Yantai Changyu Pioneer Wine Co. Ltd. 2026 First Quarter Report

Stock Code: 000869 200869 Stock Abbreviation: Changyu A Changyu B Announcement No.: 2026-Final02

Yantai Changyu Pioneer Wine Co. Ltd.2026 First 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 First Quarter Report has been audited

□Yes ?No

1Yantai Changyu Pioneer Wine Co. Ltd. 2026 First 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 than the same

This report period The same period of last year

period of last year (%)

Operating revenue (CNY) 878124848 810921680 8.29%

Net profit attributed to the shareholders

148506918159276876-6.76%

of the listed company (CNY)

Net profit attributed to the shareholders

of the listed company after deducting 143379277 152773333 -6.15%

the non-recurring profit and loss (CNY)

Net cash flows from the operating

18376901621194646767.05%

activities (CNY)

Basic earnings per share (CNY) 0.23 0.24 -4.17%

Diluted earnings per share (CNY) 0.23 0.24 -4.17%

Weighted average for earning rate of the

1.43%1.49%-0.06%

net assets

The end of this report More or less than the end of

The end of last year

period last year (%)

Total assets (CNY) 12090563964 12050601981 0.33%

Owners’ equity attributed to the

shareholders of the listed company 10488033936 10347247577 1.36%

(CNY)

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

?Applicable □Inapplicable

Unit：CNY

Item Amount in this report period Explanation

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

-4393

part of the provision for impairment of assets)

Government grants credited in profit and loss (except for those

continuously-enjoyed normed or quantitative government grants that are

6926422

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 above items 724532

Less: Income tax effect 1861970

Minority interests effect (after-tax) 656950

Total 5127641 --

2Yantai Changyu Pioneer Wine Co. Ltd. 2026 First Quarter Report

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 is 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

Unit: CNY

Ending Increase/

Items Beginning Balance Cause of Change

balance Decrease %

Mainly due to the maturity and payment of

Notes receivable 63342 102342 -38.11%

some of the bills in this period.Mainly due to the recovery of previous

Accounts receivable 198416301 264932724 -25.11%

receivables in the current period.Mainly due to the increase in the receipt of bank

Receivable financing 299605503 228073841 31.36%

acceptance drafts during the reporting period.Mainly due to the increase in construction

Construction in progress 6910820 4313088 60.23%

projects in this period.Mainly due to the existence of new lease

Right-of-use asset 91479854 55252509 65.57%

contracts in this period.Mainly due to the decrease in the amount of

Other current liabilities 17712658 27193862 -34.87%deferred sales tax and the reduction in

provisions for liabilities.Mainly due to the existence of new lease

Lease liabilities 49884331 19437830 156.64%

contracts in this period.Other comprehensive

-24050269 -16329710 -47.28%Mainly due to the decline in exchange rates.income

Current Amount incurred in Increase/

Items Cause of Change

amount the previous period Decrease%

Mainly due to the large number of brandy

Taxes and surcharges 53760289 39663507 35.54%

products sold in this period.Mainly due to the increase in fines and

Non-operating income 805169 411110 95.85%

confiscations in this period.

3Yantai Changyu Pioneer Wine Co. Ltd. 2026 First Quarter Report

Mainly due to the reduction in fines liquidated

Non-operating expenses 85028 123065 -30.91%

damages and other penalties in this period.Financial expenses 7702112 -722936 InapplicableMainly due to the increase in exchange losses.Mainly due to the decrease in accounts

Credit impairment loss 549171 2290245 -76.02%

receivable.Mainly due to the decrease in inventory

Asset impairment loss 1710889 -784085 Inapplicable

impairment.Mainly due to the fact that there was no asset

Asset disposal gain 0 359104 -100.00%

disposal in this period.Cash received from

Mainly due to the decrease in the cash received

recovering the - 21000000 -100%

from the withdrawal of fixed deposits.investment

Cash received from Mainly due to the reduction in the interest

28639511062-94.40%

investment income received from the current period's fixed deposit.Net cash received from

Mainly due to the reduction of the

the disposal of fixed

compensation for the recovery and disposal of

assets intangible assets 6000000 100007058 -94%

the grape base during the reporting period

and other long-term

compared with last year.assets

Cash paid for other items

Mainly due to the increase in cash paid for

related to financing 6898131 3120750 121.04%

leases during the reporting period.activities

4Yantai Changyu Pioneer Wine Co. Ltd. 2026 First 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

Total number of common shareholders at the end of report period 41524 0

voting power at the end of report period (if have)

