ANNUAL REPORT 2023
Stock Code: 600519 Stock Abbr.: Kweichow Moutai
KWEICHOW MOUTAI CO., LTD.
ANNUAL REPORT 2023
ANNUAL REPORT 2023
Important Statements
I. The Board of Directors, Board of Supervisors, directors, supervisors and the senior management
of the Company guarantee that the information presented in this report is free of any false records,
misleading statements or material omissions, and shall bear individual and joint legal liabilities for
the truthfulness, accuracy and completeness of its contents.
II. All directors of the Company attend the meeting of the board of directors.
III. Baker Tilly China CPAs has issued a standard unqualified audit report for the Company.
IV. Ding Xiongjun, responsible person for the Company, Jiang Yan, responsible person for
accounting work, and Cai Congying, responsible person for the Company’s financial affairs
(Accounting Supervisor), have warranted that the financial statements in this report are true,
accurate and complete.
V. The proposed profit distribution plan or the proposed plan of capitalization of capital reserves
in the reporting period approved by the resolution of the Board of Directors
On the basis of a total capital of 1,256,197,800 shares by the end of 2023, all shareholders will be
distributed a cash dividend of RMB 308.76 (before tax) for every 10 shares, with a total profit distribution
of RMB 38,786,363,272.80. If there is any change in the total share capital of the company before the
equity registration date for the implementation of equity distribution, the total dividend amount will be
maintained unchanged, and the dividend ratio per share will be adjusted accordingly. The above profit
distribution proposal shall be submitted to the general assembly of shareholders of the Company for
deliberation and approval before implementation.
VI. Risk disclosure statement for forward-looking statements
Forward-looking statements in this report concerning future plans or development strategies do not
constitute substantial promises to investors, due to the related uncertainty. Investors are advised to be
aware of their own investment risks.
VII. Existence of non-operational embezzlement of funds by controlling shareholders or their
associated parties
No
VIII. Existence of financial guarantees to external parties in violation of the regulated decision
procedures
No
ANNUAL REPORT 2023
IX. Over half of the directors’ failure to guarantee the truthfulness, accuracy and completeness of
the Company’s disclosed annual report
No
X. Significant Risk Prompts
The Company has elaborated the potential risks in the chapter of “The Company Discussion and
Analysis on its Future Development”. Investors are advised to pay their due attention.
XI. Information Statement
All information and data cited in this Report are objective and authentic. Financial figures herein are
recorded in CNY, unless otherwise specified. This Report is prepared in Chinese and English, respectively.
In case of any ambiguity in the Chinese and English texts, the Chinese text shall prevail.
ANNUAL REPORT 2023
Contents
References include the accounting statements signed and stamped by the
respective individuals in charge of the company, the company accounting
work, and the accounting department (their accounting supervisor).
Documents Available for References include the audit report original signed and stamped by the
Reference certified public accountant and stamped by the accounting firm.
The originals of company documents and announcements that are publicly
disclosed in China Securities Journal and Shanghai Securities News during
the reporting period.
ANNUAL REPORT 2023
Section I Definitions
I. Definitions
Unless it is otherwise referred in the context, the terms in this report have the following meanings:
Terms and Definitions
CSRC refers to China Securities Regulatory Commission
SSE refers to Shanghai Stock Exchange
Company, the company refers to Kweichow Moutai Co., Ltd.
Controlling shareholder, group
refers to China Kweichow Moutai Distillery (Group) Co., Ltd.
company
Reporting period refers to Fiscal Year of 2023
This report, the report refers to Annual Report 2023
Section II Company Profile and Key Financial Results
I. Corporate Information
Name of the Company in Chinese 贵州茅台酒股份有限公司
Abbr. of the Company name in Chinese (if any) 贵州茅台
Name of the Company in English Kweichow Moutai Co., Ltd.
Legal Representative Ding Xiongjun
II. Contact Information
Secretary of the board Representative for securities
affairs
Name Jiang Yan Cai Congying
Maotai Town, Renhuai City, Guizhou Maotai Town, Renhuai City,
Address
Province Guizhou Province
Tel. 0851-22386002 0851-22386002
Fax 0851-22386193 0851-22386193
E-mail mtdm@moutaichina.com mtdm@moutaichina.com
III. Company profile
Registered address Maotai Town, Renhuai City, Guizhou Province
Office address Maotai Town, Renhuai City, Guizhou Province
Zip code of office address 564501
Website address http://www.moutaichina.com/
E-mail address mtdm@moutaichina.com
IV. Information disclosure and the place where the report is available
Media name and its website address where the
China Securities Journal and Shanghai Securities News
report is disclosed
Website address of the stock exchange where
http://www.sse.com.cn/
the report is disclosed
Place where the report is available The office of the Board of Directors
ANNUAL REPORT 2023
V. Stock information
Stock information
Stock exchange Previous stock
Stock type where the shares Stock abbreviation Stock code Abbreviation (if
are listed any)
Shanghai Stock
A shares Kweichow Moutai 600519
Exchange
VI. Other information
Name Baker Tilly China CPAs
Office address Building 12, Foreign Language Culture and Creativity Park,
Appointed
accounting firm
Name of the
(domestic)
signing Tang Hongchun, Liu Zonglei, Yang Shu
accountant
VII. Key Accounting Data and Financial Indicators in the past three years
(I) Key accounting data
Monetary Unit: Yuan Currency: RMB
Year-on-
Key accounting increase
data of
After adjustment Before adjustment decrease After adjustment Before adjustment
(%)
Operating
revenue
Net profit
attributable to
shareholders of 74,734,071,550.75 62,717,467,870.12 62,716,443,738.27 19.16 52,435,506,622.16 52,460,144,378.16
the listed
company
Net profits
deducting non-
recurring profits
and losses
attributable to
shareholders of
the listed
company
Net cash flows
from operating 66,593,247,721.09 36,698,595,830.03 36,698,595,830.03 81.46 64,028,676,147.37 64,028,676,147.37
activities
Increase
At the end of 2022 or At the end of 2021
decrease
at the end
of the
current
period
At the end of 2023
compared
After adjustment Before adjustment with the After adjustment Before adjustment
same
period of
the
previous
year
Net assets
attributable to
shareholders of 215,668,571,607.43 197,480,041,239.46 197,506,672,396.00 9.21 189,511,713,508.90 189,539,368,797.29
the listed
company
ANNUAL REPORT 2023
Total assets 272,699,660,092.25 254,500,826,096.02 254,364,804,995.25 7.15 255,315,103,017.82 255,168,195,159.90
Share capital 1,256,197,800.00 1,256,197,800.00 1,256,197,800.00 1,256,197,800.00 1,256,197,800.00
Note: In accordance with the "Enterprise Accounting Standards Interpretation No. 16" issued by the
Ministry of Finance on November 30, 2022, the relevant content regarding the accounting treatment of
"deferred income taxes related to assets and liabilities arising from individual transactions not applicable
to initial recognition exemptions" shall be implemented as of January 1, 2023. The Company has
retroactively adjusted the relevant financial data for the comparative period, as detailed in Section 10 of
the financial report, specifically in Part 5, "Important Accounting Policies and Accounting Estimates,"
Subsection 24, "Changes in Important Accounting Policies and Estimates." The relevant financial data
mentioned in the remainder of this annual report are all retroactively adjusted data.
(II) Key financial indicators
year
Key financial indicators 2023 increase
After Before After Before
/decrease
adjustment adjustment adjustment adjustment
(%)
Basic earnings per share
(RMB/share)
Diluted earnings per share
(RMB/share)
Basic earnings per share
after deducting non-
recurring profits and
losses (RMB/share)
Increase
Weighted average rate of by 3.93
return on net assets (%) percentage
point(s)
Weighted average rate of Increase
return on net assets after by 3.91
deduction of non- percentage
recurring profits or losses point(s)
Description of the Company's main accounting data and financial indicators for the recent three years at
the end of the reporting period
□Applicable √N/A
VIII. Differences in accounting data by domestic and overseas accounting standards
(I) Differences in the net profits and net assets attributable to shareholders of the company disclosed
in the financial reports prepared under the international accounting standards and China
accounting standards
□Applicable √N/A
(II) Differences in the net profits and net assets attributable to shareholders of the Company
disclosed in the financial reports prepared under the overseas accounting standards and China
accounting standards
□Applicable √N/A
(III) Explanations for above accounting data differences
□Applicable √N/A
ANNUAL REPORT 2023
IX. Quarterly key financial data in 2023
Monetary Unit: Yuan Currency: RMB
Q1 Q2 Q3 Q4
(Jan.-Mar.) (Apr.-Jun.) (Jul.-Sept.) (Oct.-Dec.)
Operating revenue 38,755,812,096.89 30,820,207,348.88 33,692,335,242.67 44,425,250,305.70
Net profit
attributable to
shareholders of the
listed company
Net profits
deducting non-
recurring profits and
losses attributable to
shareholders of the
listed company
Net cash flows from
operating activities
Explanations for the differences between quarterly data and those disclosed in previous periodical
reports
□Applicable √N/A
X. Non-recurring Items and Their Gains/Losses
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Amount in Notes (if Amount in Amount in
Non-recurring gains and losses
Profit or loss of disposal of non-current
assets (including the offset amount where
provision for asset impairment has been
made)
Government grants included in the
current profit or loss (except for
government grants closely related with
the normal business of the Company,
obtained based on the established 17,137,523.89 14,973,304.55 4,616,000.00
standard in accordance with national
policies and provisions and having the
continuous influence on the profits or
losses of the Company)
The profit or loss from changes in the fair
value of financial assets and financial
liabilities held by non-financial
enterprises and the profit or loss from the
disposal of financial assets and finanical
liabilities, except the effective hedging
relevant to the Company’s normal
business
Other non-operating revenues and
expenses except for the above-mentioned -47,733,771.71 -157,251,041.33 -210,928,052.99
items
Other items of profit or loss subject to the
definition of non-recurring profit or loss
Less: Influenced amount of income tax -5,573,340.60 -24,751,373.49 -40,237,983.93
Adjustment of non-controlling equity
(after tax)
Total -18,492,874.77 -75,428,959.45 -120,958,278.08
ANNUAL REPORT 2023
Where the Company recognizes the items not listed in the Explanatory Notice on Information Disclosure
of Companies that Issue Securities Publicly No.1 - Non-recurring Profit or Loss as the non-recurring profit
or loss items with the significant amount, or defines the non-recurring profit and loss items listed in
Explanatory Notice on Information Disclosure of Companies that Issue Securities Publicly No.1 - Non-
recurring Profit or Loss as recurring profit or loss items, reasons shall be given.
□Applicable √N/A
XI. Items measured at fair value
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance
Affected
at the
Balance at the end Increase/decrease in amount of the
Item beginning
of the period the period profit of the
of the
period
period
Held-for-trading financial
assets
Other non-current
financial assets
Total 4,403,151,962.50 4,403,151,962.50 26,512,144.28
XII. Others
□Applicable √N/A
Section III Management’s Discussion and Analysis
I. Discussion and analysis of business situation
In 2023, under the leadership of the Board of Directors, the company adhered to the guidance of Xi Jinping
Thought on Socialism with Chinese Characteristics for a New Era, thoroughly studied and implemented
the spirit of the 20th National Congress of the Communist Party of China and the important speech of
General Secretary Xi Jinping's inspection tour in Guizhou. The Board actively seized the opportunity
presented by the State Council Document No. 2 [2022], fully implemented the deployment of the
provincial party committee and provincial government, and focused on the strategic goal of 'double world-
leading, three breakthroughs, and five leaps' set by the group company. With Moutai aesthetics as the core
value, the Board guided the company to continue walking the high-quality development path of 'five lines'.
Through collective efforts and perseverance, which named "Qixin"in Moutai, the company successfully
achieved various targets and tasks, made significant progress in promoting high-quality development, and
took solid steps towards modernization.
II. Industry sector situation in the reporting period
See “Industry profile” and “Industry pattern and trend” in this report.
III. Business scope in the reporting period
The main business of the Company is the production and sales of Moutai liquor and a series of liquors.
The leading product "Kweichow Moutai" is one of the three famous distilled liquors in the world, and it
is also a liquor brand integrating national geographical indication products, organic food and national
intangible cultural heritage. The marketing network of the Company covers the domestic market and 64
countries and regions on five continents. Over the years, the Company insisted on the pursuit of product
quality. With careful care for brewing ecology, the inheritance and innovation of traditional process, and
the continuous development of corporate culture, the Company continuously empowered the enterprise
and promoted high-quality development and modernization construction of the enterprise.
ANNUAL REPORT 2023
The Company's business model is as follows: raw material procurement - product manufacturing - product
sales. The raw material procurement model specifically involves: sorghum for Moutai liquor is procured
through a "company + local government + supplier + cooperative or farmer" model, while wheat is
procured through a "company + supplier + cooperative or farm" model. The procurement of other raw and
auxiliary materials, as well as packaging materials, is primarily based on the company's production and
sales plans, and is conducted through centralized procurement in the market. The production process flow
involves: yeast making - Chinese Baijiu making – cellaring - blending - packaging. The sales model
includes both Direct selling and wholesale distribution channels. Direct selling channels refer to self-
operated sales and digital marketing platforms such as "i Moutai", while wholesale distribution channels
involve social dealers, supermarkets, e-commerce platforms, and other channels.
IV. Analysis of core competitiveness
√Applicable □N/A
The Company possesses "five core competences" composed of environment, engineering, quality, brand,
and culture, as well as "four core potentials" consisting of unique origin protection, unreplicable microbial
colonies, unique brewing techniques handed down for thousands of years, and long-term stored base liquor
resources. During the reporting period, there were no significant changes in the company's core
competences.
V. Business operation briefing for the reporting period
Firstly, the company's business performance reached new heights. During the year, the company achieved
a total operating revenue of 150.56 billion yuan, an increase of 18.04% year-on-year. Net profit
attributable to shareholders of the listed company amounted to 74.734 billion yuan, an increase of 19.16%
year-on-year. The main economic indicators maintained double-digit growth, and the company achieved
remarkable development results once again. Kweichow Moutai, the world's only liquor brand with a
revenue exceeding 100 billion yuan, continued to consolidate its position. Moutai 1935 created an
"industry miracle" and became a product with a revenue exceeding RMB 10 billion within just two years
of its launch. The revenue of Moutai Prince exceeded 4 billion yuan, while the revenue of Hanjiang,
Guizhou Daqu, and Laimao exceeded 1 billion yuan respectively, forming a product matrix of billion,
hundred million, and ten million-level products.
Secondly, the company's brand influence continued to grow. The company's market capitalization
remained stable above 2 trillion yuan, ranking first among A-share listed companies. Moutai ranked 24th
on the "Brand Finance 2024 Global Brand Value Top 500" list with a brand value of 50.1 billion US
dollars and third on the "2023 Brand Z Top 100 Most Valuable Chinese Brands" list with a brand value
of 88.427 billion US dollars (ranked 18th globally), firmly maintaining its position at the top of the
"world's liquor brands". With a brand value of 1.05 trillion yuan and the absolute advantage of being the
only trillion-level brand, Moutai topped the Hurun Report's "Most Valuable Chinese Brands" list for the
sixth time.
Thirdly, the company's corporate governance has been continuously improved. The board of directors
successfully completed its reelection, and the new board members are diverse and complementary in their
expertise, ensuring the scientific decision-making of the board from diversified perspectives. During the
year, the board of directors convened three shareholder meetings to review and approve 17 proposals and
held 13 board meetings to review and approve 45 proposals, strictly implementing the "six major powers"
of the board. The company has promoted the construction of a comprehensive risk management system,
and the risk management ecosystem has taken shape. It was successfully selected as one of the new batch
of "Double Hundred Enterprises" by the State-owned Assets Supervision and Administration Commission
of the State Council, awarded the Best Practice in Corporate Governance by the China Association for
Public Companies, won the National Quality Award for the third time, and the European Quality Award
for the first time. The management foundation has been further consolidated, and the company's modern
governance capabilities and level have been further enhanced.
Fourthly, ESG management improved quality and efficiency. ESG concept was practised in an all-round
manner, and deeply integrated into production, operation, reform and development. In order to improve
ESG governance framework, the Company established an ESG Promotion Committee, including
ANNUAL REPORT 2023
Environment Sub-committee, Society Sub-committee and Governance Sub-committee and nine working
groups. The Company systematically sorted out core issues and key projects in four steps of topic
identification, overall planning, integration and implementation, and improvement and innovation in line
with international norms, national policies, and advanced practices. Therefore the Company has optimized
its overall ESG management system, fully leveraged the effectiveness of management mechanisms, and
continuously empowered the implementation and effectiveness of ESG.
Fifthly, shareholder returns have been stable with a slight increase. The company has effectively improved
the quality of information disclosure, enhancing its pertinence, effectiveness, and readability. Through
voluntary disclosures such as production and operation data, it has promptly demonstrated the status of its
high-quality development to the market, earning an A-level (excellent) evaluation for information
disclosure from the Shanghai Stock Exchange. With a candid and open attitude, the company has actively
communicated with investors, achieving the highest frequency in recent years. It participated in investor
exchange activities abroad for the first time and held an earnings presentation in the trading hall of the
Shanghai Stock Exchange, with the number of video views ranking among the top in A-share companies.
The company was awarded the Best Practice for Earnings Presentation by the China Association for Public
Companies. During the year, the company once again implemented a special dividend, distributing a total
of 56.55 billion yuan in cash dividends, accounting for 75.67% of the company's net profit attributable to
shareholders in 2023. The dividend amount increased by approximately 1.8 billion yuan compared to the
previous year, reaching a new high, rewarding investors with practical actions.
(I) Main business analysis
Monetary Unit: Yuan Currency: RMB
Amount in the same
Amount in the YoY Change
Item reporting period of
reporting period (%)
last year
Operating revenue 147,693,604,994.14 124,099,843,771.99 19.01
Operating costs 11,867,273,851.78 10,093,468,616.63 17.57
Selling and distribution expenses 4,648,613,585.82 3,297,724,190.94 40.96
General and administrative expenses 9,729,389,252.31 9,012,191,073.63 7.96
Financial expenses -1,789,503,701.48 -1,391,805,826.72 N/A
Research and development expenses 157,371,873.01 135,185,680.40 16.41
Net cash flows from operating
activities
Net cash flows from investing
-9,724,414,015.16 -5,536,826,334.90 N/A
activities
Net cash flows from financing
-58,889,101,991.94 -57,424,528,979.83 N/A
activities
Reasons for the changes in operating revenue: mainly due to the increase of sales volume, the change in
the selling channel and product structure and the adjustment to the selling prices of main products in the
current period.
Reasons for the changes in operating costs: mainly due to the increase in sales volume and production cost
and changes in product structure in the current period.
Reasons for changes in selling and distribution expenses: mainly due to the increase in advertising and
marketing fees in the current period.
Reasons for changes in general and administrative expenses: mainly due to the increase in trademark
license fees and depreciation of fixed assets in the current period.
Reasons for changes in financial expenses: mainly due to the increase in the interest income from deposits
with commercial banks in the current period.
ANNUAL REPORT 2023
Reasons for changes in research and development expenses: mainly due to increase in research and
development projects in the current period.
Reasons for changes in net cash flow from operating activities: mainly due to the increase in cash received
from the company's sales of goods in the current period and the decrease in the net increase in term deposits
that cannot be withdrawn in advance by the company's holding subsidiary, Kweichow Moutai Group
Finance Co., Ltd.
Reasons for changes in the net cash flows from investing activities: mainly due to in the increase in
acquisition of negotiable certificate of deposits by the Company’s holding subsidiary Kweichow Moutai
Group Finance Co., Ltd. and the Company’s additional investment in industrial development fund, in the
current period.
Reasons for changes in net cash flows from financing activities: mainly due to the increase in cash
dividends distributed in the current period.
Detailed explanation of major changes in the Company's business type, profit composition or profit source
in the current period
□Applicable √N/A
√Applicable □N/A
(1) Main business grouped by business segment, by product, by region and by sales model.
Monetary Unit: Yuan Currency: RMB
Main business grouped by business segment
YoY YoY
YoY
Change change
Gross change
Operating of of gross
Operating revenue Operating costs profit of
revenue operating profit
margin operating
revenue margin
costs (%)
(%) (%)
Liquor 147,218,996,281.04 11,620,203,653.32 92.11 18.94 17.42 0.11
Primary business (by product)
Increase Increase Increase
or or or
decrease decrease decrease
Gross
in in in gross
profit
Product Operating revenue Operating costs operating operating profit
margin
revenue costs margin
(%)
over the over the over the
previous previous previous
year (%) year (%) year (%)
Moutai 126,589,066,691.89 7,445,470,669.11 94.12 17.39 18.83 -0.07
Other
liquor
Main business grouped by region
YoY YoY
YoY
Change change
Gross change
of of gross
Region Operating revenue Operating costs profit of
operating profit
margin operating
revenue margin
costs (%)
(%) (%)
Domestic 142,868,885,823.91 11,280,212,551.30 92.10 19.52 18.01 0.10
Overseas 4,350,110,457.13 339,991,102.02 92.18 2.61 0.76 0.14
ANNUAL REPORT 2023
Main business condition by sales model
YoY YoY
YoY
Change change
Gross change
Sales of of gross
Operating revenue Operating costs profit of
model Operating profit
margin operating
revenue margin
costs (%)
(%) (%)
Wholesale
agency
Direct
sales
(2) Analysis of production volume, sales volume and inventory
√Applicable □N/A
YoY YoY
YoY
change of change of
Main Production Sales change of
Unit Inventory production sales
product volume volume inventory
volume volume
(%)
(%) (%)
Liquor Ton 100,141.15 73,274.04 293,790.03 8.98 7.48 6.21
(3) Execution situation of major acquisition contracts and major sales contracts
□Applicable √N/A
(4) Cost Analysis Table
Monetary Unit: RMB
Condition by business segment
As % of
As % Amount in the
Main total
By Amount in the of same YoY Descriptio
breakdow cost in
business reporting total reporting chang n of
n items of previou
segment period cost period of e (%) reasons
cost s year
(%) previous year
(%)
Liquor 2 0 0
Condition by product
As % of
As % Amount in the
cost Descriptio
By Main Amount in the of same YoY
in n of
produc breakdown reporting total reporting chang
previou reasons
t items of cost period cost period of e (%)
s year
(%) previous year
(%)
Direct
materials 5,984,160,283.88 51.50
costs
Direct labor 3,395,434,595.8
costs 5
Manufacturin
Liquor g costs
Fuels and
energies
Transportatio
n costs
Total 2 0 0
ANNUAL REPORT 2023
(5) Any share changes of subsidiaries merger scope changes in the reporting period
□Applicable √N/A
(6) Information about significant changes or adjustments of the Company’s businesses, products
or services
□Applicable √N/A
(7) Major customers and suppliers
A. Major customers
√Applicable □N/A
The sales of the top five customers amounted to RMB 14,709.4568 million, accounting for 9.99% of the
total annual sales; among the sales of the top five customers, the sales of related parties amounted to RMB
During the reporting period, the sales proportion to a single customer exceeded 50% of the total, or there
were new customers among the top five customers, or there was a situation of heavy reliance on a few
customers.
