Q1 2025 Report of Luzhou Laojiao Co. Ltd.Stock Code: 000568 Stock abbreviation: Luzhou Laojiao Announcement No. 2025-17

Luzhou Laojiao Co. Ltd.Q1 2025 Report

Luzhou Laojiao Co. Ltd. (hereinafter referred to as the “Company”) and all the members of the

Company’s Board of Directors hereby guarantee that the contents of this Report are true accurate and

complete and free of any misrepresentations misleading statements or material omissions.Important Statements:

1. The Board of Directors Board of Supervisors directors supervisors and senior management

guarantee that the information presented in this report is free of any false records misleading statements

or material omissions and shall individually and together be legally liable for truthfulness accuracy and

completeness of its contents.

2. The responsible person for the Company the responsible person for accounting work and the

responsible person for the Company’s financial affairs (Accounting Supervisor) have warranted that the

financial statements in this report are true accurate and complete.

3. Whether the financial statements of this report have been audited by an auditor

□Yes □ No

This report has been prepared in both Chinese and English. Should there be any discrepancies or

misunderstandings between the two versions the Chinese version shall prevail.

1Q1 2025 Report of Luzhou Laojiao Co. Ltd.

1. Key financial information

1.1 Key accounting data and financial indicators

Whether the Company performed a retroactive adjustment to or restatement of accounting data.□Yes □ No

Q1 2025 Q1 2024 YoY change (%)

Operating revenues (CNY) 9352165445.50 9188402377.79 1.78%

Net profits attributable to

shareholders of the 4592780509.90 4573950129.90 0.41%

Company (CNY)

Net profits attributable to

shareholders of the

Company before non- 4595090018.42 4552423532.38 0.94%

recurring gains and losses

(CNY)

Net cash flows from

3307744331.604359428564.46-24.12%

operating activities (CNY)

Basic earnings per share

3.133.120.32%

(CNY/share)

Diluted earnings per share

3.133.120.32%

(CNY/share)

Weighted average ROE 9.48% 10.43% -0.95%

March 31 2025 December 31 2024 Change (%)

Total assets (CNY) 66780933304.60 68334595564.58 -2.27%

Net assets attributable to

shareholders of the 50165245185.51 47388500553.46 5.86%

Company (CNY)

1.2 Non-recurring gains and losses

□Applicable □ N/A

Unit: CNY

Item Q1 2025 Note

Government grants recognized in

profit or loss (exclusive of those that

are closely related to the Company's

normal business operations and

given in accordance with defined 16648224.19

criteria and in compliance with

government policies and have a

continuing impact on the Company's

profit or loss)

Gain or loss on fair-value changes in

financial assets and liabilities held by

a non-financial enterprise as well as

on disposal of financial assets and

5871204.39

liabilities (exclusive of the effective

portion of hedges that is related to

the Company's normal business

operations)

Other non-operating income and

expenditure except above-mentioned -25597689.62

items

2Q1 2025 Report of Luzhou Laojiao Co. Ltd.

Less: Corporate income tax -769565.29

Minority interests (after tax) 812.77

Total -2309508.52 --

Other items that meet the definition of non-recurring gain/loss:

□Applicable □ N/A ?

No such cases for the reporting period.Explain the reasons if the Company classifies any non-recurring gain/loss item mentioned in the

Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to

the Public-Non-Recurring Gains and Losses as a recurring gain/loss item.□Applicable □ N/A ?

No such cases for the reporting period.

1.3 Changes in key financial data and indicators and reasons for the changes

□ Applicable □ N/A

A. The closing balance of accounts receivables financing decreased by CNY 602756258.64 compared

to the opening balance indicating a decrease of 33.45%. It was mainly due to the discounting of notes

and the honoring of due notes in the current period.B. The closing balance of prepayment increased by CNY 117619722.04 compared to the opening

balance indicating an increase of 94.95%. It was mainly due to the increased prepayment to suppliers

for advertising.C. The closing balance of other current assets decreased by CNY 207243467.97 compared to the

opening balance indicating a decrease of 85.96%. It was mainly due to the offsetting in the current period

of the overpaid tax in the prior period.D. The closing balance of deferred tax assets decreased by CNY 179179125.98 compared to the

opening balance indicating a decrease of 42.24%. It was mainly due to the decreased unrealized profits

of internal transactions and the relevant reversal as a result of the unlocking of restricted shares.E. The closing balance of employee benefits payable decreased by CNY 230481981.50 compared to

the opening balance indicating a decrease of 41.63%. It was mainly due to the settlement in the current

period of performance-based pay for last year.F. The closing balance of taxes payable decreased by CNY 1023611643.36 compared to the opening

balance indicating a decrease of 31.65%. It was mainly due to the payment of the opening taxes payable

in the current period.G. The closing balance of non-current liabilities due within one year increased by CNY 1499492365.17

compared to the opening balance indicating an increase of 45.76%. It was mainly due to the

reclassification of long-term loans due within one year and the repayment of due corporate bonds.