Shareholding of top 10 shareholders

Percentage Number of Pledged or frozen

Name of Shareholders Character of shareholders Shares held

(%) restricted shares Share status Amount

YANTAI CHANGYU GROUP CO. LTD. Domestic non-state legal person 52.56% 345473856 0 Inapplicable 0

Fengdi JIANG Domestic natural person 0.67% 4410000 0 Inapplicable 0

Hairong HU Domestic natural person 0.53% 3464035 0 Inapplicable 0

VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND Foreign legal person person 0.52% 3446137 0 Inapplicable 0

Social Security Fund 114 Other 0.52% 3425055 0 Inapplicable 0

HONG KONG SECURITIES CLEARING COMPANY LIMITED Foreign legal person 0.49% 3223590 0 Inapplicable 0

VANGUARD EMERGING MARKETS STOCK INDEX FUND Foreign legal person 0.47% 3087201 0 Inapplicable 0

Social Security Fund 413 Other 0.46% 3000060 0 Inapplicable 0

Haitong International Securities Company Limited-Account Client Foreign legal person 0.37% 2461494 0 Inapplicable 0

NORGES BANK Foreign legal person 0.35% 2333030 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 4410000 A share 4410000

Hairong HU 3464035 A share 3464035

VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND 3446137 B share 3446137

Social Security Fund 114 3425055 A share 3425055

HONG KONG SECURITIES CLEARING COMPANY LIMITED 3223590 A share 3223590

5Yantai Changyu Pioneer Wine Co. Ltd. 2026 First Quarter Report

VANGUARD EMERGING MARKETS STOCK INDEX FUND 3087201 B share 3087201

Social Security Fund 413 3000060 A share 3000060

Haitong International Securities Company Limited-Account Client 2461494 B share 2461494

NORGES BANK 2333030 B share 2333030

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

The explanation for the associated relationship and accordant action of the top 10 shareholders relationship or accordant 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 trading business(if any) None

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. 2026 First 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 2071552463 1890611804

Petty cash

Lending funds

Transactional financial assets

Derivative financial assets

Notes receivable 63342 102342

Accounts receivable 198416301 264932724

Receivables Financing 299605503 228073841

Accounts prepaid 57802413 54011809

Premiums receivable

Reinsurance accounts receivable

Receivable reserves for reinsurance contract

Other receivables 125759756 127713309

Including: Interest receivable

Dividends receivable

Buying back the sale of financial assets

Inventory 2753312350 2836077209

Including: data resource

Contract assets

Assets classified as holding for sale

Non-current assets expire in one year

Other current assets 72743636 74160936

Total Current Assets 5579255764 5475683974

Non-current Assets：

Offering loans and imprest

Debt investment

Other debt investment

Long-term account receivable

Long-term equity investment 24598294 26656197

Investment in other equity instrument

Other non-current financial assets

Real estate for investment 18675367 19900228

Fixed assets 5247633263 5308778632

Construction in progress 6910820 4313088

Biological assets for production 58446572 60098714

7Yantai Changyu Pioneer Wine Co. Ltd. 2026 First Quarter Report

Oil and gas assets

Right-of-use assets 91479854 55252509

Intangible assets 509300004 512930637

Including: data resource

Development expenditure

Including: data resource

Goodwill 88036557 88036557

Long-term deferred expenses 278094714 283227056

Deferred tax assets 188089020 215680654

Other non-current assets 43735 43735

Total Non-Current Assets 6511308200 6574918007

Total Assets 12090563964 12050601981

Current liabilities：

Short-term loan 242325229 240674788

Borrowings from the Central Bank

Borrowing funds

Transactional financial liability

Derivative financial liabilities

Notes payable

Accounts payable 319900343 321932168

Advances from customers

Contract liabilities 136251215 135067463

Sales/buyback financial assets

Customer and interbank deposits

Acting trading securities

Acting underwriting securities

Wage payable 139768004 162525617

Tax payable 140141000 158558934

Other accounts payable 246939791 332855775

Including: Interest payable

Dividend payable

Payable handling fees and commission

Dividend payable for reinsurance

Liabilities classified as holding for sale

Non-current liabilities expire in one year 70951284 75440910

Other current liabilities 17712658 27193862

Total Current Liabilities 1313989524 1454249517

Non-Current Liabilities:

Insurance contract reserve

Long-term borrowings 61387678 52374840

Bonds payable

Including: Preferred Stock

Perpetual capital securities

8Yantai Changyu Pioneer Wine Co. Ltd. 2026 First Quarter Report

Lease liability 49884331 19437830

Long-term accounts payable

Long-term accrued payroll

Estimated liabilities

Deferred income 17616157 19386932

Deferred tax liabilities 7399498 6613894

Other non-current liabilities

Total non-current liabilities 136287664 97813496

Total liabilities 1450277188 1552063013

Owner’s equity (or shareholders’ equity):