□Applicable √N/A
B. Major suppliers
√Applicable □N/A
The purchase amount of the top five suppliers amounted to RMB 2,907.6931 million, accounting for 36.45%
of the total annual purchase amount; in which the purchase amount of related parties amounted to RMB
annual purchase amount.
During the reporting period, the proportion of purchases from a single supplier exceeded 50% of the total,
or there were new suppliers among the top five suppliers, or there was a situation of heavy reliance on a
few suppliers.
□Applicable √N/A
√Applicable □N/A
The selling and distribution expenses amounted to RMB 4,648,613,585.82 in the current period and RMB
advertising expenditure and market investment in the current period.
The financial expenses amounted to RMB -1,789,503,701.48 in the current period and RMB -
in interest income from deposits with commercial banks in the current period.
(1) Statement of R&D expenses
√Applicable □N/A
Monetary Unit: RMB
R&D expenses in this period 477,957,725.95
Capitalized research and development
investment in the reporting period
Total R&D expenses 621,507,535.87
as（%）in operating revenue 0.42
Proportion of capitalization of research
and development investment (%)
ANNUAL REPORT 2023
Note: The R&D expenses in this period include the R&D expenses listed in the operating costs and the
compensation of scientific researchers.
(2) Statement of R&D employee
√Applicable □N/A
Number of R&D employees 800
as (%) in the total number of the Company’s employees 2.40
Educational background structure of R&D employees
Number in each educational
Educational background structure type
background structure
Doctorate 85
Master’s degree 178
Undergraduate 460
Junior college 63
High school and below 14
Age structure of R&D employee
Age structure type Number in each age structure
under 30 (excluding 30) 154
over 60 15
(3) Explanation
□Applicable √N/A
(4) Reasons for the significant changes in R&D employees and their impacts on the Company’s
future development
□Applicable √N/A
√ applicable□ not applicable
Monetary Unit: Yuan Currency: RMB
Amount in this Amount in last
Item Change (%)
period period
△Net increase in customer bank deposits and
placement from banks and other financial -810,223,002.76 -8,916,033,228.67 N/A
institutions
Refunds of taxes and surcharges received 1,500,047.04 33,191,912.56 -95.48
Cash paid for purchase of goods or receipt of
services
△Net increase in loans and advances to customers -2,051,930,316.19 723,778,672.00 N/A
Net increase in loans to banks and other financial
institutions
△Net increase in deposits in central bank, other
banks and financial institutions
△Cash paid for interest, handling charges and
commissions
Cash paid for other operating activities 7,943,709,518.14 5,123,087,432.89 55.06
Cash received from disposal of investments 7,549,947,301.15 N/A
Cash received from investment income 140,715,000.00 5,880,000.00 2,293.11
Net cash received from disposal of fixed assets,
intangible assets and other long-term assets
ANNUAL REPORT 2023
Cash paid to acquire and construct fixed assets,
intangible assets and other long-term assets
Cash paid for investments 14,817,852,800.00 210,000,000.00 6,956.12
Cash paid for other investing activities 7,021,867.10 31,486,829.54 -77.70
Cash paid for other financing activities 134,315,261.93 54,332,788.37 147.21
Effect of fluctuation in exchange rate on cash and
cash equivalents
(1) The change in net increase in customer deposits and deposits from other banks and financial institutions
is mainly due to the transfer of equity of Guizhou Xijiu Co., Ltd. by the group company in the prior period,
by which Guizhou Xijiu Co., Ltd. creased to be a member company of the Company's holding subsidiary
Kweichow Moutai Group Finance Co., Ltd. and the Company's absorption of deposits in the prior period
decreased a lot.
(2) The decrease in refunds of taxes and surcharges received mainly refers to the tax rebates retained
received by the Company's holding subsidiary Kweichow Moutai Sales Co., Ltd. in the prior period.
(3) The increase in cash paid for purchase of goods or receipt of services is mainly due to the increase in
cash paid by the Company for the purchase of materials.
(4) The decrease in the net increase in loans and advances to customers is mainly due to the recovery of
loans distributed by the Company's holding subsidiary Kweichow Moutai Group Finance Co., Ltd.
(5) The increase in the net increase in loans to banks and other financial institutions is mainly due to the
increase of Kweichow Moutai Group Finance Co., Ltd., the holding subsidiary of the Company in making
loans to banks and other financial institutions.
(6) The decrease in the net increase in deposits with the Central Bank and interbank funds is mainly due
to the decrease in the net increase in non drawable interbank time deposits deposited by the company's
holding subsidiary, Kweichow Moutai Group Finance Co., Ltd., compared with the previous period.
(7) The increase in the cash paid for interest, handling fee and commission is mainly due to the increase
in the cash paid for interests by Kweichow Moutai Group Finance Co., Ltd., a holding subsidiary of the
Company in the current period, compared with the prior period.
(8) The increase in cash related to other operating activities is mainly due to the payment of market inputs.
(9) The increase in cash received from disinvestment refers to the withdrawal of certificates of deposits of
the Company and the NCD of Kweichow Moutai Group Finance Co., Ltd..
(10) The increase in the cash received from investment income is mainly due to the increase in the interest
on certificates of deposits received by the Company.
(11) The increase in the net cash received from disposal of fixed assets, intangible assets and other long-
term assets is mainly due to the increase in the cash received from disposal of fixed assets in the current
period, compared with the prior period.
(12) The decrease in the cash paid to acquire and construct fixed assets, intangible assets and other long-
term assets is mainly due to the decrease in the cash paid for capital construction projects in the current
period, compared with the prior period.
(13) The increase in cash paid for investments is mainly due to the increase in acquisition of NCDs by the
Company’s holding subsidiary Kweichow Moutai Group Finance Co., Ltd. and the Company’s additional
investment in industrial development fund, in the current period
(14) The decrease in the cash paid for other investing activities is mainly due to the decrease in the capital
construction performance bond refunded, compared with the previous period.
ANNUAL REPORT 2023
(15) The increase in the cash paid for other financing activities is mainly due to the increase in the cash
for lease fees in the current period, compared with the previous period.
(16) The increase in the effect of fluctuation in exchange rate on cash and cash equivalents refers to the
difference in foreign currency conversion caused by the translation of financial statements of overseas
operations of Kweichow Moutai Paris Trading Co., Ltd., a wholly-owned subsidiary of the Company, into
the functional currency statements.
(II) Reasons for significant changes of profit caused by non-core business
□Applicable √N/A
(III) Analysis of assets and liabilities
√Applicable □N/A
Monetary Unit: RMB
As % of As % of
Amount by the Amount by the Change in
total total Explanation about
Item end of this end of last percentage
assets assets any material change
period period (%)
(%) (%)
Cash and cash
equivalents
Mainly the additional
investment of Kweichow
Moutai Group Finance
Held-for-trading
financial assets
subsidiary of the
Company, in debt
instruments
Mainly the decrease in
the sales business with
bank acceptance bills of
the Company's wholly-
Notes receivable 13,933,440.00 0.01 105,453,212.00 0.04 -86.79
owned subsidiary,
Kweichow Moutai-
Flavor Liquor Marketing
Co., Ltd.
Mainly the sales of
Kweichow Moutai Sales
Co., Ltd., a controlling
company of the
Accounts receivable 60,373,410.41 0.02 20,937,144.00 0.01 188.36 Company, via an online
platform where the
system adopts the T+7
model for the settlement
of payments for goods.
Mainly the
transformation from
Prepayments 34,585,111.79 0.01 897,377,162.27 0.35 -96.15
advanced land payments
to intangible assets
The purchase of reverse
repo of treasury bonds
was made by Guizhou
Redemptory Monetary
Capital for Sale
Co., Ltd., a holding
subsidiary of the
company.
Inventories 46,435,185,061.53 17.03 38,824,374,236.24 15.26 19.60
Mainly the decrease in
Other current assets 71,403,906.57 0.03 160,843,674.42 0.06 -55.61
input VAT retained
Non-current assets Mainly the maturity of
maturing within one 2,123,601,333.33 0.83 -100.00 certificates of deposits
year
Mainly the recovery of
loans distributed to
member units by the
Loans and payments 2,130,818,189.27 0.78 4,134,744,407.92 1.62 -48.47 Company's holding
subsidiary Kweichow
Moutai Group Finance
Co., Ltd.
Debt investment 5,323,002,071.02 1.95 380,685,319.09 0.15 1,298.27 Mainly the purchase of
ANNUAL REPORT 2023
bonds by Kweichow
Moutai Group Finance
Co., Ltd., a holding
subsidiary of the
Company
Fixed assets 19,909,280,655.97 7.30 19,742,622,547.86 7.76 0.84
The additional
Other non-current investment of the
financial assets Company in
industrial funds
The newly-added
Other non-current
assets
in progress
Non-current liabilities The payment for rental
maturing within one 57,054,879.48 0.02 109,351,155.28 0.04 -47.82 expenses
year
The influence of the
implementation of the
Interpretation No. 16 of
Deferred tax liabilities 78,943,062.19 0.03 162,628,090.99 0.06 -51.46
the Accounting
Standards for Business
Enterprises
The difference arising
from the translation of
financial statements of
overseas operations of
Kweichow Moutai Paris
Other comprehensive
-6,061,727.51 -10,776,907.33 N/A Trading Co., Ltd., a
income
wholly-owned
subsidiary of the
Company, into the
functional currency
statements
√Applicable □N/A
(1) Asset size
Including: overseas assets of RMB 87,432,153.36, accounting for 0.03% of the total assets.
(2) Description of overseas assets with a higher proportion
□Applicable √N/A
□Applicable √N/A
□Applicable √N/A
(IV) Analysis of operating information in the industry
√Applicable □N/A
Analysis of operating information in the liquor production industry
√Applicable □N/A
According to data from the National Bureau of Statistics and the China Alcoholic Drinks Association, in
million kiloliters, a year-on-year decrease of 2.8%; sales revenue amounted to 756.3 billion yuan, an
increase of 9.7% year-on-year; and total profits reached 232.8 billion yuan, an increase of 7.5% year-on-
year.
Current capacity
ANNUAL REPORT 2023
√Applicable □N/A
Main Factories Designed Capacity Actual Capacity
Chinese Baijiu production workshop of Moutai 42,795.00 57,204.11
Series liquor production workshop 44,460.00 42,937.04
Note: (1) TheMoutai base liquor of Moutai liquor reached a designed production capacity of 42,795.00
tons in 2023, with a year-on-year increase of 52.50 tons of base liquor production capacity. The new
production capacity was put into operation in October 2023. Due to the production process characteristics
of Moutai liquor, it will be released in 2024. The base liquor of serial liquors reached a designed production
capacity of 44,460.00 tons in 2023, with a year-on-year increase of 6,400.00 tons of base liquor production
capacity. The new production capacity was put into operation in November 2023. Due to the production
process characteristics of the serial liquors, it will be released in 2024. (2) According to the practice of the
Company, the designed and actual production capacity in this report is measured in "ton".
Capacity under Construction
√Applicable □N/A
Monetary Unit: RMB '0,000 Currency: RMB
Amount
Planned Accumulated
invested in this
Name of the Capacity under Construction investment investment
reporting
amount amount
period
renovation project and its supporting facilities
First Phase Construction Project of the "14th Five-
Year Plan" Maotai-flavor Liquor Xishui Tongminba
Technical transformation and construction project of
Moutai Liquor during the 14th Five-Year Plan period
Production capacity calculation standards
Applicable □N/A
In the above “Current capacity” table, the design capacity is calculated according to the production process
requirements, combined with the plant specifications and the number of cellars, and the actual capacity is
calculated according to the actual base liquor production yield in the reporting period.
√Applicable □N/A
Unit: Ton
Finished liquor Semi-finished liquor (including base liquor)
Note: The finished liquor is the Company’s packaged inventory stock (including Moutai-flavor series
liquor).
Inventory Impairment Risk Warning
□Applicable √N/A
√Applicable □N/A
Monetary Unit: RMB '0,000 Currency: RMB
Chang
e Produ
Change Change
ction- Main
Product Production （% （%） （%）
Sales (tons) sales Sales revenue representing
grade (ton) ） Same
ratio
same
brand
Same period period
(%)
Period
Moutai 57,204.11 0.69 42,109.50 11.10 12,658,906.67 17.39 Moutai
ANNUAL REPORT 2023
Moutai
Wangzi
liquor,
Other
Moutai
series 42,937.04 22.41 31,164.54 2.94 2,062,992.96 29.43 1935 liquor,
liquor
Han Jiang
liquor, Lai
Mao liquor
Note: (1) In order to ensure the sustainable development of the Company, a certain amount of base liquor
needs to be retained every year. According to the production process, it takes Maotai liquor at least 5 years
of cellaring since its production before in can be released from the factory. (2) Moutai is a blend of base
liquor of different years, different rounds and different concentrations. It is a perfect combination of
technology and art. Therefore, the base liquor of a certain year may appear as a product in the next several
years. (3) The Company regards quality as its life, adheres to quality first, adheres to the spirit of
craftsmanship, and adheres to the principle of “honoring the principles, abiding by the rules, sticking to
the craftsmanship, cellaring enough liquor to age, and not selling young liquor”. The production of Moutai
is of natural solid-state fermentation, brewed with traditional craftsmanship, and therefore the production
yield has certain volatility. (4) Based on the above reasons, the production and sales rate of Moutai base
liquor cannot be accurately calculated. The product formation process of series liquor is similar to that of
Moutai.
Product grading standards
√Applicable □N/A
Graded by the quality of the product.
Changes in the product structure and business strategy
□Applicable √N/A
(1) purchase model
√Applicable □N/A
The sorghum used in Moutai liquor was purchased in the "company + local government + supplier +
cooperative or farmer" model, while the wheat was purchased in the "company + supplier + cooperative
or farm" model. Other raw materials and packaging materials were purcahsed from the market through
centralized procurement according to the company's production and sales plans.
(2) purchase amount
√Applicable □N/A
Monetary Unit: RMB '0,000 Currency: RMB
Purchase amount in Purchase amount in as % in total purchase
Raw materials type
this period last period amount
Liquor brewing raw
materials
Packaging materials 396,702.84 290,243.05 49.73
Energies 35,724.12 48,982.94 4.48
Workshop auxiliary
materials
(1) Sales model
√Applicable □N/A
The Company’s products are sold through direct selling and distributor channels. Direct sales channels
refer to self-operated channels and "i Moutai" digital marketing platform channel, and wholesale agency
channels refer to social distributors, supermarkets, e-commerce and other channels.
(2) Sales channel
√Applicable □N/A
ANNUAL REPORT 2023
Monetary Unit: RMB '0,000 Currency: RMB
Sales amount in Sales amount in Sales volume in Sales volume in
Channel type
this period last period this period (ton) last period (ton)
Direct selling 6,723,287.69 4,937,873.77 15,634.95 11,186.57
Wholesale agency 7,998,611.94 7,439,359.47 57,639.09 56,989.75
(3) Regional situation
√Applicable □N/A
Monetary Unit: RMB '0,000 Currency: RMB
Sales Sales
as % in as % in the
Region Sales revenue in Sales revenue in volume in volume in
the total total
Name this period last period this period last period
amount volume
(ton) (ton)
Domesti
c
Overseas 435,011.05 423,957.95 2.95 1,978.61 2,013.91 2.70
Regional division standards
□Applicable √N/A
(4) Distributor Situation
√Applicable □N/A
Unit: unit
Number of distributors
Number increased in Number decreased in
Region Name by the end of the
the reporting period the reporting period
reporting period
Domestic 2080 1 5
Overseas 106 1
Explanation
□Applicable √N/A
Management of distributors
□Applicable √N/A
(5) Online-sales situation
√Applicable □N/A
Monetary Unit: RMB '0,000 Currency: RMB
Revenue from
Revenue from
Online sales Product grade sales in the Gross profit
sales in the YoY (%)
platform of online sales previous margin (%)
current period
period
"i Moutai"
digital Medium and
marketing high-grade 2,237,432.35 1,188,270.28 88.29 96.09
platform liquor
channel
Other digital Medium and
marketing high-grade 183,125.55 N/A 95.95
platforms liquor
Future online business strategy
□Applicable √N/A
ANNUAL REPORT 2023
(1) he composition of the company’s main business by different types
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Gross
Chang Chang profit Chang
Type Operating revenue e Operating costs e rate e
（%） （%） （% （%）
）
By class of product
Moutai 17.39 7,445,470,669.11 18.83 94.12 -0.07
Other series
liquor
Subtotal 18.94 17.42 92.11 0.11
By sales channel
Wholesale agency 79,986,119,397.90 7.52 8,569,360,111.66 6.82 89.29 0.07
Direct selling 67,232,876,883.14 36.16 3,050,843,541.66 62.78 95.46 -0.74
Subtotal 18.94 17.42 92.11 0.11
By regional segment
Domestic 19.52 18.01 92.10 0.10
Overseas 4,350,110,457.13 2.61 339,991,102.02 0.76 92.18 0.14
Subtotal 18.94 17.42 92.11 0.11
Explanation
□Applicable √N/A
(2) Costs
√Applicable □N/A
Explanation
√Applicable □N/A
See Statement of Cost, Analysis of main business, Section III Management’s Discussion and Analysis.
(V) Analysis of investment situation
Total investment
□Applicable √N/A
□Applicable √N/A
√Applicable □N/A
Non raised fund projects (projects with total investment exceeding 10% of the Company’s audited net
assets at the end of last year)
According to the resolution of the Company’s 2011 annual shareholders’ meeting, the Company has
planned to invest RMB 3,583.16 million in the construction of Moutai-flavor series liquor making
technical transformation project and supporting facilities project. By the end of the reporting period, a
total of RMB 2,053.55 million had been invested.
ANNUAL REPORT 2023
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Provision
Amount Accumulated
Profit or loss for
at the changes in Selling / redemption
Type of from changes in impairment Purchase amount in Other Amount at the end
beginning fair value amount in the
assets fair value in the made in the current period changes of the period
of the included in current period
current period the current
period equity
period
Bonds 24,072,241.71 3,900,000,000.00 3,523,360,181.78 400,712,059.93
Private
equity 2,439,902.57 4,000,000,000.00 4,002,439,902.57
Total 26,512,144.28 7,900,000,000.00 3,523,360,181.78 4,403,151,962.50
Portfolio investment
□Applicable √N/A
Description of portfolio investment
□Applicable √N/A
Private equity investment
√Applicable □N/A
been completed. Visit the site: www.sse.com.cn. and read the Company's announcements (Lin 2023-014
and Lin 2023-028) for details;
has been completed. Visit the site: www.sse.com.cn. and read the Company's announcements (L 2023-
Investment in derivatives
□Applicable √N/A
ANNUAL REPORT 2023
□Applicable √N/A
(VI) Specific progress of major assets reorganization and integration during the reporting period
□Applicable √N/A
(VII) Analysis of major holding companies
√Applicable □N/A
Monetary Unit: RMB '0,000 Currency: RMB
Registered Operating Operating
Company name Industry Total assets Net assets Net profit
capital revenue profit
Liquor,
Kweichow
beverages
Moutai Sales 1,000.00 8,774,200.15 5,457,173.45 12,225,461.71 5,680,845.69 4,259,628.69
and tea
Co., Ltd.
wholesale
(VIII) Structured entities controlled by the Company
□Applicable √N/A
VI. Discussion and analysis of the Company’s future development
(I) Pattern and trend in the industry
√Applicable □N/A
In the macroscopic aspect, the basic trend of China's economic recovery with a long-term improvement
has not changed and will not change. With the strengthening of macro-control, which has promoted the
continuous improvement of economic operation, the effect of promoting consumption policies continues
to appear, the consumption scene continues to expand, residents' income continues to grow, and
consumption will continue to maintain steady and rapid growth, and these are conducive to liquor
consumption. In terms of the industry, since 2016, the national liquor production and sales have declined
year by year, and the liquor industry has entered a period of "stock competition", where favorable
conditions are stronger than the unfavorable factors, though the industry has been facing many problems,
and the overall development trend of the industry is good.
First, excellent product quality. The Company adheres to the principle that quality is the soul of life as
well as the concept of "five-artisan quality", and has implemented strict quality control throughout the full
life cycle from "improved variety" to "products with aesthetic feeling". The Company vigorously
maintains the ecological uniqueness of the balanced producing areas, and innovates and inherits the
scientific process method and engineering method of selected materials, excellent process and exquisite
utensils. Each batch of products uses the long-term cellaring base resources and the diversified base liquor
styles created by exquisite blending techniques to form the typical flavor and quality expression
characteristics of Kweichow Moutai. The Company strove for excellence and refinement in the 30
processes and 165 links, and created the excellent quality integrating aesthetic senses, aesthetic perception,
aesthetic feelings, and beauty aesthetic.
Second, high brand reputation. After hundreds of years, Moutai has grown from a local product that
nobody cares about in 1915 to the world's first brand of hard liquor with the single product revenue of
RMB over 100 billion and a market value of over RMB one trillion. The Company strove to build a brand
matrix with the Party building brand as the guide. It constantly made the brand as a brand with products
with aesthetic feeling, optimized services, real public welfare, refined activity, and outstanding
craftsmanship, continuously enhanced the kinetic energy of the brand, highlighted the brand tension of
Moutai, greatly enhancing the brand influence and reputation, and constantly increasing the brand value.
ANNUAL REPORT 2023
Third, strong cultural radiation. Moutai culture was derived from the farming civilization that "Pu people
are good at brewing". It developed continuously in modern civilization. A “nine series” cultural system
was perfected and formed, leading the development trend of China liquor culture, which became the acme
of Chinese liquor culture. The Company took the brewing tradition of "co-brewing by man and nature"
and the craftsman spirit of pursuing excellence as the core, and fully combined the seasonal rhythm to
carry out a series of activities of 24 solar terms, highlighting the cultural characteristics of "obedience to
the heaven and respect to the man" and expanding and enriching the cultural extension of Moutai. It built
a communication matrix of “Mass response online and offline", told a good brand story, spread the voice
of Moutai, and made the unique Moutai culture sparkling.
