Third Quarterly Report 2025 of Wuliangye Yibin Co. Ltd.Stock Code: 000858 Stock Name: Wuliangye Announcement No.: 2025/ No. 031

Wuliangye Yibin Co. Ltd.Third Quarterly Report 2025

The Company and all members of its Board of Directors hereby guarantee that the information disclosed

herein are true accurate and complete and free of any misrepresentations misleading statements or material

omissions.Important information:

1. The Board of Directors (or the“Board”) as well as the directors and senior management of Wuliangye

Yibin Co. Ltd. (hereinafter referred to as the “Company”) hereby guarantee that the contents of this Report are

true accurate and complete and free of any misrepresentations misleading statements or material omissions

and collectively and individually accept legal responsibility for such contents.

2. The Company’s legal representative Chief Financial Officer and head of the accounting department

hereby guarantee that the financial statements carried in this Report are true accurate and complete.

3. Indicate whether the financial statements in this Report have been audited by an independent auditor.

□ Yes□ No

I Key Financial Information

i. Key Accounting Data and Financial Indicators

Indicate whether there is any retrospectively restated datum in the table below.□ Yes□ No

Q3 2025 YoY change (%) Q1-Q3 2025 YoY change (%)

Operating revenue (RMB) 8174336700.05 -52.66% 60945321083.57 -10.26%

Net profit attributable to

the listed company’s 2019334151.76 -65.62% 21511276550.29 -13.72%

shareholders (RMB)

Net profit attributable to

the listed company’s

shareholders before 2015318996.60 -65.81% 21494962886.91 -13.44%

exceptional gains and

losses (RMB)

Net cash generated

from/used in operating — — 28247488416.94 -5.19%

activities (RMB)

Basic earnings per share

(RMB/share) 0.520 -65.63% 5.542 -13.72%

Diluted earnings per share

(RMB/share) 0.520 -65.63% 5.542 -13.72%

Weighted average return 1.43% Down by 2.97 15.37% Down by 2.96on equity (%) percentage points percentage points

September 30 2025 December 31 2024 Change (%)

Total assets (RMB) 181073423202.77 188252218704.17 -3.81%

Equity attributable to the

listed company’s 142495742798.41 133285282015.97 6.91%

shareholders (RMB)

ii. Exceptional Gains and Losses

1Third Quarterly Report 2025 of Wuliangye Yibin Co. Ltd.

□Applicable □ Not applicable

Unit: RMB

Item Q3 2025 Q1-Q3 2025 Note

Gain or loss on disposal of non-current assets (inclusive

of impairment allowance write-offs) -6725119.22 1988503.74

Government grants recognized in profit or loss

(exclusive of those that are closely related to the

Company's normal business operations and given in

accordance with defined criteria and in compliance 20566408.71 52722468.69

with government policies and have a continuing

impact on the Company's profit or loss)

Capital occupation charges on non-financial enterprises

that are recognized in profit or loss 30668.44 153824.40

Non-operating income and expense other than the

above -2709116.38 -29381141.92

Less: Income tax effects 1439573.08 4529299.73

Non-controlling interests effects (net of tax) 5708113.31 4640691.80

Total 4015155.16 16313663.38 --

Particulars about other items that meet the definition of exceptional gain/loss:

□ Applicable□ Not applicable

No such cases for the Reporting Period.Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the

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

Public—Exceptional Gain/Loss Items:

□ Applicable□ Not applicable

No such cases for the Reporting Period.iii. Changes in Key Financial Statement Items and Reasons

□Applicable □ Not applicable

Main

reason

Item Q3 2025 Q3 2024 Change (%)

for the

change

Operating revenue (RMB) 8174336700.05 17267553533.60 -52.66% Note 1

Net profit attributable to the listed 2019334151.76 5873953027.68 -65.62%

company’s shareholders (RMB)

Net profit attributable to the listed

company’s shareholders before 2015318996.60 5893768253.73 -65.81%

exceptional gains and losses (RMB) Note 2

Basic earnings per share (RMB/share) 0.520 1.513 -65.63%

Diluted earnings per share (RMB/share) 0.520 1.513 -65.63%

Note: “Q3 2025” refers to the three months ended September 30 2025.Note 1: This is primarily because the Baijiu industry was in deep adjustment and effective demand did not

recover in an expected pace.Note 2: This is primarily driven by the decreased revenue and the increased inputs as a response to market

changes during Q3 2025.II Shareholder Information

2Third Quarterly Report 2025 of Wuliangye Yibin Co. Ltd.

i. Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as well

as Holdings of Top 10 Shareholders

Unit: share

Number of ordinary shareholders at Number of preference shareholders with resumed

6668530

the period-end voting rights at the period-end (if any)

Top 10 shareholders (exclusive of shares lent in refinancing)

Nature of Shares in pledge marked

Shareholdin Restricted

Name of shareholder sharehold Total shares held or frozen

g percentage shares held

er Status Shares

State-

Yibin Development Holding Group owned

34.43%1336548020

Co. Ltd. corporatio

n

State-

Sichuan Yibin Wuliangye Group owned

20.65%801503277

Co. Ltd. corporatio

n

Overseas

Hong Kong Securities Clearing

corporatio 2.85% 110457065

Company Limited

n

China Securities Finance

Other 2.38% 92385936

Corporation Limited

Bank of China Limited－China

Merchants China Securities Baijiu

Other 1.39% 53773766

Index Classification Securities

Investment Fund

State-

Central Huijin Asset Management owned

1.01%39325400

Co. Ltd. corporatio

n

Industrial and Commercial Bank of

China Limited -Huatai-PineBridge

CSI 300 Exchange-traded Open- Other 0.85% 33141465

ended Index Securities Investment

Fund

Bank of China Limited－E Fund

Blue Chip Selected Mixed Other 0.74% 28566600

Securities Investment Fund

China Construction Bank

Corporation－E Fund CSI 300

Exchange-traded Open-ended Index Other 0.62% 23884695

Promoter Securities Investment

Fund

China Construction Bank

Corporation－Penghua China

Securities Liquor Exchange-traded Other 0.61% 23737440

Open-ended Index Securities

Investment Fund

Top 10 unrestricted shareholders (exclusive of shares lent in refinancing and locked shares of senior management)

Shares by class

Name of shareholder Unrestricted shares held

Class Shares

3Third Quarterly Report 2025 of Wuliangye Yibin Co. Ltd.

Yibin Development Holding Group RMB-denominated

13365480201336548020

Co. Ltd. ordinary shares

Sichuan Yibin Wuliangye Group RMB-denominated

801503277801503277

Co. Ltd. ordinary shares

Hong Kong Securities Clearing RMB-denominated

110457065110457065

Company Limited ordinary shares

China Securities Finance RMB-denominated

9238593692385936

Corporation Limited ordinary shares

Bank of China Limited－China

Merchants China Securities Baijiu RMB-denominated

5377376653773766

Index Classification Securities ordinary shares

Investment Fund

Central Huijin Asset Management RMB-denominated

3932540039325400

Co. Ltd. ordinary shares

Industrial and Commercial Bank of

China Limited -Huatai-PineBridge RMB-denominated

3314146533141465

CSI 300 Traded Open-ended Index ordinary shares

Securities Investment Fund

Bank of China Limited－E Fund RMB-denominated

Blue Chip Selected Mixed 28566600 28566600

ordinary shares

Securities Investment Fund

China Construction Bank

Corporation－E Fund CSI 300 RMB-denominated23884695 23884695

Traded Open-ended Index Promoter ordinary shares

Securities Investment Fund

China Construction Bank

Corporation－Penghua China RMB-denominated

Securities Liquor Exchange-traded 23737440 23737440

ordinary shares

Open-ended Index Securities

Investment Fund

Among the top 10 shareholders Sichuan Yibin Wuliangye Group

Co. Ltd. is a wholly-owned subsidiary of Yibin Development

Related or acting-in-concert parties among the shareholders

above Holding Group Co. Ltd. And the Company is not aware of any

related or acting-in-concert parties among the other public

shareholders.Top 10 shareholders involved in securities margin trading (if any) None

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

refinancing shares lending:

□ Applicable□ Not applicable

Changes in top 10 shareholders and top 10 unrestricted public shareholders due to shares lent/returned in

refinancing compared with the prior period:

□ Applicable□ Not applicable

ii. Number of Preference Shareholders and Shareholdings of Top 10 of Them

□ Applicable□ Not applicable

III Other Significant Events

□ Applicable□ Not applicable

IV Quarterly Financial Statements

i. Financial Statements

1. Consolidated Balance Sheet

Prepared by Wuliangye Yibin Co. Ltd. September 30 2025 Unit: RMB

4Third Quarterly Report 2025 of Wuliangye Yibin Co. Ltd.

