Annual Report 2025 (Summary)

Stock Code: 000596 200596 Stock Name: Gujing Distillery Gujing Distillery-B Announcement No. 2026-004

ANHUI GUJING DISTILLERY COMPANY LIMITED

ANNUALREPORT 2025 (SUMMARY)

Part I Important Notes

This Summary is based on the full Annual Report of Anhui Gujing Distillery Company Limited (together with its consolidated

subsidiaries the “Company” except where the context otherwise requires). In order for a full understanding of the Company’s

operating results financial position and future development plans investors should carefully read the aforesaid full text which has

been disclosed together with this Summary on the media designated by the China Securities Regulatory Commission (the “CSRC”).All the Company’s directors have attended the Board meeting for the review of this Report and its summary.Independent auditor’s modified opinion:

□Applicable □Not applicable

Board-reviewed final cash and/or stock dividend plan for ordinary shareholders or plan for bonus issue from capital reserves for the

Reporting Period:

□Applicable □Not applicable

Bonus issue from capital reserves:

□Yes □No

The Board has approved a final dividend plan for the ordinary shareholders as follows: Based on the Company’s total share capital of

528600000 shares a cash dividend of RMB34.00 (tax inclusive) per 10 shares is to be distributed to the shareholders with no bonus

issue from either profit or capital reserves.Board-approved final cash and/or stock dividend plan for preferred shareholders for the Reporting Period:

□Applicable □Not applicable

Part II Key Corporate Information

1. Stock Profile

Stock name Gujing Distillery GujingDistillery-B Stock code 000596 200596

Stock exchange for stock listing Shenzhen Stock Exchange

Contact information Board Secretary Securities Representative

Name Zhu Jiafeng Mei Jia

Office address Gujing Town Bozhou City Anhui Province Gujing Town Bozhou City Anhui ProvinceP.R. China P.R. China

Fax (0558) 5710099 (0558) 5710099

Tel. (0558) 5712231 (0558) 5710057

Email address gjzqb@gujing.com.cn gjzqb@gujing.com.cn

2. Principal Activities or Products in the Reporting Period

(I) Principal Activity of the Company

The Company primarily produces and markets baijiu. According to the Industry Categorization Guide for Listed Companies

(Revised in 2012) issued by the CSRC baijiu making belongs to the “liquor beverage and refined tea making industry” (C15). The

Company’s principal operations remained unchanged in the Reporting Period.(II) Status of the Industry and Position of the Company in the Industry

(1) Status of the Baijiu Industry

The baijiu industry is at a crucial turning point in its deep adjustment period. In 2025 the industry fundamentals are under pressure

showing three characteristics of “reduced volume and price drop high inventory pressure and consumption differentiation.”

1Annual Report 2025 (Summary)

According to data from the National Bureau of Statistics from January to December 2025 the output of baijiu enterprises above

designated size (converted to 65 degrees) was 3549000 kiloliters a year-on-year decline of 12.10% marking the seventh

consecutive year of decline since 2019. The terminal market has sluggish sales high channel inventory widespread phenomenon of

inverted prices reduced demand for business banquets with banquets and mass consumption scenarios relatively stable the industry

has entered a stage of stock competition and the mid-to-low price band has become the main force for de-stocking.In 2026 the industry will accelerate differentiation in the “stock competition” pattern. In terms of market structure the Matthew

effect intensifies with leading companies further squeezing the space for small and medium-sized baijiu companies by relying on

brand momentum and channel control. In terms of consumption structure there is an obvious “dumbbell-shaped” distribution: the

growth rate of the high-end market (above 1000 yuan) is slowing the mass market (50-200 yuan price range) has become the

fastest-growing ballast and the sub-high-end range (300-800 yuan) is caught in the most intense price competition. In terms of

consumer behavior rational and pragmatic consumption becomes mainstream the consensus of “drinking less but drinking better” is

strengthened and the consumption scene shifts from government and business-led to diversified modes such as family gatherings

self-drinking and social circles. In terms of product innovation trends of low-alcohol lightweight and health-conscious products are

prominent with strong demand for light bottle wine and small packaging and new categories like fruit and herb wines breaking

through against the trend. In terms of channel reform digital construction has upgraded from an efficiency tool to a survival

infrastructure and the scale of the instant retail market continues to rise. In terms of the policy environment the brewing industry has

been explicitly included in the category of “historical classic industries” gaining policy dividends while facing stricter industry

regulation promoting the market to develop towards standardization and centralization.

