Q3 2025 Report of Luzhou Laojiao Co. Ltd.Stock Code: 000568 Stock abbreviation: Luzhou Laojiao Announcement No. 2025-42

Luzhou Laojiao Co. Ltd.Q3 2025 Report

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

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

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

1. The Board of Directors as well as directors 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.

1Q3 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

Q3 2025 YoY change Q1-Q3 2025 YoY change

Operating revenues

(CNY) 6673726997.48 -9.80% 23127459902.13 -4.84%

Net profits

attributable to

shareholders of the 3099486836.34 -13.07% 10762394649.32 -7.17%

Company (CNY)

Net profits

attributable to

shareholders of the

Company before 3091592912.45 -13.41% 10741597380.50 -7.11%

non-recurring gains

and losses (CNY)

Net cash flows from

operating activities — — 9822590732.99 -21.20%

(CNY)

Basic earnings per

share (CNY/share) 2.10 -13.58% 7.31 -7.35%

Diluted earnings per

share (CNY/share) 2.10 -13.58% 7.31 -7.35%

Weighted average

ROE 6.58% -1.69% 22.00% -3.88%

September 30 2025 December 31 2024 Change

Total assets (CNY) 65496029532.83 68334595564.58 -4.15%

Net assets

attributable to

shareholders of the 49679770305.29 47388500553.46 4.84%

Company (CNY)

1.2 Non-recurring gains and losses

□Applicable □ N/A

Unit: CNY

Item Q3 2025 Q1-Q3 2025 Note

Profit or loss from disposal

of non-current assets

(including the write-off -688874.75 -582373.63

portion of the impairment

provision)

Government grants

accounted for in the profit

or loss for the current

period (except for the

government grants closely

related to the business of

the Company and given in 11757338.23 36148591.03

accordance with defined

criteria and in compliance

with government policies

and have a continuing

impact on the Company's

profit or loss)

Gain or loss on fair-value 813589.85 25554248.49

2Q3 2025 Report of Luzhou Laojiao Co. Ltd.

changes in financial assets

and liabilities held by a

non-financial enterprise as

well as on disposal of

financial assets and

liabilities (exclusive of the

effective portion of hedges

that is related to the

Company's normal

business operations)

Other non-operating

income and expenditure

except above-mentioned -1482891.57 -33452974.96

items

Less: Corporate income

tax 2505237.87 6879669.63

Minority interests

(after tax) 0.00 -9447.52

Total 7893923.89 20797268.82 --

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

□ Applicable □ N/A

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

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

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

No such cases for the reporting period.

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

□ Applicable □ N/A

A. The closing balance of held-for-trading financial assets decreased by CNY 984561704.91

compared to the opening balance at the beginning of the year indicating a decrease of 58.11%. It was

mainly due to a decrease in the purchase of wealth management products and the redemptions upon

maturity of wealth management products in the current period.B. The closing balance of accounts receivables financing decreased by CNY 598274183.67 compared

to the opening balance at the beginning of the year indicating a decrease of 33.20%. It was mainly due

to the discounting of notes and the honoring of due notes in the current period.C. The closing balance of prepayment increased by CNY 38677620.33 compared to the opening

balance at the beginning of the year indicating an increase of 31.22%. It was mainly due to the

increased prepayment to suppliers for advertising.

3Q3 2025 Report of Luzhou Laojiao Co. Ltd.

D. The closing balance of other current assets decreased by CNY 206848338.13 compared to the

opening balance at the beginning of the year indicating a decrease of 85.80%. It was mainly due to the

offsetting in the current period of the opening amount of overpaid tax.E. The closing balance of construction in progress increased by CNY 545311852.79 compared to the

opening balance at the beginning of the year indicating an increase of 67.55%. It was mainly due to the

increased investments in construction projects in progress such as the Technical Upgrade Project of