Fourth, unique traditional processes. The Company has a unique brewing process that has been passed
down for thousands of years, insisting on the brewing of Moutai according to the weather changes and
making the brewing more traditional. The Company has comprehensively established a quality evaluation
system for raw materials of brewing, ensuring the high-quality supply of sorghum and wheat from the
aspects of origin and quality indicators, and highlighting the "selected materials"; followed the traditional
process of taking a year as one production cycle, stepping on the winter wheat during the Dragon Boat
Festival, feeding on the Double Ninth Festival, brewing with pure grain, solid fermentation in an open
manner, long-term storage in pottery jars, and blending liquor with liquor to display "excellent process";
adhere to the supply of traditional elements, such as drying hall of concrete, fermentation warehouse made
with small green tile, pit stone and purple mud, to show the "exquisite utensils"; Adhere to both inheritance
and innovation, and make innovation more modern. The Company continued to enhance the original
innovation ability, deeply analyzed the scientific connotation of traditional techniques, and concluded the
process system of koji-making, liquor-making, storage and blending, and established five core technical
systems to keep the vitality of traditional process methods forever.
Fifth, unreplicable ecological environment. Special landform, climate environment, high-quality brewing
water source, unique origin protection and unrepeatable microbial colonies are the unique characteristics
of the core producing area of Kweichow Moutai liquor with the area of 15.03 square kilometers. By
implementing the "five special projects" of increasing high-quality water resources, improving air quality,
conservation of water and soil, protecting microorganism and maintaining ecosystem balance, the
Company carried out the "five special actions" of energy saving, carbon reduction and efficiency
improvement, green product design, green transformation of industrial chain, green scientific and
technological innovation and green low-carbon life, and built a life community of “mountain, water, forest,
soil, river and microorganism” to fully maintain the ecosystem balance on which Moutai depends. In the
production and operation, the Company also extended the maintenance of natural ecology to commercial
ecology, and guided relevant parties to form a tough, agile and efficient production, supply and marketing
ecosystem with excellent "Moutai standards" to jointly pursue the goal of specialization, greening and
digitalization of modernization.
(II) Development strategy
√Applicable □N/A
guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, thoroughly
study and implement the spirit of the 20th Party Congress and the important speech addressed by the
General Secretary Xi Jinping during the inspection in Guizhou, the spirit of the Party Congress of the
Group company and the overall deployment, adhere to the overall high-quality development, actively
integrate into the new development pattern, uphold the concept of "quality is the soul of life", focus on the
group company's targets of "double world-leading, three breakthroughs and five spans", deeply implement
ESG concept and comprehensively optimize strategy, budget, process, performance and risk management,
continue to take the "five-line" high-quality development road by taking Moutai aesthetics as its value
connotation, attach importances to the main business of "liquor", strengthen the three driving forces of
reform, opening up and innovation, promote the integration of the innovation chain, industrial chain and
talent chain, highlight the three tasks of value creation, value management and value sharing, strengthen
the strategic coordination, promote work coordination and fully advance the high-quality development
and modernization of Moutai.
ANNUAL REPORT 2023
(III) Business plan
√Applicable □N/A
The main objective for 2024 is to achieve an increase of approximately 15% in total operating revenue
compared to the previous year and complete fixed asset investment of RMB 6.179 billion. Focusing on
the annual targets and tasks, the following key works will be emphasized:
(I) Uphold the "blue line" path and continue the strong momentum of our main business. The first is to
focus on enhancing industry leadership, brand influence, and channel control, continuously consolidate
the position of Moutai liquor as a 100 billion level key product, and continuously enhance the "leadership"
of the high-end market, and strengthen the brand building of Moutai-flavor liquor enterprises, and
consolidate the cultivation and promotion of key product brands. The second is to uphold the principle
that quality is the soul of life, continue to practice the "five craftsmen" quality concept, improve the "365"
quality management system (the party congress is included in the green line), and continue to improve the
progressiveness and applicability of the "Moutai Standard" in all links of the whole chain from raw
material supply to production quality. The third is to continue to practice the "Five-in-One Marketing
Method", uphold the "four ends" of products, channels, brands and terminals, and jointly build the "three
forms" of terminal form, business format and ecology, and make endless efforts to explore new markets
with endless beauty, and strengthen the reform of international market institutions and team building, and
uphold the principle of "one country, one policy", and enhance the level of internationalization. The fourth
is to uphold the high starting point planning, high standard design, high-quality construction, and high-
level management, accelerate the construction of major projects such as Zhonghua Village Moutai Liquor
Technical Renovation Project Moutaiin "14th Five Year Plan", Packaging Logistics Park in Tanchang
Subdistrict Office, and the project in Tongmin Town of Xishui County, and strengthen the life-cycle
management of projects.
(II) Uphold the "green line" path and create sustainable development samples. The responsibilities and
functions of the ESG Promotion Committee will be leveraged fully to develop an overall plan, and strive
to improve the overall evaluation level. In terms of environment, every effort is made to deeply implement
the concept of the life community of "mountains, waters, forests, soil, rivers and microorganisms", focus
on the goal of "carbon peaking and carbon neutrality", continuously optimize the layout of the "production
space, living space and ecological space" in the park, strengthen water conservation, drainage, water
treatment, and reuse of reclaimed water, focus on energy conservation and energy structure adjustment,
promote the research and application of advanced green, low-carbon, and energy-saving technologies, and
build a national level "clear waters and green mountains are as good as mountains of gold and silver"
practice and innovation base with high quality. In terms of society, every effort is made to lead the industry
in improving technical standards and promoting the integration of occupational health and safety for all
employees based on key aspects such as product quality and safety, occupational health and safety,
stakeholder interests, and responsible marketing, and actively engage in social welfare, cultural protection,
and rural revitalization, vigorously advocate rational drinking, adhere to integrity and innovation, and tell
the story of Chinese liquor culture well. In terms of governance, every effort is made to focus on corporate
governance, business ethics, risk management, and other aspects, perfect corporate governance from the
perspective of "Shareholders' Meeting, Board of Directors, Supervisory Board and Senior Management",
and improve the "six major risks" management mechanism, and deepen the digital transformation in areas
such as business and finance integration, decision-making system of “major issues, important
appointments and removals, major projects, and the use of large amounts of money”, audit supervision,
and smart parks, empower ESG implementation and effectiveness, drive partners to jointly practice ESG
concepts, and comprehensively enhance value creation capabilities.
(III) Uphold the "white line" path and enhance the momentum of reform and innovation. In terms of
technological innovation, every effort is made to deeply practice the beauty of "scientific inheritance and
technological innovation", focus on "making inheritance more traditional and innovation more modern",
continuously strengthen the construction of "two rooms, two centers, and one station", vigorously promote
the corporatization of technology centers, strengthen the introduction of high-level talents, improve the
talent training and incentive mechanism system, and build a high-quality team of scientific and
technological innovation talents. In terms of digital empowerment, in accordance with the top-level plan
of "Smart Moutai 2.0", every effort is made to implement projects such as digital marketing system, supply
chain management system, and total quality management system, further open up the integrated supply
ANNUAL REPORT 2023
chain system, promote the scale application of industrial Internet demonstration scenarios, promote "one-
code management", integrate anti-counterfeiting traceability, industrial chain collaboration and other
scenario applications, and improve the ability to link upstream and downstream industries. In terms of
deepening reform, every effort is made to firmly grasp the opportunity of the new round of state-owned
enterprise reform and upgrading actions, adhere to benchmarking against world-class standards,
continuously optimize and improve the strategic management system, comprehensively strengthen process
management, operate organizational performance indicator measurement and analysis and a new
performance evaluation system, implement salary system reform to enhance the modern corporate
governance ability and level. In terms of talent team construction, every effort is made to coordinate the
development of the company's human resources plan, and improve the equivalent density of professional
talents by expanding channels for attracting and selecting talents, increasing training and education efforts
for talents, highlighting employment effects, and improving talent retention mechanisms, and promote the
development of talent in enterprises, and promote mutual progress between talents and enterprises.
(IV) Uphold the "purple line" path and build a highland of brand culture. Every effort is made to uphold
the "Moutai Aesthetics" as the corporate philosophy, deeply explore corporate culture and brand culture,
continuously promote the construction of the "Nine Series" of Moutai culture, continuously enriched the
expression forms, value connotations, and experience scenes of Moutai culture, and accumulated strong
cultural momentum, and continue to explore the essence of traditional Chinese culture, such as the 24 solar
terms, zodiac signs, and traditional festivals, and promote the organic integration of corporate culture,
product culture, traditional culture, and Moutai culture, and carefully develop cultural and creative
products, and hold traditional activities such as Qingming Thanksgiving, Dragon Boat Festival wheat
worship, and Double Ninth Festival liquor worship to high standards, and apply the theme colors of the
Chinese New Year in various activities, continue to conduct research on the color system of Eastern
aesthetics, and promote the creative transformation and innovative development of Chinese traditional
culture, liquor culture, and Moutai culture, and continue to organize cultural IP activities such as "Moutai
Funs Carnival" and "Dinner Night" to tell the story of Moutai well, and actively integrate into the national
"the Belt and Road" initiative and the "Brand Power Project", take the initiative to appear at important
conferences and activity platforms at home and abroad, participate in global dialogue, output Moutai's
views and convey Moutai's voice.
(V) Uphold the "red line" path and ensure the essential safety of enterprises. Every effort is made to focus
on the "six major risks" and promote the construction of an enterprise risk management system from top-
level design to post end comprehensive risk management, to ensure the safe and stable operation of
production and operation. In terms of safety production, every effort is made to deepen the risk
classification and dynamic management of safety production around the seven major areas of fire,
electricity, soil, housing, water, vehicles, and materials, and continuously consolidate the achievements of
special inspections and rectification of safety production, and implement the "Smart Security" and "Smart
Fire Protection" projects, integrate the construction of civil defense, physical defense, and technical
defense, and comprehensively improve the professional level of safety management. In terms of compliant
operation, every effort is made to focus on key tasks such as legal governance, risk prevention, compliance
management, rights protection, and team building, further improve the five systems of legal construction,
and continuously enhance the five capabilities of governing enterprises in accordance with the law, and
continue to perfect the risk management system, improve the construction of risk libraries in key areas,
and timely and effectively prevent and resolve various risk challenges.
(IV) Possible confronting risk
√Applicable □N/A
The first is the risk of macroeconomic downturn; The second is security risk; The third is public opinion
risk; The fourth is environmental protection risk.
(V) Others
□Applicable √N/A
ANNUAL REPORT 2023
VII. The Company’s failure to disclose the information and reasons in accordance with the
standards due to non-application of the standards or special reasons such as state secrets and trade
secrets
□Applicable √N/A
Section IV Corporate Governance
I. Description of the related situation of corporate governance
√Applicable □N/A
In strict accordance with the Company Law, the Securities Law, the Code of Corporate Governance for
Listed Companies and other laws and regulations and the requirements of regulatory documents related to
corporate governance, the Company has established and improved the corporate governance structure in
combination with the actual situation of the Company to standardize the Company's operation. The
Company has the party committee, the general meeting of shareholders, the board of directors, the board
of supervisors and the management. It implements the leadership system of "two-way entry and cross-
service" for members of party committee and governance institutions, thus forming a corporate
governance system with their own responsibilities, coordinated operation and effective checks and
balances. The Company continued to optimize the governance mechanism, giving full play to the role of
the general meeting of shareholders as the Company's authority, the role of the Party Committee in
direction control, overall situation management and implementation promotion, the board of directors in
decision-making and risk prevention as well as the role of the role of the management in operation
management and strong management, and strengthening the supervision function of the board of
supervisors.
In accordance with the requirements of the Articles of Association and the Rules of Procedure of the
General Meeting of Shareholders of the Company, the Company convened general meetings of
shareholders in a standardized manner to ensure that all shareholders, especially small and medium
shareholders, may enjoy equal status and can fully exercise their rights, and hired legal advisers to issue
legal opinions for the general meeting of shareholders. In 2023, the Company held three general meetings
of shareholders, deliberated and approved 17 proposals, and all resolutions had been seriously
implemented.
At present, the Board of Directors of the Company consists of seven directors, including three independent
directors and one employee director. The composition of the Board of Directors meets the requirements
of laws and regulations. The Board of Directors of the Company has five special committees, namely,
Strategy Committee, Audit Committee, Risk and Compliance Management Committee, Nomination
Committee, Remuneration and Appraisal Committee, with clear division of labor, clear responsibilities
and effective operation. All directors of the Company can perform their duties in good faith, loyalty,
diligence, professionalism and due diligence from the interests of the Company and all shareholders, and
earnestly safeguard the legitimate rights and interests of the Company and all shareholders.
At present, the Board of Supervisors of the Company is composed of three supervisors, one of whom is
an employee supervisor. The composition of the Board of Supervisors meets the requirements of laws and
regulations. The Board of Supervisors of the Company can be diligent and responsible, exercise the
function of supervision and inspection in the spirit of being responsible to shareholders, supervise the
Company's financial status and operation, related transactions and the performance of duties by senior
executives, and safeguard the legitimate rights and interests of the Company and all shareholders.
The management of the Company carried out daily production and operation matters according to the
statutory authority and the authorization of the board of directors, and it was responsible for organizing
and implementing the resolutions of the board of directors, and reporting the same to the board of directors.
ANNUAL REPORT 2023
In 2023, the production and operation, reform and development were successfully completed, and the role
of operation, implementation and management worked effectively.
Controlling shareholders shall exercise the rights and assume the obligations of the investor in strict
accordance with the requirements of the Company Law. The Company has independent business and self-
management ability. The controlling shareholders and the listed companies are independent in business,
personnel, assets, institutions and finance. The Board of Directors, the Board of Supervisors and internal
institutions of the Company operate independently, ensuring that major decisions of the Company would
be made and implemented independently by the Company.
The Company shall disclose relevant information in a true, accurate, complete, timely and fair manner in
strict accordance with laws, regulations, Articles of Association and the Administrative Measures of the
Company for Information Disclosure, and ensure that all shareholders and other stakeholders would have
equal access to company information. During the reporting period, the Company disclosed 42 temporary
announcements and 4 regular reports. After comprehensive evaluation by Shanghai Stock Exchange, the
evaluation result of the Company's information disclosure from 2022 to 2023 is A (Excellent).
There are related transactions between the Company and its controlling shareholder, China Kweichow
Moutai Distillery (Group) Co., Ltd. and other related parties. These related transactions are carried out to
ensure the normal production, operation and business development of the Company. The specific contents
were regulated through relevant agreements. The legal procedures are fulfilled, and the principles of
openness, fairness and impartiality were followed. Hence, there is no adverse impact on the operation of
the Company.
During the reporting period, the Company continued to carry out internal control related work in
accordance with the requirements of the Basic Rules for Enterprise Internal Control, and kept promoting
internal control construction, evaluation, auditing and other related work to ensure the realization of the
Company's internal control objectives and further improve the corporate governance level.
Whether there are significant differences between corporate governance and laws, administrative
regulations and the provisions of CSRC on corporate governance of listed companies; If there is any
significant difference, the reasons shall be given
□Applicable √N/A
II. The specific measures taken by the controlling shareholders and actual controllers of the
company to ensure the independence of the company's assets, personnel, finance, institutions and
business, as well as the solutions, work progress and follow-up work plans that affect the
independence of the company work progress and follow-up work plans that affect the independence
of the company
□Applicable √N/A
The situation of the controlling shareholders, actual controllers and other units under their control
engaged in the same or similar business as the company, as well as the impact of great changes in the
industry competition or competition on the Company, the solution measures taken, solution progress and
subsequent solution plans
□Applicable √N/A
III. Introduction of shareholders’ Meeting
Query index of the Date of
Session of the Date of designated website disclosure of
Meeting resolution
meeting convening published in the the
resolution publication of
ANNUAL REPORT 2023
the resolution
Please refer to the
Announcement on
Annual General Resolution of 2022 Annual
The Shanghai Stock
Meeting of General Meeting of
Shareholders of Shareholders of Kweichow
www.sse.com.cn
No.: Lin 2023-016) for
details.
Please refer to the
First Announcement on
extraordinary Resolution of the First
The Shanghai Stock
general Extraordinary General
meeting of Meeting of Shareholders of
www.sse.com.cn
shareholders in Kweichow Moutai in 2023
Please refer to the
Second Announcement on
extraordinary Resolution of the Second
The Shanghai Stock
general Extraordinary General
meeting of Meeting of Shareholders of
www.sse.com.cn
shareholders in Kweichow Moutai in 2023
Preferred shareholders with restored voting rights request an extraordinary general meeting of
shareholders
□Applicable √N/A
Description of the shareholders’ general meeting
□Applicable √N/A
ANNUAL REPORT 2023
IV. Situation of directors, supervisors and senior officers
(I) Shareholding changes and remuneration of outgoing directors, supervisors and senior managers currently and during the reporting period
√Applicable □N/A
Unit: per share
Total pre-tax
Number The
Number Cause remuneration Whether to
of increase
of shares of The obtained get paid
shares or
held at increase from the from the
Start Date of Termination date held at decrease
Full Name Position Gender Age the or Company related
Term of term the end of
beginning decrease during the parties of
of the shares
of the of reporting the
year within
year shares period company
the year
(RMB 0'000)
Secretary of the
September 28,
party
Ding 2022
committee Male 49 0 Yes
Xiongjun
Chairman, September 24,
director 2021
Deputy
August 17,
Secretary of
CPC
September 07,
Wang Li Director Female 51 0 Yes
Acting as
August 19,
general
manager
Guo Independent
Male 55 June 16, 2022 20 No
Tianyong director
Sheng Independent
Male 53 June 16, 2022 20 No
Leiming director
Independent December 06,
Wang Xin Male 46 1.41 No
director 2023
Liu Independent
Male 48 June 16, 2022 0 Yes
Shizhong director
Xie Employee Female 41 October 07, 96.27 No
ANNUAL REPORT 2023
Qinqing director 2022
Deputy
Secretary of
October 07,
CPC, and
chairman of the
You Yalin trade union Male 54 84.17 No
Chairman of
the Board of March 20,
Supervisors, 2020
Supervisor
Li
Supervisor Male 42 June 13, 2023 85.86 No
Qiangqing
Employee
Wen Yong Male 41 June 13, 2023 81.39 No
supervisor
Member of the
November 03,
party
Tu Huabin committee Male 48 71.12 Yes
Deputy General February 27,
Manager 2020
Member of the
November 03,
party
Wang 2022
committee Male 52 71.12 Yes
Xiaowei
Deputy General February 27,
Manager 2020
Member of the
November 03,
party
Zhong 52 2022
committee Male 83.94 No
Zhengqiang
Deputy General
July 13, 2015
Manager
Member of the
November 03,
party
committee
Jiang Yan Female 46 84.18 No
Deputy General
November 15,
Manager, Chief
Financial
ANNUAL REPORT 2023
Officer
Secretary of the
January 25,
Board of
Directors
Deputy
November 03,
Secretary of August 17, 2023
CPC
November 28,
Li Jingren Director Male 59 0 Yes
Acting as August 19, 2023
general July 02, 2019
manager
Jiang Independent December 06,
Male 52 June 16, 2022 15 No
Guohua director 2023
Che
Supervisor Male 56 June 10, 2020 June 13, 2023 82.28 No
Xingyu
Liu Employee
Male 46 June 10, 2020 June 13, 2023 92.17 No
Chenglong supervisor
Total / / / / / / 888.91 /
Descriptions: 1. The remunerations obtained by the above-mentioned directors (excluding independent directors), supervisors and senior executives refer to the total
remunerations before tax they obtained from the Company during the reporting period, including the basic annual pay (or basic salary) for individual and the salary
(or bonus) for performance as well as the social security funds, enterprise annuity, supplementary medical insurance premium and housing provident funds paid by
the Company. 2. The remunerations obtained by independent directors refer to all subsidies before tax obtained from the Company durting the reporting period. 3.
Ding Xiongjun, Wang Li and Li Jingren obtained their remunerations from Moutai Group, the controlling shareholder of the Company, other than the Company; Liu
Shizhong obtain the remuneration from a subsidiary of Moutai Group, the controlling shareholder of the Company, other than the Company. 4. Tu Huabin and Wang
Xiaowei have received compensation from Moutai Group, the controlling shareholder of the company, since September 2023, and do not receive compensation from
this company.
Full Name Main work experience
Served as the Deputy Secretary General of Guizhou Provincial Government, member of the Party Group of the General Office, Deputy Director of
the Office of the Leading Group for Continuing the Reform Comprehensively of Guizhou Provincial Party Committee, member of the Standing
Ding Committee of the Municipal Party Committee of Bijie, Guizhou Province, Deputy Mayor (in charge of the routine work of the municipal government),
Xiongjun Party Secretary and Director of Guizhou Energy Administration. Currently serves as the secretary of the Party Committee, Chairman of the Board of
Directors and director of China Kweichow Moutai Distillery (Group) Co., Ltd., secretary of the Party Committee, Chairman of the Board of Directors
and director of Kweichow Moutai Co., Ltd., and Chairman of the Board of Directors and director of Moutai College.
ANNUAL REPORT 2023
Had been the Deputy General Manager and Chief Engineer of China Kweichow Moutai Distillery (Group) Co., Ltd., as well as the Deputy General
Manager and Chief Engineer of Kweichow Moutai Co., Ltd. Currently, he serves as the Deputy Secretary of the Party Committee, Vice Chairman,
Wang Li
Director, and General Manager of China Kweichow Moutai Distillery (Group) Co., Ltd., and the Deputy Secretary of the Party Committee, Director,
and Acting General Manager of Kweichow Moutai Co., Ltd.
Had served the People's Bank of China, Yantai Branch. Currently serves as a professor and doctoral supervisor at the School of Finance of the Central
Guo
University of Finance and Economics, an independent non-executive director in Ping An Healthcare and Technology Company Limited, an
Tianyong
independent director in Ping An Bank Co., Ltd. and an independent director in Kweichow Moutai Co., Ltd.
Had served as a lawyer in Shanghai Zhongmao Law Firm. Currently serves as a lawyer in Beijing Guantao (Shanghai) Law Firm, the vice president
Sheng
of All-China Lawyers Association, and the independent director of Shanghai Zhenhua Heavy Industries Co., Ltd., Tsingtao Brewery Co., Ltd., FSG,
Leiming
Shanghai United Imaging Healthcare Co., Ltd. and Kweichow Moutai Co., Ltd..
Had been a teacher in CUHK (Chinese University of Hong Kong). Currently serves as the head of the Department of Accounting and Law and the
Wang Xin accounting professor at the School of Economics and Management (SEM) of the University of Hong Kong, and the independent non-executive
director in Shoucheng Holdings Limited. and the independent director of Kweichow Moutai Co., Ltd..
Served as the director of the Department of Legal Intellectual Property Protection of China Kweichow Moutai Distillery (Group) Co., Ltd. and the
Liu director of the Department of Legal Intellectual Property Protection of Kweichow Moutai Co., Ltd. Currently serves as the Party Secretary and
Shizhong Chairman of the Board of Directors of Kweichow Moutai Distillery (Group) Real Estate Investment Development Co., Ltd., Chairman of the Board
of Directors of Guizhou Moutai Winery (Group) Guiyang Business Co., Ltd. and director of Kweichow Moutai Co., Ltd.
