ANHUI GUJING DISTILLERY COMPANY LIMITED FIRST QUARTERLY REPORT 2025 April 2025First Quarterly Report 2025 Stock Code: 000596 200596 Stock Name: Gujing Distillery Gujing Distillery-B Announcement No. 2025-010 ANHUI GUJING DISTILLERY COMPANY LIMITED FIRST 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 Q1 2025 Q1 2024 YoY change (%) Operating revenue (RMB) 9146061070.75 8286316919.20 10.38% Net profit attributable to the listed company’s 2329843939.992065836404.8212.78% shareholders (RMB) Net profit attributable to the listed company’s shareholders before exceptional gains and 2311791509.93 2049854347.30 12.78% losses (RMB) Net cash generated from/used in operating 1845180171.282454021334.50-24.81% activities (RMB) 1First Quarterly Report 2025 Basic earnings per share (RMB/share) 4.41 3.91 12.79% Diluted earnings per share (RMB/share) 4.41 3.91 12.79% Weighted average return on equity (%) 9.21% 9.16% 0.05% 31 March 2025 31 December 2024 Change (%) Total assets (RMB) 42973522727.16 40522413702.09 6.05% Equity attributable to the listed company’s 26461282372.8624657023779.197.32% shareholders (RMB) (II) Exceptional Gains and Losses □ Applicable □ Not applicable Unit: RMB Item Q1 2025 Note Gain or loss on disposal of non-current assets (inclusive of impairment -292748.11 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 16072109.57 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 1886486.20 (exclusive of the effective portion of hedges that is related to the Company's normal business operations) Non-operating income and expense other 15377129.88 than the above Less: Income tax effects 8163328.36 Non-controlling interests effects 6827219.12 (net of tax) Total 18052430.06 -- 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. 2First Quarterly Report 2025 (III) Changes in Key Financial Statement Line Items and Explanation of why □ Applicable □ Not applicable Balance sheet item 31 March 2025 1 January 2025 Change (%) Main explanation of why (RMB) (RMB) Held-for-trading Increased purchases of bank financial management 230553014.1560184353.81283.08% financial assets products Receivables financing 4603935096.63 2966732807.75 55.19% Increased bank acceptance bills received Prepayments 109770750.58 278472276.28 -60.58% Decreased prepayments for advertising Increased purchases of treasury bonds as financial Other current assets 337400521.42 191503861.97 76.18% management products Investment property 24156799.92 43893659.88 -44.97% Recovery of building space that was rented out Short-term 120076388.88 50038194.44 139.97% Increased borrowings of subsidiaries borrowings Notes payable 245674301.98 589364409.55 -58.32% Maturity and redemption of notes Long-term 136173098.85 41600000.00 227.34% Increased borrowings of subsidiaries borrowings Income statement Q1 2025 (RMB) Q1 2024 (RMB) Change (%) Explanation of why item Finance costs -180822561.36 -68423670.62 -164.27% Increased interest income Other income 26295361.38 14485683.54 81.53% Increased government grants Cash flow statement Q1 2025 (RMB) Q1 2024 (RMB) Change (%) Explanation of why item Cash generated from other operating 544431539.21 1373953950.34 -60.37% Decreased recovery of restricted funds activities Proceeds from Decreased bank financial management products that 370000000.00725199000.00-48.98% disinvestment were due Borrowings received 164500000.00 20000100.00 722.50% Increased borrowings of subsidiaries Interest and dividends 532829021.28 1400946.27 37933.51% Increased cash dividend payout 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 3First Quarterly Report 2025 Number of preference shareholders with resumed Number of ordinary shareholders 40861 0 voting rights (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 2.24% 11827571 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 INTERNATIONAL CAPITAL Foreign legal 1.70% 9011608 N/A CORPORATION person HONG KONG SECURITIES LTD AGRICULTURAL BANK OF CHINA －E FUND CONSUMPTION Other 1.51% 7978008 N/A SECTOR STOCK SECURITIES INVESTMENT FUND UBS (LUX) EQUITY FUND - Foreign legal CHINA 1.35% 7122945 N/A person OPPORTUNITY (USD) HONG KONG Foreign legal SECURITIES 1.33% 7005141 N/A person CLEARING 4First Quarterly Report 2025 COMPANY LTD.GREENWOODS Foreign legal CHINA ALPHA 1.14% 6049760 N/A person MASTER FUND BANK OF CHINA- INVESCO GREAT WALL DINGYI HYBRID Other 0.81% 4300000 N/A 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 RMB- ANHUI GUJING GROUP 271404022 denominated 271404022 COMPANY LIMITED ordinary share BANK OF CHINA-CHINA MERCHANTS CHINA RMB- SECURITIES BAIJIU INDEX 11827571 d e n o minated 11827571 CLASSIFICATION SECURITIES ordinary share INVESTMENT FUND INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED- RMB- INVESCO GREAT WALL 9621200 denominated 9621200 EMERGING GROWTH HYBRID ordinary share SECURITIES INVESTMENT FUND CHINA INTERNATIONAL Domestically CAPITAL CORPORATION 9011608 listed foreign 9011608 HONGKONG