Intelligent Brewing in the current period.F. The closing balance of other non-current assets increased by CNY 276536953.01 compared to the

opening balance at the beginning of the year indicating an increase of 67.89%. It was mainly due to the

payment for long-term assets—the Chengdu Innovation and Development Center Building—in the

current period.G. The closing balance of taxes payable decreased by CNY 1463460434.51 compared to the opening

balance at the beginning of the year indicating a decrease of 45.25%. It was mainly due to the payment

of the opening taxes payable in the current period.H. The closing balance of other payable decreased by CNY 283921249.39 compared to the opening

balance at the beginning of the year indicating a decrease of 32.50%. It was mainly due to the

unlocking of the restricted share incentive plan resulting in a decrease in liabilities recognized for

repurchase obligations.I. The closing balance of non-current liabilities due within one year increased by CNY 1297106329.87

compared to the opening balance at the beginning of the year indicating an increase of 39.59%. It was

mainly due to the reclassification of long-term loans due within one year.J. The closing balance of long-term loans decreased by CNY 4060900000.00 compared to the

opening balance at the beginning of the year indicating a decrease of 64.67%. It was mainly due to the

repayment of loans and the reclassification of long-term loans to non-current liabilities due within one

year.K. The closing balance of treasury stock decreased by CNY 185360249.28 compared to the opening

balance at the beginning of the year indicating a decrease of 53.62%. It was mainly due to the relevant

reversal as a result of the unlocking of restricted shares in the current period.L. The closing balance of other comprehensive income increased by CNY 39900966.34 compared to

the opening balance at the beginning of the year indicating an increase of 47.37%. It was mainly due to

the increased fair value of equity investments in the current period.M. Financial expenses in the current Q1-Q3 period decreased by CNY 143083151.84 compared to the

same period of last year. It was mainly due to the decreased bond interest expenses and

reclassification of bill discounting expenses in the current period.N. Other income in the current Q1-Q3 period increased by CNY 11484687.14 compared to the same

period of last year indicating an increase of 41.75%. It was mainly due to an increase in government

grants received in the current period.

4Q3 2025 Report of Luzhou Laojiao Co. Ltd.

O. Investment income in the current Q1-Q3 period increased by CNY 14636165.05 compared to the

same period of last year indicating an increase of 35.19%. It was mainly due to the increased earnings

of investee Huaxi Securities.P. Non-operating expenses in the current Q1-Q3 period increased by CNY 26519734.83 compared to

the same period of last year indicating an increase of 123.51%. It was mainly due to the increased

donation expenses in the current period.Q. Net cash flows from investing activities in the current Q1-Q3 period increased by CNY

848581109.87 compared to the same period of last year. It was mainly due to a decrease in the

purchase of wealth management products in the current period.R. Net cash flows from financing activities in the current Q1-Q3 period decreased by CNY

4424920985.34 compared to the same period of last year. It was mainly due to the repayment of

principals of corporate bonds with interest and loans as well as the increased dividend payout in the

current period.

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 preferred shareholders with

shareholders at the end of the 161212 resumed voting rights by the end of the reporting 0

reporting period period (if any)

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

Number of Pledged marked or frozen

Name of Nature of Shareholding Total shares holding shares

shareholder shareholder percentage held restricted Status of Number of

shares shares shares

Luzhou

Laojiao Group State-owned 26.05% 383433639.0

Co. Ltd. corporation 0

0 N/A 0

Luzhou

XingLu

Investment State-owned 365971142.0

Group Co. corporation

24.86% 0 0 N/A 0

Ltd.Bank of China

Co. Ltd. –

Baijiu index

classification

securities Other 3.89% 57281307.00 0 N/A 0

investment

fund by China

Merchants

Fund

Hong Kong

Securities

Clearing Outbound

Company corporation

2.50% 36806820.00 0 N/A 0

Limited

China

Securities Other 2.30% 33842059.00 0 N/A 0

Finance

5Q3 2025 Report of Luzhou Laojiao Co. Ltd.

