationally the Company will
continue to advance its “three-step” globalization strategy and strengthen six major systems including branding
products channels pricing compliance and policy support to promote both product and cultural outreach and
achieve high-quality international development.
3. Improving corporate governance mechanisms: Focusing on the strategic goal of building a world-class
enterprise the Company will enhance corporate governance effectiveness across five dimensions: strategic
planning comprehensive budgeting process systems performance management and comprehensive risk
management. The Company will ensure the high-quality formulation of the 15th Five-Year Plan emphasizing
forward-looking vision scientific rigor and practical feasibility so as to facilitate effective strategy execution. It
will strengthen budgetary discipline intensify oversight in key areas and critical processes and implement full
lifecycle management over major investment projects to ensure the effective achievement of annual operating
targets. Continuous efforts will be made to optimize institutional systems and workflows improve authorization
and coordination mechanisms establish scientific evaluation models and enhance system coherence and
operability. A unified benchmarking system will be developed performance orientation optimized and a
standardized and efficient management framework established. Risk management capabilities will be strengthened
through improved identification assessment and response mechanisms. The Company will also implement cash
dividend and share repurchase plans and further enhance market value management. In addition the Company
will focus on modernizing management and regulatory systems and will systematically plan and advance a new
round of state-owned enterprise reforms.
4. Promoting technological innovation: Leveraging “i Moutai Digital Technology Company” the Company will
focus on breakthroughs in industrial digitalization and digital industrialization promoting the comprehensive
application of digital technologies across supply consumption and infrastructure. It will strengthen research on
core brewing technologies including raw materials flavor profiles environmental stability and microbial
mechanisms and accelerate the upgrading of green brewing technologies. Efforts will also be made to advance the
“Smart Moutai” initiative including industrial internet smart parks and digital infrastructure. The Company will
further optimize the “ i Moutai ” platform and drive business innovation completing system developments
including packaging material coding upgrades integration of business and financial systems and project
management systems while promoting AI applications in key scenarios and enhancing product
anti-counterfeiting and traceability systems to safeguard brand integrity.
5. Enhancing cultural strength: The Company will further explore the core connotations of Moutai culture.
Leveraging its cultural advisory resources and in alignment with market dynamics and strategic upgrades it will
regularly conduct thematic initiatives to enhance corporate cultural identity and value resonance. The Company
will organize signature events such as the Moutai Carnival Sorghum Harvest Season Moutai Liquor Festival and
Dragon Boat Festival Wheat Ceremony. It will also develop flagship cultural IP projects under the themes of
“Exploring Color Heritage Flavor and Craft” strengthen the protection and utilization of cultural heritage and
promote the standardized development and quality enhancement of Moutai cultural experience centers thereby
expanding the cultural influence of the brand. Efforts will be made to strengthen the synergy between brand
promotion and marketing enhance communication reach and conversion effectiveness improve media
engagement and public opinion management and further consolidate and elevate the brand’s influence and
reputation.
6. Advancing ESG development: Integrating Eastern philosophy traditional Chinese culture and corporate
practices the Company will promote ESG governance under the principles of harmony with nature value-sharing
with society and modernized self-governance. The Company will adhere to ecological priority and green
development further advance its “135” green development framework and promote integrated protection and
governance of ecosystems encompassing water soil air and biodiversity. It will adhere to green development
23 / 194ANNUAL REPORT 2025
principles advance ecological protection initiatives improve environmental infrastructure and promote
low-carbon technologies and continuously enhance its ecological performance aiming to become an industry
benchmark in green development. In addition the Company will deepen the development of public welfare
initiatives represented by the “China Moutai Backbone of the Nation” program optimize its philanthropic layout
and encourage partners to jointly fulfill social responsibilities. It will also continue to enhance the quality and
effectiveness of its “Double Hundred Enterprises” initiatives and further improve modern governance and
management standards.
7. Advancing Infrastructure Projects: The Company will promote major construction projects in an orderly
manner strengthening investment precision and full lifecycle project management to support high-quality
development. Key projects include capacity expansion under the 14th Five-Year Plan the 60000-ton blending
center raw material storage facilities for Moutai liquor Phase I of the Tanchang packaging and logistics park and
the renovation of drainage systems for production workshops (Phase II). A long-term mechanism for identifying
and mitigating project safety risks will be established with regular safety inspections and risk assessments
conducted. Through enhanced investment precision and full-process management the Company will further
strengthen its capability to support production and operations and ensure the effective implementation of market
strategies.
8. Strengthening Risk Prevention and Control: The Company will continue to advance the three-year action plan
for improving workplace safety and standardization carry out regular safety inspections and targeted rectification
initiatives strengthen safety training and awareness and enhance emergency response capabilities to continuously
improve intrinsic safety standards. Budget discipline will be reinforced general expenditures strictly controlled
and the operation and optimization of the physical asset management system promoted. Risk prevention across all
aspects of fund management will be strengthened. The Company will further improve its legal and compliance
framework steadily advancing key tasks such as risk prevention contract management compliance management
market rights protection and legal awareness promotion. Foster a harmonious and stable operating environment.(IV) Possible confronting risk
√Applicable □N/A
The first is the risk of macroeconomic; The second is security risk; The third is public opinion risk; The fourth is
environmental protection risk.(V) Others
□Applicable √N/A
VII. The Company’s failure to disclose the information and reasons in accordance with the standards due to
inapplicability of the standards or special reasons such as state secrets and trade secrets
□Applicable √N/A
Section IV Corporate Governance Environment and Social Responsibility
I. Description of the related situation of corporate governance
√Applicable □N/A
In strict accordance with the Company Law the Securities Law the Code of Corporate Governance for Listed
Companies and other laws regulations and the requirements of normative documents related to corporate
governance the Company has established and continuously improved the corporate governance structure in
combination with the actual circumstances of the Company to standardize the Company's operation. The
Company has established the Party Committee the General Meeting of Shareholders the Board of Directors and
the Management. The Company have implemented a leadership system charac terized by "two-way entry and
cross-service" between members of the Party Committee and members of the Governance Institutions. This
structure ensures a governance system where all parties exercise their respective functions assume their
responsibilities operate in coordination and maintain effective checks and balances. The Company continues to
optimize the governance mechanism and give full play to the management roles of the General Meeting of
Shareholders the Party Committee the Board of Directors and the Management.
1. General meeting of shareholders.
In accordance with the requirements of the Articles of Association and the Rules of Procedure of the General
Meeting of Shareholders the Company convenes General Meetings of Shareholders in a standardized manner to
ensure that all shareholders especially minority shareholders enjoy equal status and can fully exercise their rights.
24 / 194ANNUAL REPORT 2025
Legal counsel is engaged to issue legal opinions for the general meeting of shareholders. In 2025 the Company
held two General Meetings of Shareholders deliberating and approving 15 proposals all of which have been
seriously implemented.
2. Board of Directors
At present the Board of Directors of the Company consists of seven directors including three independent directors
and one employee director. The composition of the Board of Directors meets the requirements of laws and
regulations. The Board of Directors has established five specialized committees: Strategy Committee Audit
Committee Risk and Compliance Management Committee Nomination Committee and Remuneration and
Appraisal Committee. Each committee has clearly defined responsibilities and operates effectively. All directors
perform their duties in good faith with loyalty professionalism and due diligence and earnestly safeguarding the
legitimate rights and interests of the Company and all shareholders.
3. Management
The Management of the Company conducts daily production and business activities within its statutory authority
and as authorized by the Board of Directors. It is responsible for organizing and implementing Board resolutions
and reporting directly to the Board of Directors. In 2025 the management successfully fulfilled its responsibilitiesin production operations and reform and development effectively demonstrating its core functions of “strategicexecution operational implementation and management reinforcement.”
4. Controlling Shareholders and the Listed Company.
The Controlling Shareholder exercises its rights and assumes its obligations of the investor in strict compliance
with the Company Law. The Company maintains independent business and possesses autonomous business
capabilities. The Controlling Shareholders and the Company are independent in business personnel assets
institutions and finance. The Board of Directors and internal institutions of the Company operate independently
ensuring that major decisions are made and implemented independently by the Company.
5. Information disclosure
The Company discloses information in a true accurate complete timely and fair manner in strict compliance with
laws regulations the Articles of Association and the Administrative Measures of the Company for Information
Disclosure. The company ensures that all shareholders and other stakeholders have equal access to information.During the reporting period the Company disclosed 57 temporary announcements and 4 periodic reports. Based on
the comprehensive evaluation by the Shanghai Stock Exchange the Company’s information disclosure for
2024-2025 was rated “A” (Excellent).
6. Related Transactions
The Company engages in related transactions with its controlling shareholder China Kweichow Moutai Distillery
(Group) Co. Ltd. and other related parties. These related transactions are carried out to support the normal
production operation and business development of the Company. All related transactions are regulated by formal
agreements follow statutory decision-making procedures and adhere to the principles of openness fairness and
impartiality. Hence there is no adverse impact on the operation of the Company.
7. Internal control Development.
During the reporting period the Company continued to carry out internal control-related work in accordance with
the Basic Rules for Enterprise Internal Control. The Company has consistently advanced internal control
development evaluation auditing and other activities to ensure the achievement of the Company's internal control
objectives and further improve the corporate governance level.Whether there are significant differences between the Company’s corporate governance and the requirements of
relevant laws administrative regulations and the provisions of CSRC on corporate governance of listed companies;
If there is any significant difference the reasons shall be given.□Applicable √N/A
II. The specific measures taken by the controlling shareholders and actual controllers of the Company to
ensure the independence of the Company's assets personnel finance institutions and business as well as the
solutions work progress and follow-up work plans that affect the independence of the Company work
progress and follow-up work plans that affect the independence of the Company
□Applicable √N/A
The situation of the controlling shareholders actual controllers and other units under their control engaged in the
same or similar business as the Company as well as the impact of great changes in the industry competition or
competition on the Company the solution measures taken solution progress and subsequent solution plans.□Applicable √N/A
25 / 194ANNUAL REPORT 2025
III. Directors Supervisors and Senior Management
(I) Changes in Shareholding and Remuneration of Current and Resigned Directors Supervisors and Senior Management during the Reporting Period
√Applicable □N/A
Unit: per share
The Total pre-tax Whether to
Number of Cause of
Number Of increase remuneration get paid
shares held The
shares held Or Obtained from the from the
Term Expiry at the increase
Full Name Position Gender Age Term Start Date at the end of decrease Company Related
Date beginning of Or
the of shares during the reporting parties of
the decrease
year within the period the
year Of shares
year (RMB 0'000) Company
Secretary of the
27/10/2025
Chen Hua Party Committee Male 54 Yes
Chairman Director 28/11/2025
Deputy Secretary of
The Party 17/08/2023
Committee
Wang Li Female 53 Yes
Director 07/09/2023
Acting as General
19/08/2023
Manager
Guo Independent
Male 57 16/06/2022 20 No
Tianyong Director
Sheng Independent
Male 55 16/06/2022 20 No
Leiming Director
Wang Xin Independent Male 48 06/12/2023 20 No
26 / 194ANNUAL REPORT 2025
Director
Zhou Xue Director Female 47 19/05/2025 Yes
Wei Fang Employee Director Female 53 18/10/2024 89.80 No
Member of the
Party Committee
Xiang Ping Male 53 16/08/2024 62.89 Yes
Deputy General
Manager
Member of the
03/11/2022
Zhong Party Committee
Male 54 113.81 No
Zhengqiang Deputy General
13/07/2015
Manager
Member of the
Party Committee
Zhang Xu Male 52 16/08/2024 57.44 No
Deputy General
Manger
Member of the
02/04/2026
Party Committee
Yu
Chief Financial Male 49 No
Siming
Officer Acting as
14/04/2026
Secretary of the
Board
Secretary of the
30/04/2024
Zhang Party Committee
Male 53 27/10/2025 Yes
Deqin Chairman
29/05/2024
Director
27 / 194ANNUAL REPORT 2025
Liu
Director Male 50 16/06/2022 19/05/2025 Yes
Shizhong
Total / / / / / 383.94 /
Descriptions: 1. The remunerations obtained by the above-mentioned directors (excluding independent directors) and senior executives refer to the total
remunerations before tax they obtained from the Company during the reporting period including the basic annual pay (or basic salary) for individual and the salary
(or bonus) for performance as well as the social security funds enterprise annuity supplementary medical insurance premium and housing provident funds paid by
the Company. 2. The remunerations obtained by independent directors refer to all subsidies before tax obtained from the Company during the reporting period. 3.Compared with the previous year Mr. Zhong Zhengqiang’s remuneration from the Company increased due to the inclusion of tenure-based incentive compensation
for the 2021-2023 term. 4. On 30 March 2026 the fourth meeting of the Company’s Board of Directors in 2026 reviewed and approved the Proposal on the Removal
of Certain Senior Management. For details please refer to the Announcement of Resolutions of the Fourth Meeting of the Fourth Board of Directors in 2026
(Announcement No. Lin 2026-005) disclosed by the Company on 31 March 2026.
28 / 194ANNUAL REPORT 2025
Full Name Main work experience
He previously served as Deputy Chairman General Manager Deputy Secretary of the Party
Committee Secretary of the Party Committee and Chairman of Guizhou Panjiang Coal and
Electricity Group Co. Ltd. as well as the Director and Secretary of the Party Leadership
Chen Hua Group of the Guizhou Provincial Energy Administration. He currently serves as the Secretary
of the Party Committee Chairman and Director of China Kweichow Moutai Distillery (Group)
Co. Ltd. and the Secretary of the Party Committee Chairman and Director of Kweichow
Moutai Co. Ltd.Had been the Deputy General Manager and Chief Engineer of China Kweichow Moutai
Distillery (Group) Co. Ltd. as well as the Deputy General Manager and Chief Engineer of
Kweichow Moutai Co. Ltd. Currently she serves as the Deputy Secretary of the Party
Wang Li
Committee Vice Chairman Director and General Manager of China Kweichow Moutai
Distillery (Group) Co. Ltd. and the Deputy Secretary of the Party Committee Director and
Acting General Manager of Kweichow Moutai Co. Ltd.Had served the People's Bank of China Yantai Branch. Currently serves as a Professor and
Doctoral supervisor at the School of Finance of the Central University of Finance and
Guo Tianyong Economics an Independent Non-executive Director of Ping An Healthcare and Technology
Company Limited and an Independent Director of Kweichow Moutai Co. Ltd.He previously served as a lawyer at Shanghai Zhongmao Law Firm. Currently he serves as a
lawyer at Beijing Guantao Zhongmao (Shanghai) Law Firm and as Vice President of All
Sheng China Lawyers Association. In addition he serves as an Independent Director of Tsingtao
Leiming Brewery Co. Ltd. Shanghai United Imaging Healthcare Technology Co. Ltd. and
Kweichow Moutai Co. Ltd.Previously served as a faculty member at The Chinese University of Hong Kong. Currently
serves as associate Dean of the Faculty of Business and Economics and Professor of
Wang Xin Accounting at The University of Hong Kong and as an Independent Non-executive
Director of Shoucheng Holdings Limited and Aixin Yuanzhi Semiconductor Co. Ltd.as well as an Independent Director of Kweichow Moutai Co. Ltd.Served as Assistant Director of the Legal Affairs Office Deputy Director of the Centralized
Procurement Center and Director of the Strategic Investment Department of China
Kweichow Moutai Distillery (Group) Co. Ltd. Additionally she held the positions of
Assistant Director of the Legal Affairs Department and Minister of the Strategic Development
Zhou Xue
Department of Kweichow Moutai Co. Ltd. She currently serves as the Director of the Legal
Compliance and Risk Management Department of China Kweichow Moutai Distillery
(Group) Co. Ltd. Deputy Secretary-General of the Moutai Strategic Research Institute and
Director of Kweichow Moutai Sales Co. Ltd.She previously served as a member of the Party Branch Committee Deputy Secretary and
Deputy Director of the First Workshop for Daqu Production at Kweichow Moutai Co. Ltd. a
member of the Party Branch Committee Deputy Secretary and Deputy Director of the Seventh
Wei Fang
Workshop for Daqu Production at Kweichow Moutai Co. Ltd. and Vice Chairman of the
Labor Union of China Kweichow Moutai Distillery (Group) Co. Ltd. She currently holds the
positions of Employee Director Member of the Union Committee Standing Committee
29 / 194ANNUAL REPORT 2025
Member Vice Chairman Director of the Mass Work Department Member of the Party
Committee of the Organization and Deputy Secretary at Kweichow Moutai Co. Ltd.He previously served as Assistant General Manager of Kweichow Moutai Co. Ltd. as well as
Member of the Party Committee Deputy Secretary of the Party Committee and Director of
the Storage Workshop and Director of the Production Management Department. He also
served as the Member of the Party Committee Secretary of the Party Committee Director
Xiang Ping
and Chairman of Kweichow Moutai Group Marketing Co. Ltd. and Kweichow Moutai Sales
Co. Ltd. Currently serves as a Member of the Party Committee and Deputy General Manager
of China Kweichow Moutai Distillery (Group) Co. Ltd. and a Member of the Party
Committee and Deputy General Manager of Kweichow Moutai Co. Ltd.Served as Director and Deputy Secretary of the 13th liquor-making workshop and Assistant
Zhong General Manager and Director of the Production Management Department of Kweichow
Zhengqiang Moutai Co. Ltd. Currently serves as a Member of the Party Committee and Deputy General
Manager of Kweichow Moutai Co. Ltd.He previously served as Deputy Manager of Kweichow Moutai Sales Co. Ltd. and Manager of
the Second Sales Department as well as Member of the Party Committee Deputy Secretary
Secretary Director Chairman of the Board Deputy General Manager and General Manager of
Zhang Xu Kweichow Moutai-Flavor Liquor Marketing Co. Ltd. He currently holds the positions of
Member of the Party Committee and Deputy General Manager of Kweichow Moutai Co. Ltd.and Member of the Party Committee Secretary Director and Chairman of Kweichow Moutai
Sales Co. Ltd.He previously served as Member of the Discipline Inspection Committee Deputy Director of
the Finance Department Deputy Director and Director of the Audit Department and Director
of the Audit Supervision Department of China Kweichow Moutai Distillery (Group) Co. Ltd.He also served as Deputy Director and Director of the Audit Department of Kweichow Moutai
Yu Siming Co. Ltd. Director of Kweichow Moutai Distillery (Group) Real Estate Investment
Development Co. Ltd. and Director of Moutai Airport. Currently he serves as Member of the
Party Committee Chief Financial Officer and Acting Secretary of the Board of Kweichow
Moutai Co. Ltd. as well as Secretary of the Party Committee and Chairman of Kweichow
Moutai Group Finance Co. Ltd.Other information
□Applicable √N/A
(II) The Current and Resigned Directors Supervisors and Senior management personnel during the
reporting period
1. Appointment in shareholder entity
√Applicable □N/A
Name of Name of shareholder units Positions held in Start date of End date of
incumbent shareholder units term of service term of service
China Kweichow Moutai Party Secretary
Chen Hua October 2025
Distillery (Group) Co. Ltd. Chairman and Director
30 / 194ANNUAL REPORT 2025
Deputy Secretary of the
Party Committee
China Kweichow Moutai
Wang Li Deputy Chairman August 2023
Distillery (Group) Co. Ltd.Director and General
Manager
Director of the Legal
China Kweichow Moutai Compliance and Risk
November 2024
Distillery (Group) Co. Ltd. Management Department
Zhou Xue Deputy Secretary-General
of the Moutai Strategic
Research Institute
Member of the Party
China Kweichow Moutai Committee and
June 2025
Xiang Ping Distillery (Group) Co. Ltd. Deputy General
Manager
2. Appointment in other units
√Applicable □N/A
End
Name of Positions held in other Start date of term date of
Name of other units
incumbent units of service term of
service
Professor and
Doctoral
Central University of Finance and September
Supervisor at the
Economics 1999
Guo School of
Tianyong Finance
Independent
Ping An Healthcare and Technology
Non-Executive May 2018
Company Limited
Director
Beijing Guantao Zhongmao
(Shanghai) Law Lawyer April 2016
Firm
Sheng
Independent
Leiming Tsingtao Brewery Co. Ltd. June 2020
Director
Shanghai United Imaging Independent November
Healthcare Technology Co. Ltd. Director 2020
University of Hong Kong Professor November 2025
Independent Non-
Shoucheng Holdings Limited May 2018
Wang Xin Executive Director
Aixin Yuanzhi Semiconductor Independent Non-
February 2026
Co.Ltd. Executive Director
31 / 194ANNUAL REPORT 2025
Zhou Xue Kweichow Moutai Sales Co. Ltd. Director August 2021
Member of the Party
Committee Secretary
Zhang Xu Kweichow Moutai Sales Co. Ltd. October 2024
Director and
Chairman
Secretary of the Party
Kweichow Moutai Group Finance Co.Yu Siming Branch August 2024
Ltd.Chairman and Director
(III) Remuneration of directors supervisors and senior management personnel
√Applicable □N/A
The remuneration decision-making procedures for Directors Supervisors and
Senior Management who receive remuneration from the Company:
1. The remuneration for Senior Management is determined upon deliberation by
the Board of Directors of the Company in the light of the Company's annual
Decision-making procedure of
operating performance and the results of individual performance appraisals.the remuneration of Directors
2. The remuneration of Independent Directors is determined at the General
Supervisors and Senior
Meeting of shareholders of the Company upon deliberation.Management
3. The remunerations for employee directors and supervisors who get payment
from the Company are determined based on their posts held concurrently in the
Company under the remuneration management system of the Company in the
light of the individual performance assessment results.Remuneration is determined in accordance with the following:
1. The Company’s Measures for the Performance Evaluation of Management
Basis for determining the Members Measures for the Remuneration Management of Management
remuneration of Directors Members and Statement of Operating Performance Responsibilities;
Supervisors and Senior 2. The Company’s Remuneration Management Measures and other relevant
Management policies;
3. The remuneration of independent directors is implemented in accordance with
the resolutions of the Shareholders’ Meeting.Actual payment of remuneration For details please refer to “Shareholding changes and remuneration of currentof Directors Supervisors and and outgoing Directors Supervisors and Senior management during the reportingSenior Management period”.Total actual remuneration
received by all DirectorsFor details please refer to “Shareholding changes and remuneration of outgoingSupervisors and Senior
Directors Supervisors and senior Management currently and during the reporting
Management personnel at theperiod”.end of the reporting
period
(IV) Changes in Directors and Senior management personnel of the Company
√Applicable □N/A
32 / 194ANNUAL REPORT 2025
Name Position Situation of change Reasons of change
Chen Hua Chairman Director Election Personnel Reassignment
Zhou Xue Director Election Personnel Reassignment
Chief Financial Officer
Yu Siming Acting as Secretary of the Appointment Personnel Reassignment
Board
Zhang
Chairman Director Off-office Personnel Reassignment
Deqin
Liu
Director Off-office Personnel Reassignment
Shizhong
(V) Explanation of punishment by securities regulatory agencies in recent three years
□Applicable √N/A
(VI) Others
□Applicable √N/A
IV. Performance of duties by the directors
(I) The directors attend the board of directors and the general meeting of shareholders
Joining the
Shareholders’
Participation in the Board of Directors
general
Director
meeting
Surname Whether an
Did not
and independent Number of
Number of Number of personally Number of
Personal director Number of participation
board commissio Absence attend the attendance at
name in-person by
attendance ned number meeting for shareholders’
attendance communicati
this year attendance twice in a meetings
on
row
Chen Hua No 2 2 1 0 0 No 0
Wang Li No 16 16 13 0 0 No 2
Guo
Yes 16 16 13 0 0 No 2
Tianyong
Sheng
Yes 16 16 13 0 0 No 2
Leiming
Wang
Yes 16 16 13 0 0 No 2
Xin
Zhou Xue No 9 9 7 0 0 No 1
Wei Fang No 16 16 13 0 0 No 2
Zhang
No 12 12 11 0 0 No 1
Deqin
33 / 194ANNUAL REPORT 2025
Liu
No 7 7 6 0 0 No 1
Shizhong
Failure to personally attend board meetings for two consecutive occasions
□Applicable √N/A
Number ofboard meetings held within the year 16
Including: the number of live meetings 3
Number ofmeetings held by communication mode 13
The number ofmeetings were held on site combined with
0
communication methods
(II) Explanation of directors' objections to company-related matters
□Applicable √N/A
(III) Others
□Applicable √N/A
V. Situation of a special committee under the Board of Directors
√Applicable □N/A
(I) The members of a special committee under the Board of Directors
Special Committee category Member name
The Audit committee Wang Xin Guo Tianyong Sheng Leiming
The Nomination committee Sheng Leiming Chen Hua Guo Tianyong
The Salary and Assessment Guo Tianyong Wang Xin Zhou Xue
Committee
Chen Hua Wang Li Guo Tianyong Sheng Leiming Wang Xin Zhou
The Strategy Committee
Xue Wei Fang
The Risk and Compliance Wang Li Sheng Leiming Wang Xin
Management Committee
(II) The Audit Committee held six meetings during the reporting period
Date of Content ofmeeting Important comments and suggestions
convening
The following resolutions were reviewed and approved: the“Report on the Performance of Duties of the Board AuditCommittee for 2024” the “2024 Annual Report (Full TextMarch 31 First Meeting of the Fourthand Summary)” the “2024 Final Financial Accounts Report”
2025 Audit Committee in 2025
the “2025 Financial Budget Proposal” the “2024 ProfitDistribution Plan” the “2024 Internal Control EvaluationReport” the “Proposal on the Appointment of Financial and
34 / 194ANNUAL REPORT 2025Internal Control Audit Institutions for 2025” and the
“Proposal on Routine Related-Party Transactions”. It was
further agreed that the above proposals be submitted to the
Board of Directors for consideration in accordance with
applicable requirements.The “2025 First Quarter Report” was reviewed and approved
Second Meeting of the Fourth and it was agreed that the relevant proposal be submitted to
April 28 2025
Audit Committee in 2025 the Board of Directors for consideration in accordance with
applicable requirements.The “Proposal on the Establishment of Kweichow MoutaiDistillery (Group) Institute of Science and Technology Co.Third Meeting of the FourthJuly 20 2025 Ltd.” was reviewed and approved and it was agreed that the
Audit Committee in 2025
relevant proposal be submitted to the Board of Directors for
consideration in accordance with applicable requirements.The “2025 Semi-Annual Report” and the “Proposal onDonating RMB 100 Million for the 2025 ‘China MoutaiBackbone of the Nation’ — Hope Project Dream Action” a
August 11 Fourth Meeting of the Fourth
Large-scale Public Welfare Education Initiative were
2025 Audit Committee in 2025
reviewed and approved and it was agreed that the relevant
proposals be submitted to the Board of Directors for
consideration in accordance with applicable requirements.The “2025 Third Quarter Report” was reviewed and
October 27 Fifth Meeting of the Fourth approved and it was agreed that the relevant proposal be
2025 Audit Committee in 2025 submitted to the Board of Directors for consideration in
accordance with applicable requirements.The “2025 Interim Profit Distribution Plan” the “Proposal onthe Abolition of the Board of Supervisors” and the “Proposalon the Revision of the Detailed Rules for the Administration
November 3 Sixth Meeting of the Fourthof Related-Party Transaction Decision-Making” were
2025 Audit Committee in 2025
reviewed and approved and it was agreed that the relevant
proposals be submitted to the Board of Directors for
consideration in accordance with applicable requirements.(III) The nominating committee held two meetings during the reporting period
Date of
Content of meeting Important comments and suggestions
convening
First Meeting of the Fourth Reviewed and approved the "Proposal on Nominating Director
April 16
Nomination Committee in Candidates" and agreed to submit the relevant proposal to the
2025
2025 Company's board of directors for review as required.
Second Meeting of the Reviewed and approved the "Proposal on Nominating Director
October 27
Fourth Nomination Candidates" and agreed to submit the relevant proposal to the
2025
Committee in 2025 Company's board of directors for review as required.
35 / 194ANNUAL REPORT 2025
(IV) The Salary and Assessment Committee held one meeting during the reporting period
Date of
Content of meeting Important comments and suggestions
conveningThe “Proposal on the 2024 Performance Evaluation Results ofthe Company’s Management and the 2025 Statement of
First Meeting of the FourthOperating Performance Responsibilities for the Management”
July 20 2025 Salary and Assessment
was reviewed and approved and it was agreed that the relevant
Committee in 2025
proposal be submitted to the Board of Directors for consideration
in accordance with applicable requirements.(V) The Strategy Committee held four meetings during the reporting period
Date of
Content of meeting Important comments and suggestions
conveningThe “2024 Environmental Social and Governance (ESG)Report” and the “Proposal on the Construction of the MoutaiMarch 31 First Meeting of the Fourth Park Smart Security Project” were reviewed and approved and
2025 Strategy Committee in 2025 it was agreed that the relevant proposals be submitted to the
Board of Directors for consideration in accordance with
applicable requirements.Reviewed and approved the “Proposal on the Drainage NetworkSecond Meeting of the Maintenance and Renovation Project of the Moutai
August 11Fourth Strategy Committee Headquarters' Liquor Production Workshop (Phase II)” and
2025
in 2025 agreed to submit the relevant proposal to the Board of Directors
for consideration in accordance with applicable requirements.The “Proposal on the Establishment of the wholly-ownedsubsidiary Guizhou i Moutai Digital Technology Co. Ltd.” was
October 14 Third Meeting of the Fourth
reviewed and approved and it was agreed that the relevant
2025 Strategy Committee in 2025
proposal be submitted to the Board of Directors for
consideration in accordance with applicable requirements.Reviewed and approved the "Proposal on Repurchasing
November Fourth Meeting of the Fourth Company Shares through Centralized Bidding" and agreed to
03 2025 Strategy Committee in 2025 submit the relevant proposal to the Board of Directors for
review as required.(VI) The Risk and Compliance Management Committee held one meeting during the reporting period
Date of
Content of meeting Important comments and suggestions
convening
First Meeting of the Fourth The “2024 Risk and Compliance Management Report” was
March 31 Risk and Compliance reviewed and approved and it was agreed that the relevant
2025 Management Committee in proposal be submitted to the Board of Directors for
2025 consideration in accordance with applicable requirements.
36 / 194ANNUAL REPORT 2025
(VII) Details of Matters Subject to Objection
□Applicable √N/A
VI. Explanation of Risks Identified by the Audit Committee
□Applicable √N/A
The Audit Committee raised no objections to the supervisory matters during the reporting period.VII. Report on the employees of the parent company and its main subsidiaries at the end of the period
(I) Employee condition
Number of Employees of the Parent Company 33504
Number of Employees of main subsidiary 1488
Total Number of Employees 34992
Number of Retired Employees of the Parent Company 2547
and its main subsidiaries that shall bear the expenses
Professional composition
Professional composition category Number of majors
Operating personnel 29092
Salesman 1205
Technician 1098
Financial staff 253
Administrator 1828
Other 1516
Total 34992
Educational background
Education background type Quantity (person)
Postgraduate Degree or Above 977
Bachelor Degree 12663
College Degree 4256
Technical Secondary School High School and Below 17096
Total 34992
(II) Remuneration Policy
√Applicable □N/A
First an annual salary system is implemented for senior management under which total annual remuneration
comprises three components: base salary performance-based salary and tenure-based incentives. In principle no
additional wage-related payments such as allowances or subsidies are provided. Second other employees are
primarily subject to a position-based performance compensation system under which remuneration levels are
37 / 194ANNUAL REPORT 2025
determined based on factors including the technical and knowledge requirements of the position individual
capabilities work performance and labor intensity.(III) Training plan
√Applicable □N/A
The training plan for 2026 is structured into two levels: company-level training and department-level training. Each
level of training covers three major categories: basic competencies professional technical skills and specialized
training. Company-level training includes 82 programs which are designed based on the Company's development
strategy and employees' career development plans. These programs cover areas such as leadership development
overall competency enhancement strategic and corporate management production and public welfare safety
management sensory evaluation training quality management and production processes. Department-level training
includes 132 programs proposed by various functional departments and workshops according to business and
production needs. Functional departments focus on enhancing knowledge and capabilities related to their respective
areas of responsibility while the production system covers training in areas such as safety management quality
management procurement and supply equipment management digitalization and information systems technology
research and development and liquor blending and design.(IV) Labor service outsourcing condition
√Applicable □N/A
In 2025 the total compensation paid by the Company for labor outsourcing was RMB 595 million (including tax).VIII. Profit Distribution or Capital Reserve Conversion Plan
(I) The formulation implementation or adjustment of the cash dividend policies
√Applicable □N/A
1. In accordance with the “2024 Profit Distribution Plan” approved at the 2024 Annual General Meeting of
Shareholders the Company implemented the 2024 annual profit distribution based on the total share capital registered
on the record date for equity distribution after deducting shares held in the special securities repurchase account. A
cash dividend of RMB 276.24 (tax inclusive) was distributed for every 10 shares to all shareholders. The profit
distribution plan was reviewed and approved by the Board of Directors and subsequently approved at the General
Meeting of Shareholders. Separate voting by minority shareholders was conducted when the resolution was
considered. The profit distribution was completed in June 2025.
2. In accordance with the “2025 Interim Profit Distribution Plan” approved at the Company's First Extraordinary
General Meeting of 2025 the Company implemented the distribution based on the total share capital of 1252.2702
million shares on the record date. A cash dividend of RMB 239.57 (inclusive of tax) for every 10 shares was
distributed to all shareholders. This plan was approved by the Board of Directors and subsequently submitted to and
passed by the General Meeting of Shareholders. During the deliberation votes from minority shareholders were
counted separately. The distribution was completed in December 2025.During the reporting period the Company's profit distribution complied with the provisions of the “Company'sArticles of Association”.
38 / 194ANNUAL REPORT 2025
(II) Special explanation of the cash dividend policy
√Applicable □N/A
Whether it complies with the provisions of the articles of association or the resolution of the √Yes □No
general meeting of shareholders
Whether the dividend standard and proportion are clear √Yes □No
Whether the relevant decision-making procedures and mechanisms are complete √Yes □No
Whether the independent directors perform their duties and play their due role √Yes □No
Whether minority shareholders have the opportunity to fully express their opinions and appeals
√Yes □No
and whether their legitimate rights and interests have been fully protected
(III) If the profits are made during the reporting period and the parent company’s distributable profits
available to shareholders are positive but fails to put forward the cash profit distribution plan the
Company shall disclose in detail the reasons the use and use plan of the retained earnings
□Applicable √N/A
(IV) Profit distribution and conversion of capital reserves into share capital during the reporting period
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Dividend per 10 shares (RMB) (tax inclusive) 279.93
Amount of cash dividends (tax included) 35032568759.73
Net profit attributable to ordinary shareholders of the listed company in the consolidated
82320067101.68
financial statements
Percentage of cash dividend amount to net profit attributable to ordinary shareholders of the
42.56
listed company in the consolidated financial statements (%)
Amount of cash repurchases of shares included in cash dividends 6120088960.04
Total dividend amount (inclusive of tax) 71153295260.53
Ratio of total dividends to net profit attributable to ordinary shareholders of the listed company
86.43
in the consolidated financial statements (%)
Note: Total dividend amount (inclusive of tax) includes the interim profit distribution for 2025. On November 28
2025 the Company convened the first extraordinary general meeting of 2025 which reviewed and approved the
“2025 Interim Profit Distribution Plan”. Based on the total share capital registered on the record date for equity
distribution a cash dividend of RMB 239.57 (tax inclusive) was distributed for every 10 shares held to all
shareholders totaling RMB 30.001 billion (tax inclusive). The implementation of this plan was completed on
December 19 2025.(V) Cash Dividend Distribution in the Last Three Accounting Years
√Applicable □N/A
39 / 194ANNUAL REPORT 2025
Monetary Unit: Yuan Currency: RMB
Cumulative cash dividend amount (tax inclusive) in the last three accounting years (1) 190008934772.95
Cumulative amount of share repurchases and cancellations in the last three accounting years (2) 5999985966.95
Total cumulative amount of cash dividends and share repurchases/cancellations in the last three
196008920739.90
accounting years (3) = (1) + (2)
Average annual net profit in the last three accounting years (4) 84055509712.46
Cash dividend payout ratio in the last three accounting years (%) (5) = (3) / (4) 233.19
Net profit attributable to ordinary shareholders of the listed company in the consolidated financial
82320067101.68
statements for the most recent accounting year
Undistributed profit at the end of the most recent accounting year in the parent company's financial
127322996467.02
statements
IX. Situation and impact of the Company’s equity incentive plan employee stock ownership plan or other
employee incentive measures
(I) The relevant incentive matters have been disclosed in the interim announcement and there is no progress
or change in the subsequent implementation
□Applicable √N/A
(II) Incentives if not disclosed or with subsequent progress in the interim announcement
Equity incentive
□Applicable √N/A
Other specifications
□Applicable √N/A
Employee stock ownership plan condition
□Applicable √N/A
Other incentives
□Applicable √N/A
(III) The equity incentive situation granted by the Directors and Senior Management during the reporting
period
□Applicable √N/A
(IV) The evaluation mechanism of senior management personnel and the establishment and implementation
of the incentive mechanism during the reporting period
√Applicable □N/A
According to relevant provisions of the Administrative Measures for the Remuneration of the Persons in Charge of
the Enterprises Supervised by Guizhou Provincial State-owned Assets Supervision and Administration Commission
40 / 194ANNUAL REPORT 2025
and the Measures for Assessing the Operating Performance of the Persons in Charge of the Enterprises Supervised
by Guizhou Provincial State-owned Assets Supervision and Administration Commission and the Administrative
Measures for the Performance Appraisal of the Members of the Management and the Administrative Measures for
the Remuneration of the Members of the Management of the Company the Company has signed the Letter of
Responsibility of Business Performance with senior executives and comprehensively determined the remuneration
of senior executives in combination with the assessment indicators specified in the letter and the completion of
performance.X. Construction and implementation of the internal control system during the reporting period
√Applicable □N/A
According to the Basic Specification of Enterprise Internal Control and its supporting guidelines and other internal
control regulatory requirements combined with the Company’s internal control system and evaluation method on
the basis of daily supervision and special supervision the board of directors of the Company has evaluated the
effectiveness of the Company's internal control on December 31 2025 (internal control evaluation report base
date). See the Shanghai Stock Exchange website along with this report (website: www.sse.com.cn) 2025 Internal
Control Evaluation Report.Notes to major defects in internal control during the reporting period
□Applicable √N/A
XI. Management and control of the subsidiaries during the reporting period
√Applicable □N/A
The Company has established and regularly updates a Management and Control Matters List for its subsidiaries
clearly defining the boundaries of powers and responsibilities between the parent and its subsidiaries. By
standardizing the approval procedures for managed matters the Company has effectively improved the
decision-making efficiency of its subsidiaries. The Company uniformly verifies and issues annual operating targets
comprehensive budgets and Key Performance Indicators (KPIs) to its subsidiaries ensuring full-process control over
performance and distribution. The management model is progressively upgrading from "direct operational control" to
a modern corporate governance system characterized by "managing strategy budget systems performance and risk."
