Yantai Changyu Pioneer Wine Co. Ltd. 2025 Third Quarter Report

Stock Code: 000869 200869 Stock Abbreviation: Changyu A Changyu B Announcement No.: 2025-Final 04

Yantai Changyu Pioneer Wine Co. Ltd.2025 Third Quarter Report

This company and all board members guarantee the truthfulness accuracy and completeness of

disclosed contents as well as no unfaithful facts misleading statements or significant omissions.Important Notice

1. The Company’s board of directors directors and senior executives guarantee the truthfulness

accuracy and completeness of contents contained in this quarter report as well as no unfaithful facts

misleading statements or significant omissions and undertake individual and collective legal

liabilities.

2. The person in charge of the Company the person in charge of accounting work and the person in

charge of accounting institution (person in charge of accounting) declare to assure the truthfulness

accuracy and completeness of the financial information in this quarter report.

3. Whether the Third Quarter Report has been audited

□Yes □No

1Yantai Changyu Pioneer Wine Co. Ltd. 2025 Third Quarter Report

1. Major Financial Data

1) Key accounting data and financial indicators

Whether the Company needs to make retroactive adjustments or restate the accounting data of

previous fiscal years.□Yes □No

More or less from the

More or less beginning of the year to

than the same January-September the end of the reporting

July-September 2025

period of last 2025 period compared with the

year (%) same period of the

previous year (%)

Operating revenue (CNY) 645394211 -4.38% 2115970388 -3.70%

Net profit attributed to the

shareholders of the listed company 1917154 -30.96% 187514296 -16.27%

(CNY)

Net profit attributed to the

shareholders of the listed company

-3768045-30.97%168391782-12.30%

after deducting the non-recurring

profit and loss (CNY)

Net cash flows from the operating

——35791234396.36%

activities (CNY)

Basic earnings per share (CNY) 0.0029 -27.50% 0.28 -12.50%

Diluted earnings per share (CNY) 0.0029 -27.50% 0.28 -12.50%

Weighted average for earning rate of

0.02%-0.01%1.77%-0.35%

the net assets

The end of this report More or less than the end

The end of last year

period of last year (%)

Total assets (CNY) 12157409575 12520474218 -2.90%

Owners’ equity attributed to the

shareholders of the listed company 10452926548 10619208419 -1.57%

(CNY)

2) Item and amount of non-recurring profit and loss

□Applicable □Inapplicable

Unit：CNY

Item July-September 2025 January-September 2025 Explanation

Gains and losses on disposal of non-current assets

(including the write-off part of the provision for -424642 -65766

impairment of assets)

Government grants credited in profit and loss (except for 6758049 26016595

2Yantai Changyu Pioneer Wine Co. Ltd. 2025 Third Quarter Report

those continuously-enjoyed normed or quantitative

government grants that are closely related to the entity’s

normal operation in line with national policy and

regulation and based on certain criteria)

Other non-operating income and expenses except for the

-359852-29444

above items

Other profit and loss items that conform to the definition of

10413991041399

non-recurring gains and losses

Less: Income tax effect 1321271 6269802

Minority interests effect (after-tax) 8484 1570468

Total 5685199 19122514 --

Details of other profit and loss items in line with the identification of non-recurring profit and loss

□Applicable □Inapplicable

There are no existed details of other profit and loss items in line with the identification of

non-recurring profit and loss

Explanation for situation that non-recurring profit and loss items are defined as recurrent profit and

loss items in accordance with the Explanatory Announcement on Public Company’s Information

Disclosure No.1 - Non-recurring Profit and Loss

□Applicable □Inapplicable

Item The amount involved (CNY) Reason

Investment income 1041399 The investment income generated by the Company from thetransfer of equity in its subordinate enterprises was CNY1041399.