Served as the member of the Party Committee, secretary of the Disciplinary Committee and chairman of the Board of Supervisors of Kweichow
Xie Moutai-Flavor Liquor Marketing Co., Ltd., and deputy secretary of party committee, director and chairman of the labor union of Kweichow Moutai-
Qinqing Flavor Liquor Marketing Co., Ltd. Currently serves as the director of the Enterprise Management Department of China Kweichow Moutai Distillery
(Group) Co., Ltd. and the employee director and Director of the Enterprise Management Department of Kweichow Moutai Co., Ltd.
Served as the assistant to the general manager, director of the Party Committee Office, secretary of the Party Committee, director of the National
Security Office, director of the Confidentiality Office and director of the Office for Complaint Letter and Visit of China Kweichow Moutai Distillery
You Yalin
(Group) Co., Ltd. Currently serves as the Deputy Secretary of the Party Committee, Chairman of the Board of Supervisors, supervisor and chairman
of the labor union of Kweichow Moutai Co., Ltd.
Had been the deputy director of the general office, deputy director of the Party Committee Office, director of the Office of the Board of Directors
and the director of the Digital and Information Management Center in China Kweichow Moutai Distillery (Group) Co., Ltd., and the member and
Li
deputy secretary of the party committee, director and the General Manager of Kweichow Moutai-Flavor Liquor Marketing Co., Ltd. Currently serves
Qiangqing
as the member of the Committee for Discipline Inspection, director of the Party Committee Office (General Office of the Company), the member of
the party committee and permanent deputy secretary of Kweichow Moutai Co., Ltd.
Had been the principal staff member at level 1 and the researcher at level 4 of Guizhou Provincial Party Committee Office under the Chinese
Communist Youth League, the deputy head of the Legal and Compliance Department of China Kweichow Moutai Distillery (Group) Co., Ltd. and
Wen Yong
the deputy head of the Legal and Compliance Department of kweichow Moutai Co., Ltd. Currently serves as the employee supervisor and the head
of the Legal and Compliance Department of Kweichow Moutai Co., Ltd.
Served as the general manager assistant, director of the Production Management Department, leader of New Workshop Preparatory Group and
Tu Huabin
secretary of the party branch of production of Kweichow Moutai Co., Ltd., general manager assistant of China Kweichow Moutai Distillery (Group)
ANNUAL REPORT 2023
Co., Ltd., deputy secretary of Party Committee, vice chairman of the Board of Directors and general manager of Kweichow Moutai Distillery (Group)
Xijiu Co., Ltd., and general manager of Kweichow Moutai Co., Ltd. Heyixing Liquor Branch. He is currently a member of the Party Committee and
Deputy General Manager of China Kweichow Moutai Distillery (Group) Co., Ltd., and a member of the Party Committee and Deputy General
Manager of Kweichow Moutai Liquor Co., Ltd.
Served as the deputy secretary of the Party branch and deputy director of the fourth liquor-making workshop of Kweichow Moutai Co., Ltd., the
secretary of the Party branch and deputy director of the 23rd liquor-making workshop of Kweichow Moutai Co., Ltd., and the secretary of the Party
Wang branch and deputy director of the 25th liquor-making workshop of Kweichow Moutai Co., Ltd. He is currently a member of the Party Committee
Xiaowei and Deputy General Manager of China Kweichow Moutai Distillery (Group) Co., Ltd., a member of the Party Committee and Deputy General
Manager of Kweichow Moutai Co., Ltd., a secretary of the Party Committee and chairman of the board of directors of Kweichow Moutai Sales Co.,
Ltd.
Served as the director and deputy secretary of the 13th liquor-making workshop, assistant to the general manager and director of the Production
Zhong
Management Department of Kweichow Moutai Co., Ltd. Currently serves as a member of the Party Committee and deputy general manager of
Zhengqiang
Kweichow Moutai Co., Ltd.
Served as the chairman of the board of directors and general manager of Moutai (Guizhou) Private Equity Fund Management Co., Ltd., the chairman
of the board of directors and the secretary of Party Branch of Moutai (Shanghai) Financial Leasing Co., Ltd., and the vice chairman of the board of
Jiang Yan directors of Guiyang GY Financial Leasing Co., Ltd. Currently serves as a member of the Party Committee, deputy general manager, chief financial
officer and secretary of the Board of Directors of Kweichow Moutai Co., Ltd., the secretary of the Party branch and chairman of the Board of
Directors of Kweichow Moutai Group Finance Co., Ltd.
Other information
□Applicable √N/A
ANNUAL REPORT 2023
(II) The current and outgoing directors, supervisors and senior management personnel during the
reporting period
√Applicable □N/A
Name of Positions held in Start date of End date of
Name of shareholder units
incumbent shareholder units term of service term of service
Ding China Kweichow Moutai Party secretary,
August 2021
Xiongjun Distillery (Group) Co., Ltd. chairman and director
Deputy Secretary of
the Party Committee,
China Kweichow Moutai
Wang Li Deputy Chairman, August 2023
Distillery (Group) Co., Ltd.
Director and General
Manager
Member of the Party
China Kweichow Moutai Committee, and
Tu Huabin August 2023
Distillery (Group) Co., Ltd. Deputy General
Manager
Member of the Party
Wang China Kweichow Moutai Committee, and
August 2023
Xiaowei Distillery (Group) Co., Ltd. Deputy General
Manager
Director of the
Xie China Kweichow Moutai Enterprise December
Qinqing Distillery (Group) Co., Ltd. Management 2021
Department
√Applicable □N/A
Start date of End date of
Name of Positions held in
Name of other units term of term of
incumbent other units
service service
Chairman of the
Ding Board of
Moutai Institute March 2022
Xiongjun Directors,
director
A professor and
doctoral
Central University of Finance and September
supervisor at the
Economics 1999
School of
Guo Finance
Tianyong Independent
Ping An Bank Co., Ltd. August 2016
director
Independent
Ping An Healthcare and Technology
non-executive May 2018
Company Limited
director
Beijing Guantao (Shanghai) Law
Lawyer April 2016
Firm
Shanghai Zhenhua Heavy Industries Independent
June 2019
Co., Ltd. director
Sheng Independent
Tsingtao Brewery Co., Ltd. June 2020
Leiming director
Independent September
FSG
director 2021
Shanghai United Imaging Healthcare Independent November
Co., Ltd. director 2020
Wang Xin University of Hong Kong Professor April 2019
ANNUAL REPORT 2023
Independent non-
Shoucheng Holdings Limited executive May 2018
director
Kweichow Moutai Distillery (Group)
Chairman,
Real Estate Investment Development
Liu director
Co., Ltd. May 2020
Shizhong
Guizhou Moutai Winery (Group) Chairman,
Guiyang Business Co., Ltd. director
Xie Guizhou Guiyang Longdongbao
Director April 2023
Qinqing International Airport Co., Ltd.
Guizhou Zunyi Moutai Airport Co.,
Director April 2022
Wen Ltd.
Yong Kweichow Moutai-Flavor Liquor
Director January 2024
Marketing Co., Ltd.
Secretary of the
Kweichow Moutai Group Finance Party Branch,
Jiang Yan June 2022
Co., Ltd. Director and
Chairman
(III) Remuneration of directors, supervisors and senior management personnel
√Applicable □N/A
The remuneration decision-making procedures for directors, supervisors
and senior executives who receive remuneration from the Company: first,
the renumeration for senior executives is determined upon deliberation
Decision-making by the Board of Directors of the Company in the light of the Company's
procedure of the annual state of operation and performance assessment results; second, the
remuneration of directors, renumeration for independent directors is determined at the general
supervisors and senior meeting of shareholders of the Company upon deliberation; third, the
executives remunerations for employee directors and supervisors who get payment
from the Company are determined based on their posts held concurrently
in the Company under the renumeration management system of the
Company, in the light of the individual performance assessment results.
Members of the Management, the Administrative Measures for
Basis for determining the Remuneration of Members of the Management and the Letter of
remuneration of directors, Commitment on Business Performance,issued by the Company;
supervisors and senior 2. the Measures for the Implementation of Salary Management of the
managers Company;
general meeting of shareholders.
Actual payment of
For details, please refer to “Shareholding changes and remuneration of
remuneration of directors,
outgoing directors, supervisors and senior managers currently and during
supervisors and senior
the reporting period” in this report.
management personnel
Total actual remuneration
received by all directors,
For details, please refer to “Shareholding changes and remuneration of
supervisors and senior
outgoing directors, supervisors and senior managers currently and
management personnel at
during the reporting period” in this report.
the end of the reporting
period
(IV) Changes in directors, supervisors and senior management personnel of the company
√Applicable □N/A
Situation
Name Position Reasons of change
of change
ANNUAL REPORT 2023
Election of the general meeting of shareholders. Please refer
to the Announcement on Resolution of the First
Director Election Extraordinary General Meeting of Shareholders of
Kweichow Moutai in 2023 (Announcement No.: Lin 2023-
Wang Li 029) disclosed on September 8, 2023 for details.
by the Board of Directors Please refer to the Announcement
Acting as
Currently of Kweichow Moutai on the Resolution of the Third Meeting
general
hired of the Fourth Board of Directors in 2023 (Announcement
manager
No.: Lin 2023-025) disclosed on August 21, 2023 for details.
Election of the general meeting of shareholders. Please refer
to the Announcement of Kweichow Moutai on the Resolution
Independent
Wang Xin Election of the Second Extraordinary General Meeting of
director
Shareholders in 2023 (Announcement No.: Lin 2023-039)
disclosed on December 7, 2023 for details.
Election of the general meeting of shareholders. Please refer
to the Announcement of Kweichow Moutai on the Resolution
Li
Supervisor Election of 2022 Annual General Meeting of Shareholders
Qiangqing
(Announcement No.: Lin 2023-016) disclosed on June 14,
Employee representative election. Please refer to the
Employee Announcement of Kweichow Moutai on the Election Results
Wen Yong Election
supervisor of Employee Directors (Announcement No.: Lin 2023-020)
disclosed on June 14, 2023 for details.
Director, Resignation. Please refer to the Announcement of Kweichow
and acting Moutai on Resignation of Directors (Announcement No.:
Li Jingren Off-office.
general Lin 2023-027) disclosed on August 21, 2023 for details.
manager
Resignation. Please refer to the Announcement of Kweichow
Jiang Independent Moutai on Resignation of Independent Directors
Off-office.
Guohua director (Announcement No.: Lin 2023-031) disclosed on October
Che
Supervisor Off-office.
Xingyu Leaving his post during the election at the office term
Liu Employee expiration of the Board of Supervisors
Off-office.
Chenglong supervisor
(V) Explanation of punishment by securities regulatory agencies in recent three years
□Applicable √N/A
(VI) Others
□Applicable √N/A
V. Board meetings during reporting period
Session of the
Date of convening Meeting resolution
meeting
Please refer to the Announcement of Kweichow Moutai
First meeting of the
on the Resolution of the First Meeting of the Third
third Board of March 29, 2023
Board of Directors in 2023 (Announcement No.: Lin
Directors in 2023
Second meeting of Adopted upon deliberation the Proposal on the
the third Board of April 07, 2023 Investment and Construction of the Integration of
Directors in 2023 industry and finance at the meeting
Third meeting of the
Please refer to the Announcement of Kweichow Moutai
third Board of April 24, 2023
on the Resolution of the Third Meeting of the Third
Directors in 2023
ANNUAL REPORT 2023
Board of Directors in 2023 (Announcement No.: Lin
Please refer to the Announcement of Kweichow Moutai
Fourth meeting of
on the Resolution of the Fourth Meeting of the Third
the third Board of May 17, 2023
Board of Directors in 2023 (Announcement No.: Lin
Directors in 2023
Please refer to the Announcement of Kweichow Moutai
First meeting of the
on the Resolution of the First Meeting of the Fourth
fourth Board of June 13, 2023
Board of Directors in 2023 (Announcement No.: Lin
Directors in 2023
Please refer to the Announcement of Kweichow Moutai
Second meeting of
on the Resolution of the Second Meeting of the Fourth
the fourth Board of August 01, 2023
Board of Directors in 2023 (Announcement No.: Lin
Directors in 2023
Please refer to the Announcement of Kweichow Moutai
Third meeting of the
on the Resolution of the Third Meeting of the Fourth
fourth Board of August 19, 2023
Board of Directors in 2023 (Announcement No.: Lin
Directors in 2023
Please refer to the Announcement of Kweichow Moutai
Fourth meeting of
on the Resolution of the Fourth Meeting of the Fourth
the fourth Board of September 07, 2023
Board of Directors in 2023 (Announcement No.: Lin
Directors in 2023
Adopted upon deliberation the Report of Kweichow
Moutai for the Thitd Quarter of 2023, the Proposal on
Fifth meeting of the Deliberating the Assessment Results of Members of the
fourth Board of October 20, 2023 Management in 2022 and the Letter of Responsibility of
Directors in 2023 Business Performance for 2023, and the Proposal on
Purchasing the Right of Use of the Land for Building the
Comprehensive Traffic Parking Lot at the meeting.
Please refer to the Announcement of Kweichow Moutai
Sixth meeting of the
on the Resolution of the Sixth Meeting of the Fourth
fourth Board of November 20, 2023
Board of Directors in 2023 (Announcement No.: Lin
Directors in 2023
Adopted upon deliberation the Proposal on the
Seventh meeting of Adjustment of Special Committee Members under the
the fourth Board of December 06, 2023 Board of Directors, and the Proposal on Deliberating the
Directors in 2023 Implementation of Gross Payroll Budget in 2022 and the
Gross Payroll Budget Plan for 2023 at the meeting
Adopted upon deliberation the Proposal on the
Eighth meeting of Rectification of the Ethanol Concentration Detection
the fourth Board of December 19, 2023 and Alarm Device and the Linked Draught Fan System
Directors in 2023 in the Stock Area for Liquor Blending and Filling at the
meeting
Please refer to the Announcement of Kweichow Moutai
Ninth meeting of the
on the Resolution of the Ninth Meeting of the Fourth
fourth Board of December 19, 2023
Board of Directors in 2023 (Announcement No.: Lin
Directors in 2023
VI. Performance of duties by the directors
(I) The directors attend the board of directors and the general meeting of shareholders
director Joining the
Whether
surname shareholder
an Participation in the Board of Directors
and s’ general
independe
personal meeting
nt director
name Number Number Number of Number of Absenc Did not Number of
ANNUAL REPORT 2023
of board of in- participation commissione e, personall attendance
attendanc person by d attendance number y attend at
e this attendanc communicatio the shareholder
year e n meeting s’ meetings
for twice
in a row
Ding
Xiongju No 13 13 5 0 0 No 3
n
Wang Li No 6 6 4 0 0 No 1
Guo
Tianyon Yes 13 13 10 0 0 No 3
g
Sheng
Yes 13 13 9 0 0 No 3
Leiming
Wang
Yes 3 3 2 0 0 No 0
Xin
Liu
Shizhon No 13 13 7 0 0 No 3
g
Xie
No 13 13 5 0 0 No 3
Qinqing
Li
No 7 7 2 0 0 No 1
Jingren
Jiang
Yes 10 10 8 0 0 No 2
Guohua
Failure to personally attend board meetings for two consecutive occasions
□Applicable√N/A
Number of board meetings held within the year 13
Including: the number of live meetings 3
Number of meetings held by communication mode 5
The number of meetings were held on site combined
with communication methods
(II) Explanation of directors' objections to company-related matters
□Applicable √N/A
(III) Others
□Applicable √N/A
VII. Situation of a special committee under the Board of Directors
√Applicable □N/A
(I) The members of a special committee under the Board of Directors
Special Committee
Member name
category
The Audit committee Wang Xin, Guo Tianyong, Sheng Leiming
The Nomination committee Sheng Leiming, Ding Xiongjun, Guo Tianyong
The Salary and Assessment
Guo Tianyong, Wang Xin, Liu Shizhong
Committee
Ding Xiongjun, Wang Li, Guo Tianyong, Sheng Leiming, wang Xin, Liu
The Strategy Committee
Shizhong, Xie Qinqing
The Risk and Compliance
Wang Li, Sheng Leiming, Wang Xin
Management Committee
ANNUAL REPORT 2023
(II) The audit committee held four meetings during the reporting period
Date of
content of meeting Important comments and suggestions
convening
Deliberated and approved the Report on the Performance of
the Audit Committee under the Board of Directors in 2022,
the Annual Report of 2022 (Full Text and Abstract), the
Annual Report on Final Accounts in 2022, the Annual
Financial Budget Plan of 2023, the Report on the Evaluation
First meeting of the
March 29, of Internal Control of 2022, the Internal Control Audit
third Audit Committee
in 2023
Institutions and Internal Control Audit Institutions in 2023,
the Proposal on Daily Related Transactions and other
proposals and agreed to submit the relevant proposals to the
Board of Directors of the Company for deliberation as
required.
April 23, Second meeting of the Adopted upon deliberation the Report of Kweichow Moutai
in 2023 proposals to the Board of Directors of the Company for
deliberation as required.
Deliberated and approved the Proposal on Signing a
Trademark License Agreement with a Related Party and the
Third meeting of the
May 16, Proposal on Making Capital Contribution to Establishing the
third Audit Committee
in 2023
relevant proposals to the Board of Directors of the Company
for deliberation as required.
July 31, First meeting of the Deliberated and approved the Semi-annual Report in 2023
in 2023 Directors of the Company for deliberation as required.
October 19, Second meeting of the Adopted upon deliberation the Report of Kweichow Moutai
in 2023 proposals to the Board of Directors of the Company for
deliberation as required.
(III) The nominating committee held three meeting during the reporting period
Date of convening content of meeting Important comments and suggestions
Adopted upon deliberation the Proposal on the
First meeting of the third General Election of the Board of Directors and
May 16, 2023 Nomination Committee agreed to submit relevant proposals to the Board
in 2023 of Directors of the Company for deliberation as
required.
Adopted upon deliberation the Proposal on
Nominating Candidates for Directors and the
First meeting of the
Proposal on Determining the Candidate Acting as
August 19, 2023 fourth Nomination
the General Manager, and agreed to submit
Committee in 2023
relevant proposals to the Board of Directors of the
Company for deliberation as required.
Deliberated and approved the Proposal on
Second Meeting of the Nominating Candidates for Independent Directors
November 19, 2023 Fourth Nomination and agreed to submit relevant proposal to the
Committee in 2023 Board of Directors of the Company for
deliberation as required.
(IV) The Remuneration and Appraisal Committee held two meetings during the reporting period
Date of convening content of meeting Important comments and suggestions
ANNUAL REPORT 2023
Adopted upon deliberation the Proposal on
Deliberating the Assessment Results of Members of
First meeting of the
the Management in 2022 and the Letter of
Fourth Remuneration
October 19, 2023 Responsibility of Business Performance for 2023,
and Appraisal
and agreed to submit relevant proposal to the Board
Committee in 2023
of Directors of the Company for deliberation as
required.
Adopted upon deliberation the Proposal on
Second meeting of the Deliberating the Implementation of Gross Payroll
Fourth Remuneration Budget in 2022 and the Gross Payroll Budget Plan
December 5, 2023
and Appraisal for 2023, and agreed to submit relevant proposal to
Committee in 2023 the Board of Directors of the Company for
deliberation as required.
(V) The Strategy Committee held seven meetings during the reporting period
Date of convening content of meeting Important comments and suggestions
Adopted upon deliberation the Proposal on the
First meeting of the Investment and Construction of the Integration of
April 06, 2023 Third Strategy Industry and Finance, and agreed to submit relevant
Committee in 2023 proposal to the Board of Directors of the Company
for deliberation as required.
Adopted upon deliberation the Liquidation Scheme
Second meeting of the of Guojiu Moutai Customized Marketing (Guizhou)
April 23, 2023 Third Strategy Co., Ltd., and agreed to submit relevant proposal to
Committee in 2023 the Board of Directors of the Company for
deliberation as required.
Adopted upon deliberation the Proposal on Making
Third meeting of the Capital Contribution to Establishing the Industrial
May 16, 2023 Third Strategy Development Fund, and agreed to submit relevant
Committee in 2023 proposal to the Board of Directors of the Company
for deliberation as required.
Adopted upon deliberation the Proposal on the
Investment and Construction of 60,000-ton Liquor
First meeting of the
Blending Center and Comprehensive Parking Lot
July 31, 2023 Fourth Strategy
for General Dangerous Goods in China, and agreed
Committee in 2023
to submit relevant proposal to the Board of Directors
of the Company for deliberation as required.
Adopted upon deliberation the Proposal on
Second meeting of the Purchasing the Right of Use of the Land for Building
October 19, 2023 Fourth Strategy the Comprehensive Traffic Parking Lot, and agreed
Committee in 2023 to submit relevant proposal to the Board of Directors
of the Company for deliberation as required.
Adopted upon deliberation the Proposal on
Third meeting of the Purchasing the Laboratory Instruments and
November 19, 2023 Fourth Strategy Equipment in 2023, and agreed to submit relevant
Committee in 2023 proposal to the Board of Directors of the Company
for deliberation as required.
Adopted upon deliberation the Proposal on the
Rectification of the Ethanol Concentration
Fourth meeting of the Detection and Alarm Device and the Linked
December 18, 2023 Fourth Strategy Draught Fan System in the Stock Area for Liquor
Committee in 2023 Blending and Filling, and agreed to submit relevant
proposal to the Board of Directors of the Company
for deliberation as required.
ANNUAL REPORT 2023
(VI) The Risk and Compliance Management Committee held three meetings during the reporting
period
Date of convening content of meeting Important comments and suggestions
Adopted upon deliberation the Report on Internal
Control Assessment in 2022 and the Report on
First meeting of the Third
Internal Control Audit in 2022, and agreed to
March 28, 2023 Risk Management
submit relevant proposals to the Board of
Committee in 2023
Directors of the Company for deliberation as
required.
Adopted upon deliberation the Proposal on
Formulating the Measures for the Comprehensive
Second meeting of the Risk Management, and the Proposal on
April 23, 2023 Third Risk Management Formulating the Measures for Compliance
Committee in 2023 Management, and agreed to submit relevant
proposals to the Board of Directors of the
Company for deliberation as required.
Adopted upon deliberation the Proposal on
Changing the Name and Rules of Procedure of
First meeting of the
the Risk Management Committee under the
July 31, 2023 Fourth Risk Management
Board of Directors, and agreed to submit relevant
Committee in 2023
proposal to the Board of Directors of the
Company for deliberation as required.