This shift continues to enhance the synergy among subsidiaries focusing on the core objective of high-quality
development for the listed company. The Company convenes System Review Meetings on an irregular basis to
conduct pre-reviews of governance documents in accordance with the principles of legality applicability timeliness
and problem-oriented improvement organizes relevant functional departments including legal and finance to
conduct prior reviews of subsidiaries’ governance documents such as articles of association and rules of procedure.These measures standardize subsidiaries’ corporate governance structures and decision-making mechanisms ensuring
alignment with regulatory requirements applicable to listed companies as well as the Company’s overall management
and control framework.Risk of Potential Deficiencies in the Management and Control of Subsidiaries
□Applicable √N/A
XII. Relevant information description of the internal control audit report
41 / 194ANNUAL REPORT 2025
√Applicable □N/A
Please refer to the 2025 Annual Internal Control Audit Report of the Company disclosed together with the
report on the website of Shanghai Stock Exchange (website: www.sse.com.cn) for details.Whether the internal control audit report has been disclosed or not: Yes
Types of opinions in internal control audit reports: standard and unqualified
Whether a Non-standard Internal Control Audit Opinion has been issued for the Reporting Period or the
previous year
□Applicable √N/A
XIII. Rectification of self-inspection problems in the special action of governance of listed companies
According to the requirements of the Announcement of the China Securities Regulatory Commission on Launching
Special Actions on Corporate Governance of Listed Companies and the Circular of the Securities Regulatory
Bureau of Guizhou Province on Matters concerning Governance Self-inspection of Listed Companies the
Company earnestly carried out the special self-inspection work of governance against the special self-inspection
list for listed companies. As of the end of the reporting period there are still two problems: first the Controlling
Shareholders failed to fulfil the commitment to implement the equity incentive plan; second two senior
executives of the Company hold concurrent positions at the Controlling Shareholder.XIV. Environmental Information of the Listed Company and its Major Subsidiaries Included in the List of
Enterprises Subject to Mandatory Environmental Information Disclosure
√Applicable □N/A
Number of the Listed Company included in the mandatory
environmental disclosure list
Query Index for Environmental Information Disclosure
No. Name
Report
1 Kweichow Moutai Co. Ltd. https://222.85.128.186:8081/eps/index/enterprise-search
Other Explanations
□Applicable √N/A
XV. Social Responsibility Performance
(I) Whether a Social Responsibility Report Sustainability Report or ESG Report is separately disclosed
√Applicable □N/A
Refer to the 2025 Environmental Social and Governance (ESG) Report disclosed by the Company on the website
of the Shanghai Stock Exchange (www.sse.com.cn) concurrently with this report.(II) Specific Details of Social Responsibility Performance
□Applicable √N/A
42 / 194ANNUAL REPORT 2025
Other Explanations
□Applicable √N/A
XVI. Specific Performance in Consolidating and Expanding the Achievements of Poverty Alleviation and
Rural Revitalization
√Applicable □N/A
Refer to the 2025 Environmental Social and Governance (ESG) Report disclosed by the Company on the website
of the Shanghai Stock Exchange (www.sse.com.cn) concurrently with this report.Other Explanations
□Applicable √N/A
XVII. Others
□Applicable √N/A
Section V Significant Events
I. Undertakings of Commitment Fulfillment
(I) Undertakings of the Company’s actual controller shareholders related parties and acquirers as well as
the Company and other commitment makers fulfilled in the reporting period or ongoing by the end of this
reporting period
√Applicable □N/A
Whether Specific
Backgroun Whether Next plan for
Commit Comm Commitm timely Reasons for
d of Party making Commitment there is a any failure in
ment itment ent Time and strict any failure in
commitme commitment Content deadline for timely
Type Time limit performa timely
nts performance performance
nce performance
Commit Others China Equity Yes Before No The
ments Kweichow incentive the end superior
related Moutai commitme of competent
to share Distillery nt: After Decem department
reform (Group) the ber has not
Co. Ltd. completio 2017 issued
n of split- the relevant
share Compa guidance
reform the ny and
Company promot specific
will ed the measures.formulate formul
equity ation
43 / 194ANNUAL REPORT 2025
incentive of
measures equity
for the incenti
manageme ves
nt and core measur
technical es for
teams the
according manag
to relevant ement
national and
policies core
and technic
regulations al. teams
of the
Compa
ny.(II) If there is a profit forecast for the Company’s assets or projects and the reporting period is still in the
profit forecast period the Company provides an explanation on whether the assets or projects meet the
original profit forecast and its reasons
□Have met □Have not met √N/A
(III) The completion of performance commitments
□Applicable √N/A
Changes in Performance Undertakings
□Applicable √N/A
Other Explanations
□Applicable √N/A
II. Non-operating appropriation of funds by controlling shareholders and other related parties during the
reporting period
□Applicable √N/A
III. Non-compliance with guarantees
□Applicable √N/A
IV. Explanation of the board of directors regarding the “Non-standard audit opinion” by the CPA firm
□Applicable √N/A
44 / 194ANNUAL REPORT 2025
V. Analysis of the reasons for and effects of changes in accounting policies accounting estimates or
corrections of significant accounting errors by the Company
(I) Analysis of the reasons for and effects of changes in accounting policies and accounting estimates
□Applicable √N/A
(II) Analysis of the reasons for and effects of corrections of significant accounting errors by the Company
□Applicable √N/A
(III) Communication with the previous CPA firm
□Applicable √N/A
(IV) Procedures for examination and approval and other descriptions
□Applicable √N/A
VI. Engagement and disengagement of CPA firms
Monetary Unit: RMB '0000 Currency: RMB
Currently CPA
Name of the domestic CPA firm Pan-China Certified Public Accountants (Special General Partnership)
Remuneration of the domestic CPA firm 125
Years of audit by the domestic CPA firm 2
Names of Certified Public Accountants
Li Qinglong Liang Zhengyong Zeng Zhi
(CPAs) at Domestic Accounting Firms
Accumulated working years of the
certified public accountant of a domestic 2
accounting firm
Name Remuneration
Internal control audit CPA firm Pan-China Certified Public Accountants (Special General Partnership) 41
Note on the engagement and disengagement of CPA firms
□Applicable √N/A
Note on reappointing the CPA firm during the audit
□Applicable √N/A
Description of the decrease in audit fee by over 20% (excluding) compared with that in the prior year
□Applicable √N/A
VII. Cases facing the risk of delisting
(I) Reasons of delisting risk warnings
□Applicable √N/A
45 / 194ANNUAL REPORT 2025
(II) Measures to betaken by the Company in response
□Applicable √N/A
(III) Circumstances and reasons for facing termination of listing
□Applicable √N/A
VIII. Matters related to bankruptcy restructuring
□Applicable √N/A
IX. Significant litigation and arbitration matters
□The Company has significant litigation and arbitration matters during the year
√The Company has no significant litigation and arbitration matters during the year
X. The listed company and its directors supervisors senior management controlling shareholders and
actual controllers are suspected of violating the law being punished and their rectification
√Applicable □N/A
For details please refer to the Announcement of Kweichow Moutai Co. Ltd. on the Implementation of Retention
Measures Against a Senior Management Member (Announcement No.: Lin 2026-004) disclosed on 14 March 2026
and the Announcement of Kweichow Moutai Co. Ltd. on the Fourth Meeting of the Fourth Board of Directors in
2026 (Announcement No.: Lin 2026-005) disclosed on 30 March 2026.
XI. Description of the integrity of the Company and its controlling shareholders and actual controllers
during the reporting period
√Applicable □N/A
The integrity of the Company and its controlling shareholders during the reporting period is good.XII. Significant related party transactions
(I) Related party transactions related to daily operations
1. Matters that have been disclosed in the interim announcement with no progress or changes in
subsequent implementation
□Applicable √N/A
2. Matters that have been disclosed in the interim announcement with progress or changes in subsequent
implementation
□Applicable √N/A
3. Matters not disclosed in the interim announcement
√Applicable □N/A
46 / 194ANNUAL REPORT 2025
(1) Related party transactions with the same related party as those considered and approved by the Board of
Directors
Monetary Unit: Yuan Currency: RMB
Reasons for
large
Differences
Pricing Proportion of the
Type of Connected Settlement of between
Content of Related Principles for Amount of Related amount of Market
Name of related parties Relationship Related party transaction Related party transaction
party transactions Related party party transactions similar Price
transactions price transactions Prices And
transactions transactions (%)
market
reference
prices
Based on
Freight
Kweichow Moutai Distillery Subsidiary of the Receiving independent
transportation 269083492.65 67.59Cash payment
(Group) Logistics Co. Ltd. parent company services third-party
services
transaction prices
Same as the
Chinese-Foreign Venture
Purchasing supply prices of
Dragon and Lion Cap Co. Ltd. Other Purchasing goods 358017678.79 8.45Cash payment
goods other non-related
Zhuhai S.E.Z
suppliers
Same as the
Guizhou Renhuai Shenren Purchasing supply prices of
Other Purchasing goods 313077727.95 7.39Cash payment
Packaging and Printing Co. Ltd. goods other non-related
suppliers
Same as the
Kweichow Moutai Distillery
Purchasing supply prices of
(Group) Guiding Jingqi Glass Other Purchasing goods 161076238.16 3.80Cash payment
goods other non-related
Products Co. Ltd.suppliers
Kweichow Moutai Distillery
Controlled
(Group) Hongyingzi Purchasing
subsidiary of the Purchasing goods Contract price 151761598.44 3.32Cash payment
Agricultural Technology Co. goods
parent company
Ltd.Kweichow Moutai Distillery Same as the
Wholly-owned
(Group) Circular Economy Purchasing supply prices of
subsidiary of the Purchasing goods 138096800.10 100.00Cash payment
Industrial Investment and goods other non-related
parent company
Development Co. Ltd. suppliers
Same as the
Kweichow Moutai Logistics Purchasing supply prices of
Other Purchasing goods 120075006.30 2.63Cash payment
Park Grain Storage Co. Ltd. goods other non-related
suppliers
Same as the
China Kweichow Moutai Wholly-owned
Purchasing supply prices of
Distillery (Group) Cultural subsidiary of the Purchasing goods 58669344.18 1.38Cash payment
goods other non-related
Tourism Co. Ltd. parent company
suppliers
47 / 194ANNUAL REPORT 2025
Same as the sales
Keichow Moutai Distillery Purchasing
Other Purchasing goods price to related 8597548.68 13.86Cash payment
(Group) Health Liquor Co. Ltd. goods
distributors
Kweichow Moutai Distillery Wholly-owned
Purchasing
(Group) Hotel Management Co. subsidiary of the Purchasing goods Contract price 3699376.00 100.00Cash payment
goods
Ltd. parent company
Purchasing
Guizhou Moutai Hospital Other Purchasing goods Contract price 619889.70 100.00Cash payment
goods
Same as the sales
Kweichow Moutai Ecological Purchasing
Other Purchasing goods price to related 119469.03 0.19Cash payment
Agriculture Sales Co. Ltd goods
distributors
Wholly-owned
Keichow Moutai Distillery Receiving
subsidiary of the Service fees Contract price 415233454.54 34.18Cash payment
(Group) Health Liquor Co. Ltd. services
parent company
Kweichow Moutai (Group)
Receiving
International Travel Agency Other Service fees Contract price 143921445.74 11.85Cash payment
services
Co. Ltd.Receiving
Guizhou Moutai Hospital Other Service fees Contract price 66732197.11 5.49Cash payment
services
Kweichow Moutai Distillery Wholly-owned
Receiving
(Group) Hotel Management Co. subsidiary of the Service fees Contract price 63874386.21 5.26Cash payment
services
Ltd. parent company
China Kweichow Moutai Wholly-owned
Receiving
Distillery (Group) Cultural subsidiary of the Service fees Contract price 60371918.70 4.97Cash payment
services
Tourism Co. Ltd. parent company
Xunfeng Technology (Guizhou) Receiving
Other Service fees Contract price 17736479.98 1.46Cash payment
Co. Ltd. services
Kweichow Moutai Distillery
Wholly-owned
(Group) Circular Economy Receiving
subsidiary of the Service fees Contract price 5956393.02 0.49Cash payment
Industrial Investment and services
parent company
Development Co. Ltd.Wholly-owned
Guizhou Zunyi Moutai Airport Receiving
subsidiary of the Service fees Contract price 3310361.64 0.27Cash payment
Co. Ltd. services
parent company
Kweichow Moutai Distillery Wholly-owned
Receiving
(Group) Technology subsidiary of the Service fees Contract price 3113207.50 0.26Cash payment
services
Development Co. Ltd. parent company
Wholly-owned
Kweichow Moutai Distillery Receiving
subsidiary of the Service fees Contract price 805813.96 0.07Cash payment
(Group) Trading (H.K.) Limited services
parent company
Receiving
Moutai Institute Other Service fees Contract price 539788.41 0.04Cash payment
services
Kweichow Moutai Distillery Receiving
Other Service fees Contract price 269215.35 0.02Cash payment
(Group) Guiyang High-tech services
48 / 194ANNUAL REPORT 2025
Real Estate Investment
Development Co. Ltd.Kweichow Moutai Distillery
Receiving
(Group) Sanya Investment Other Service fees Contract price 1102258.52 0.09Cash payment
services
Industry Co. Ltd.Guizhou Shuanglong Feitian
Receiving
Supply Chain Management Co. Other Management fees Contract price 83650536.71 6.89Cash payment
services
Ltd.Kweichow Moutai Logistics Receiving
Other Management fees Contract price 48298248.24 3.98Cash payment
Park Grain Storage Co. Ltd. services
Kweichow Moutai Distillery Wholly-owned
Receiving
(Group) Hotel Management Co. subsidiary of the Management fees Contract price 5660377.33 0.47Cash payment
services
Ltd. parent company
Kweichow Moutai Distillery
Wholly-owned
(Group) Circular Economy
subsidiary of the Receiving Management fees Contract price 135849.06 0.01Cash payment
Industrial Investment and
parent company services
Development Co. Ltd.Wholly-owned
Beijing Moutai Trading Co. Receiving
subsidiary of the Management fees Contract price 103773.58 0.01Cash payment
Ltd. services
parent company
Kweichow Moutai Distillery Wholly-owned
Receiving
(Group) Real Estate Investment subsidiary of the Management fees Contract price 67924.53 0.01Cash payment
services
Development Co. Ltd. parent company
Subsidiary of the
Huagui Life Insurance Co. Ltd Buy insurance Buy insurance Contract price 19275333.85 98.81Cash payment
parent company
Kweichow Moutai Distillery
Utilities Water Electricity
(Group) Sanya Investment Other Contract price 62906.54 0.06Cash payment
(purchase) supply services
Industry Co. Ltd.Kweichow Moutai Distillery
(Group) Guiyang High-tech Utilities Water Electricity
Other Contract price 127337.28 0.13Cash payment
Real Estate Investment (purchase) supply services
Development Co. Ltd.China Kweichow Moutai
Parent company Leasing Leasing fees Contract price 19268931.69 23.08Cash payment
Distillery (Group) Co. Ltd.Kweichow Moutai Distillery
Wholly-owned
(Group) Circular Economy
subsidiary of the Leasing Leasing fees Contract price 4687956.14 5.62Cash payment
Industrial Investment and
parent company
Development Co. Ltd.Kweichow Moutai Distillery
(Group) Guiyang High-tech
Other Leasing Leasing fees Contract price 4480172.28 5.37Cash payment
Real Estate Investment
Development Co. Ltd.Kweichow Moutai Distillery
Other Leasing Leasing fees Contract price 1423274.98 1.70Cash payment
(Group) Sanya Investment
49 / 194ANNUAL REPORT 2025
Industry Co. Ltd.Wholly-owned
Shanghai Kweichow Moutai
subsidiary of the Leasing Leasing fees Contract price 144000.00 0.17Cash payment
Industrial Co. Ltd.parent company
Same as the
Wholly-owned
Kweichow Moutai Group purchase prices of
subsidiary of the Selling goods Selling goods 6214681149.21 3.68Cash payment
Marketing Co. Ltd. other non-related
parent company
distributors
Same as the
China Kweichow Moutai Wholly-owned
purchase prices of
Distillery (Group) Cultural subsidiary of the Selling goods Selling goods 54457295.57 0.03Cash payment
other non-related
Tourism Co. Ltd. parent company
distributors
Same as the
Kweichow Moutai Distillery Wholly-owned
purchase prices of
(Group) Trading (H.K.) subsidiary of the Selling goods Selling goods 33165152.62 0.02Cash payment
other non-related
Limited parent company
distributors
Same as the
Shanghai Kweichow Moutai Wholly-owned purchase prices of
Selling goods Selling goods 21775238.07 0.01Cash payment
Industrial Co. Ltd. subsidiary of the other non-related
parent company distributors
Same as the
Kweichow Moutai Distillery Wholly-owned
purchase prices of
(Group) Hotel Management Co. subsidiary of the Selling goods Selling goods 20142696.53 0.01Cash payment
other non-related
Ltd. parent company
distributors
Same as the
Kweichow Moutai Distillery
purchase prices of
(Group) Sanya Investment Other Selling goods Selling goods 8653601.77 0.01Cash payment
other non-related
Industry Co. Ltd.distributors
Same as the
Wholly-owned
Beijing Moutai Trading Co. purchase prices of
subsidiary of the Selling goods Selling goods 4700580.52 0.003Cash payment
Ltd. other non-related
parent company
distributors
Same as the
China Kweichow Moutai purchase prices of
Parent company Selling goods Selling goods 717044.97 0.0004Cash payment
Distillery (Group) Co. Ltd. other non-related
distributors
Changli Moutai Wine Trade Providing
Other Service fees Contract price 468301.60 44.99Cash payment
Co.Ltd. services
Keichow Moutai Distillery
Providing
(Group) Health Liquor Sales Other Service fees Contract price 338015.85 32.47Cash payment
services
Co.Ltd.Kweichow Moutai Ecological Providing
Other Service fees Contract price 141509.34 13.60Cash payment
Agriculture Sales Co. Ltd. services
50 / 194ANNUAL REPORT 2025
Keichow Moutai Distillery Wholly-owned Providing
Service fees Contract price 93030.14 8.94Cash payment
(Group) Health Liquor Co. Ltd. subsidiary of the services
parent company
Kweichow Moutai Distillery Wholly-owned
(Group) Hotel Management Co. subsidiary of the Leasing Leasing fees Contract price 299009.17 15.46Cash payment
Ltd. parent company
Changli Moutai Wine Trade
Other Leasing Leasing fees Contract price 201834.86 10.43Cash payment
Co.Ltd.China Kweichow Moutai
Parent company Leasing Leasing fees Contract price 149336.30 7.72Cash payment
Distillery (Group) Co. Ltd.Kweichow Moutai Distillery
(Group) Health Liquor Sales Other Leasing Leasing fees Contract price 87580.88 4.53Cash payment
Co. Ltd.Total / / 8913319090.27 / / /
(2) Related transactions with the same related party deliberated and approved by the general meeting of
shareholders
The Company used the registered trademark of its parent company China Kweichow Moutai Distillery (Group)
Co. Ltd. and the expenses for the right to use trademarks incurred during the reporting period amounted to RMB
2480.8986 million.
(3) Related transactions with other related parties
The closing balance of the Company's deposit in Guizhou Bank is RMB 10523.6482 million and the interest
income of the current period is RMB 161.1546 million. Kweichow Moutai Group Finance Co. Ltd. the
consolidated subsidiary of the Company redeemed the principal of 200.00 million of bonds issued by Guizhou
Bank which was purchased from the open market and recognized the interest income of RMB 10.9816 million in
the current period. By the end of the period the principal balance of the creditor's rights investment is RMB 200
million the impairment reserve balance of the bond investment is RMB 0.0525 million the accrued interest
balance is RMB 5.6236 million and the book value is RMB 205.5711 million; The Company entrusts Guizhou
Bank to collect and pay the third-party payment channel transaction fee of "i Moutai" digital marketing platform of
RMB 76.9708 million. The Company purchased packaging materials from Renhuai Renshan Packaging and
Printing Co. Ltd. with transaction amounts of RMB 150.4675 million for the current period; and from Shanghai
Rencai Printing Co. Ltd. with transaction amounts of RMB 0.2599 million for the current period.(II) Affiliated transactions arising from the acquisition or sale of assets or equity
1. Matters disclosed in the interim announcement but without progress or change in subsequent
implementation
□Applicable √N/A
1. Matters disclosed in the interim announcement but without progress or change in subsequent
implementation
□Applicable √N/A
51 / 194ANNUAL REPORT 2025
2. Matters not disclosed in the interim announcement
□Applicable √N/A
4. If performance agreement is involved the realization of performance during the reporting period shall be
disclosed
□Applicable √N/A
(III) Important related party transactions jointly invested
1. Matters disclosed in the temporary announcement without subsequent progress or change
□Applicable √N/A
2. Matters disclosed in the temporary announcement with subsequent progress or change
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the beginning of Investment amount Changes in fair value Balance at the end of
Item
the period of the period of the period the period
Moutai Zhaohua (Guizhou)
Industrial Development Fund 2008792032.55 17101753.23 2025893785.78
Partnership (Limited Partnership)
Moutai Jinshi (Guizhou)
Industrial Development Fund 2020186963.01 59060844.43 2079247807.44
Partnership (Limited Partnership)
Total 4028978995.56 76162597.66 4105141593.22
3. Matters not disclosed in the temporary announcement
□Applicable √N/A
(IV) Related debt transactions
1. Matters disclosed in the temporary announcement without subsequent progress or change
□Applicable √N/A
2. Matters disclosed in the temporary announcement with subsequent progress or change
□Applicable √N/A
3. Matters not disclosed in the temporary announcement
□Applicable √N/A
52 / 194ANNUAL REPORT 2025
(V) Financial business between the Company and the financial company with which the Company is
associated the financial company inwhich the Company holds a majority of shares and the related parties
√Applicable □N/A
1. Deposit business
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Maximum Scope of Amount in the current period
Balance at the
Related Daily deposit Balance at the end of
Related parties beginning of Total amount deposited in Total amount withdrawn in
relationship deposit interest the period
the period the current period the current period
limit rate
China Kweichow Moutai
Distillery (Group) Co. Parent company 14480114773.71 98152623935.55 104302040390.92 8330698318.34
Ltd.Kweichow Moutai
Wholly-owned
Distillery (Group)
subsidiary of the 3149789826.88 8701584964.42 8067444422.30 3783930369.00
Technology
parent company
Development Co. Ltd.Wholly-owned
Kweichow Moutai Group
subsidiary of the 1700346680.32 14089334943.37 14037299853.21 1752381770.48
Marketing Co. Ltd.parent company
Kweichow Moutai
Wholly-owned
Distillery (Group) Real
subsidiary of the 534835153.42 1224397008.20 1239509805.13 519722356.49
Estate Investment
parent company
Development Co. Ltd.China Kweichow Moutai
Wholly-owned
Distillery (Group)
subsidiary of the 234616341.25 1602180676.37 1506921511.76 329875505.86
Cultural Tourism Co.parent company
Ltd.Kweichow Moutai
Distillery (Group) Wholly-owned
Circular Economy subsidiary of the 322434399.37 731006223.25 724654014.39 328786608.23
Industrial Investment and parent company
Development Co. Ltd.Kweichow Moutai
Subsidiary of the
Biological Technology 1806846970.06 1506769681.66 300077288.40
parent company
R&D Co. Ltd.Xunfeng Technology
Other 319766645.67 740748870.75 768882096.19 291633420.23
(Guizhou) Co. Ltd.Guizhou Zunyi Moutai Subsidiary of the
189020605.501576440630.201545605343.54219855892.16
Airport Co. Ltd. parent company
Guizhou Zunpeng Liquor
Other 60752267.67 721643442.79 565995202.29 216400508.17
Sales Co. Ltd.Guizhou Moutai Chun Other 195246133.45 388640463.56 386333190.35 197553406.66
53 / 194ANNUAL REPORT 2025
Marketing Co. Ltd.Kweichow Moutai
Subsidiary of the
Distillery (Group) 58851183.23 490986636.98 409246927.61 140590892.60
parent company
Logistics Co. Ltd.Kweichow Moutai
Distillery (Group) Subsidiary of the
22850568.19914259117.86806811508.04130298178.01
Changli Moutai Wine parent company
Co.Ltd.Shanghai Kweichow Wholly-owned
Moutai Industrial Co. subsidiary of the 127798101.59 259026500.16 272600284.23 114224317.52
Ltd. parent company
Guizhou Renhuai
Shenren Packaging Other 68824958.06 538534228.56 495090509.00 112268677.62
Printing Co. Ltd.Kweichow Moutai
Distillery (Group)
Guiyang High-tech Real Other 67016729.82 267797128.12 224033199.11 110780658.83
Estate Investment
Development Co. Ltd.Chinese-Foreign Venture
Dragon and Lion Cap Other 63649938.55 698356691.84 656151933.56 105854696.83
Co.Ltd. Zhuhai S.E.Z
Wholly-owned
Beijing Moutai Trading
subsidiary of the 163432983.56 806882838.04 873708252.55 96607569.05
Co. Ltd.parent company
Kweichow Moutai
Logistics Park Grain Other 29661065.27 247130979.90 184461198.79 92330846.38
Storage Co. Ltd.Kweichow Moutai
Wholly-owned
(Group) Ecological
subsidiary of the 35480401.86 355246916.63 300772150.76 89955167.73
Agriculture Industry
parent company
Development Co. Ltd.Keichow Moutai
Distillery (Group) Health Other 105375725.80 535734209.95 560545311.38 80564624.37
Liquor Sales Co. Ltd.Shanghai Moutai Trading
Other 151145259.98 504121502.34 583303927.28 71962835.04
Co. Ltd.Changli Moutai Wine
Other 251643404.90 1135101678.11 1315406759.82 71338323.19
Trade Co.Ltd.Kweichow Moutai
(Group) Ecological
Other 189361773.59 587106683.21 709355151.63 67113305.17
Agriculture Sales Co.Ltd.
54 / 194ANNUAL REPORT 2025
Guizhou Shuanglong
Feitian Supply Chain Other 5044121.66 84029205.70 25895601.37 63177725.99
Management Co. Ltd.Moutai Institute Other 65534720.98 764907642.65 777655112.12 52787251.51
Guizhou Fumingxing
Other 51334629.23 2843086.93 6315181.24 47862534.92
Packaging Co.Ltd
Kweichow Moutai Wholly-owned
Distillery (Group) Hotel subsidiary of the 55330716.56 82309422.34 92936187.60 44703951.30
Management Co. Ltd. parent company
Keichow Moutai Wholly-owned
Distillery (Group) Health subsidiary of the 87067488.51 1645073458.25 1695856267.72 36284679.04
Liquor Co.Ltd. parent company
Guizhou Jiuyuan
Other 26216059.35 63135530.00 57741527.93 31610061.42
Property Co. Ltd.Kweichow Moutai
(Group) International
Other 24632010.35 160515184.86 157105879.40 28041315.81
Travel Agency Co.Ltd.Kweichow Moutai
Distillery (Group) Subsidiary of the
88045026.78449289271.23513085901.1424248396.87
Hongyingzi Agricultural parent company
Technology Co. Ltd.Kweichow Moutai
Distillery (Group)
Other 11042843.10 552622409.56 539454377.88 24210874.78
Guiding Jingqi Glass
Products Co. Ltd.Guizhou Zunpeng Liquor
Other 122897585.74 540599985.86 640098373.09 23399198.51
Co. Ltd.Guizhou Xinhuaxi Glass
Other 27893489.55 1536452.75 6868293.03 22561649.27
Co. Ltd.Kweichow Moutai
Other 2062035.41 1298247233.97 1246926950.19 53382319.19
Hospital
Kweichow Moutai
Distillery (Group) Sanya
Other 2559816.69 102362453.39 90244672.84 14677597.24
Investment Industry Co.Ltd.Guizhou Renhuai Dragon
Other 8283575.67 19058392.87 19964758.73 7377209.81
and Lion Cap Co. Ltd.Kweichow Moutai
Wholly-owned
Distillery (Group)
subsidiary of the 371248.41 15078317.43 8481143.20 6968422.64
Guiyang Business Co.parent company
Ltd.Zunyi Wenkang Real
Other 3173660.07 888802.45 2284857.62
Estate Development Co.
55 / 194ANNUAL REPORT 2025
Ltd.Kweichow Moutai Group
Other 2479493.01 4802227.99 7281526.98 194.02
Health Industry Co. Ltd.Moutai (Shanghai) Wholly-owned
Financial Leasing Co. subsidiary of the 5430.19 27.74 5457.93
Ltd. parent company
Moutai (Guizhou)
Subsidiary of the
Private Equity Fund 4064.64 20.55 4085.19
parent company
Management Co. Ltd.Kweichow Moutai
Distillery (Group)
Other 38690.45 398721.88 437412.33
Lvsheng Organic
Fertilizer Co. Ltd.Moutai (Guizhou)
Investment Fund Subsidiary of the
853.054.29857.34
Partnership (Limited parent company
Partnership)
Total 23102858820.97 142865715950.53 147930190995.20 18038383776.30
Note: The above deposit rates range from 0.35% to 1.70%.Interest paid to related parties
Related Party Current Reporting Period
China Kweichow Moutai Distillery (Group) Co. Ltd. 74310636.00
Kweichow Moutai Distillery (Group) Technology Development
50216476.61
Co. Ltd.Kweichow Moutai Group Marketing Co. Ltd. 17218757.12
Kweichow Moutai Distillery (Group) Real Estate Investment
5925627.23
Development Co. Ltd.Kweichow Moutai Distillery (Group) Circular Economy Industrial
3413622.50
Investment and Development Co. Ltd.Xunfeng Technology (Guizhou) Co. Ltd. 3367492.79
Guizhou Moutai Chun Marketing Co. Ltd. 2568731.21
China Kweichow Moutai Distillery (Group) Cultural Tourism
1962748.33
Co. Ltd.Changli Moutai Wine Trade Co.Ltd. 1551126.31
Kweichow Moutai Ecological Agriculture Sales Co. Ltd. 1385977.27
Kweichow Moutai Distillery (Group) Changli Moutai Wine
1072275.95
Co.Ltd.Kweichow Moutai Distillery (Group) Guiyang High-tech Real
1059796.42
Estate Investment Development Co. Ltd.Guizhou Zunyi Moutai Airport Co. Ltd. 1026259.35
Beijing Moutai Trading Co. Ltd. 988097.65
56 / 194ANNUAL REPORT 2025
Shanghai Moutai Trading Co. Ltd. 891783.01
Shanghai Kweichow Moutai Industrial Co. Ltd. 831403.24
Moutai Institute 831113.53
Guizhou Zunpeng Liquor Sales Co. Ltd. 687400.14
Chinese-Foreign Venture Dragon and Lion Cap Co.Ltd. Zhuhai
613278.31
S.E.Z
Kweichow Moutai Biotechnology Research and Development
585572.61
Co. Ltd.Guizhou Renhuai Shenren Packaging and Printing Co. Ltd. 564209.40
Kweichow Moutai Distillery (Group) Hongyingzi Agricultural
557899.44
Technology Co. Ltd.Kweichow Moutai Distillery (Group) Guiding Jingqi Glass
476049.68
Products Co. Ltd.Kweichow Moutai (Group) Ecological Agriculture Industry
462845.37
Development Co. Ltd.Guizhou Zunpeng Liquor Co. Ltd. 454764.08
Kweichow Moutai Distillery (Group) Logistics Co. Ltd. 415690.96
Guizhou Jiuyuan Property Co. Ltd. 394002.07
Kweichow Moutai Hospital 364438.15
Keichow Moutai Distillery (Group) Health Liquor Sales Co.Ltd. 339773.62
Kweichow Moutai Logistics Park Grain Storage Co. Ltd. 297402.78
Keichow Moutai Distillery (Group) Health Liquor Co. Ltd. 230877.13
Guizhou Fumingxing Packaging Co.Ltd 171360.61
Guizhou Shuanglong Feitian Supply Chain Management Co.
129112.02
Ltd.Kweichow Moutai (Group) International Travel Agency Co. Ltd. 113503.17
Guizhou Xinhuaxi Glass Co. Ltd. 89457.92
Chinese-Foreign Venture Dragon and Lion Cap Co. Ltd. Zhuhai
75711.12
S.E.Z
Kweichow Moutai Distillery (Group) Hotel Management Co. Ltd. 72050.68
Kweichow Moutai Distillery (Group) Sanya Investment Industry
37117.06
Co. Ltd.Kweichow Moutai Distillery (Group) Guiyang Business Co. Ltd. 17388.42
Zunyi Wenkang Real Estate Development Co. Ltd. 1953.83
Kweichow Moutai Group Health Industry Co. Ltd. 1006.11
Kweichow Moutai Distillery (Group) Lvsheng Organic Fertilizer
156.74
Co. Ltd.Moutai (Shanghai) Financial Leasing Co. Ltd. 13.58
Moutai (Guizhou) Private Equity Fund Management Co. Ltd. 10.06
Moutai (Guizhou) Investment Fund Partnership (Limited
2.10
Partnership)
Total 175774971.68
57 / 194ANNUAL REPORT 2025
2. Loan business
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Scope Amount in the current period
Balance at the Balance at the
Related of loan Total loan Total repayment
Related parties Loan limit beginning of the end of the
relationship interest amount in the amount in the
period period
rate current period current period
Kweichow Moutai
Logistics Park Grain Others 58040000.00 3.65% 42760000.00 15280000.00 27480000.00
Storage Co. Ltd.Total 42760000.00 15280000.00 27480000.00
Interest charged to related parties
Item Related parties Current reporting period
Interest income on loans Kweichow Moutai Logistics Park Grain Storage Co. Ltd. 1276174.32
Total 1276174.32
3. Credit business or other financial business
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Related
Related parties Business Total amount Amount actually
relationship
Kweichow Moutai Logistics Park
Others Mortgage loan 58040000.00 27480000.00
Grain Storage Co. Ltd.Wholly-owned
Kweichow Moutai Distillery (Group)
subsidiary of the Credit loans 2000000000.00
Health Liquor Co. Ltd.parent company
4. Other instructions
□Applicable √N/A
(VI) Others
√Applicable □N/A
According to the resolution of the Company’s eleventh Board meeting in 2025 the Company made external
donations totaling RMB 100 million through the Kweichow Moutai Public Welfare Foundation to the public
welfare education assistance programs “China Moutai Backbone of the Nation ” . In addition the Company’s
consolidated subsidiaries Guizhou Laymau Liquor Industry Co. Ltd. and Guizhou Moutai Import and Export Co.Ltd. through their respective approval procedures made external donations of RMB 0.8977 million and RMB
0.4940 million respectively through the Kweichow Moutai Public Welfare Foundation.
XIII. Significant contracts and their performance
(I) Trusteeship contracting and leasing
58 / 194ANNUAL REPORT 2025
1. Trusteeship
□Applicable √N/A
2. Contracting
□Applicable √N/A
3. Leasing
□Applicable √N/A
(II) Guarantees
□Applicable √N/A
(III) Entrusting others to manage cash assets
1. Entrusted assets management
(1) Overview of entrusted assets management
□Applicable √N/A
Other information
□Applicable √N/A
(2) Single entrusted wealth management
□Applicable √N/A
Other information
□Applicable √N/A
(3) Principal entrusted assets management
□Applicable √N/A
2. Entrusted loans
(1) Overview of entrusted loans
□Applicable √N/A
Other information
□Applicable √N/A
(2) Principal entrusted loans
□Applicable √N/A
59 / 194ANNUAL REPORT 2025
Other information
□Applicable √N/A
(3) Provision for impairment of entrusted loans
□Applicable √N/A
3. Other information
□Applicable √N/A
(IV) Other significant contracts
□Applicable √N/A
XIV. Description of the use progress of the funds raised
□Applicable √N/A
XV. Instruction of other major events that have a significant impact on investors ’ value judgments and
investment decisions
□Applicable √N/A
Section VI Changes in Shares and Information about Shareholders
I. Changes in share capital
(I) Changes in shares
1. Changes in shares
Unit: Share
Before the change Increase/Decrease during the change（+，-） After the changeTransfer
Perce
Number Percentage New Bonus from Others Sub-total Number ntage(
(%) issues issues capital
%)
reserve
I. Shares
subject to
trading
moratorium
1. State-owned
shares
2. Shares held
by state-owned
legal persons
3. Other
60 / 194ANNUAL REPORT 2025
domestic
shares
Including:
Shares held by
domestic
non-state-owne
d legal persons
Shares held by
domestic
natural persons
4. Foreign
shares
Including:
Shares held by
foreign legal
persons
Shares held by
foreign natural
persons
II. Shares not
subject to
1256197800100-3927585-39275851252270215100
trading
moratorium
1. RMB
1256197800100-3927585-39275851252270215100
ordinary shares
2.
Domestically
listed foreign
shares
3. Overseas
listed foreign
shares
4. Others
III. Total
number of 1256197800 100 -3927585 -3927585 1252270215 100
shares
2. Explanation of changes in shares
√Applicable □N/A
According to the Announcement of Kweichow Moutai Co. Ltd. on the Implementation Results of Share Repurchase
and Changes in Share Capital (Announcement No.: Lin 2025-032) disclosed on 30 August 2025 the Company
cumulatively repurchased 3927585 shares and completed their cancellation. As a result the total share capital
decreased from 1256197800 shares to 1252270215 shares.