3) Situation and reason for the change in key accounting data and financial indicators

□Applicable □Inapplicable

Increase/

Items Cause of Change

Decrease %

Accounts receivable -35.26%Mainly due to the recovery of accounts receivable based on the payment period.Mainly due to the year-on-year decline in the amount of receivable notes

Receivables financing -18.88%

received.Accounts prepaid -42.08%Mainly due to the receipt of goods purchased with prepayment

Mainly due that the construction in progress reached the predetermined usage

Construction in progress -45.83%

state and was converted into fixed assets during the reporting period.Financial expenses -834.02%Mainly due to the impact of exchange gains and losses.Other receivables -23.79%Mainly due to the recovery of some other receivables.Payroll payable -20.71%Mainly due to the distribution of employee salaries this year.Tax payable -26.53%Mainly due to the year-on-year decline in operating income.

3Yantai Changyu Pioneer Wine Co. Ltd. 2025 Third Quarter Report

Other current liabilities -59.18%Mainly due to the reduction in the expected amount of sales returns.Long-term borrowing 38.20%Mainly due to the combined impact of increased borrowing and exchange rates

Lease liability -26.26%Mainly due to the payment of the lease fee.Treasury stock 141.23%Mainly due to the buy-back of B shares.Other comprehensive

-37.24%Mainly due to the difference in foreign currency conversion.income

Asset impairment loss 149.10%Mainly due to the inventory impairment.Cash received from

recovering the -88.30%Mainly due to the reduction in the recovery of matured bank time deposits.investment

4Yantai Changyu Pioneer Wine Co. Ltd. 2025 Third Quarter Report

2. Information of shareholders

1) The number of the common shareholders and preferred shareholders with recovered voting power as well as the shareholding of top

10 shareholders

Unit:share

Total number of preferred shareholders with recovered voting power at the end of

Total number of common shareholders at the end of report period 41530 0

report period

Shareholding of top 10 shareholders

Percentage Number of restricted Pledged or frozen

Name of Shareholders Character of shareholders Shares held

(%) shares Share status Amount

YANTAI CHANGYU GROUP CO. LTD. Domestic non-state legal person 51.42% 345473856 0 Inapplicable 0

Fengdi JIANG Domestic natural person 0.71% 4751000 0 Inapplicable 0

Hairong HU Domestic natural person 0.52% 3460035 0 Inapplicable 0

VANGUARD TOTAL INTERNATIONAL STOCK INDEX

Foreign legal person 0.51% 3446137 0 Inapplicable 0

FUND

HONG KONG SECURITIES CLEARING COMPANY

Foreign legal person 0.51% 3444709 0 Inapplicable 0

LIMITED

Social Security Fund 114 Other 0.51% 3425055 0 Inapplicable 0

VANGUARD EMERGING MARKETS STOCK INDEX

Foreign legal person 0.46% 3087201 0 Inapplicable 0

FUND

Bank of Communications Co. LTD. - Qianhai Kaiyuan

Other 0.45% 3017569 0 Inapplicable 0

Xianghe Bond Securities Investment Fund

Social Security Fund 413 Other 0.45% 3000060 0 Inapplicable 0

NORGES BANK Foreign legal person 0.37% 2464119 0 Inapplicable 0

Shareholding of top 10 shareholders with unrestricted shares (Excluding lending shares through refinancing business and senior executives’ locked shares)

Type of share

Name of Shareholders Number of unrestricted shares held

Type of share Amount

YANTAI CHANGYU GROUP CO. LTD. 345473856 A share 345473856

Fengdi JIANG 4751000 A share 4751000

Hairong HU 3460035 A share 3460035

5Yantai Changyu Pioneer Wine Co. Ltd. 2025 Third Quarter Report

VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND 3446137 B share 3446137

HONG KONG SECURITIES CLEARING COMPANY LIMITED 3444709 A share 3444709

Social Security Fund 114 3425055 A share 3425055

VANGUARD EMERGING MARKETS STOCK INDEX FUND 3087201 B share 3087201

Bank of Communications Co. LTD. - Qianhai Kaiyuan Xianghe Bond Securities Investment

3017569 A share 3017569

Fund

Social Security Fund 413 3000060 A share 3000060

NORGES BANK 2464119 B share 2464119

Among the top 10 shareholders Yantai Changyu Group Company Limited has no associated relationship or accordant

The explanation for the associated relationship and accordant action of the top 10 shareholders

action relationship with the other 9 listed shareholders and the relationship among the other shareholders is unknown.The top 10 shareholders did not involve in financing activities and stock trading business. From June 25 to September