(VII) Specific circumstances where objections exist
□Applicable √N/A
VIII. Explanation that the Board of Supervisors finds the risks of the Company
□Applicable √N/A
The Board of Supervisors has no objection to the supervision matters during the reporting period.
IX. Report on the employees of the parent company and its main subsidiaries at the end of the period
(I) Employee condition
Number of active employees in the parent company 31,916
Number of active employees in the main subsidiary 1,386
Total number of current employees 33,302
The number of retired employees of the parent company
and its main subsidiary that shall bear the expenses
Professional composition
Professional composition category Number of majors
operating personnel 27,616
salesman 1198
artisan 740
financial staff 261
clerical staff 1,867
other personnel 1,620
Total 33,302
Educational background
Education background type Quantity (person)
graduate degree or above 491
bachelor degree 10,535
college degree 4,402
technical secondary school, high school and below 17,874
Total 33,302
ANNUAL REPORT 2023
(II) Compensation policy
√Applicable □N/A
First, senior executives are subject to the annual salary system, under which the annual salary consists of
three parts: basic annual salary, performance annual salary and incentive during tenure. In principle, they
may not enjoy other expenditures for wages, such as allowance and subsidies; Second, mid-level managers
are subject to the quasi-annual salary system, under which the remuneration level are comprehensively
determined in accordance with the work nature, responsibilities and rights, risks, performances and other
factors of different systems. Third, general employees are mainly subject to the post performance salary
system, under which the remuneration level is determined according to the technical content, knowledge
content, personal ability, work performance and labor intensity of different positions.
(III) Training plan
√Applicable □N/A
The Company’s training plan consists of 124 items (238 phases) in 2024, including 43 company-level
trainings and 81 department-level trainings. A company-level training refers to a training organized at the
company level, while a department-level training refers to the training organized and implemented by any
department in the light of the actual situation of the department and its employee growth need. These
trainings are divided into three categories, consisting of 6 special talent trainings, 10 general skill trainings
and 108 professional skill trainings. Special talent trainings focus on strengthening the training of key
talents, including the "succession plan" personnel, middle managers, internal trainers, reserve talents for
product evaluation, and backup backbones of production systems, so as to continuously improve their
ability, quality and technical skills. General skill trainings, by focusing on improving staff general ability
and quality, establish general training courses that are available for reuse and have a wide range of
participating groups and higher standardization level, including the comprehensive quality training, laws
and rules training and cultural and education training. Professional skill trainings. Focusing on promoting
the professional ability and quality of employees, and based on the job characteristics, having an overall
planning for the professional trainings in 19 kinds, including safety management, finance, procurement
management, supply management, discipline inspection and supervision, technology research and
development, product evaluation skills, equipment management, production process, quality management,
qualification and forensics, ecological environmental protection, human resources, and digital and
information.
(IV) Labor service outsourcing condition
√Applicable □N/A
In 2023, the total compensation paid by the Company for labor outsourcing was RMB 347 million
(including tax).
X. Profit distribution or capital reserve conversion plan
(I) The formulation, implementation or adjustment of the cash dividend policies
√Applicable □N/A
The Articles of Association of the Company defines the principles, conditions, methods, periods, cash
dividend ratio, decision-making and adjustment procedures and mechanisms and other aspects for profit
distribution.
general meeting of shareholders in 2022 of the Company, on the basis of the total share capital amounting
to 1,256,197,800 shares, the Company distributed cash dividends of RMB 259.11 (tax included) for each
ten shares to all the shareholders. For the profit distribution plan, opinions were proposed by the
independent directors of the Company. The plan was deliberated and approved by the Board of Directors
of the Company, and then submitted to the general meeting of shareholders of the Company for
deliberation and approval. The votes of the non-controlling shareholders were counted separately when
the general meeting of shareholders deliberated the proposal. The profit distribution was completed in
June 2023.
ANNUAL REPORT 2023
second extraordinary general meeting of shareholders in 2023, the Company distributed the cash dividends
of RMB 191.06 (tax included) to all shareholders of the Company for every 10 shares based on the total
share capital amounting to 1,256,197,800 shares registered on the registration date for the implementation
of equity distribution. The plan was adopted upon deliberation by the Board of Directors of the Company,
and then submitted to the general meeting of shareholders of the Company for deliberation and approval.
The votes of the non-controlling shareholders were counted separately when the general meeting of
shareholders deliberated the proposal. The profit distribution was completed in December 2023.
During the reporting period, the profit distribution of the Company met the provisions of the Articles of
Association of the Company.
(II) Special explanation of the cash dividend policy
√Applicable □N/A
Whether it complies with the provisions of the articles of association or the
√Yes □No
resolution of the general meeting of shareholders
Whether the dividend standard and proportion are clear √Yes □No
Whether the relevant decision-making procedures and mechanisms are
√Yes □No
complete
Whether the independent directors perform their duties and play their due role √Yes □No
Whether non-controlling shareholders have the opportunity to fully express
their opinions and appeals, and whether their legitimate rights and interests √Yes □No
have been fully protected
(III) If the profits are made during the reporting period and the parent company’s distributable
profits available to shareholders are positive, but fails to put forward the cash profit distribution
plan, the company shall disclose in detail the reasons, the use and use plan of the retained earnings
□Applicable √N/A
(IV) Profit distribution and conversion of capital reserves into share capital during the reporting
period
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Dividend payout for every 10 shares (RMB) (tax
included)
Amount of cash dividends (tax included) 38,786,363,272.80
Net profit attributable to ordinary shareholders of
listed companies in the consolidated statement 74,734,071,550.75
for the year of dividends distribution
Proportion of the net profit attributable to
ordinary shareholders of listed companies in the 51.90
consolidated statement (%)
XI. Situation and impact of the Company’s equity incentive plan, employee stock ownership plan
or other employee incentive measures
(I) The relevant incentive matters have been disclosed in the interim announcement and there is no
progress or change in the subsequent implementation
□Applicable √N/A
(II) Incentives if not disclosed or with subsequent progress in the interim announcement
Equity incentive
□Applicable √N/A
ANNUAL REPORT 2023
Other specifications
□Applicable √N/A
Employee stock ownership plan condition
□Applicable √N/A
Other incentives
□Applicable √N/A
(III) The equity incentive situation granted by the directors and senior managers during the
reporting period
□Applicable √N/A
(IV) The evaluation mechanism of senior management personnel and the establishment and
implementation of the incentive mechanism during the reporting period
√Applicable □N/A
According to relevant provisions of the Administrative Measures for the Remuneration of the Persons in
Charge of the Enterprises Supervised by Guizhou Provincial State-owned Assets Supervision and
Administration Commission and the Measures for Assessing the Operating Performance of the Persons in
Charge of the Enterprises Supervised by Guizhou Provincial State-owned Assets Supervision and
Administration Commission, and the Administrative Measures for the Performance Appraisal of the
Members of the Management and the Administrative Measures for the Renumeration of the Members of
the Management of the Company, the Company has signed the Letter of Responsibility of Business
Performance with senior executives, and comprehensively determined the renumeration of senior
executives in combination with the assessment indicators specified in the letter and the completion of
performance.
XII. Construction and implementation of the internal control system during the reporting period
√Applicable □N/A
According to the basic specification of enterprise internal control and its supporting guidelines and other
internal control regulatory requirements, combined with the company’s internal control system and
evaluation method, on the basis of daily supervision and special supervision, the board of directors of the
company on December 31, 2023 (internal control evaluation report base date) internal control
effectiveness of the evaluation. See the Shanghai Stock Exchange website along with this report (website:
www.sse.com.cn) 2023 Internal Control Evaluation Report.
Notes to major defects in internal control during the reporting period
□Applicable √N/A
XIII. Management and control of the subsidiaries during the reporting period
√Applicable □N/A
In order to strengthen the Company's management over its subsidiaries and standardize its deliberative
bodies and procedures, the Company held system review meetings from time to time, and pre-reviewed
the Articles of Association and the rules of procedure of the "Three Boards" of its subsidiaries in
accordance with the principles of legality, applicability, timeliness and problem-oriented improvement of
management, and studied and discussed the overall framework, duties and powers and specific scope of
discussion of the Articles of Association and the rules of procedure of the "Three Boards". By reviewing
the articles of association and the rules of procedure of the "Three Boards” of subsidiaries, the Company
strengthened its restriction and supervision over the power operation of the subsidiary's leading groups,
improved work efficiency and work level, and promoted the legalization, institutionalization and scientific
decision-making of the deliberative institutions.
ANNUAL REPORT 2023
XIV. Relevant information description of the internal control audit report
√Applicable □N/A
Please refer to the 2023 Annual Internal Control Audit Report of the Company disclosed together with
the report on the website of Shanghai Stock Exchange (website: www.sse.com.cn) for details.
Whether the internal control audit report has been disclosed or not:Yes
Types of opinions in internal control audit reports: standard and unqualified
XV. Rectification of self-inspection problems in the special action of governance of listed companies
According to the requirements of the Announcement of the China Securities Regulatory Commission on
Launching Special Actions on Corporate Governance of Listed Companies and the Circular of the
Securities Regulatory Bureau of Guizhou Province on Matters concerning Governance Self-inspection of
Listed Companies, the Company earnestly carried out the special self-inspection work of governance
against the special self-inspection list for listed companies. In view of the problems found in the self-
inspection, the Company attached great importance to such problems and seriously made rectifications.
As of the end of the reporting period, there are still two problems: one, the controlling shareholders failed
to fulfill the commitment to implement the equity incentive plan; two, any senior executive of the
Company works concurrently serves the controlling shareholder. The Company will, as required, continue
to strengthen the modernization construction of corporate governance capacity and level, continuously
improve the corporate governance system and mechanism, keep optimizing the internal control system,
steadily improve the effectiveness of corporate governance, and promote the high-quality development of
the Company.
XVI. Others
□Applicable √N/A
Section V Environment and Social Responsibility
I. Environmental information situation
Whether relevant mechanisms for environmental
Yes
protection are established
Environmental protection funds invested during
the reporting period (Unit: RMB '0,000)
(I) Environmental information of the company and its major subsidiaries that are key emission units
announced by the environmental protection authorities
√Applicable □N/A
√Applicable □N/A
(1) Main pollutants: waste water, waste gas and solid waste.
(2) Names of particular pollutants: COD, ammonia nitrogen, total phosphorus, total nitrogen, sulfur
dioxide, nitrogen oxides, smoke (dust).
(3) Discharge of pollutants in 2023:
① Waste water
There are five sewage treatment plants in the Company, and each sewage treatment plant is equipped with
a discharge outlet. These plants are distributed in the old factory area of the company headquarters,
Zhonghua Area, and Dadi Area, Xinzhai Area and Yuping Area of Heyixing Liquor Branch. For Yuping
Area, sewage is pretreated and then discharged to Erhe Sewage Treatment Plant for up-to-standard
discharge, and the sewage in other areas are directly discharged after wastewater treatment reaches the
standard.
Sewage
Ammonia- Total Execut
treatment COD Total nitrogen
nitrogen phosphorus ive
plant
ANNUAL REPORT 2023
Name Total Total Total Total standa
Mean Mean Mean Mean
amo amo amo amo rds
emissio emissio emissio emissio
unt unt unt unt
n n n n
of of of of
concent concent concent concent
disch disch disch disch
ration ration ration ration
arge arge arge arge
/d Discha
Sewa rge
ge 0.0954 0.0451 2.8729 Standa
treat rd of
Headq ment Water
uarters plant Polluta
of 4000t nts for
Moutai /d Ferme
Sewa ntation
ge 8.71 0.7886 0.27 0.0851 0.03 6.1055 2.09 Alcoho
treat l and
ment Distille
plant d
Xinz Spirits
hai Industr
Sewa y
ge 28.62 0.53 0.117 5.019 (GB27
Treat
ment 2011)
Plant Table 3
Dadi Standa
Sewa rds for
ge 7.39 0.06 0.01 1.21 Direct
Treat 5 1 2 7
ment rge
Plant
Discha
rge
Standa
rd of
Heyixi
Water
ng
Polluta
Liquor
nts for
Branch
Ferme
ntation
Erhe Alcoho
Sewa l and
ge 0.03 2.32 Distille
Treat 5 3 d
ment Spirits
Plant Industr
y
(GB27
Table 2
Standa
rds for
Indirec
t
ANNUAL REPORT 2023
Discha
rge;
First-
grade
A in
Standa
rds for
Polluta
nt
Discha
rge of
Urban
Sewag
e
Treatm
ent
Plants
②Exhaust gas
The company’s gas boilers are located in the old factory and Zhonghua area of the company’s headquarters,
and in the Dadi area, Xinzhai area and Erhe area of Heyixing Liquor Branch. The company’s gas boilers
use natural gas as the energy source, with direct emissions of boiler exhaust.
Emission of gas boilers
Sulfur dioxide Oxynitride Smoke (dust)
Mean Mean Mean
Executiv
Dischar Dischar e
Region emission emission Discharge emission
ge ge
concentr
amount
concentr amount concentr
amount
standar
ation ation (ton) ation ds
(ton) (ton)
(Mg/m3) (Mg/m3) (Mg/m3)
Headquarters
of Moutai
(Old area and 4.5 3.48 66.36 52.66384 4.7 7.064
Zhonghua Table 2 of
Area) Emission
Xinzh Standards
ai 3 0.8682 53.25 15.63306 10.88 2.24432 for Air
Heyi
Area Pollutants
xing
from Boiler
Liqu Dadi
or Area 2014)
Bran
ch Erhe
Area
③ Solid waste treatment
The Company hands over the solid waste including distiller's grains, waste pit mud and waste wheatgrass
to Kweichow Moutai Distillery (Group) Circular Economy Industrial Development Co., Ltd. for
comprehensive utilization and disposal, entrusts a third-party company to transport the domestic garbage
to the incineration power plant and other units for incineration disposal and entrusts a qualified company
to dispose of hazardous wastes in a normalized way.
(4) Approved total amount of discharge
The company has applied for and obtained emission permits for various areas in accordance with the
Measures for the Administration of Emission Permits (Trial) and relevant requirements. The approved
total emission volume during the reporting period is as follows: COD 66.648 tons; ammonia nitrogen
dioxide and dust (powder) are subject to concentration control in accordance with the standards specified
ANNUAL REPORT 2023
in Table 2 of the Emission Standard of Air Pollutants for Boilers (GB13271-2014).
√Applicable □N/A
The pollution prevention facilities of Kweichow Moutai Liquor Co., Ltd. mainly include waste water,
waste gas and other pollution prevention facilities, which are in normal operation. In 2023, the Company
piloted the upgrading and renovation of its wastewater pollution prevention and control facilities to lay a
solid foundation for further reducing pollutant emissions, and continued to carry out low nitrogen
transformation of gas boilers for the waste gas pollution prevention and control facilities to effectively
reduce the emissions of major pollutants from the source.
for Environmental Protection
√Applicable □N/A
(1) The Company carried out environmental impact assessment for new, rebuilt and expanded projects in
accordance with the law, and obtained 3 administrative licenses for environmental impact assessment in
(2) The Company carried out environmental protection acceptance of completed projects according to law
and completed online filing. In 2023, 7 projects had been completed.
√Applicable □N/A
According to the relevant documents such as the "Measures for the Administration of Filing of Emergency
Plans for Environmental Emergencies in Enterprises and Institutions (for trial implementation)" (HF [2015]
No. 4) issued by the Ministry of Environmental Protection, both the Company’s headquarters and Yixing
Liquor Industry Branch have prepared emergency plans for sudden environmental incidents and submitted
them to the ecological environment regulatory department for filing, and organized emergency drills for
the year 2023 to improve the company's emergency response capabilities.
√Applicable □N/A
In accordance with the requirements of the "Measures for Environmental Information Disclosure of
Enterprises and Institutions" (Order No. 31 of the Ministry of Environmental Protection) and the "General
Guidelines for Self monitoring Technology of Polluting Units" (HJ819-2017), the Company has
developed a self monitoring plan to grasp the emission status of pollutants from its own enterprise and its
impact on the quality of the surrounding environment, fulfill its legal obligations and social responsibilities,
and ensure that self monitoring meets environmental management requirements.
□Applicable √N/A
□Applicable √N/A
(II) Environmental information of the company other than key emission units
□Applicable √N/A
(III) Relevant information conducive to ecological protection, pollution prevention and control, and
environmental responsibility fulfillment
√Applicable □N/A
ANNUAL REPORT 2023
Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the company has
been deeply implementing Xi Jinping's thought on ecological civilization, actively practicing the concept
of "Clear Waters and Green Mountains as Good as Mountains of Gold and Silver", and adhering to the
two bottom lines of development and ecology. Centering on the overall requirements of ecological priority
and green development, and focusing on the overall goal of "one base and one benchmark", the company
has deeply advanced various work such as top-level design, pollution prevention and control, and carbon
neutrality management. As a result, the company has successfully established an innovative practice base
for the concept of "Clear Waters and Green Mountains as Good as Mountains of Gold and Silver" and
successfully applied for and obtained the national and provincial titles of "Green Factory".
(I) Enhancing pollution prevention and control level. In accordance with the approach of "grading and
classification, classified treatment, and resource utilization", we have systematically constructed and
upgraded the pipeline network and wastewater treatment facilities within the factory area, achieving a
daily treatment capacity of 23,000 tons of wastewater. At the same time, we are planning and constructing
the Zhonghua Ecological Wetland to purify and reuse the treated "tailwater", thus reducing the ecological
impact on the Chishui River and ensuring the effectiveness of pollution prevention and control.
Additionally, we have conducted in-depth research on the characteristics of production wastewater,
comprehensive utilization of high-concentration sewage, ultra-low nitrogen retrofit of gas-fired boilers,
and green and low-carbon aspects, aiming to enhance technical capabilities, master key core technologies,
and lay a foundation for improving pollutant treatment..
(II) Strengthening process supervision and control. Following the approach of "online monitoring + self-
monitoring + hierarchical monitoring", we have established monitoring stations at key nodes such as the
effluent discharge outlet of the wastewater treatment plant, the flue gas discharge outlet of the boilers, and
the stormwater discharge outlet of the factory area. Additionally, we have constructed a field scientific
observation and research station in the Chishui River Basin to systematically establish an integrated "sky-
ground" ecosystem monitoring network and an environmental monitoring comprehensive data
management platform.
(III) Strengthening ecological and environmental restoration. We actively engage in exchanges and
cooperation with top domestic design institutions to conduct overall ecological design for the factory area.
(IV) Measures taken to reduce its carbon emissions during the reporting period and their effects
Whether any carbon reduction measure Yes
is taken
Carbon dioxide equivalents of reduced
emission (unit: ton)
The Company continues to optimize the energy use
structure, actively develop energy-saving and
Types of carbon reduction measures environmental protection technologies, formulate carbon
(such as using clean energy to for power emission management plans, and build and improve a new
generation, using carbon reduction power system taking new energy as the main part. The
technology in the production process, Company responded to the national dual carbon strategy
developing and producing new products and issued the "Carbon Peak and Carbon Neutrality" action
that support carbon reduction, etc.) plan in December 2023. Through the implementation of
nine key tasks, various emission reduction measures were
gradually refined and decomposed.
Specific description
□Applicable √N/A
II. Social Responsibility Work
(I) Whether there is any social responsibility report, sustainable development report or ESG report
disclosed separately
√Applicable □N/A
ANNUAL REPORT 2023
For details, please refer to our “Social Responsibility and ESG Report 2023” disclosed on the website of
Shanghai Stock Exchange (URL: www.sse.com.cn) at the same time as this report.
(II) Specific information on social responsibilities
□Applicable √N/A
Specific description
□Applicable √N/A
III. Specific work on consolidating and expanding the progress in poverty alleviation and rural
revitalization
√Applicable □N/A
For details, please refer to our “Social Responsibility and ESG Report 2023” disclosed on the website of
Shanghai Stock Exchange (URL: www.sse.com.cn) at the same time as this report.
Specific description
□Applicable √N/A
ANNUAL REPORT 2023
Section VI Significant Events
I. Undertakings of Commitment Fulfillment
(I) Undertakings of the Company’s actual controller, shareholders, related parties and acquirers, as
well as the Company and other commitment makers fulfilled in the reporting period or ongoing by
the end of this reporting period
√Applicable □N/A
Whet Specifi
Next
Whethe her it c
plan
r there is reasons
Backgro Party Commi for any
Commi Commit Commi is a strictl for any
und of making tment failure
tment ment tment deadlin y failure
commit commit time in
Type Content time e for perfor in
ments ment limit timely
perfor med timely
perfor
mance in perfor
mance
time mance
Commit Others China Equity Yes Before No Superio
ments Kweich incentiv the end r
related ow e of authorit
to share Moutai commit Decem ies
reform Distille ment: ber have
ry After 2017, not
(Group the the issued
) Co., complet Compa relevan
Ltd. ion of ny t
split- promot guiding
share ed the opinion
reform, formula s and
the tion of specific
Compa equity measur
ny will incentiv es.
formula es
te measur
equity es for
incentiv the
e manage
measur ment
es for and
the core
manage technic
ment al
and teams
core of the
technic Compa
al teams ny.
accordi
ng to
relevant
national
policies
and
regulati
ons.
ANNUAL REPORT 2023
(II) If there is a profit forecast for the company’s assets or projects, and the reporting period is still
in the profit forecast period, the company provides an explanation on whether the assets or projects
meet the original profit forecast and its reasons
□Have met □Have not met √N/A
(III) The completion of performance commitments and their impact on the goodwill impairment
test
□Applicable √N/A
II. Non-operating appropriation of funds by controlling shareholders and other related parties
during the reporting period
□Applicable √N/A
III. Non-compliance with guarantees
□Applicable √N/A
IV. Explanation of the board of directors regarding the “Non-standard audit opinion” by the CPA
firm
□Applicable √N/A
V. Analysis of the reasons for and effects of changes in accounting policies, accounting estimates or
corrections of significant accounting errors by the Company
(I) Analysis of the reasons for and effects of changes in accounting policies and accounting estimates
□Applicable √N/A
(II) Analysis of the reasons for and effects of corrections of significant accounting errors by the
Company
□Applicable √N/A
(III) Communication with the previous CPA firm
□Applicable √N/A
(IV) Procedures for examination and approval and other descriptions
□Applicable √N/A
VI. Engagement and disengagement of CPA firms
Monetary Unit: RMB '0,000 Currency: RMB
Current CPA
Name of the domestic CPA firm Baker Tilly China CPAs
Remuneration of the domestic CPA firm 120
Years of audit by the domestic CPA firm 6
Accumulated working years of the certified public
accountant of a domestic accounting firm
Name Remuneration
Internal control audit CPA firm Baker Tilly China CPAs 41
Note on the engagement and disengagement of CPA firms
□Applicable √N/A
ANNUAL REPORT 2023
Note on reappointing the CPA firm during the audit
□Applicable √N/A
Description of the decrease in audit fee by over 20% (excluding) compared with that in the prior year
□Applicable √N/A
VII. Cases facing the risk of delisting
(I) Reasons of delisting risk warnings
□Applicable √N/A
(II) Measures to be taken by the Company in response
□Applicable √N/A
(III) Circumstances and reasons for facing termination of listing
□Applicable √N/A
VIII. Matters related to bankruptcy restructuring
□Applicable √N/A
IX. Significant litigation and arbitration matters
□The company has significant litigation and arbitration matters during the year
√The company has no significant litigation and arbitration matters during the year
X. The listed company and its directors, supervisors, senior management, controlling shareholders
and actual controllers are suspected of violating the law, being punished and their rectification
□Applicable √N/A
XI. Description of the integrity of the Company and its controlling shareholders and actual
controllers during the reporting period
√Applicable □N/A
The integrity of the Company and its controlling shareholders during the reporting period is good.