61 / 194ANNUAL REPORT 2025
3. Impact of changes in shares on financial indicators such as earnings per share and net assets per share in
the latest year and the latest period (if any)
□Applicable √N/A
4. Other contents deemed necessary by the Company or required by securities regulators to disclose
□Applicable √N/A
(II) Changes in restricted shares
□Applicable √N/A
II. Securities issuance and listing
(I) Issues of securities as of the reporting period
□Applicable √N/A
Explanation of securities issuance as of the reporting period (for bonds with different interest rates in the duration
please explain separately):
□Applicable √N/A
(II) Changes in the Company’s total shares and shareholder structure and changes in the Company’s asset
and liability structure
□Applicable √N/A
(III) Existing employees ’ shares
□Applicable √N/A
III. Shareholders and actual controllers
(I) Total number of shareholders
The total number of ordinary shareholders as of the end of the reporting period (accounts) 255892
The total number of ordinary shareholders at the end of the previous month before the disclosure date of the
243159
annual report (accounts)
(II) Shareholdings of the top ten shareholders and top ten tradable shareholders (or shareholders without
restrictions on sales) as of the end of the reporting period
Unit: Share
Shareholding of the top 10 shareholders (excluding the shares lent through refinancing)
Name of shareholder (full Changes in the Number of Ratio Number of Pledge marking or freezing Nature of
62 / 194ANNUAL REPORT 2025
name) reporting shares held (%) shares Share holder
period at the end With trading
ofthe limited Stock status Quantity
period conditions
held
China Kweichow Moutai 68128293 State-owned
2071359 54.40 N/A
Distillery (Group) Co. Ltd. 5 Legal person
Guizhou State-owned Capital State-owned
56996777 4.55 Unknown
Operation Co. Ltd. Legal person
Hong Kong Securities
-22462778 55048844 4.40 Unknown Unknown
Clearing Company Ltd.Kweichow Moutai Distillery State-owned
(Group) Technology 27849688 2.22 N/A Legal person
Development Co. Ltd.Industrial and Commercial
Bank of China - SSE 50
-225210 11573000 0.92 Unknown Unknown
Trading Open Index
Securities Investment Fund
Central Huijin Asset State-owned
10397104 0.83 Unknown
Management Co. Ltd. Legal person
Industrial and Commercial
Bank of China Limited -
Huatai-PineBridge CSI 300
-538168 10324650 0.82 Unknown Unknown
Exchange Traded Open-End
Index Securities Investment
Fund
China Securities Finance
8039447 0.64 Unknown Unknown
Corporation Limited
China Construction Bank
Corporation Limited - E Fund
CSI 300 Exchange Traded -108622 7377868 0.59 Unknown Unknown
Open-End Index Initiated
Securities Investment Fund
Industrial and Commercial
Bank of China Limited –
Huaxia CSI 300 Exchange 658680 5629234 0.45 Unknown Unknown
Traded Open-Ended Index
Fund
Shareholding of top ten shareholders without sales restriction (excluding the shares lent through refinancing)
Quantity of the circulating shares without Category and quantity of shares
Name of shareholder
sales restriction Category Quantity
China Kweichow Moutai Distillery (Group) Co. Ltd. 681282935 RMB Ordinary shares 681282935
Guizhou State-owned Capital Operation Co. Ltd. 56996777 RMB Ordinary shares 56996777
63 / 194ANNUAL REPORT 2025
Hong Kong Securities Clearing Company Ltd. 55048844 RMB Ordinary shares 55048844
Kweichow Moutai Distillery (Group) Technology
27849688 RMB Ordinary shares 27849688
Development Co. Ltd.Industrial and Commercial Bank of China - SSE 50
11573000 RMB Ordinary shares 11573000
Trading Open Index Securities Investment Fund
Central Huijin Asset Management Co. Ltd. 10397104 RMB Ordinary shares 10397104
Industrial and Commercial Bank of China Limited -
Huatai-PineBridge CSI 300 Exchange Traded 10324650 RMB Ordinary shares 10324650
Open-End Index Securities Investment Fund
China Securities Finance Corporation Limited 8039447 RMB Ordinary shares 8039447
China Construction Bank Corporation Limited - E
Fund CSI 300 Exchange Traded Open-End Index 7377868 RMB Ordinary shares 7377868
Initiated Securities Investment Fund
Industrial and Commercial Bank of China Limited
– Huaxia CSI 300 Exchange Traded Open-Ended 5629234 RMB Ordinary shares 5629234
Index Fund
Among the above shareholders there is related relationship between China Kweichow Moutai
Notes to relations among the above- mentioned Distillery (Group) Co. Ltd. and Kweichow Moutai Distillery (Group) Technology Development Co.shareholders or acting in concert Ltd. Apart from that the Company does not know any related relationship among other shareholders
and any parties acting in concert.Share lending in refinancing business of the shareholders holding more than 5% of shares the top ten shareholders
and the top ten shareholders without sales restriction
□Applicable √N/A
Changes in top 10 shareholders compared with the prior period
□Applicable √N/A
Shareholding quantity of top ten shareholders with sales restriction and the sales restriction
□Applicable √N/A
(III) Strategic investors or general legal persons become the top 10 shareholders due to placement of new
shares
□Applicable √N/A
IV. Controlling shareholders and actual controllers
(I) Controlling shareholders
1. Legal person
√Applicable □N/A
Name China Kweichow Moutai Distillery (Group) Co. Ltd.Legal Representative Chen Hua
Date of establishment January 24 1998
64 / 194ANNUAL REPORT 2025
Production and operation of alcoholic products (main business); production technology consulting and
services of alcoholic products; production and sales of packaging materials and beverages; catering
Main business accommodation tourism logistics and transportation; import and export trade business; Internet
industry; real estate development and leasing parking lot management; education health; ecological
agriculture.Shareholdings of other domestic and overseas Holding 0.20% shares of Bank of Communications Co. Ltd.; Holding 4.06% shares of Huachuang Yunxin
listed companies that controlled and participated Digital Technology Co. Ltd.; Holding 1.45% shares of Bank of Guiyang Co. Ltd.; Holding 9.74% shares of
in during the reporting period Guizhou BC&TV Information Network Co. Ltd.; Holding 12% shares of Bank ofGuizhou Co. Ltd.
2 Natural person
□Applicable √N/A
3 Special explanation that the Company does not have any controlling shareholder
□Applicable √N/A
4. Notes to the changes in the controlling shareholders during the reporting period
□Applicable √N/A
5. Block diagram of the property right and control relationship between the Company and the controlling
shareholders
√Applicable □N/A
(II) The actual controller
1 Legal person
√Applicable □N/A
State-owned Assets Supervision and Administration Commission of
Name
Guizhou Province
The person in charge or the legal representative of the entity Liu Yongsheng
2 Natural person
□Applicable √N/A
65 / 194ANNUAL REPORT 2025
3 Special instructions for the fact that the Company does not have an actual controller
□Applicable √N/A
4 Explanation on the change of the Company’s control during the reporting period
□Applicable √N/A
5 Block diagram of the property rights and control relationship between the Company and the actual
controller
√Applicable □N/A
6 The actual controller controls the Company through trust or other asset management methods
□Applicable √N/A
(III) Other information about the controlling shareholder and actual controller
□Applicable √N/A
V. The accumulative number of pledged shares of the Company’s controlling shareholder or the largest
shareholder and its persons acting in concert account for more than 80% of the Company’s shares held by
them
□Applicable √N/A
VI. Other legal person shareholders holding more than 10% of the shares
□Applicable √N/A
VII. Explanation of share restriction and reduction
□Applicable √N/A
VIII. The specific implementation of share repurchase during the reporting period
√Applicable □N/A
Name of Share Repurchase Plan "Proposal on Repurchasing Company Shares through Centralized Bidding"
66 / 194ANNUAL REPORT 2025
Phase I: 2024/9/21
Disclosure Date of Repurchase Plan
Phase II: 2025/11/6
Proposed number of shares to be
repurchased and its percentage of Subject to the actual number of shares repurchased
the total share capital (%)
Phase I: RMB 3 billion (inclusive) to RMB 6 billion (inclusive)
Proposed Repurchase Amount
Phase II: RMB 1.5 billion (inclusive) to RMB 3 billion (inclusive)
Phase I: Within 12 months from the date the repurchase plan is approved by the
Shareholders' Meeting
Proposed Repurchase Period
Phase II: Within 6 months from the date the repurchase plan is approved by the
Shareholders' Meeting
Purpose of Repurchase Cancellation to reduction the registered capital
Number of shares already Phase I: 3927585
repurchased Shares Phase II: 87059
IX. Information on Preferred Shares
□Applicable √N/A
Section VII Information about Bond
I. Corporate bonds enterprise bonds and non-financial corporate debt financing instruments
□Applicable √N/A
II. Convertible corporate bonds
□Applicable √N/A
Section VIII Financial Report
I. Audit report
√Applicable □N/A
PCCPAAR [2026] No. 8-346
To the Shareholders of Kweichow Moutai Co. Ltd.:
1. Audit Opinion
We have audited the financial statements of Kweichow Moutai Co. Ltd. (the “Company”) which
comprise the consolidated and parent company balance sheets as of December 31 2025 the
consolidated and parent company income statements consolidated and parent company cash flow
statements and consolidated and parent company statements of changes in equity for the year then
ended as well as notes to financial statements.
67 / 194ANNUAL REPORT 2025
In our opinion the accompanying financial statements present fairly in all material respects the
financial position of the Company as of December 31 2025 and its operating results and its cash
flows for the year then ended in accordance with China Accounting Standards for Business
Enterprises.
2. Basis for Audit Opinion
We conducted our audit in accordance with China Standards on Auditing. Our responsibilities underthose standards are further described in the “Certified Public Accountant’s Responsibilities for theAudit of the Financial Statements” section of our report. We are independent of the Company in
accordance with the China Code of Ethics for Certified Public Accountants and we have fulfilled
other ethical responsibilities. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
3. Key Audit Matters
Key audit matters are those matters that in our professional judgment were of most significance in
our audit of the financial statements of the current period. These matters were addressed in the
context of our audit of the financial statements as a whole and in forming our opinion thereon and
we do not express a separate opinion on these matters.(I) Revenue recognition
1. Key audit matters
Please refer to Note V (20) in Section VIII and Note VII (44) in Section VIII to the financial
statements of the audit report for relevant information disclosure.The Company is mainly engaged in the production and sales of Kweichow Moutai and series liquor
products. In 2025 the operating revenue amounted to RMB 168838.1025 million of which RMB
168774.5852 million was from Main operations accounting for 99.96%.
As operating revenue is one of the key performance indicators of the Company there might be
inherent risks that the Company’s management (the “Management”) adopts inappropriate revenue
recognition to achieve specific goals or expectations and revenue recognition involves complicated
information systems and significant judgment of the Management we have identified revenue
recognition as a key audit matter.
2. Responsive audit procedures
Our main audit procedures for revenue recognition are as follows:
(1) We obtained understandings of key internal controls related to revenue recognition assessed the
design of these controls determined whether they had been executed and tested the effectiveness of
68 / 194ANNUAL REPORT 2025
the operation;
(2) We checked sales contracts obtained understandings of main contractual terms or conditions and
assessed whether the revenue recognition method was appropriate;
(3) We performed analytical procedures on operating revenue and gross margins so as to identify
whether there are significant or abnormal fluctuations and find out the reason;
(4) For revenue from domestic sales we checked supporting documents related to selected items
including sales contracts sales orders delivery notes customer acceptance confirmations sales
invoices etc.; for export sales selecting samples to inspect supporting documents including sales
contracts sales orders export customs declarations and bills of lading;
(5) Combined with the confirmation of contract liabilities select projects to confirm the sales volume
of the reporting period to major customers;
(6) We performed cut-off tests to check whether the revenue has been recognized in the appropriate
accounting period;
(7) We checked whether information related to operating revenue had been appropriately presented
and disclosed in the financial statements.(II) Related party relationship and transactions:
1. Key audit matters
Please refer to Note XI to the financial statements for related disclosures.The Kweichow Moutai's related transactions with its related parties in 2025 involved significant
amounts and different transaction categories. Due to the large number of related parties the diversity
of transaction types and the materiality of transaction amounts the accuracy of related party
transaction amounts has a significant impact on the financial statements for the current year. In
addition the completeness of related disclosures is important for users’ understanding and use of the
financial statements. We have identified related-party relationships and transactions as a key audit
matter.
2. Responsive audit procedures
(1) We obtained an understanding of key internal controls related to the identification and disclosure
of related-party relationships and transactions assessed the design of these controls determined
whether they had been executed and tested the effectiveness of the operation;
(2) We obtained the list of related parties provided by the management and reconciled it with
information obtained from publicly available resources;
(3) We obtained the Board of Directors’ resolutions and shareholders’ meeting resolutions related to
related party transactions; inspected the authorization hierarchy and procedures for related
69 / 194ANNUAL REPORT 2025
transactions and verified whether the transactions were properly authorized and approved;
(4) We obtained a breakdown of related-party transaction amounts and balances from the
management and reconciled them with the accounting records. We selected items to check
supporting documents of related party transactions including sales contracts delivery notes
settlement documents bank statements etc. We reconciled transaction amounts and balances with
the related parties. We compared the prices of related party transactions with those of non-related
party transactions or market-comparable transactions to verify the fairness of the pricing of related
party transactions.
(5) We checked whether information of related party relationships and transactions had been
adequately disclosed and appropriately presented in the financial statements.
4. Other Information
The Management is responsible for the other information. The other information comprises the
information included in the Company’s annual report but does not include the financial statements
and our auditor’s report thereon.Our opinion on the financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.In connection with our audit of the financial statements our responsibility is to read the other
information and in doing so consider whether the other information is materially inconsistent with
the financial statements or with our knowledge obtained in the audit or otherwise appears to be
materially misstated.Based on the work we have performed if we conclude that there is a material misstatement of the
other information we are required to report that fact. In this regard we have nothing to report.
5. Responsibilities of the Management and Those Charged with Governance for the Financial
Statements
The Management is responsible for preparing the financial statements in accordance with China
Accounting Standards for Business Enterprises so as to achieve a fair presentation and for designing
implementing and maintaining internal control relevant to the preparation of financial statements that
are free from material misstatement whether due to fraud or error.In preparing the financial statements the Management is responsible for assessing the Company’s
ability to continue as a going concern disclosing as applicable matters related to going concern and
using the going concern basis of accounting unless the Management either intends to liquidate the
70 / 194ANNUAL REPORT 2025
Company or to cease operations or has no realistic alternative but to do so.Those charged with governance are responsible for overseeing the Company’s financial reporting
process.
6. Certified Public Accountant’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement whether due to fraud or error and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee
that an audit conducted in accordance with China Standards on Auditing will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if individually or in the aggregate they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.We exercise professional judgment and maintain professional skepticism throughout the audit
performed in accordance with China Standards on Auditing. We also:
(I) Identify and assess the risks of material misstatement of the financial statements whether due to
fraud or error design and perform audit procedures responsive to those risks and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error as
fraud may involve collusion forgery intentional omissions misrepresentations or the override of
internal control.(II) Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances.(III) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Management.(IV) Conclude on the appropriateness of the Management’s use of the going concern basis of
accounting and based on the audit evidence obtained determine whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Company’s ability to
continue as a going concern. If we conclude that a material uncertainty exists we are required to
draw attention in our auditor’s report to the related disclosures in the financial statements or if such
disclosures are inadequate to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However future events or conditions may cause the
Company to cease to continue as a going concern.
71 / 194ANNUAL REPORT 2025
(V) Evaluate the overall presentation structure and content of the financial statements and access
whether the financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.(VI) Obtain sufficient and appropriate audit evidence regarding the financial information of the
entities or business activities within the Company to express an opinion on the financial statements.We are responsible for the direction supervision and performance of the group audit. We remain sole
responsibility for our audit opinion.We communicate with those charged with governance regarding the planned audit scope time
schedule and significant audit findings including any deficiencies in internal control of concern that
we identify during our audit.We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence and
where applicable related safeguards.From the matters communicated with those charged with governance we determine those matters
that were of most significance in the audit of the financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or when in extremely rare circumstances we
determine that a matter should not be communicated in our report because the adverse consequences
of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.Pan-ChinaCertified PublicAccountants LLP ChineseCertified PublicAccountant: LiQinglong
(Engagement Partner)
Hangzhou ·China ChineseCertified PublicAccountant: LiangZhengyong
ChineseCertified PublicAccountant: ZengZhi
Date ofReport:April 15 2026
The auditor’s report and the accompanying financial statements are English translations of the Chinese auditor’s report and statutory
financial statements prepared under accounting principles and practices generally accepted in the People’s Republic of China. These
financial statements are not intended to present the financial position and financial performance and cash flows in accordance with
accounting principles and practices generally accepted in other countries and jurisdictions. In case the English version does not
conform to the Chinese version the Chinese version prevails.
72 / 194ANNUAL REPORT 2025
II. Financial statements
[Kweichow Moutai Co. Ltd.]
Consolidated balance sheet as of December 31 2025
(Expressed in RMB Yuan)
Assets NoteNo. Closing balance December 31 2024
Current assets:
Cash and bank balances 1 51690610946.50 59295822956.89
Settlement funds
Loans to banks and other financial institutions 2 99096188059.75 127187293298.17
Held-for-trading financial assets 3 248513280.00
Derivative financial assets
Notes receivable 4 1984407967.50
Accounts receivable 5 2609048.49 18974192.75
Receivables financing 6 4457064160.16
Advances paid 7 6637314.31 26975033.20
Premiums receivable
Reinsurance accounts receivable
Reinsurance reserve receivable
Other receivables 8 36281302.94 29955673.47
Including: interest receivable
Dividends receivable
Financial assets purchased under agreements to resell 9 8879708146.97 7220310691.10
Inventories 10 61427421796.18 54343285157.47
Including: Data resources
Contract assets
Assets held for sale
Non-current assets due within one year 11 26871114612.71 1210959803.42
Other current assets 12 51027010.56 160176582.69
Total current assets 252518662398.57 251726674636.66
Non-current assets:
Loans and advances 13 1553536744.78 2381228475.45
Debt investments 14 1113032405.66 1515174439.92
Other debt investments 15 3496539016.41
Long-term receivables
Long-term equity investments 16 147181873.67
Other equity instrument investments
Other non-current financial assets 17 4105141593.22 4028978995.56
Investment property 18 3108042.56 7625167.83
Fixed assets 19 22488122304.35 21871446747.14
Construction in progress 20 2471886030.58 2149619937.05
Productive biological assets
73 / 194ANNUAL REPORT 2025
Oil & gas assets
Right-of-use assets 21 221738227.51 410594173.53
Intangible assets 22 8685618688.56 8850205831.00
Including: Data resources
Development expenditures 23 117009982.85 98522878.42
Including: Data resources
Goodwill
Long-term prepayments 24 135324580.08 152105949.85
Deferred tax assets 25 6602469151.22 5520006868.83
Other non-current assets 26 175472981.42 232395817.46
Total non-current assets 51316181622.87 47217905282.04
Total assets 303834844021.44 298944579918.70
Legal representative: Chen Hua Officer in charge of accounting: Yu Siming Head of accounting department: Cai Congying
74 / 194ANNUAL REPORT 2025
[Kweichow Moutai Co. Ltd.]
Consolidated balance sheet as of December 31 2025 (continued)
(Expressed in RMB Yuan)
Liabilities & Equity Note No. Closing balance December 31 2024
Current liabilities:
Short-term borrowings
Central bank loans
Loans from other banks
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 28 4007309049.87 3514969230.31
Advances received
Contract liabilities 29 8006739780.94 9592453014.66
Financial assets sold under agreements to buy
Deposit absorbed and interbank deposit 30 18038383776.30 23102858820.97
Deposits for agency security transaction
Deposits for agency security underwriting
Employee benefits payable 31 5523447166.50 5824371399.07
Taxes and rates payable 32 7697169830.69 7717686541.38
Other payables 33 5298261266.22 5429006700.86
Including: interest payable
Dividends payable
Handling fees and commissions payable
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within one year 34 44206237.05 111951112.20
Other current liabilities 35 994959710.24 1222693799.51
Total current liabilities 49610476817.81 56515990618.96
Non-current liabilities:
Insurance policy reserve
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 36 189504942.77 313906415.76
Long-term payables
Long-term employee benefits payable
Provisions
Deferred income
Deferred tax liabilities 25 75608351.79 103367763.38
Other non-current liabilities
Total non-current liabilities 265113294.56 417274179.14
Total liabilities 49875590112.37 56933264798.10
Equity:
Share capital： 37 1252270215.00 1256197800.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserve 38 1577095.18 1374964415.72
Less: Treasury shares 39 120112601.53
Other comprehensive income 40 -5778843.62 -9916224.69
Special reserve
Surplus reserve 41 50543176610.94 46635793479.39
General risk reserve 42 1061529724.00 1061529724.00
Undistributed profit 43 191905148832.21 182787415205.05
75 / 194ANNUAL REPORT 2025
Total equity attributable to the parent company 244637811032.18 233105984399.47
Non-controlling interest 9321442876.89 8905330721.13
Total equity 253959253909.07 242011315120.60
Total liabilities & equity 303834844021.44 298944579918.70
Legal representative:Chen Hua Officer in charge of accounting:Yu Siming Head of accounting department: Cai Congying
76 / 194ANNUAL REPORT 2025
[Kweichow Moutai Co. Ltd.]
Parent company balance sheet as of December 31 2025
(Expressed in RMB Yuan)
Assets NoteNo. Closing balance December 31 2024
Current assets:
Cash and bank balances 85687080245.45 77252079198.82
Held-for-trading financial assets
Derivative financial assets
Notes receivable
Accounts receivable 1 11895319134.75 11800123743.35
Receivables financing
Advances paid 5930034.94 13476941.51
Other receivables 2 10126887.61 14610394.65
Including: Interest receivables
Dividends receivables
Inventories 57457249539.17 51675411372.85
Including: Data resources
Contract assets
Assets held for sale
Non-current assets due within one year
Other current assets 268402.57 47019126.34
Total current assets 155055974244.49 140802720777.52
Non-current assets:
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 3 1757717461.22 1610535587.55
Other equity instrument investments
Other non-current financial assets 4105141593.22 4028978995.56
Investment property 10330819.85 15234907.71
Fixed assets 22091749459.36 21442589371.19
Construction in progress 2431674655.06 2120925676.37
Productive biological assets
Oil & gas assets
Right-of-use assets 127153957.63 145504292.81
Intangible assets 8678878536.61 8843959671.55
Including: Data resources
Development expenditures 117009982.85 98522878.42
Including: Data resources
Goodwill
Long-term prepayments 104107794.16 114400803.02
Deferred tax assets 694931043.32 780755697.85
Other non-current assets 175472981.42 232395817.46
Total non-current assets 40294168284.70 39433803699.49
77 / 194ANNUAL REPORT 2025
Total assets 195350142529.19 180236524477.01
Legal representative: Chen Hua Officer in charge of accounting: Yu Siming Head of accounting department: Cai Congying
78 / 194ANNUAL REPORT 2025
[Kweichow Moutai Co. Ltd.]
Parent company balance sheet as of December 31 2025 (continued)
(Expressed in RMB Yuan)
Liabilities & Equity NoteNo. Closing balance December 31 2024
Current liabilities:
Short-term borrowings
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 4373380991.53 3487464350.29
Advances received
Contract liabilities 2594416.19
Employee benefits payable 5161761065.89 5466090464.42
Taxes and rates payable 4515612448.45 4305149270.50
Other payables 2107333732.10 2291237494.64
Including: Interest payable
Dividends payable
Liabilities held for sale
Non-current liabilities due within one year 18621652.72 18620213.91
Other current liabilities 337274.11
Total current liabilities 16176709890.69 15571493484.06
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 122223900.61 142372581.83
Long-term payables
Long-term employee benefits payable
Provisions
Deferred income
Deferred tax liabilities 51962284.28 36376073.20
Other non-current liabilities
Total non-current liabilities 174186184.89 178748655.03
Total liabilities 16350896075.58 15750242139.09
Equity:
Share capital: 1252270215.00 1256197800.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserve 915762.18 1374303082.72
Less: Treasury shares 120112601.53
Other comprehensive income
Special reserve
Surplus reserve 50543176610.94 46635793479.39
79 / 194ANNUAL REPORT 2025
Undistributed profit 127322996467.02 115219987975.81
Total equity 178999246453.61 164486282337.92
Total liabilities & equity 195350142529.19 180236524477.01
Legal representative:Chen Hua Officer in charge of accounting:Yu Siming Head of accounting department: Cai Congying
80 / 194ANNUAL REPORT 2025
[Kweichow Moutai Co. Ltd.]
Consolidated income statement for the year ended December 31 2025
(Expressed in RMB Yuan)
Items NoteNo. 2025 2024
I. Total operating revenue 172054171890.91 174144069958.25
Including: Operating revenue 44 168838102514.79 170899152276.34
Interest income 45 3216069376.12 3244917681.91
Premiums earned
Revenue from handling fees and commissions
II. Total operating cost 57370818034.33 54523971452.57
Including: Operating cost 44 14892277570.91 13789482367.98
Interest expenses 45 175775959.12 105127802.03
Handling fees and commissions 45 103597.22 94078.17
Surrender value
Net payment of insurance claims
Net provision of insurance policy reserve
Premium bonus expenditures
Reinsurance expenses
Taxes and surcharges 46 27354227684.88 26926161474.99
Selling expenses 47 7253499600.68 5639300059.49
Administrative expenses 48 8320061659.66 9315650060.38
R&D expenses 49 190112246.58 218375472.87
Financial expense 50 -815240284.72 -1470219863.34
Including: Interest expenses 28734948.29 14474584.09
Interest income 842988240.60 1476991223.18
Add: Other income 51 28531529.30 21229466.81
Investment income (or less: losses) 52 561176.14 9130340.37
Including: Investment income from associates and joint ventures 181873.67
Gains from derecognition of financial assets at amortized cost
Gains on foreign exchange (or less: losses)
Gains on net exposure to hedging risk (or less: losses)
Gains on changes in fair value (or less: losses) 53 76162597.66 60980724.35
Credit impairment loss 54 17234379.37 -23248436.03
Assets impairment loss
Gains on asset disposal (or less: losses) 55 3106625.19 388852.05
III. Operating profit (or less: losses) 114808950164.24 119688579453.23
Add: Non-operating revenue 56 74947039.70 70936575.97
Less: Non-operating expenditures 57 128635598.86 120937834.74
IV. Profit before tax (or less: total loss) 114755261605.08 119638578194.46
Less: Income tax expenses 58 29444936771.41 30303850168.56
V. Net profit (or less: net loss) 85310324833.67 89334728025.90
81 / 194ANNUAL REPORT 2025
(I) Categorized by the continuity of operations
1. Net profit from continuing operations (or less: net loss) 85310324833.67 89334728025.90
2. Net profit from discontinued operations (or less: net loss)
(II) Categorized by the portion of equity ownership
1. Net profit attributable to owners of parent company (or less: net loss) 82320067101.68 86228146421.62
2. Net profit attributable to minority shareholders (or less: net loss) 2990257731.99 3106581604.28
VI. Other comprehensive income after tax 59 -74127.66 -3854497.18
Items attributable to the owners of the parent company 4137381.07 -3854497.18
(I) Not to be reclassified subsequently to profit or loss
1. Remeasurements of the net defined benefit plan
2. Items under equity method that will not be reclassified to profit or loss
3. Changes in fair value of other equity instrument investments
4. Changes in fair value of own credit risk
(II) To be reclassified subsequently to profit or loss 4137381.07 -3854497.18
1. Items under equity method that may be reclassified to profit or loss
2. Changes in fair value of other debt investments -4383407.05
3. Profit or loss from reclassification of financial assets into other
comprehensive income
4. Provision for credit impairment of other debt investments
5. Cash flow hedging reserve
6. Translation reserve 8520788.12 -3854497.18
7. Others
Items attributable to minority shareholders -4211508.73
VII. Total comprehensive income 85310250706.01 89330873528.72
Items attributable to the owners of the parent company 82324204482.75 86224291924.44
Items attributable to minority shareholders 2986046223.26 3106581604.28
VIII. Earnings per share (EPS):
(I) Basic EPS (yuan per share) 65.66 68.64
(II) Diluted EPS (yuan per share) 65.66 68.64
Legal representative: Chen Hua Officer in charge of accounting: Yu Siming Head of accounting department: Cai Congying
82 / 194ANNUAL REPORT 2025
[Kweichow Moutai Co. Ltd.]
Parent company income statement for the year ended December 31 2025
(Expressed in RMB Yuan)
Items NoteNo. 2025 2024
I. Operating revenue 4 98318530088.73 94526736836.41
Less: Operating cost 4 16048785720.71 14298436245.72
Taxes and surcharges 26122663643.16 25613805416.04
Selling expenses 1389083642.88 1058054238.44
Administrative expenses 7677483750.64 8427791578.73
R&D expenses 190112246.58 218375472.87
Financial expenses -1017357824.20 -1224145685.66
Including: Interest expenses 5035669.04 5976280.20
Interest income 1015862460.02 1216886311.47
Add: Other income 23355338.62 15785523.73
Investment income (or less: losses) 5 49653320635.07 42023527068.33
Including: Investment income from associates and joint ventures 181873.67
Gains from derecognition of financial assets at amortized cost
Gains on net exposure to hedging risk (or less: losses)
Gains on changes in fair value (or less: losses) 76162597.66 26539092.99
Credit impairment loss 172245.00 -563673.61
Assets impairment loss
Gains on asset disposal (or less: losses) 83002.04
II. Operating profit (or less: losses) 97660769725.31 88199790583.75
Add: Non-operating revenue 66693207.03 68500621.72
Less: Non-operating expenditures 126806639.18 119949815.67
III. Profit before tax (or less: total loss) 97600656293.16 88148341389.80
Less: Income tax expenses 12295314327.43 11778037547.21
IV. Net profit (or less: net loss) 85305341965.73 76370303842.59
(I) Net profit from continuing operations (or less: net loss) 85305341965.73 76370303842.59
(II) Net profit from discontinued operations (or less: net loss)
V. Other comprehensive income after tax
(I) Not to be reclassified subsequently to profit or loss
1. Remeasurements of the net defined benefit plan
2. Items under equity method that will not be reclassified to profit or loss
3. Changes in fair value of other equity instrument investments
4. Changes in fair value of own credit risk
(II) To be reclassified subsequently to profit or loss
1. Items under equity method that may be reclassified to profit or loss
2. Changes in fair value of other debt investments
3. Profit or loss from reclassification of financial assets into other
comprehensive income
83 / 194ANNUAL REPORT 2025
4. Provision for credit impairment of other debt investments
5. Cash flow hedging reserve
6. Translation reserve
7. Others
VI. Total comprehensive income 85305341965.73 76370303842.59
VII. Earnings per share (EPS):
(I) Basic EPS (yuan per share) 68.05 60.79
(II) Diluted EPS (yuan per share) 68.05 60.79
Legal representative: Chen Hua Officer in charge of accounting: Yu Siming Head of accounting department: Cai Congying
84 / 194ANNUAL REPORT 2025
[Kweichow Moutai Co. Ltd.]
Consolidated cash flow statement for the year ended December 31 2025
(Expressed in RMB Yuan)
Items NoteNo. 2025 2024
I. Cash flows from operating activities:
Cash receipts from sale of goods or rendering services 183990403487.80 182645203339.89
Net increase of client deposit and interbank deposit -5099271966.87 11060205782.10
Net increase of central bank loans
Net increase of loans from other financial institutions
Cash receipts from original insurance contract premium
Net cash receipts from reinsurance
Net increase of policy-holder deposit and investment
Cash receipts from interest handling fees and commissions 2525372050.12 3122827833.43
Net increase of loans from others
Net increase of repurchase
Net cash receipts from agency security transaction
Receipts of tax refund
Other cash receipts related to operating activities 60(1) 4712295194.89 3258097705.14
Subtotal of cash inflows from operating activities 186128798765.94 200086334660.56
Cash payments for goods purchased and services received 11450143940.22 10824874163.03
Net increase of loans and advances to clients -848113545.25 262376929.65
Net increase of central bank deposit and interbank deposit 12847265866.72 -4585245646.29
Cash payments for insurance indemnities of original insurance contracts
Net increase of loans to others -900000000.00 -400000000.00
Cash payments for interest handling fees and commissions 141082631.31 97061751.28
Cash payments for policy bonus
Cash paid to and on behalf of employees 15473458699.70 15352541000.17
Cash payments for taxes and rates 77430597986.28 77055621533.11
Other cash payments related to operating activities 60(1) 9012158197.61 9015412761.18
Subtotal of cash outflows from operating activities 124606593776.59 107622642492.13
Net cash flows from operating activities 61522204989.35 92463692168.43
II. Cash flows from investing activities:
Cash receipts from withdrawal of investments 60(2) 33455136000.00 8550000000.00
Cash receipts from investment income 111683655.90 92382151.66
Net cash receipts from the disposal of fixed assets intangible assets and other
long-term assets 155949.50 715708.44
Net cash receipts from the disposal of subsidiaries & other business units
Other cash receipts related to investing activities 60(2) 24750303.39 5532536.42
Subtotal of cash inflows from investing activities 33591725908.79 8648630396.52
Cash payments for the acquisition of fixed assets intangible assets and other
long-term assets 3127594916.41 4678712053.56
Cash payments for investments 60(2) 62097000000.00 5745136000.00
Net increase of pledged borrowings
85 / 194ANNUAL REPORT 2025
Items NoteNo. 2025 2024
Net cash payments for the acquisition of subsidiaries & other business units
Other cash payments related to investing activities 60(2) 9029941.27 9984973.67
Subtotal of cash outflows from investing activities 65233624857.68 10433833027.23
Net cash flows from investing activities -31641898948.89 -1785202630.71
III. Cash flows from financing activities:
Cash receipts from absorbing investments
Including: Cash received by subsidiaries from minority shareholders as
investments
Cash receipts from borrowings
Other cash receipts related to financing activities
Subtotal of cash inflows from financing activities
Cash payments for the repayment of borrowings
Cash payments for distribution of dividends or profits and for interest expenses 67241733345.45 70951027702.94
Including: Cash paid by subsidiaries to minority shareholders as dividend or
profit 2569934067.50 2164148570.54
Other cash payments related to financing activities 60(3) 6185347863.42 116478781.87
Subtotal of cash outflows from financing activities 73427081208.87 71067506484.81
Net cash flows from financing activities -73427081208.87 -71067506484.81
IV. Effect of foreign exchange rate changes on cash and cash equivalents 2295358.30 -1082747.55
V. Net increase in cash and cash equivalents -43544479810.11 19609900305.36
Add: Opening balance of cash and cash equivalents 169970089257.83 150360188952.47
VI. Closing balance of cash and cash equivalents 126425609447.72 169970089257.83
Legal representative: Chen Hua Officer in charge of accounting: Yu Siming Head of accounting department: Cai Congying
86 / 194ANNUAL REPORT 2025
[Kweichow Moutai Co. Ltd.]
Parent company cash flow statement for the year ended December 31 2025
(Expressed in RMB Yuan)
Items NoteNo. 2025 2024
I. Cash flows from operating activities:
Cash receipts from sale of goods or rendering services 110369954530.92 111538681686.42
Receipts of tax refund
Other cash receipts related to operating activities 1602393143.10 2431345218.78
Subtotal of cash inflows from operating activities 111972347674.02 113970026905.20
Cash payments for goods purchased and services received 11190493852.79 10717006325.62
Cash paid to and on behalf of employees 14594804905.52 14510476588.58
Cash payments for taxes and rates 48528018792.48 47090165083.33
Other cash payments related to operating activities 5040813456.32 4825785638.97
Subtotal of cash outflows from operating activities 79354131007.11 77143433636.50
Net cash flows from operating activities 32618216666.91 36826593268.70
II. Cash flows from investing activities:
Cash receipts from withdrawal of investments
Cash receipts from investment income 49653138761.40 42023527068.33
Net cash receipts from the disposal of fixed assets intangible assets and other
long-term assets 124175.50 698117.00
Net cash receipts from the disposal of subsidiaries & other business units
Other cash receipts related to investing activities 24750303.39 5532536.42
Subtotal of cash inflows from investing activities 49678013240.29 42029757721.75
Cash payments for the acquisition of fixed assets intangible assets and other
long-term assets 3104346428.46 4660307532.89
Cash payments for investments 147000000.00
Net cash payments for the acquisition of subsidiaries & other business units
Other cash payments related to investing activities 9029941.27 9984973.67
Subtotal of cash outflows from investing activities 3260376369.73 4670292506.56
Net cash flows from investing activities 46417636870.56 37359465215.19
III. Cash flows from financing activities:
Cash receipts from absorbing investments
Cash receipts from borrowings
Other cash receipts related to financing activities
Subtotal of cash inflows from financing activities
Cash payments for the repayment of borrowings
Cash payments for distribution of dividends or profits and for interest
expenses 64671799277.95 68786879132.40
Other cash payments related to financing activities 6150436821.37 29955836.02
Subtotal of cash outflows from financing activities 70822236099.32 68816834968.42
Net cash flows from financing activities -70822236099.32 -68816834968.42
IV. Effect of foreign exchange rate changes on cash and cash equivalents
V. Net increase in cash and cash equivalents 8213617438.15 5369223515.47
87 / 194ANNUAL REPORT 2025
Items NoteNo. 2025 2024
Add: Opening balance of cash and cash equivalents 76517140680.50 71147917165.03
VI. Closing balance of cash and cash equivalents 84730758118.65 76517140680.50
Legal representative: Chen Hua Officer in charge of accounting: Yu Siming Head of accounting department: Cai Congying
88 / 194ANNUAL REPORT 2025
[Kweichow Moutai Co. Ltd.]
Consolidated statement of changes in equity for the year ended December 31 2025
(Expressed in RMB Yuan)
2025
Equity attributable to parent company
Items Other equity instruments
Share capital/ Less: Other Special Surplus General risk Non-controlling interest Total equity
Paid-in capital Preferred Perpetual Capital reserve Treasury shares comprehensive reserve reserve reserve Undistributed profit Others Subtotal
shares bonds Others income
I. Balance at
the end of prior 1256197800.00 1374964415.72 -9916224.69 46635793479.39 182787415205.05 233105984399.47 8905330721.13 242011315120.60
year 1061529724.00
Add:
Cumulative
changes of
accounting
policies
Error
correction of
prior period
Business
combination
under
common
control
Others
II. Balance at
the beginning 1256197800.00 1374964415.72 -9916224.69 46635793479.39 182787415205.05 233105984399.47 8905330721.13 242011315120.60
of current year 1061529724.00
III. Current
period increase
(or less: -3927585.00 -1373387320.54 120112601.53 4137381.07 3907383131.55 9117733627.16 11531826632.71 416112155.76 11947938788.47
decrease)
(I) Total
comprehensive 4137381.07 82320067101.68 82324204482.75 2986046223.26 85310250706.01
income
(II) Capital
contributed or
withdrawn by -3927585.00 -1373387320.54 120112601.53 -4623151065.02 -6120578572.09 -6120578572.09
owners
1. Ordinary
shares
contributed by -3927585.00 -1373387320.54 -6000465970.56 -4623151065.02
owners
2. Capital
contributed by
holders of other
equity
instruments
89 / 194ANNUAL REPORT 2025
2025
Equity attributable to parent company
Items Other equity instruments
Share capital/ Other Non-controlling interest Total equity
Paid-in capital Preferred Perpetual Capital reserve
Less: Special Surplus General risk
Others Treasury shares
comprehensive
income reserve reserve reserve
Undistributed profit Others Subtotal
shares bonds
3. Amount of
share-based
payment
included in
equity
4. Others 6120578572.09 -6120578572.09 -6120578572.09
(III) Profit
distribution 8530534196.57 -73202333474.52 -64671799277.95 -2569934067.50 -67241733345.45
1.
Appropriation
of surplus 8530534196.57 -8530534196.57
reserve
2.
Appropriation
of general risk
reserve
3.