Corporation

Limited

Bank of China

Co. Ltd.－

Blue chip

selected

hybrid Other 1.81% 26600000.00 0 N/A 0

securities

investment

fund by E

Fund

China

Construction

Bank

Corporation－

Penghua Other 1.37% 20161129.00 0 N/A 0

Wine & Liquor

Exchange-

Traded Fund

Guofeng

Xinghua

(Beijing)

Private Equity

Fund

Management

Co. Ltd.－

Guofeng Other 1.28% 18871962.00 0 N/A 0

Xinghua

Honghuzhiyua

n Tranche 3

Private

Securities

Investment

Fund No. 1

Central Huijin

Asset State-owned

Management corporation 0.92% 13539862.00 0 N/A 0

Co. Ltd.Industrial and

Commercial

Bank of China

Co. Ltd.-

Huatai- Other 0.86% 12595905.00 0 N/A 0

Pinebridge

CSI 300

Exchange-

Traded Fund

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

senior management)

Type of shares

Name of shareholder Number of non-restricted shares held

Type Number

Luzhou Laojiao Group Co. Ltd. 383433639.00 CNY common 383433639.0shares 0

Luzhou XingLu Investment 365971142.00 CNY common 365971142.0Group Co. Ltd. shares 0

Bank of China Co. Ltd. – Baijiu

index classification securities CNY common

investment fund by China 57281307.00 shares 57281307.00

Merchants Fund

Hong Kong Securities Clearing CNY common

Company Limited 36806820.00 shares 36806820.00

China Securities Finance CNY common

Corporation Limited 33842059.00 shares 33842059.00

Bank of China Co. Ltd.－Blue

chip selected hybrid securities 26600000.00 CNY common 26600000.00

investment fund by E Fund shares

6Q3 2025 Report of Luzhou Laojiao Co. Ltd.

China Construction Bank

Corporation－Penghua Wine & 20161129.00 CNY common 20161129.00

Liquor Exchange-Traded Fund shares

Guofeng Xinghua (Beijing)

Private Equity Fund

Management Co. Ltd.－

Guofeng Xinghua 18871962.00 CNY commonshares 18871962.00

Honghuzhiyuan Tranche 3

Private Securities Investment

Fund No. 1

Central Huijin Asset CNY common

Management Co. Ltd. 13539862.00 shares 13539862.00

Industrial and Commercial

Bank of China Co. Ltd.- CNY common

Huatai-Pinebridge CSI 300 12595905.00 shares 12595905.00

Exchange-Traded Fund

1. Luzhou Laojiao Group Co. Ltd. and Luzhou XingLu Investment

Group Co. Ltd. are both state-owned holding companies under

the jurisdiction of SASAC of Luzhou. The two companies have

signed the agreement of persons acting in concert. For details

please refer to the announcement of the Company on May 23

2024 - Announcement on the Renewed Agreement of Persons

Acting in Concert Signed by Shareholders (Announcement No.

2024-22).

Related parties or acting-in-concert 2. During the reporting period Luzhou Laojiao Group Co. Ltd.increased its holdings in the Company by 2345250 shares

through call auction trading. By the end of the reporting period

Luzhou Laojiao Group Co. Ltd. and its wholly-owned subsidiary

Sichuan Golden Rudder Investment Co. Ltd. collectively held

384573839 shares in the Company representing 26.13% 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

margin trading (if any) None

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. Progress on the restricted share incentive plan

7Q3 2025 Report of Luzhou Laojiao Co. Ltd.

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

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

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

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

Unlocking Period of the 2021 Restricted Share Incentive Plan were reviewed and approved respectively.b. On February 14 2025 the Company disclosed the Reminder Announcement on Unlocked Shares in

the First Unlocking Period of the Reserved Restricted Shares under the 2021 Restricted Share

Incentive Plan Being Allowed for Public Trading. As such the unlocked restricted shares in the first

unlocking period of the reserved restricted shares under the 2021 Restricted Share Incentive Plan were

allowed for public trading on February 17 2025.c. On February 21 2025 the Company disclosed the Reminder Announcement on Unlocked Shares in

the Second Unlocking Period of the 2021 Restricted Share Incentive Plan Being Allowed for Public

