ANHUI GUJING DISTILLERY COMPANY LIMITED

FIRST QUARTERLY REPORT 2024

April 2024First Quarterly Report 2024

Stock Code: 000596 200596 Stock Name: Gujing Distillery Gujing Distillery-B Announcement No. 2024-006

ANHUI GUJING DISTILLERY COMPANY LIMITED

FIRST QUARTERLY REPORT 2024

Anhui Gujing Distillery Company Limited (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 Notes:

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

of 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 Accountant and head of the financial department (equivalent to financial manager)

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

3. Indicate by tick mark 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 by tick mark whether there is any retrospectively restated datum in the table below.□Applicable □ Not applicable

Q1 2024 Q1 2023 YoY change (%)

Operating revenue (RMB) 8286316919.20 6584074879.74 25.85%

Net profit attributable to the listed company’s

2065836404.821569704169.5231.61%

shareholders (RMB)

Net profit attributable to the listed company’s

shareholders before exceptional gains and 2049854347.30 1545070631.50 32.67%

losses (RMB)

Net cash generated from/used in operating

2454021334.503078684397.05-20.29%

activities (RMB)

2First Quarterly Report 2024

Basic earnings per share (RMB/share) 3.91 2.97 31.65%

Diluted earnings per share (RMB/share) 3.91 2.97 31.65%

Weighted average return on equity (%) 9.16% 8.13% 1.03%

31 March 2024 31 December 2023 Change (%)

Total assets (RMB) 40531732508.79 35420907274.99 14.43%

Equity attributable to the listed company’s

23574412631.9821525309609.449.52%

shareholders (RMB)

(II) Exceptional Gains and Losses

□ Applicable □ Not applicable

Unit: RMB

Item Q1 2024 Note

Gain or loss on disposal of non-current

assets (inclusive of impairment -1018799.28

allowance write-offs)

Government grants recognised in profit

or loss (exclusive of those that are

closely related to the Company's normal

business operations and given in

12945714.45

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 changes in

financial assets and liabilities held by a

non-financial enterprise as well as on

disposal of financial assets and liabilities 1602268.14

(exclusive of the effective portion of

hedges that is related to the Company's

normal business operations)

Non-operating income and expense other

11135135.71

than the above

Less: Income tax effects 5969242.75

Non-controlling interests effects

2713018.75

(net of tax)

Total 15982057.52 --

Particulars about other gains and losses 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.

3First Quarterly Report 2024

(III) Changes in Key Financial Statement Line Items and Explanation of why

□ Applicable □ Not applicable

Balance sheet 31 March 2024 1 January 2024

Change (%) Explanation of why

item (RMB) (RMB)

The principal reason for the increase is the

Receivables

4768470137.13 957560115.73 397.98% receipt of a higher number of bank

financing

acceptance bills.The increase is primarily due to a rise in

Prepayments 139662891.96 91607342.18 52.46%

prepaid advertising expenses.The main reason is an increase in

Other receivables 145795792.77 49178194.70 196.46% promotional and marketing expenses

incurred.The increase was chiefly due to the

Notes payable 264848865.34 1353187723.44 -80.43% redemption of issued bank acceptance bills

upon maturity.Contract

4616921217.53 1401122249.53 229.52% A rise in sales orders is the principal cause.

liabilities

The main reasons are an increase in

Other current

2048296927.93 1132018451.10 80.94% unverified expenses and the

liabilities

reclassification of deferred output VAT.Income statement

Q1 2024 (RMB) Q1 2023 (RMB) Change (%) Explanation of why

item

Taxes and The increase is primarily attributed to

1246223257.99952521731.0530.83%

surcharges higher sales revenue.The main reason for the rise is an increase

Other income 14485683.54 8653466.84 67.40%

in government grants received.The increase is primarily attributed to

Profit before tax 2826551082.62 2133535668.57 32.48%

higher sales revenue.Cash flow

Q1 2024 (RMB) Q1 2023 (RMB) Change (%) Explanation of why

statement item

Tax and levy The principal reason is an increase in VAT

22193752.40933556.772277.33%

rebates refunds retained.Cash generated

from other The increase is primarily due to the

1373953950.34273469260.39402.42%

operating recovery of restricted funds upon maturity.activities

Cash used in

The main reason is an increase in

other operating 1203774281.53 794061341.05 51.60%

operating expenses related to costs.activities

Borrowings 20000100.00 55000000.00 -63.64% The decrease in cash received from

4First Quarterly Report 2024

received borrowing is the primary cause.II Shareholder Information

(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as well

as Holdings of Top 10 Shareholders

Unit: share

Number of preference

Number of ordinary shareholders 28209 shareholders with resumed 0

voting rights (if any)