Explanation for the top 10 common shareholders who involved in financing activities and stock

8 2025 the Company bought back 12.43 million B shares through the dedicated securities account for share

trading business

buy-back. According to regulations these shares were not included in the list of the top 10 shareholders.Shareholders holding more than 5% the top 10 shareholders and the top 10 shareholders of unrestricted tradable shares participate in the

refinancing business to lend shares

□Applicable □Inapplicable

The top 10 shareholders and the top 10 shareholders of unrestricted tradable shares have changed from the previous period due to refinancing

lending/restitution reasons

□Applicable □Inapplicable

2) The table of the total number of the preferred shareholders and the shareholding status of the top 10 preferred shareholders

□Applicable □Inapplicable

3. Other Important Issues

□Applicable □Inapplicable

6Yantai Changyu Pioneer Wine Co. Ltd. 2025 Third Quarter Report

4. Quarterly Financial Statements

1) Financial statements

* Consolidated balance sheet

Yantai Changyu Pioneer Wine Co. Ltd.Unit: CNY

Item Ending balance Beginning balance

Current Assets：

Monetary fund 1851211121 1797848130

Petty cash

Lending funds

Transactional financial assets

Derivative financial assets

Notes receivable 1036243

Accounts receivable 175324873 270829601

Receivables Financing 187349818 230960211

Accounts prepaid 35118647 60631575

Premiums receivable

Reinsurance accounts receivable

Receivable reserves for reinsurance contract

Other receivables 201649102 264598394

Including: Interest receivable

Dividends receivable

Buying back the sale of financial assets

Inventory 3007071014 2904070556

Including: data resource

Contract assets

Assets classified as holding for sale

Non-current assets expire in one year

Other current assets 73022022 80383241

Total Current Assets 5530746597 5610357951

Non-current Assets：

Offering loans and imprest

Debt investment

Other debt investment

Long-term account receivable

Long-term equity investment 35353024 34864748

Investment in other equity instrument

Other non-current financial assets

Real estate for investment 20123159 21960451

Fixed assets 5354129113 5551671795

Construction in progress 5513450 10177372

Biological assets for production 62485493 66483964

7Yantai Changyu Pioneer Wine Co. Ltd. 2025 Third Quarter Report

Oil and gas assets

Right-of-use assets 59453570 71761262

Intangible assets 516266186 527706383

Including: data resource

Development expenditure

Including: data resource

Goodwill 88036557 101149082

Long-term deferred expenses 284198312 298793702

Deferred tax assets 198531804 221993099

Other non-current assets 2572310 3554409

Total Non-Current Assets 6626662978 6910116267

Total Assets 12157409575 12520474218

Current liabilities：

Short-term loan 227244070 216140346

Borrowings from the Central Bank

Borrowing funds

Transactional financial liability

Derivative financial liabilities

Notes payable

Accounts payable 379256076 417510439

Advances from customers

Contract liabilities 123505943 128090353

Sales/buyback financial assets

Customer and interbank deposits

Acting trading securities

Acting underwriting securities

Wage payable 132186879 166704917

Tax payable 138963975 189147054

Other accounts payable 343015102 398149521

Including: Interest payable

Dividend payable 420120

Payable handling fees and commission

Dividend payable for reinsurance

Liabilities classified as holding for sale

Non-current liabilities expire in one year 72440681 79949769

Other current liabilities 16638038 40764242

Total Current Liabilities 1433250764 1636456641

Non-Current Liabilities:

Insurance contract reserve

Long-term borrowings 69981500 50637203

Bonds payable

Including: Preferred Stock

Perpetual capital securities

8Yantai Changyu Pioneer Wine Co. Ltd. 2025 Third Quarter Report

Lease liability 20310644 27542829

Long-term accounts payable

Long-term accrued payroll

Estimated liabilities

Deferred income 23704580 25938817

Deferred tax liabilities 6680928 7344165

Other non-current liabilities

Total non-current liabilities 120677652 111463014

Total liabilities 1553928416 1747919655

Owner’s equity (or shareholders’ equity):