XII. Significant related party transactions
(I) Related party transactions related to daily operations
subsequent implementation
□Applicable √N/A
subsequent implementation
□Applicable √N/A
√Applicable □N/A
(1) Related party transactions with the same related party as those considered and approved by the Board
of Directors
Monetary Unit: Yuan Currency: RMB
Reason
Proportion
Conne s for
Type of Content of of the Settlement Mar
Pricing Principles for cted large
Relationshi Related Related Amount of Related amount of of Related ket
Name of related parties Related party transa differe
p party party party transactions similar party Pric
transactions ction nces
transactions transactions transactions transactions e
price betwee
(%)
n
ANNUAL REPORT 2023
transac
tion
prices
and
market
referen
ce
prices
Holding
Cargo Refer to the
Kweichow Moutai Distillery subsidiary Receipt of Cash
transportati independent third-party 216,497,975.59 64.45
(Group) Logistics Co., Ltd. of the parent services payment
on services transaction price
company
Purchase price is the
Chinese-Foreign Venture same as the supply
Purchase of Purchase of Cash
Dragon and Lion Cap Co., Others price of other non- 353,391,541.98 10.52
goods goods payment
Ltd. Zhuhai S.E.Z affiliated suppliers of
the Company
Purchase price is the
Guizhou Renhuai Shenren same as the supply
Purchase of Purchase of Cash
Packaging and Printing Co., Others price of other non- 259,369,377.21 7.72
goods goods payment
Ltd. affiliated suppliers of
the Company
Wholly-
Guizhou Moutai Brewery
owned
(Group) Circular Economy Purchase of Purchase of Cash
subsidiary Negotiated price 141,561,000.00 100.00
Industrial Investment goods goods payment
of the parent
Development Co., Ltd.
company
Purchase price is the
Kweichow Moutai Logistics same as the supply
Purchase of Purchase of Cash
Park Grain Collection and Others price of other non- 125,734,378.80 2.52
goods goods payment
Storage Co., Ltd. affiliated suppliers of
the Company
Purchase price is the
same as the supply
Guizhou Fuminghang Purchase of Purchase of Cash
Others price of other non- 79,633,744.86 2.37
Packaging Co., Ltd. goods goods payment
affiliated suppliers of
the Company
Purchase price is the
same as the supply
Guizhou Xinhuaxi Glass Purchase of Purchase of Cash
Others price of other non- 74,837,333.43 2.23
Co., Ltd. goods goods payment
affiliated suppliers of
the Company
Kweichow Moutai Distillery Purchase price is the
Holding
(Group) Hongyingzi same as the supply
subsidiary Purchase of Purchase of Cash
Agriculture Science and price of other non- 50,223,736.00 1.01
of the parent goods goods payment
Technology Development affiliated suppliers of
company
Co., Ltd. the Company
Purchase of Purchase of Cash
Kweichow Moutai Hospital Others Negotiated price 29,504,681.72 98.14
goods goods payment
Wholly-
China Kweichow Moutai owned
Purchase of Purchase of Cash
Distillery (Group) Cultural subsidiary Negotiated price 26,270,887.61 0.78
goods goods payment
Tourism Co., Ltd. of the parent
company
The purchase price is
Kweichow Moutai Distillery
Purchase of Purchase of the same as the price Cash
(Group) Health Care Wine Others 2,656,847.80 45.77
goods goods offered by the related payment
Industry Sales Co., Ltd.
party to the distributor
The purchase price is
ChangLi Moutai Wine Trade Purchase of Purchase of the same as the price Cash
Others 2,656,035.41 45.76
Co., Ltd. goods goods offered by the related payment
party to the distributor
The purchase price is
Kweichow Moutai
Purchase of Purchase of the same as the price Cash
Ecological Agriculture Sales Others 951,669.03 16.40
goods goods offered by the related payment
Co., Ltd.
party to the distributor
Purchase price is the
same as the supply
China Kweichow Moutai Parent Purchase of Purchase of Cash
price of other non- 21,875.33 0.001
Distillery (Group) Co., Ltd. company goods goods payment
affiliated suppliers of
the Company
Wholly-
Kweichow Moutai Distillery owned
Receipt of Labor Cash
(Group) Health Care Liquor subsidiary Negotiated price 284,953,843.63 21.11
services services fee payment
Co., Ltd. of the parent
company
Xunfeng Technology Receipt of Labor Cash
Others Negotiated price 108,936,867.84 8.07
(Guizhou) Co., Ltd. services services fee payment
Wholly-
Kweichow Moutai Distillery owned
Receipt of Labor Cash
(Group) Hotel Management subsidiary Negotiated price 74,332,293.77 5.51
services services fee payment
Co., Ltd. of the parent
company
Receipt of Labor Cash
Kweichow Moutai Hospital Others Negotiated price 62,578,627.93 4.64
services services fee payment
Kweichow Moutai Logistics
Receipt of Labor Cash
Park Grain Collection and Others Negotiated price 60,334,658.08 4.47
services services fee payment
Storage Co., Ltd.
China Kweichow Moutai Wholly-
Receipt of Labor Cash
Distillery (Group) Cultural owned Negotiated price 51,569,712.68 3.82
services services fee payment
Tourism Co., Ltd. subsidiary
ANNUAL REPORT 2023
of the parent
company
Kweichow Moutai (Group)
Receipt of Labor Cash
International Travel Agency Others Negotiated price 40,540,182.49 3.00
services services fee payment
Co., Ltd.
Wholly-
Guizhou Moutai Brewery
owned
(Group) Circular Economy Receipt of Labor Cash
subsidiary Negotiated price 4,485,361.28 0.33
Industrial Investment services services fee payment
of the parent
Development Co., Ltd.
company
Receipt of Labor Cash
Moutai College Others Negotiated price 2,065,849.07 0.15
services services fee payment
Holding
Guizhou Zunyi Moutai subsidiary Receipt of Labor Cash
Negotiated price 610,344.02 0.05
Airport Co., Ltd. of the parent services services fee payment
company
China Kweichow Moutai Parent Receipt of Labor Cash
Negotiated price 136,649.00 0.01
Distillery (Group) Co., Ltd. company services services fee payment
Kweichow Moutai Distillery
(Group) Guiyang Gaoxin Receipt of Labor Cash
Others Negotiated price 116,120.77 0.01
Real Estate Investment services services fee payment
Development Co., Ltd.
Wholly-
Kweichow Moutai Distillery owned
Receipt of Labor Cash
(Group) Technology subsidiary Negotiated price 25,429.03 0.002
services services fee payment
Development Co., Ltd. of the parent
company
Kweichow Moutai Distillery
Holding
(Group) Hongyingzi
subsidiary Receipt of Labor Cash
Agriculture Science and Negotiated price 10,000.00 0.001
of the parent services services fee payment
Technology Development
company
Co., Ltd.
Holding
Huagui Life Insurance Co.,
subsidiary Purchase of Purchase of Cash
Ltd. Negotiated price 512,911.13 2.01
of the parent insurance insurance payment
company
Lease-in
China Kweichow Moutai Parent Rental Cash
and lease- Negotiated price 42,906,029.72 31.81
Distillery (Group) Co., Ltd. company expenses payment
out
Kweichow Moutai Distillery
Lease-in
(Group) Guiyang Gaoxin Rental Cash
Others and lease- Negotiated price 4,136,575.64 3.07
Real Estate Investment expenses payment
out
Development Co., Ltd.
Kweichow Moutai Distillery Lease-in
Rental Cash
(Group) Sanya Investment Others and lease- Negotiated price 1,507,254.44 1.12
expenses payment
Industrial Co., Ltd. out
Other
utilities
expenses
Kweichow Moutai Distillery Receipt of
such as
(Group) Guiyang Gaoxin water Cash
Others water, Negotiated price 43,442.45 0.05
Real Estate Investment supply payment
electricity
Development Co., Ltd. services
and steam
charges
(purchase)
Wholly- Sales price is the same
owned as the purchase price of
Kweichow Moutai Group Sales of Sales of Cash
subsidiary other non-affiliated 5,384,603,095.58 3.66
Marketing Co., Ltd. goods goods payment
of the parent distributors of the
company Company
Wholly- Sales price is the same
Kweichow Moutai Distillery owned as the purchase price of
Sales of Sales of Cash
(Group) Hotel Management subsidiary other non-affiliated 38,081,330.95 0.03
goods goods payment
Co., Ltd. of the parent distributors of the
company Company
Wholly- Sales price is the same
CHINA GUIZHOU
owned as the purchase price of
MOUTAI BREWERY Sales of Sales of Cash
subsidiary other non-affiliated 23,478,824.28 0.02
TRADING (H.K.) goods goods payment
of the parent distributors of the
LIMITED
company Company
Wholly- Sales price is the same
China Kweichow Moutai owned as the purchase price of
Sales of Sales of Cash
Distillery (Group) Cultural subsidiary other non-affiliated 15,409,493.26 0.01
goods goods payment
Tourism Co., Ltd. of the parent distributors of the
company Company
Wholly- Sales price is the same
owned as the purchase price of
Shanghai Kweichow Moutai Sales of Sales of Cash
subsidiary other non-affiliated 13,524,966.35 0.01
Industrial Co., Ltd. goods goods payment
of the parent distributors of the
company Company
Sales price is the same
Kweichow Moutai Distillery as the purchase price of
Sales of Sales of Cash
(Group) Sanya Investment Others other non-affiliated 12,807,170.94 0.01
goods goods payment
Industrial Co., Ltd. distributors of the
Company
Sales price is the same
Holding
as the purchase price of
Guizhou Zunyi Moutai subsidiary Sales of Sales of Cash
other non-affiliated 8,999,745.12 0.01
Airport Co., Ltd. of the parent goods goods payment
distributors of the
company
Company
ANNUAL REPORT 2023
Wholly- Sales price is the same
owned as the purchase price of
Beijing Moutai Trade Co., Sales of Sales of Cash
subsidiary other non-affiliated 6,364,991.14 0.004
Ltd. goods goods payment
of the parent distributors of the
company Company
Sales price is the same
as the purchase price of
Xunfeng Technology Sales of Sales of Cash
Others other non-affiliated 4,969,911.50 0.003
(Guizhou) Co., Ltd. goods goods payment
distributors of the
Company
Sales price is the same
as the purchase price of
China Kweichow Moutai Parent Sales of Sales of Cash
other non-affiliated 686,773.73 0.0005
Distillery (Group) Co., Ltd. company goods goods payment
distributors of the
Company
Wholly-
Kweichow Moutai Distillery owned
Rendering Labor Cash
(Group) Health Care Liquor subsidiary Negotiated price 432,178.18 45.62
of services services fee payment
Co., Ltd. of the parent
company
Kweichow Moutai Distillery
Rendering Labor Cash
(Group) Health Care Wine Others Negotiated price 258,066.00 27.24
of services services fee payment
Industry Sales Co., Ltd.
China Kweichow Moutai Parent Rendering Labor Cash
Negotiated price 89,391.24 9.44
Distillery (Group) Co., Ltd. company of services services fee payment
Wholly-
China Kweichow Moutai owned
Rendering Labor Cash
Distillery (Group) Cultural subsidiary Negotiated price 84,696.23 8.94
of services services fee payment
Tourism Co., Ltd. of the parent
company
Kweichow Moutai (Group)
Rendering Labor Cash
International Travel Agency Others Negotiated price 38,254.72 4.04
of services services fee payment
Co., Ltd.
Wholly-
owned
Kweichow Moutai Group Rendering Labor Cash
subsidiary Negotiated price 28,516.98 3.01
Marketing Co., Ltd. of services services fee payment
of the parent
company
Xunfeng Technology Rendering Labor Cash
Others Negotiated price 13,913.21 1.47
(Guizhou) Co., Ltd. of services services fee payment
ChangLi Moutai Wine Trade Rendering Labor Cash
Others Negotiated price 2,353.47 0.25
Co., Ltd. of services services fee payment
Wholly-
owned Lease-in
Kweichow Moutai Group Rental Cash
subsidiary and lease- Negotiated price 371,359.82 45.97
Marketing Co., Ltd. expenses payment
of the parent out
company
Lease-in
ChangLi Moutai Wine Trade Rental Cash
Others and lease- Negotiated price 201,834.86 24.99
Co., Ltd. expenses payment
out
Lease-in
China Kweichow Moutai Parent Rental Cash
and lease- Negotiated price 234,564.22 29.04
Distillery (Group) Co., Ltd. company expenses payment
out
Expenses on
China Kweichow Moutai Parent Other Cash
transfer of Negotiated price 13,925,889.91 100.00
Distillery (Group) Co., Ltd. company inflows payment
assets
Total / / 7,627,720,559.42 / / /
Details of large return of goods sold
Description of related transactions
(2) Related transactions with the same related party deliberated and approved by the general meeting of
shareholders
The Company used the registered trademark of its parent company, China Kweichow Moutai Distillery
(Group) Co., Ltd., and the expenses for the right to use trademarks incurred during the reporting period
amounted to RMB 1,805,818,609.89.
(3) Related transactions with other related parties
A. The Company's year-end deposit balance with Guizhou Bank was RMB 24.0969 billion, with interest
income of RMB 653.4299 million and investment income of RMB 4.0787 million from mature large
deposit certificates. Kweichow Moutai Group Finance Co., Ltd., a holding subsidiary of the Company,
purchased the bonds issued by Bank of Guizhou Co., Ltd. from the open market, with the total price of
RMB 500 million. The interest income recognized in the current period amounted to RMB 16,226,700.
As of the end of the period, the balance of the provision for impairment of Debt investment was RMB
million. Kweichow Moutai Group Finance Co., Ltd., a holding subsidiary of the Company entrusted
Guizhou Bank to collect and pay as an agent the service charge of RMB 73,374,700 for transactions via
the third-party payment channel on “I Moutai” digital marketing platform.
ANNUAL REPORT 2023
B. The Company purchased packaging materials from Shanghai Rencai Printing Co., Ltd., with an amount
of RMB 106,700 incurred in this period.
(II) Affiliated transactions arising from the acquisition or sale of assets or equity
implementation
□Applicable √N/A
implementation
□Applicable √N/A
□Applicable √N/A
shall be disclosed
□Applicable √N/A
(III) Important related party transactions jointly invested
□Applicable √N/A
√Applicable □N/A
Balance at
the
Investment Changes in fair value Balance at the end of
Item beginning
amount in 2023 in 2023 the period
of the
period
Moutai Zhaohua (Guizhou)
Industrial Development Fund
Partnership (Limited
Partnership)
Moutai Jinshi (Guizhou)
Industrial Development Fund
Partnership (Limited
Partnership)
Total 4,000,000,000.00 2,439,902.57 4,002,439,902.57
□Applicable √N/A
(IV) Related debt transactions
□Applicable √N/A
□Applicable √N/A
ANNUAL REPORT 2023
□Applicable √N/A
(V) Financial business between the Company and the financial company with which the Company
is associated, the financial company in which the Company holds a majority of shares and the related
parties
√Applicable □N/A
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Maxi Amount in the current period
Scope of
mum Balance at the
Related deposit Total amount Total amount Balance at the end of
Related parties daily beginning of
relationship interest deposited in the withdrawn in the the period
deposi the period
rate current period current period
t limit
China Kweichow
Parent 3,334,281,673
Moutai Distillery 252,535,693,870.38 252,397,840,528.93 3,472,135,014.73
company .28
(Group) Co., Ltd.
Wholly-
owned
Kweichow Moutai
subsidiary 4,349,581,600
Group Marketing Co., 8,299,958,412.44 10,321,234,198.33 2,328,305,814.53
of the .42
Ltd.
parent
company
Wholly-
Kweichow Moutai owned
Distillery (Group) subsidiary 1,655,007,713
Technology of the .02
Development Co., Ltd. parent
company
Wholly-
Kweichow Moutai
owned
Distillery (Group)
subsidiary
Real Estate 23,867,085.01 726,878,978.96 252,979,804.19 497,766,259.78
of the
Investment
parent
Development Co., Ltd.
company
Guizhou Zunpeng 294,795,599.0
Others 2,905,934,358.27 2,733,713,361.46 467,016,595.82
Liquor Co., Ltd. 1
Wholly-
China Kweichow owned
Moutai Distillery subsidiary 300,901,972.6
(Group) Cultural of the 2
Tourism Co., Ltd. parent
company
ChangLi Moutai Wine 233,713,993.2
Others 1,595,534,063.80 1,510,134,457.11 319,113,599.89
Trade Co., Ltd. 0
Xunfeng Technology
Others - 451,308,247.64 200,103,157.21 251,205,090.43
(Guizhou) Co., Ltd.
Wholly-
Guizhou Moutai
owned
Brewery (Group)
subsidiary 244,758,921.6
Circular Economy 695,719,399.82 705,060,995.42 235,417,326.01
of the 1
Industrial Investment
parent
Development Co., Ltd.
company
Kweichow Moutai
Ecological Agriculture Others 19,698,475.42 1,200,322,459.99 998,324,821.18 221,696,114.23
Sales Co., Ltd.
Holding
Guizhou Zunyi subsidiary
Moutai Airport Co., of the 817,234,168.50 889,889,546.75 213,942,105.61
Ltd. parent
company
Kweichow Moutai
Chun Marketing Others 2,539,428.72 16,874,886.70 194,045,165.03
Company
Guizhou Renhuai
Renshuai Liquor Co., Others 11,670,729.18 433,151,519.46 286,847,303.41 157,974,945.23
Ltd.
Wholly-
owned
Beijing Moutai Trade subsidiary 113,853,429.5
Co., Ltd. of the 8
parent
company
Kweichow Moutai
Distillery (Group)
Health Care Wine Others 3,786,747,745.10 4,293,028,444.09 126,794,125.52
Industry Sales Co.,
Ltd.
Kweichow Moutai Holding
Distillery Group subsidiary
ANNUAL REPORT 2023
Changli Winery Co., of the
Ltd. parent
company
Guizhou Renhuai
Shenren Packaging Others 958,067,031.87 990,996,370.26 119,132,632.79
and Printing Co., Ltd.
Wholly-
Kweichow Moutai owned
Distillery (Group) subsidiary 157,012,780.2
Health Care Liquor of the 2
Co., Ltd. parent
company
Wholly-
owned
Shanghai Kweichow
subsidiary
Moutai Industrial Co., 43,579,726.72 422,872,926.11 368,627,431.93 97,825,220.90
of the
Ltd.
parent
company
Holding
Kweichow Moutai subsidiary
Distillery (Group) of the 1,893,596,780.09 2,180,145,571.97 95,684,837.10
Logistics Co., Ltd. parent
company
Shanghai Moutai
Others 52,064,594.69 542,318,554.66 509,841,849.44 84,541,299.91
Trading Co., Ltd.
Wholly-
Kweichow Moutai owned
(Group) Ecological subsidiary
Agriculture Industry of the
Development Co., Ltd. parent
company
Wholly-
Kweichow Moutai owned
Distillery (Group) subsidiary
Hotel Management of the
Co., Ltd. parent
company
Chinese-Foreign
Venture Dragon and
Others 48,833,771.36 217,903,822.27 204,551,721.96 62,185,871.67
Lion Cap Co., Ltd.
Zhuhai S.E.Z
Guizhou Shuanglong
Feitian Supply Chain Others - 240,693,026.57 193,251,441.72 47,441,584.85
Management Co., Ltd.
Kweichow Moutai
(Group) International
Others 26,094,729.25 137,195,605.54 119,428,716.37 43,861,618.42
Travel Agency Co.,
Ltd.
Kweichow Moutai
Others - 100,354,955.39 58,092,528.49 42,262,426.90
Hospital
Guizhou Jiuyuan
Others 29,753,148.43 61,927,854.22 63,101,720.16 28,579,282.49
Property Co., Ltd.
Guizhou Fuminghang
Others 11,394,642.58 108,772,469.02 95,970,295.15 24,196,816.45
Packaging Co., Ltd.
Kweichow Moutai
Distillery (Group)
Others 89,086,167.96 153,388,809.08 219,281,050.40 23,193,926.64
Sanya Investment
Industrial Co., Ltd.
Kweichow Moutai
Logistics Park Grain
Others 7,340,557.09 277,270,775.22 271,358,002.81 13,253,329.50
Collection and Storage
Co., Ltd.
Guizhou Xinhuaxi
Others 24,457,923.23 121,836,019.69 136,464,129.76 9,829,813.16
Glass Co., Ltd.
Kweichow Moutai
Distillery (Group)
Others 60,916,598.81 542,500,251.89 597,215,918.04 6,200,932.66
Guiding Jingqi Glass
Products Co., Ltd.
Kweichow Moutai
Group Health Industry Others 19,125,210.06 121,127,127.23 137,210,898.79 3,041,438.50
Co., Ltd.
Wholly-
Guizhou Moutai owned
Winery (Group) subsidiary
Guiyang Business Co., of the
Ltd. parent
company
Kweichow Moutai
Holding
Distillery (Group)
subsidiary
Hongyingzi
of the 5,107.60 150,397,054.08 150,198,516.90 203,644.78
Agriculture Science
parent
and Technology
company
Development Co., Ltd.
Moutai College Others - 407,444,159.82 407,305,203.00 138,956.82
Wholly-
Moutai CCB owned
(Guizhou) Investment subsidiary
Fund Management of the
Co., Ltd. parent
company
ANNUAL REPORT 2023
Holding
Moutai (Guizhou) subsidiary
Private Fund of the 4,032.97 34.44 17.20 4,050.21
Management Co., Ltd. parent
company
Holding
Moutai (Guizhou)
subsidiary
Investment Fund
of the 846.41 7.23 3.61 850.03
Partnership (Limited
parent
Partnership)
company
Guizhou Moutai
Distillery (Group)
Others 711,787.31 2,085,863.99 2,797,613.55 37.75
Lvsheng Organic
Fertilizer Co., Ltd.