Trading. As such the unlocked restricted shares in the second unlocking period of the 2021 Restricted

Share Incentive Plan were allowed for public trading on February 24 2025.d. On September 16 2025 the Company held the 15th Meeting of the 11th Board of Directors at which

the Proposal on the Satisfaction of Unlocking Conditions for the Second Unlocking Period of the

Reserved Restricted Shares under the 2021 Restricted Share Incentive Plan and the Proposal on the

Repurchase and Retirement of Certain Restricted Shares and the Adjustment of Repurchase Price

were reviewed and approved respectively.e. On September 26 2025 the Company disclosed the Reminder Announcement on Unlocked Shares

in the Second Unlocking Period of the Reserved Restricted Shares under the 2021 Restricted Share

Incentive Plan Being Allowed for Public Trading. As such the unlocked restricted shares in the second

unlocking period of the reserved restricted shares under the 2021 Restricted Share Incentive Plan were

allowed for public trading on September 29 2025.B. The Company invested in the technical upgrade program of intelligent brewing (Phase I) with the

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

amount approximated CNY 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.

4. Financial statements

4.1 Financial statements

4.1.1 Consolidated balance sheet

Prepared by: Luzhou Laojiao Co. Ltd.September 30 2025

Unit: CNY

Item September 30 2025 December 31 2024

Current assets:

Cash and cash equivalents 31744503028.23 33578396831.33

Settlement reserves

Lending funds

Held-for-trading financial assets 709720591.06 1694282295.97

8Q3 2025 Report of Luzhou Laojiao Co. Ltd.

Derivative financial assets

Notes receivables

Accounts receivables 11026848.84 11022302.31

Accounts receivables financing 1203673272.11 1801947455.78

Prepayment 162547902.98 123870282.65

Premiums receivable

Reinsurance accounts receivable

Reinsurance contract reserve

Other receivables 8895090.59 13053645.00

Including：Interests receivable

Dividends receivable

Buying back the sale of financial

assets

Inventories 13747352903.12 13392794475.96

Including: Data resource

Contract assets

Assets held for sale

Non-current assets due within one

year

Other current assets 34233570.76 241081908.89

Total current assets 47621953207.69 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 2888775482.32 2801252317.93

Investments in other equity

instruments 458822485.00 407194706.55

Other non-current financial assets

Investment property 48481236.85 50246694.16

Fixed assets 8664421347.95 9131776915.51

Construction in progress 1352545841.69 807233988.90

Productive biological assets

Oil and gas assets

Use right assets 22160046.10 29254214.23

Intangible assets 3427367009.53 3417898796.19

Including: Data resource

Development expenses

Including: Data resource

Goodwill

Long-term deferred expenses 1141342.75 1756272.03

Deferred tax assets 326477211.79 424185093.04

Other non-current assets 683884321.16 407347368.15

Total non-current assets 17874076325.14 17478146366.69

Total assets 65496029532.83 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 1391991485.85 1844497206.78

Advance from customer 3889942.66

Contract liabilities 3838045781.84 3978131528.88

Financial assets sold for repurchase

9Q3 2025 Report of Luzhou Laojiao Co. Ltd.

Deposits from customers and inter-

bank

Customer brokerage deposits

Securities underwriting brokerage

deposits

Employee benefits payable 535592774.86 553580768.99

Taxes payable 1770488162.57 3233948597.08

Other payable 589674179.69 873595429.08

Including：Interests payable

Dividends payable 29668290.20

Handling charges and commissions

payable

Reinsurance accounts payable

Liabilities held for sale

Non-current liabilities due within one

year 4573734946.61 3276628616.74

Other current liabilities 498945272.36 516729820.48

Total current liabilities 13202362546.44 14277111968.03

Non-current liabilities:

Insurance contract reserves

Long-term loans 2219000000.00 6279900000.00

Bonds payable

Including：Preference shares

Perpetual bonds

Lease liabilities 19753715.91 24528519.13

Long-term payables

Long-term payroll payables

Accrued liabilities

Deferred income 79415062.89 86672726.83

Deferred tax liabilities 150492718.03 158375714.88

Other non-current liabilities

Total non-current liabilities 2468661496.83 6549476960.84

Total liabilities 15671024043.27 20826588928.87

Owners' equity

Share capital 1471951503.00 1471951503.00

Other equity instruments

Including: preference shares

Perpetual bonds

Capital reserves 5427488106.77 5365763566.55

Less: treasury stock 160339194.61 345699443.89

Other comprehensive income 124136081.72 84235115.38

Special reserves

Surplus reserves 1471951503.00 1471951503.00

General risk reserve

Undistributed profits 41344582305.41 39340298309.42

Total equity attributable to owners of

the parent company 49679770305.29 47388500553.46

Non-controlling interests 145235184.27 119506082.25

Total owners' equity 49825005489.56 47508006635.71

Total liabilities and owners' equity 65496029532.83 68334595564.58

Legal representative: Liu Miao

Person in charge of accounting affairs: Xie Hong

Person in charge of accounting department: Song Ying

10Q3 2025 Report of Luzhou Laojiao Co. Ltd.

4.1.2 Consolidated income statement for Q1-Q3

Unit: CNY

Item Q1-Q3 2025 Q1-Q3 2024

1. Total operating revenue 23127459902.13 24303555187.30

Including: Operating revenue 23127459902.13 24303555187.30

Interest income

Earned premium

Fee and commission

income

2. Total operating costs 8624016188.94 8716343501.20

Including: Cost of sales 2980340788.02 2810818847.64

Interest expense

Handling charges and

commission expenses

Refunded premiums

Net payments for

insurance claims

Net provision for

insurance contracts

Bond insurance expense

Reinsurance Expenses

Taxes and surcharges 2800294797.90 2738129445.18

Selling and distribution

expenses 2419363363.64 2500180332.27

General and

administrative expenses 681884971.89 766584464.15

Research and

Development expenses 127236495.49 142651488.12

Financial expenses -385104228.00 -242021076.16

Including：Interest

expenses 125045963.68 368223585.86

Interest income 517472242.09 619035153.33

Plus: Other income 38992675.48 27507988.34

Investment income ("-" for

losses) 56225968.29 41589803.24

Including: income from

investment in associates and joint 110153845.03 40700111.73

ventures

Income from the

derecognition of financial assets

measured at amortized cost

Foreign exchange gains ("-"

for losses)

Net gain on exposure hedges

(“-” for losses)

Gains from the changes in fairvalues(“-“ for losses) 22725744.18 30347487.27Credit impairment losses (“-”

for losses) 212642.32 1214862.78Impairment losses(“-“ forlosses)

Gains from disposal of

assets("-" for losses) -582373.63 1058796.90

3. Operating profits ("-" for losses) 14621018369.83 15688930624.63

Plus: non-operating income 14538207.24 12737373.78

Less: non-operating expenses 47991182.20 21471447.37

4. Total profits before tax ("-" for

total losses) 14587565394.87 15680196551.04

Less: income tax expenses 3792874776.92 4072760301.97

5. Net profit ("-" for net loss) 10794690617.95 11607436249.07

11Q3 2025 Report of Luzhou Laojiao Co. Ltd.

5.1 By operating continuity

5.1.1 Net profit from continuing

operation ("-" for losses) 10794690617.95 11607436249.07

5.1.2 Net profit from discontinued

operation ("-" for losses)