SECURITIES LTD share AGRICULTURAL BANK OF RMB- CHINA－E FUND CONSUMPTION 7978008 denominated 7978008 SECTOR STOCK SECURITIES ordinary share INVESTMENT FUND Domestically UBS (LUX) EQUITY FUND - 7122945 listed foreign 7122945 CHINA OPPORTUNITY (USD) share RMB- HONG KONG SECURITIES 7005141 denominated 7005141 CLEARING COMPANY LTD.ordinary share Domestically GREENWOODS CHINA ALPHA 6049760 listed foreign 6049760 MASTER FUND share BANK OF CHINA- INVESCO RMB- GREAT WALL DINGYI HYBRID 4300000 denominated 4300000 SECURITIES INVESTMENT FUND ordinary share (LOF) Domestically 3W GLOBAL FUND 4051528 listed foreign 4051528 share 5First Quarterly Report 2025 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 IV Quarterly Financial Statements (I) Financial Statements 1. Consolidated Balance Sheet Prepared by Anhui Gujing Distillery Company Limited 31 March 2025 Unit: RMB Item 31 March 2025 1 January 2025 Current assets: Monetary assets 16497506210.71 15894104466.53 Settlement reserve Loans to other banks and financial institutions Held-for-trading financial assets 230553014.15 60184353.81 Derivative financial assets Notes receivable Accounts receivable 114083384.16 69819734.99 Receivables financing 4603935096.63 2966732807.75 Prepayments 109770750.58 278472276.28 6First Quarterly Report 2025 Premiums receivable Reinsurance receivables Receivable reinsurance contract reserve Other receivables 104722368.86 86894981.69 Including: Interest receivable Dividends receivable Financial assets purchased under resale agreements Inventories 9272246925.47 9264220836.58 Including: Data resource Contract assets Assets held for sale Current portion of non-current assets Other current assets 337400521.42 191503861.97 Total current assets 31270218271.98 28811933319.60 Non-current assets: Loans and advances to customers Debt investments Other debt investments Long-term receivables Long-term equity investments 11461754.45 11732641.44 Investments in other equity 72930557.5669500830.82 instruments Other non-current financial assets Investment property 24156799.92 43893659.88 Fixed assets 7830707881.82 7896995404.62 Construction in progress 1078829680.61 1038780764.86 Productive living assets Oil and gas assets Right-of-use assets 95831511.03 100293500.73 Intangible assets 1134946966.22 1129272763.98 Including: Data resource Development costs Including: Data resource Goodwill 561364385.01 561364385.01 Long-term prepaid expense 368884261.66 374605387.89 Deferred income tax assets 524190656.90 483333690.76 Other non-current assets 0.00 707352.50 Total non-current assets 11703304455.18 11710480382.49 Total assets 42973522727.16 40522413702.09 7First Quarterly Report 2025 Current liabilities: Short-term borrowings 120076388.88 50038194.44 Borrowings from the central bank Loans from other banks and financial institutions Held-for-trading financial liabilities Derivative financial liabilities Notes payable 245674301.98 589364409.55 Accounts payable 2627361285.88 2942339182.13 Advances from customers Contract liabilities 3673602948.84 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 1177366176.31 1121224782.28 Taxes and levies payable 1392531542.06 1163171843.49 Other payables 3245191120.40 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 90054153.3389836200.57 liabilities Other current liabilities 2235331146.23 1691188287.40 Total current liabilities 14807189063.91 14308635452.23 Non-current liabilities: Insurance contract reserve Long-term borrowings 136173098.85 41600000.00 Bonds payable Including: Preference shares Perpetual bonds Lease liabilities 84027720.36 84453588.30 Long-term payables Long-term employee benefits payable Provisions Deferred income 119134811.18 122142913.25 8First Quarterly Report 2025 Deferred income tax liabilities 268751158.49 271795024.98 Other non-current liabilities Total non-current liabilities 608086788.88 519991526.53 Total liabilities 15415275852.79 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 -6589466.06 -9604119.74 Specific reserve Surplus reserves 269402260.27 269402260.27 General reserve Retained earnings 19440758372.43 17639514432.44 Total equity attributable to owners of the 26461282372.8624657023779.19 Company as the parent Non-controlling interests 1096964501.51 1036762944.14 Total owners’ equity 27558246874.37 25693786723.33 Total liabilities and owners’ equity 42973522727.16 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 Unit: RMB Item Q1 2025 Q1 2024 1. Revenues 9146061070.75 8286316919.20 Including: Operating revenue 9146061070.75 8286316919.20 Interest revenue Insurance premium income Fee and commission income 2. Costs and expenses 5990636617.73 5469876590.82 Including: Cost of sales 1858117998.99 1628295369.21 Interest costs Fee and commission expense Surrenders Net insurance claims paid 9First Quarterly Report 2025 Net amount provided as insurance contract reserve Expenditure on policy dividends Reinsurance premium expense Taxes