Appropriation
of profit to -64671799277.95 -64671799277.95 -2569934067.50 -67241733345.45
owners
4. Others
(IV) Internal
carry-over
within equity
1. Transfer of
capital reserve
to capital
2. Transfer of
surplus reserve
to capital
3. Surplus
reserve to cover
losses
4. Changes in
defined benefit
plan carried
over to retained
earnings
5. Other
comprehensive
income carried
over to retained
earnings
6. Others
(V) Special
reserve
90 / 194ANNUAL REPORT 2025
2025
Equity attributable to parent company
Items Other equity instruments
Share capital/ Capital reserve Less:
Other
comprehensive Special Surplus General risk
Non-controlling interest Total equity
Paid-in capital Preferred Perpetual Others Treasury shares income reserve reserve reserve
Undistributed profit Others Subtotal
shares bonds
1. Current
period
appropriation
2. Current
period use
(VI) Others
IV. Balance at
the end of 1252270215.00 1577095.18 120112601.53 -5778843.62 50543176610.94 1061529724.00 191905148832.21 244637811032.18 9321442876.89 253959253909.07
current period
Legal representative: Chen Hua Officer in charge of accounting: Yu Siming Head of accounting department: Cai Congying
91 / 194ANNUAL REPORT 2025
[Kweichow Moutai Co. Ltd.]
Consolidated statement of changes in equity for the year ended December 31 2025 (continued)
2024
Equity attributable to parent company
Items Other equity instruments Non-controlling
Share capital/ Less: Other Special Surplus interest Total equity
Paid-in capital Preferred Perpetual Capital reserve Treasury comprehensive reserve reserve General risk reserve Undistributed profit Others Subtotal
shares bonds Others shares income
I. Balance at the end of
prior year 1256197800.00 1374964415.72 -6061727.51 38998763095.13 1061529724.00 172983178300.09 215668571607.43 7987897687.39 223656469294.82
Add: Cumulative changes
of accounting policies
Error correction of
prior period
Business combination
under common control
Others
II. Balance at the
beginning of current year 1256197800.00 1374964415.72 -6061727.51 38998763095.13 1061529724.00 172983178300.09 215668571607.43 7987897687.39 223656469294.82
III. Current period
increase (or less: -3854497.18 7637030384.26 9804236904.96 17437412792.04 917433033.74 18354845825.78
decrease)
(I) Total comprehensive
income -3854497.18 86228146421.62 86224291924.44 3106581604.28 89330873528.72
(II) Capital contributed or
withdrawn by owners
1. Ordinary shares
contributed by owners
2. Capital contributed by
holders of other equity
instruments
3. Amount of share-based
payment included in
equity
4. Others
(III) Profit distribution 7637030384.26 -76423909516.66 -68786879132.40 -2189148570.54 -70976027702.94
1. Appropriation of
surplus reserve 7637030384.26 -7637030384.26
2. Appropriation of
general risk reserve -
3. Appropriation of profit
to owners -68786879132.40 68786879132.40 -2189148570.54 -70976027702.94
4. Others
(IV) Internal carry-over
within equity
92 / 194ANNUAL REPORT 2025
1. Transfer of capital
reserve to capital
2. Transfer of surplus
reserve to capital
3. Surplus reserve to
cover losses
4. Changes in defined
benefit plan carried over
to retained earnings
5. Other comprehensive
income carried over to
retained earnings
6. Others
(V) Special reserve
1. Current period
appropriation
2. Current period use
(VI) Others
IV. Balance at the end of
current period 1256197800.00 1374964415.72 -9916224.69 46635793479.39 1061529724.00 182787415205.05 233105984399.47 8905330721.13 242011315120.60
(Expressed in RMB Yuan)
Legal representative: Chen Hua Officer in charge of accounting: Yu Siming Head of accounting department: Cai Congying
93 / 194ANNUAL REPORT 2025
[Kweichow Moutai Co. Ltd.]
Parent company statement of changes in equity for the year ended December 31 2025
(Expressed in RMB Yuan)
2025
Items
Share capital/ Other equity instruments Capital reserve Less: Treasury
Other
Paid-in capital shares comprehensive Special reserve Surplus reserve Undistributed profit Total equityPreferred shares Perpetual bonds Others income
I. Balance at the end of prior year 1256197800.00 1374303082.72 46635793479.39 115219987975.81 164486282337.92
Add: Cumulative changes of accounting policies
Error correction of prior period
Others
II. Balance at the beginning of current year 1256197800.00 1374303082.72 46635793479.39 115219987975.81 164486282337.92
III. Current period increase (or less: decrease) -3927585.00 -1373387320.54 120112601.53 3907383131.55 12103008491.21 14512964115.69
(I) Total comprehensive income 85305341965.73 85305341965.73
(II) Capital contributed or withdrawn by owners -3927585.00 -1373387320.54 120112601.53 -4623151065.02 -6120578572.09
1. Ordinary shares contributed by owners -3927585.00 -1373387320.54 -6000465970.56 -4623151065.02
2. Capital contributed by holders of other equity instruments
3. Amount of share-based payment included in equity
4. Others 6120578572.09 -6120578572.09
(III) Profit distribution 8530534196.57 -73202333474.52 -64671799277.95
1. Appropriation of surplus reserve 8530534196.57 -8530534196.57
2. Appropriation of profit to owners -64671799277.95 -64671799277.95
3. Others
(IV) Internal carry-over within equity
1. Transfer of capital reserve to capital
2. Transfer of surplus reserve to capital
3. Surplus reserve to cover losses
94 / 194ANNUAL REPORT 2025
4. Changes in defined benefit plan carried over to retained earnings
5. Other comprehensive income carried over to retained earnings
6. Others
(V) Special reserve
1. Current period appropriation
2. Current period use
(VI) Others
IV. Balance at the end of current period 1252270215.00 915762.18 120112601.53 50543176610.94 127322996467.02 178999246453.61
Legal representative: Chen Hua Officer in charge of accounting: Yu Siming Head of accounting department: Cai Congying
95 / 194ANNUAL REPORT 2025
[Kweichow Moutai Co. Ltd.]
Parent company statement of changes in equity for the year ended December 31 2025 (continued)
(Expressed in RMB Yuan)
2024
Items Other equity instrumentsShare capital/ Capital reserve Less: TreasuryPaid-in capital Preferred Perpetual shares Other comprehensive income
Special
reserve Surplus reserve Undistributed profit Total equity
shares bonds Others
I. Balance at the end of prior year 1256197800.00 1374303082.72 38998763095.13 115273593649.88 156902857627.73
Add: Cumulative changes of accounting policies
Error correction of prior period
Others
II. Balance at the beginning of current year 1256197800.00 1374303082.72 38998763095.13 115273593649.88 156902857627.73
III. Current period increase (or less: decrease) 7637030384.26 -53605674.07 7583424710.19
(I) Total comprehensive income 76370303842.59 76370303842.59
(II) Capital contributed or withdrawn by owners
1. Ordinary shares contributed by owners
2. Capital contributed by holders of other equity instruments
3. Amount of share-based payment included in equity
4. Others
(III) Profit distribution 7637030384.26 -76423909516.66 -68786879132.40
1. Appropriation of surplus reserve 7637030384.26 -7637030384.26
2. Appropriation of profit to owners -68786879132.40 -68786879132.40
3. Others
(IV) Internal carry-over within equity
1. Transfer of capital reserve to capital
2. Transfer of surplus reserve to capital
3. Surplus reserve to cover losses
96 / 194ANNUAL REPORT 2025
4. Changes in defined benefit plan carried over to retained earnings
5. Other comprehensive income carried over to retained earnings
6. Others
(V) Special reserve
1. Current period appropriation
2. Current period use
(VI) Others
IV. Balance at the end of current period 1256197800.00 1374303082.72 46635793479.39 115219987975.81 164486282337.92
Legal representative: Chen Hua Officer in charge of accounting: Yu Siming Head of accounting department: Cai Congying
97 / 194ANNUAL REPORT 2025
III. Company Basic Indormation
1. Company profile
√Applicable □N/A
Kweichow Moutai Co. Ltd. was established on November 20 1999 with a registered capital of RMB 185 million
in accordance with the "Reply on Approval of the Establishment of Kweichow Moutai Co. LTD." in document of
[1999] No. 291 by the Guizhou Provincial People's Government. The Controlling Shareholder of the Company is
China Kweichow Moutai Distillery (Group) Co. LTD. and the ultimate controlling party is the State-owned Assets
Supervision and Administration Commission of Guizhou Provincial People's Government. After being approved by
CSRC with the document of [2001] No.41 and Ministry of Finance with the document of [2001] No. 56 the
Company publicly issued A-shares on the Shanghai Stock Exchange on July 31 2001. As of December 31 2025
the total share capital of the Company was 1252270200 shares.Operations of the Company and its subsidiaries: production and sales of Kweichow Moutai and series liquor
products. Production and sale of beverage food and packaging materials anti-counterfeiting technology
development the research and development of information industry related products the operation and
management of hotel accommodation catering entertainment bathing and parking lot services vehicle
transportation (without hazardous chemicals) maintenance; and Category II value-added telecommunications
services.Subsidiaries included in the scope of consolidation during the reporting period are detailed in Section X. Equity in
other entities.IV. Basis for the preparation of the financial statements
1. Basis of preparation of financial statements
The Company has prepared its financial statements on a going concern basis.
2. Going concern
√Applicable □N/A
Since the date of this report there are no events resulting in significant uncertainties over going concern of the
operation of this company for at least 12 months.V. Significant accounting policies and accounting estimates
Specific accounting policies and accounting estimates:
√Applicable □N/A
1. Statement on compliance with Accounting Standards for Business Enterprises
The financial statements have been prepared in accordance with the requirements of accounting standards for
business enterprises which truly and completely reflect the Company’s financial status operating results
changes in shareholders’ equity cash flow and other relevant information.
2. Accounting period
The accounting year of the Company is from 1 January to 31 December.
3. Operating cycle
√Applicable □N/A
The Company adopts 12 months as an operating cycle.
4. Functional currency
The Company and its domestic subsidiaries use RMB as the functional currency. The overseas subsidiary
Kweichow Moutai Paris Trading Co. Ltd. conducts overseas operations and selects the currency of the primary
economic environment in which it operates (Euro) as its functional currency.
5. Determination method and selection basis of materiality criteria
√Applicable □N/A
Item Materiality criteria
98 / 194ANNUAL REPORT 2025
The amount of bad debt provision assessed
Significant bad debt provision assessed individually of individually accounts for over 10% of the total
accounts receivable amount of bad debt provision of accounts receivable
and exceeds RMB 50 million.The amount of individual recovery or reversal accounts
Significant recovery or reversal of bad debt provision for over 10% of the total amount of accounts
of accounts receivable receivable and exceeds RMB 50 million.The amount of individual write-off accounts for over
Significant write-off of accounts receivable 10% of the total amount of bad debt provision of
accounts receivable and exceeds RMB 50 million.The budget of individual construction in progress
Significant construction in progress investment exceeds RMB 1 billion.The budget amount of individual research and
development project which is capitalized accounts for
Significant capitalization of research and development over 10% of the total budget of current research and
expenditures development projects and the capitalized amount
incurred in the current period exceeds RMB 50
million.The cash flow of a single investment activity accounts
for more than 10% of the total cash inflow or outflow
Significant projects of construction in progress of investment activities and the amount exceeds RMB
1 billion
The amount of individual accounts payable or other
Significant accounts payable and other payables payables with the aging over 1 year accounts for over10% of the total amount of accounts payable or other
payables and exceeds RMB 100 million.The subsidiaries with minority shareholders holding 5%
and more than 5% of shares and the amount of total
Significant non-wholly owned subsidiaries assets net assets operating revenue and net profit
account for over 10% of the corresponding items in the
consolidated financial statements.Significant joint ventures or associates The amount of a single long-term equity investmentexceeds RMB 1 billion.
6. Accounting treatments of “Business combination involving entities under common control” and “Businesscombination involving entities not under common control”
√Applicable □N/A
(1) Business combination involving entities under common control
For business combination involving entities under common control assets and liabilities obtained by the
combining party through business combination shall be measured at the book value of the combined company at
the combination date. The capital reserve (stock premium or capital premium) is adjusted according to the
difference between the book value of net asset acquired through combination and the book value of consideration
paid for the combination (or total par value of shares issued). If the capital reserve (stock premium or capital
premium) is insufficient to offset the retained earnings shall be adjusted.
(2) Business combination not under common control
For business combination involving entities not under common control the combination cost is calculated at fair
value of the assets liabilities incurred or assumed and the equity securities issued by the combining party on
combination date in the purpose of gaining the combined party’s control. For business combination involving
entities not under common control that are achieved step by step in multiple exchanges and transactions
different approaches in accounting treatment are adopted for individual financial statements and combination
financial statements as follows.A. For individual financial statements the initial investment cost of the investment is calculated as the sum of the
book value of the combined party’s equity investment held by the combining party before the combination date
and the increased investment cost on the combination date. If the combined party’s equity held by the combining
party entails other comprehensive profits then the profits shall be calculated as the investment profits of the
current period.
99 / 194ANNUAL REPORT 2025
B. For combination financial statements the combined party’s equity held by the combining party before the
combination date shall be recalculated in fair value of the equity on combination date. The margin of its fair value
and book value shall be calculated into the investment profits of the current period. If the combined party’s equity
held by the combining party entails other comprehensive profits then the profits shall be calculated as the
investment profits of the current period of the combination date. Fees commissions and other transaction
expenses and other relevant administration expense paid for combination shall be calculated into current profits or
losses as they occur. Transaction fees of equity securities and debt securities paid by the combining party for
combination consideration shall be included in the initial measurement amount of equity or debt securities. The
Company shall recognize the difference of the combination costs in excess of the fair value of the net identifiable
asset acquired from the acquiree through combination as goodwill. After the review if the combination costs are
still in short of the fair value of the net identifiable asset acquired from the acquiree through combination include
the difference in the current profits or losses.
7. Judgment criteria for control and preparation of consolidated financial statements
√Applicable □N/A
(1) Judgment criteria for control
The consolidation scope of the consolidated financial statements is determined on the basis of control. The control
over an investee will be identified when an investor: has the power over the investee is exposed to variable
returns from its involvement with the investee and has the ability to affect those returns through its power over the
investee.
(2) Preparation of consolidated financial statements
The consolidated financial statements of the Company are prepared in accordance with the Accounting Standards
for Business Enterprises No.33 --Consolidated Financial Statements and relevant regulations. All major internal
transactions and current accounts within the scope of the consolidation have been offset at the time of
consolidation. The part of shareholders' equity of a subsidiary that is not owned by the parent company shall be
presented separately as non-controlling equity under shareholders’ equity in the consolidated financial statements.When preparing the consolidated financial statements where accounting policies and accounting periods adopted
by subsidiaries are inconsistent with those of the Company necessary adjustments should be made to the financial
statements of subsidiaries according to the accounting policy and accounting period adopted by the Company.For the subsidiaries acquired through business combination under common control their operating results and
cash flows shall be included in the consolidated financial statements from the beginning of the current
consolidation period. When preparing the comparative consolidated financial statements related items in the
financial statements of the previous year are adjusted accordingly and it is deemed that after the combination the
reporting entity has been in existence since the point when the ultimate controlling party began to control. For the
subsidiaries acquired through business combination not under common control their operating results and cash
flows shall be included in the consolidated financial statements as from the date of obtaining the control right by
the Company.
8. Determination criteria for cash and cash equivalents
Cash equivalents include cash on hand bank balances other monetary funds provision at central bank retrievable
at any time deposits with other banks placements with banks buying securities and return sale within the same
industry and other investments featuring short investment period (generally due within three months since
purchase) high liquid easy convertibility to cash with known amount and insignificant risk of value change.
9. Foreign currency transactions and translation of financial statements in foreign currency
√Applicable □N/A
(1) Foreign currency operations
Foreign currency transactions undertaken by the Company are translated into RMB at the central parity rate of the
foreign exchange market on the transaction date. At the balance sheet date the balances of monetary foreign
currency accounts are restated in RMB at the central parity rate prevailing at the end of the period. Differences
arising from such restatements are recognized as exchange gains or losses and are included in items such as
“Financial Expenses” and “Construction in Progress” in accordance with relevant regulations. For non-monetary
foreign currency items measured at historical cost translation is made at the spot exchange rate on the transaction
date without changing their carrying amounts in the functional currency.
100 / 194ANNUAL REPORT 2025
(2) Translation of financial statements in foreign currency
Assets and liabilities in the balance sheets shall be translated at the spot exchange rates on balance sheet date.Shareholders’ equity items except for the item of “retained earnings” are translated at the spot exchange rates
on the dates when the transactions occur. Revenue and expense items in the income statement are translated at
the spot exchange rates on the dates when the transactions occur or at the exchange rate determined in a
systematical and reasonable method and similar to the spot exchange rate on the day when the transactions occur.Differences arising from the above translations of foreign currency financial statements are separately listed under
other comprehensive income in the balance sheet. Cash flow projects operated overseas shall be translated at
approximate exchange rate of spot rate on the date of cash flow. The amount of cash affected by fluctuations of
exchange rate shall be separately listed in the table of cash flow.
10. Financial Instruments
√Applicable □N/A
(1) Recognition and derecognition of financial instruments
When the Company becomes a party to a financial instrument contract the related financial asset or financial
liability should be recognized. Transaction of financial assets by regular means shall be recognized and
derecognized according to accounting on transaction date. Regular means refers to gaining or giving financial
assets within the time period designated by law or regulations according to contract items. Transaction date refers
to the date that the Company promises to purchase or sell financial assets.Derecognition of financial assets (or part of financial assets or a part of a group of similar financial assets) shall be
conducted- written off from the account and asset liability list if it meets following conditions: A. expiration of the
right to acquire cash flow of financial assets; B. Transfer of the right to obtain cash flow of financial assets and (a)
substantively transferring almost all risks and rewards of the possession of financial assets or (b) though
substantively neither transferring nor retaining almost all risks and rewards of the possession of financial assets
relinquishing the control over the financial assets.
(2) Classification and measurement of financial assets
Based on the business model of financial asset management and the contract cash flow characteristics of financial
assets the Company classifies financial assets into: financial assets measured at amortized cost; financial assets
measured at fair value with their changes included into other comprehensive income; and financial assets measured
at fair value with their changes included into current profits/losses. The following measurement of financial assets
depends on its classification. The Company classifies financial assets based on its business model for managing the
financial assets and the contractual cash flow characteristics of the financial assets.A. Financial assets measured at amortized cost
A financial asset is classified as a financial asset measured at amortized cost if it meets both of the following
conditions: The Company’s business model for managing the financial asset is to collect contractual cash flows
and the contractual terms of the financial asset give rise to cash flows on specified dates that are solely payments
of principal and interest on the principal amount outstanding. For such financial assets the Company applies the
effective interest method and measures them at amortized cost in subsequent periods. Gains or losses arising from
amortization or impairment are recognized in profit/loss for the current period.B. Investment in debt instruments measured at fair value through other comprehensive income
A financial asset is classified as a financial asset measured at fair value through other comprehensive income if it
meets both of the following conditions: the Company ’ s business model for managing the financial asset is to
collect contractual cash flows and to sell the financial asset and the contractual terms of the financial asset give rise
to cash flows on specified dates that are solely payments of principal and interest on the principal amount
outstanding. The Company measures such financial assets at fair value and includes their changes in other
comprehensive income. Discounts or premiums are amortized using the effective interest method and recognized as
interest income/expense. Except for impairment losses and foreign exchange differences on foreign currency
monetary financial assets which are recognized in profit/loss for the current period changes in fair value of such
financial assets are recognized in other comprehensive income until the financial asset is derecognized at which
point the cumulative gains or losses are reclassified to profit/loss. Interest income related to such financial assets is
recognized in profit/loss for the current period.C. Investment in equity instruments measured at fair value through other comprehensive income
The Company irrevocably elects to designate part of non-transactional equity instrument investments as financial
assets measured at fair value through other comprehensive income. Only the relevant dividend income is
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recognized in profit/loss for the current period. Changes in fair value are recognized as other comprehensive
income. When the financial asset is derecognized cumulative gains or losses should be transferred into retained
earnings.D. Financial assets measured at fair value through profit or loss
For financial assets other than the above financial assets measured at amortized cost and financial assets measured
at fair value through other comprehensive income the Company classifies them as financial assets measured at
fair value through profit/loss. At initial recognition the Company specifies partial financial assets as financial
assets measured at fair value through profit/loss if such designation eliminates or significantly reduces an
accounting mismatch. For such financial assets the Company performs subsequent measurement using fair value
and records changes in the fair value into current profit/loss. When and only when the Company changes its
business mode for management of financial assets will be influenced relevant financial assets be reclassified. For
financial assets measured at fair value through profit/loss relevant transaction fees are calculated into current
profit/loss; while for other financial assets relevant transaction fees are included into the initial recognition
amount.
(3) Classification and measurement of financial liabilities
The Company classifies its financial liabilities upon initial recognition into: financial liabilities measured at
amortized cost and financial liabilities measured at fair value through profit/loss.Financial liabilities meeting any of the following conditions are specified as financial liabilities measured at fair
value through profit/loss at initial measurement:
A. The specification can eliminate or significantly reduce accounting mismatches;
B. Based on the Company’s risk management or investment strategy from official documents the Company
manages and assesses the performance of financial liability portfolios or financial asset and liability portfolios at
fair value and reports such information to the key management personnel within the Company;
C. The financial liabilities include embedded derivatives that need to be separated.The Company determines the classification of financial liabilities at initial recognition. For financial liabilities
measured at fair value through profit/loss relevant transaction fees are directly recognized in profit/loss. For other
financial liabilities relevant transaction fees are included into the initial recognition amount.The subsequent measurement of financial liabilities depends on its classification:
A. Financial liabilities measured at amortized cost
Such financial liabilities are subsequently measured at amortized cost using the effective interest method.B. Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit/loss include trading financial liabilities (including
derivatives classified as financial liabilities) and the financial liabilities specified to be measured at fair value
through profit/loss at the initial recognition.
(4) Offset of financial instruments
Financial assets and financial liabilities meeting the following conditions simultaneously shall be presented in
balance sheet in their net amounts after manual offset: the Company has the legal right to offset recognized
financial assets and financial liabilities and may execute the legal right currently and simultaneously; the Company
plans to settle on a net basis or to realize the financial assets and settle the financial liabilities simultaneously.
(5) Impairment of financial assets
For financial assets measured at amortized cost and debt instrument investment measured at fair value through
other comprehensive income the Company recognizes the provision for loss based on the expected credit loss.When assessing expected credit loss the Company considers reasonable and well-founded information on past
matters present conditions and forecast of future economic conditions sets the risk of default as the weight and
calculates the weighted amount of the difference of present value between the cash flow according to the contract
and the cash flow expected to be gained in practice.At each balance sheet date the Company measures expected credit loss for financial instruments at different stages.Financial instruments for which credit risk has not increased significantly since initial recognition are in Stage I.The Company measures loss provision at an amount equivalent to the expected credit loss for the next 12 months.
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Financial instruments for which credit risk has increased significantly since initial recognition without credit
impairment are in Stage II. The Company measures loss provision at the amount equivalent to the expected credit
loss for the entire duration. Financial instruments that have become credit-impaired since initial recognition are in
Stage III. The Company measures loss provision at an amount equivalent to the expected credit loss for the entire
duration.For financial instruments with low credit risk at the balance sheet date the Company assumes no substantial
increase of credit risk since the initial recognition and will measure the loss provision at the amount equivalent to
the expected credit loss for the next 12 months.For financial instruments that are in the stage I and stage II or with low credit risk the Company will calculate the
interest income according to the book balance and the effective interest rate without deducting provision. For
financial instruments that are in the stage III the Company will calculate the interest income according to the
amortization cost and the effective interest rate deducting provision from the book balance.For notes receivable and accounts receivable arising from the sale of goods or rendering of services in the ordinary
course of business regardless of substantial financing component the Company will measure the loss provision by
the amount equivalent to the expected credit loss for the entire duration.When the information about the expected credit loss of an individual financial asset cannot be evaluated at a
reasonable cost the Company shall divide the accounts receivables portfolio according to credit risk
characteristics and measure the expected credit loss based on portfolios. The foundation to determine portfolio
and provision methods are as follow:
Bank acceptance bill portfolio Bank acceptance bills
Accounts receivable portfolio Accounts receivable of related parties within the scope of consolidation
Portfolio of other receivables Reserve funds deposits and security deposit and other receivables with lowcredit risk
Portfolio of other receivables Other receivables of related parties within the scope ofconsolidation
Other portfolios Other payments except the above portfolios
For accounts receivable divided as portfolios and notes retrievable arising from the sale of goods or rendering of
services in the ordinary course of business the Company calculates the expected credit loss using a table comparing
the ageing accounts receivable with lifetime expected credit loss rates with reference to historical credit loss
experience current conditions and forecasts of future economic conditions. For other notes receivable and
accounts receivable classified as portfolio the Company calculates the expected credit loss through the exposure
at default and 12-month or lifetime expected credit loss rate with reference to historical credit loss experience
current conditions and forecasts of future economic conditions.The Company calculates provision withdrawn or reversed into profit/ loss of the current period. For liability
instruments measured at fair value through other comprehensive income the Company recognizes impairment
losses or income into profits/ losses of the current period while adjusting other comprehensive income.
(6) Transfer of financial assets
If almost all the risks and rewards in respect of the ownership of the financial asset are transferred the financial
asset shall be derecognized; if they are retained the financial asset shall not be derecognized.If almost all the risks and rewards in respect of the ownership of the financial asset are neither transferred nor
retained the Company will conduct further evaluation: If the enterprise does not retain control over the asset then
its financial assets shall be derecognized and the rights and obligations produced or retained during transfer shall be
separately recognized as assets or liabilities. If the enterprise retains control over the asset then relevant financial
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assets shall be recognized according to the degree to which it continues to be involved in the transferred financial
assets and relevant liabilities shall be recognized.If the enterprise continues to involve itself by obligation of guarantee for transferred financial assets then the lower
one of the book value and guarantee amount of financial assets on transfer date shall be selected and recognized as
the transferred financial assets. The relevant liabilities are determined as the sum of guarantee amount and fair
value of guarantee contract (usually the consideration received from obligation of guarantee). The guarantee
amount refers to the highest amount repayable among the considerations an enterprise receives.
11. Inventories
√Applicable □N/A
Classification of inventory measurement method of dispatched inventories inventory system and
amortization method of low-cost consumables and packing materials
√Applicable □N/A
(1) Classification of inventories
Inventories are classified as: raw materials semi-finished goods goods in progress finished goods and revolving
materials.
(2) Measurement method of dispatched inventories
Delivered inventories are using the moving weighted average method.
(3) Inventory system
The Company’s inventory adopts the perpetual inventory system.
(4) Amortization method of low-cost consumables and packing materials
Low-value consumables and packaging materials are amortized using the one-off amortization method.Determination basis and method of provision for inventories
√Applicable □N/A
At the end of the period the inventories shall be measured at the lower of cost and net realizable value: the
provision for inventories shall be made at the excess of cost of the individual inventory over its net realizable
value.The category and determination basis of the provision for inventories assessed by portfolio and the
determination basis of net realizable value of different categories
□Applicable √N/A
The calculation method and determination basis of net realizable value of inventories categorized by aging
□Applicable √N/A
12. Long-term equity investments
√Applicable □N/A
(1) Judgment criteria for control and significant influence:
The long-term equity investments of the Company are mainly investments in subsidiaries. Subsidiaries refer to
invested parties upon which the Company can exert control. Control refers to the fact that the investing party has
power over the invested party enjoys variable returns and can influence the return amount by exercising power
over the invested party. The term ‘significant influence’ refers to the power to participate in decision-making on
the financial and operating policies of the investee but with no control or joint control over the formulation of these
policies.
(2) Recognition of investment cost:
A. Long-term equity investment acquired through business combination:
For business combination under common control for the long-term equity investments obtained by cash paid
non-monetary assets paid or assumed liabilities as consideration by the acquirer on the acquisition date the initial
investment cost of long-term equity investment shall be taken as the share of the owner’s equity of the investee in
104 / 194ANNUAL REPORT 2025
the book value of the final control party’s consolidated financial statements. According to the margin amount
between initial investment cost and cash payment non-monetary asset paid or assumed liabilities capital reserve
should be written down. If the capital reserve is not sufficient to be written down then the retained earnings shall
be written down. For investments obtained by equity securities issued by the acquirer on the acquisition date the
initial investment cost of long-term equity investment shall be taken as the share of the owner’s equity of the
investee in the book value of the final control party’s consolidated financial statements. Setting total book value of
issued shares as share capital according to the difference between the initial investment cost and total book value of
issued shares capital reserve shall be written down; if the capital reserve is not sufficient to be written down then
the retained earnings shall be written down.For business combination not under common control on the acquisition date the combination cost according to the
Accounting Standards for Business Enterprises No.20 - Business Combination should be calculated as the initial
investment cost of long-term equity investment.B. Long-term equity investment acquired through business combination:
For the long-term equity investments obtained by cash paid the Company recognizes their fair value as the initial
investment costs. For the long-term equity investments acquired by the issue of equity securities the initial
investment cost shall be the fair value of the equity securities issued.
(3) Subsequent measurements and recognition of profit or loss
The Company’s investments in subsidiaries are accounted for using the cost method and measured at initial
investment cost. Such investments are adjusted using the equity method when preparing consolidated financial
statements. The cost of long ? term equity investments is adjusted for additional investments or disposals. Cash
dividends or profits declared and distributed by subsidiaries are recognized as investment income in the current
period.For long-term equity investments measured under the equity method if the initial investment costs are higher than
the investor’s attributable share of the fair value of the investee’s identifiable net assets initial investment cost shall
be calculated as long-term equity investment cost; if the initial investment costs are lower than the investor’s
attributable share of the fair value of the investee’s identifiable net assets the margin shall be calculated into
profits/ losses of the current period and long-term equity investment cost shall be increased. The Company shall
according to the shares of net profits and other comprehensive income realized by the investee that shall be enjoyed
or borne by the Company recognize the profit and loss on the investments of the current period. When recognizing
the net losses of the invested party the losses should be limited to zero at least according to book value and other
long- term equities of long-term equity investment. Nonetheless if the Company bears the obligation for additional
losses and meets conditions to recognize expected liabilities then it shall continue to recognize investment losses
and calculate it into liabilities. When recognizing the net profits and losses and other comprehensive income of the
investee that the Company shall enjoy or bear the Company shall calculate the part is enjoys or bears according to
share-holding ratio on the basis that the Company’s share-holding ratio remains the same and include the part
directly into share-holders’ equities and make adjustments to book value of long-term equity investments. For the
part of the interest or dividend from the invested party that is favorable for declaration and distribution the book
value of long-term equity investments shall be reduced accordingly. For unachieved internal transaction profits and
losses between the Company and the invested party the part of the Company shall be calculated according to the
ratio that should be shared or born by the Company and be offset on the basis of which the recognition of
investment profits/ losses shall be conducted. The part of asset impairment incurred in internal transaction loss
shall not be offset.
13. Investment properties
(1) Investment properties measured at cost:
Depreciation and amortization methods
Investment real estate is initially measured according to cost and the cost model is adopted for subsequent
measurement and depreciation or amortization is calculated or amortized in the same way as fixed assets and
intangible assets.
14. Fixed assets
(1) Recognition of fixed assets
√Applicable □N/A
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Fixed assets are tangible assets held for use in the production or supply of goods or services for rental to
others or for administrative purposes with a useful life exceeding one year and a relatively high unit value. A
fixed asset is recognized when it is probable that the future economic benefits associated with the asset will
flow to the Company and its cost can be measured reliably.
(2) Depreciation method
√Applicable □N/A
Category Depreciation Estimated useful Annualmethod life (year) Residual value rate depreciation rate
Buildings Straight-line method 20 5% 4.75%
Machinery equipment Straight-line method 10 5% 9.5%
Electronic equipment and
others Straight-line method 5 5% 19%
Vehicles Straight-line method 5 5% 19%
A. For the newly purchased instruments and equipment specially used for research and development after January 1
2014 the amount less than RMB 1 million will be included in the current costs and expenses in a lump.
B. For instruments and equipment specially used for research and development purchased after January 1 2014
the amount exceeding RMB 1 million the depreciation periods are as follows:
Asset category Estimated useful life
Machinery equipment 6 years
Electronic equipment 2 years
C. For the newly purchased fixed assets with an amount less than RMB 5000.00 the current cost shall be included
in a lump sum.
(3) Methods of test for impairment of fixed assets and provision for impairment
At the end of the period check on fixed assets shall be implemented item by item. If the recoverable amount is
lower than book value because of outdated technology impairment or long-term idle condition the Company
shall calculate the difference between recoverable amount and book value as the provision for impairment for
fixed assets. Provision for impairment for fixed assets shall be conducted in terms of individual asset.
15. Construction in progress
√Applicable □N/A
Accounting method for construction in progress: each construction in progress is initially measured at actual
cost.
(1) The construction in progress shall be transferred to fixed assets in the following conditions:
A. The acquired fixed assets are ready for use;
B. The physical construction of the construction in progress has been completed or substantially completed;
C. The acquired fixed assets conform to the design requirements or contract requirements they can be used
normally and it needs little or no expenditure on the acquired construction in progress.
(2).The new construction reconstruction and expansion projects of the Company’s fixed assets are included in
the construction in progress according to the actual expenditure incurred. Borrowing interest and foreign
exchange gains and losses incurred in the construction of borrowed loans can be capitalized and included in the
cost of construction in progress before the fixed assets reach the intended usable state if the fixed assets meet
the capitalization conditions.
(3) On the balance sheet date the construction in progress shall be checked by items. If there is evidence that the
construction in progress is impaired the provision for impairment shall be made based on the difference between
the recoverable amount and the carrying amount.The main factors in making provision for impairment of construction in progress are as follows:
A. Suspended construction for a long time and is not expected to restart construction in the next three years;
B. The constructed projects are backward in terms of technology and performance and it is uncertain for the
economic benefits brought to the enterprise;
C. Other circumstances sufficient to prove that the construction in progress has been impaired.
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16. Borrowing costs
√Applicable □N/A
The principle to confirm the capitalization of borrowing costs is as follows: the borrowing costs such as interest
on borrowings amortization of discounts or premiums auxiliary costs and exchange differences due to foreign
currencies incurred by the Company due to borrowings which can be directly attributed to the acquisition &
construction or production of assets that meet the capitalization conditions shall be capitalized and included in the
cost of the asset; other borrowing costs shall be recognized as expenses in the period in which they are incurred
and included in profit or loss.Determination method of capitalization period:
(1) Commencement of capitalization: Borrowing costs are capitalized only when all of the following conditions are
met:
A. Expenditures for the assets have been incurred;
B. Borrowing costs have been incurred;
C. The acquisition and construction or production activities which are necessary to prepare the assets for their
intended use or sale have been in progress.
(2) Suspension of capitalization: If the acquisition and construction of fixed assets is suspended abnormally and the
suspension lasts for more than 3 months the capitalization of borrowing costs will be suspended and the borrowing
costs incurred during the interruption period will be recognized as current expenses until the assets are acquisition
and construction activities resumed.
(3) Cease of capitalization: When the acquired and constructed fixed assets reach the intended usable state stop the
capitalization of borrowing costs.The calculation method of capitalized amounts of borrowing costs:
A. If a special loan is borrowed for the acquisition construction or production of assets that meet the capitalization
conditions the interest expense actually incurred in the current period of the special loan shall be determined after
deduction of the interest income obtained by depositing the unused loan funds in the bank or by temporary
investment;
B. If general borrowings are occupied for the purpose of acquisition construction or production of assets that meet
the capitalization conditions the Company shall calculate and determine amount of interest of general borrowings
to be capitalized based on weighted average number of asset expenditures over which the accumulated asset
expenditure exceeds the special borrowings multiplied by the capitalization rate of the occupied general borrowings.The capitalization rate is calculated based on the weighted average rate of borrowings and the auxiliary expenses
incurred by general borrowings shall not be capitalized.
17. Intangible assets
(1) Useful life and determination basis estimate amortization method or review procedures
√Applicable □N/A
A. Valuation of intangible assets: Intangible assets are initially measured at the cost when they are actually acquired.For the intangible assets developed by the Company the expenditures in the research phase shall be included in the
current profit/loss when incurred; the expenditures in the development phase shall be recognized as intangible
assets (patented technology and non-patented technology) if the following conditions are all met simultaneously:
a. The technical feasibility of completing the intangible asset so that it will be available for use or sale;
b. Its intention to complete the intangible asset and use or sell it;
c. The method that the intangible assets generate economic benefits including the existence of a market for
products produced using the intangible asset or for the intangible asset itself;
d. There are adequate technical financial and other resources to complete the development and the entity has the
ability to use or sell the intangible asset;
e. The expenditures attributable to the intangible asset during its development phase can be measured reliably.B. Amortization of intangible assets: The intangible assets are amortized in the straight-line method over the
beneficial years from the month of acquisition and intangible assets with indefinite useful lives are not amortized.C. On the balance sheet date each intangible asset should be reviewed and if there is any sign of impairment
an impairment provision should be made based on the difference between the recoverable amount and the carrying
amount.
(2) Collection scope of research and development expenses and relevant accounting treatment
√Applicable □N/A
A. The scope of R&D expenses is mainly determined based on the Company's research and development projects
including labor costs for R&D personnel direct investment costs depreciation and long-term deferred expenses
amortization of intangible assets design costs equipment debugging and testing costs commissioned external
research and development costs and other expenses.
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B. The Company's R&D expenses are distinguished between expenses in the research phase and expenses in the
development phase. Research refers to the creative and planned investigation conducted to acquire and understand
new scientific or technological knowledge. Development phase: Development refers to the stage when the
research achievements and other knowledge are applied to a plan or design prior to the commercial production or
use so as to produce any new or substantially improved material device or product.C. Expenditures incurred during the research phase are recognized in the current profit/loss when incurred;
Expenditures incurred during the development phase are recognized as intangible assets if all of the following
conditions are met; otherwise they are recognized in profit/loss:
a. The technical feasibility of completing the intangible asset so that it will be available for use or sale;
b. Its intention to complete the intangible asset and use or sell it;
c. The method that the intangible assets generate economic benefits. Among other things the entity can
demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or if it is to
be used internally the usefulness of the intangible asset;
d. The availability of adequate technical financial and other resources to complete the development and to use or
sell the intangible asset;
e. Its ability to measure the expenditure attributable to the intangible asset reliably during its development.
18. Long-term deferred expenses
√Applicable □N/A
Long-term deferred expenses are calculated as expenses that have been expensed and whose amortization period
is more than 1 year (excluding 1 year). Long-term deferred expenses are recognized at the amount actually
incurred and amortized evenly over the benefit period or a specified period. If the long-term deferred expense
item cannot generate benefits for subsequent accounting periods the unamortized carrying amount of the item is
fully transferred to profit/loss in the current period.
19. Employee compensation
The Company’s employee benefits refer to various forms of remuneration and compensation given by the
Company to the employees for obtaining services provided by employees or for termination of labor relations
including short-term benefits post-employment benefits termination benefits and other long- term employee
benefits. The benefits provided by the Company to employees’ spouses children dependents survivors of
deceased employees and other beneficiaries also belong to employee compensation.
