ANHUI GUJING DISTILLERY COMPANY LIMITED

FIRST QUARTERLY REPORT 2026

April 2026First Quarterly Report 2026

Stock Code: 000596 200596 Stock Name: Gujing Distillery Gujing Distillery-B Announcement No. 2026-005

ANHUI GUJING DISTILLERY COMPANY LIMITED

FIRST QUARTERLY REPORT 2026

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”) as well as the directors 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 2026 Q1 2025 YoY change (%)

Operating revenue (RMB) 7445774807.10 9146061070.75 -18.59%

Net profit attributable to the listed company’s

1606873496.412329843939.99-31.03%

shareholders (RMB)

Net profit attributable to the listed company’s

shareholders before exceptional gains and 1598294341.71 2311791509.93 -30.86%

losses (RMB)

Net cash generated from/used in operating

1911371366.341845180171.283.59%

activities (RMB)

Basic earnings per share (RMB/share) 3.04 4.41 -31.07%

1First Quarterly Report 2026

Diluted earnings per share (RMB/share) 3.04 4.41 -31.07%

Weighted average return on equity (%) 6.30% 9.21% -2.91%

March 31 2026 December 31 2025 Change (%)

Total assets (RMB) 40622650634.07 38197033001.78 6.35%

Equity attributable to the listed company’s

26124052021.9525050216942.364.29%

shareholders (RMB)

(II) Exceptional Gains and Losses

□ Applicable □ Not applicable

Unit: RMB

Item Amount during the Reporting Period Note

Gain or loss on disposal of non-current

assets (inclusive of impairment -493894.48

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

2623324.84

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 689978.38

(exclusive of the effective portion of

hedges that is related to the Company's

normal business operations)

Non-operating income and expense other

9482641.92

than the above

Less: Income tax effects 2953242.24

Non-controlling interests effects

769653.72

(net of tax)

Total 8579154.70 --

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

2First Quarterly Report 2026

No such cases for the Reporting Period.(III) Changes in Key Financial Statement Line Items and Explanation of why

□ Applicable □ Not applicable

March 31 2026 January 1 2026

Balance sheet item Change (%) Main explanation of why

(RMB) (RMB)

Held-for-trading Increased purchases of bank financial management

200460273.970.00--

financial assets products

Increased accounts receivable of subsidiaries from

Accounts receivable 92928929.89 53996692.68 72.10%

customers

Receivables financing 3036044251.97 895658760.56 238.97% Increased bank acceptance bills received

Notes payable 817272214.13 1472240813.01 -44.49% Maturity and redemption of notes payable

Contract liabilities 2304796934.00 1519882489.70 51.64% Increased advance receipts from customers

Taxes and levies

1201337465.66 605968561.52 98.25% Increased outstanding VAT and corporate income tax

payable

Other current

1393545232.56 1043957560.69 33.49% Increase in accrued expenses

liabilities

Income statement

Q1 2026 (RMB) Q1 2025 (RMB) Change (%) Explanation of why

item

Finance costs -116456593.64 -180822561.36 35.60% Decreased interest income

Other income 12020684.69 26295361.38 -54.29% Decreased government grants

Operating profit 2202801938.05 3171145407.49 -30.54% Decreased operating revenue

Cash flow statement 2202801938.05

Q1 2026 (RMB) Q1 2025 (RMB) Change (%) Explanation of why

item

Cash generated from

other operating 781852657.56 544431539.21 43.61% Increased recovery of restricted funds

activities

Payments for

commodities and 1918392897.75 1389941148.83 38.02% Increase in matured bill payments

services

Proceeds from Maturity of treasury bond reverse repurchase

621545000.00370000000.0067.99%

disinvestment agreements

Payments for the

construction and

acquisition of fixed Decreased payments for the acquisition and

305768477.21526587484.84-41.93%

assets intangible construction of fixed assets

assets and other long-

lived assets

3First Quarterly Report 2026

Borrowings received 89300000.00 164500000.00 -45.71% Decrease in bank loans received by subsidiaries

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 ordinary shareholders at Number of preference shareholders with resumed

621450

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

Top 10 shareholders (exclusive of shares lent in refinancing)

