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