(1) Accounting treatment of short-term compensation
√Applicable □N/A
Short-term compensation refers to benefits that the Company expects to pay in full within 12 months after the end
of the annual reporting period in which the employee provides relevant services excluding the compensation for
the employment termination. The Company’s short-term remuneration specifically includes: employee wages
bonuses allowances and subsidies employee welfare expenses social insurance premiums such as medical
insurance premiums work-related injury insurance premiums and maternity insurance premiums housing
provident fund labor union funds and employee education funds short-term paid absences short-term
profit-sharing plans non-monetary benefits and other short-term benefits.During the accounting period in which the employees provide services the Company recognizes the actual
short-term employee compensation as liabilities which are charged to current profit/loss or relevant asset costs
according to the beneficiaries of the services provided by the employees. Non-monetary short-term benefits shall
be measured at fair value.
(2) Accounting treatment of post employment benefits
√Applicable □N/A
Post-employment benefits refer to various forms of benefits provided by the Company in order to obtain the
services provided by the employees after the employees retire or terminate the labor relationship with the
enterprise.Defined contribution plan: The contributions to be paid to a separate entity in exchange for the services provided by
employees during the accounting period on the balance sheet date are recognized as employee compensation
liabilities and are included in the current profit and loss or related asset costs.
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(3) Accounting treatment for termination benefits
√Applicable □N/A
When the Company provides termination benefits to employees a liability for employee benefits arising from
termination benefits is recognized and charged to profit/loss at the earlier of the following dates: when the entity can
no longer unilaterally withdraw the termination benefits offered under an employment termination plan or redundancy
proposal; and when the entity recognises costs/expenses for a restructuring involving the payment of termination
benefits.
(4) Accounting treatment of other long-term employee benefits
□Applicable √N/A
20. Revenue
(1) Accounting policies for revenue recognition and measurement disclosed by the business type
√Applicable □N/A
Revenue is the gross inflow of economic benefits during the period arising from the course of the ordinary activities
of an entity when those inflows result in increases in equity other than increases relating to contributions from equity
participants.The Company recognizes revenue when its performance obligations as stipulated in the contract are fulfilled
that is when the customer obtained control of the related goods. Acquiring the control over relevant goods
means being able to dominate the use of such goody and obtain almost all the economic benefits therefrom. After
the Company delivers the products to the customers according to the contract the revenue will be recognized
according to the net amount after deducting the consideration payable to the customers. Before signing a contract
with a customer and receiving an order but not delivering the product to the customer the Company will
recognize the contract consideration received from the customer as a contract liability.
(2). Businesses with the same nature that adopt different operating approaches apply different recognition
and measurement methods of revenue.□Applicable √N/A
21. Government grants
√Applicable □N/A
Government grants refer to the monetary or non-monetary assets that the Company obtains from the government
for free but does not include the capital invested by the government as the owner of the Company. Government
grants are divided into asset-related government grants and income-related government grants. Government grants
can only be confirmed if they meet the following conditions at the same time:
A. The Company will comply with the grant’s conditions;
B. The grant will be received.
(1) Judgment basis or accounting treatment method for government grants related to assets
The government grants related to assets shall be used to offset the book value of relevant assets or recognized
as deferred income. If government grants relating to assets are recognized as deferred income they shall be
included in profit or loss by stages by a reasonable and systematic method within the useful lives of relevant assets.Government grants measured at nominal amount are directly included in the current profit or loss. If relevant
assets are sold transferred scrapped or damaged before the end of the useful life the unallocated balance of
relevant deferred income shall be transferred to the current profit or loss.
(2) Judgment basis or accounting treatment method for government grants related to income
Government grants related to income should be dealt with in the following ways:
A. If it is used to compensate the Company’s relevant expenses or losses in future periods it should be recognized as
deferred income and included into the current profit and loss or written off of the related costs when the relevant
expenses losses are recognized;
B. If it is used to compensate the Company’s relevant expenses or losses incurred it is directly included into the
current profit and loss or written off of the related costs.
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(3) Government grants related to the daily activities of enterprises shall be included in other income or used to offset
related cost according to the essence of business. Government grants irrelevant to the routine activities of the
Company are included in the non-operating revenue and expenditure.
22. Deferred tax assets and Deferred tax liabilities
√Applicable □N/A
On the balance sheet date the amount of deferred tax assets and Deferred tax liabilities shall be calculated at the
applicable tax rate according to the Deductible temporary differences and taxable temporary differences of items of
assets and liabilities.
23. Lease
√Applicable □N/A
As the lessee judgment basis and accounting treatment adopted for the simplified treatment for short-term
and low-value asset leases
√Applicable □N/A
On the contract start date the Company evaluates whether the contract is a lease or includes a lease. If one party in
the contract transfers the right to control the use of one or more identified assets within a certain period in exchange
for consideration the contract is a lease or includes a lease. In order to determine whether the contract transfers the
right to control the use of the identified asset for a certain period the Company evaluates whether the customer in
the contract is entitled to receive substantially all the economic benefits arising from the use of the identified asset
during the period of use and has the right to dominate the use of the identified asset during the period of use. The
general accounting treatment is as follows:
On the commencement date of the lease term the Company recognizes its right to use the leased asset during the
lease term as a right-of-use asset including the initial measurement amount of the lease liabilities; for the lease
payments paid on or before the commencement date of the lease term if there is a lease incentive the following
items should be deducted including the relevant amount of the lease incentive that has been enjoyed the initial
direct expenses incurred by the lessee and the costs of the lessee for dismantling and removing the leased asset
restoring the site where the leased asset is located or restoring the leased asset to the state agreed in the lease terms.On the commencement date of the lease term the Company recognizes the present value of unpaid lease payments
as lease liabilities excluding short-term lease and low-value assets lease. When calculating the present value of
lease payments the Company takes the interest rate implicit in the lease as the discount rate; if the interest rate
implicit in the lease cannot be determined the incremental borrowing rate of the lessee is used as the discount rate.The Company subsequently adopts the straight-line method to depreciate the right-of-use assets calculates the
interest expenses of the lease liabilities in each period of the lease term and includes them in the current profit and
loss unless otherwise stipulated to be included in the cost of the relevant assets.Variable lease payments that are not included in the measurement of lease liabilities are included in the current
profit and loss when they are actually incurred unless otherwise stipulated to be included in the cost of the relevant
asset.The Company does not recognize right-of-use assets and lease liabilities for short-term lease and low-
value asset lease. In each period of the lease term it is included in the relevant asset cost or current profit and loss
on a straight-line basis.As the lessor lease classification standard and accounting treatment
√Applicable □N/A
As a lessor a financial lease refers to substantially transfer almost all the risks and rewards related to the
ownership of the leased asset on the lease commencement date and all other leases are operating leases.a. Rental income from operating leases is recognized as current profit and loss on a straight-line basis over each
period of the lease term.b. On the start date of the lease term the Company recognizes the finance lease receivables for the finance lease
and derecognizes the finance lease assets. During the initial measurement of the finance lease receivables the net
investment in the lease is taken as the entry value of the finance lease receivables. The net lease investment is the
110 / 194ANNUAL REPORT 2025
sum of the unguaranteed residual value and the present value of the lease receipts not yet received at the
commencement date of the lease term which is discounted at the interest rate implicit in the lease.
24. Other important accounting policies and estimates
√Applicable □N/A
(1) Principles and methods of recognition of interest income and expenses
Interest income is measured at the effective interest rate for all financial instruments measured at amortized
cost and financial instruments measured at fair value and whose changes are included in other
comprehensive income. The effective interest rate refers to the interest rate at which the expected future cash
inflows or outflows of a financial instrument are discounted to the carrying balance of the financial asset or
the amortized cost of the financial liability over the expected lifetime of the financial instrument. The
calculation of the effective interest rate takes into account the contractual terms of the financial instrument
(such as prepayment rights) and includes all fees and all transaction costs attributable to the effective interest
rate component but does not include expected credit losses.
(2) Accounting method for purchase and resale of financial assets
Buy-back transaction refers to the purchase of related assets (including bonds and notes) from a counterparty
at a certain price in accordance with a contract or agreement and the resale of the same financial product at
the agreed price on the expiration date of the contract or agreement. Buy-back is recorded as the amount
actually paid at the time of purchase and resale of the relevant asset and interest income is recognized at the
effective interest rate during the buy-back period.
(3) Accounting treatment methods relating to the repurchase of the Company’s shares
If the Company's shares are repurchased due to registered capital reduction or employee rewards the amount
paid shall be treated as treasury shares and registered at the same time for future reference. If the
repurchased shares are canceled the difference between the total face value of the canceled shares and the
amount paid for the repurchase shall be offset against the capital reserve. If the capital reserve is insufficient
the offset shall be made against retained earnings. If the repurchased shares are rewarded to employees of the
Company as equity-settled share-based payments upon the employees’ exercise and payment for the
Company’s shares the cost of treasury stock delivered to employees and the cumulative amount of capital
surplus (other capital surplus) recognized during the vesting period are reversed and the difference is
adjusted against capital surplus (share premium).
25. Changes in significant accounting policies and accounting estimates
For details please refer to the analysis and explanation of the reasons for and impacts of changes in
accounting policies accounting estimates or corrections of material accounting errors by the Company under
“Material Events”.
26. Initial adoption of new accounting standards or interpretations starting from 2025 involving adjustments
to the financial statements at the beginning of the year of initial adoption.□Applicable √N/A
27. Others
□Applicable √N/A
VI. Taxation
1. The principal kinds of taxes and related tax rates
The principal kinds of taxes and related tax rates
√Applicable □N/A
Tax Tax basis Tax rate
VAT The output tax calculated based on the revenuefrom sales of goods net of the input tax that is 13%
111 / 194ANNUAL REPORT 2025
allowed to be deducted
Consumption tax Taxable price and sales volume of sales revenueof alcoholic products 20%、RMB 0.5 /500ml
City construction and
maintenance tax Turnover tax payable 7%
Enterprise income tax Taxable income 25%
Education surcharges Turnover tax payable 3%
Local education
surcharges Turnover tax payable 2%
Notes to disclosure of enterprises with different enterprise income tax rates
√Applicable □N/A
Taxpayer Income tax rate (%)
Tibet National Liquor Moutai Sales Co. Ltd. 15
2. Tax preference
√Applicable□N/A
Tibet National Liquor Moutai Sales Co. Ltd. was established in 2012 in Lhasa Tibet. In accordance with the
"Notice of the People's Government of Tibet Autonomous Region on Issuing Several Provisions on Preferential
Policies for Investment Attraction in Tibet Autonomous Region" (Zang Zheng Fa [2021] No. 9) Tibet National
Liquor Moutai Sales Co. Ltd. enjoys the preferential policy of declaring and paying corporate income tax at a tax
rate of 15%.VII. Notes to the items of the consolidated financial statements
1. Cash and bank balances
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of theperiod
Cash on hand 9500.00 9733.00
Bank deposits 51676146900.53 59295750908.09
Other Cash and cash equivalents 14454545.97 62315.80
Deposits in finance companies
Total 51690610946.50 59295822956.89
Including: Total amount deposited
overseas 29209315.46 24496450.39
2. Loans to banks and other financial institutions
Monetary Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of the period
Deposits with banks and other
financial institutions 97920315531.34 125109533185.08
Loans to banks and other financial
institutions 1200231527.78 2103875000.02
Less: provision for impairment 24358999.37 26114886.93
Book value 99096188059.75 127187293298.17
112 / 194ANNUAL REPORT 2025
3. Held-for-trading financial assets
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Balance at the end of
Balance at the Designation reason
the period beginning of theperiod and basis
Financial assets measured at fair value
through profit or loss 248513280.00
/
Including:
Investment in debt instrument 248513280.00 /
Financial assets designated to be measured
at fair value through profit or loss
Total 248513280.00 /
4. Notes receivable
(1) Presentation of notes receivable by category
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of the period
Bank acceptance bills 1984407967.50
Total 1984407967.50
(2) Pledged notes receivable of the Company as of December 31 2025
□Applicable √N/A
(3) Notes receivable of the Company as of December 31 2025 that have been endorsed or discounted but not
matured on the balance sheet date
□Applicable √N/A
(4) Notes receivable write-off in the current period
□Applicable √N/A
5. Accounts receivable
(1) Disclosure by aging
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Aging Book balance as at the end of the Book balance at the beginning of theperiod period
Within 1 year 2609048.49 18974192.75
Sub-total within 1 year 2609048.49 18974192.75
1 - 2 years
2 - 3 years
3 - 4 years
4 - 5 years
Over 5 years 236198.00 1021098.00
Total 2845246.49 19995290.75
(2) Disclosure by category based on the method for provision for bad debts
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
113 / 194ANNUAL REPORT 2025
Balance at the end of the period Balance at the beginning of the period
Book balance Provision for bad debts Book balance Provision for bad debts
Categories Proportion Proportion
Amount Ratio Amount of Book value Ratio of Book value(%) provision Amount (%) Amount provision
(%)(%)
Provision
for bad
debts
accrued
on an
individual
basis
Bad debt
provision
assessed 2845246.49 100 236198.00 8.3 2609048.4919995290.75 100 1021098.00 5.1118974192.75
by
portfolio
Including:
Bad debt
provision
assessed 2845246.49 100 236198.00 8.3 2609048.4919995290.75 100 1021098.00 5.1118974192.75
by
portfolio
Total 2845246.49 / 236198.00 / 2609048.4919995290.75 / 1021098.00 / 18974192.75
Bad debt provision assessed by portfolio:
√Applicable □N/A
Items with provision by portfolio: Bad debt provision assessed by portfolio
Monetary Unit: Yuan Currency: RMB
Balance at the end of the period
Name Accounts receivable Provision for bad debts Proportion of provision(%)
Within 1 year 2609048.49
1 - 2 years
2 - 3 years
3 - 4 years
4 - 5 years
Over 5 years 236198.00 236198.00 100.00
Total 2845246.49 236198.00 8.30
Description of provision for bad debts made by portfolio:
□Applicable √N/A
Provision for bad debts shall be made according to the general model of expected credit losses:
□Applicable √N/A
Description of significant changes in book balance of accounts receivable with changes in loss provisions in the
current period:
□Applicable √N/A
(3) Provision for bad debts
√Applicable □N/A
114 / 194ANNUAL REPORT 2025
Monetary Unit: Yuan Currency: RMB
Change in this period
Type Balance at the Write-off Balance at the end ofbeginning of the period Provision Recovery or Otherreversal or charge-off changes
the period
Bad debt provision
assessed by portfolio 1021098.00 784900.00 236198.00
Total 1021098.00 784900.00 236198.00
Reversal or recovery of significant amount of provision for bad debts in the current period:
□Applicable √N/A
(4) Accounts receivable write-off in 2025
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount of write-off
Actual accounts receivable written off 784900.00
One of the important accounts receivable write-of
□Applicable √N/A
(5) Top 5 of accounts receivable presented and contract assets preented by debtor
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Proportion in the
Closing balance of Closing total of balances of
Entity name accounts Balance Of
Closing balances of accounts receivable Closing balance
contract accounts receivable and contract assets atof provision forreceivable assets and contract assets the end of the period bad debts
（%）
Online e-commerce platform retail
customers 1726954.13 1726954.13 60.70
La Encina Seleccion S.L. 502365.50 502365.50 17.66
DUTY FREE ASSOCIATES 169585.42 169585.42 5.96
DUCLOT 127426.24 127426.24 4.48
CLIENT PARTICULIER 80279.49 80279.49 2.82
Total 2606610.78 2606610.78 91.62
6. Receivables Financing
(1) Breakdown of receivables financing by category
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Balance at the end of the Balance at the beginning ofperiod the period
Bank acceptance bills 4457064160.16
Total 4457064160.16
(2) Receivables financing pledged by the Company at the end of the period
□Applicable √N/A
115 / 194ANNUAL REPORT 2025
(3) Receivables financing endorsed or discounted by the Company at the end of the period and not yet
matured on the balance sheet date
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amounts derecognised at the end Amounts not derecognised at theof the period end of the period
Bank acceptance bills 6350177233.77
Total 6350177233.77
(4) Changes in receivables financing during the period and changes in fair value
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Opening balance Movement in the current period Closing balance
Item Cost Fair valuechanges Cost
Fair value
changes Cost Fair value changes
Bank Acceptance
Bill 4457064160.16 4457064160.16
(5) Other explanations
□Applicable √N/A
7. Prepayments
(1) Presentation of prepayments by aging
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the end of the period Balance at the beginning of the period
Aging
Amount Ratio (%) Amount Ratio (%)
Within 1 year 6259170.52 94.30 25080269.93 92.98
1 - 2 years 335615.42 5.06 1637296.14 6.07
2 - 3 years 528.37 0.01 51390.63 0.19
Over 3 years 42000.00 0.63 206076.50 0.76
Total 6637314.31 100.00 26975033.20 100.00
(2) Top 5 of prepayments presented by supplier
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Entity name Balance at the end of Proportion in the total closingthe period balance of Prepayments (%)
Sinopec Sales Co. Ltd. Guizhou Zunyi Petroleum Branch 4658612.75 70.19
Guizhou Qiantong Zhilian Technology Co. Ltd. 566407.74 8.53
PetroChina Company Limited Guizhou Zunyi Sales Branch 417061.92 6.28
Soft stone Information Technology (Group) Co. LTD 270283.02 4.07
Kweichow Moutai Distillery (Group) Health Liquor Sales Co. Ltd. 104235.12 1.57
Total 6016600.55 90.64
8. Other receivables
Presentation of items
116 / 194ANNUAL REPORT 2025
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of theperiod
Interest receivable
Dividends receivable
Other receivables 36281302.94 29955673.47
Total 36281302.94 29955673.47
Other receivables
(1) Disclosure by aging
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Aging Book balance at the end of the period Book balance at the beginning of theperiod
Within 1 year 29206731.15 23442835.51
Sub-total within 1 year 29206731.15 23442835.51
1 - 2 years 2035391.20 5074397.76
2 - 3 years 4008126.42 1103600.00
3 - 4 years 675968.97 100000.00
4 - 5 years 100000.00 500.00
Over 5 years 255085.20 554585.20
Total 36281302.94 30275918.47
(2) Classification by nature of payment
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Nature of payment Book balance as at the end of the Book balance at the beginning of theperiod period
Petty cash 11031061.01 6312023.49
Current payment 25250241.93 23963894.98
Total 36281302.94 30275918.47
(3) Provision for bad debts
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Stage I Stage II Stage III
Provision for bad debts 12-month expected Lifetime expected credit loss Lifetime expected credit loss Total
credit loss (without credit impairment) (with credit impairment)
Balance as of January 1 2025 170245.00 150000.00 320245.00
Balance as of January 1 2025 in the
current period
- Transfer to Stage II
- Transfer to Stage III
- Reversal from Stage II
- Reversal from Stage I
Provision in the current period
117 / 194ANNUAL REPORT 2025
Reversal in the current period 170245.00 150000.00 320245.00
Charge-off in the current period
Write-off in the current period
Other changes
Balance as of December 31 2025
Notes to the obvious changes in the book balance of other receivables with changes in provision for losses in the
current period:
□Applicable √N/A
(4) Provision for bad debts
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the Change in this period
Type beginning of Balance at the end of
Provision Recovery or Write-off or Otherthe period the periodreversal charge-off changes
Provision for the bad debts accrued on
the basis of aging portfolio 320245.00 320245.00
Total 320245.00 320245.00
(5) Other receivables write off in the current period
□Applicable √N/A
Specifically significant other receivables to be written off:
□Applicable √N/A
Explanation of other receivables write-off:
□Applicable √N/A
(6) Top 5 of other receivables presented by debtor
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the end Proportion in the total
Provision for bad
Entity name of the period closing balance of Nature of payment Aging
debts Balance at
other receivables (%) the end of theperiod
China Railway 22nd Bureau
Group Co. Ltd. 1133403.85 3.12 Current payment Within 1 year
Wang Yuying 898776.00 2.48 Petty cash Within 1 year
Galaxy Industrial (Shenzhen) Co.Ltd. 869520.12 2.40 Current payment 1-2 years
China Overseas Property Co.Ltd. Beijing 850935.57 2.35 Current payment 1-2 years
Tang Bin 828459.86 2.28 Petty cash Within 1 year
Total 4581095.40 12.63 / /
Other Notes:
A. The receivables of China Railway 22nd Bureau Group Co. Ltd. represent the water and electricity charges at
Xinzhai and Dadi production areas advanced by Heyixing Liquor Branch of Kweichow Moutai Co. Ltd. on the
Company's behalf.
118 / 194ANNUAL REPORT 2025
B. Wang Yuying is an employee of Kweichow Moutai-Flavor Liquor Marketing Co. Ltd. and the funds
represent imprest cash for the Distributor Conference.C. The receivables of Galaxy Industrial (Shenzhen) Co. Ltd. are the rental deposit paid by Kweichow Moutai Sales
Co. Ltd. a consolidated subsidiary of the Company.D. The receivables of China Overseas Property Co. Ltd. Beijing. represents a rental security deposit paid by
Beijing Friendship Messenger Trading Co. Ltd. a consolidated subsidiary of the Company.E. Tang Bin is an employee of Kweichow Moutai-Flavor Liquor Marketing Co. Ltd. and the funds represent
imprest cash for marketing activities.
9. Financial assets under reverse repo
(1) By the type of counterparty
Monetary Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of the period
Bank
Other financial institutions 8879810896.29 7220616838.35
Sub-total 8879810896.29 7220616838.35
Less: provision for impairment 102749.32 306147.25
Total 8879708146.97 7220310691.10
(2) By the type of collateral
Monetary Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of the period
Bond 8879810896.29 7220616838.35
Notes -
Sub-total 8879810896.29 7220616838.35
Less: provision for impairment 102749.32 306147.25
Total 8879708146.97 7220310691.10
10. Inventories
(1) Classification of inventories
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the end of the period Balance at the beginning of the period
Provision for
Inventory
Depreciation Provision for Inventory
Item Book balance reserve/provision
depreciation
for impairment Book value Book balance reserve/provision for Book value
of contract impairment of contract
Performance performance costs
costs
Raw materials 3738451309.98 3738451309.98 3095759897.27 3095759897.27
Goods in
progress 25664652201.49 1283984.83 25663368216.66 24681406062.81 1283984.83 24680122077.98
Commodity
stocks 4506771668.40 4506771668.40 2980871894.39 2980871894.39
Self-
manufactured
semi-finished 27518830601.14 27518830601.14 23586531287.83 23586531287.83
products
Total 61428705781.01 1283984.83 61427421796.18 54344569142.30 1283984.83 54343285157.47
(2) Data resources recognized as inventory
□Applicable √N/A
119 / 194ANNUAL REPORT 2025
(3) Provision for inventory depreciation and provision for impairment of contract performance costs
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Increase in the current Decrease in the current
Balance at the period period
Item beginning of the Balance at the end
period Provision Others Reversal or of the periodwrite- off Others
Raw materials
Goods in progress 1283984.83 1283984.83
Commodity stocks
Self- manufactured
semi-finished
products
Total 1283984.83 1283984.83
11. Non-current assets due within one year
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Closing balance Opening balance
Debt investments maturing within one
year 26871114612.71 1210959803.42
Other debt investments maturing within
one year
Total 26871114612.71 1210959803.42
Debt investments maturing within one year:
√Applicable □N/A
(1) Debt investments maturing within one year
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Closing balance Opening balance
Item
Book balance Provision for Carrying amount Book balance Provision forimpairment impairment Carrying amount
Guiyang Bank
Co. LTD 204376916.65 52174.35 204324742.30 1005123624.47 252569.56 1004871054.91
Guizhou Bank
Co. LTD 205623561.65 52492.60 205571069.05 206140547.94 51799.43 206088748.51
Agricultural
Bank of China 9467975677.07 2417031.64 9465558645.43
Limited
China
Minsheng
Banking Corp. 9300000000.00 2374150.00 9297625850.00
Ltd.Citic Bank
Corporation 2100000000.00 536098.38 2099463901.62
Limited
Bank of China
Limited 1300000000.00 331870.43 1299668129.57
Shanghai
Pudong
Development 1400000000.00 357398.92 1399642601.08
Bank Co. Ltd.
120 / 194ANNUAL REPORT 2025
Closing balance Opening balance
Item
Book balance Provision forimpairment Carrying amount Book balance
Provision for
impairment Carrying amount
Industrial Bank
Co. Ltd. 1700000000.00 433984.41 1699566015.59
China
Zheshang Bank 1000000000.00 255284.94 999744715.06
Co. Ltd.China
Everbright
Bank Company 200000000.00 51056.99 199948943.01
Limited
Total 26877976155.37 6861542.66 26871114612.71 1211264172.41 304368.99 1210959803.42
Changes in provisions for impairment of debt investment due within one year in the current period
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Opening balance Increase Decrease Closing balance
Guiyang Bank Co.LTD 252569.56 52174.35 252569.56 52174.35
Guizhou Bank Co.LTD 51799.43 52492.6 51799.43 52492.60
Agricultural Bank of
China Limited 2417031.64 2417031.64
China Minsheng
Banking Corp. Ltd. 2374150.00 2374150.00
Citic Bank
Corporation Limited 536098.38 536098.38
Bank of China
Limited 331870.43 331870.43
Shanghai Pudong
Development Bank 357398.92 357398.92
Co. Ltd.Industrial Bank Co.Ltd. 433984.41 433984.41
China Zheshang Bank
Co. Ltd. 255284.94 255284.94
China Everbright
Bank Company 51056.99 51056.99
Limited
Total 304368.99 6861542.66 304368.99 6861542.66
(2) Important debt investment maturing within one year at the end of the period
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Closing balance Opening balance
Item
Face value Coupon
Effective Effective
interest Maturity Overdue Face Coupon interest Maturity Overduerate rate date principal value rate rate date principal
25 Agricultural Bank of
China CD341 3000000000.00 1.59% 2026-01-13
25 China Minsheng
Bank CD263 6800000000.00 1.61% 2026-01-13
25 Agricultural Bank of
China CD343 1500000000.00 1.59% 2026-01-14
25 Agricultural Bank of
China CD353 1800000000.00 1.61% 2026-01-21
25 China Minsheng
Bank CD270 1000000000.00 1.62% 2026-01-16
25 Bank of China
CD044 1100000000.00 1.62% 2026-01-21
25 Agricultural Bank of
China CD217 2600000000.00 1.63% 2026-01-16
25 China CITIC Bank
CD340 1600000000.00 1.62% 2026-01-23
121 / 194ANNUAL REPORT 2025
Total 19400000000.00 / / / / / /
(3) Provision for impairment
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Stage I Stage II Stage III
Items 12?month Lifetime expected Lifetime expected Total
expected credit credit losses (credit not credit losses (credit
losses impaired) impaired)
Balance as of January 1 304368.99 304368.99
2025
Balance as of January 1
2025 in the current period
--Transferred to stage II
--Transferred to stage III
--Reversed to stage II
--Reversed to stage I
Provision for current period 6782911.43 6782911.43
Provision recovered or
reversed in the current period 304368.99 304368.99
Provision resold in the
current period
Provision written off in the
current period
Other changes 78631.23 78631.23
Balance as of December 31
2026861542.666861542.665
Explanation of significant changes in the carrying amount with changes in loss provisions during the period:
□Applicable √N/A
Amount of impairment provisions recognized during the period and the basis adopted for assessing whether the
credit risk of financial instruments has increased significantly:
□Applicable √N/A
(4) The situation of creditor's rights investment due within one year actually written off in the current period
□Applicable √N/A
Among them the important creditor's rights investment due within one year shall be written off
□Applicable √N/A
Explanation on the write-off of debt investments due within one year:
□Applicable √N/A
Other debt investments due within one year
□Applicable √N/A
12. Other current assets
√Applicable □N/A
122 / 194ANNUAL REPORT 2025
Monetary Unit: Yuan Currency: RMB
Item Balance at the end of Balance at the beginning of thethe period period
Value-added tax not deducted at the end of the period 5683598.55 118880044.87
Input tax to be obtained with deduction certificate 42738133.15 20854972.83
Prepaid income tax 2389005.72 19749723.00
Others 216273.14 691841.99
Total 51027010.56 160176582.69
13. Loans and payments
Monetary Unit: Yuan Currency: RMB
Item Amount at the end of the period Amount at the beginning of theperiod
Loans and payments 1553536744.78 2381228475.45
Item Amount at the end of the period Amount at the beginning of the period
Total loans and advances to customers 1600681593.67 2449756362.00
Less: Provision for impairment of loans 47144848.89 68527886.55
Book value of loans and
advances to customers 1553536744.78 2381228475.45
14. Debt investment
(1) Information on Debt investment
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the end of the period Balance at the beginning of the period
Item Provision Provision
Book balance for Book value Book balance for Book value
impairment impairment
Ministry of Finance of the People's
Republic of China (National debt) 1010951432.19 1010951432.191011266435.13 1011266435.13
Bank of Guiyang Co. Ltd. 202017329.83 50763.34 201966566.49
Bank of Guizhou Co. Ltd. 200000000.00 50256.42 199949743.58
Agricultural Bank of China Limited 102017329.85 25635.13 101991694.72
The Export-Import Bank of China 52540388.51 52540388.51
Agricultural Development Bank of
China 49540584.96 49540584.96
Total 1113032405.66 1113032405.661515301094.81 126654.891515174439.92
Changes in the provision for impairment of debt investment in the current period
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Balance at the beginning Increase in current Decrease in currentof the period period period Balance at the end of the period
Bank of Guiyang Co. Ltd. 50763.34 50763.34
Bank of Guizhou Co. Ltd. 50256.42 50256.42
123 / 194ANNUAL REPORT 2025
Agricultural Bank ofChina
Limited 25635.13 25635.13
Total 126654.89 126654.89
(2) Important Debt investment at the end of the period
□Applicable √N/A
(3) Provision for impairment
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Stage I Stage II Stage III
Provision for impairment 12-month expected Lifetime expected credit loss Lifetime expected credit loss Total
credit loss (without credit impairment) (with credit impairment)
Balance as of January 1 2025 126654.89 126654.89
Balance as of January 1 2025 in
the current period
- Transfer to Stage II
- Transfer to Stage III
- Reversal from Stage II
- Reversal from Stage I
Provision in the current period 2236.18 2236.18
Reversal in the current period 50259.84 50259.84
Charge-off in the current period
Write-off in the current period
Other changes -78631.23 -78631.23
Balance as of December
312025
Notes to the obvious changes in the book balance of Debt investment with changes in provision for losses in the
current period:
□Applicable √N/A
The amount of impairment provision for the current period and the basis for evaluating whether the credit risk of
financial instruments has increased significantly
□Applicable √N/A
(4) Actual write-off of creditor's rights investment in the current period
□Applicable √N/A
15. Other debt investments
(1) Details of other debt investments
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Accumulate
Ope d
nin
Item g Accrued Interest
Fair value Accumulated impairment
interest adjustment changes during Closing balance Cost fair value recognised
Rema
bala the period changes in other rks
nce comprehens
ive income
Ministry
of 2233854.79 382881.16 -1310381.16 351306354.79 350000000.00 -1310381.16
124 / 194ANNUAL REPORT 2025
Finance
of the
People’s
Republic
of China
(Treasury
Bonds)
The
Export-I
mport 4222369.86 13333827.85 -833527.85 366722669.86 350000000.00 -833527.85
Bank of
China
China
Develop 16599698.64 -14904353.5ment 0 -5794396.50 1695900948.64 1700000000.00 -5794396.50
Bank
Agricultu
ral
Develop
ment 10008493.12 26122132.20 -3521582.20 1082609043.12 1050000000.00 -3521582.20
Bank of
China
Total 33064416.41 24934487.71 -11459887.71 3496539016.41 3450000000.00 -11459887.71
Changes in impairment provisions on other debt investments during the period
□Applicable √N/A
(2) Material other debt investments at the end of the period
□Applicable √N/A
16. Long-term equity investments
(1) Details of long-term equity investments
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Openin Movements during the period
g Investment Other Declared
Closing
balance Inves compreh Other cash Provision Closing balance
Investee (carryi Additional tment income/loss ensive chang dividends for Ot balance of
ng investment reduc recognized income es in or profit impairme her (carrying impairme
amount tion under equity adjustm equity distributio nt s amount) nt
) method ents ns provision
I. Joint ventures
Subtotal
II. Associates
Kweichow
Moutai
Biotechnolo
gy Research 147000000.00 181873.67 147181873.67
&
Developme
nt Co. Ltd.Subtotal 147000000.00 181873.67 147181873.67
Total 147000000.00 181873.67 147181873.67
(2) Impairment test of long-term equity investments
□Applicable √N/A
17. Other non-current financial assets
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of theperiod
Financial assets measured at fair value
through profit or loss 4105141593.22 4028978995.56
Including: other equity instrument investments 4105141593.22 4028978995.56
125 / 194ANNUAL REPORT 2025
Total 4105141593.22 4028978995.56
Other notes:
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of the period
Moutai Zhaohua (Guizhou) Industrial Development Fund
Partnership (Limited Partnership) 2025893785.78 2008792032.55
Moutai Jinshi (Guizhou) Industrial Development Fund
Partnership (Limited Partnership) 2079247807.44 2020186963.01
Total 4105141593.22 4028978995.56
18. Investment property
Measurement method of investment properties
(1) Investment properties measured at cost
Monetary Unit: Yuan Currency: RMB
Item Buildings and Land use Construction inconstructions right progress Total
I. Original book value
1. Balance at the beginning of the period 14388225.35 14388225.35
2. Increase in the current period 2318022.50 2318022.50
(1) Outsourcing
(2) Transfer of inventory fixed assets and construction
in progress 2318022.50 2318022.50
(3) Increase in business combination
3. Decrease in the current period 8491318.38 8491318.38
(1) Disposal
(2) Other transfer-out 8491318.38 8491318.38
4. Balance at the end of the period 8214929.47 8214929.47
II. Accumulated depreciation and accumulated amortization
1. Balance at the beginning of the period 6763057.52 6763057.52
2. Increase in the current period 2681009.08 2681009.08
(1) Provision or amortization 689924.32 689924.32
(2) Transfer of inventory fixed assets and construction
in progress 1991084.76 1991084.76
3. Decrease in the current period 4337179.69 4337179.69
(1) Disposal
(2) Other transfer-out 4337179.69 4337179.69
4. Balance at the end of the period 5106886.91 5106886.91
III. Provision for impairment
1. Balance at the beginning of the period
2. Increase in the current period
(1) Provision
3. Decrease in the current period
(1) Disposal
126 / 194ANNUAL REPORT 2025
(2) Other transfer-out
4. Balance at the end of the period
IV. Book value
1. Book value at the end of the period 3108042.56 3108042.56
2. Book value at the beginning of the period 7625167.83 7625167.83
(2) Investment properties with pending certificate of title
□Applicable √N/A
(3) Impairment test on investment properties measured at cost
□Applicable √N/A
19. Fixed assets
Presentation of items
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the end of the period Balance at the beginning of the
Item period
Fixed assets 22488122304.35 21871446747.14
Disposal of fixed assets
Total 22488122304.35 21871446747.14
Fixed assets
(1) Fixed assets
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Buildings and Machinery equipment Transportation Electronic equipment andconstructions facilities others Total
I. Original book value:
1. Balance at the beginning of the
period 32291008917.76 2773279344.69 458570213.26 1153824256.08 36676682731.79
2. Increase in the current period 1952641564.31 498299823.44 36230501.66 34577844.22 2521749733.63
(1) Purchase 25060132.41 9626991.16 21600146.26 56287269.83
(2) Transferred from construction
in progress 1937919199.31 473239691.03 26603510.50 12957471.05 2450719871.89
(3) Increase in business
combination
(4) Translation of foreign
currency statements 6231046.62 20226.91 6251273.53
(5) Transfer from investment
property 8491318.38 8491318.38
3. Decrease in the current period 4901785.44 59502012.42 10821468.31 14704365.64 89929631.81
(1) Disposal or scrapping 2583762.94 59502012.42 10821468.31 14704365.64 87611609.31
(2) Translation of foreign
currency statements
(3) Transfer to investment
property 2318022.50 2318022.50
4. Balance at the end of the period 34238748696.63 3212077155.71 483979246.61 1173697734.66 39108502833.61
II. Accumulated depreciation
1. Balance at the beginning of the
period 11897127924.33 1802069462.69 297651042.89 807320337.94 14804168767.85
2. Increase in the current period 1584508788.78 165127336.54 51600524.47 97694626.07 1898931275.86
(1) Provision 1578229973.52 165127336.54 51600524.47 97690553.06 1892648387.59
(2) Translation of foreign
currency statements 1941635.57 4073.01 1945708.58
127 / 194ANNUAL REPORT 2025
(3) Transfer to investment property 4337179.69 4337179.69
3. Decrease in the current period 3374396.38 56280525.67 10269319.94 13862489.26 83786731.25
(1) Disposal or scrapping 1383311.62 56280525.67 10269319.94 13862489.26 81795646.49
(2) Translation of foreign
currency statements
(3) Transfer to investment property 1991084.76 1991084.76
4. Balance at the end of the period 13478262316.73 1910916273.56 338982247.42 891152474.75 16619313312.46
III. Provision for impairment
1. Balance at the beginning of
the period 1060865.02 6351.78 1067216.80
2. Increase in the current
period
(1) Provision
3. Decrease in the current
period
(1) Disposal or scrapping
4. Balance at the end of the
period 1060865.02 6351.78 1067216.80
IV. Book value
1. Book value at the end of the
period 20760486379.90 1300100017.13 144996999.19 282538908.13 22488122304.35
2. Book value at the beginning
of the period 20393880993.43 970149016.98 160919170.37 346497566.36 21871446747.14
(2) Temporarily idle fixed assets
□Applicable √N/A
(3) Fixed assets with pending certificates of title
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Book value Reason for pending certificates of title
Newly added Technical transformation project of 2500 tons of
Moutai liquor in the second phase of the 10000-ton Moutai liquor 558732546.81 It is being processed.Project during the “ 12th Five- Year Plan” (2012)
Moutai Liquor “14th Five-Year Plan” Technical Renovation and
Construction Project 446829907.79 It is being processed.Construction Project of 30 Liquor Warehouses in the Zhonghua
Area 462404830.69 It is being processed.“14th Five-Year Plan” Sauce-Flavour Baijiu Xishui Tongminba
Phase I Construction Project 646535586.29 It is being processed.