Top 10 shareholders (exclusive of shares lent in refinancing)

Name of Nature of Shareholding Restricted shares Shares in pledge marked or frozen

Total shares held

shareholder shareholder percentage held Status Shares

ANHUI GUJING

GROUP State-owned

51.34% 271372722 In pledge 30000000

COMPANY legal person

LIMITED

BANK OF

CHINA-CHINA

MERCHANTS

CHINA

SECURITIES

Other 2.24% 11815922 N/A

BAIJIU INDEX

CLASSIFICATION

SECURITIES

INVESTMENT

FUND

INDUSTRIAL

AND

COMMERCIAL

BANK OF CHINA

LIMITED-

INVESCO GREAT

WALL Other 1.82% 9621200 N/A

EMERGING

GROWTH

HYBRID

SECURITIES

INVESTMENT

FUND

CHINA Foreign legal 1.61% 8519825 N/A

5First Quarterly Report 2024

INTERNATIONAL person

CAPITAL

CORPORATION

HONG KONG

SECURITIES LTD

AGRICULTURAL

BANK OF CHINA

－ E FUND

CONSUMPTION

Other 1.53% 8093408 N/A

SECTOR STOCK

SECURITIES

INVESTMENT

FUND

HONG KONG

SECURITIES Foreign legal

1.44% 7634135 N/A

CLEARING person

COMPANY LTD.UBS (LUX)

EQUITY FUND -

Foreign legal

CHINA 1.30% 6896661 N/A

person

OPPORTUNITY

(USD)

GREENWOODS

Foreign legal

CHINA ALPHA 1.14% 6049760 N/A

person

MASTER FUND

BANK OF

CHINA-

INVESCO GREAT

WALL DINGYI

Other 0.88% 4650000 N/A

HYBRID

SECURITIES

INVESTMENT

FUND (LOF)

3W GLOBAL Foreign legal

0.77% 4051528 N/A

FUND person

Top 10 unrestricted shareholders

Shares by class

Name of shareholder Unrestricted ordinary shares held

Class Shares

ANHUI GUJING GROUP RMB-denominated

271372722271372722

COMPANY LIMITED ordinary share

BANK OF CHINA-CHINA RMB-denominated

1181592211815922

MERCHANTS CHINA ordinary share

6First Quarterly Report 2024

SECURITIES BAIJIU INDEX

CLASSIFICATION

SECURITIES INVESTMENT

FUND

INDUSTRIAL AND

COMMERCIAL BANK OF

CHINA LIMITED- INVESCO

RMB-denominated

GREAT WALL EMERGING 9621200 9621200

ordinary share

GROWTH HYBRID

SECURITIES INVESTMENT

FUND

CHINA INTERNATIONAL

CAPITAL CORPORATION Domestically

HONG KONG 8519825 8519825

listed foreign share

SECURITIES LTD

AGRICULTURAL BANK OF

CHINA － E FUND

RMB-denominated

CONSUMPTION SECTOR 8093408 8093408

ordinary share

STOCK SECURITIES

INVESTMENT FUND

HONG KONG SECURITIES RMB-denominated

76341357634135

CLEARING COMPANY LTD. ordinary share

UBS (LUX) EQUITY FUND - Domestically

68966616896661

CHINA OPPORTUNITY (USD) listed foreign share

GREENWOODS CHINA ALPHA Domestically

60497606049760

MASTER FUND listed foreign share

BANK OF CHINA- INVESCO

GREAT WALL DINGYI RMB-denominated

46500004650000

HYBRID SECURITIES ordinary share

INVESTMENT FUND (LOF)

Domestically

3W GLOBAL FUND 4051528 4051528

listed foreign share

Among the shareholders above the Company’s controlling shareholder—Anhui Gujing Group

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

Related or acting-in-concert concert as defined in the Administrative Measures on Information Disclosure of Changes in

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

above 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.Since October 2021 the Company's controlling shareholder Gujing Group has conducted the

Top 10 shareholders engaged in

business of "Refinancing by Lending Securities" and as of 31 March 2024 31300 lent shares

securities margin trading (if any)

were outstanding with no transfer of the ownership of these shares.

