ANHUI GUJING DISTILLERY COMPANY LIMITED

THIRD QUARTERLY REPORT 2025

October 2025Third Quarterly Report 2025

Stock Code: 000596 200596 Stock Name: Gujing Distillery Gujing Distillery-B Announcement No. 2025-024

ANHUI GUJING DISTILLERY COMPANY LIMITED

THIRD QUARTERLY REPORT 2025

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

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

Operating revenue

2544788530.16-51.65%16424640732.91-13.87%

(RMB)

Net profit attributable

to the listed company’s 298617577.53 -74.56% 3960203363.47 -16.57%

shareholders (RMB)

Net profit attributable

to the listed company’s

shareholders before 281518555.27 -75.71% 3907907549.27 -16.85%

exceptional gains and

losses (RMB)

Net cash generated

from/used in operating — — 2627053477.01 -50.84%

activities (RMB)

Basic earnings per

0.56-74.77%7.49-16.59%

share (RMB/share)

Diluted earnings per

0.56-74.77%7.49-16.59%

share (RMB/share)

Weighted average 1.18% -3.86% 15.48% -5.06%

1Third Quarterly Report 2025

return on equity (%)

30 September 2025 31 December 2024 Change (%)

Total assets (RMB) 38224201011.05 40522413702.09 -5.67%

Equity attributable to

the listed company’s 25461538228.14 24657023779.19 3.26%

shareholders (RMB)

(II) Exceptional Gains and Losses

□ Applicable □ Not applicable

Unit: RMB

Item Q3 2025 Q1-Q3 2025 Note

Gain or loss on disposal of

non-current assets (inclusive

-2260996.36-2921829.35

of impairment allowance

write-offs)

Government grants

recognized in profit or loss

(exclusive of those that are

closely related to the

Company's normal business

operations and given in 11711690.42 44836549.05

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

2360790.285162443.58

and liabilities (exclusive of

the effective portion of

hedges that is related to the

Company's normal business

operations)

Non-operating income and

15373720.2442442717.86

expense other than the above

Less: Income tax effects 6704183.84 22008311.01

Non-controlling interests

3381998.4815215755.93

effects (net of tax)

Total 17099022.26 52295814.20 --

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.

2Third Quarterly Report 2025

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

□ Applicable □ Not applicable

Unit: RMB

Balance sheet

30 September 2025 1 January 2025 Change (%) Main reason for change

items

Receivables

774092760.98 2966732807.75 -73.91% Decreased bank acceptance bills.

financing

Other current

821800696.29 191503861.97 329.13% Increased reverse repurchases of treasury bonds.

assets

Investment

27074037.48 43893659.88 -38.32% Recovery of building space that was rented out.

property

Construction in Transfer of engineering projects to fixed assets

631733715.431038780764.86-39.19%

progress due to being ready for the intended use.Short-term

154841992.30 50038194.44 209.45% Increased borrowings of subsidiaries.

borrowings

Notes payable 1180508888.58 589364409.55 100.30% Increase in issued bank acceptance bills.Contract liabilities 1344038758.28 3514800038.80 -61.76% Decreased sales orders.Current portion of

Decreased current portion of long-term

non-current 46942500.71 89836200.57 -47.75%

borrowings.liabilities

Long-term

192450000.00 41600000.00 362.62% Increased borrowings of subsidiaries.

borrowings

Income

Q1-Q3 2025 Q1-Q3 2024 Change (%) Main reason for change

statement items

Finance costs -433059383.91 -306210655.53 -41.43% Increased interest income.Other income 66466879.57 42933494.28 54.81% Increased government grants.Return on Increased income from financial assets at fair

-20878347.16-33806557.3038.24%

investment value and through other comprehensive income.Cash flow

Q1-Q3 2025 Q1-Q3 2024 Change (%) Main reason for change

statement items

Cash generated

from other

1087298979.00 1979480373.63 -45.07% Decreased recovery of restricted funds.

operating

activities

Proceeds from Increased recovery of reverse repurchases of

4302278000.00725199000.00493.25%

disinvestment treasury bonds upon maturity.Return on The primary reason is the increase in treasury

4930537000.0050000000.009761.07%

investment bond repurchase agreements.