and levies 1460941434.23 1246223257.99 Selling expense 2433266832.58 2251920621.09 Administrative expense 399360994.69 397080659.96 Development costs 19771918.60 14780353.19 Finance costs -180822561.36 -68423670.62 Including: Interest costs 2888158.39 1334400.38 Interest 186495864.0270495659.21 revenue Add: Other income 26295361.38 14485683.54 Return on investment (“-” for loss) -11076198.03 -14845727.68 Including: Share of profit or loss -270886.99-313159.41 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 (“-” 553014.150.00 for loss) Credit impairment loss (“-” for 440.5961788.35 loss) Asset impairment loss (“-” for -54753.04294426.54 loss) Asset disposal income (“-” for 3089.420.00 loss) 3. Operating profit (“-” for loss) 3171145407.49 2816436499.13 Add: Non-operating income 15535007.33 11502875.81 Less: Non-operating expense 453714.98 1388292.32 4. Gross profit (“-” for loss) 3186226699.84 2826551082.62 Less: Income tax expense 797128203.67 700879033.10 5. Net profit (“-” for net loss) 2389098496.17 2125672049.52 5.1 By operating continuity 5.1.1 Net profit from continuing 2389098496.172125672049.52 operations (“-” for net loss) 5.1.2 Net profit from discontinued 10First Quarterly Report 2025 operations (“-” for net loss) 5.2 By ownership 5.2.1 Net profit attributable to 2329843939.992065836404.82 owners of the Company as the parent 5.2.2 Net profit attributable to non- 59254556.1859835644.70 controlling interests 6. Other comprehensive income net of 3961654.87-15288102.64 tax Attributable to owners of the 3014653.68-16733382.28 Company as the parent 6.1 Items that will not be 1543377.032049912.77 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 1543377.032049912.77 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 1471276.65-18783295.05 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 1471276.65 -18783295.05 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 947001.191445279.64 interests 11First Quarterly Report 2025 7. Total comprehensive income 2393060151.04 2110383946.88 Attributable to owners of the 2332858593.672049103022.54 Company as the parent Attributable to non-controlling 60201557.3761280924.34 interests 8. Earnings per share 8.1 Basic earnings per share 4.41 3.91 8.2 Diluted earnings per share 4.41 3.91 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 2025 Q1 2024 1. Cash flows from operating activities: Proceeds from sale of commodities 8232524253.308366740970.60 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 1485224.02 22193752.40 Cash generated from other operating 544431539.211373953950.34 activities 12First Quarterly Report 2025 Subtotal of cash generated from 8778441016.539762888673.34 operating activities Payments for commodities and 1389941148.832215657890.16 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 1319640060.77 1021415355.52 Taxes and levies paid 3183972501.16 2868019811.63 Cash used in other operating activities 1039707134.49 1203774281.53 Subtotal of cash used in operating 6933260845.257308867338.84 activities Net cash generated from/used in 1845180171.282454021334.50 operating activities 2. Cash flows from investing activities: Proceeds from disinvestment 370000000.00 725199000.00 Return on investment 1524121.28 1544670.78 Net proceeds from the disposal of fixed assets intangible assets and other 0.00 45620.00 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 371524121.28726789290.78 investing activities Payments for the acquisition of fixed assets intangible assets and other long- 526587484.84 718140004.77 lived assets Payments for investments 730609000.00 0.00 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 1257196484.84 718140004.77 13First Quarterly Report 2025 activities Net cash generated from/used in -885672363.568649286.01 investing activities 3. Cash flows from financing activities: Capital contributions received 0.00 14000000.00 Including: Capital contributions by 0.0014000000.00 non-controlling interests to subsidiaries Borrowings received 164500000.00 20000100.00 Cash generated from other financing activities Subtotal of cash generated from 164500000.0034000100.00 financing activities Repayment of borrowings Interest and dividends paid 532829021.28 1400946.27 Including: Dividends paid by subsidiaries to non-controlling interests Cash used in other financing activities 1247145.00 2595465.54 Subtotal of cash used in financing 534076166.283996411.81 activities Net cash generated from/used in -369576166.2830003688.19 financing activities 4. Effect of foreign exchange rates changes on cash and cash equivalents 5. Net increase in cash and cash 589931641.442492674308.70 equivalents Add: Cash and cash equivalents 15193134694.1914725079953.51 beginning of the period 6. Cash and cash equivalents end of the 15783066335.6317217754262.21 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.The Board of Directors Anhui Gujing Distillery Company Limited 28 April 2025 14