Capital stock 657240128 657240128

Other equity instruments

Including: Preferred Stock

Perpetual capital securities

Capital reserve 364048502 364048502

Minus: treasury stock 37880941 37880941

Other comprehensive income -24050269 -16329710

Special reserves

Surplus reserve 342732000 342732000

General risk preparation

Undistributed profits 9185944516 9037437598

Total owner's equity attributable to the holding

1048803393610347247577

company

Minority interests 152252840 151291391

Total owner's equity 10640286776 10498538968

Total liabilities and owner's equity 12090563964 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 878124848 810921680

Including: Operating income 878124848 810921680

Interest income

Earned premium

Handling fees and commission income

2. Total operating costs 670698281 593133648

Including: Operating costs 376886439 337332378

Interest expenditure

Handling fees and commission expenditure

9Yantai Changyu Pioneer Wine Co. Ltd. 2026 First 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 53760289 39663507

Selling expenses 170997122 157682309

Administrative expenses 55929386 54009741

Research and development expenditure 5422933 5168649

Financial expenses 7702112 -722936

Including: Interest expenses 3632477 2192237

Interest income 705090 2014450

Plus:Other income 6926422 7998378

Investment profit (loss is listed with "-") -2057902 -2344929

Including: Investment profit for joint-run business and

-2057902-2344929

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 "-") 549171 2290245

Loss for impairment of assets(loss is listed with "-") 1710889 -784085

Assets disposal income (loss is listed with "-") 359104

3. Operating profit (loss is listed with "-") 214555147 225306745

Plus: Non-operating income 805169 411110

Minus: Non-operating expenditure 85028 123065

4. Total profits (total loss is listed with "-") 215275288 225594790

Minus: Income taxes 64753113 62196318

5. Net profit (net loss is listed with "-") 150522175 163398472

（一）Classification by continuous operation

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

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 148506918 159276876

2. Minority interests 2015257 4121596

6. Net value of other comprehensive income after tax -8774367 6114112

6.1 Net value of other comprehensive income after tax of holding

-77205595426561

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. 2026 First 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

-77205595426561

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

-77205595426561

currency financial statements

6.1.2.7 Other

6.2 Net value of other comprehensive income after tax of minority

-1053808687551

shareholders

7.Total comprehensive Income 141747808 169512584

Total comprehensive income of holding company 140786359 164703437

Total comprehensive income of minority shareholders 961449 4809147

8. Earnings per share

8.1 Basic earnings per share 0.23 0.24

8.2 Diluted earnings per share 0.23 0.24

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 same period of last year.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. 2026 First Quarter Report

Cash received from sales of goods and rending of

902377984860570278

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 10029529 11471958

Other cash received related to operating activities 9491162 13548162

Sub-total of cash inflows of operating activities 921898675 885590398

Cash paid for goods and services 289305041 392516845

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 118790745 128544949

Cash paid for taxes and expenses 206378647 220966699

Other cash paid related to operating activities 123655226 122367259

Sub-total of cash outflows of operating activities 738129659 864395752

Net cash flow from operating activities 183769016 21194646

2. Cash flow from investing activities:

Cash received from return of investment 21000000

Cash received from obtaining investment profit 28639 511062

Cash received from disposal of fixed assets

6000000100007058

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 6028639 121518120

12Yantai Changyu Pioneer Wine Co. Ltd. 2026 First Quarter Report

Cash paid to acquire fixed assets intangible asset

1620480617088916

and other long-term assets

Cash for investments 30000000 15000000

Net increase in hypothecated loan

Net cash paid to acquire branch and other

business unit

Other cash paid related to investment activities

Subtotal of cash outflows of investment activities 46204806 32088916

Net cash flow from investing activities -40176167 89429204

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 132148853 103315242

Other cash received related to financing activities

Sub-total cash inflows of financing activities 132148853 103315242

Cash paid to repay debts 113998504 89536014

Cash paid to distribute dividend profit or pay

37985364298665

interest

Dividend and profit paid to minority

shareholders by branch

Other cash paid related to financing activities 6898131 3120750

Sub-total of cash outflows of financing activities 124695171 96955429

Net cash flow from financing activities 7453682 6359813

4. Influences of exchange rate fluctuation on cash and

4955931105873

cash equivalents

5. Net Increase of cash and cash equivalents 151542124 118089536

Plus: balance at the beginning of the period of

18391280891717727551

cash and cash equivalents

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

19906702131835817087

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 First Quarter Report has been audited

□Yes ?No

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

April 28 2026

13