7First Quarterly Report 2024

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

□ Applicable □ Not applicable

Unit: share

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

Shares in the common Shares lent in Shares lent in

Shares in the common

account and credit refinancing and not yet refinancing and not yet

account and credit

account at the returned at the returned at the

Full name of account at the period-end period-begin period-begin period-end

shareholder

As % of As % of As % of As % of

Total Total

Total shares total share total share Total shares total share total share

shares shares

capital capital capital capital

ANHUI GUJING

GROUP

27136272251.34%413000.0078%27137272251.34%313000.0059%

COMPANY

LIMITED

BANK OF

CHINA-CHINA

MERCHANTS

CHINA

SECURITIES

128144552.42%430000.0081%118159222.24%10000.0002%

BAIJIU INDEX

CLASSIFICATION

SECURITIES

INVESTMENT

FUND

Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares lending/return compared with the prior

period

□ Applicable □ Not applicable

Unit: share

Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares lending/return compared with the end

of the prior period

Shares in the common account and credit

Newly added to or Shares lent in refinancing and not yet account plus shares lent in refinancing

Full name of exiting from top 10 returned at the period-end and not yet returned at the period-end

shareholder shareholders in the

Reporting Period As % of total share As % of total share Total shares Total shares

capital capital

ANHUI GUJING

GROUP

Exiting 31300 0.0059% 271404022 51.34%

COMPANY

LIMITED

BANK OF

CHINA-CHINA

MERCHANTS

CHINA

SECURITIES

Exiting 1000 0.0002% 11816922 2.24%

BAIJIU INDEX

CLASSIFICATION

SECURITIES

INVESTMENT

FUND

8First Quarterly Report 2024

(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 Anhui Gujing Distillery Company Limited

31 March 2024

Unit: RMB

Item 31 March 2024 1 January 2024

Current assets:

Monetary assets 17316097008.78 15966371744.19

Settlement reserve

Loans to other banks and financial

institutions

Held-for-trading financial assets 0.00 719987547.42

Derivative financial assets

Notes receivable

Accounts receivable 68612715.84 68607919.27

Receivables financing 4768470137.13 957560115.73

Prepayments 139662891.96 91607342.18

Premiums receivable

Reinsurance receivables

Receivable reinsurance contract

reserve

Other receivables 145795792.77 49178194.70

Including: Interest receivable

Dividends receivable

Financial assets purchased under

resale agreements

Inventories 7573447339.64 7519682536.51

Including: Data resource

Contract assets 836499.88 0.00

Assets held for sale

Current portion of non-current assets

9First Quarterly Report 2024

Other current assets 98433971.03 135071255.36

Total current assets 30111356357.03 25508066655.36

Non-current assets:

Loans and advances to customers

Debt investments

Other debt investments

Long-term receivables

Long-term equity investments 10053918.85 10367078.26

Investments in other equity

67661019.7863105658.07

instruments

Other non-current financial assets

Investment property 45627098.76 46622910.19

Fixed assets 4596251164.14 4596044056.92

Construction in progress 3157505998.29 2910735155.39

Productive living assets

Oil and gas assets

Right-of-use assets 77153555.01 81038100.24

Intangible assets 1112921597.94 1123186836.65

Including: Data resource

Development costs

Including: Data resource

Goodwill 561364385.01 561364385.01

Long-term prepaid expense 74533945.09 59102583.98

Deferred income tax assets 712849982.89 455588567.46

Other non-current assets 4453486.00 5685287.46

Total non-current assets 10420376151.76 9912840619.63

Total assets 40531732508.79 35420907274.99

Current liabilities:

Short-term borrowings 20004433.36 0.00

Borrowings from the central bank

Loans from other banks and financial

institutions

Held-for-trading financial liabilities

Derivative financial liabilities

Notes payable 264848865.34 1353187723.44

Accounts payable 2302813273.80 2814192071.24

Advances from customers

Contract liabilities 4616921217.53 1401122249.53

Financial assets sold under repurchase

agreements

Customer deposits and deposits from

10First Quarterly Report 2024

other banks and financial institutions

Payables for acting trading of

securities

Payables for underwriting of securities

Employee benefits payable 1283342023.30 1180605773.29

Taxes and levies payable 1388625062.11 1179368855.69

Other payables 3380502679.44 3267292222.01

Including: Interest payable

Dividends payable

Fees and commissions payable

Reinsurance payables

Liabilities directly associated with

assets held for sale

Current portion of non-current

79844523.1580825022.51

liabilities

Other current liabilities 2048296927.93 1132018451.10

Total current liabilities 15385199005.96 12408612368.81

Non-current liabilities:

Insurance contract reserve

Long-term borrowings 107106256.94 107106256.94

Bonds payable

Including: Preference shares

Perpetual bonds

Lease liabilities 67685550.71 68380767.78

Long-term payables

Long-term employee benefits payable

Provisions

Deferred income 102271805.34 100811404.82

Deferred income tax liabilities 330812980.88 321723514.56

Other non-current liabilities

Total non-current liabilities 607876593.87 598021944.10

Total liabilities 15993075599.83 13006634312.91

Owners’ equity:

Share capital 528600000.00 528600000.00

Other equity instruments

Including: Preference shares

Perpetual bonds

Capital reserves 6224747667.10 6224747667.10

Less: Treasury stock

Other comprehensive income -15137059.55 1596322.73

Specific reserve

Surplus reserves 269402260.27 269402260.27

11First Quarterly Report 2024

General reserve

Retained earnings 16566799764.16 14500963359.34

Total equity attributable to owners of the

23574412631.9821525309609.44

Company as the parent

Non-controlling interests 964244276.98 888963352.64

Total owners’ equity 24538656908.96 22414272962.08

Total liabilities and owners’ equity 40531732508.79 35420907274.99

Legal representative: Liang Jinhui The Company’s chief accountant: Zhu Jiafeng

Head of the Company’s financial department: Zhu Jiafeng

2. Consolidated Income Statement

Unit: RMB

Item Q1 2024 Q1 2023

1. Revenues 8286316919.20 6584074879.74

Including: Operating revenue 8286316919.20 6584074879.74

Interest revenue

Insurance premium income

Fee and commission

income

2. Costs and expenses 5469876590.82 4474673766.49

Including: Cost of sales 1628295369.21 1338363595.05

Interest costs

Fee and commission

expense

Surrenders

Net insurance claims paid

Net amount provided as

insurance contract reserve

Expenditure on policy

dividends

Reinsurance premium

expense

Taxes and levies 1246223257.99 952521731.05

Selling expense 2251920621.09 1898400734.49

Administrative expense 397080659.96 360366324.25

Development costs 14780353.19 12603427.17

Finance costs -68423670.62 -87582045.52

Including: Interest costs 1334400.38 452129.32

Interest

70495659.2187672195.65

revenue

12First Quarterly Report 2024

Add: Other income 14485683.54 8653466.84

Return on investment (“-” for loss) -14845727.68 -12896951.32

Including: Share of profit or loss

-313159.41-281051.86

of joint ventures and associates

Income from the

derecognition of financial assets at

amortized cost (“-” for loss)

Exchange gain (“-” for loss)

Net gain on exposure hedges (“-”

for loss)

Gain on changes in fair value (“-”

0.0011694470.28

for loss)

Credit impairment loss (“-” for

61788.351050.00

loss)

Asset impairment loss (“-” for

294426.540.00

loss)

Asset disposal income (“-” for

0.00133056.61

loss)

3. Operating profit (“-” for loss) 2816436499.13 2116986205.66

Add: Non-operating income 11502875.81 17987189.96

Less: Non-operating expense 1388292.32 1437727.05

4. Gross profit (“-” for loss) 2826551082.62 2133535668.57

Less: Income tax expense 700879033.10 536509124.01

5. Net profit (“-” for net loss) 2125672049.52 1597026544.56

5.1 By operating continuity

5.1.1 Net profit from continuing

2125672049.521597026544.56

operations (“-” for net loss)

5.1.2 Net profit from discontinued

operations (“-” for net loss)