Item September 30 2025 January 1 2025

Current assets:

Monetary assets 136305976701.21 127398915484.11

Settlement reserve

Loans to other banks and financial

institutions

Held-for-trading financial assets

Derivative financial assets

Notes receivable 10297383.00

Accounts receivable 98282128.50 37346561.95

Receivables financing 3344614674.60 19566397992.11

Prepayments 218139264.18 144877853.45

Premiums receivable

Reinsurance receivables

Receivable reinsurance contract

reserve

Other receivables 72405486.74 47264361.93

Of which: Interest receivable

Dividends receivable

Financial assets purchased under

resale agreements

Inventories 17540752483.71 18233702166.62

Of which: Data resources

Contract assets

Assets held for sale

Current portion of non-current

assets

Other current assets 144067086.88 344496042.69

Total current assets 157724237825.82 165783297845.86

Non-current assets:

Loans and advances to customers

Debt investments

Other debt investments

Long-term receivables

Long-term equity investments 2173006025.05 2081612703.43

Other equity investments

Other non-current financial assets 1200000.00 1200000.00

Investment property

Fixed assets 7687485550.51 7264740683.62

Construction in progress 6484847916.38 5795172321.07

Productive living assets

Oil and gas assets

Right-of-use assets 490464355.20 796264399.72

5Third Quarterly Report 2025 of Wuliangye Yibin Co. Ltd.

Intangible assets 2684563454.08 2671286519.55

Of which: Data resources

Development costs

Of which: Data resources

Goodwill 1621619.53 1621619.53

Long-term prepaid expense 140572950.75 141764604.11

Deferred income tax assets 3196298448.85 3397108317.96

Other non-current assets 489125056.60 318149689.32

Total non-current assets 23349185376.95 22468920858.31

Total assets 181073423202.77 188252218704.17

Current liabilities:

Short-term borrowings

Borrowings from the central bank

Loans from other banks and

financial institutions

Held-for-trading financial liabilities

Derivative financial liabilities

Notes payable 736518894.64 416456848.09

Accounts payable 8679053511.82 9076595227.75

Advances from customers 8948411.36 9237322.95

Contract liabilities 9267919774.58 11689880975.04

Financial assets sold under

repurchase agreements

Customer deposits and deposits

from other banks and financial

institutions

Payables for acting trading of

securities

Payables for underwriting of

securities

Employee benefits payable 4023641039.53 4574708782.13

Taxes and levies payable 1556311785.78 7287276026.82

Other payables 9346039409.35 16507125170.07

Of which: Interest payable

Dividends payable 3770700637.80 9999022175.17

Fees and commissions payable

Reinsurance payables

Liabilities directly associated with

assets held for sale

Current portion of non-current

liabilities 368976379.48 408675726.69

Other current liabilities 385754602.64 1056550277.52

Total current liabilities 34373163809.18 51026506357.06

Non-current liabilities:

Insurance contract reserve

Long-term borrowings

6Third Quarterly Report 2025 of Wuliangye Yibin Co. Ltd.

Bonds payable

Of which: Preference shares

Perpetual bonds

Lease liabilities 129249122.67 393922062.84

Long-term payables

Long-term employee benefits

payable

Provisions

Deferred income 249633760.00 242976829.32

Deferred income tax liabilities 120890303.81 194019722.26

Other non-current liabilities

Total non-current liabilities 499773186.48 830918614.42

Total liabilities 34872936995.66 51857424971.48

Owners’ equity:

Share capital 3881608005.00 3881608005.00

Other equity instruments

Of which : Preference shares

Perpetual bonds

Capital reserves 2682647086.15 2682647086.15

Less: Treasury shares

Other comprehensive income

Specific reserve

Surplus reserves 39064267000.43 39064267000.43

General reserve

Retained earnings 96867220706.83 87656759924.39

Total equity attributable to owners of the

parent company 142495742798.41 133285282015.97

Non-controlling interests 3704743408.70 3109511716.72

Total owners’ equity 146200486207.11 136394793732.69

Total liabilities and owners’ equity 181073423202.77 188252218704.17

Legal representative: Zeng Congqin Chief Financial Officer: Zhang Xin Head of the accounting department: Liu Min

2. Consolidated Income Statement for Q1-Q3

Unit: RMB

Item Q1-Q3 2025 Q1-Q3 2024

I Total revenues 60945321083.57 67915580112.25

Of which: Operating revenue 60945321083.57 67915580112.25

Interest income

Insurance premium income

Fee and commission income

II Total costs and expenses 31612218311.25 33665334544.84

Of which: Cost of sales 15281724786.58 15580442572.51

Interest costs

7Third Quarterly Report 2025 of Wuliangye Yibin Co. Ltd.

Fee and commission costs

Surrenders

Net insurance claims paid

Net amount provided as insurance policy reserve

Expenditure on policy dividends

Reinsurance premium expense

Taxes and levies 9116314571.01 9733428853.88

Selling expense 6630015165.78 7788724892.28

Administrative expense 2298633729.54 2431749943.54

R&D expense 318925867.64 250817550.34

Finance costs -2033395809.30 -2119829267.71

Of which: Interest expense 21402505.61 24305073.85

Interest income 2057066902.39 2152610740.32

Add: Other income 78983849.16 230243412.13

Return on investment (“－” for loss) 51393321.62 21877331.70

Of which: Share of profit or loss of joint ventures and

associates 51393321.62 21877331.70

Income from the derecognition of financial

assets at amortized cost

Exchange gain (“－” for loss)

Net gain on exposure hedges (“－” for loss)

Gain on changes in fair value (“－” for loss)

Credit impairment loss (“－” for loss) -1147073.49 -2190011.01

Asset impairment loss (“－” for loss) 15179531.45

Asset disposal income (“－” for loss) 12464939.03 -3534415.45

III Operating profit (“－” for loss) 29474797808.64 34511821416.23

Add: Non-operating income 37926665.12 28601160.05

Less: Non-operating expense 76560968.27 56846089.02

IV Gross profit (“－” for gross loss) 29436163505.49 34483576487.26

Less: Income tax expense 7224309566.72 8542465967.81

V Net profit (“－” for net loss) 22211853938.77 25941110519.45

i. By operating continuity

1. Net profit from continuing operations (“－” for net loss) 22211853938.77 25941110519.45

2. Net profit from discontinued operations (“－” for net loss)

ii. By ownership

1. Net profit attributable to shareholders of the parent

company (“－” for net loss) 21511276550.29 24930782556.55

2. Net profit attributable to non-controlling interests (“－” for

net loss) 700577388.48 1010327962.90

VI Other comprehensive income net of tax

Other comprehensive income net of tax attributable to owners of

the parent company

i. Other comprehensive income that will not be reclassified to

8Third Quarterly Report 2025 of Wuliangye Yibin Co. Ltd.

profit or loss

1. Changes caused by remeasurements on defined benefit

schemes

2. Other comprehensive income that will not be reclassified to

profit or loss under the equity method

3. Changes in the fair value of other equity investments

4. Changes in the fair value arising from changes in own

credit risk

5. Other

ii. Other comprehensive income that will be reclassified to

profit or loss

1. Other comprehensive income that will be reclassified to

profit or loss under the equity method

2. Changes in the fair value of other debt investments

3. Other comprehensive income arising from the

reclassification of financial assets

4. Credit impairment allowances for other debt investments

5. Reserve for cash flow hedges

6. Differences arising from the translation of foreign currency-

denominated financial statements

7. Other

Other comprehensive income net of tax attributable to non-

controlling interests

VII Total comprehensive income 22211853938.77 25941110519.45

i. Total comprehensive income attributable to owners of the

parent company 21511276550.29 24930782556.55

ii. Total comprehensive income attributable to non-controlling

interests 700577388.48 1010327962.90

VIII Earnings per share:

i. Basic earnings per share 5.542 6.423

ii. Diluted earnings per share 5.542 6.423

Where business combinations involving entities under common control occurred during the period the net profit achieved by the

acquirees before the combinations was RMB0.00 with the amount for the same period of last year being RMB0.00.Legal representative: Zeng Congqin Chief Financial Officer: Zhang Xin Head of the accounting department: Liu Min

