Stock Code: 000869 200869 Stock Abbreviation: Changyu A Changyu B Announcement No.: 2026-Final 04

Yantai Changyu Pioneer Wine Co. Ltd.2026 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

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 than the From the beginning of More or less from the beginning of the year to the

This reporting period same period of last the year to the end of end of the reporting period compared with the

year (%) the reporting period same period of the previous year (%)

Operating revenue (CNY) 681004431 5.52% 2253709184 6.51%

Net profit attributed to the shareholders of the listed

10907048 468.92% 151422853 -19.25%

company (CNY)

Net profit attributed to the shareholders of the listed

company after deducting the non-recurring profit and 5930112 Inapplicable 138888891 -17.52%

loss (CNY)

Net cash flows from the operating activities (CNY) — — 703434508 96.54%

Basic earnings per share (CNY) 0.017 484.67% 0.24 -14.29%

Diluted earnings per share (CNY) 0.017 486.21% 0.24 -14.29%

Weighted average for earning rate of the net assets 0.11% 0.09% 1.46% -0.31%

The end of this report period The end of last year More or less than the end of last year (%)

Total assets (CNY) 12125691767 12050601981 0.62%

Owners’ equity attributed to the shareholders of the

10207887848 10347247577 -1.35%

listed company (CNY)

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

□Applicable □Inapplicable

Unit：CNY

From the beginning of the year to

Item This reporting period Explanation

the end of the reporting period

Gains and losses on disposal of non-current assets (including the write-off part of the provision

-466 38500

for impairment of assets)

Government grants credited in profit and loss (except for those continuously-enjoyed normed or

quantitative government grants that are closely related to the entity’s normal operation in line 6429957 14784268

with national policy and regulation and based on certain criteria)

Other non-operating income and expenses except for the above items 252367 2673084

Less: Income tax effect 1694848 4286970

Minority interests effect (after-tax) 10074 674920

Total 4976936 12533962 --

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

There are no 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.3) Situation and reason for the change in key accounting data and financial indicators

□Applicable □Inapplicable

By the end of At the beginning of Increase/

Items Cause of change

September 2026 2026 Decrease %

Accounts receivable 171436435 264932724 -35.29%Mainly due to the recovery of partially accounts receivable.Accounts prepaid 15607779 54011809 -71.10%Mainly due to the arrival of partially prepaid accounts.Mainly due to the cessation of leasing for partially

Investment property 11934475 19900228 -40.03%

investment properties.Construction in progress 6544025 4313088 51.72%Mainly due to the increase in construction projects.Mainly due to the increase in accounts payable for

Accounts payable 408455665 321932168 26.88%

purchasing goods.Other current liabilities 16275369 27193862 -40.15%Mainly due to the reduction in expected sales returns.Long-term borrowing 84544237 52374840 61.42%Mainly due to the increase in current borrowings.Mainly due to the addition of new lease contracts in the

Lease liability 42470062 19437830 118.49%

current period.Other comprehensive income -42072748 -16329710 -157.65%Mainly due to the foreign currency translation difference.From January to The same period Increase/

Items Cause of change

September in 2026 last year Decrease %

Financial expenses 13558591 -13273343 InapplicableMainly due to the increase in exchange losses.Mainly due to the losses of associated and joint venture

Investment income -965771 1529675 -163.14%

enterprises.Credit impairment loss -2210222 160681 -1475.53%Mainly due to the increase in overdue accounts receivable.Mainly due to the collection of overdue bank time deposits

Cash received from recovering the investment 75650000 51000000 48.33%

has increased.Mainly due to the decrease in interest income received this

Cash received from investment income 858065 1674162 -48.75%

period.Net cash received from the disposal of fixed assets Mainly due to the the decrease in cash received from the

12152207 114536468 -89.39%

intangible assets and other long-term assets disposal of Zhujiao this period.Cash paid for the construction and acquisition of

fixed assets intangible assets and other long-term 35956740 57165731 -37.10%Mainly due to the reduction in asset purchases.assets

Cash paid for investment 133200000 18000000 640%Mainly due to the increase in time deposits has occurred.