20. Construction in progress
Presentation of items
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of theperiod
Construction in progress 2471886030.58 2149619937.05
Project materials
Total 2471886030.58 2149619937.05
Construction in progress
(1) Details of construction in progress
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
128 / 194ANNUAL REPORT 2025
Balance at the end of the period Balance at the beginning of the period
Item Provision ProvisionBook balance for Book value Book balance for Book value
impairment impairment
Construction in progress 2471886030.58 2471886030.58 2149619937.05 2149619937.05
Total 2471886030.58 2471886030.58 2149619937.05 2149619937.05
129 / 194ANNUAL REPORT 2025
(2) Changes in important construction in progress in the current period
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Including:
Other Proportion of Accumu capitalizAmount decreases accumulative ation Capitalizationrate
Item Budget amount Beginning Increase in the transferred into in Closing Balance Project Progress of
lated Amount of Source of
Balance current period fixed assets in the investments construction capitaliz Interestin current
current period current in ationamount
of interest
in the period
funds
period budget (%) of interest current (%)
period
Technical
Transformation
project of Moutai
liquor and its
supporting facilities 3559000000.00 144139829.76 40993411.47 185133241.23 89.00 100% Self-raised
in Zhonghua Areaduring the “13thFive-Year Plan”
Technical
transformation
project of 30000-
ton Moutai-flavor 10180000000.00 105594275.67 307664446.12 413258721.79 74.00 100% Self-raised
series liquor and its
supporting facilities
Phase I Project of
Packaging
Logistics Park 7833000000.00 412137047.49 737339265.52 1149476313.01 19.00 51% Self-raised
Project
First Phase
ConstructionProject of the “14thFive-Year Plan” 4110000000.00 800413378.69 446383538.84 540929201.80 705867715.73 54.00 85% Self-raised
Moutai- flavor
Liquor Xishui
Tongminba
130 / 194ANNUAL REPORT 2025
Technical
transformation and
construction project
of Moutai Liquor 15516000000.00 362374936.50 598759179.42 671594379.98 289539735.94 17.00 33% Self-raisedduring the “14thFive-Year Plan”
period
Construction of 30
blocks of liquor
storehouses in 1587000000.00 19250770.66 76117475.20 94928979.80 439266.06 47.00 100% Self-raised
Zhonghua Area
Total 42785000000.001843910238.77 2207257316.57 1905844524.60 2145323030.74 / / /
/
(3) Provision for impairment of construction in progress in the current period
□Applicable √N/A
131 / 194ANNUAL REPORT 2025
21. Right-of-use assets
(1) Details of right-of-use assets
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Machinery
Item Buildings and constructions Land use rights Total
equipment
I. Original book value
1. Balance at the beginning of the period 506228718.99 9525145.70 80715978.86 596469843.55
2. Increase in the current period 13698912.84 13698912.84
(1) Lease-in 13698912.84 13698912.84
3. Decrease in the current period 203530752.68 203530752.68
(1) Disposal 203530752.68 203530752.68
4. Balance at the end of the period 316396879.15 9525145.70 80715978.86 406638003.71
II. Accumulated depreciation
1. Balance at the beginning of the period 167269211.96 7620116.60 10986341.46 185875670.02
2. Increase in the current period 51201763.19 1905029.10 2690532.60 55797324.89
(1) Provision 51201763.19 1905029.10 2690532.60 55797324.89
3. Decrease in the current period 56773218.71 56773218.71
(1) Disposal 56773218.71 56773218.71
4. Balance at the end of the period 161697756.44 9525145.70 13676874.06 184899776.20
III. Provision for impairment
1. Balance at the beginning of the period
2. Increase in the current period
(1) Provision
3. Decrease in the current period
(1) Disposal
4. Balance at the end of the period
IV. Book value
1. Book value at the end of the period 154699122.71 67039104.80 221738227.51
2. Book value at the beginning of the period 338959507.03 1905029.10 69729637.40 410594173.53
22. Intangible assets
(1) Details of intangible assets
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Land use right Software Total
I. Original book value
1. Balance at the beginning of the period 9830733133.40 440525407.71 10271258541.11
2. Increase in the current period 10414791.42 114611749.13 125026540.55
132 / 194ANNUAL REPORT 2025
(1) Purchase 10414791.42 4922124.04 15336915.46
(2) Internal research and development 109689625.09 109689625.09
(3) Increase in business combination
3. Decrease in the current period
(1) Disposal
4. Balance at the end of the period 9841147924.82 555137156.84 10396285081.66
II. Accumulated amortization
1. Balance at the beginning of the period 1311438412.81 109614297.30 1421052710.11
2. Increase in the current period 198335460.55 91278222.44 289613682.99
(1) Provision 198335460.55 91278222.44 289613682.99
3. Decrease in the current period
(1) Disposal
4. Balance at the end of the period 1509773873.36 200892519.74 1710666393.10
III. Provision for impairment
1. Balance at the beginning of the period
2. Increase in the current period
(1) Provision
3. Decrease in the current period
(1) Disposal
4. Balance at the end of the period
IV. Book value
1. Book value at the end of the period 8331374051.46 354244637.10 8685618688.56
2. Book value at the beginning of the period 8519294720.59 330911110.41 8850205831.00
At the end of this period intangible assets formed through internal R&D accounted for 3.76% of the balance of
intangible assets.
(2) Data resources recognized as intangible assets
□Applicable √N/A
(3) Land use right with pending certificates of title
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Reason for pending
Items Book value
certificates of title
Newly added technical transformation project of 2500 tons of Moutai liquor in thesecond phase of the 10000-ton Moutai liquor Project during the "12th Five-Year Plan” 330000000.00 It is being processed
(2012)
Technical transformation project of 30000-ton Moutai-flavor series liquor and its
998256302.95 It is being processed
supporting facilities
"14th Five-Year Plan" Moutai-flavor Wine Xishui Tongminba Phase I Construction
708094100.00 It is being processed
Project
133 / 194ANNUAL REPORT 2025
23. Development expenses
Monetary Unit: Yuan Currency: RMB
Increase in the current
Decrease in the current period Balance at the
Balance at the period
Item end of the
beginning of the period Internal R&D Recognized as Transferred in
Others period
expenses intangible assets Current profit or loss
Project
research and 98522878.42 128474467.39 109689625.09 297737.87 117009982.85
development
Total 98522878.42 128474467.39 109689625.09 297737.87 117009982.85
24. Long-term deferred expenses
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the Amortization in
Increase in the Other Balance at the end of
Item beginning of the the current
current period decreases the period
period period
Reconstruction project of
road from central city to 107500000.25 10000000.06 97500000.19
Moutai
Overhaul expenses of
34881007.443151667.128412426.7029620247.86
fixed assets
Renovation of office
9724942.16704697.602225307.738204332.03
building
Total 152105949.85 3856364.72 20637734.49 135324580.08
Other notes: The reconstruction project of road from central city to Moutai is based on the resolution made at the
third meeting of the second Board of Directors in 2013. The Company and Renhuai Urban Development and
Construction Investment Management Co. Ltd. jointly completed the road reconstruction project from the central
city to Moutai and transferred the project for amortization.
25. Deferred tax assets / Deferred tax liabilities
(1) Deferred tax assets without offset
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the end of the period Balance at the beginning of the period
Item Deductible temporary Deferred income tax Deductible temporary Deferred income tax
differences assets differences assets
Provision for asset
47006460.1511751615.0252533019.5713133254.90
impairment
Unrealized profits of internal 23412114250.64 5853028562.66 18608012816.08 4652003204.02
134 / 194ANNUAL REPORT 2025
transactions
Achievements- related wages
that shall be distributed but 214872045.38 53718011.35 214872045.38 53718011.35
not distributed
Fair value changes of other
11459887.712864971.93
debt investments
Others 2724423960.96 681105990.26 3204609594.27 801152398.56
Total 26409876604.84 6602469151.22 22080027475.30 5520006868.83
(2) Deferred tax liabilities without offset
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the end of the period Balance at the beginning of the period
Deferred income
Item Taxable temporary Deferred income tax Taxable temporary
tax
differences Liabilities differences
Liabilities
Valuation appreciation of
assets of enterprises not
under the same control
Changes in fair value of
other debt investments
Changes in fair value of
other equity instrument
investments
Fair value changes of other 80695179.51 20173794.88
non-current financial assets
Others 221738227.48 55434556.91 413471053.53 103367763.38
Total 302433406.99 75608351.79 413471053.53 103367763.38
(3) Deferred tax assets or liabilities presented by net amount after offset
□Applicable √N/A
(4) Details of unrecognized deferred tax assets
□Applicable √N/A
26. Other non-current assets
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Closing balance Opening balance
Items
Book balance Provision forimpairment Carrying amount Book balance
Provision for
impairment Carrying amount
135 / 194ANNUAL REPORT 2025
Information-based
project under 117391250.02 117391250.02 121152444.08 121152444.08
construction
Advance payment
for construction 50081731.40 50081731.40 103243373.38 103243373.38
Advance payment
for land 8000000.00 8000000.00 8000000.00 8000000.00
Total 175472981.42 175472981.42 232395817.46 232395817.46
27. Assets with restrictions on the ownership or use right
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Ending Beginning
Item Type of Type of
Book balance Book value Restriction Book balance Book value Restriction
restriction Restriction
Deposit Deposit
statutory statutory
Cash and
reserve reserve
bank 7254499309.26 7254499309.26 Others 7403523670.43 7403523670.43 Others
funds with funds with
balances
the central the central
bank bank
Interbank Interbank
Loans to deposits deposits
banks and that that
other 23315882005.03 23309929811.40 Others cannot be 10000000000.00 10000000000.00 Others cannot be
financial withdrawn withdrawn
institutions on on
demand demand
Total 30570381314.29 30564429120.66 / / 17403523670.43 17403523670.43 / /
28. Accounts payable
(1) Presentation of accounts payable
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of the period
Payable for goods and services 4007309049.87 3514969230.31
Total 4007309049.87 3514969230.31
29. Contract liabilities
(1) Details of contract liabilities
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
136 / 194ANNUAL REPORT 2025
Item Balance at the end of the period Balance at the beginning of the period
Advances from customers for goods 8006739780.94 9592453014.66
Total 8006739780.94 9592453014.66
(2) Significant contract liabilities with aging of more than 1 year
□Applicable √N/A
(3) Amounts with and reasons for significant changes in book values during the reporting period
□Applicable √N/A
30. Absorption of deposits and interbank deposits
Monetary Unit: Yuan Currency: RMB
Item Amount at the end of the period Amount at the beginning of the period
Absorption of deposits 18038383776.30 23102858820.97
Total 18038383776.30 23102858820.97
31. Employee compensation payable
(1) Presentation of employee compensation payable
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the
Increase in current Decrease in current Balance at the end of
Item beginning of the
period period the period
period
I. Short-term benefits 5821873159.63 12999238295.48 13299730144.77 5521381310.34
II. Post-departure benefits -
2404411.422183046770.622183439510.202011671.84
defined contribution plans
III. Termination benefits 93828.02 31250010.42 31289654.12 54184.32
IV. Other benefits due within
one year
Total 5824371399.07 15213535076.52 15514459309.09 5523447166.50
(2) Presentation of short-term compensation
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the
Increase in current Decrease in current Balance at the end of
Item beginning of the
period period the period
period
137 / 194ANNUAL REPORT 2025
I. Wages bonus allowances
5680082736.4710556640004.5510763760932.465472961808.56
and subsidies
II. Employee welfare expenses 470927.55 627442531.37 627663647.23 249811.69
III. Social insurance premiums 88663234.52 561479473.47 649910644.58 232063.41
Including: medical insurance
88659892.45496122843.84584553890.60228845.69
premium
Work-related injury
3342.0765356629.6365356753.983217.72
insurance premium
IV. Housing provident funds 8468.00 986398110.92 986406578.92
V. Labor union expenditure
and employee education 52484091.66 264375665.62 269248216.54 47611540.74
expenses
VI. Short-term compensated absences
VII. Short-term profit sharing plan
VIII. Others 163701.43 2902509.55 2740125.04 326085.94
Total 5821873159.63 12999238295.48 13299730144.77 5521381310.34
(3) Presentation of defined contribution plans
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the
Increase in current Decrease in current Balance at the end of
Item beginning of the
period period the period
period
1. Basic endowment
175240.551280510284.791280483240.47202284.87
insurance premiums
2. Unemployment
5113.1555494253.5355494585.414781.27
insurance premiums
3. Enterprise annuity payment 2224057.72 847042232.30 847461684.32 1804605.70
Total 2404411.42 2183046770.62 2183439510.20 2011671.84
32. Taxes and surcharges payable
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of the period
Value-added tax 1897379403.43 2018455996.33
Consumption tax 2061339912.46 2086772578.56
Enterprise income tax 3172867724.14 3032213454.71
Individual income tax 39901988.85 37029096.49
Urban maintenance and
287381482.22297283574.50
construction tax
138 / 194ANNUAL REPORT 2025
Educational surtax 111658300.12 115864998.61
Local education surtax 75710325.32 78539029.16
Stamp duty 38169483.22 39102549.99
House property tax 866342.50 868937.02
Land use tax 10196.71 10299.09
Environmental protection tax 40116.41 51263.55
Others 11844555.31 11494763.37
Total 7697169830.69 7717686541.38
33. Other payables
(1) Presentation of items
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of the period
Interest payable
Dividends payable
Other payables 5298261266.22 5429006700.86
Total 5298261266.22 5429006700.86
(2) Other payables
Presentation of other payables by nature
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of the period
Materials quality guarantee deposit 199129566.12 271341524.49
Engineering quality guarantee deposit 222804928.84 221428904.54
Security deposits of dealers 2056169120.41 1936229846.20
Current payment 2820157650.85 3000006425.63
Total 5298261266.22 5429006700.86
Other significant payables aging over 1 year or overdue
□Applicable √N/A
34. Non-current liabilities due within one year
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of the period
Lease liabilities maturing within one year 44206237.05 111951112.20
139 / 194ANNUAL REPORT 2025
Total 44206237.05 111951112.20
35. Other current liabilities
Details of other current liabilities
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of the period
Output tax to be carried forward 994959710.24 1222693799.51
Total 994959710.24 1222693799.51
36. Lease liabilities
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of the period
Long-term lease liabilities 189504942.77 313906415.76
Total 189504942.77 313906415.76
37. Share capital
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Changes (+ -)
Balance at the
Provident Balance at the end of
beginning of the Issue of Share
Funds Share Others Sub-total the period
period new shares donation
conversion
Total shares 1256197800.00 -3927585.00 -3927585.00 1252270215.00
Other Explanations:
The decrease in share capital resulted from the Company completing the share repurchase and cancellation.
38. Capital reserves
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the beginning Increase in current Decrease in current Balance at the end of
Item
of the period period period the period
Capital premium (share premium) 1374048653.54 1373387320.54 661333.00
Other capital reserves 915762.18 915762.18
Total 1374964415.72 1373387320.54 1577095.18
140 / 194ANNUAL REPORT 2025
Other explanations including details of changes during the period and reasons for the changes: The decrease in
capital reserve resulted from the completion of repurchase and cancellation of shares.
39. Treasury shares
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the beginning Increase in current Decrease in current Balance at the end of
Item
of the period period period the period
Share repurchase 6120578572.09 6000465970.56 120112601.53
Total 6120578572.09 6000465970.56 120112601.53
Other explanations including details of increases and decreases during the period and the reasons for such changes:
For details refer to XVII Other Important Matters- 1. Other important transactions and events that have an impact
on the decision of investors.
40. Other comprehensive income
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Amount in the current period
Less: amount Less: amount
Previously Previously
Attributable to
Beginning Amount before included in Other included in other Attributable toLess: non- ClosingItem
Balance income tax in comprehensive comprehensive parentincome tax controlling Balance
the current income and income and company after
expenses shareholders
period currently currently tax
after tax
transferred to the transferred to the
profit or loss retained earnings
I. Other
comprehensive
income that
cannot be
reclassified into
profit or loss
Including:
changes in
re-measurement
of the defined
benefit plan
Other
comprehensive
income that
cannot be
141 / 194ANNUAL REPORT 2025
transferred into
profit or loss
under equity
method
Changes in fair
value of other
equity instruments
Changes in the
fair value of the
Company's own
credit risk
II. Other
comprehensive
income that will -9916224.69 -2939099.59 -2864971.93 4137381.07 -4211508.73 -5778843.62
be reclassified
into profit or loss
Including: other
comprehensive
income that can be
transferred to
profit or loss
under the equity
method
Changes in fair
value of other -11459887.71 -2864971.93 -4383407.05 -4211508.73 -4383407.05
Debt investments
Amount of
financial assets
reclassified into
other
comprehensive
income
Provision for
credit impairment
of other Debt
investments
Cash flow hedge
reserve
Translation
differences of
foreign currency -9916224.69 8520788.12 8520788.12 -1395436.57
financial
statements
Total of other -9916224.69 -2939099.59 -2864971.93 4137381.07 -4211508.73 -5778843.62
142 / 194ANNUAL REPORT 2025
comprehensive
income
41. Surplus reserves
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the Decrease in current Balance at the end of the
Item Increase in current period
beginning of the period period period
Statutory surplus
46635793479.398530534196.574623151065.0250543176610.94
reserves
Discretionary
surplus reserves
Reserve funds
Enterprise
expansion funds
Others
Total 46635793479.39 8530534196.57 4623151065.02 50543176610.94
Explanation of surplus reserves including details of changes during the period and reasons for the changes: The
increase in surplus reserves was due to the appropriation of statutory surplus reserves at 10% of the parent
company’s net profit while the decrease resulted from the completion of share repurchase and cancellation.
42. General risk reserves
Monetary Unit: Yuan Currency: RMB
Amount at the
Increase in current Decrease in current Amount at the end of the
Item beginning of the
period period period
period
General risk
1061529724.001061529724.00
reserves
Total 1061529724.00 1061529724.00
Other notes: General risk reserves are accrued by Kweichow Moutai Group Finance Co. Ltd. a consolidated
subsidiary of the Company in accordance with the Administrative Measuresfor the Withdrawal of Reserves by
Financial Enterprises (CJ [2012] No.20) issued by the Ministry of Finance.
43. Retained earnings
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Current period Previous period
Retained earnings at the end of the previous period before adjustment 182787415205.05 172983178300.09
Adjustment to total retained earnings at the beginning of the period (+ for increase and -
for decrease)
143 / 194ANNUAL REPORT 2025
Retained earnings as at the beginning of the period after adjustment 182787415205.05 172983178300.09
Plus: net profit attributable to owners of the parent company in the current period 82320067101.68 86228146421.62
Less: withdrawal of statutory surplus reserves 8530534196.57 7637030384.26
Withdrawal of discretionary surplus reserves
Withdrawal of general risk reserves
Common stock dividends payable 64671799277.95 68786879132.40
Common stock dividends transferred to share capital
Retained earnings at the end of the period 191905148832.21 182787415205.05
44. Operating revenue and operating costs
(1) Operating revenue and operating costs
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Amount in the current period Amount in the prior period
Item
Revenue Cost Revenue Cost
Primary business 168774585187.65 14805900139.59 170611838052.02 13629995812.89
Other business 63517327.14 86377431.32 287314224.32 159486555.09
Total 168838102514.79 14892277570.91 170899152276.34 13789482367.98
(2) Breakdown of operating revenue and operating costs
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Total
Contract classification
Operating revenue Operating costs
By product:
Moutai 146499906480.49 9484757825.54
Other series liquor 22274678707.16 5321142314.05
Other business 63517327.14 86377431.32
By regional segment:
Domestic 163979986160.04 14489319958.16
Overseas 4858116354.75 402957612.75
By sales channel:
Wholesale agency 84250755499.90 10231205421.58
Direct selling 84587347014.89 4661072149.33
Total 168838102514.79 14892277570.91
144 / 194ANNUAL REPORT 2025
(3) Description of performance obligations
√Applicable □N/A
The revenue is confirmed when the customer acquires the control of the goods agreed in the contract and the
Company fulfills the contract performance obligation.
(4) Notes to allocation to remaining performance obligations
√Applicable □N/A
At the end of the reporting period the revenue corresponding to the performance obligations undersigned contracts
that have not fulfilled or not completed yet amounted to RMB 8006739780.94 in which: RMB 8006739780.94
will be expected to be recognized in 2026 as revenue.
(5) Significant contract change or price adjustment of major transaction
□Applicable √N/A
45. Interest income interest expenses handling charges and commission revenue and expenses on handling
charges and commission
Monetary Unit: Yuan Currency: RMB
Item Amount in the current period Amount in the prior period
Interest income 3216069376.12 3244917681.91
Revenue from handling charges and commissions
Interest expenses 175775959.12 105127802.03
Handling charge and commission expenses 103597.22 94078.17
46. Taxes and surtaxes
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Items Amount in the current period Amount in the prior period
Consumption tax 21797399711.32 21489513090.84
Urban maintenance and construction tax 2959588304.88 2922754987.86
Education surcharge 1268431345.07 1252609280.52
Local education surtax 845596658.37 835072853.37
Stamp duty 261232088.44 194968729.10
House property tax 54646520.22 54579003.23
Land use tax 437167.84 442526.87
Vehicle and vessel use tax 161508700.97 170845116.75
Environmental protection tax 221661.41 245602.04
Others 5165526.36 5130284.41
Total 27354227684.88 26926161474.99
145 / 194ANNUAL REPORT 2025
47. Selling expenses
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Items Amount in the current period Amount in the prior period
Advertising and publicity expenses 1828728796.18 1335427201.68
Marketing and service expenses 4665762182.23 3745440527.81
Marketing office and travel expenses 92406811.61 89973010.37
Others 666601810.66 468459319.63
Total 7253499600.68 5639300059.49
48. Administrative expenses
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current period Amount in the prior period
Expenses for employee compensation 2804105074.93 3697487910.65
Trademark licensing expenses 2480898552.03 2466052249.25
Depreciation fee of fixed assets 659934804.32 612955726.82
Environmental remediation expenses 157807722.12 346610134.14
Company expenses 156193262.02 156359158.77
Amortization of intangible assets 289521523.31 249168259.35
Property insurance 69607702.44 67022333.50
Cost of raw material base 154229603.85 166861756.89
Short-term rental expenses 8619956.92 6393100.37
Entertainment expenses 1056800.15 3837253.54
Intermediary expenses 76782998.45 82760110.00
Depreciation expense of use-right assets 21298307.64 21314385.65
Expenses of the Board ofDirectors 3199516.11 4791316.04
Others 1436805835.37 1434036365.41
Total 8320061659.66 9315650060.38
49. Research and development expenses
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current period Amount in the prior period
Expenses for employee compensation 92659311.14 117080276.92
Consumables 23851241.35 17490295.98
Expenses for research and development cooperation 55482459.71 53551058.15
Depreciation fee of fixed assets 5692843.28 6690302.12
146 / 194ANNUAL REPORT 2025
Company expenses 1767426.49 1636757.89
Others 10658964.61 21926781.81
Total 190112246.58 218375472.87
50. Financial expenses
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current period Amount in the prior period
Interest expenses 28734948.29 14474584.09
Including: lease liabilities 8893092.48 14474584.09
Interest income -842988240.60 -1476991223.18
Others -986992.41 -7703224.25
Total -815240284.72 -1470219863.34
51. Other income
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Classification by nature of payment Amount in the current period Amount in the prior period
Return of handling charges for
17120781.5114294446.89
withholding individual income tax
Income-related government grants 4271947.79 4539419.20
Asset-related government grants
Others 7138800.00 2395600.72
Total 28531529.30 21229466.81
52. Investment income
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current period Amount in the prior period
Income from long-term equity investments
181873.67
accounted for using the equity method
Investment income from disposal of long-term
equity investments
Investment income from trading financial assets
500400.00
during the holding period
Dividend income from other equity instrument
investments during the holding period
Interest income from debt investments during the
holding period
147 / 194ANNUAL REPORT 2025
Interest income from other debt investments during the
holding period
Investment income from disposal of trading financial
265351.998629940.37
assets
Investment income from disposal of other equity
instrument investments
Investment income from disposal of debt
-206186.72
investments
Investment income from disposal of other debt
320137.20
investments
Income from debt restructuring
Total 561176.14 9130340.37
53. Income from changes in fair value
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Sources of income from changes in fair value Amount in the current period Amount in the prior period
Held-for-trading financial assets 34441631.36
Including: income from changes in fair value of derivative
financial
instruments
Financial liabilities held for trading
Investment properties measured at fair value
Other non-current financial assets 76162597.66 26539092.99
Total 76162597.66 60980724.35
54. Losses from credit impairment
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Items Amount in the current period Amount in the prior period
Bad debt loss on notes receivable
Bad debt loss on accounts receivable 330.00
Other receivables bad debt losses 322245.00 -851218.73
Impairment loss of debt investments -6430518.78 554461.50
Impairment loss of Loans and advances 21383037.66 -12339700.79
Impairment loss of borrowed funds 1755887.56 -10409004.86
Impairment loss on purchase and resale of
financial assets 203397.93 -202973.15
Total 17234379.37 -23248436.03
148 / 194ANNUAL REPORT 2025
55. Gains from disposal of assets
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current period Amount in the prior period
Gains or losses from disposal of fixed assets 11354.65 83259.79
Gains or losses from disposal of right-of-use
3095270.54305592.26
assets
Total 3106625.19 388852.05
56. Non-operating revenue
Non-operating revenue
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Amount in the Amount in the prior Amount included in non-recurring profit
Item
current period period or loss in the current period
Total gains from disposal of non- current assets 98702.67 845348.67 98702.67
Including: gains from disposal of fixed assets 98702.67 845348.67 98702.67
Gains from disposal of intangible assets
Gains from exchange of non-monetary assets
Donations received
Government grants
Gains from fines and compensation 69136646.69 63971462.96 69136646.69
Others 5711690.34 6119764.34 5711690.34
Total 74947039.70 70936575.97 74947039.70
57. Non-operating expenses
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Amount in the Amount in the prior Amount included in non-recurring profit
Item
current period period or loss in the current period
Total losses from disposal of non-current assets 5589914.14 8132682.54 5589914.14
Including: losses from disposal of fixed assets 5589914.14 8132682.54 5589914.14
Losses from disposal of intangible assets
Losses from exchange ofnon- monetary assets
Donations made 121441700.00 100437930.44 121441700.00
Fines and Penalties
Others 1603984.72 12367221.76 1603984.72
Total 128635598.86 120937834.74 128635598.86
149 / 194ANNUAL REPORT 2025
58. Income tax expenses
(1) Table of income tax expenses
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current period Amount in the prior period
Current income tax expenses 30552293493.46 31153544911.10
Deferred income tax expenses -1107356722.05 -849694742.54
Total 29444936771.41 30303850168.56
(2) Adjustment process of accounting profits and income tax expenses
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current period
Total profits 114755261605.08
Income tax expenses calculated at statutory/applicable tax rate 28688815401.27
Effect of different tax rates applicable to subsidiaries -2541736.57
Effect of adjustments to the income tax for the prior years 147821070.09
Effect of non-taxable income -7285095.90
Effect of non-deductible costs expenses and losses 618127132.52
Effect of deductible losses from using the deferred tax assets unrecognized in previous periods
Effect of deductible temporary differences or losses from deferred tax assets unrecognized in
the current period
Income tax expenses 29444936771.41
59. Other comprehensive income
√Applicable □N/A
Please refer to Note 40 Other comprehensive income for details.
60. Notes to items of the cash flow statement
(1) Cash relating to operating activities
Cash received from other operating activities
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current period Amount in the prior period
Interest income from self-owned funds 2745157001.08 1571961649.41
Other revenue received 1967138193.81 1686136055.73
Total 4712295194.89 3258097705.14
Cash paid for other operating activities
√Applicable □N/A
150 / 194ANNUAL REPORT 2025
Monetary Unit: Yuan Currency: RMB
Item Amount in the current period Amount in the prior period
Cash paid for advertising and publicity expenses 1766308805.45 1722797025.52
Cash paid for transportation expenses and
181342485.40174121504.36
transportation insurance premiums
Cash paid for property insurance premiums 58465282.73 51256672.15
Cash paid for other expenses 7006041624.03 7067237559.15
Total 9012158197.61 9015412761.18
(2) Cash receipts or payments related to significant investing activities
Cash received from significant investing activities
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current period Amount in the prior period
25 Agricultural Bank of China CD235 (Interbank Certificate of
Deposit) 2500000000.00
25 Shanghai Pudong Development Bank CD202 (Interbank
Certificate of Deposit) 2000000000.00
25 Industrial Bank CD175 (Interbank Certificate of Deposit) 2000000000.00
25 Agricultural Bank of China CD324 (Interbank Certificate of
Deposit) 1500000000.00
25 China CITIC Bank CD284 (Interbank Certificate of Deposit) 1500000000.00
25 China CITIC Bank CD281 (Interbank Certificate of Deposit) 1300000000.00
24 Bank of Communications CD360 (Interbank Certificate of
Deposit) 1300000000.00
24 Bank of China CD064 (Interbank Certificate of Deposit) 1300000000.00
25 China Minsheng Bank CD132 (Interbank Certificate of Deposit) 1250000000.00
25 Agricultural Bank of China CD279 (Interbank Certificate of
Deposit) 1200000000.00
25 Shanghai Pudong Development Bank CD146 (Interbank
Certificate of Deposit) 1000000000.00
24 Bank of Guiyang CD137 (Interbank Certificate of Deposit) 1000000000.00
23 Bank of Guiyang CD177 (Interbank Certificate of Deposit) 1000000000.00
23 China Minsheng Bank CD462 (Interbank Certificate of Deposit) 1000000000.00
Total 17850000000.00 2000000000.00
Cash paid for significant investing activities
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current period Amount in the prior period
Technical transformation project of 30000-ton Moutai-flavor series
356425847.841219546770.83
liquor and its Supporting facilities
Technical transformation and Construction project of Moutai Liquor
660634172.90561435415.92
during the “14th Five-Year Plan” period
First Phase Construction Project of the “14th Five-Year Plan”
485201158.10833252777.65
Moutai- flavor Liquor Xishui Tongminba
151 / 194ANNUAL REPORT 2025
Item Amount in the current period Amount in the prior period
Construction of30 blocks of liquor storehouses in Zhonghua Area 83079033.11 482848280.00
Phase I Project of Packaging Logistics Park Project 804776445.39 365594345.04
Technical transformation project of Moutai liquor and its supporting
56277835.83236887598.73
facilities in Zhonghua Area during the “13th Five-Year Plan”
25 China Minsheng Bank CD263 (Interbank Certificate of Deposit) 6800000000.00
25 Agricultural Bank of China CD341 (Interbank Certificate of
Deposit) 3000000000.00
25 Agricultural Bank of China CD217 (Interbank Certificate of
Deposit) 2600000000.00
25 Agricultural Bank of China CD235 (Interbank Certificate of
Deposit) 2500000000.00
25 SPD Bank CD202 (Interbank Certificate of Deposit) 2000000000.00
25 Industrial Bank CD175 (Interbank Certificate of Deposit) 2000000000.00
25 Agricultural Bank of China CD353 (Interbank Certificate of
Deposit) 1800000000.00
25 China CITIC Bank CD340 (Interbank Certificate of Deposit) 1600000000.00
25 Agricultural Bank of China CD324 (Interbank Certificate of
Deposit) 1500000000.00
25 China CITIC Bank CD284 (Interbank Certificate of Deposit) 1500000000.00
25 Agricultural Bank of China CD343 (Interbank Certificate of
Deposit) 1500000000.00
25 China CITIC Bank CD281 (Interbank Certificate of Deposit) 1300000000.00
25 Bank of Communications CD360 (Interbank Certificate of Deposit) 1300000000.00
25 Bank of China CD064 (Interbank Certificate of Deposit) 1300000000.00
25 China Minsheng Bank CD132 (Interbank Certificate of Deposit) 1250000000.00
25 Agricultural Bank of China CD279 (Interbank Certificate of
Deposit) 1200000000.00
25 Bank of China CD044 (Interbank Certificate of Deposit) 1100000000.00
25 China Minsheng Bank CD270 (Interbank Certificate of Deposit) 1000000000.00
25 SPD Bank CD146 (Interbank Certificate of Deposit) 1000000000.00
Total 38696394493.17 3699566188.17
Cash received from other investing activities
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current period Amount in the prior period
Received performance bond for capital construction projects 24750303.39 5532536.42
Total 24750303.39 5532536.42
Cash paid for other investing activities
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current period Amount in the prior period
Refunded performance bond for capital construction projects 9029941.27 9984973.67
Total 9029941.27 9984973.67
152 / 194ANNUAL REPORT 2025
(3) Cash relating to financing activities
Cash received from other financing activities
□Applicable √N/A
Cash paid for other financing activities
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current period Amount in the prior period
Cash for repayment of lease
61769291.33110478781.87
liabilities
Amount paid for share repurchase 6120578572.09
Others 3000000.00 6000000.00
Total 6185347863.42 116478781.87
Changes in various liabilities arising from financing activities
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the Increase in current period Decrease in current period Balance at the
Item beginning of end of the
Cash change Non-cash change Cash change Non-cash change
the period period
Lease liabilities
(including the
425857527.9628851075.6359745467.04161251956.73233711179.82
part maturing
within one year)
Total 425857527.96 28851075.63 59745467.04 161251956.73 233711179.82
(4) Description of cash flows presented at net amount
□Applicable √N/A
(5) Significant activities and financial effect not involving with the current cash deposit and withdrawal but
affecting the financial position of the enterprise or affecting the cash flow of the enterprise in the future
□Applicable √N/A
61. Supplementary information to the cash flow statement
(1) Supplementary information to the cash flow statement
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Supplementary information Amount in the currentperiod Amount in the prior period
153 / 194ANNUAL REPORT 2025
Supplementary information Amount in the currentperiod Amount in the prior period
1. Reconciliation of net profit to cash flows from operating activities:
Net profit 85310324833.67 89334728025.90
Add: Provision for assets impairment
Provision for credit impairment -17234379.37 23248436.03
Depreciation of fixed assets oil and gas assets productive
biological assets 1893338311.91 1721165327.14
Depreciation of right-of-use assets 55797324.89 94492678.29
Amortization of intangible assets 289613682.99 249170059.35
Amortization of long-term prepayments 20637734.49 20191550.34
Losses on disposal of fixed assets intangible assets and other
long-term assets (Less: gains) -3106625.19 -388852.05
Fixed assets retirement loss (Less: gains) 5491211.47 7287333.87
Losses on changes in fair value (Less: gains) -76162597.66 -60980724.35
Financial expenses (Less: gains) 28734948.29 14474584.09
Investment losses (Less: gains) -561176.14 -9130340.37
Decrease of deferred tax assets (Less: increase) -1082462282.39 -874119443.73
Increase of deferred tax liabilities (Less: decrease) -27759411.59 24424701.19
Decrease of inventories (Less: increase) -7084136638.71 -7908100095.94
Decrease of operating receivables (Less: increase) -10983881858.27 1761268977.59
Increase of operating payables (Less: decrease) -6806428089.04 8065959951.08
Others
Net cash flows from operating activities 61522204989.35 92463692168.43
2. Significant investing and financing activities not related to cash receipts and payments:
Conversion of debt into capital
Convertible bonds due within one year
Right-of-use assets increased in the current period
3. Net changes in cash and cash equivalents:
Cash at the end of the period 117952629447.72 164297949257.83
Less: Cash at the beginning of the period 164297949257.83 147360188952.47
Add: Cash equivalents at the end of the period 8472980000.00 5672140000.00
Less: Cash equivalents at the beginning of the period 5672140000.00 3000000000.00
Net increase of cash and cash equivalents -43544479810.11 19609900305.36
(2) Net cash paid for the acquisition of subsidiaries in the current period
□Applicable √N/A
(3) Net cash received from disposal of subsidiaries in the current period
154 / 194ANNUAL REPORT 2025
□Applicable √N/A
(4) Breakdown of cash and cash equivalents
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Closing balance Opening balance
I) Cash 117952629447.72 164297949257.83
Including: Cash on hand 9500.00 9733.00
Cash in bank on demand for payment 43113036424.73 48688028187.56
Other cash and bank balances on demand for payment 14454545.97 62315.80
Central bank deposit on demand for payment 727934872.02 743321006.34
Deposit in other banks 74097194105.00 114866528015.13
Loans to other banks
II) Cash equivalents 8472980000.00 5672140000.00
Including: Redemptory Monetary Capital for Sale 8472980000.00 5672140000.00
Bond investments due within three months
III) Cash and cash equivalents at the end of the period 126425609447.72 169970089257.83
Including: Cash and cash equivalents of parent company or
subsidiaries with use restrictions
(5) Items with restricted use but still presented as cash and cash equivalents
□Applicable √N/A
(6) Cash and bank balances not considered as cash and cash equivalents
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Closing balance December 31 2024 Reasons for not considered ascash and cash equivalents
Legal deposit reserve at central bank 7250789537.15 7403523670.43 Restricted use
Subtotal 7250789537.15 7403523670.43 /
62. Notes to items of statement of changes in owners’ equity
Description of project names of "others" adjusted in terms of the closing balance in the previous year and the
adjusted amount:
□Applicable √N/A
155 / 194ANNUAL REPORT 2025
63. Foreign currency monetary items
(1) Foreign currency monetary items
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Balance in foreign currency as
Balance in RMB converted at
Rate of translation
at the end of the year the end of the period Balance
Cash and bank balances - -
Including: USD
EUR 3487003.28 8.2355 28717215.51
HKD
Accounts receivable - -
Including: USD
EUR 107108.78 8.2355 882094.36
HKD
(2) Description of overseas operating entities including for important overseas operating entities should
disclose their major overseas business locations bookkeeping base currency and selection basis and the
reasons for the change in the functional currency
√Applicable □N/A
The registration place of Kweichow Moutai Paris Trading Co. Ltd. a wholly-owned subsidiary of the Company is
Paris France and its functional currency is Euro.