3Q1 2025 Report of Luzhou Laojiao Co. Ltd.

H. The closing balance of long-term loans decreased by CNY 3051700000.00 compared to the opening

balance indicating a decrease of 48.59%. It was mainly due to the reclassification of long-term loans to

non-current liabilities due within one year.I. The closing balance of treasury stock decreased by CNY 167523448.69 compared to the opening

balance indicating a decrease of 48.46%. It was mainly due to the relevant reversal as a result of the

unlocking of restricted shares in the current period.J. Financial expenses in the current period decreased by CNY 60239722.44 compared to the same

period of last year. It was mainly due to the reclassification of note discount expenses to investment

income in the current period.K. Other income in the current period increased by CNY 11168461.78 compared to the same period of

last year indicating an increase of 139.02%. It was mainly due to the increased amortization of deferred

income in the current period.L. Investment income in the current period decreased by CNY 18947842.40 compared to the same

period of last year indicating a decrease of 102%. It was mainly due to the reclassification of note discount

expenses.M. Gains from the changes in fair values in the current period decreased by CNY 18661129.65

compared to the same period of last year indicating a decrease of 81.86%. It was mainly due to the

changes in the net value of financial management products in the current period.N. Non-operating expenses in the current period increased by CNY 26172463.55 compared to the same

period of last year indicating an increase of 3162.31%. It was mainly due to the increased donation

expenses in the current period.O. Net cash flows from investing activities in the current period decreased by CNY 60158437.67

compared to the same period of last year. It was mainly due to the increased cash payments for long-

term asset investments in the current period.P. Net cash flows from financing activities in the current period decreased by CNY 5439119558.41

compared to the same period of last year indicating a decrease of 296.57%. It was mainly due to the

interim dividend payout and the repayment of principals of corporate bonds with interest.

2. Shareholder information

2.1 Total numbers of common shareholders and preference shareholders with resumed voting

rights as well as shareholdings of top 10 shareholders

Unit: Share

Total number of common Total number of preference shareholders with

shareholders at the end of the 180122 resumed voting rights at the end of the reporting 0

reporting period period (if any)

Shareholdings of the top 10 shareholders (exclusive of shares lent in refinancing)

Number of Pledged marked or frozen

Name of Nature of Shareholding Total shares holding shares

shareholder shareholder percentage held restricted Status of Number of

shares shares shares

Luzhou State-owned 25.89% 381088389.00 0.00 N/A 0.00

4Q1 2025 Report of Luzhou Laojiao Co. Ltd.

Laojiao Group corporation

Co. Ltd.Luzhou

XingLu

State-owned

Investment 24.86% 365971142.00 0.00 N/A 0.00

corporation

Group Co.Ltd.Bank of China

Co. Ltd. –

Baijiu index

classification

securities Other 3.13% 46054228.00 0.00 N/A 0.00

investment

fund by China

Merchants

Fund

Hong Kong

Securities

Outbound

Clearing 2.55% 37466958.00 0.00 N/A 0.00

corporation

Company

Limited

China

Securities

Finance Other 2.30% 33842059.00 0.00 N/A 0.00

Corporation

Limited

Bank of China

Co. Ltd.－

Blue chip

selected

hybrid Other 1.58% 23200100.00 0.00 N/A 0.00

securities

investment

fund by E

Fund

Central Huijin

Asset State-owned

0.92% 13539862.00 0.00 N/A 0.00

Management corporation

Co. Ltd.Industrial and

Commercial

Bank of China

Co. Ltd.-

Huatai- Other 0.82% 12083435.00 0.00 N/A 0.00

Pinebridge

CSI 300

Exchange-

Traded Fund

Industrial and

Commercial

Bank of China

Co. Ltd.-New

growth hybrid Other 0.82% 12000000.00 0.00 N/A 0.00

securities

investment

fund by

Invesco Great

5Q1 2025 Report of Luzhou Laojiao Co. Ltd.