3Third Quarterly Report 2025

Capital

Decrease in investments received by subsidiaries

contributions 18000000.00 26000000.00 -30.77%

from non-controlling shareholders.received

Borrowings

329200000.00 120000100.00 174.33% Increased borrowings of subsidiaries.

received

Interest and

3208905926.75 2458341671.66 30.53% Increased cash dividend payout.

dividends paid

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 at shareholders with resumed

494430

the period-end voting rights at the period-end

(if any)

Top 10 shareholders

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 legal

51.34% 271404022 In pledge 30000000

COMPANY person

LIMITED

BANK OF

CHINA-CHINA

MERCHANTS

CHINA

SECURITIES

Other 3.02% 15982651 N/A

BAIJIU INDEX

CLASSIFICATION

SECURITIES

INVESTMENT

FUND

CHINA

INTERNATIONAL

CAPITAL Overseas legal

CORPORATION 1.69% 8947408 N/A

HONGKONG person

SECURITIES LTD

AGRICULTURAL

BANK OF CHINA Other 1.47% 7786108 N/A

－E FUND

4Third Quarterly Report 2025

CONSUMPTION

SECTOR STOCK

SECURITIES

INVESTMENT

FUND

UBS (LUX)

EQUITY FUND -

Overseas legal

CHINA 1.35% 7122945 N/A

person

OPPORTUNITY

(USD)

GREENWOODS

CHINA Overseas legal

ALPHA MASTER 1.14% 6049760 N/A

person

FUND

INDUSTRIAL

AND

COMMERCIAL

BANK OF CHINA

LIMITED-

INVESCO GREAT

WALL Other 1.10% 5800000 N/A

EMERGING

GROWTH

HYBRID

SECURITIES

INVESTMENT

FUND

HONG KONG

SECURITIES Overseas legal

1.07% 5636570 N/A

CLEARING person

COMPANY LTD.CHINA

CONSTRUCTION

BANK

CORPORATION－

PENGHUA

CHINA

其他 1.01% 5320883 N/A

SECURITIES

WINE & LIQUOR

TRADED OPEN-

ENDED INDEX

SECURITIES

INVESTMENT

5Third Quarterly Report 2025

FUND

3W GLOBAL Overseas legal

0.77% 4051528 N/A

FUND person

Top 10 unrestricted shareholders

Shares by class

Name of shareholder Unrestricted ordinary shares held

Class Shares

RMB-

ANHUI GUJING GROUP

271404022 denominated 271404022

COMPANY LIMITED

ordinary stock

BANK OF CHINA-CHINA

RMB-

MERCHANTS CHINA SECURITIES

15982651 denominated 15982651

BAIJIU INDEX CLASSIFICATION

ordinary stock

SECURITIES INVESTMENT FUND

CHINA INTERNATIONAL CAPITAL Domestically

CORPORATION HONGKONG 8947408 listed overseas 8947408

SECURITIES LTD

stock

AGRICULTURAL BANK OF

RMB-

CHINA－E FUND CONSUMPTION

7786108 denominated 7786108

SECTOR STOCK SECURITIES

ordinary stock

INVESTMENT FUND

Domestically

UBS (LUX) EQUITY FUND -

7122945 listed overseas 7122945

CHINA OPPORTUNITY (USD)

stock

Domestically

GREENWOODS CHINA

6049760 listed overseas 6049760

ALPHA MASTER FUND

stock

INDUSTRIAL AND COMMERCIAL

BANK OF CHINA LIMITED- RMB-

INVESCO GREAT WALL 5800000 denominated 5800000

EMERGING GROWTH HYBRID ordinary stock

SECURITIES INVESTMENT FUND

RMB-

HONG KONG SECURITIES

5636570 denominated 5636570

CLEARING COMPANY LTD.ordinary stock

CHINA CONSTRUCTION BANK

CORPORATION－PENGHUA

RMB-

CHINA SECURITIES WINE &

5320883 denominated 5320883

LIQUOR TRADED OPEN-ENDED

ordinary stock

INDEX SECURITIES

INVESTMENT FUND

6Third Quarterly Report 2025

Domestically

3W GLOBAL FUND 4051528 listed overseas 4051528

stock

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 concert as defined in the Administrative Measures on Information Disclosure of

Related or acting-in-concert parties

Changes in Shareholding of Listed Companies. As for the other shareholders the Company

among the shareholders above

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.Top 10 shareholders engaged in

N/A

securities margin trading (if any)

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

□Applicable □ Not applicable

Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares lending/return 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 Anhui Gujing Distillery Company Limited

30 September 2025

Unit: RMB

Item 30 September 2025 1 January 2025

Current assets:

Monetary assets 14403385449.42 15894104466.53

Settlement reserve

Loans to other banks and financial

institutions

Held-for-trading financial assets 50405625.78 60184353.81

Derivative financial assets

7Third Quarterly Report 2025

Notes receivable

Accounts receivable 64141004.90 69819734.99

Receivables financing 774092760.98 2966732807.75

Prepayments 197929705.08 278472276.28

Premiums receivable

Reinsurance receivables

Receivable reinsurance contract

reserve

Other receivables 60714952.55 86894981.69

Including: Interest receivable

Dividends receivable

Financial assets purchased under

resale agreements

Inventories 9846548269.21 9264220836.58

Including: Data resource

Contract assets

Assets held for sale

Current portion of non-current assets

Other current assets 821800696.29 191503861.97

Total current assets 26219018464.21 28811933319.60

Non-current assets:

Loans and advances to customers

Debt investments

Other debt investments

Long-term receivables

Long-term equity investments 11709217.24 11732641.44

Investments in other equity

72798327.6169500830.82

instruments

Other non-current financial assets

Investment property 27074037.48 43893659.88

Fixed assets 8575494845.02 7896995404.62

Construction in progress 631733715.43 1038780764.86

Productive living assets

Oil and gas assets

Right-of-use assets 96785708.57 100293500.73

Intangible assets 1128370242.47 1129272763.98

Including: Data resource

Development costs

Including: Data resource

Goodwill 561364385.01 561364385.01

Long-term prepaid expense 387957825.94 374605387.89

8Third Quarterly Report 2025

Deferred income tax assets 511894242.07 483333690.76

Other non-current assets 0.00 707352.50

Total non-current assets 12005182546.84 11710480382.49

Total assets 38224201011.05 40522413702.09

Current liabilities:

Short-term borrowings 154841992.30 50038194.44

Borrowings from the central bank

Loans from other banks and financial

institutions

Held-for-trading financial liabilities

Derivative financial liabilities

Notes payable 1180508888.58 589364409.55

Accounts payable 2191908921.75 2942339182.13

Advances from customers

Contract liabilities 1344038758.28 3514800038.80

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 996476359.62 1121224782.28

Taxes and levies payable 634386018.42 1163171843.49

Other payables 3107877803.59 3146672513.57

Including: Interest payable

Dividends payable

Fees and commissions payable

Reinsurance payables

Liabilities directly associated with

assets held for sale

Current portion of non-current

46942500.7189836200.57

liabilities

Other current liabilities 1365981867.57 1691188287.40

Total current liabilities 11022963110.82 14308635452.23

Non-current liabilities:

Insurance contract reserve

Long-term borrowings 192450000.00 41600000.00

Bonds payable

Including: Preference shares

Perpetual bonds

Lease liabilities 79156265.22 84453588.30

9Third Quarterly Report 2025

Long-term payables

Long-term employee benefits payable

Provisions

Deferred income 116374807.73 122142913.25

Deferred income tax liabilities 266282377.46 271795024.98

Other non-current liabilities

Total non-current liabilities 654263450.41 519991526.53

Total liabilities 11677226561.23 14828626978.76

Owners’ equity:

Share capital 528600000.00 528600000.00

Other equity instruments

Including: Preference shares

Perpetual bonds

Capital reserves 6229111206.22 6229111206.22

Less: Treasury stock

Other comprehensive income 6306965.74 -9604119.74

Specific reserve

Surplus reserves 269402260.27 269402260.27

General reserve

Retained earnings 18428117795.91 17639514432.44

Total equity attributable to owners of the

25461538228.1424657023779.19

parent company

Non-controlling interests 1085436221.68 1036762944.14

Total owners’ equity 26546974449.82 25693786723.33

Total liabilities and owners’ equity 38224201011.05 40522413702.09

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

Head of the Company’s financial department: Zhu Jiafeng

2. Consolidated Income Statement for Q1~Q3

Unit: RMB

Item Q1~Q3 2025 Q1~Q3 2024

1. Revenues 16424640732.91 19068608990.68

Including: Operating revenue 16424640732.91 19068608990.68

Interest revenue

Insurance premium income

Fee and commission

income

2. Costs and expenses 11044921171.28 12427587820.52

Including: Cost of sales 3306795997.53 3869357163.03

Interest costs

Fee and commission

expense

10Third Quarterly Report 2025

Surrenders

Net insurance claims paid

Net amount provided as

insurance contract reserve

Expenditure on policy

dividends

Reinsurance premium

expense

Taxes and levies 2629415053.68 2999512261.42

Selling expense 4507564685.02 4822663805.47

Administrative expense 971999271.92 990677306.80

Development costs 62205547.04 51587939.33

Finance costs -433059383.91 -306210655.53

Including: Interest costs 7915316.24 6111857.44

Interest

443982861.45325087545.79

revenue

Add: Other income 66466879.57 42933494.28

Return on investment (“-” for loss) -20878347.16 -33806557.30

Including: Share of profit or loss

-23424.20-200977.80

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 (“-”