Guizhou Hengdao
Danlin Agricultural
Others 27.95 0.24 0.12 28.07
Technology
Development Co., Ltd.
Guizhou Zunyi
Moutai Airport
Ecological Park Others 3,514.91 11,845,112.76 11,848,627.67
Investment and
Development Co., Ltd.
Total / / / 294,940,860,326.57 295,780,410,772.04 12,034,492,909.95
Note: The above deposit interest rate ranges from 0.35% to 1.50%.
Interest paid to related parties
Related party This reporting period
Kweichow Moutai Distillery (Group) Technology Development Co.,
Ltd.
China Kweichow Moutai Distillery (Group) Co., Ltd. 29,708,003.52
Kweichow Moutai Group Marketing Co., Ltd. 21,399,365.25
Guizhou Zunpeng Liquor Co., Ltd. 4,017,175.57
Kweichow Moutai Distillery (Group) Logistics Co., Ltd. 3,189,584.79
Guizhou Moutai Brewery (Group) Circular Economy Industrial
Investment Development Co., Ltd.
ChangLi Moutai Wine Trade Co., Ltd. 2,458,664.23
Kweichow Moutai Chun Marketing Company 2,425,584.26
China Kweichow Moutai Distillery (Group) Cultural Tourism Co.,
Ltd.
Guizhou Zunyi Moutai Airport Co., Ltd. 1,970,595.88
Kweichow Moutai Ecological Agriculture Sales Co., Ltd. 1,636,584.81
Guizhou Renhuai Shenren Packaging and Printing Co., Ltd. 1,619,805.58
Xunfeng Technology (Guizhou) Co., Ltd. 1,205,090.43
Kweichow Moutai Distillery (Group) Health Care Wine Industry
Sales Co., Ltd.
Shanghai Kweichow Moutai Industrial Co., Ltd. 934,193.97
Kweichow Moutai Distillery Group Changli Winery Co., Ltd. 840,830.43
Beijing Moutai Trade Co., Ltd. 600,646.94
Shanghai Moutai Trading Co., Ltd. 535,645.74
Kweichow Moutai Distillery (Group) Health Care Liquor Co., Ltd. 466,072.54
Guizhou Jiuyuan Property Co., Ltd. 446,008.34
Kweichow Moutai Distillery (Group) Guiding Jingqi Glass Products
Co., Ltd.
Moutai College 321,413.03
Kweichow Moutai Distillery (Group) Real Estate Investment
Development Co., Ltd.
Chinese-Foreign Venture Dragon and Lion Cap Co., Ltd. Zhuhai
S.E.Z
Kweichow Moutai Distillery (Group) Hongyingzi Agriculture
Science and Technology Development Co., Ltd.
Kweichow Moutai Logistics Park Grain Collection and Storage Co.,
Ltd.
Kweichow Moutai Distillery (Group) Sanya Investment Industrial 180,636.29
ANNUAL REPORT 2023
Co., Ltd.
Kweichow Moutai Distillery (Group) Hotel Management Co., Ltd. 151,598.58
Guizhou Fuminghang Packaging Co., Ltd. 139,139.95
Guizhou Shuanglong Feitian Supply Chain Management Co., Ltd. 119,459.65
Guizhou Renhuai Renshuai Liquor Co., Ltd. 87,955.56
Kweichow Moutai (Group) International Travel Agency Co., Ltd. 68,154.66
Guizhou Xinhuaxi Glass Co., Ltd. 36,615.62
Kweichow Moutai Hospital 75,730.99
Kweichow Moutai Group Health Industry Co., Ltd. 27,025.67
Kweichow Moutai (Group) Ecological Agriculture Industry
Development Co., Ltd.
Guizhou Moutai Winery (Group) Guiyang Business Co., Ltd. 7,050.74
Guizhou Moutai Distillery (Group) Lvsheng Organic Fertilizer Co.,
Ltd.
Moutai CCB (Guizhou) Investment Fund Management Co., Ltd. 23.00
Moutai (Guizhou) Private Fund Management Co., Ltd. 17.24
Guizhou Zunyi Moutai Airport Ecological Park Investment and
Development Co., Ltd.
Moutai (Guizhou) Investment Fund Partnership (Limited
Partnership)
Guizhou Hengdao Danlin Agricultural Technology Development
Co., Ltd.
Total 113,500,129.66
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Scope Amount in the current period
of Balance at the Total repayment
Related Total loan Balance at the
Related parties Loan limit loan beginning of the amount in the
relationship amount in the end of the period
intere period current period
current period
st rate
China Kweichow Moutai
Parent
Distillery (Group) Co., 3,500,000,000.00 3.65% 3,500,000,000.00 3,500,000,000.00
company
Ltd.
Wholly-
owned
Kweichow Moutai
subsidiary
Distillery (Group) Health 499,963,530.81 2.30% 499,963,530.81 499,963,530.81
of the
Care Liquor Co., Ltd.
parent
company
Kweichow Moutai
Logistics Park Grain
Others 78,180,000.00 3.65% 57,730,000.00 20,450,000.00 20,140,000.00 58,040,000.00
Collection and Storage
Co., Ltd.
Total / / / 3,557,730,000.00 520,413,530.81 3,520,140,000.00 558,003,530.81
Interest charged to related parties
Item Related parties Current reporting period
Interest income China Kweichow Moutai Distillery (Group)
on loans Co., Ltd.
Interest income Kweichow Moutai Distillery (Group) Health
on loans Care Liquor Co., Ltd.
Interest income Kweichow Moutai Logistics Park Grain
on loans Collection and Storage Co., Ltd.
Total 65,254,164.33
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Related parties Related Business Total amount Amount actually
ANNUAL REPORT 2023
relationship type occurred
Kweichow Moutai Holding
Distillery (Group) subsidiary
Credit
Hongyingzi Agriculture of the 150,000,000.00
loans
Science and Technology parent
Development Co., Ltd. company
Kweichow Moutai
Logistics Park Grain Pledge
Others 285,000,000.00 58,040,000.00
Collection and Storage loans
Co., Ltd.
Wholly-
owned
Kweichow Moutai
subsidiary Credit
Distillery (Group) Health 2,000,000,000.00 499,963,530.81
of the loans
Care Liquor Co., Ltd.
parent
company
Wholly-
Kweichow Moutai owned
(Group) Ecological subsidiary Credit
Agriculture Industry of the loans
Development Co., Ltd. parent
company
√Applicable □N/A
Kweichow Moutai Group Finance Co., Ltd., a holding subsidiary of the Company, purchased the bonds
issued by Guiyang GY Financial Leasing Co., Ltd. from the open market, with the total price of RMB
As of the end of the period, the Debt investment and interest receivable had been collected in full.
(VI) Others
□Applicable √N/A
XIII. Significant contracts and their performance
(I) Trusteeship, contracting and leasing
□Applicable √N/A
□Applicable √N/A
□Applicable √N/A
ANNUAL REPORT 2023
(II) Major guarantees
□Applicable √N/A
(III) Entrusting others to manage cash assets
(1) Overview of entrusted assets management
□Applicable √N/A
Other information
□Applicable √N/A
(2) Single entrusted wealth management
□Applicable √N/A
Other information
□Applicable √N/A
(3) Principal entrusted assets management
□Applicable √N/A
(1) Overview of entrusted loans
□Applicable √N/A
Other information
□Applicable √N/A
(2) Principal entrusted loans
□Applicable √N/A
Other information
□Applicable √N/A
(3) Provision for impairment of entrusted loans
□Applicable √N/A
□Applicable √N/A
(IV) Other significant contracts
□Applicable √N/A
XIV. Description of the use progress of the funds raised
□Applicable √N/A
XV. Instruction of other major events that have a significant impact on investors’ value judgments
and investment decisions
□Applicable √N/A
ANNUAL REPORT 2023
Section VII Changes in Shares and Information about Shareholders
I. Changes in share capital
(I) Changes in shares
During the reporting period, there is no change to the total number of shares and share capital structure
of the Company.
□Applicable √N/A
share in the latest year and the latest period (if any)
□Applicable √N/A
□Applicable √N/A
(II) Changes in restricted shares
□Applicable √N/A
II. Securities issuance and listing
(I) Issues of securities as of the reporting period
□Applicable √N/A
Explanation of securities issuance as of the reporting period (for bonds with different interest rates in the
duration, please explain separately):
□Applicable √N/A
(II) Changes in the Company’s total shares and shareholder structure, and changes in the
Company’s asset and liability structure
□Applicable √N/A
(III) Existing employees’ shares
□Applicable √N/A
III. Shareholders and actual controllers
(I) Total number of shareholders
The total number of ordinary shareholders as of
the end of the reporting period
The total number of ordinary shareholders at the
end of the previous month before the disclosure 161,009
date of the annual report
(II) Shareholdings of the top ten shareholders and top ten tradable shareholders (or shareholders
without restrictions on sales) as of the end of the reporting period
Unit: Share
Shareholding of the top 10 shareholders (excluding the shares lent through refinancing)
ANNUAL REPORT 2023
Numbe Pledge,
r of marking or
shares freezing Natur
Changes in Number of
with e of
Name of shareholder the shares held at Ratio
trading share
(Full name) reporting the end of the (%) Qua
limited Stock holde
period period ntit
conditi status r
y
ons
held
State-
owne
China Kweichow Moutai d
Distillery (Group) Co., Ltd. legal
perso
n
Hong Kong Securities Unknow Unkn
Clearing Company Ltd. n own
State-
owne
Guizhou State-owned Unknow d
Capital Operation Co., Ltd. n legal
perso
n
State-
Kweichow Moutai owne
Distillery (Group) d
Technology Development legal
Co., Ltd. perso
n
State-
owne
Central Huijin Asset Unknow d
Management Co., Ltd. n legal
perso
n
China Securities Finance Unknow Unkn
Corporation Limited n own
Shenzhen Jinhui
Rongsheng Wealth
Management Co., Ltd.- Unknow Unkn
Jinhui Rongsheng No.3 n own
Private Equity Investment
Fund
Industrial and Commercial
Bank of China - SSE 50 Unknow Unkn
Trading Open Index n own
Securities Investment Fund
Zhuhai Ruifeng Huibang
Assets Management Co.,
Unknow Unkn
Ltd.-Ruifeng Huibang -752,637 6,751,030 0.54
n own
No.3 Private Equity
Investment Fund
Bank of China Limited -
Unknow Unkn
LOF Graded Securities -523,086 4,922,717 0.39
n own
Investment Fund
Shareholding of top ten shareholders without sales restriction
ANNUAL REPORT 2023
Category and quantity of
Quantity of the circulating shares shares
Name of shareholder
without sales restriction Catego
Quantity
ry
RMB
China Kweichow Moutai Distillery Ordina
(Group) Co., Ltd. ry
shares
RMB
Hong Kong Securities Clearing Company Ordina
Ltd. ry
shares
RMB
Guizhou State-owned Capital Operation Ordina
Co., Ltd. ry
shares
RMB
Kweichow Moutai Distillery (Group) Ordina
Technology Development Co., Ltd. ry
shares
RMB
Central Huijin Asset Management Co., Ordina
Ltd. ry
shares
RMB
China Securities Finance Corporation Ordina
Limited ry
shares
RMB
Shenzhen Jinhui Rongsheng Wealth
Ordina
Management Co., Ltd.- Jinhui Rongsheng 7,922,478 7,922,478
ry
No.3 Private Equity Investment Fund
shares
RMB
Industrial and Commercial Bank of China
Ordina
- SSE 50 Trading Open Index Securities 7,654,402 7,654,402
ry
Investment Fund
shares
RMB
Zhuhai Ruifeng Huibang Assets
Ordina
Management Co., Ltd.-Ruifeng Huibang 6,751,030 6,751,030
ry
No.3 Private Equity Investment Fund
shares
RMB
Bank of China Limited - LOF Graded Ordina
Securities Investment Fund ry
shares
Among the above shareholders, there is related relationship
between China Kweichow Moutai Distillery (Group) Co., Ltd.
Notes to relations among the above-
and Kweichow Moutai Distillery (Group) Technology
mentioned shareholders or acting in
Development Co., Ltd. Apart from that, the Company does not
concert
know any related relationship among other shareholders and
any parties acting in concert.
Shares lent by top 10 shareholders through refinancing
√Applicable □N/A
The status of the top ten shareholders' participation in securities lending and borrowing transactions
Shareholde Holdings in Shares borrowed Holdings in Shares borrowed
r name ordinary account for securities ordinary account for securities
ANNUAL REPORT 2023
(full name) and credit account lending at the and credit account lending at the end
at the beginning of beginning of the at the end of the of the period and
the period period and have not period have not yet been
yet been returned returned
Total Total Total Total
Proportio Proportio Proportio Proportio
quantit quantit quantit quantit
n (%) n (%) n (%) n (%)
y y y y
Industrial
and
Commerci
al Bank of
China -
Shanghai
Stock
Exchange 5,379,160 0.43 0 0 7,654,402 0.61 54,400 0.0043
Exchange
Traded
Open-End
Index
Securities
Investment
Fund
Changes in top 10 shareholders compared with the prior period
□Applicable √N/A
Shareholding quantity of top ten shareholders with sales restriction and the sales restriction
□Applicable √N/A
(III) Strategic investors or general legal persons become the top 10 shareholders due to placement
of new shares
□Applicable √N/A
IV. Controlling shareholders and actual controllers
(I) Controlling shareholders
√Applicable □N/A
Name China Kweichow Moutai Distillery (Group) Co., Ltd.
Legal Representative Ding Xiongjun
Date of establishment January 24, 1998
Production and operation of alcoholic products (main business);
production technology consulting and services of alcoholic products;
production and sales of packaging materials and beverages; catering,
Main business
accommodation, tourism, logistics and transportation; import and export
trade business; Internet industry; real estate development and leasing,
parking lot management; education, health; ecological agriculture..
Holding 0.24% shares of Bank of Communications Co., Ltd.;
Shareholdings of other domestic
Holding 3.97% shares of Huachuang Yunxin Digital Technology Co.,
and overseas listed companies
Ltd.; Holding 1.45% shares of Bank of Guiyang Co., Ltd.; Holding
that controlled and participated
in during the reporting period
Holding 12% shares of Bank of Guizhou Co., Ltd.
□Applicable √N/A
ANNUAL REPORT 2023
□Applicable √N/A
□Applicable √N/A
controlling shareholders
√Applicable □N/A
(II) The actual controller
√Applicable □N/A
State-owned Assets Supervision and Administration Commission
Name
of Guizhou Province
The person in charge or the legal
Yang Xiangdong
representative of the entity
□Applicable √N/A
□Applicable √N/A
□Applicable √N/A
actual controller
√Applicable □N/A
ANNUAL REPORT 2023
□Applicable √N/A
(III) Other information about the controlling shareholder and actual controller
□Applicable √N/A
V. The accumulative number of pledged shares of the Company’s controlling shareholder or the
largest shareholder and its persons acting in concert account for more than 80% of the Company’s
shares held by them
□Applicable √N/A
VI. Other legal person shareholders holding more than 10% of the shares
□Applicable √N/A
VII. Explanation of share restriction and reduction
□Applicable √N/A
VIII. The specific implementation of share repurchase during the reporting period
□Applicable √N/A
Section VIII Preferred Shares
□Applicable √N/A
Section IX Information about Bond
I. Corporate bonds, company bonds and non-financial corporate debt financing instruments
□Applicable √N/A
II. Convertible corporate bonds
□Applicable √N/A
Section X Financial Report
I. Audit report
√Applicable □N/A
Baker Tilly China [2024] No.23234
To the shareholders of Kweichow Moutai Co., Ltd.
Ⅰ. Opinion
We have audited the financial statements of Kweichow Moutai Co., Ltd. (hereinafter referred to as the
“Kweichow Moutai”), which comprise the consolidated balance sheet as at December 31,2023,
consolidated income statement, consolidated cash flow statement, consolidated statement of changes in
shareholders' equity for the year then ended, and consolidated notes to the financial statements.
In our opinion, the consolidated financial statements present fairly, in all material respects, the
consolidated financial position of the Kweichow Moutai as at December 31,2023, and the result of
operations and the consolidated cash flows for the year then ended in accordance with Accounting
Standards for Business Enterprises and Accounting System for Business Enterprises.
ANNUAL REPORT 2023
Ⅱ. Basis of opinion
We have conducted the audit in accordance with the regulations of Auditing Standards for Chinese
Certified Public Accountants. The part of “Auditor’s responsibility” of the report further stated our
responsibilities under the standards.
According to the code of professional ethics for the Chinese Certified Public Accountants, we are
independent of the Kweichow Moutai and perform other responsibilities in the field of professional ethics.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion.
Ⅲ. Emphasis of Matter
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the consolidated financial statements of the current period. These matters were addressed in the
context of our audit of the consolidated financial statements as a whole and, in forming our opinion thereon,
and we do not provide a separate opinion on these matters.
Key audit matters identified in our audit are summarized as follows:
Recognition of the operating revenue
Disclosure of the relationship and transactions with related parties
ANNUAL REPORT 2023
Auditor’s Report(Continued)
Baker Tilly China [2024] No.23234
Key Audit Matters How these matters were addressed in the audit
(I) Recognition of the operating revenue
The procedures we performed during the audit of the 2023 financial
For relevant disclosures, please statements consisted primarily of:
refer to the notes to the financial 1. Understanding and evaluating the design of key internal control
statements "3.19 Revenue" and of the management related to the revenue recognition, and testing the
"6.39 Operating revenue". operational effectiveness thereof;
In 2023, the operating revenue 2. Conducting a sampling inspection of the sales contract to identify
presented in the financial statements the conditions and terms relevant to the transfer of the control over
was RMB147,693,605,000.00. The goods and assess whether the time-point for revenue recognition meets
revenue from the sale of Maotai the requirements of the Accounting Standards for Business
liquor and Maotai series liquor is Enterprises;
recognized when the control of the 3. Analyzing the revenue and gross profit in light of the product
goods has been transferred to the type, and making judgment on whether there is the abnormal
customer, specifically at the time of fluctuation in the revenue amount in the current period;
confirmation of the receipt of the 4. Selecting a sample of revenue transactions recorded during the
goods by the customer according to year, verifying the original documents (including invoices, sales
the agreement of the sales contract. contracts and warehouse receipts) at the time of revenue recognition,
As operating revenue is one of the and evaluating the reasonableness of the related revenue recognition
Kweichow Moutai's key policies;
performance indicators, we consider 5. Selecting a sample of sales transactions conducted near the year
the recognition of the Kweichow end, and examining relevant supporting documentation (including
Moutai's operating revenue as a key delivery notes or documentation from customers confirming receipt of
audit matter. goods) to assess whether the revenue is recognized in the appropriate
accounting period.
(II) Disclosure of the relationship and transactions with related parties:
ANNUAL REPORT 2023
The procedures we performed during the audit of the 2023 financial
statements consisted primarily of:
related parties, evaluating and testing the Kweichow Moutai's internal
control over the identification and disclosure of related-party
For relevant disclosures, please relationships and transactions.
refer to the notes to the financial 2. Obtaining information from the management and those charged
statements "13 Relationship and with governance to identify the names of all known related parties, and
transactions with related parties". performing the following audit procedures in respect of such
The Kweichow Moutai's related information's completeness:
transactions with its related parties (1) Checking it with the related-party relationship statements derived
in 2023 involved significant from the financial system and the information obtained from other
amounts and different transaction public sources;
categories, including sales of goods (2) Reviewing significant sales, purchases and other contracts to
to, purchases of raw materials and identify the existence of undisclosed related-party relationships; and
acceptance of labor services from, (3) Reviewing statutory records such as shareholders' records,
acquisition of funds (absorption of register of shareholders, minutes of shareholders' or governance
deposits) from and provision of meetings, etc., to identify whether there are related parties that the
loans to related parties. management has not informed.
The identification of related party 3. Acquiring a breakdown of related-arty transaction amounts and
relationships and the completeness balances from the management and implementing the following
of disclosure of related transactions procedures:
are the key audit matters. We have (1) Reconciling them with the financial records;
therefore identified the related-party (2) Sampling and checking the reconciliation results of the related-
relationships, the transaction arty transaction amounts and balances; and
fairness and the disclosure (3) Certify the related-arty transaction amounts and balances by
completeness as the key audit sampling.
matters. 4. Checking whether the related-party relationships and transactions
have been fully disclosed in accordance with the requirements of the
Accounting Standards for Business Enterprises.
non-related parties to verify the fairness of the related-party
transactions.
Ⅳ. Emphasis of Matter
The directors of the Kweichow Moutai are responsible for the other information. The other information
comprises the information included in the annual report, but does not include the financial statements
and our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Ⅴ. Responsibilities of directors and those charged withgovernance for the financial statements
The directors of the Kweichow Moutai are responsible for the preparation of the financial statements
that give a true and fair view in accordance with the disclosure requirements of Accounting Standards
for Business Enterprises, and designing, implementing and maintaining internal control that is necessary
to ensure the financial statements are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Kweichow Moutai’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the directors either intend to liquidate the Kweichow
Moutai or to cease operations, or have no realistic alternative but to do so.
ANNUAL REPORT 2023
Those charged with governance are responsible for overseeing the Kweichow Moutai’s financial
reporting process.
Ⅵ. Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with CSAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
As part of an audit in accordance with CSAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
(1) Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to providea basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
(2) Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances.
(3) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors.
(4) Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Kweichow Moutai’s ability to continue as a going
concern. If we conclude that a material uncertainty exists,we are required to draw attention in our
auditor’s report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditor’s report. However, future events or conditions may cause the Kweichow Moutai to
cease to continue as a going concern.
(5) Evaluate the overall presentation, structure and content of the financial statements, and whether the
financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.
(6) Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or
business activities within the Kweichow Moutai to express an opinion on the financial statements. We
are responsible for the direction, supervision and performance of the group audit. We remain solely
responsible for our audit opinion.
We communicated with governance level about the planned audit scope and schedule and significant
audit findings, including communicating the notable internal control flaws we identified in the audit.
We also provide the governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters
that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the governance, we determine those matters that were of most
significance in the audit of the consolidated financial statements of the current period and are therefore
the key audit matters. We describe these matters in our auditor’s report unless law or regulation
precludespublic disclosure about the matter or when, in extremely rare circumstances, we determine that
a matter should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
Beijing, China Chinese Certified Public
April 2, 2024 Accountant:
(Project Partner):
ANNUAL REPORT 2023
Chinese Certified Public
Accountant:
Chinese Certified Public
Accountant:
II. Financial statements
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
December 31, 2023
Prepared by: Kweichow Moutai Co., Ltd.