Wall

China

Construction

Bank

Corporation－

Other 0.67% 9867625.00 0.00 N/A 0.00

Penghua

Wine & Liquor

Exchange-

Traded Fund

Shareholdings of the top 10 non-restricted shareholders (exclusive of shares lent in refinancing and locked shares of

executives)

Type and number of shares

Name of shareholder Number of non-restricted shares held

Type Number

CNY common 381088389.0

Luzhou Laojiao Group Co. Ltd. 381088389.00

shares 0

Luzhou XingLu Investment CNY common 365971142.0

365971142.00

Group Co. Ltd. shares 0

Bank of China Co. Ltd. – Baijiu

index classification securities CNY common

46054228.0046054228.00

investment fund by China shares

Merchants Fund

Hong Kong Securities Clearing CNY common

37466958.0037466958.00

Company Limited shares

China Securities Finance CNY common

33842059.0033842059.00

Corporation Limited shares

Bank of China Co. Ltd.－Blue

CNY common

chip selected hybrid securities 23200100.00 23200100.00

shares

investment fund by E Fund

Central Huijin Asset CNY common

13539862.0013539862.00

Management Co. Ltd. shares

Industrial and Commercial

Bank of China Co. Ltd.- CNY common

12083435.0012083435.00

Huatai-Pinebridge CSI 300 shares

Exchange-Traded Fund

Industrial and Commercial

Bank of China Co. Ltd.-New

CNY common

growth hybrid securities 12000000.00 12000000.00

shares

investment fund by Invesco

Great Wall

China Construction Bank

CNY common

Corporation－Penghua Wine & 9867625.00 9867625.00

shares

Liquor Exchange-Traded Fund

1. Luzhou Laojiao Group Co. Ltd. (hereinafter referred to as

“Laojiao Group”) and Luzhou XingLu Investment Group Co. Ltd.are both holding state-owned companies under the jurisdiction of

the State-owned Assets Supervision and Administration

Commission of Luzhou. The two companies signed the agreement

of persons acting in concert. For details please refer to the

announcement of the Company on May 23 2024 - Announcement

Related parties or acting-in-concert on the Renewed Agreement of Persons Acting in Concert Signed

by Shareholders (Announcement No. 2024-22).

2. In 2024 Luzhou Laojiao Group Co. Ltd. through its wholly-

owned subsidiary Sichuan Golden Rudder Investment Co. Ltd.increased its holdings in the Company by 1140200 shares

through call auction trading accounting for 0.08% of the total

share capital of the Company. By the end of the reporting period

6Q1 2025 Report of Luzhou Laojiao Co. Ltd.

Luzhou Laojiao Group Co. Ltd. and Sichuan Golden Rudder

Investment Co. Ltd. collectively held 382228589 shares in the

Company representing 25.97% of the total share capital of the

Company.

3. In addition whether there is an association between the

remaining shareholders or they belong to persons acting in

concert is unknown.Top 10 shareholders participating in securities

N/A

margin trading (if any)

5% or greater shareholders top 10 shareholders and Top 10 unrestricted shareholders involved in

refinancing shares lending

□Applicable □ N/A

Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares

lending/return compared with the prior period

□Applicable □ N/A

2.2 Total number of preferred shareholders and shareholdings of the top 10 preferred

shareholders

□Applicable □ N/A

3. Other significant events

□Applicable □ N/A

A. On January 21 2025 the Company held the Eighth Meeting of the 11th Board of Directors and the

Sixth Meeting of the 11th Board of Supervisors at which the Proposal on the Satisfaction of Unlocking

Conditions for the First Unlocking Period of the Reserved Restricted Shares under the 2021 Restricted

Share Incentive Plan and the Proposal on the Satisfaction of Unlocking Conditions for the Second

Unlocking Period of the 2021 Restricted Share Incentive Plan were reviewed and approved respectively.As the unlocking conditions had been satisfied for the first unlocking period of the reserved restricted

shares under the 2021 Restricted Share Incentive Plan a total of 37069 restricted shares held by 17

eligible awardees were unlocked for public trading on February 17 2025. Meanwhile as the unlocking

conditions had been satisfied for the second unlocking period of the 2021 Restricted Share Incentive Plan

a total of 2022530 restricted shares held by 434 eligible awardees were unlocked for public trading on