64. Leases
(1) Acting as the lessee
√Applicable □N/A
Rental expenses for short-term leases and leases of low-value assets subject to simplified treatment
√Applicable □N/A
18786807.83 (Unit: Yuan Currency: RMB)
Leaseback and judgment basis
□Applicable √N/A
Total cash outflows relevant to lease is 79478309.20 (Unit: Yuan Currency: RMB)
(2) Acting as the lessor
Operating lease of the Company acting as the lessor
√Applicable □N/A
156 / 194ANNUAL REPORT 2025
Monetary Unit: Yuan Currency: RMB
Including: Income from variable lease
Item Leasehold income
payment not included in lease collections
Commercial housing at Guiyang Zuanshi Plaza
55045.87
Rooms 307-308 3/F No. 8 Sijiqing Road Haidian District
201834.86
Beijing
Property No. 310Xinkai Road Hedong District Tianjin
87580.88
Fourth storefront on the left of the main entrance 1st Floor
103798.93
Building 1 Moutai International Hotel
Sixth storefront on the left of the main entrance 1st Floor
299009.17
Building 1 Moutai International Hotel
Rooms 2 3 4 13 20 21 23/F Unit 1 Building AB(A)
149336.30
Moutai Business Center
Hangzhou Golden Garden Housing and Parking Space 33027.51
Total 929633.52
Financing lease of the Company acting as the lessor
□Applicable √N/A
Reconciliation for undiscounted lease collections and net investment in leases
□Applicable √N/A
Undiscounted lease collections in the next five years
□Applicable √N/A
(3) Recognition for sales of financing lease as the producer or distributor
□Applicable √N/A
65. Data resources
□Applicable √N/A
VIII. Research and development expenses
1. Presentation by nature
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
157 / 194ANNUAL REPORT 2025
Amount in the current
Item Amount in the prior period
period
Labor cost 196816931.50 192974752.78
Direct expenses invested 381902683.86 242432515.97
Depreciation costs and long-term deferred expenses 72080525.75 82748274.72
Expenses on the research and development entrusted to the external 130174566.83 139811712.56
Other expenses 22157524.37 37409479.78
Total 803132232.31 695376735.81
Including: Expensed R&D expenditure 674657764.92 593779816.96
Capitalized research and development expenses 128474467.39 101596918.85
2. Development expenses qualified for capitalization
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Increase in the current
Decrease in the current period
period
Transferred Closing
Item Beginning Balance
Internal R&D Recognized as in current Balance
Others Others
expenses intangible assets profit or
loss
Research on the collaborative digital technology system for
23542193.6811836150.1735378343.85
procurement and supply
Research on machine learning technology system ofMoutai
45357946.436169911.5051527857.93
winemaking technology
Analysis of physicochemical properties and research on
functional properties of components of “sanhetu” for drying 297737.87 297737.87
halls
Research on the integrated application of business and
1267244.1039869770.4941137014.59
financial systems based on the mid-platform technology
Research Development and Application of a Multi-category
Project Management System Based on Enterprise Service 5165028.48 5165028.48
Bus
R&D and application of supply chain management system
941387.0712622681.4113564068.48
(Packaging Production)
R&D and application project on the product packaging
1310924.852809994.014120918.86
design and development management system
R&D and application of overall quality management system 1100084.18 4475797.75 5575881.93
Research Development and Application of Supply Chain
5361212.755361212.75
Management System (Grain Storage & Production)
158 / 194ANNUAL REPORT 2025
R&D and application of i Moutai user operation system 933294.73 10916730.71 11850025.44
R&D and application of digital operation and management
platform for anti-counterfeiting and traceability on the 1298700.69 15432199.68 16730900.37
industrial Internet
Research on the Application of Automated and Digital Crane
162772.82162772.82
Equipment in Liquor Production
Research and Development of a Digital Marketing System
Based on Blockchain Mobile Internet and SaaS Layout 193106.60 193106.60
Model
Research and Development of a Warehousing and Logistics
116951.89116951.89
Technology System Based on Industrial Internet
Research on big data technology system ofMoutai 22473364.82 22473364.82
Research Development and Application of Transportation
2208397.282208397.28
Vehicle Management Platform
Research and Development of Business-Driven i Moutai
8218045.358218045.35
Function Iteration and Operation & Maintenance System
Research and Development of Intelligent Identity
Authentication Middle Platform Based on Zero Trust 390041.26 390041.26
Architecture
Research on Collaborative Function Development of
Material Supply Management Platform Driven by 350860.72 350860.72
Business-Finance Integration
Research and Development of Integrated E-Commerce
Procurement Platform Based on Internal and External 354505.71 354505.71
System Interconnection
Research on Collaborative Function Development of
Marketing Business System Adapting to Business-Finance 611092.05 611092.05
Data Interaction
Research on Multi-Model Driven Moutai Intelligent
543396.23543396.23
Procurement Function Development
Research Development and Application of i Moutai
Multi-Terminal Adaptation Based on HarmonyOS 452409.52 452409.52
Ecosystem
Research and Development of Park Intelligent System Based
on Energy Consumption Production Line and Security 213411.01 213411.01
Requirements
Total 117009982.8
98522878.42128474467.39109689625.09297737.87
5
Significant capitalization of research and development
159 / 194ANNUAL REPORT 2025
□Applicable √N/A
Provision for impairment of development expenses
□Applicable √N/A
3. Important outsourcing ongoing research projects
□Applicable √N/A
IX. Changes in the scope of consolidation
1. Business combination not under common control
□Applicable √N/A
2. Business combination under common control
□Applicable √N/A
3. Counter purchase
□Applicable √N/A
4. Disposal of subsidiaries
Whether any transaction or matter where the Company lost the control over subsidiaries existed during the current
period
□Applicable √N/A
Whether any instances of step-by-step disposal of investments in subsidiaries through multiple transactions resulting
in the loss of control in the current period.□Applicable √N/A
5. Change of the scope of consolidation due to other reasons
Description of changes in the scope of consolidation caused by other reasons (such as the establishment of new
subsidiaries and liquidation of subsidiaries):
□Applicable √N/A
X. Equity in other entities
1.Equity in subsidiaries
(1) Structure of the enterprise group
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Principal place of Holding proportion (%)
Subsidiaries Registered capital Registration place Acquisition
business Direct Indirect
method
160 / 194ANNUAL REPORT 2025
Principal place of Holding proportion (%)
Subsidiaries Registered capital Registration place Acquisition
business Direct Indirect method
Guizhou Moutai
Import and Export 8000000.00 Guiyang Guizhou 70 Establishedby investment
Co. Ltd.Kweichow
Moutai Sales Co. 10000000.00 Renhuai Guizhou 95 Establishedby investment
Ltd.Kweichow
Moutai Group 2500000000.00 Renhuai Guizhou 51 Establishedby investment
Finance Co. Ltd.Kweichow
Moutai-Flavor
200000000.00 Renhuai Guizhou 100 Established
Liquor Marketing by investment
Co. Ltd.Beijing
Friendship
30000000.00 Beijing 70 Established
Messenger by investment
Trading Co. Ltd.Kweichow
Moutai Paris 80728429.80 Paris France 100 Establishedby investment
Trading Co. Ltd.Guizhou Laymau
Liquor Industry 40000000.00 Guiyang Guizhou 43 Establishedby investment
Co. Ltd.Basis for the control of an investee while holding its half or less than half voting rights and the non-control of an
investee while holding its more than half voting rights:
The Company as the largest shareholder of Guizhou Laymau Liquor Industry Co. Ltd. holds 43% equity of
Guizhou Laymau Liquor Industry Co. Ltd. More than half of the board members of Guizhou Laymau are
appointed by the Company which has substantial control over Guizhou Laymau.
(2) Significant not wholly-owned subsidiaries
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Profit and loss attributable Dividends declared to Balance of minority
Proportion of
Subsidiaries to minority shareholders minority shareholders in shareholders' equity atminority shareholders
for the current period the current period the end of the period
Kweichow Moutai
Sales Co. Ltd. 5% 2361417880.48 2360950000.00 3179091907.03
Notes to the differences between the shareholding ratios of minority shareholder in subsidiaries and the voting
ratios:
□Applicable √N/A
(3) Main financial information of significant not wholly-owned subsidiaries Assets and liabilities
√Applicable □N/A
161 / 194ANNUAL REPORT 2025
Monetary Unit: RMB '0000
Closing balance
Subsidiaries Current assets Non-current assets Total assets Current liabilities Non-currentliabilities Total liabilities
Kweichow
Moutai Sales 8337895.01 61703.02 8399598.03 2033696.56 7717.65 2041414.21
Co. Ltd.
(Continued)
Opening balance
Subsidiaries Current assets Non-current assets Total assets Current liabilities Non-currentliabilities Total liabilities
Kweichow
Moutai Sales 8619829.59 91993.62 8711823.21 2333411.51 21163.65 2354575.16
Co. Ltd.Amount in the current period
Subsidiaries Operating revenue Net profit Total comprehensive Cash flows from operatingincome activities
Kweichow Moutai
Sales Co. Ltd. 14161293.55 4722835.76 4722835.76 4053877.47
(Continued)
Amount in the prior period
Subsidiaries Operating revenue Net profit Total comprehensive Cash flows from operatingincome activities
Kweichow Moutai
Sales Co. Ltd. 14082317.30 4852174.60 4852174.60 3534895.03
2. Interests in joint ventures and associates
√Applicable □N/A
(1) Significant Joint Ventures or Associates
□Applicable √N/A
(2) Key Financial Information of Significant Joint Ventures
□Applicable √N/A
(3) Key Financial Information of Significant Associates
□Applicable √N/A
(4) Aggregated Financial Information of Immaterial Joint Ventures and Associates
√Applicable □N/A
Monetary unit: Yuan Currency: RMB
Closing balance / Amount incurred during Opening balance / Amount incurred in the
the period previous period
Associates
Total carrying amount of investments 147181873.67
Total amounts of the following items calculated based on ownership percentage
Net profit 181873.67
Other comprehensive income
Total comprehensive income 181873.67
162 / 194ANNUAL REPORT 2025
(5) Restrictions on the Ability of Joint Ventures or Associates to Transfer Funds to the Company
□Applicable √N/A
(6) Excess Losses Incurred by Joint Ventures or Associates
□Applicable √N/A
(7) Unrecognized Commitments Relating to Investments in Joint Ventures
□Applicable √N/A
(8) Contingent Liabilities Relating to Investments in Joint Ventures or Associates
□Applicable √N/A
XI. Government grants
1. Government grants recognized as amount receivable at the end of the reporting period
□Applicable √N/A
Reason for the failure in receiving the government subsidies with the estimated amount at the estimated time-point
□Applicable √N/A
2. Liabilities involving with government grants
□Applicable √N/A
3. Government grants included in the current profit or loss
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Type Amount in the current period Amount in the prior period
Income-related government grants 4271947.79 4539419.20
Total 4271947.79 4539419.20
XII. Risks related to financial instruments
1. Risks in financial instruments
√Applicable □N/A
The major financial instruments of the Company include other non-current financial assets cash and bank balances
etc. These financial instruments are used for the operational financing of the Company. The Company has various
other financial assets and liabilities directly generated from operations such as accounts receivable other
receivables accounts payable other payables etc.The main risks caused by the financial instruments of the Company include credit risk liquidity risk exchange rate
risk and interest rate risk.
(1) Credit risk
The financial assets of the Company include cash and bank balances accounts receivable other receivables etc.The credit risks of these financial assets result from the counter party's default and the maximum risk exposure is
equal to the book amount of these instruments.
163 / 194ANNUAL REPORT 2025
As the Company only carries out transactions with recognized and reputable third parties the collateral is not
required. Credit risk is managed in a centrally manner according to customers. The sales of the Company are
carried out in the way of advances from customers and the credit risk of transactions is small.
(2) Liquidity risk
Liquidity risk refers to a risk that an enterprise suffers from funds shortage in performing the obligations of
settlement in cash or other financial assets.The policy of the Company is to ensure that there is sufficient cash for the payment of the matured debts. Each
subsidiary is responsible for monitoring its own cash flow forecast. On the basis of summarizing the cash flow
forecast of each subsidiary the financial department of the Company keeps monitoring short-term and long-term
capital demand at the group level to ensure that the cash demand will be maintained.
(3) Exchange rate risk
The risk of foreign exchange changes faced by the Company is mainly related to the Company's operating activities
(when the income and expenditure are settled in a foreign currency different from the Company's functional
currency) and its net investments in overseas subsidiaries. The exchange rate risk undertaken by the Company is
mainly related to USD and EUR. Except for the settlement of product sales in USD and EUR other major
operating activities of the Company are settled in RMB. Please refer to Notes 59 to the items of the consolidated
financial statements for the amount of foreign currency monetary items converted into RMB.
(4) Interest rate risk
Interest rate risk refers to the risk of fluctuation in the fair value or future cash flows of financial instruments due to
changes in market interest rate. The risk of changes in market interest rate faced by the Company is mainly related
to the liabilities with floating interest rate. As of December 31 2025 the Company had no liabilities subject to
floating interest rate.
2. Hedging
(1) The Company conducted hedging activities for risk management
□Applicable √N/A
(2) The Company conducted qualified hedging activities and adopted hedge accounting
□Applicable √N/A
(3) The Company conducted hedging activities for risk management and expected to achieve the purpose of
risk management without adopting hedge accounting
□Applicable √N/A
3. Financial assets transfer
(1) Basic information of financial assets transfer
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Ways of financial Nature of financial Amount of financial Judgement basis of
assets transfer assets transferred assets transferred Derecognition derecognition
The Company has transferred
Bill discounting Receivables Financing 6350177233.77 Derecognized substantially all of the risks and
rewards
Subtotal / 6350177233.77 / /
(2) Financial assets derecognized due to transfer
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
164 / 194ANNUAL REPORT 2025
Items Ways of financial assetstransfer Amount derecognized
Gains or losses related to
derecognition
Receivables Financing Discount 6350177233.77 -19841855.81
Subtotal / 6350177233.77 -19841855.81
(3) Transferred financial assets with continued involvement by the Company
□Applicable √N/A
XIII. Fair value disclosure
1. Details of fair value of assets and liabilities at fair value at the balance sheet date
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Fair value at the end of the period
Item Measurement of fair Measurement of fair Measurement of fair
Total
value at level 1 value at level 2 value at level 3
I. Continuous measurement of fair value
(I) Held-for-trading financial assets 4105141593.22 4105141593.22
1. Financial assets measured at fair values
4105141593.224105141593.22
through profit or loss
(1) Investment in debt instruments
(2) Investment in equity instruments 4105141593.22 4105141593.22
(3) Derivative financial assets
(II) Other debt investments 3496539016.41 3496539016.41
(III) Other equity instrument
investments
(IV) Receivables financing 4457064160.16 4457064160.16
Total assets with continuous
3496539016.418562205753.3812058744769.79
measurement at fair value
2. Basis for determining level 1 fair value at recurring and non-recurring fair value measurement
□Applicable √N/A
3. Qualitative and quantitative information on the valuation techniques and important parameters adopted
for continuous and non-continuous measurements of fair values at level 2
√Applicable □N/A
The Company’s other debt investments measured at fair value using Level 2 inputs are debt investments. For debt
investments the Company determines their fair value based on valuation results provided by China Central
Depository & Clearing Co. Ltd. and Shanghai Clearing House for interbank negotiable certificates of deposit.
165 / 194ANNUAL REPORT 2025
4. Qualitative and quantitative information on the valuation techniques and important parameters adopted
for continuous and non-continuous measurements of fair values at level 3
√Applicable □N/A
The Company's equity instrument investments measured at Level 3 fair value consist of holdings in private equity
investment funds with their fair value as of the balance sheet date calculated through the net asset value (NAV)
method.The receivables financing measured at fair value using Level 3 inputs held by the Company consists of banker’s
acceptances which have low credit risk and short remaining maturities. The Company determines their fair value
based on their face amounts.
5. Analysis on continuous measurement project of fair value at level 3 adjustment information between the
opening and ending book value and sensitivity of unobservable parameters
□Applicable √N/A
6. The measurement project of fair value on a going concern the conversion between the various levels
during the period the reason for conversion and the policy of determining the conversion time
□Applicable √N/A
7. Changes in valuation technology and reasons for changes occurred in the current period
□Applicable √N/A
8. Fair value of financial assets and financial liabilities not measured at fair value
√Applicable □N/A
The Company's financial assets and financial liabilities that are not measured at fair value mainly include: cash and
bank balances loans to banks and other financial institutions notes receivable accounts receivable other receivables
financial assets purchased under agreements to resell loans and advances debt investments accounts payable
absorbing deposit and interbank deposit other payables Lease liabilities etc. The difference between their book
value and fair value is relatively small.
9. Others
□Applicable √N/A
XIV. Related party relationships and transactions
1. Parent company
√Applicable □N/A
Monetary Unit: RMB '0000
Parent company Place of Business Registered Holding proportion over Voting right proportionregistration nature capital the Company (%) over the Company (%)
China Kweichow Moutai Renhuai
Distillery (Group) Co. Ltd. Guizhou 1000000.00 54.40 54.40
The Company’s ultimate controlling party is State-owned Assets Supervision and Administration Commission of
the Guizhou Provincial People's Government.
2. Details of the Company's subsidiaries
166 / 194ANNUAL REPORT 2025
Details of the Company's subsidiaries are stated in the notes
√Applicable □N/A
Details of the Company's subsidiaries are set out in note X Equity in other entities.
3. Joint ventures and associates of the Company
For details of the Company’s significant joint ventures or associates please refer to the Note
□Applicable √N/A
Details of other joint ventures or associates that had related party transactions with the Company during the current
period or had balances resulting from related party transactions with the Company in prior periods are as follows
□Applicable √N/A
Other explanations
√Applicable □N/A
On September 19 2025 the Company and China Kweichow Moutai Distillery (Group) Co. Ltd. jointly established
Kweichow Moutai Biotechnology Research and Development Co. Ltd. with a registered capital of RMB 1000
million. Specifically China Kweichow Moutai Distillery (Group) Co. Ltd. subscribed RMB 510 million
representing a 51% equity interest; the Company subscribed RMB 490 million representing a 49% equity interest.As of the balance sheet date the Company has made a paid-in capital contribution of RMB 147 million.
4. Other related parties of the Company
√Applicable □N/A
Related parties Relationships with the Company
Beijing Moutai Trade Co. Ltd. Wholly-owned subsidiary of the parent company
Changli Moutai Wine Trade Co. Ltd. Other
Shanghai Moutai Trading Co. Ltd. Other
Guizhou Fumingxing Packaging Co.Ltd Other
Guizhou Hengdao Danlin Agricultural and Technological Development Co.Ltd Other
Guizhou Jiuyuan Property Co. Ltd. Other
Kweichow Moutai (Group) International Travel Agency Co. Ltd. Other
Kweichow Moutai (Group) Ecological Agriculture Industry Development Co.Wholly-owned subsidiary of the parent company
Ltd.Kweichow Moutai Chun Marketing Company Other
Kweichow Moutai Group Health Industry Co. Ltd. Other
Kweichow Moutai Distillery (Group) Health Liquor Sales Co. Ltd. Other
Kweichow Moutai Distillery (Group) Health Liquor Co. Ltd. Wholly-owned subsidiary ofthe parent company
Kweichow Moutai Distillery (Group) Changli Wine Co. Ltd. Consolidated subsidiary of the parent company
Kweichow Moutai Distillery (Group) Guiyang High-tech Real Estate
Other
Investment Development Co. Ltd.Kweichow Moutai Distillery (Group) Guiyang Business Co. Ltd. Wholly-owned subsidiary ofthe parent company
167 / 194ANNUAL REPORT 2025
Related parties Relationships with the Company
Kweichow Moutai Distillery (Group) Sanya Investment Industrial Co. Ltd. Other
Kweichow Moutai Distillery (Group) Logistics Co. Ltd. Consolidated subsidiary of the parent company
Kweichow Moutai Distillery (Group) Circular Economy Industrial Investment
Consolidated subsidiary of the parent company
and Development Co. Ltd.Kweichow Moutai Distillery (Group) Real Estate Investment Development Co.Consolidated subsidiary of the parent company
Ltd.Kweichow Moutai Distillery (Group) Technology Development Co. Ltd. Consolidated subsidiary of the parent company
Kweichow Moutai Ecological Agriculture Sales Co. Ltd. Other
Kweichow Moutai Logistics Park Grain Storage Co. Ltd. Other
Guizhou Zunyi Moutai Airport Co. Ltd. Consolidated subsidiary of the parent company
Guizhou Renhuai Shenren Packaging and Printing Co. Ltd. Other
Guizhou XinHuaxi Glass Co. Ltd. Other
Moutai (Guizhou) Investment Fund Partnership (Limited Partnership) Consolidated subsidiary of the parent company
Moutai (Guizhou) Private Fund Management Co. Ltd. Consolidated subsidiary of the parent company
Shanghai Kweichow Moutai Industrial Co. Ltd. Wholly-owned subsidiary ofthe parent company
Shanghai Rencai Printing Co. Ltd. Other
Kweichow Moutai Distillery (Group) Hotel Management Co. Ltd Wholly-owned subsidiary ofthe parent company
China Kweichow Moutai Distillery (Group) Cultural Tourism Co. Ltd. Wholly-owned subsidiary ofthe parent company
Chinese-Foreign Venture Dragon and Lion Cap Co. Ltd. Zhuhai S.E.Z Other
Moutai (Shanghai) Financial Leasing Co. Ltd. Wholly-owned subsidiary ofthe parent company
Kweichow Moutai Group Marketing Co. Ltd. Wholly-owned subsidiary ofthe parent company
Huagui Life Insurance Co. Ltd. Consolidated subsidiary of the parent company
Guiyang GY Financial Leasing Co. Ltd. Other
Bank of Guizhou Co. Ltd. Other
Guizhou Zunpeng Liquor Co. Ltd. Other
Kweichow Moutai Distillery (Group) Guiding Jingqi Glass Products Co. Ltd. Other
Kweichow Moutai Distillery (Group) Lvsheng Organic Fertilizer Co. Ltd. Other
Kweichow Moutai Distillery (Group) Hongyingzi Agriculture Science and
Consolidated subsidiary of the parent company
Technology Development Co. Ltd.Xunfeng Technology (Guizhou) Co. Ltd. Other
Kweichow Moutai Distillery (Group) Trading (H.K.) Limited Wholly-owned subsidiary of the parent company
168 / 194ANNUAL REPORT 2025
Related parties Relationships with the Company
Kweichow Moutai Hospital Other
Moutai Institute Other
Guizhou Shuanglong Feitian Supply Chain Management Co. Ltd. Other
Guizhou Renhuai Dragon and Lion Cap Co. Ltd. Other
Guizhou Zunpeng Liquor Sales Co. Ltd. Other
Kweichow Moutai Group Health Industry Sales Co. Ltd. Other
Zunyi Wenkang Real Estate Development Co. Ltd. Other
Kweichow Moutai Biotechnology Research & Development Co. Ltd. Consolidated subsidiary of the parent company
Kweichow Moutai Public Welfare Foundation Other
Renhuai Renshan Packaging and Printing Co. Ltd. Other
Other notes:
(1) Changli Moutai Wine Trade Co. Ltd. is a wholly-owned subsidiary of Kweichow Moutai Distillery (Group)
Changli Wine Co. Ltd.;
(2) Shanghai Moutai Trading Co. Ltd. is a wholly-owned subsidiary of Shanghai Kweichow Moutai Industrial
Co. Ltd.;
(3) Guizhou Fumingxing Packaging Co. Ltd. is a Consolidated subsidiary of Kweichow Moutai Distillery
(Group) Technology Development Co. Ltd.;
(4) Guizhou Hengdao Danlin Agricultural Technology Development Co. Ltd. is a Consolidated subsidiary of
Kweichow Moutai (Group) Ecological Agriculture Industry Development Co. Ltd.;
(5) Guizhou Jiuyuan Property Co. Ltd. is a Consolidated subsidiary of China Kweichow Moutai Distillery
(Group) Cultural Tourism Co. Ltd.;
(6) Kweichow Moutai (Group) International Travel Agency Co. Ltd. is a wholly-owned subsidiary of China
Kweichow Moutai Distillery (Group) Cultural Tourism Co. Ltd.;
(7) Kweichow Moutai Chun Marketing Company is a wholly-owned subsidiary of Kweichow Moutai Distillery
(Group) Technology Development Co. Ltd.;
(8) Kweichow Moutai Group Health Industry Co. Ltd. is a Consolidated subsidiary of Kweichow Moutai
Distillery (Group) Health Liquor Co. Ltd.;
(9) Kweichow Moutai Distillery (Group) Health Liquor Sales Co. Ltd. is a wholly-owned subsidiary of
Kweichow Moutai Distillery (Group) Health Liquor Co. Ltd.;
(10) Kweichow Moutai Distillery (Group) Guiyang High-tech Real Estate Investment Development Co. Ltd. is a
wholly-owned subsidiary of Kweichow Moutai Distillery (Group) Real Estate Investment
(11) Kweichow Moutai Distillery (Group) Sanya Investment Industrial Co. Ltd. is a wholly-owned subsidiary of
Kweichow Moutai Distillery (Group) Real Estate Investment Development Co. Ltd.;
(12) Kweichow Moutai Ecological Agriculture Sales Co. Ltd. is a wholly-owned subsidiary of Kweichow Moutai
(Group) Ecological Agriculture Industry Development Co. Ltd.;
(13) Kweichow Moutai Logistics Park Grain Storage Co. Ltd. is a Consolidated subsidiary of Kweichow Moutai
Distillery (Group) Logistics Co. Ltd.;
169 / 194ANNUAL REPORT 2025
(14) Guizhou Renhuai Shenren Packaging and Printing Co. Ltd. is a Consolidated subsidiary of Kweichow
Moutai Distillery (Group) Technology Development Co. Ltd.;
(15) Guizhou Xinhuaxi Glass Co. Ltd. is a Consolidated subsidiary of Kweichow Moutai Distillery (Group)
Technology Development Co. Ltd.;
(16) Shanghai Rencai Printing Co. Ltd. is an associate of Kweichow Moutai Distillery (Group) Technology
Development Co. Ltd.;
(17) Chinese-Foreign Venture Dragon and Lion Cap Co. Ltd. Zhuhai S.E.Z is a Consolidated subsidiary of
Kweichow Moutai Distillery (Group) Technology Development Co. Ltd.;
(18) Guiyang GY Financial Leasing Co. Ltd. is an associate of the parent company;
(19) Bank of Guizhou Co. Ltd. is an associate of the parent company;
(20) Guizhou Zunpeng Liquor Co. Ltd. is a Consolidated subsidiary of Kweichow Moutai Distillery (Group)
Circular Economy Industrial Investment and Development Co. Ltd.;
(21) Kweichow Moutai Distillery (Group) Guiding Jingqi Glass Products Co. Ltd. is a wholly-owned subsidiary
of Kweichow Moutai Distillery (Group) Technology Development Co. Ltd.;
(22) Kweichow Moutai Distillery (Group) Lvsheng Organic Fertilizer Co. Ltd. is a Consolidated subsidiary of
Kweichow Moutai Distillery (Group) Circular Economy Industrial Investment and Development Co. Ltd.;
(23) Guizhou Renhuai Renshuai Liquor Co. Ltd. is a wholly-owned subsidiary of Kweichow Moutai Distillery
(Group) Health Liquor Co. Ltd.;
(24) Xunfeng Technology (Guizhou) Co. Ltd. is a Consolidated subsidiary of China Kweichow Moutai Distillery
(Group) Cultural Tourism Co. Ltd.;
(25) Kweichow Moutai Hospital is a wholly-owned public institution of the parent company;
(26) Moutai Institute is a wholly-owned public institution of the parent company;
(27) Guizhou Shuanglong Feitian Supply Chain Management Co. Ltd. is a wholly-owned subsidiary of
Kweichow Moutai Distillery (Group) Logistics Co. Ltd.;
(28) Guizhou Renhuai Dragon and Lion Cap Co. Ltd. is a wholly-owned subsidiary of Kweichow Moutai
Distillery (Group) Logistics Co. Ltd.;
(29) Guizhou Zunpeng Liquor Sales Co. Ltd. is a wholly-owned subsidiary of Kweichow Moutai Distillery (Group)
Logistics Co. Ltd.;
(30) Kweichow Moutai Group Health Industry Sales Co. Ltd. is a wholly-owned subsidiary of Kweichow Moutai
Distillery (Group) Logistics Co. Ltd.;
(31) Zunyi Wenkang Real Estate Development Co. Ltd. is a wholly-owned subsidiary of Kweichow Moutai
Distillery (Group) Real Estate Investment & Development Co. Ltd.;
(32) Kweichow Moutai Public Welfare Foundation is a charitable organization established by the parent company;
(33) Renhuai Renshan Packaging and Printing Co. Ltd. is a wholly-owned subsidiary of Shanghai Rencai Printing
Co. Ltd.
5. Related party transactions
(1) Purchase and sale of goods rendering and receiving services
Purchase of goods and receiving of services
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Related parties Content of transactions Amount in the Amount in the priorcurrent period period
China Kweichow Moutai Distillery (Group) Co. Right to use trademarks 2480898552.03 2466052249.25
170 / 194ANNUAL REPORT 2025
Related parties Content of transactions Amount in the Amount in the priorcurrent period period
Ltd.Kweichow Moutai Distillery (Group) Logistics
Cargo transportation services 269083492.65 242909426.03
Co. Ltd.Chinese-Foreign Venture Dragon and Lion Cap
Purchase of goods 358017678.79 392724190.99
Co. Ltd. Zhuhai S.E.Z
Guizhou Renhuai Shenren Packaging and
Purchase of goods 313077727.95 311692891.52
Printing Co. Ltd.Kweichow Moutai Distillery (Group) Guiding
Purchase of goods 161076238.16 131577569.97
Jingqi Glass Products Co. Ltd.Kweichow Moutai Distillery (Group) Hongyingzi
Agriculture Science and Technology Purchase of goods 151761598.44 91571319.20
Development Co. Ltd.Renhuai Renshan Packaging and Printing Co.Purchase of goods 150467474.73
Ltd.Kweichow Moutai Distillery (Group) Circular
Economy Industrial Investment and Development Purchase of goods 138096800.10 131280975.00
Co. Ltd.Kweichow Moutai Logistics Park Grain Storage
Purchase of goods 120075006.30 159164224.07
Co. Ltd.China Kweichow Moutai Distillery (Group)
Purchase of goods 58669344.18 25126546.60
Cultural Tourism Co. Ltd.Kweichow Moutai Distillery (Group) Health
Purchase of goods 8597548.68 10733800.07
Liquor Sales Co. Ltd.Kweichow Moutai Distillery (Group) Hotel
Purchase of goods 3699376.00
Management Co. Ltd
Kweichow Moutai Hospital Purchase of goods 619889.70 506056.46
Shanghai Rencai Printing Co. Ltd. Purchase of goods 259939.90
Kweichow Moutai Ecological Agriculture Sales
Purchase of goods 119469.03 885111.50
Co. Ltd.Guizhou Xinhuaxi Glass Co. Ltd. Purchase of goods 50723017.23
Guizhou Fumingxing Packaging Co.Ltd Purchase of goods 38389121.95
Changli Moutai Wine Trade Co. Ltd. Purchase of goods 2656035.40
Huagui Life Insurance Co. Ltd. Purchase of insurance 19275333.85 29250803.45
Kweichow Moutai Distillery (Group) Health
Labor services fee 415233454.54 364282785.91
Liquor Co. Ltd.Kweichow Moutai (Group) International Travel
Labor services fee 143921445.74 81664884.30
Agency Co. Ltd.Kweichow Moutai Hospital Labor services fee 66732197.11 109786470.85
Kweichow Moutai Distillery (Group) Hotel
Labor services fee 63874386.21 99918709.05
Management Co. Ltd
171 / 194ANNUAL REPORT 2025
Related parties Content of transactions Amount in the Amount in the priorcurrent period period
China Kweichow Moutai Distillery (Group)
Labor services fee 60371918.70 109560813.31
Cultural Tourism Co. Ltd.Xunfeng Technology (Guizhou) Co. Ltd. Labor services fee 17736479.98 54026057.50
Kweichow Moutai Distillery (Group) Circular
Economy Industrial Investment and Development Labor services fee 5956393.02 5905719.20
Co. Ltd.Guizhou Zunyi Moutai Airport Co. Ltd. Labor services fee 3310361.64 1525726.08
Kweichow Moutai Distillery (Group) Technology
Labor services fee 3113207.50 1509433.96
Development Co. Ltd.Kweichow Moutai Distillery (Group) Trading
Labor services fee 805813.96
(H.K.) Limited
Moutai Institute Labor services fee 539788.41 344528.30
Kweichow Moutai Distillery (Group) Guiyang
High-tech Real Estate Investment Development Labor services fee 269215.35 125946.26
Co. Ltd.Kweichow Moutai Distillery (Group) Sanya
Labor services fee 1102258.52 23369.81
Investment Industrial Co. Ltd.Kweichow Moutai Distillery (Group) Logistics
Labor services fee 10904482.09
Co. Ltd.Guizhou Shuanglong Feitian Supply Chain
Labor services fee 479838.72
Management Co. Ltd.Beijing Moutai Trade Co. Ltd. Labor services fee 207547.17
Kweichow Moutai Distillery (Group) Real Estate
Labor services fee 54622.64
Investment Development Co. Ltd.Guizhou Shuanglong Feitian Supply Chain
management fees 83650536.71
Management Co. Ltd.Kweichow Moutai Logistics Park Grain Storage
management fees 48298248.24 63756467.40
Co. Ltd.Kweichow Moutai Distillery (Group) Hotel
management fees 5660377.33 4188647.80
Management Co. Ltd
Kweichow Moutai Distillery (Group) Circular
Economy Industrial Investment and Development management fees 135849.06
Co. Ltd.Beijing Moutai Trade Co. Ltd. management fees 103773.58
Kweichow Moutai Distillery (Group) Real Estate
management fees 67924.53
Investment Development Co. Ltd.Kweichow Moutai Distillery (Group) Guiyang Water electricity steam and
High-tech Real Estate Investment Development other public utilities expenses 127337.28 55500.83
Co. Ltd. (purchase)
Kweichow Moutai Distillery (Group) Sanya Water electricity steam and
62906.54
Investment Industrial Co. Ltd. other public utilities expenses
172 / 194ANNUAL REPORT 2025
Related parties Content of transactions Amount in the Amount in the priorcurrent period period
(purchase)
Sale of goods and rendering services
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Related parties Content of transactions Amount in the current period Amount in the prior period
Kweichow Moutai Group Marketing Co. Ltd. Sales of goods 6214681149.21 6339486387.61
China Kweichow Moutai Distillery (Group) Cultural Tourism
Sales of goods 54457295.57 138837804.65
Co. Ltd.Kweichow Moutai Distillery (Group) Trading (H.K.) Limited Sales of goods 33165152.62 6114000.00
Shanghai Kweichow Moutai Industrial Co. Ltd. Sales of goods 21775238.07 16675614.12
Kweichow Moutai Distillery (Group) Hotel Management Co.Sales of goods 20142696.53 26785138.02
Ltd
Kweichow Moutai Distillery (Group) Sanya Investment
Sales of goods 8653601.77 16249417.82
Industrial Co. Ltd.Beijing Moutai Trade Co. Ltd. Sales of goods 4700580.52 13557408.83
China Kweichow Moutai Distillery (Group) Co. Ltd. Sales of goods 717044.97 781492.04
Xunfeng Technology (Guizhou) Co. Ltd. Sales of goods 32304424.78
Guizhou Zunyi Moutai Airport Co. Ltd. Sales of goods 2999915.04
Kweichow Moutai (Group) Ecological Agriculture Industry
Sales of goods 804488.49
Development Co. Ltd.Kweichow Moutai Distillery (Group) Health Liquor Co. Ltd. Sales of goods 94088.50
Kweichow Moutai Distillery (Group) Logistics Co. Ltd. Sales of goods 16717.70
Changli Moutai Wine Trade Co. Ltd. Labor services fee 468301.60 1098530.85
Kweichow Moutai Distillery (Group) Health Liquor Sales Co.Labor services fee 338015.85 251747.96
Ltd.Kweichow Moutai Ecological Agriculture Sales Co. Ltd. Labor services fee 141509.34 189869.81
Kweichow Moutai Distillery (Group) Health Liquor Co. Ltd. Labor services fee 93030.14
China Kweichow Moutai Distillery (Group) Cultural Tourism
Labor services fee 95566.04
Co. Ltd.Kweichow Moutai Distillery Group Changli Wine Co. Ltd. Labor services fee 5366.04
(2) Related party entrusted management/ contracting and entrusted management/ outsourcing arrangement
Details of entrusted management/contracting of the Company
□Applicable √N/A
Explanation of related party management / contracting of the Company
□Applicable √N/A
173 / 194ANNUAL REPORT 2025
Details of entrusting management/contracting of the Company
√Applicable □N/A
Monetary Unit: RMB '0000
Custodian
fees
Name of Type of Termination Custodian
principal Name of trustee entrusted
Commencement
date of entrustment date of fee pricing
recognized
assets entrustment basis in thecurrent
period
Kweichow
Moutai Guizhou Shuanglong Feitian Supply Custody of January 1 2025 December Negotiated
Co. Ltd. Chain Management Co. Ltd. other assets 31 2025 price
8365.05
Kweichow
Moutai Kweichow Moutai Logistics Park Custody of December Negotiated
Co. Ltd. Grain Storage Co. Ltd. other assets
January 1 2025 31 2025 price 4829.82
Kweichow
Moutai Kweichow Moutai Distillery (Group) Custody of January 1 2025 December Negotiated 566.04
Co. Ltd. Hotel Management Co. Ltd other assets 31 2025 price
Kweichow Kweichow Moutai Distillery (Group)
Moutai Circular Economy Industrial Custody of December Negotiated
Co. Ltd. Investment and Development Co. other assets
January 1 2025 31 2025 price 13.58
Ltd.Kweichow
Moutai Beijing Moutai Trade Co. Ltd. Custody of December Negotiated
Co. Ltd. other assets
January 1 2025 31 2025 price 10.38
Kweichow Kweichow Moutai Distillery (Group)
Moutai Real Estate Investment Development Custody of December Negotiated
Co. Ltd. Co. Ltd. other assets
January 1 2025 31 2025 price 6.79
Explanation of Related Party Management and Outsourcing Arrangements
□Applicable √N/A
(3) Related party leases
The Company as the lessor
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Lessees Types of assets leased Lease income for the Lease income for thecurrent period preceding period
Kweichow Moutai Distillery (Group) Hotel Buildings and
Management Co. Ltd constructions 299009.17 299009.18
China Kweichow Moutai Distillery (Group) Co. Ltd. Buildings andconstructions 149336.30 328389.91
Changli Moutai Wine Trade Co. Ltd. Buildings andconstructions 201834.86 201834.86
Kweichow Moutai Distillery (Group) Health Liquor Buildings and
Sales Co. Ltd. constructions 87580.88 51192.66
The Company as the lessee
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Amount in the current period
Rental expenses from
Variable lease payments
short-term leases and Interest expense Increase in
Name of the lessor Type of leased assets not included in the
low-value asset leases under Rent paid on lease liabilities right-of-use
measurement of lease
simplified treatment (if incurred assets
liabilities (if applicable)
applicable)
China Kweichow Moutai Buildings and 137142.87 16464000.00 2388131.57
174 / 194ANNUAL REPORT 2025
Distillery (Group) Co. Ltd. constructions
China Kweichow Moutai Land use right 7053600.00 2501832.73
Distillery (Group) Co. Ltd.China Kweichow Moutai Transportation
Distillery (Group) Co. Ltd. facilities
Kweichow Moutai Distillery
Buildings and
(Group) Guiyang High-tech Real
constructions 2200533.53 374331.56 492191.74
Estate Investment Development
Co. Ltd.Kweichow Moutai Buildings and
Distillery (Group) Sanya constructions 1546792.20 108542.74
Investment Industrial Co.Ltd.Kweichow Moutai Distillery
Buildings and
(Group) Circular Economy
constructions 4687956.14 2624899.01
Industrial Investment and
Development Co. Ltd.Kweichow Moutai Distillery Buildings and
(Group) Logistics Co. Ltd. constructions
Shanghai Kweichow Moutai Buildings and
144000.00288000.00
Industrial Co. Ltd. constructions
Guizhou Shuanglong Feitian Buildings and
Supply Chain Management Co. constructions
Ltd.