405625.78200664.41

for loss)

Credit impairment loss (“-” for

580586.42-407789.08

loss)

Asset impairment loss (“-” for

-4617.166573566.64

loss)

Asset disposal income (“-” for

74653.89132292.33

loss)

3. Operating profit (“-” for loss) 5426364342.97 6656646841.44

Add: Non-operating income 43781215.42 45300561.00

Less: Non-operating expense 4334980.80 11263819.25

4. Gross profit (“-” for loss) 5465810577.59 6690683583.19

Less: Income tax expense 1382314067.32 1793824244.97

5. Net profit (“-” for net loss) 4083496510.27 4896859338.22

5.1 By operating continuity

5.1.1 Net profit from continuing 4083496510.27 4896859338.22

11Third Quarterly Report 2025

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

owners of the parent company (“-” for 3960203363.47 4746493826.19

net loss)

5.2.2 Net profit attributable to non-

123293146.80150365512.03

controlling interests (“-” for net loss)

6. Other comprehensive income net of

16912289.883968391.68

tax

Attributable to owners of the parent

15911085.501446842.56

company

6.1 Items that will not be

1483873.563663765.53

reclassified to profit or loss

6.1.1 Changes caused by

remeasurements on defined benefit

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

1483873.563663765.53

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

14427211.94-2216922.97

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 14427211.94 -2216922.97

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

12Third Quarterly Report 2025

6.2.7 Other

Attributable to non-controlling

1001204.382521549.12

interests

7. Total comprehensive income 4100408800.15 4900827729.90

7.1 Attributable to owners of the

3976114448.974747940668.75

parent company

7.2 Attributable to non-controlling

124294351.18152887061.15

interests

8. Earnings per share

8.1 Basic earnings per share 7.49 8.98

8.2 Diluted earnings per share 7.49 8.98

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

Head of the Company’s financial department: Zhu Jiafeng

3. Consolidated Cash Flow Statement for Q1~Q3

Unit: RMB

Item Q1~Q3 2025 Q1~Q3 2024

1. Cash flows from operating activities:

Proceeds from sale of commodities

17534396855.3319705215506.26

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 4395422.58 26680241.35

Cash generated from other operating 1087298979.00 1979480373.63

13Third Quarterly Report 2025

activities

Subtotal of cash generated from

18626091256.9121711376121.24

operating activities

Payments for commodities and

3060504596.013833390034.85

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

Interest fees and commissions paid

Policy dividends paid

Cash paid to and for employees 3023565700.53 3028178859.64

Taxes and levies paid 6562911764.70 6630197283.10

Cash used in other operating activities 3352055718.66 2875409885.79

Subtotal of cash used in operating

15999037779.9016367176063.38

activities

Net cash generated from/used in

2627053477.015344200057.86

operating activities

2. Cash flows from investing activities:

Proceeds from disinvestment 4302278000.00 725199000.00

Return on investment 5709694.00 22301834.45

Net proceeds from the disposal of

fixed assets intangible assets and other 313276.00 57370.00

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

4308300970.00747558204.45

investing activities

Payments for the acquisition of fixed

assets intangible assets and other long- 1364052252.27 1877953322.37

lived assets

Payments for investments 4930537000.00 50000000.00

Net increase in pledged loans granted

Net payments for the acquisition of

subsidiaries and other business units

Cash used in other investing activities

14Third Quarterly Report 2025

Subtotal of cash used in investing

6294589252.271927953322.37

activities

Net cash generated from/used in

-1986288282.27-1180395117.92

investing activities

3. Cash flows from financing activities:

Capital contributions received 18000000.00 26000000.00

Including: Capital contributions by

18000000.0026000000.00

non-controlling interests to subsidiaries

Borrowings received 329200000.00 120000100.00

Cash generated from other financing

activities

Subtotal of cash generated from

347200000.00146000100.00

financing activities

Repayment of borrowings 117690000.00 91590000.00

Interest and dividends paid 3208905926.75 2458341671.66

Including: Dividends paid by

29909838.0079865320.11

subsidiaries to non-controlling interests

Cash used in other financing activities 18835727.16 21760545.66

Subtotal of cash used in financing

3345431653.912571692217.32

activities

Net cash generated from/used in

-2998231653.91-2425692117.32

financing activities

4. Effect of foreign exchange rates

changes on cash and cash equivalents

5. Net increase in cash and cash

-2357466459.171738112822.62

equivalents

Add: Cash and cash equivalents

15193134694.1914676167417.36

beginning of the period

6. Cash and cash equivalents end of the

12835668235.0216414280239.98

period

(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 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.

15