February 24 2025.B. The Company invested in the technical upgrade program of intelligent brewing (Phase I) with the

wholly-owned subsidiary Luzhou Laojiao Brewing Co. Ltd. as the implementer. The total investment

amount approximated CNY 4782.5090 million. For further information see Announcement No. 2022-24

on the Implementation of Luzhou Laojiao’s Technical Upgrade Program of Intelligent Brewing (Phase I)

by Subsidiary. The program is currently under construction.C. On January 24 2025 the Company carried out the 2024 interim dividend payout of CNY 13.58 (tax

inclusive) for every 10 existing shares held totaling CNY 1998910141.07 (tax inclusive).

7Q1 2025 Report of Luzhou Laojiao Co. Ltd.

4. Financial statements

4.1 Financial statements

4.1.1 Consolidated balance sheet

Prepared by: Luzhou Laojiao Co. Ltd.March 31 2025

Unit: CNY

Item March 31 2025 December 31 2024

Current assets:

Cash and cash equivalents 33231596265.59 33578396831.33

Settlement reserves

Lending funds

Held-for-trading financial assets 1391691462.99 1694282295.97

Derivative financial assets

Notes receivables

Accounts receivables 15207500.27 11022302.31

Accounts receivables financing 1199191197.14 1801947455.78

Prepayment 241490004.69 123870282.65

Premiums receivable

Reinsurance accounts receivable

Reinsurance contract reserve

Other receivables 8584456.10 13053645.00

Including：Interests receivable

Dividends receivable

Buying back the sale of financial

assets

Inventories 13279875794.16 13392794475.96

Including: Data resource

Contract assets

Assets held for sale

Non-current assets due within one

year

Other current assets 33838440.92 241081908.89

Total current assets 49401475121.86 50856449197.89

Non-current assets:

Disbursement of loans and advances

Investments in debt obligations

Investments in other debt obligations

Long-term receivables

Long-term equity investments 2831422148.18 2801252317.93

Investments in other equity

400119557.95407194706.55

instruments

Other non-current financial assets

Investment property 49524449.85 50246694.16

Fixed assets 8962011726.25 9131776915.51

Construction in progress 974337683.33 807233988.90

Productive biological assets

Oil and gas assets

Use right assets 27143946.12 29254214.23

Intangible assets 3472265416.58 3417898796.19

Including: Data resource

Development expenses

Including: Data resource

8Q1 2025 Report of Luzhou Laojiao Co. Ltd.

Goodwill

Long-term deferred expenses 1542838.16 1756272.03

Deferred tax assets 245005967.06 424185093.04

Other non-current assets 416084449.26 407347368.15

Total non-current assets 17379458182.74 17478146366.69

Total assets 66780933304.60 68334595564.58

Current liabilities:

Short-term loans

Borrowings from the central bank

Loans from other banks

Held-for-trading financial liabilities

Derivative financial liabilities

Notes payable

Accounts payable 1526522728.93 1844497206.78

Advance from customer

Contract liabilities 3065704152.19 3978131528.88

Financial assets sold for repurchase

Deposits from customers and inter-

bank

Customer brokerage deposits

Securities underwriting brokerage

deposits

Employee benefits payable 323098787.49 553580768.99

Taxes payable 2210336953.72 3233948597.08

Other payable 692178947.65 873595429.08

Including：Interests payable

Dividends payable 29668290.20 29668290.20

Handling charges and commissions

payable

Reinsurance accounts payable

Liabilities held for sale

Non-current liabilities due within one

4776120981.913276628616.74

year

Other current liabilities 398536991.59 516729820.48

Total current liabilities 12992499543.48 14277111968.03

Non-current liabilities:

Insurance contract reserves

Long-term loans 3228200000.00 6279900000.00

Bonds payable

Including：Preference shares

Perpetual bonds

Lease liabilities 23260493.44 24528519.13

Long-term payables

Long-term payroll payables

Accrued liabilities

Deferred income 80455288.74 86672726.83

Deferred tax liabilities 152183995.33 158375714.88

Other non-current liabilities

Total non-current liabilities 3484099777.51 6549476960.84

Total liabilities 16476599320.99 20826588928.87

Owners' equity

Share capital 1471951503.00 1471951503.00

Other equity instruments

Including: preference shares

Perpetual bonds

Capital reserves 5387122217.80 5365763566.55

Less: treasury stock 178175995.20 345699443.89

Other comprehensive income 78227278.66 84235115.38

9Q1 2025 Report of Luzhou Laojiao Co. Ltd.