3. Consolidated Cash Flow Statement for Q1-Q3

Unit: RMB

Item Q1-Q3 2025 Q1-Q3 2024

I Cash flows from operating activities:

Proceeds from sale of goods and rendering of services 76608043515.75 77859685171.17

Net increase in customer deposits and deposits from other

banks and financial institutions

Net increase in borrowings from the central bank

Net increase in loans from other financial institutions

Premiums received on original insurance contracts

Net proceeds from reinsurance

Net increase in deposits and investments of policy holders

Interest fees and commissions received

Net increase in loans from other banks and financial

institutions

Net increase in proceeds from repurchase transactions

9Third Quarterly Report 2025 of Wuliangye Yibin Co. Ltd.

Net proceeds from acting trading of securities

Tax and levy rebates 3869080.00 44310389.47

Cash generated from other operating activities 1819040428.91 1740241977.27

Subtotal of cash generated from operating activities 78430953024.66 79644237537.91

Payments for goods and services 10050827765.03 10242836807.45

Net increase in loans and advances to customers

Net increase in deposits in the central bank and other banks

and financial institutions

Payments for claims on original insurance contracts

Net increase in loans to other banks and financial

institutions

Interest fees and commissions paid

Policy dividends paid

Cash paid to and for employees 6596712338.73 6594871661.42

Taxes and levies paid 28696500647.97 28231492921.43

Cash used in other operating activities 4839423855.99 4780917414.02

Subtotal of cash used in operating activities 50183464607.72 49850118804.32

Net cash generated from/used in operating activities 28247488416.94 29794118733.59

II Cash flows from investing activities:

Proceeds from the disposal of investments

Return on investment 13952640.00

Net proceeds from the disposal of fixed assets intangible

assets and other long-term assets 29998282.66 3991067.39

Net proceeds from the disposal of subsidiaries and other

business units

Cash generated from other investing activities

Subtotal of cash generated from investing activities 29998282.66 17943707.39

Payments for the acquisition and construction of fixed

assets intangible assets and other long-term assets 1488528821.02 1615700079.03

Payments for the acquisition of investments 40000000.00

Net increase in pledge loans

Net payments for the acquisition of subsidiaries and other

business units

Cash used in other investing activities

Subtotal of cash used in investing activities 1528528821.02 1615700079.03

Net cash generated from/used in investing activities -1498530538.36 -1597756371.64

III Cash flows from financing activities:

Capital contributions received 46080668.01

Of which: Capital contributions received by subsidiaries

from non-controlling interests 46080668.01

Borrowings received

Cash generated from other financing activities

Subtotal of cash generated from financing activities 46080668.01

Repayment of borrowings

Interest and dividends paid 18536483001.72 19232909999.74

10Third Quarterly Report 2025 of Wuliangye Yibin Co. Ltd.

Of which: Dividends paid by subsidiaries to non-controlling

interests 7345696.50 1105800616.39

Cash used in other financing activities 414824117.82 300080899.96

Subtotal of cash used in financing activities 18951307119.54 19532990899.70

Net cash generated from/used in financing activities -18951307119.54 -19486910231.69

IV Effect of foreign exchange rate changes on cash and cash

equivalents

V Net increase in cash and cash equivalents 7797650759.04 8709452130.26

Add: Cash and cash equivalents beginning of the period 124771274417.68 113095684224.30

VI Cash and cash equivalents end of the period 132568925176.72 121805136354.56

ii. Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation of

the New Accounting Standards Implemented since 2025

□ Applicable□ Not applicable

iii. Independent Auditor’s Report

Indicate whether the financial statements in this Report have been audited by an independent auditor.□ Yes□ No

These financial statements are unaudited by such an auditor.The Board of Directors of Wuliangye Yibin Co. Ltd.October 31 2025

11