Capital stock 671823900 671823900

Other equity instruments

Including: Preferred Stock

Perpetual capital securities

Capital reserve 482143547 482143547

Minus: treasury stock 170559758 70704426

Other comprehensive income -24926247 -39714972

Special reserves

Surplus reserve 342732000 342732000

General risk preparation

Undistributed profits 9151713106 9232928370

Total owner's equity attributable to the holding

1045292654810619208419

company

Minority interests 150554611 153346144

Total owner's equity 10603481159 10772554563

Total liabilities and owner's equity 12157409575 12520474218

Legal representative: Zhou Hongjiang; Person in charge of accounting : Guo Cuimei;

Person in charge of accounting organ: Guo Cuimei

* Consolidated profit statement

Unit: CNY

Amount in this Amount in prior

Item

report period report period

1. Revenue 2115970388 2197300790

Including: Operating income 2115970388 2197300790

Interest income

Earned premium

Handling fees and commission income

2. Total operating costs 1865903747 1924329373

Including: Operating costs 887474818 900158317

Interest expenditure

Handling fees and commission expenditure

9Yantai Changyu Pioneer Wine Co. Ltd. 2025 Third Quarter Report

Premium rebate

Net amount of indemnity expenditure

Net amount of insurance contract reserve fund

withdrawal

Policy bonus payment

Amortized reinsurance expenditures

Taxes and surcharges 159652328 171078533

Selling expenses 630938743 640763707

Administrative expenses 188042944 199964997

Research and development expenditure 13068257 10555502

Financial expenses -13273343 1808317

Including: Interest expenses 7564187 13457377

Interest income 9474824 15315624

Plus:Other income 26016594 41596346

Investment profit (loss is listed with "-") 1529675 -1205421

Including: Investment profit for joint-run business and

488276-1205421

joint venture

Termination of recognized income of

financial assets measured at amortized cost (loss is listed with "-")

Exchange income (loss is listed with "-")

Net exposure hedging income (Loss is listed with “-”)

Fair value charge profit (loss is listed with "-")

Loss of credit impairment(loss is listed with "-") 160681 4942135

Loss for impairment of assets(loss is listed with "-") -3906302 -1568141

Assets disposal income (loss is listed with "-") 304638 -201360

3. Operating profit (loss is listed with "-") 274171927 316534976

Plus: Non-operating income 2165880 2930750

Minus: Non-operating expenditure 2565728 2172597

4. Total profits (total loss is listed with "-") 273772079 317293129

Minus: Income taxes 82107142 93025768

5. Net profit (net loss is listed with "-") 191664937 224267361

（一）Classification by continuous operation

1.Net profit from continuous operation(net loss is listed with "-") 191664937 224267361

2.Net profit from terminational operation(net loss is listed with "-")

(二)Classification by ownership

1.Net profits attribute to equity holders of the company 187514296 223954132

2. Minority interests 4150641 313229

6. Net value of other comprehensive income after tax 15993830 -6912567

6.1 Net value of other comprehensive income after tax of holding

14788725-6279805

company's owners

6.1.1 Other comprehensive income that will not be classified into

the profit and loss

10Yantai Changyu Pioneer Wine Co. Ltd. 2025 Third Quarter Report

6.1.1.1 Changes of the defined benefit plans that re-measured

6.1.1.2 Other comprehensive income under equity method that

cannot be transfer to gain/loss

6.1.1.3 Change of fair value of investment in other equity

instrument

6.1.1.4 Fair value change of enterprise's credit risk

6.1.1.5 Other

6.1.2 Other comprehensive income that will be classified into the

14788725-6279805

profit and loss

6.1.2.1 Other comprehensive income under equity method that can

transfer to gain/loss

6.1.2.2 Change of fair value of other debt investment

6.1.2.3 Amount of financial assets re-classify to other

comprehensive income

6.1.2.4 Credit impairment provision for other debt investment

6.1.2.5 Cash flow hedging reserve

6.1.2.6 Translation differences arising on translation of foreign

14788725-6279805

currency financial statements

6.1.2.7 Other

6.2 Net value of other comprehensive income after tax of minority

1205105-632762

shareholders

7.Total comprehensive Income 207658767 217354794

Total comprehensive income of holding company 202303021 217674327

Total comprehensive income of minority shareholders 5355746 -319533

8. Earnings per share

8.1 Basic earnings per share 0.28 0.32

8.2 Diluted earnings per share 0.28 0.32

During this report period the issue relates to company consolidation under common control

consolidated party completes net profit amount of CNY0 before being consolidated and

consolidated party completes net profit amount of CNY0 in the prior period.Legal representative: Zhou Hongjiang; Person in charge of accounting: Guo Cuimei;