Special reserves

Surplus reserves 1471951503.00 1471951503.00

General risk reserve

Undistributed profits 41934168678.25 39340298309.42

Total equity attributable to owners of

50165245185.5147388500553.46

the parent company

Non-controlling interests 139088798.10 119506082.25

Total owners' equity 50304333983.61 47508006635.71

Total liabilities and owners' equity 66780933304.60 68334595564.58

Legal representative：Liu Miao

Person in charge of accounting affairs：Xie Hong

Person in charge of accounting department：Song Ying

4.1.2 Consolidated income statement

Unit: CNY

Item Q1 2025 Q1 2024

1. Total operating revenue 9352165445.50 9188402377.79

Including: Operating revenue 9352165445.50 9188402377.79

Interest income

Earned premium

Fee and commission

income

2. Total operating costs 3218498654.93 3126339967.34

Including: Cost of sales 1261650794.98 1068393034.10

Interest expense

Handling charges and

commission expenses

Refunded premiums

Net payments for

insurance claims

Net provision for

insurance contracts

Bond insurance expense

Reinsurance Expenses

Taxes and surcharges 1089740352.82 1143231107.37

Selling and distribution

766999539.58720930095.03

expenses

General and

193087410.88228669867.50

administrative expenses

Research and

32435337.3030290921.53

Development expenses

Financial expenses -125414780.63 -65175058.19

Including：Interest

52002581.19150321893.20

expenses

Interest income 179345923.67 216342852.29

Plus: Other income 19202006.29 8033544.51

Investment income ("-" for

-372207.3718575635.03

losses)

Including: income from

investment in associates and joint 35884043.67 22958991.23

ventures

Income from the

derecognition of financial assets

measured at amortized cost

Foreign exchange gains ("-"

for losses)

Net gain on exposure hedges

10Q1 2025 Report of Luzhou Laojiao Co. Ltd.

(“-” for losses)

Gains from the changes in fair

4135698.8722796828.52values(“-“ for losses)Credit impairment losses (“-”

-1320090.80386569.13

for losses)Impairment losses(“-“ forlosses)

Gains from disposal of

assets("-" for losses)

3. Operating profits ("-" for losses) 6155312197.56 6111854987.64

Plus: non-operating income 1402410.38 5625187.06

Less: non-operating expenses 27000100.00 827636.45

4. Total profits before tax ("-" for

6129714507.946116652538.25

total losses)

Less: income tax expenses 1517908446.03 1538281406.31

5. Net profit ("-" for net loss) 4611806061.91 4578371131.94

5.1 By operating continuity

5.1.1 Net profit from continuing

4611806061.914578371131.94

operation ("-" for losses)

5.1.2 Net profit from discontinued

operation ("-" for losses)

5.2 By ownership

1) Attributable to owners of the

4592780509.904573950129.90

parent company

2) Attributable to non-controlling

19025552.014421002.04

interests

6. Net of tax from other

-5638274.59-18978063.93

comprehensive income

Net of tax from other comprehensive

income to the owner of the parent -6007836.72 -19096034.51

company

6.1 Other comprehensive income

cannot be reclassified into the profit -4737889.70 -17060226.55

and loss:

1) Remeasure the variation of net

indebtedness or net asset of defined

benefit plans

2) Share in other comprehensive

income that cannot be classified into 568471.73

profit and loss under equity method

3) Changes in fair value of

investments in other equity -5306361.43 -17060226.55

instruments

4) Changes in fair value of the

company’s credit risks

5) Other

6.2 Other comprehensive income

that will be reclassified into the profit -1269947.02 -2035807.96

and loss

1) Share in other comprehensive

income that will be classified into -1721666.73 -2180946.52

profit and loss under equity method

2) Changes in fair value of

investments in other debt obligations

3) Other comprehensive income

arising from the reclassification of

financial assets

4) Allowance for credit impairments in

investments in other debt obligations

5) Reserve for cash-flow hedge

6) Balance arising from the

translation of foreign currency 451719.71 145138.56

financial statements

7) Others

11Q1 2025 Report of Luzhou Laojiao Co. Ltd.