(2) Position of the Company in the Industry

China has a long history of baijiu. There are a large number of baijiu production enterprises in the country but the regional

distribution of baijiu consumers is particularly evident. The baijiu industry is characterized by full competition with a high degree of

marketization. The market competition is fierce and the industry adjustments are constantly deepening. In the national market the

competitive edges of the enterprises come from their brand influence product style and marketing & operation models. In a single

regional market the competitive strengths of the enterprises depend on their brand influence in the region the recognition of the

companies by regional consumers and comprehensive marketing capacity.As one of China’s traditional top eight liquor brands the Company is the first listed baijiu company with both A and B stocks. It is

located in Bozhou City Anhui Province in China the hometown of historic figures Cao Cao and Hua Tuo as well as one of the

world’s top 10 liquor-producing areas. No changes have occurred to the main business of the Company in the Reporting Period. As

the main product of the Company the Gujing spirit originated as a “JiuYunChun Spirit” together with its making secrets being

presented as a hometown specialty by Cao Cao a famous warlord in China’s history to Emperor Han Xiandi (name: Liu Xie) in A.D.

196 and was continually presented to the royal house since then. With crystalline liquid rich aroma a fine flavor and a lingering

aftertaste the Gujing spirit has helped the Company win four national baijiu golden awards a golden award at the 13th SIAL Paris

the title of China’s “Geographical Indication Product” the recognition as a “Key Cultural Relics Site under the State Protection” the

recognition with a “National Intangible Cultural Heritage Protection Project” a Quality Award from the Anhui provincial

government a title of “National Quality Benchmark” among other honors.In April 2016 Gujing Distillery signed a strategic cooperation agreement with Yellow Crane Tower Distillery opening a new era of

cooperation in China’s famous baijiu industry. Yellow Crane Tower Baijiu is the only famous Chinese baijiu in Hubei. Its unique

style is “soft mellow elegant and cool and has a long lingering fragrance”. It won the two China gold medal in baijiu appreciation

in 1984 and 1989. At present Yellow Crane Tower Distillery has three bases: Wuhan Xianning and Suizhou. Among them Yellow

Crane Tower Baijiu Culture Expo Park in Wuhan base has been approved as national AAA scenic spot and Yellow Crane Tower

Forest Baijiu Town in Xianning base has been approved as national AAAA scenic spot.In January 2021 Gujing Distillery and Mingguang signed a strategic cooperation agreement. The unique mung bean flavor adds to

the famous baijiu family of Gu Jing. The primary products of Mingguang Distillery include Mingguang Jianiang Mingguang Daqu

Mingguang Youye Mingguang Tequ and 53% vol Mingluye. In December 2021 the Old Mingguang Brewing Technique was

selected for the sixth batch of provincial intangible cultural heritage list.

3. Key Financial Information and Indicators

(1) Key Financial Information and Indicators of the Past Three Years

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

Unit: RMB

Change of December

December 31 2025 December 31 2024 31 2025 over December 31 2023

December 31 2024

Total assets 38197033001.78 40522413702.09 -5.74% 35420907274.99

Equity attributable to the listed

company’s shareholders 25050216942.36 24657023779.19 1.59% 21525309609.44

2025 2024 2025-over-2024 2023

2Annual Report 2025 (Summary)

Operating revenues 18831982591.24 23577928065.99 -20.13% 20253526598.02

Net profit attributable to the listed

company’s shareholders 3549108530.34 5517251073.10 -35.67% 4589164052.80

Net profit attributable to the listed

company’s shareholders before 3489463594.30 5457155276.12 -36.06% 4495219187.57

exceptional gains and losses

Net cash generated from/used in

operating activities 1947212977.00 4727652873.85 -58.81% 4496206034.42

Basic earnings per share

(RMB/share) 6.71 10.44 -35.73% 8.68

Diluted earnings per share

(RMB/share) 6.71 10.44 -35.73% 8.68

Weighted average return on equity

(%)14.28%23.89%-9.61%22.92%

(2) Key Financial Information by Quarter

Unit: RMB

Q1 Q2 Q3 Q4

Operating revenues 9146061070.75 4733791132.00 2544788530.16 2407341858.33

Net profit attributable to the listed

company’s shareholders 2329843939.99 1331741845.95 298617577.53 -411094833.13

Net profit attributable to the listed

company’s shareholders before 2311791509.93 1314597484.07 281518555.27 -418443954.97