Person in charge of accounting organ: Guo Cuimei

* Consolidated cash flow statement

Unit: CNY

Amount in this report Amount in prior report

Item

period period

1. Cash flows from operating activities:

11Yantai Changyu Pioneer Wine Co. Ltd. 2025 Third Quarter Report

Cash received from sales of goods and rending of

23250576082503809825

services

Net increase in customer and interbank deposits

Net increase in borrowings from central bank

Net increase in borrowings from other financial

institutions

Cash received from receiving insurance premium

of original insurance contract

Net cash received from reinsurance business

Net increase of deposit of insured and investment

fund

Cash received from collecting interest handling

fees and commission

Net increase in borrowings

Net increase in repurchasement business funds

Net cash received from securities trading agency

Tax refund received 35773264 23927043

Other cash received related to operating activities 50093751 62382296

Sub-total of cash inflows of operating activities 2410924623 2590119164

Cash paid for goods and services 916444213 1023816465

Net increase in customer loans and advances

Net increase in deposits in central bank and

interbank deposits

Cash paid to original insurance contract payments

Net increase in lending funds

Cash paid to interest handling fees and

commission

Cash paid to policy bonus

Cash paid to and on behalf of employees 308857930 362302425

Cash paid for taxes and expenses 461010537 561159394

Other cash paid related to operating activities 366699600 460566856

Sub-total of cash outflows of operating activities 2053012280 2407845140

Net cash flow from operating activities 357912343 182274024

2. Cash flow from investing activities:

Cash received from return of investment 51000000 436000000

Cash received from obtaining investment profit 1674162 3509149

Cash received from disposal of fixed assets

114536468235105

intangible assets and other long-term assets

Net cash received from disposal of branch and

other business unit

Other cash received related to investing activities

Sub-total of cash inflows of investment activities 167210630 439744254

12Yantai Changyu Pioneer Wine Co. Ltd. 2025 Third Quarter Report

Cash paid to acquire fixed assets intangible asset

5716573184569271

and other long-term assets

Cash for investments 18000000 268602343

Net increase in hypothecated loan

Net cash paid to acquire branch and other

business unit

Other cash paid related to investment activities 1684581

Subtotal of cash outflows of investment activities 76850312 353171614

Net cash flow from investing activities 90360318 86572640

3. Cash flow from financing activities

Cash received from acquiring investment

Cash received from acquiring minority

shareholders' investment by branch

Cash received from acquiring loans 375943769 480462031

Other cash received related to financing activities

Sub-total cash inflows of financing activities 375943769 480462031

Cash paid to repay debts 347349459 600833608

Cash paid to distribute dividend profit or pay

282464867363243859

interest

Dividend and profit paid to minority

shareholders by branch

Other cash paid related to financing activities 115453236 209980372

Sub-total of cash outflows of financing activities 745267562 1174057839

Net cash flow from financing activities -369323793 -693595808

4. Influences of exchange rate fluctuation on cash and

2524765-1214374

cash equivalents

5. Net Increase of cash and cash equivalents 81473633 -425963518

Plus: balance at the beginning of the period of

17177275511963155752

cash and cash equivalents

6. Balance at the end of the period of cash and cash

17992011841537192234

equivalents

2) The first implementation of the new accounting standards from 2025 adjusts the first

implementation of the relevant items in the financial statements at the beginning of the year

□Applicable □Inapplicable

3) Audit report

Whether the Third Quarter Report has been audited

□Yes □No

The Third Quarter Report has not been audited.Yantai Changyu Pioneer Wine Co. Ltd.Board of Directors

October 25 2025

13