(Continued)
Amount in the prior period
Rental expenses
from short-term Variable lease
leases and payments not
Interest expense on
Name of the lessor low-value asset included in the Increase in
Rent paid lease liabilities
leases under measurement of right-of-use assets
incurred
simplified lease liabilities
treatment (if (if applicable)
applicable)
China Kweichow Moutai Distillery (Group) Co. Ltd. 91428.56 14665144.36 2913008.90
China Kweichow Moutai Distillery (Group) Co. Ltd. 4531910.86 2854418.81
China Kweichow Moutai Distillery (Group) Co. Ltd. 5628528.72 5628528.72
Kweichow Moutai Distillery (Group) Guiyang High-tech
4203745.20471391.41648671.60
Real Estate Investment Development Co. Ltd.Kweichow Moutai Distillery (Group) Sanya
1501740.00151941.65
Investment Industrial Co. Ltd.Kweichow Moutai Distillery (Group) Circular 2123159.54 2310168.42
175 / 194ANNUAL REPORT 2025
Economy Industrial Investment and Development
Co. Ltd.Kweichow Moutai Distillery (Group) Logistics Co. Ltd. 34596676.74 6944496.90 173922802.64
Shanghai Kweichow Moutai Industrial Co. Ltd. 144000.00 144000.00
Guizhou Shuanglong Feitian Supply Chain Management
1599805.94221489.327436768.84
Co. Ltd.
(4) Guarantee by related parties
□Applicable √N/A
(5) Other related transactions
√Applicable □N/A
A. Kweichow Moutai Group Finance Co. Ltd. a Consolidated subsidiary of the Company conducted deposit loan
discount and letter of guarantee business with related parties.Absorption of deposits and interbank deposit refers to the balance of deposits of all related parties with Kweichow
Moutai Group Finance Co. Ltd. and accrued interest; "interest expenses" refer to the deposit interest to be paid by
Kweichow Moutai Group Finance Co. Ltd. to related parties; “interest income” refers to the interest charged by
Kweichow Moutai Group Finance Co. Ltd. for providing loan business to related parties according to regulations;
disbursement of advances and loans refers to the balance of the loan provided by Kweichow Moutai Group Finance
Co. Ltd. to related parties. (Monetary Unit:Yuan Currency: RMB)
a.Absorption of deposits and interbank deposit
Related parties December 31 2025
China Kweichow Moutai Distillery (Group) Co. Ltd. 8330698318.34
Kweichow Moutai Distillery (Group) Technology Development Co. Ltd. 3783930369.00
Kweichow Moutai Group Marketing Co. Ltd. 1752381770.48
Kweichow Moutai Distillery (Group) Real Estate Investment Development Co. Ltd. 519722356.49
China Kweichow Moutai Distillery (Group) Cultural Tourism Co. Ltd. 329875505.86
Kweichow Moutai Distillery (Group) Circular Economy Industrial Investment and
328786608.23
Development Co. Ltd.Kweichow Moutai Biotechnology Research & Development Co. Ltd. 300077288.40
Xunfeng Technology (Guizhou) Co. Ltd. 291633420.23
Guizhou Zunyi Moutai Airport Co. Ltd. 219855892.16
Guizhou Zunpeng Liquor Co. Ltd. 216400508.17
Kweichow Moutai Chun Marketing Co. Ltd. 197553406.66
Kweichow Moutai Distillery (Group) Logistics Co. Ltd. 140590892.60
Kweichow Moutai Distillery (Group) Changli Wine Co. Ltd. 130298178.01
Shanghai Kweichow Moutai Industrial Co. Ltd. 114224317.52
176 / 194ANNUAL REPORT 2025
Related parties December 31 2025
Guizhou Renhuai Shenren Packaging and Printing Co. Ltd. 112268677.62
Kweichow Moutai Distillery (Group) Guiyang High-tech Real Estate Investment
110780658.83
Development Co. Ltd.Chinese-Foreign Venture Dragon and Lion Cap Co. Ltd. Zhuhai S.E.Z 105854696.83
Beijing Moutai Trade Co. Ltd. 96607569.05
Kweichow Moutai Logistics Park Grain Storage Co. Ltd. 92330846.38
Kweichow Moutai (Group) Ecological Agriculture Industry Development Co. Ltd. 89955167.73
Kweichow Moutai Distillery (Group) Health Liquor Sales Co. Ltd. 80564624.37
Shanghai Moutai Trading Co. Ltd. 71962835.04
Changli Moutai Wine Trade Co. Ltd. 71338323.19
Kweichow Moutai Ecological Agriculture Sales Co. Ltd. 67113305.17
Guizhou Shuanglong Feitian Supply Chain Management Co. Ltd. 63177725.99
Moutai Institute 52787251.51
Guizhou Fumingxing Packaging Co.Ltd 47862534.92
Kweichow Moutai Distillery (Group) Hotel Management Co. Ltd 44703951.30
Kweichow Moutai Distillery (Group) Health Liquor Co. Ltd. 36284679.04
Guizhou Jiuyuan Property Co. Ltd. 31610061.42
Kweichow Moutai (Group) International Travel Agency Co. Ltd. 28041315.81
Kweichow Moutai Distillery (Group) Hongyingzi Agriculture Science and Technology
24248396.87
Development Co. Ltd.Kweichow Moutai Distillery (Group) Guiding Jingqi Glass Products Co. Ltd. 24210874.78
Guizhou Zunpeng Liquor Sales Co. Ltd. 23399198.51
Guizhou Xinhuaxi Glass Co. Ltd. 22561649.27
Kweichow Moutai Hospital 53382319.19
Kweichow Moutai Distillery (Group) Sanya Investment Industrial Co. Ltd. 14677597.24
Guizhou Renhuai Dragon and Lion Cap Co.Ltd. 7377209.81
Kweichow Moutai Distillery (Group) Guiyang Business Co. Ltd. 6968422.64
Zunyi Wenkang Real Estate Development Co. Ltd. 2284857.62
Kweichow Moutai Group Health Industry Co. Ltd. 194.02
Subtotal 18038383776.30
177 / 194ANNUAL REPORT 2025
b.Interest expenses
Related parties Amount in the current period
China Kweichow Moutai Distillery (Group) Co. Ltd. 74310636.00
Kweichow Moutai Distillery (Group) Technology Development Co. Ltd. 50216476.61
Kweichow Moutai Group Marketing Co. Ltd. 17218757.12
Kweichow Moutai Distillery (Group) Real Estate Investment Development Co. Ltd. 5925627.23
Kweichow Moutai Distillery (Group) Circular Economy Industrial Investment and Development
3413622.50
Co. Ltd.Xunfeng Technology (Guizhou) Co. Ltd. 3367492.79
Kweichow Moutai Chun Marketing Co. Ltd. 2568731.21
China Kweichow Moutai Distillery (Group) Cultural Tourism Co. Ltd. 1962748.33
Changli Moutai Wine Trade Co. Ltd. 1551126.31
Kweichow Moutai Ecological Agriculture Sales Co. Ltd. 1385977.27
Kweichow Moutai Distillery (Group) Changli Wine Co. Ltd. 1072275.95
Kweichow Moutai Distillery (Group) Guiyang High-tech Real Estate Investment Development
1059796.42
Co. Ltd.Guizhou Zunyi Moutai Airport Co. Ltd. 1026259.35
Beijing Moutai Trade Co. Ltd. 988097.65
Shanghai Moutai Trading Co. Ltd. 891783.01
Shanghai Kweichow Moutai Industrial Co. Ltd. 831403.24
Moutai Institute 831113.53
Guizhou Zunpeng Liquor Sales Co. Ltd. 687400.14
Chinese-Foreign Venture Dragon and Lion Cap Co. Ltd. Zhuhai S.E.Z 613278.31
Kweichow Moutai Biotechnology Research & Development Co. Ltd. 585572.61
Guizhou Renhuai Shenren Packaging and Printing Co. Ltd. 564209.40
Kweichow Moutai Distillery (Group) Hongyingzi Agriculture Science and Technology
557899.44
Development Co. Ltd.Kweichow Moutai Distillery (Group) Guiding Jingqi Glass Products Co. Ltd. 476049.68
Kweichow Moutai (Group) Ecological Agriculture Industry Development Co. Ltd. 462845.37
Guizhou Zunpeng Liquor Co. Ltd. 454764.08
Kweichow Moutai Distillery (Group) Logistics Co. Ltd. 415690.96
Guizhou Jiuyuan Property Co. Ltd. 394002.07
178 / 194ANNUAL REPORT 2025
Related parties Amount in the current period
Kweichow Moutai Hospital 364438.15
Kweichow Moutai Distillery (Group) Health Liquor Sales Co. Ltd. 339773.62
Kweichow Moutai Logistics Park Grain Storage Co. Ltd. 297402.78
Kweichow Moutai Distillery (Group) Health Liquor Co. Ltd. 230877.13
Guizhou Fumingxing Packaging Co.Ltd 171360.61
Guizhou Shuanglong Feitian Supply Chain Management Co. Ltd. 129112.02
Kweichow Moutai (Group) International Travel Agency Co. Ltd. 113503.17
Guizhou Xinhuaxi Glass Co. Ltd. 89457.92
Guizhou Renhuai Dragon and Lion Cap Co.Ltd 75711.12
Kweichow Moutai Distillery (Group) Hotel Management Co. Ltd 72050.68
Kweichow Moutai Distillery (Group) Sanya Investment Industrial Co. Ltd. 37117.06
Kweichow Moutai Distillery (Group) Guiyang Business Co. Ltd. 17388.42
Zunyi Wenkang Real Estate Development Co. Ltd. 1953.83
Kweichow Moutai Group Health Industry Co. Ltd. 1006.11
Kweichow Moutai Distillery (Group) Lvsheng Organic Fertilizer Co. Ltd. 156.74
Moutai CCB (Guizhou) Investment Fund Management Co. Ltd. 13.58
Moutai (Guizhou) Private Fund Management Co. Ltd. 10.06
Moutai (Guizhou) Investment Fund Partnership (Limited Partnership) 2.10
Subtotal 175774971.68
c.Loans and payments
Item Related parties December 31 2025
Kweichow Moutai Logistics Park Grain
Mortgage loans 27480000.00
Storage Co. Ltd.Total 27480000.00
Less: Provision for impairment of loans 640229.66
Book value of loans and advances to customers 26839770.34
d.Interest income
179 / 194ANNUAL REPORT 2025
Amount in th current
Item Related parties
period
Interest income Kweichow Moutai Logistics Park Grain Storage Co. Ltd. 1276174.32
Subtotal 1276174.32
B. At the end of the period the Company’s deposit balance with Bank of Guizhou was RMB 10523.6482 millon
and interest income for the current period amounted to RMB 161.1546 million.During the current period
Kweichow Moutai Group Finance Co. Ltd. a consolidated subsidiary of the Company redeemed at maturity bonds
issued by Bank of Guizhou Co. Ltd. purchased from the public market with a principal amount of RMB 200
million and recognized interest income of RMB 10.9816 million for the current period.As at the end of the period
the principal balance of such debt investments was RMB 200 million the balance of impairment provision for bond
investments was RMB 0.0525 million accrued interest balance was RMB 5.6236 million and the carrying amount
was RMB 205.5711 million.The Company entrusted Bank of Guizhou to collect and pay transaction fees of RMB
76.9708 million for third-party payment channels of the “i Moutai” digital marketing platform. The Company
purchased packaging materials from Renhuai Renshan Packaging & Printing Co. Ltd. with an amount of RMB
150.4675 million incurred in the current period; and purchased packaging materials from Shanghai Rencai Printing
Co. Ltd. with an amount of RMB 0.2599 million incurred in the current period.
6. Unsettled projects of related parties of receivables and payables
(1) Receivables
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Closing balance December 31 2024
Items Related parties
Book balance Provision forbad debts Book balance
Provision for
bad debts
Accounts
receivable Xunfeng Technology (Guizhou) Co. Ltd. 1105999.07 17823889.10
Other Kweichow Moutai Distillery (Group) Guiyang
receivables High-tech Real Estate Investment Development 369334.97 334328.84Co. Ltd.Other Kweichow Moutai Distillery (Group) Health
receivables Liquor Sales Co. Ltd. 658296.81 300000.00
Other
receivables Changli Moutai Wine Trade Co. Ltd. 100000.00 100000.00
Other Kweichow Moutai Ecological Agriculture Sales
receivables Co. Ltd. 50000.00 50000.00
Other China Kweichow Moutai Distillery (Group) Co.receivables Ltd. 27330.00
Advances paid Kweichow Moutai Distillery (Group) HealthLiquor Sales Co. Ltd. 104235.12 8600893.80
Advances paid China Kweichow Moutai Distillery (Group)Cultural Tourism Co. Ltd. 34340.00
1. The accounts receivable of Xunfeng Technology (Guizhou) Co. Ltd. was due to the sales of Kweichow Moutai
Sales Co. Ltd. a holding company of the Company via Xunfeng platform where the system adopts the T+7
approach for the settlement of payments for goods;
2. Other receivables of Kweichow Moutai Distillery (Group) Guiyang High-tech Real Estate Investment
Development Co. Ltd. refer to the rental deposit paid by Kweichow Moutai Sales Co. Ltd. and Guizhou Moutai
Import and Export Co. Ltd. two holding subsidiaries of the Company;
3. Other receivables of Kweichow Moutai Distillery (Group) Health Liquor Sales Co. Ltd. refer to the contract
performance bond and promotional service fees of Beijing Friendship Messenger Trading Co. Ltd. a Consolidated
subsidiary of the Company;
180 / 194ANNUAL REPORT 2025
4. Other receivables of Changli Moutai Wine Trade Co. Ltd. refer to the contract performance bond and of Beijing
Friendship Messenger Trading Co. Ltd. a Consolidated subsidiary of the Company;
5. Other receivables of Kweichow Moutai Ecological Agriculture Sales Co. Ltd. refer to the contract performance
bond of Beijing Friendship Messenger Trading Co. Ltd. a Consolidated subsidiary of the Company;
6. Prepayments of Kweichow Moutai Distillery (Group) Health Liquor Sales Co. Ltd. refer to prepayments for
goods by Beijing Friendship Messenger Trading Co. Ltd. a Consolidated subsidiary of the Company.
7. The prepayment to China Kweichow Moutai Distillery (Group) Culture & Tourism Co. Ltd. represents the
payment for cultural and creative products prepaid by Kweichow Moutai Liquor Sales Co. Ltd.
(2) Payables
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Book balance Book balance at the
Items Related parties at the end of beginning of the
the period period
Guizhou Renhuai Shenren Packaging and Printing Co.Accounts payable 126795177.83 133042126.89
Ltd.Chinese-Foreign Venture Dragon and Lion Cap Co. Ltd.Accounts payable 111315136.38 105222807.17
Zhuhai S.E.Z
Accounts payable Kweichow Moutai Logistics Park Grain Storage Co. Ltd. 111116705.04 114821275.40
Kweichow Moutai Distillery (Group) Health Liquor Co.Accounts payable 66840375.21 46356934.31
Ltd.Kweichow Moutai Distillery (Group) Hongyingzi
Accounts payable Agriculture Science and Technology Development Co. 55472199.94 57370465.00
Ltd.Kweichow Moutai Distillery (Group) Guiding Jingqi
Accounts payable 49991274.95 36104470.78
Glass Products Co. Ltd.Accounts payable Kweichow Moutai Distillery (Group) Logistics Co. Ltd. 25789473.98 48845300.00
Accounts payable Kweichow Moutai Hospital 19132016.20 19770000.00
China Kweichow Moutai Distillery (Group) Cultural
Accounts payable 18205054.17 5254007.09
Tourism Co. Ltd.Accounts payable Renhuai Renshan Packaging and Printing Co. Ltd. 15133029.70
Kweichow Moutai Distillery (Group) Hotel Management
Accounts payable 14166440.93 15263363.55
Co. Ltd
Guizhou Shuanglong Feitian Supply Chain Management
Accounts payable 7592050.5
Co. Ltd.Kweichow Moutai Distillery (Group) Circular Economy
Accounts payable 3379614.70 1015100.00
Industrial Investment and Development Co. Ltd.Accounts payable Guizhou Fumingxing Packaging Co.Ltd 1532641.97 1820068.83
Kweichow Moutai (Group) International Travel Agency
Accounts payable 1422061.00 162000.00
Co. Ltd.Accounts payable Huagui Life Insurance Co. Ltd. 1342700.00 702700.00
Accounts payable Shanghai Rencai Printing Co. Ltd. 654332.40
181 / 194ANNUAL REPORT 2025
Book balance Book balance at the
Items Related parties at the end of beginning of the
the period period
Accounts payable Guizhou Xinhuaxi Glass Co. Ltd. 357322.30 7969559.68
Accounts payable Xunfeng Technology (Guizhou) Co. Ltd. 41202.00 1762653.20
Accounts payable Beijing Moutai Trading Co. LTD 12640.00
Accounts payable Shanghai Kweichow Moutai Industrial Co. Ltd. 5720.00
1285446608.
Other payables China Kweichow Moutai Distillery (Group) Co. Ltd. 1366254359.70
99
Kweichow Moutai (Group) International Travel Agency
Other payables 30487708.45 10692225.50
Co. Ltd.Other payables Kweichow Moutai Distillery (Group) Logistics Co. Ltd. 17973890.26 43482049.62
China Kweichow Moutai Distillery (Group) Cultural
Other payables 14440804.57 17596619.66
Tourism Co. Ltd.Kweichow Moutai Distillery (Group) Hongyingzi
Other payables Agriculture Science and Technology Development Co. 5114112.50 3501887.50
Ltd.Other payables Kweichow Moutai Logistics Park Grain Storage Co. Ltd. 4028000.00 4761782.19
Kweichow Moutai Distillery (Group) Circular Economy
Other payables 3050000.00 2272000.00
Industrial Investment and Development Co. Ltd.Kweichow Moutai Distillery (Group) Guiyang High-tech
Other payables 2564423.84 9692.93
Real Estate Investment Development Co. Ltd.Kweichow Moutai Distillery (Group) Health Liquor Co.Other payables 2436712.00 2441695.06
Ltd.Kweichow Moutai Distillery (Group) Hotel Management
Other payables 2333156.00 748955.93
Co. Ltd
Other payables Guizhou Zunyi Moutai Airport Co. Ltd. 1761643.89
Guizhou Renhuai Shenren Packaging and Printing Co.Other payables 1515643.50 3015643.50
Ltd.Chinese-Foreign Venture Dragon and Lion Cap Co. Ltd.Other payables 1500000.00 3000000.00
Zhuhai S.E.Z
Other payables Renhuai Renshan Packaging and Printing Co. Ltd. 1500000.00
Kweichow Moutai Distillery (Group) Technology
Other payables 1448252.69 1514290.43
Development Co. Ltd.Other payables Huagui Life Insurance Co. Ltd. 1300500.00 2541000.00
Other payables Xunfeng Technology (Guizhou) Co. Ltd. 1294775.00 1294775.00
Kweichow Moutai Distillery (Group) Sanya Investment
Other payables 1182500.00 223369.81
Industrial Co. Ltd.Guizhou Shuanglong Feitian Supply Chain Management
Other payables 1139600.00
Co. Ltd.Other payables Guizhou Xinhuaxi Glass Co. Ltd. 1000000.00 1500000.00
Other payables Shanghai Kweichow Moutai Industrial Co. Ltd. 650000.00 194000.00
182 / 194ANNUAL REPORT 2025
Book balance Book balance at the
Items Related parties at the end of beginning of the
the period period
Other payables Beijing Moutai Trade Co. Ltd. 600000.00 500000.00
Kweichow Moutai Distillery (Group) Guiding Jingqi
Other payables 500000.00 2000000.00
Glass Products Co. Ltd.Other payables Kweichow Moutai Group Marketing Co. Ltd. 260000.00 260000.00
Other payables Kweichow Moutai Hospital 255554.81 245500.32
Other payables Shanghai Moutai Trading Co. Ltd. 210000.00
Other payables Moutai Institute 20620.00
Other payables Guizhou Fumingxing Packaging Co.Ltd 1500000.00
Other payables Changli Moutai Wine Trade Co. Ltd. 18165.14
Contract liabilities Kweichow Moutai Group Marketing Co. Ltd. 61053517.70 10247940.71
Contract liabilities Shanghai Kweichow Moutai Industrial Co. Ltd. 544955.75
Kweichow Moutai Distillery (Group) Hotel Management
Contract liabilities 115873.03
Co. Ltd
Contract liabilities Beijing Moutai Trade Co. Ltd. 28035.40 1003730.97
Contract liabilities Kweichow Moutai Distillery (Group) Logistics Co. Ltd. 5306.19
China Kweichow Moutai Distillery (Group) Cultural
Contract liabilities 55580026.55
Tourism Co. Ltd.Lease liabilities (including
the part maturing within China Kweichow Moutai Distillery (Group) Co. Ltd. 135687297.26 153195047.25
one year)
Lease liabilities (including Kweichow Moutai Distillery (Group) Guiyang High-tech
the part maturing within 5288967.62 11074311.54
one year) Real Estate Investment Development Co. Ltd.Lease liabilities (including Kweichow Moutai Distillery (Group) Sanya Investment
the part maturing within 3119086.42 4202767.17
one year) Industrial Co. Ltd.Lease liabilities (including
the part maturing within Kweichow Moutai Distillery (Group) Logistics Co. Ltd. 140617174.55
one year)
Lease liabilities (including Guizhou Shuanglong Feitian Supply Chain Management
the part maturing within 6149007.28
one year) Co. Ltd.
(3) Others
□Applicable √N/A
7. Related-party commitments
□Applicable √N/A
For details see XV. Commitments and Contingencies 1. Important Commitments.
8. Others
√Applicable □N/A
183 / 194ANNUAL REPORT 2025
According to the resolution of the Company’s eleventh Board meeting in 2025 the Company made external
donations totaling RMB 100 million through the Kweichow Moutai Public Welfare Foundation to the public
welfare education assistance programs “China Moutai Backbone of the Nation ” . In addition the Company’s
consolidated subsidiaries Guizhou Laymau Liquor Industry Co. Ltd. and Guizhou Moutai Import and Export Co.Ltd. through their respective approval procedures made external donations of RMB 0.8977 million and RMB
0.4940 million respectively through the Kweichow Moutai Public Welfare Foundation.
XV. Commitments and contingencies
1. Important commitments
√Applicable □N/A
Important external commitments nature and amount existing on the balance sheet date
On May 6 2023 the fourth meeting of the Company's third board of directors reviewed and approved the "Proposal
on investment and participation in the establishment of industrial development funds". In order to improve the rate
of return on capital and create value for all shareholders the Company decided to invest and participate in the
establishment of two industrial development funds. They are respectively Moutai Zhaohua (Guizhou) Industrial
Development Fund Partnership (Limited Partnership) (hereinafter referred to as Moutai Zhaohua Fund) and Moutai
Golden Stone (Guizhou) Industrial Development Fund Partnership (Limited partnership) (hereinafter referred to as
Moutai Golden Stone Fund).The Company participates in the establishment of Moutai Zhaohua Fund and Moutai Golden Stone Fund with its
own funds and the subscribed contribution is 5 billion yuan each. According to the fund establishment agreement
Moutai Zhaohua Fund and Moutai Golden Stone Fund adopt the subscribed capital system and the investment
period is five years. During the investment period the Company will fulfill its contribution obligations in three
phases.In 2023 the Company has completed the first payment of RMB 2 billion for Moutai Zhaohua Fund and Moutai
Golden Stone Fund respectively according to the investment schedule.As of the balance sheet date the outstanding balance of subscribed contributions of the Company to the Moutai
Zhaohua Fund and the Moutai Golden Stone Fund are both RMB 3 billion.
2. Contingent matters
(1) Important contingencies existing on the balance sheet date
□Applicable √N/A
(2) The Company should also explain the important contingent matters that are not required to be disclosed:
□Applicable √N/A
3. Others
□Applicable √N/A
XIV. Post balance sheet events
1. Significant non-adjustment matters
184 / 194ANNUAL REPORT 2025
□Applicable √N/A
2. Profit distribution
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Profit or dividend to be distributed 35032568759.73
3. Sales return
□Applicable √N/A
4. Notes to other post balance sheet events
□Applicable √N/A
XVII. Other Important Matters
1. Other important transactions and events that have an impact on the decision of investors
√Applicable □N/A
(1) Repurchase of shares of the Company
A. The Company held the first extraordinary General Meeting of shareholders in 2024 on November 27 2024
deliberated and approved the Plan on the Repurchase of the Company's Shares by Centralized Bidding and disclosed
the Repurchase Report on the Repurchase of the Company's Shares by Centralized Bidding on December 28 2024.The Company will use its own funds to repurchase shares through centralized bidding for cancellation and reduction
of registered capital. The repurchase price shall not exceed 1771.90 yuan/share (inclusive) and the repurchase
amount shall not be less than 3 billion yuan (inclusive) and not more than 6 billion yuan (inclusive). The
implementation period shall be 12 months from the date when the general meeting of shareholders of the Company
deliberates and adopts the repurchase plan. As at the balance sheet date the Company had cumulatively repurchased
3927585 shares with a total consideration paid of RMB 5999985966.95 (excluding transaction costs) and the
shares had been canceled during the current year with China Securities Depository and Clearing Corporation Limited
Shanghai Branch.B. On 28 November 2025 the Company convened the First Extraordinary General Meeting of Shareholders of 2025
at which the Plan on the Repurchase of Company Shares through Centralized Bidding Transactions was reviewed
and approved. On 25 December 2025 the Company disclosed the Repurchase Report on the Repurchase of
Company Shares through Centralized Bidding Transactions. The Company intends to use its own funds to
repurchase shares through centralized bidding transactions for the purpose of cancellation and reduction of registered
capital. The repurchase price shall not exceed RMB 1863.67 per share (inclusive). Following the implementation of
the 2025 interim profit distribution the upper limit of the repurchase price was adjusted from RMB 1887.63 per
share (inclusive) to RMB 1863.67 per share (inclusive). The total repurchase amount shall be no less than RMB 1.5
billion (inclusive) and no more than RMB 3.0 billion (inclusive). The implementation period shall be within 6
months from the date on which the repurchase plan was approved by the General Meeting of Shareholders. As at the
date of approval for issuance of the financial statements the Company had cumulatively repurchased 842576 shares
with a total consideration paid of RMB 1182173328.55 (excluding transaction costs).
(2) Increase in Shareholding by the Controlling Shareholder
On 30 August 2025 the Company disclosed the Announcement on the Shareholding Increase Plan of the
Controlling Shareholder. The Company’s controlling shareholder planned to increase its shareholding in the
185 / 194ANNUAL REPORT 2025
Company through centralized bidding transactions within six months from the date of the announcement with a
proposed increase amount of not less than RMB 3.0 billion (inclusive) and not more than RMB 3.3 billion
(inclusive).As of the balance sheet date the shareholding increase plan had been fully implemented. Moutai Group increased its
holdings by 2071359 shares representing 0.17% of the Company’s total share capital with a total increase amount
of RMB 3000089293.91. Upon completion Moutai Group directly held 681282935 shares of the Company
representing 54.40% of the total share capital. Moutai Group together with its subsidiary Kweichow Moutai
Distillery (Group) Technology Development Co. Ltd. held an aggregate of 709132623 shares representing
56.63% of the Company’s total share capital.
(3) Establishment of a Wholly-Owned Subsidiary Guizhou i Moutai Digital Technology Co. Ltd.
On 1 January 2026 the Company subscribed capital of RMB 600 million to establish a wholly-owned subsidiary
Guizhou i Moutai Digital Technology Co. Ltd.
2. Others
□Applicable √N/A
XVIII. Notes to the main items of the parent Company's financial statements
1. Accounts receivable
(1) Disclosure by aging
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Aging Book balance as at the end of the period Book balance at the beginning of the period
Within 1 year 11895319134.75 11800123743.35
Sub-total within 1 year 11895319134.75 11800123743.35
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
Over 5 years
Total 11895319134.75 11800123743.35
(2) Disclosure by category based on the method for provision for bad debts
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the end of the period Balance at the beginning of the period
Provision for bad Provision for bad
Book balance Book balance
debts debts
Type
Proportion Book value Proportion Book value
Ratio Ratio
Amount Amount of Amount Amount of
(%)(%)
provision provision
186 / 194ANNUAL REPORT 2025
(%)(%)
Provision for bad debts
accrued on an
individual basis
Bad debt provision
11895319134.7510011895319134.7511800123743.3510011800123743.35
assessed by portfolio
Including:
Portfolio of related
parties within the scope 11895319134.75 100 11895319134.7511800123743.35 100 11800123743.35
of consolidation
Total 11895319134.75 / / 11895319134.7511800123743.35 / / 11800123743.35
Bad debt provision assessed by portfolio:
√Applicable □N/A
Combination of withdrawal items: combination of related parties within the scope of merger.Monetary Unit: Yuan Currency: RMB
Balance at the end of the period
Name of company
Accounts receivable Provision for bad debts Proportion of provision (%)
Combination of related parties
11895319134.75
within the scope of merger
Total 11895319134.75
Explanation on provision for bad debts by combination:
□Applicable √N/A
(3) Top 5 accounts receivable based on debtors and corresponding contract assets
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Proportion in the total of
Closing
Closing balances of balances of Accounts
Closing balance of Closing Balance balance of
Entity name accounts receivable receivable and contract
accounts receivable of contract assets provision for
and contract assets assets at the end of the
bad debts
period(%)
Kweichow Moutai Sales Co.
9458780667.849458780667.8479.52
Ltd.Kweichow Moutai-Flavor Liquor
1496384640.141496384640.1412.58
Marketing Co. Ltd.Guizhou Moutai Import and
940153826.77940153826.777.90
Export Co. Ltd.Total 11895319134.75 11895319134.75 100.00
187 / 194ANNUAL REPORT 2025
2. Other receivables
Presentation of items
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of the period
Interest receivables
Dividends receivables
Other receivables 10126887.61 14610394.65
Total 10126887.61 14610394.65
Other receivables
(1) Disclosure by aging
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Aging Book balance at the end of the period Book balance at the beginning of the period
Within 1 year 10099557.61 14083444.65
Sub-total within 1 year 10099557.61 14083444.65
1 - 2 years 697195.00
2 - 3 years 27330.00
3 - 4 years
4 - 5 years
Over 5 years
Total 10126887.61 14780639.65
(2) Classification by nature of payment
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Nature of payment Book balance as at the end of the period Book balance at the beginning of the period
Petty cash 2315598.08 4177473.75
Current payment 7811289.53 10603165.90
Total 10126887.61 14780639.65
(3) Details for making provision for bad debts
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Stage I Stage II Stage III
Provision for bad debts 12-month expected Lifetime expected credit loss Lifetime expected credit loss Total
credit loss (without credit impairment) (with credit impairment)
Balance as of January 1 2025 170245.00 170245.00
Balance as of January 1 2025 in the current period
188 / 194ANNUAL REPORT 2025
- Transfer to Stage II
- Transfer to Stage III
- Reversal from Stage II
- Reversal from Stage I
Provision in the current period
Reversal in the current period 170245.00 170245.00
Charge-off in the current period
Write-off in the current period
Other changes
Balance as of December 31 2025
Explanation of significant changes in book balance of other receivables with changes in loss provisions in the
current period:
□Applicable √N/A
Notes to the obvious changes in the book balance of other receivables with changes in provision for losses in the
current period:
□Applicable √N/A
(4) Provision for bad debts
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at Change in this period
Balance at the end
Type The beginning Recovery or Write-off or
Provision Other changes of the period
of the period reversal charge-off
Bad debt provision
170245.00170245.00
assessed by portfolio
Total 170245.00 170245.00
Reversal or recovery of significant amount of provision for bad debts in the current period:
□Applicable √N/A
(5) Other receivables write off in the current period
□Applicable √N/A
Among them other important receivables are written off:
□Applicable √N/A
Description of write-off of other receivables:
□Applicable √N/A
(6) Top 5 of other receivables presented by debtor
189 / 194ANNUAL REPORT 2025
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Provision for bad
Proportion in the total
Balance at the end of the debts Balance at
Entity name closing balance of other Nature of payment Aging
period the end of the
receivables (%)
period
China Railway 22nd
Bureau Group Co. 1133403.85 11.19 Current payment Within 1 year
Ltd.Luo Meng 612796.90 6.05 Petty cash Within 1 year
Jiao Yuanquan 479813.99 4.74 Petty cash Within 1 year
Gu Yingcai 250000.00 2.47 Petty cash Within 1 year
Luo Xiaoyue 111120.30 1.10 Petty cash Within 1 year
Total 2587135.04 25.55 / /
A. Receivables of China Railway 22nd Bureau Group Co. Ltd. refer to the water and electricity charges at Xinzhai
and Dadi production areas paid by Heyixing Liquor Branch of Kweichow Moutai Co. Ltd. on the Company's
behalf.B. Luo Meng is an employee of the Company and the loan is for litigation and market rights protection.C. Jiao Yuanquan is an employee of the Company and the loan is for litigation and market rights protection.D. Gu Yingcai is an employee of the Company and the loan is for purchasing wine-tasting training materials.E. Luo Xiaoyue is an employee of the company and the loan is for covering electricity bills.
(7) Items presented as other receivables on account of the collective funds management
□Applicable √N/A
3. Long-term equity investments
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the end of the period Balance at the beginning of the period
Item Provision For Provision
Book balance Book value Book balance Book value
impairment For impairment
Investment to subsidiaries 1610535587.55 1610535587.55 1610535587.55 1610535587.55
Investments in associates
147181873.67147181873.67
and joint ventures
Total 1757717461.22 1757717461.22 1610535587.55 1610535587.55
(1) Investments in subsidiaries
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Provision
Changes during the period Provision for
Opening balance for Closing balance
Investee impairment- closing
(Book value) impairment- Additional Reduction/ Provision (Book value)
Others balance
opening Investment Withdrawal for
190 / 194ANNUAL REPORT 2025
balance impairme
nt
Guizhou Moutai
Import and Export 5600000.00 5600000.00
Co. Ltd.Kweichow Moutai
9500000.009500000.00
Sales Co. Ltd.Kweichow Moutai
Group Finance Co. 1275000000.00 1275000000.00
Ltd.Kweichow
Moutai-Flavor
200000000.00200000000.00
Liquor Marketing
Co. Ltd.Beijing Friendship
Messenger Trading 22507157.75 22507157.75
Co. Ltd.Kweichow Moutai
Paris Trading Co. 80728429.80 80728429.80
Ltd.Guizhou Laymau
Liquor Industry 17200000.00 17200000.00
Co. Ltd.Total 1610535587.55 1610535587.55
(2) Investments in associates and joint ventures
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Increase/decrease during the period Closi
ng
Other
Investment balanOpening compr Declarati Closing
income/los ce ofbalance
Investee Invest ehensi Other on of Provis
balance
impa
(Carrying sAdditional ment ve chang cash ion for Oth (Carrying
value recognized
irme
) investment reducti incom es in dividend impair ers value)
under the nt
on e equity s or ment
equity provi
adjust profits
method sion
ment
1. Associate
191 / 194ANNUAL REPORT 2025
2. Joint ventures
Kweichow
Moutai
Biotechnology 147181873.
147000000.00181873.67
Research and 67
Development
Co. Ltd.
147181873.
Sub-total 147000000.00 181873.67
67
147181873.
Total 147000000.00 181873.67
67
(3) Impairment testing of long-term equity investments
□Applicable √N/A
4. Operating revenue and operating costs
(1) Operating revenue and operating costs
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Amount in the current period Amount in the prior period
Item
Revenue Cost Revenue Cost
Primary business 98259160287.86 15962673538.25 94221119876.28 14103100502.84
Other business 59369800.87 86112182.46 305616960.13 195335742.88
Total 98318530088.73 16048785720.71 94526736836.41 14298436245.72
(2) Breakdown of operating revenue and operating costs
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Total
Contract classification
Operating revenue Operating costs
By product:
Moutai 85303562214.34 9956807583.88
Series liquor 12955598073.52 6005865954.37
Other business 59369800.87 86112182.46
By regional segment:
Domestic 93473954933.12 15646578438.31
Overseas 4844575155.61 402207282.40
192 / 194ANNUAL REPORT 2025
Classification by marketing channel
Wholesale agency 98274214928.47 15967282269.79
Direct selling 44315160.26 81503450.92
Total 98318530088.73 16048785720.71
(3) Description of performance obligation
√Applicable □N/A
The revenue is confirmed when the customer acquires the control of the goods agreed in the contract and the
Company fulfills the contract performance obligation.
(4) Description of allocation to remaining performance obligations
□Applicable √N/A
5. Investment income
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current period Amount in the prior period
Income from long-term equity investments under the cost method 49653138761.40 42023527068.33
Income from long-term equity investments under the equity method 181873.67
Investment income from disposal of long- term equity investments
Investment income from held-for-trading financial assets during the
holding period
Dividend income earned from other equity instrument investments
during the holding period
Interest income earned from debt investments during the holding
period
Interest income earned from other debt investments during the holding
period
Investment income from the disposal of held-for-trading financial
assets
Investment income from disposal of other equity instrument
investments
Investment income from disposal of debt investments
Investment income from disposal of other debt investments
Gains from debt restructuring
Total 49653320635.07 42023527068.33
XIX. Supplementary information
1. Details of current non-recurring profit and loss
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
193 / 194ANNUAL REPORT 2025
Item Amount Description
Profit or loss of disposal of non-current assets
-2384586.28
(including the offset amount where provision for asset impairment has been made)
Government grants included in the current profit or loss (except for government grants closely
related with the normal business of the Company obtained based on the established
4271947.79
standard in accordance with national policies and provisions and having the continuous influence
on the profits or losses of the Company)
The profit or loss from changes in the fair value of financial assets and financial liabilities held by
non-financial enterprises and the profit or loss from the disposal of financial assets and financial 76162597.66
liabilities except the effective hedging relevant to the Company’s normal business
Other non-operating revenues and expenses except for the above-mentioned items -48197347.69
Other items ofprofit or loss subject to the definition of non-recurring profit or loss 7138800.00
Less: Influenced amount of income tax 9247852.87
Adjustment of non-controlling equity (after tax) 784112.18
Total 26959446.43
Where the Company recognizes the items not listed in the Explanatory Notice on Information Disclosure of
Companies that Issue Securities Publicly No.1 - Non-recurring Profit or Loss as the non-recurring profit or loss
items with the significant amount or defines the non-recurring profit and loss items listed in Explanatory Notice
on Information Disclosure of Companies that Issue Securities Publicly No.1 - Non- recurring Profit or Loss as
recurring profit or loss items reasons shall be given.□Applicable √N/A
2. Return on net assets and earnings per share
√Applicable □N/A
Earnings per share
Weighted Average return
Profit in the reporting period Basic earnings per Diluted earnings per
on net assets (%)
share share
Net profit attributable to ordinary shareholders of the Company 32.53 65.66 65.66
Net profit attributable to ordinary shareholders of the Company
32.5265.6465.64
after deducting non-recurring profit and loss
3. Differences of accounting data under domestic and foreign accounting standards
□Applicable √N/A
Chairman: Chen Hua
Date of approval and submission by the Board: April 15 2026
Revision information
□Applicable √N/A
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