exceptional gains and losses

Net cash generated from/used in

operating activities 1845180171.28 2309371883.32 -1527498577.59 -679840500.01

Indicate by tick mark whether any of the quarterly financial data in the table above or their summations differs materially from what

have been disclosed in the Company’s quarterly or interim reports.□Yes □No

4. Share Capital and Shareholder Information at the Period-End

（1）Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well

as Holdings of Top 10 Shareholders

Unit: share

Number of Number of preferred

ordinary Number ofpreferred shareholders withNumber of shareholders at resumed voting

ordinary 53135 the month-end 62145 shareholders 0 rights at the 0

shareholders prior to the with resumedvoting rights at month-end prior todisclosure of this

Report the period-end

the disclosure of this

Report

Top 10 shareholders

Name of Nature of Shareholding Total shares Shares in pledge or frozen

shareholder shareholder percentage held at the Restricted shares heldperiod-end Status Shares

ANHUI GUJING

GROUP State-owned

COMPANY legal person 51.34% 271404022 In pledge 30000000

LIMITED

BANK OF

CHINA-CHINA

MERCHANTS Other 3.17% 16754467 N/A

CHINA

SECURITIES

3Annual Report 2025 (Summary)

BAIJIU INDEX

CLASSIFICATION

SECURITIES

INVESTMENT

FUND

CHINA

INTERNATIONAL

CAPITAL Foreign 1.67% 8804585 N/A

CORPORATION legal person

HONGKONG

SECURITIES LTD

AGRICULTURAL

BANK OF CHINA

－E FUND

CONSUMPTION

SECTOR STOCK Other 1.24% 6528693 N/A

SECURITIES

INVESTMENT

FUND

UBS (LUX)

EQUITY

Foreign

FUND - CHINA legal person 1.23% 6523345 N/A

OPPORTUNITY

(USD)

GREENWOODS

CHINA Foreign

legal person 1.14% 6049760 N/AALPHAMASTER

FUND

CHINA

CONSTRUCTION

BANK

CORPORATION -

PENGHUALOF

EXCHANGE

TRADED Other 1.06% 5609460 N/A

OPEN-ENDED

INDEX

SECURITIES

INVESTMENT

FUND

INDUSTRIAL

AND

COMMERCIAL

BANK OF CHINA

LIMITED-

INVESCO GREAT

WALL Other 1.02% 5400000 N/A

EMERGING

GROWTH

HYBRID

SECURITIES

INVESTMENT

FUND

HONG KONG

SECURITIES

CLEARING Overseaslegal entity 0.93% 4914105 N/ACOMPANY

LIMITED

3W GLOBAL Foreign

FUND legal person 0.79% 4169528 N/A

Related or acting-in-concert Among the shareholders above the Company’s controlling shareholder—Anhui Gujing Group

4Annual Report 2025 (Summary)

parties among the shareholders Company Limited—is not a related party of other shareholders; nor are they parties acting in

above concert as defined in the Administrative Measures on Information Disclosure of Changes in

Shareholding of Listed Companies. As for the other shareholders the Company does not know

whether they are related parties or whether they belong to parties acting in concert as defined in the

Administrative Measures on Information Disclosure of Changes in Shareholding of Listed

Companies.Shareholders involved in

securities margin trading (if any) N/A

5% or greater shareholders top 10 shareholders and top 10 unrestricted shareholders involved in refinancing shares lending

□Applicable □Not applicable

Changes occurred in the top 10 shareholders and the top 10 shareholders of unrestricted tradable shares compared with the previous

period due to shares loan through refinancing/return

□Applicable □Not applicable

（2）Number of Preferred Shareholders and Shareholdings of Top 10 of Them

□Applicable □Not applicable

No preferred shareholders in the Reporting Period.

（3）Ownership and Control Relations between the Actual Controller and the Company

State-owned Assets Supervision and Administration Commission of Bozhou

Municipal People’s Government

Bozhou Industrial Capital Investment and Operation Holding Group Co. Ltd.Anhui Gujing Group Co. Ltd

Anhui Gujing Distillery Company Limited

5. Outstanding Bonds at the Date when this Report Was Authorized for Issue

□Applicable □Not applicable

Part III Significant Events

None.

5