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 41734 0

report period

Shareholding of top 10 shareholders (exclude the lending of shares through the margin lending and securities lending system)

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 53.71% 345473856 0 Inapplicable 0

Fengdi JIANG Domestic natural person 0.69% 4452200 0 Inapplicable 0

Hairong HU Domestic natural person 0.55% 3515035 0 Inapplicable 0

VANGUARD TOTAL INTERNATIONAL STOCK INDEX

Foreign legal person 0.54% 3446137 0 Inapplicable 0

FUND

Social Security Fund 114 Other 0.53% 3425055 0 Inapplicable 0

HONG KONG SECURITIES CLEARING COMPANY

Foreign legal person 0.51% 3266518 0 Inapplicable 0

LIMITED

VANGUARD EMERGING MARKETS STOCK INDEX Foreign legal person 0.48% 3087201 0 Inapplicable 0

FUND

NORGES BANK Foreign legal person 0.36% 2333030 0 Inapplicable 0

Galaxy Jinhu Securities Asset Management - China Great

Wall Asset Management Co. Ltd. - Galaxy Jinhu Quanxin Other 0.29% 1847841 0 Inapplicable 0

Changying Selective Single - Asset Management Plan

CROWNBLE ENTERPRISES LIMITED Foreign legal person 0.28% 1808992 0 Inapplicable 0

Shareholding of top 10 shareholders with unrestricted shares (exclude the lending of shares through the margin lending and securities lending system)

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 4452200 A share 4452200

Hairong HU 3515035 A share 3515035

VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND 3446137 B share 3446137

Social Security Fund 114 3425055 A share 3425055

HONG KONG SECURITIES CLEARING COMPANY LIMITED 3266518 A share 3266518

VANGUARD EMERGING MARKETS STOCK INDEX FUND 3087201 B share 3087201

NORGES BANK 2333030 B share 2333030

Galaxy Jinhu Securities Asset Management - China Great Wall Asset Management Co. Ltd. -

1847841 A share 1847841

Galaxy Jinhu Quanxin Changying Selective Single - Asset Management Plan

CROWNBLE ENTERPRISES LIMITED 1808992 B share 1808992

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

The top 10 shareholders did not involve in financing activities and stock trading business.trading business (if have)

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

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 2298466730 1890611804

Petty cash

Lending funds

Transactional financial assets

Derivative financial assets

Notes receivable 100000 102342

Accounts receivable 171436435 264932724

Receivables Financing 213310742 228073841

Accounts prepaid 15607779 54011809

Premiums receivable

Reinsurance accounts receivable

Receivable reserves for reinsurance contract

Other receivables 132272353 127713309

Including: Interest receivable

Dividends receivable

Buying back the sale of financial assets

Inventory 2879395265 2836077209

Including: data resource

Contract assets

Assets classified as holding for sale

Non-current assets expire in one year

Other current assets 63254909 74160936

Total Current Assets 5773844213 5475683974

Non-current Assets：

Offering loans and imprest

Debt investment

Other debt investment

Long-term account receivable

Long-term equity investment 25690426 26656197

Investment in other equity instrument

Other non-current financial assets

Real estate for investment 11934475 19900228

Fixed assets 5122813409 5308778632

Construction in progress 6544025 4313088

Biological assets for production 55630048 60098714

Oil and gas assets

Right-of-use assets 83943540 55252509

Intangible assets 501119605 512930637

Including: data resource

Development expenditure

Including: data resource

Goodwill 88036557 88036557

Long-term deferred expenses 270581942 283227056

Deferred tax assets 185509792 215680654

Other non-current assets 43735 43735

Total Non-Current Assets 6351847554 6574918007

Total Assets 12125691767 12050601981

Current liabilities：

Short-term loan 195782904 240674788

Borrowings from the Central Bank

Borrowing funds

Transactional financial liability

Derivative financial liabilities

Notes payable 200000000

Accounts payable 408455665 321932168

Advances from customers

Contract liabilities 120565886 135067463

Sales/buyback financial assets

Customer and interbank deposits

Acting trading securities

Acting underwriting securities

Wage payable 128862872 162525617

Tax payable 139225921 158558934

Other accounts payable 320056957 332855775

Including: Interest payable

Dividend payable 381075

Payable handling fees and commission

Dividend payable for reinsurance

Liabilities classified as holding for sale

Non-current liabilities expire in one year 88621584 75440910

Other current liabilities 16275369 27193862

Total Current Liabilities 1617847158 1454249517

Non-Current Liabilities:

Insurance contract reserve

Long-term borrowings 84544237 52374840

Bonds payable

Including: Preferred Stock

Perpetual capital securities

Lease liability 42470062 19437830

Long-term accounts payable

Long-term accrued payroll

Estimated liabilities

Deferred income 16284054 19386932

Deferred tax liabilities 6277320 6613894

Other non-current liabilities

Total non-current liabilities 149575673 97813496

Total liabilities 1767422831 1552063013

Owner’s equity (or shareholders’ equity):