Net of tax from other comprehensive

369562.13117970.58

income to non-controlling interests

7. Total comprehensive income 4606167787.32 4559393068.01

Total comprehensive income

attributable to owners of the parent 4586772673.18 4554854095.39

company

Total comprehensive income

attributable to non-controlling 19395114.14 4538972.62

interests

8. Earnings per share

(1) Basic earnings per share 3.13 3.12

(2) Diluted earnings per share 3.13 3.12

Legal representative：Liu Miao

Person in charge of accounting affairs：Xie Hong

Person in charge of accounting department：Song Ying

4.1.3 Consolidated statement of cash flows

Unit: CNY

Item Q1 2025 Q1 2024

1. Cash flows from operating

activities

Cash received from sale of goods

9867424870.7710640663886.35

and rendering of services

Net increase in customer bank

deposits and placement from banks

and other financial institutions

Net increase in loans from central

bank

Net increase in loans from other

financial institutions

Premiums received from original

insurance contracts

Net cash received from reinsurance

business

Net increase in deposits and

investments from policyholders

Cash received from interest handling

charges and commissions

Net increase in placements from

other financial institutions

Net capital increase in repurchase

business

Net cash received from customer

brokerage deposits

Refunds of taxes and surcharges 3362081.35

Cash received from other operating

206201999.62262649960.08

activities

Subtotal of cash inflows from

10076988951.7410903313846.43

operating activities

Cash paid for goods purchased and

1136400189.39991589339.08

services received

Net increase in loans and advances

to customers

Net increase in deposits in central

bank and other banks and financial

institutions

Cash paid for original insurance

contract claims

Net increase in lending funds

Cash paid for interests handling

12Q1 2025 Report of Luzhou Laojiao Co. Ltd.

charges and commissions

Cash paid for policy dividends

Cash paid to and on behalf of

562542987.16535931858.37

employees

Cash paid for taxes and surcharges 4150762783.00 4169663653.49

Cash paid for other operating

919538660.59846700431.03

activities

Subtotal of cash outflows from

6769244620.146543885281.97

operating activities

Net cash flows from operating

3307744331.604359428564.46

activities

2. Cash flows from investing

activities

Cash received from disposal of

608462037.37802249587.02

investments

Cash received from returns on

31271.1019500169.98

investments

Net cash received from disposal of

fixed assets intangible assets and

other long-term assets

Net cash received from disposal of

subsidiaries and other business units

Cash received from other investing

activities

Subtotal of cash inflows from

608493308.47821749757.00

investing activities

Cash paid to acquire and construct

fixed assets intangible assets and 390672949.17 172070960.03

other long-term assets

Cash paid for investments 300000000.00 671700000.00

Net increase in pledge loans

Net cash paid to acquire subsidiaries

and other business units

Cash paid for other investing

activities

Subtotal of cash outflows from

690672949.17843770960.03

investing activities

Net cash flows from investing

-82179640.70-22021203.03

activities

3. Cash flows from financing

activities

Cash received from investors 79604.28

Including: cash received by

subsidiaries from investments by 79604.28

minority shareholders

Cash received from borrowings 2000000000.00

Cash received from other financing

activities

Subtotal of cash inflows from

2000079604.28

financing activities

Cash paid for debt repayments 1510300000.00 10100000.00

Cash paid for distribution of

dividends and profits or payment of 2094436129.07 147009569.27

interest

Including: dividends and profits paid

to minority shareholders by 29684819.82

subsidiaries

Cash paid for other financing

351546.008938151.67

activities

Subtotal of cash outflows from

3605087675.07166047720.94

financing activities

Net cash flows from financing

-3605087675.071834031883.34

activities

4. Effect of fluctuation in exchange

-735723.5669769.10

rate on cash and cash equivalents

13Q1 2025 Report of Luzhou Laojiao Co. Ltd.

5. Net increase in cash and cash

-380258707.736171509013.87

equivalents

Plus: balance of cash and cash

equivalents at the beginning of the 33367668014.46 25893029277.86

period

6. Balance of cash and cash

equivalents at the end of the 32987409306.73 32064538291.73

period

4.2 Adjustments to Financial Statement Items at the Beginning of the Year of the First

Implementation of the New Accounting Standards Implemented since 2025

□Applicable □ N/A

4.3 Auditor’s report

Whether the financial statements of this report have been audited by an auditor

□Yes □ No

The said financial statements are unaudited by an auditor.The Board of Directors of Luzhou Laojiao Co. Ltd.April 28 2025

14