5.2 By ownership

5.2.1 Net profit attributable to

2065836404.821569704169.52

owners of the Company as the parent

5.2.2 Net profit attributable to

59835644.7027322375.04

non-controlling interests

6. Other comprehensive income net of

-15288102.64-18222555.18

tax

Attributable to owners of the

-16733382.28-18870788.31

Company as the parent

6.1 Items that will not be

2049912.771227528.56

reclassified to profit or loss

6.1.1 Changes caused by

remeasurements on defined benefit

13First Quarterly Report 2024

schemes

6.1.2 Other comprehensive

income that will not be reclassified to

profit or loss under the equity method

6.1.3 Changes in the fair value of

2049912.771227528.56

investments in other equity instruments

6.1.4 Changes in the fair value

arising from changes in own credit risk

6.1.5 Other

6.2 Items that will be reclassified to

-18783295.05-20098316.87

profit or loss

6.2.1 Other comprehensive

income that will be reclassified to profit

or loss under the equity method

6.2.2 Changes in the fair value of

other debt investments

6.2.3 Other comprehensive

income arising from the reclassification -18783295.05 -20098316.87

of financial assets

6.2.4 Credit impairment

allowance for other debt investments

6.2.5 Reserve for cash flow

hedges

6.2.6 Differences arising from the

translation of foreign

currency-denominated financial

statements

6.2.7 Other

Attributable to non-controlling

1445279.64648233.13

interests

7. Total comprehensive income 2110383946.88 1578803989.38

Attributable to owners of the

2049103022.541550833381.21

Company as the parent

Attributable to non-controlling

61280924.3427970608.17

interests

8. Earnings per share

8.1 Basic earnings per share 3.91 2.97

8.2 Diluted earnings per share 3.91 2.97

Legal representative: Liang Jinhui The Company’s chief accountant: Zhu Jiafeng

Head of the Company’s financial department: Zhu Jiafeng

14First Quarterly Report 2024

3. Consolidated Cash Flow Statement

Unit: RMB

Item Q1 2024 Q1 2023

1. Cash flows from operating activities:

Proceeds from sale of commodities

8366740970.607755489862.22

and rendering of services

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

Net proceeds from acting trading of

securities

Tax and levy rebates 22193752.40 933556.77

Cash generated from other operating

1373953950.34273469260.39

activities

Subtotal of cash generated from

9762888673.348029892679.38

operating activities

Payments for commodities and

2215657890.16831712774.81

services

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

15First Quarterly Report 2024

Interest fees and commissions paid

Policy dividends paid

Cash paid to and for employees 1021415355.52 935700806.15

Taxes and levies paid 2868019811.63 2389733360.32

Cash used in other operating activities 1203774281.53 794061341.05

Subtotal of cash used in operating

7308867338.844951208282.33

activities

Net cash generated from/used in

2454021334.503078684397.05

operating activities

2. Cash flows from investing activities:

Proceeds from disinvestment 725199000.00 560000000.00

Return on investment 1544670.78 80952.06

Net proceeds from the disposal of

fixed assets intangible assets and other 45620.00 169445.00

long-lived assets

Net proceeds from the disposal of

subsidiaries and other business units

Cash generated from other investing

activities

Subtotal of cash generated from

726789290.78560250397.06

investing activities

Payments for the acquisition of fixed

assets intangible assets and other 718140004.77 539157118.68

long-lived assets

Payments for investments 0.00 700000000.00

Net increase in pledged loans granted

Net payments for the acquisition of

13439262.05

subsidiaries and other business units

Cash used in other investing activities

Subtotal of cash used in investing

718140004.771252596380.73

activities

Net cash generated from/used in

8649286.01-692345983.67

investing activities

3. Cash flows from financing activities:

Capital contributions received 14000000.00 0.00

Including: Capital contributions by

14000000.000.00

non-controlling interests to subsidiaries

Borrowings received 20000100.00 55000000.00

Cash generated from other financing

activities

Subtotal of cash generated from

34000100.0055000000.00

financing activities

Repayment of borrowings 0.00 84000000.00

16First Quarterly Report 2024

Interest and dividends paid 1400946.27 1152138.17

Including: Dividends paid by

subsidiaries to non-controlling interests

Cash used in other financing activities 2595465.54 3162158.66

Subtotal of cash used in financing

3996411.8188314296.83

activities

Net cash generated from/used in

30003688.19-33314296.83

financing activities

4. Effect of foreign exchange rates

changes on cash and cash equivalents

5. Net increase in cash and cash

2492674308.702353024116.55

equivalents

Add: Cash and cash equivalents

14725079953.5113105373435.22

beginning of the period

6. Cash and cash equivalents end of the

17217754262.2115458397551.77

period

(II) Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation of

the New Accounting Standards Implemented since 2024

□ Applicable □ Not applicable

(III) Independent Auditor’s Report

Indicate by tick mark whether the financial statements above have been audited by an independent auditor.□Yes □ No

These financial statements have not been audited by such an auditor.The Board of Directors

Anhui Gujing Distillery Company Limited

27 April 2024

17