Capital stock 643280128 657240128

Other equity instruments

Including: Preferred Stock

Perpetual capital securities

Capital reserve 277278990 364048502

Minus: treasury stock 37880941 37880941

Other comprehensive income -42072748 -16329710

Special reserves

Surplus reserve 342732000 342732000

General risk preparation

Undistributed profits 9024550419 9037437598

Total owner's equity attributable to the holding

10207887848 10347247577

company

Minority interests 150381088 151291391

Total owner's equity 10358268936 10498538968

Total liabilities and owner's equity 12125691767 12050601981

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 2253709184 2115970388

Including: Operating income 2253709184 2115970388

Interest income

Earned premium

Handling fees and commission income

2. Total operating costs 2033229194 1865903747

Including: Operating costs 953285056 887474818

Interest expenditure

Handling fees and commission expenditure

Premium rebate

Net amount of indemnity expenditure

Net amount of insurance contract reserve fund

withdrawal

Policy bonus payment

Amortized reinsurance expenditures

Taxes and surcharges 180590882 159652328

Selling expenses 683181171 630938743

Administrative expenses 188015210 188042944

Research and development expenditure 14598284 13068257

Financial expenses 13558591 -13273343

Including: Interest expenses 8173837 7564187

Interest income 7445432 9474824

Plus:Other income 14784267 26016594

Investment profit (loss is listed with "-") -965771 1529675

Including: Investment profit for joint-run business and

-965771 488276

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 "-") -2210222 160681

Loss for impairment of assets(loss is listed with "-") 545067 -3906302

Assets disposal income (loss is listed with "-") 25379 304638

3. Operating profit (loss is listed with "-") 232658710 274171927

Plus: Non-operating income 3086952 2165880

Minus: Non-operating expenditure 400747 2565728

4. Total profits (total loss is listed with "-") 235344915 273772079

Minus: Income taxes 81255625 82107142

5. Net profit (net loss is listed with "-") 154089290 191664937

（一）Classification by continuous operation

1.Net profit from continuous operation(net loss is listed with "-") 154089290 191664937

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 151422853 187514296

2. Minority interests 2666437 4150641

6. Net value of other comprehensive income after tax -28938702 15993830

6.1 Net value of other comprehensive income after tax of holding

-25743038 14788725

company's owners

6.1.1 Other comprehensive income that will not be classified into

the profit and loss

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

-25743038 14788725

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

-25743038 14788725

currency financial statements

6.1.2.7 Other

6.2 Net value of other comprehensive income after tax of minority

-3195664 1205105

shareholders

7.Total comprehensive Income 125150588 207658767

Total comprehensive income of holding company 125679815 202303021

Total comprehensive income of minority shareholders -529227 5355746

8. Earnings per share

8.1 Basic earnings per share 0.24 0.28

8.2 Diluted earnings per share 0.24 0.28

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:

Cash received from sales of goods and rending of

2584457789 2325057608

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 31842060 35773264

Other cash received related to operating activities 41195667 50093751

Sub-total of cash inflows of operating activities 2657495516 2410924623

Cash paid for goods and services 856899925 916444213

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 291422904 308857930

Cash paid for taxes and expenses 457787322 461010537

Other cash paid related to operating activities 347950857 366699600

Sub-total of cash outflows of operating activities 1954061008 2053012280

Net cash flow from operating activities 703434508 357912343

2. Cash flow from investing activities:

Cash received from return of investment 75650000 51000000

Cash received from obtaining investment profit 858065 1674162

Cash received from disposal of fixed assets

12152207 114536468

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 88660272 167210630

Cash paid to acquire fixed assets intangible asset

35956740 57165731

and other long-term assets

Cash for investments 133200000 18000000

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 169156740 76850312

Net cash flow from investing activities -80496468 90360318

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 420506122 375943769

Other cash received related to financing activities

Sub-total cash inflows of financing activities 420506122 375943769

Cash paid to repay debts 399809108 347349459

Cash paid to distribute dividend profit or pay

173729515 282464867

interest

Dividend and profit paid to minority

shareholders by branch

Other cash paid related to financing activities 113775814 115453236

Sub-total of cash outflows of financing activities 687314437 745267562

Net cash flow from financing activities -266808315 -369323793

4. Influences of exchange rate fluctuation on cash and

-2781554 2524765

cash equivalents

5. Net Increase of cash and cash equivalents 353348171 81473633

Plus: balance at the beginning of the period of

1839128089 1717727551

cash and cash equivalents

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

2192476260 1799201184

equivalents

2) The first implementation of the new accounting standards from 2026 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 24 2026