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

shareholder shareholder percentage held shares held Status Shares

ANHUI GUJING

GROUP State-owned

51.34% 271404022 In pledge 30000000

COMPANY legal person

LIMITED

BANK OF CHINA-

CHINA

MERCHANTS

CHINA

SECURITIES

Other 3.34% 17641908 N/A

BAIJIU INDEX

CLASSIFICATION

SECURITIES

INVESTMENT

FUND

CHINA

INTERNATIONAL

CAPITAL Overseas legal

1.65% 8721740 N/A

CORPORATION person

HONGKONG

SECURITIES LTD

UBS (LUX)

EQUITY FUND-

Overseas legal

CHINA 1.19% 6285745 N/A

person

OPPORTUNITY

(USD)

GREENWOODS

Overseas legal

CHINA ALPHA 1.14% 6049760 N/A

person

MASTER FUND

CHINA

CONSTRUCTION

BANK

CORPORATION－

PENGHUA CHINA Other 1.08% 5710430 N/A

SECURITIES

WINE & LIQUOR

TRADED OPEN-

ENDED INDEX

4First Quarterly Report 2026

SECURITIES

INVESTMENT

FUND

AGRICULTURAL

BANK OF CHINA

－E FUND

CONSUMPTION

Other 1.02% 5411046 N/A

SECTOR STOCK

SECURITIES

INVESTMENT

FUND

INDUSTRIAL

AND

COMMERCIAL

BANK OF CHINA

LIMITED-

INVESCO GREAT

WALL Other 1.00% 5300000 N/A

EMERGING

GROWTH

HYBRID

SECURITIES

INVESTMENT

FUND

HONG KONG

SECURITIES Overseas legal

0.95% 5014804 N/A

CLEARING person

COMPANY LTD.

3W GLOBAL Overseas legal

0.85% 4469528 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

MERCHANTS CHINA RMB-

SECURITIES BAIJIU INDEX 17641908 denominated 17641908

CLASSIFICATION SECURITIES ordinary stock

INVESTMENT FUND

CHINA INTERNATIONAL Domestically

CAPITAL CORPORATION 8721740 listed overseas 8721740

HONGKONG SECURITIES LTD stock

Domestically

UBS (LUX) EQUITY FUND-CHINA

6285745 listed overseas 6285745

OPPORTUNITY (USD)

stock

Domestically

GREENWOODS CHINA ALPHA

6049760 listed overseas 6049760

MASTER FUND

stock

CHINA CONSTRUCTION BANK RMB-

CORPORATION－PENGHUA 5710430 denominated 5710430

CHINA SECURITIES WINE & ordinary stock

5First Quarterly Report 2026

LIQUOR TRADED OPEN-ENDED

INDEX SECURITIES

INVESTMENT FUND

AGRICULTURAL BANK OF

RMB-

CHINA－E FUND CONSUMPTION

5411046 denominated 5411046

SECTOR STOCK SECURITIES

ordinary stock

INVESTMENT FUND

INDUSTRIAL AND COMMERCIAL

BANK OF CHINA LIMITED- RMB-

INVESCO GREAT WALL 5300000 denominated 5300000

EMERGING GROWTH HYBRID ordinary stock

SECURITIES INVESTMENT FUND

RMB-

HONG KONG SECURITIES

5014804 denominated 5014804

CLEARING COMPANY LTD.ordinary stock

Domestically

3W GLOBAL FUND 4469528 listed overseas 4469528

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 among the

Changes in Shareholding of Listed Companies. As for the other

shareholders above

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.Top 10 shareholders engaged in securities margin

N/A

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

6First Quarterly Report 2026

IV Quarterly Financial Statements

(I) Financial Statements

1. Consolidated Balance Sheet

Prepared by Anhui Gujing Distillery Company Limited

March 31 2026

Unit: RMB

Item March 31 2026 January 1 2026

Current assets:

Monetary assets 14515715094.68 14187463729.81

Settlement reserve

Loans to other banks and financial

institutions

Held-for-trading financial assets 200460273.97 0.00

Derivative financial assets

Notes receivable

Accounts receivable 92928929.89 53996692.68

Receivables financing 3036044251.97 895658760.56

Prepayments 148110419.05 115292227.12

Premiums receivable

Reinsurance receivables

Receivable reinsurance contract

reserve

Other receivables 56380888.99 45651277.81

Including: Interest receivable

Dividends receivable

Financial assets purchased under

resale agreements

Inventories 10462631408.08 10739794676.82

Including: Data resource

Contract assets

Assets held for sale

Non-current assets maturing within

one year

Other current assets 311318383.45 392926614.98

Total current assets 28823589650.08 26430783979.78

Non-current assets:

Loans and advances to customers

Debt investments

7First Quarterly Report 2026

Other debt investments

Long-term receivables

Long-term equity investments 12480029.13 11574463.54

Investments in other equity

76088577.1273526017.72

instruments

Other non-current financial assets

Investment property 15436936.45 16036411.82

Fixed assets 9072892422.73 9121969040.94

Construction in progress 132055983.37 160290473.75

Productive living assets

Oil and gas assets

Right-of-use assets 87157813.14 92161801.76

Intangible assets 1125735774.55 1133507983.04

Including: Data resource

Development costs

Including: Data resource

Goodwill 246753998.67 246753998.67

Long-term prepaid expense 409957104.63 417315747.85

Deferred income tax assets 620293003.20 487647921.96

Other non-current assets 209341.00 5465160.95

Total non-current assets 11799060983.99 11766249022.00

Total assets 40622650634.07 38197033001.78

Current liabilities:

Short-term borrowings 134732375.44 184830263.45

Borrowings from the central bank

Loans from other banks and financial

institutions

Held-for-trading financial liabilities

Derivative financial liabilities

Notes payable 817272214.13 1472240813.01

Accounts payable 2143552239.81 2302888169.15

Advances from customers

Contract liabilities 2304796934.00 1519882489.70

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 1271024245.86 1276935454.81

8First Quarterly Report 2026

Taxes and levies payable 1201337465.66 605968561.52

Other payables 3202811016.38 2816680849.01

Including: Interest payable

Dividends payable

Fees and commissions payable

Reinsurance payables

Liabilities directly associated with

assets held for sale

Non-current liabilities maturing within

72033227.3761253882.81

one year

Other current liabilities 1393545232.56 1043957560.69

Total current liabilities 12541104951.21 11284638044.15

Non-current liabilities:

Insurance contract reserve

Long-term borrowings 312499589.94 260199589.94

Bonds payable

Including: Preference shares

Perpetual bonds

Lease liabilities 74635202.12 76138828.43

Long-term payables

Long-term employee benefits payable

Provisions

Deferred income 158961356.21 162588721.38

Deferred income tax liabilities 306433046.55 309468453.80

Other non-current liabilities

Total non-current liabilities 852529194.82 808395593.55

Total liabilities 13393634146.03 12093033637.70

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 1642096.27 6080513.09

Specific reserve

Surplus reserves 269402260.27 269402260.27

General reserve

Retained earnings 19095296459.19 18017022962.78

Total equity attributable to owners of the

26124052021.9525050216942.36

Company as the parent

Non-controlling interests 1104964466.09 1053782421.72

9First Quarterly Report 2026

Total owners’ equity 27229016488.04 26103999364.08

Total liabilities and owners’ equity 40622650634.07 38197033001.78

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 2026 Q1 2025

1. Revenues 7445774807.10 9146061070.75

Including: Operating revenue 7445774807.10 9146061070.75

Interest revenue

Insurance premium income

Fee and commission

income

2. Costs and expenses 5244984545.42 5990636617.73

Including: Cost of sales 1649562299.93 1858117998.99

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 surcharges 1321543923.49 1460941434.23

Selling expense 1987978306.02 2433266832.58

Administrative expense 385215352.89 399360994.69

Development costs 17141256.73 19771918.60

Finance costs -116456593.64 -180822561.36

Including: Interest costs 3428308.75 2888158.39

Interest

120043779.77186495864.02

revenue

Add: Other income 12020684.69 26295361.38

Return on investment (“-” for loss) -10499300.81 -11076198.03

Including: Share of profit or loss

905565.59-270886.99

of joint ventures and associates

10First Quarterly Report 2026

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 (“-”