5.2 By ownership

1) Attributable to shareholders of the

parent company ("-" for losses) 10762394649.32 11593041150.05

2) Attributable to non-controlling

interests ("-" for losses) 32295968.63 14395099.02

6. Net of tax from other

comprehensive income 39344460.12 -10901548.12

Net of tax from other comprehensive

income to the owner of the parent 39901755.85 -10696523.43

company

6.1 Other comprehensive income

cannot be reclassified into the profit 39226482.98 -16573138.80

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 505649.11 -98594.78

profit and loss under equity method

3) Changes in fair value of

investments in other equity 38720833.87 -16474544.02

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 675272.87 5876615.37

and loss

1) Share in other comprehensive

income that will be classified into 1356156.40 6125748.26

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 -680883.53 -249132.89

financial statements

7) Others

Net of tax from other comprehensive

income to non-controlling interests -557295.73 -205024.69

7. Total comprehensive income 10834035078.07 11596534700.95

(1) Total comprehensive income

attributable to owners of the parent 10802296405.17 11582344626.62

company

(2) Total comprehensive income

attributable to non-controlling 31738672.90 14190074.33

interests

8. Earnings per share

(1) Basic earnings per share 7.31 7.89

(2) Diluted earnings per share 7.31 7.89

Legal representative: Liu Miao

Person in charge of accounting affairs: Xie Hong

Person in charge of accounting department: Song Ying

12Q3 2025 Report of Luzhou Laojiao Co. Ltd.

4.1.3 Consolidated statement of cash flows for Q1-Q3

Unit: CNY

Item Q1-Q3 2025 Q1-Q3 2024

1. Cash flows from operating

activities

Cash received from sale of goods

and rendering of services 25912836641.79 28268692121.75

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 8154186.38 2958263.90

Cash received from other operating

activities 569081529.79 667232830.17

Subtotal of cash inflows from

operating activities 26490072357.96 28938883215.82

Cash paid for goods purchased and

services received 3507338498.19 3371913988.23

Net increase in loans and advances

to customers

Net increase in deposits in central

bank and other banks and financial

institutions

Cash paid for original insurance

contract claims

Net increase in lending funds

Cash paid for interests handling

charges and commissions

Cash paid for policy dividends

Cash paid to and on behalf of

employees 1076420883.26 1064925092.78

Cash paid for taxes and surcharges 9958294094.47 9726003677.88

Cash paid for other operating

activities 2125428149.05 2311325660.82

Subtotal of cash outflows from

operating activities 16667481624.97 16474168419.71

Net cash flows from operating

activities 9822590732.99 12464714796.11

2. Cash flows from investing

activities

Cash received from disposal of

investments 2220115953.40 2090367314.89

Cash received from returns on

investments 35899436.04 42401007.15

13Q3 2025 Report of Luzhou Laojiao Co. Ltd.

Net cash received from disposal of

fixed assets intangible assets and 534068.91 11432852.36

other long-term assets

Net cash received from disposal of

subsidiaries and other business units

Cash received from other investing

activities

Subtotal of cash inflows from

investing activities 2256549458.35 2144201174.40

Cash paid to acquire and construct

fixed assets intangible assets and 1137163772.20 611683806.45

other long-term assets

Cash paid for investments 1210000000.00 2471700000.00

Net increase in pledge loans

Net cash paid to acquire subsidiaries

and other business units

Cash paid for other investing

activities 12791.67

Subtotal of cash outflows from

investing activities 2347163772.20 3083396598.12

Net cash flows from investing

activities -90614313.85 -939195423.72

3. Cash flows from financing

activities

Cash received from investors 79496.11

Including: cash received by

subsidiaries from investments by 79496.11

minority shareholders

Cash received from borrowings 2000000000.00

Cash received from other financing

activities

Subtotal of cash inflows from

financing activities 2000079496.11

Cash paid for debt repayments 2720200000.00 1020600000.00

Cash paid for distribution of

dividends and profits or payment of 8965980678.14 8229507984.85

interest

Including: dividends and profits paid

to minority shareholders by 36240666.20 29684819.82

subsidiaries

Cash paid for other financing

activities 4831586.10 16062790.16

Subtotal of cash outflows from

financing activities 11691012264.24 9266170775.01

Net cash flows from financing

activities -11691012264.24 -7266091278.90

4. Effect of fluctuation in exchange

rate on cash and cash equivalents -5048523.60 -4009184.32

5. Net increase in cash and cash

equivalents -1964084368.70 4255418909.17

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 31403583645.76 30148448187.03

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

14Q3 2025 Report of Luzhou Laojiao Co. Ltd.

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.October 31 2025

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