460273.97553014.15

for loss)

Credit impairment loss (“-” for

119600.28440.59

loss)

Asset impairment loss (“-” for

-106178.46-54753.04

loss)

Asset disposal income (“-” for

16596.703089.42

loss)

3. Operating profit (“-” for loss) 2202801938.05 3171145407.49

Add: Non-operating income 10558596.14 15535007.33

Less: Non-operating expense 1586445.40 453714.98

4. Gross profit (“-” for loss) 2211774088.79 3186226699.84

Less: Income tax expense 554467599.22 797128203.67

5. Net profit (“-” for net loss) 1657306489.57 2389098496.17

5.1 By operating continuity

5.1.1 Net profit from continuing

1657306489.572389098496.17

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

1606873496.412329843939.99

owners of the Company as the parent

5.2.2 Net profit attributable to non-

50432993.1659254556.18

controlling interests

6. Other comprehensive income net of

-3689365.613961654.87

tax

Attributable to owners of the

-4438416.823014653.68

Company as the parent

6.1 Items that will not be

1153151.721543377.03

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

11First Quarterly Report 2026

6.1.3 Changes in the fair value of

1153151.721543377.03

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

-5591568.541471276.65

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 -5591568.54 1471276.65

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

749051.21947001.19

interests

7. Total comprehensive income 1653617123.96 2393060151.04

Attributable to owners of the

1602435079.592332858593.67

Company as the parent

Attributable to non-controlling

51182044.3760201557.37

interests

8. Earnings per share

8.1 Basic earnings per share 3.04 4.41

8.2 Diluted earnings per share 3.04 4.41

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

Unit: RMB

Item Q1 2026 Q1 2025

1. Cash flows from operating activities:

12First Quarterly Report 2026

Proceeds from sale of commodities

7462819015.678232524253.30

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 816176.88 1485224.02

Cash generated from other operating

781852657.56544431539.21

activities

Subtotal of cash generated from

8245487850.118778441016.53

operating activities

Payments for commodities and

1918392897.751389941148.83

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 1122397519.48 1319640060.77

Taxes and levies paid 2347833733.00 3183972501.16

Cash used in other operating activities 945492333.54 1039707134.49

13First Quarterly Report 2026

Subtotal of cash used in operating

6334116483.776933260845.25

activities

Net cash generated from/used in

1911371366.341845180171.28

operating activities

2. Cash flows from investing activities:

Proceeds from disinvestment 621545000.00 370000000.00

Return on investment 252434.12 1524121.28

Net proceeds from the disposal of

fixed assets intangible assets and other

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

621797434.12371524121.28

investing activities

Payments for the construction and

acquisition of fixed assets intangible 305768477.21 526587484.84

assets and other long-lived assets

Payments for investments 820688000.00 730609000.00

Net increase in pledged loans granted

Net payments for the acquisition of

subsidiaries and other business units

Cash used in other investing activities

Subtotal of cash used in investing

1126456477.211257196484.84

activities

Net cash generated from/used in

-504659043.09-885672363.56

investing activities

3. Cash flows from financing activities:

Capital contributions received

Including: Capital contributions by

non-controlling interests to subsidiaries

Borrowings received 89300000.00 164500000.00

Cash generated from other financing

activities

Subtotal of cash generated from

89300000.00164500000.00

financing activities

Repayment of borrowings 75000000.00

Interest and dividends paid 531382525.39 532829021.28

Including: Dividends paid by

subsidiaries to non-controlling interests

Cash used in other financing activities 2817293.25 1247145.00

Subtotal of cash used in financing 609199818.64 534076166.28

14First Quarterly Report 2026

activities

Net cash generated from/used in

-519899818.64-369576166.28

financing activities

4. Effect of foreign exchange rates

changes on cash and cash equivalents

5. Net increase in cash and cash

886812504.61589931641.44

equivalents

Add: Cash and cash equivalents

12494251818.5715193134694.19

beginning of the period

6. Cash and cash equivalents end of the

13381064323.1815783066335.63

period

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

the New Accounting Standards Implemented since 2026

□ 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

April 29 2026

15