Monetary Unit: Yuan Currency: RMB
Item Notes 31-Dec-23 31-Dec-22
Current assets:
Cash and Cash equivalents 1 69,070,136,376.12 58,274,318,733.23
Settlements Provision
Loans to banks and other
financial institutions
Held-for-trading financial
assets
Derivative financial assets
Notes receivable 4 13,933,440.00 105,453,212.00
Accounts receivable 5 60,373,410.41 20,937,144.00
Financing receivables
Prepayments 6 34,585,111.79 897,377,162.27
Insurance premium
receivable
Due from reinsurers
Reinsurance contract
reserves receivable
Other receivables 7 27,502,107.30 31,818,622.84
Including: Interest receivable
Dividends receivable
Financial assets purchased
under agreements to resell
Inventories 9 46,435,185,061.53 38,824,374,236.24
Contract assets
Assets classified as held for
sale
Current portion of non-
current assets
Other current assets 11 71,403,906.57 160,843,674.42
Total current assets 225,172,517,821.28 216,611,435,672.92
Non-current assets:
Loans and advances 12 2,130,818,189.27 4,134,744,407.92
Debt investment 13 5,323,002,071.02 380,685,319.09
Other debt investments
ANNUAL REPORT 2023
Long-term receivables
Long-term equity
investments
Other equity instruments
investments
Other non-current financial
assets
Investment properties 15 4,138,545.33 5,335,046.99
Fixed assets 16 19,909,280,655.97 19,742,622,547.86
Construction in progress 17 2,137,464,700.45 2,208,329,892.95
Productive biological assets
Oil and gas assets
Right-of-use asset 18 314,205,484.56 402,551,533.46
Intangible assets 19 8,572,267,313.84 7,083,177,226.45
Development expenditures 20 218,015,555.49 190,536,632.60
Goodwill
Long-term prepaid expenses 21 160,058,930.14 146,455,346.90
Deferred tax assets 22 4,645,887,425.10 3,594,952,468.88
Other non-current assets 23 109,563,497.23
Total non-current assets 47,527,142,270.97 37,889,390,423.10
Total assets 272,699,660,092.25 254,500,826,096.02
Current liabilities:
Short-term borrowings
Borrowing from the central
bank
Deposits and balances from
banks and other financial
institutions
Financial liabilities held for
trading
Derivative financial
liabilities
Notes payable
Accounts payable 25 3,093,091,103.67 2,408,371,053.69
Receipts in advance
Contract liabilities 26 14,125,755,802.29 15,471,920,924.98
Financial assets sold under
agreements to buy
Customer deposits and
balances from banks and other 27 12,034,492,909.95 12,874,043,355.42
financial institutions
Customer brokerage
deposits
Securities underwriting
brokerage deposits
Payroll and employee
benefits payable
Taxes payable 29 6,949,663,893.87 6,896,555,423.83
Other payables 30 5,213,133,685.87 4,543,842,833.87
Including: Interest payable
Dividend payable
Fees and commission
payable
Payable reinsurance
ANNUAL REPORT 2023
Liabilities classified as held
for sale
Current portion of non-
current liabilities
Other current liabilities 32 1,822,498,012.30 1,979,272,808.90
Total current liabilities 48,697,611,501.20 49,065,668,798.38
Non-current liabilities:
Insurance reserves
Long-term borrowings
Bonds payable
Including: Preference share
Perpetual debt
Lease liabilities 33 266,636,234.04 334,447,942.79
Long-term Payable
Long-term payroll and
employee benefits payable
Provisions
Deferred income
Deferred tax liabilities 22 78,943,062.19 162,628,090.99
Other non-current liabilities
Total non-current
liabilities
Total liabilities 49,043,190,797.43 49,562,744,832.16
Owners' equity (or shareholders' equity):
Paid-in capital 34 1,256,197,800.00 1,256,197,800.00
Other equity instruments
Including: Preference share
Perpetual debt
Capital reserve 35 1,374,964,415.72 1,374,964,415.72
Less: treasury shares
Other comprehensive
income
Special reserve
Surplus reserve 37 38,998,763,095.13 32,520,123,399.97
General reserve 38 1,061,529,724.00 1,061,529,724.00
Retained earnings 39 172,983,178,300.09 161,278,002,807.10
Equity attributable to
owners of the parent
Non-controlling interests 7,987,897,687.39 7,458,040,024.40
Total shareholders’ equity 223,656,469,294.82 204,938,081,263.86
Total liabilities and
shareholders' equity
Legal Representative: Ding Xiongjun
Chief Accountant: Jiang Yan
Head of the Accounting Department: Cai Congying
COMPANY STATEMENT OF FINANCIAL POSITION
December 31, 2023
Prepared by: Kweichow Moutai Co., Ltd.
Monetary Unit: Yuan Currency: RMB
Item Notes 31-Dec-23 31-Dec-22
Current assets:
Cash and Cash equivalents 72,639,127,443.08 69,397,227,501.61
ANNUAL REPORT 2023
Held-for-trading financial
assets
Derivative financial assets
Notes receivable
Accounts receivable 1 17,178,545,925.65 20,670,923,010.62
Financing receivables
Prepayments 18,614,923.06 883,947,665.69
Other receivables 2 15,880,057.16 15,092,761.22
Including: Interest
receivable
Dividends receivable
Inventories 44,516,042,266.73 37,214,843,706.27
Contract assets
Assets classified as held for
sale
Current portion of non-
current assets
Other current assets 6,651,365.50 127,580,648.65
Total current assets 134,374,861,981.18 130,433,216,627.39
Non-current assets:
Debt investment
Other debt investments
Long-term receivables
Long-term equity
investments
Other equity instruments
investments
Other non-current financial
assets
Investment properties 4,138,545.33
Fixed assets 19,465,206,198.98 19,278,963,775.03
Construction in progress 2,095,013,288.53 2,151,379,751.61
Productive biological assets
Oil and gas assets
Right-of-use asset 157,783,819.40 207,871,591.22
Intangible assets 8,567,282,703.63 7,077,311,242.16
Development expenditures 218,015,555.49 190,536,632.60
Goodwill
Long-term prepaid expenses 125,398,509.50 127,500,000.29
Deferred tax assets 854,127,274.69 789,682,773.38
Other non-current assets 109,563,497.23
Total non-current assets 37,209,504,882.90 31,447,781,353.84
Total assets 171,584,366,864.08 161,880,997,981.23
Current liabilities:
Short-term borrowings
Financial liabilities held for
trading
Derivative financial
liabilities
Notes payable
Accounts payable 2,986,351,679.18 2,407,574,612.21
Receipts in advance
Contract liabilities 21,950,467.31 1,179,446.26
ANNUAL REPORT 2023
Payroll and employee
benefits payable
Taxes payable 4,148,263,488.21 3,875,939,323.83
Other payables 2,100,265,480.39 1,938,855,202.90
Including: Interest payable
Dividend payable
Liabilities classified as held
for sale
Current portion of non-
current liabilities
Other current liabilities 2,853,560.75 153,328.01
Total current liabilities 14,487,155,463.19 12,901,773,026.75
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: Preference share
Perpetual debt
Lease liabilities 154,907,818.31 195,899,845.16
Long-term Payable
Long-term payroll and
employee benefits payable
Provisions
Deferred income
Deferred tax liabilities 39,445,954.85 116,608,070.57
Other non-current liabilities
Total non-current
liabilities
Total liabilities 14,681,509,236.35 13,214,280,942.48
Owners' equity (or shareholders' equity):
Paid-in capital 1,256,197,800.00 1,256,197,800.00
Other equity instruments
Including: Preference share
Perpetual debt
Capital reserve 1,374,303,082.72 1,374,303,082.72
Less: treasury shares
Other comprehensive
income
Special reserve
Surplus reserve 38,998,763,095.13 32,520,123,399.97
Retained earnings 115,273,593,649.88 113,516,092,756.06
Total shareholders’ equity 156,902,857,627.73 148,666,717,038.75
Total liabilities and
shareholders' equity
Legal Representative: Ding Xiongjun
Chief Accountant: Jiang Yan
Head of the Accounting Department: Cai Congying
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2023
Prepared by: Kweichow Moutai Co., Ltd.
Monetary Unit: Yuan Currency: RMB
Item Notes 2023 2022
ANNUAL REPORT 2023
I. Total revenue 150,560,330,316.45 127,553,959,355.97
Including: Operating revenue 40 147,693,604,994.14 124,099,843,771.99
Interest income 41 2,866,725,322.31 3,454,115,583.98
Net earned premiums
Net fee and commission revenue
II. Total operating costs 46,960,889,468.54 39,748,309,616.85
Including: Operating costs 40 11,867,273,851.78 10,093,468,616.63
Interest expenses 41 113,500,129.93 105,584,206.24
Fees and commission expenses 41 68,578.57 143,141.51
Surrenders
Net payments for insurance claims
Net provision of insurance reserve
Policyholder dividends
Reinsurance expenses
Taxes and surcharges 42 22,234,175,898.60 18,495,818,534.22
Selling expenses 43 4,648,613,585.82 3,297,724,190.94
General and administrative
expenses
R&D expenses 45 157,371,873.01 135,185,680.40
Financial expenses 46 -1,789,503,701.48 -1,391,805,826.72
Including: Interest expense 12,624,628.35 12,023,204.77
Interest income 1,942,301,920.98 1,475,422,303.64
Add: Other income 47 34,644,873.86 24,505,353.83
Investment income/(loss) 48 34,025,967.82 63,840,000.00
Including: Share of profits or loss
of associates and joint ventures
Gain from derecognition of
financial assets measured at amortized
cost
Exchange gains or losses
Net exposure hedging gains/
(losses)
Gain/ (loss) on the changes in fair
value
Credit impairment losses 50 37,871,293.26 -14,686,546.25
Assets impairment losses
Gain/ (loss) from disposal of
assets
III. Operating profit 103,708,655,208.38 87,879,521,782.39
Add: Non-operating income 52 86,779,655.95 70,852,285.40
Less: Non-Operating expenses 53 132,881,174.52 248,884,319.61
IV. Profit/(loss) before tax 103,662,553,689.81 87,701,489,748.18
Less: Income tax expense 54 26,141,077,412.01 22,325,449,790.30
V. Net profit /(loss) 77,521,476,277.80 65,376,039,957.88
(1) Categorized by operation continuity
operations
operations
(2) Categorized by ownership
of the parent
controlling interests
VI. Other comprehensive income, net of
tax
ANNUAL REPORT 2023
(1) Other comprehensive income, net
of tax, attributable to owners of the parent
will not be reclassified to profit or loss
defined benefit plan
the equity method that will not be
reclassified to profit or loss
equity instrument investments
enterprise’s own credit risk
reclassified to profit or loss
can be reclassified to profit or loss in
equity method
investments
reclassified into other comprehensive
income
other debt investments
translation of foreign currency financial 4,715,179.82 2,240,973.45
statements
(2) Other comprehensive income, net of
tax, attributable to non-controlling
interests
VII. Total comprehensive income 77,526,191,457.62 65,378,280,931.33
(1) Total comprehensive income
attributable to owners of the parent
(2) Total comprehensive income
attributable to non-controlling interests
VIII. Earnings per share
(1) Basic earnings per share (CNY /
share)
(2) Diluted earnings per share (CNY /
share)
Legal Representative: Ding Xiongjun
Chief Accountant: Jiang Yan
Head of the Accounting Department: Cai Congying
INCOME STATEMENT OF COMPANY
For the year ended 31 December 2023
Prepared by: Kweichow Moutai Co., Ltd.
Monetary Unit: Yuan Currency: RMB
Item Notes 2023 2022
I. Total revenue 4 81,415,570,788.59 71,301,796,876.93
Less: Total operating costs 4 12,072,158,914.05 10,420,242,137.46
Taxes and surcharges 21,084,932,938.46 17,592,050,587.39
Selling expenses 1,103,737,062.73 838,175,269.31
ANNUAL REPORT 2023
General and administrative expenses 8,986,759,635.56 8,342,403,894.00
Research and development expenses 157,371,873.01 135,185,680.40
Finance expenses -1,466,635,084.72 -1,363,150,442.27
Including: Interest expenses (expressed
with positive value)
Interest income (expressed
with positive value)
Add: Other income 16,495,748.00 9,460,960.94
Investment income/(loss) 5 35,364,314,663.45 47,660,330,707.35
Including: Share of profits or loss of
associates and joint ventures
Gain from derecognition of
financial assets measured at amortized cost
Net exposure hedging gains/ (losses)
Gain/ (loss) on the changes in fair
value
Credit impairment losses -65,274.04 2,489,064.82
Assets impairment losses
Gain/ (loss) from disposal of assets -3,223,587.40 343,183.91
II. Operating profit/Loss 74,857,206,902.08 83,009,513,667.66
Add: Non-operating income 73,556,271.04 66,605,379.09
Less: Non-operating expenses 128,519,882.50 242,611,517.77
III.Profit/(loss) before tax 74,802,243,290.62 82,833,507,528.98
Less: Income tax expense 10,015,846,339.04 9,030,426,386.98
IV. Net profit /(loss) 64,786,396,951.58 73,803,081,142.00
(1) Net profit from continuing operations 64,786,396,951.58 73,803,081,142.00
(2) Net profit from discontinuing
operations
V. Other comprehensive income, net of tax
(1) Other comprehensive income, net of
tax
not be reclassified to profit or loss
the equity method that will not be reclassified
to profit or loss
instrument investments
own credit risk
(2) Other comprehensive income to be
reclassified to profit or loss
be reclassified to profit or loss in equity
method
investments
reclassified into other comprehensive income
other debt investments
of foreign currency financial statements
VI. Total comprehensive income 64,786,396,951.58 73,803,081,142.00
VII. Earnings per share
ANNUAL REPORT 2023
(1) Basic earnings per share (CNY /
share)
(2) Diluted earnings per share (CNY /
share)
Legal Representative: Ding Xiongjun
Chief Accountant: Jiang Yan
Head of the Accounting Department: Cai Congying
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2023
Prepared by: Kweichow Moutai Co., Ltd.
Monetary Unit: Yuan Currency: RMB
Item Notes 2023 2022
I. Cash flows from operating activities
Cash receipts from the sale of goods
and the rendering of services
Net increase in customer bank deposits
and due to banks and other financial -810,223,002.76 -8,916,033,228.67
institutions
Net increase in loans from the central
bank
Net increase in funds borrowed from
other financial institutions
Cash premiums received on original
insurance contracts
Net cash received from re-insurance
business
Net increase in deposits and
investments from insurers
Cash received from interest, fees and
commission
Net increase in funds deposit
Net increase in repurchase business
funds
Net income from securities trading
brokerage business
Tax refunds received 1,500,047.04 33,191,912.56
Cash received relating to other
operating activities
Sub-total of cash inflows 168,256,168,955.95 137,815,874,923.81
Cash paid for purchase of goods and
services
Net increase in loans and payments on
-2,051,930,316.19 723,778,672.00
behalf of customers
Net increase in deposits with central
bank and other financial institutions
Payments for claims for original
insurance contracts
Net increase in funds lent 2,500,000,000.00
Cash paid for interest, fees and
commission
Commissions on insurance policies
paid
Cash paid to and on behalf of employee 13,845,293,907.26 11,752,241,598.62
ANNUAL REPORT 2023
Cash paid for taxes 66,683,472,509.22 62,043,324,506.36
Cash paid relating to other operating
activities
Sub-total of cash outflows 101,662,921,234.86 101,117,279,093.78
Net cash flows from operating
activities
II. Cash flows from investing activities
Cash received from disposal of
investments
Cash received from investment income 140,715,000.00 5,880,000.00
Net proceeds from disposal of property,
plant and equipment, intangible assets and 24,948,352.95 355,149.00
other long-term assets
Cash received from disposal of
subsidiaries and other business units
Cash received relating to other
investing activities
Sub-total of cash inflows 7,720,216,540.73 11,206,911.18
Purchase of property, plant and
equipment, intangible assets and other 2,619,755,888.79 5,306,546,416.54
non-current assets
Cash paid for investments 56(2) 14,817,852,800.00 210,000,000.00
Net increase in secured loans
Net cash paid for acquisition of a
subsidiary and other operating units
Cash paid relating to other investing
activities
Sub-total of cash outflows 17,444,630,555.89 5,548,033,246.08
Net cash flows from investing
-9,724,414,015.16 -5,536,826,334.90
activities
III. Cash flows from financing activities
Cash received from investment
Including: Cash receipts from capital
contributions from non-controlling
interests of subsidiaries
Proceeds from borrowings
Cash receipts relating to other
financing activities
Subtotal of cash inflows
Repayments for debts
Cash payments for distribution of
dividends or profit and interest expenses
Including: Dividends or profit paid to
non-controlling shareholders of 2,204,530,367.41 2,618,815,078.45
subsidiaries
Cash payments relating to other
financing activities
Subtotal of cash outflows 58,889,101,991.94 57,424,528,979.83
Net cash flows from financing
-58,889,101,991.94 -57,424,528,979.83
activities
IV. Effect of exchange rate changes on
cash and cash equivalents
V. Net increase in cash and cash
-2,018,550,030.36 -26,261,848,396.69
equivalents
Add: Cash and cash equivalents at
beginning of year
VI. Cash and cash equivalents at end of
year
ANNUAL REPORT 2023
Legal Representative: Ding Xiongjun
Chief Accountant: Jiang Yan
Head of the Accounting Department: Cai Congying
COMPANY STATEMENT OF CASH FLOWS
For the year ended 31 December 2023
Prepared by: Kweichow Moutai Co., Ltd.
Monetary Unit: Yuan Currency: RMB
Item Notes 2023 2022
I. Cash flows from operating activities
Cash receipts from the sale of
goods and the rendering of 94,747,549,529.72 60,627,778,647.24
services
Tax refunds received
Cash received relating to other
operating activities
Sub-total of cash inflows 97,004,995,636.43 62,497,008,747.99
Cash paid for purchase of goods
and services
Cash paid to and on behalf of
employee
Cash paid for taxes 39,639,038,426.44 37,873,356,637.22
Cash paid relating to other
operating activities
Sub-total of cash outflows 68,108,344,249.12 60,017,545,073.65
Net cash flows from operating
activities
II. Cash flows from investing activities
Cash received from disposal of
investments
Cash received from investment
income
Net proceeds from disposal of
property, plant and equipment,
intangible assets and other long-
term assets
Cash received from disposal of
subsidiaries and other business
units
Cash received relating to other
investing activities
Sub-total of cash inflows 37,508,890,592.14 47,601,779,978.53
Purchase of property, plant and
equipment, intangible assets and 2,589,885,182.75 5,252,006,054.93
other non-current assets
Cash paid for investments 4,000,000,000.00
Cash Paid for disposal of
subsidiaries and other business
units
Cash paid relating to other
investing activities
Sub-total of cash outflows 6,596,907,049.85 5,283,492,884.47
Net cash flows from
investing activities
III. Cash flows from financing activities
ANNUAL REPORT 2023
Cash received from investment
Proceeds from borrowings
Cash receipts relating to other
financing activities
Subtotal of cash inflows
Repayments for debts
Cash payments for distribution
of dividends or profit and interest 56,550,256,362.60 54,751,381,113.01
expenses
Cash payments relating to other
financing activities
Subtotal of cash outflows 56,621,306,832.10 54,771,094,972.67
Net cash flows from
-56,621,306,832.10 -54,771,094,972.67
financing activities
IV. Effect of exchange rate
changes on cash and cash
equivalents
V. Net increase in cash and cash
equivalents
Add: Cash and cash equivalents
at beginning of year
VI. Cash and cash equivalents at
end of year
Company Principal: Ding Xiongjun
Accounting Principal: Jiang Yan
Head of the Accounting Department: Cai Congying
ANNUAL REPORT 2023
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
January to December 2023
Prepared by: Kweichow Moutai Co., Ltd.
Monetary Unit: Yuan Currency: RMB
Equity attributable to owners of the parent
Other equity Less
Item instruments : Other Non-controlling Total shareholders’
interests equity
Capital treas comprehen Special Oth
Subtotal
Share capital prefer Perp Ot Surplus reserve General reserve Retained earnings ers
reserve ury sive reserve
ence etual her
shar income
share debt s
es
end of previous year 1,374,964,415 10,776,90 32,522,779,178.8
.72 7.33 8
Add: changes in
-2,655,778.91 -23,975,377.63 -26,631,156.54 24,166.32 -26,606,990.22
accounting policies
Corrections of
prior period errors
Others
beginning of the 1,374,964,415 10,776,90 32,520,123,399.9
year .72 7.33 7
Increase/(decrease) 6,478,639,695.16 11,705,175,492.99 18,188,530,367.97 529,857,662.99 18,718,388,030.96
during the period
(1) Total
comprehensive 74,734,071,550.75 74,738,786,730.57 2,787,404,727.05 77,526,191,457.62
income
(2) Shareholders’
contributions and -6,000,000.00 -6,000,000.00
reduction
(i) Shareholders
‘contributions in
ordinary share
(ii) Other equity
instruments
contributions
(iii) Amount of
share-based
payments
recognized in equity
(iv) Others -6,000,000.00 -6,000,000.00
(3) Profit
distribution
(i) Transfer to
surplus reserve
ANNUAL REPORT 2023
(ii) Transfer to
general reserve
(iii) Distribution to
-56,550,256,362.60 -56,550,256,362.60 -2,251,547,064.06 -58,801,803,426.66
shareholders
(iv) Others
(4) Transfer within
equity
(i) Capital reserves
converted to share
capital
(ii) Surplus
reserves converted
to share capital
(iii) Loss made up
by surplus reserves
(iv) Changes in the
defined benefit plan
transferred to
retained earnings
(v) Other
comprehensive
income transferred
to retained earnings
(vi) Others
(5) Special reserve
(i) Additions
(ii) Utilisation
(6) Others
.72 3
Equity attributable to owners of the parent
Non-controlling Total shareholders’
Item Other equity Other Capita
Sha interests equity
Share instruments Capital Share equity l Other equity re Other equity Capital reserve Share capital
prefer Perp Ot Share capital Capital reserve cap instruments
capital reserve capital instrume reserv instruments ital
ence etual her
share debt s nts e
end of previous .00 .72
year 0.78
Add: changes in -3,017,532.39 -24,637,756.00 -27,655,288.39 145,107.04 -27,510,181.35
accounting
policies
Corrections
of prior period
errors
Others
beginning of the .00 .72
year 0.78
Increase/(decreas 45
ANNUAL REPORT 2023
e) during the
period
(1) Total
comprehensive 45
income
(2)
Shareholders’
contributions and
reduction
(i) Shareholders
‘contributions in
ordinary share
(ii) Other equity
instruments
contributions
(iii) Amount of
share-based
payments
recognized in
equity
(iv) Others
(3) Profit
distribution
(i) Transfer to
surplus reserve
(ii) Transfer to
general reserve
(iii) Distribution
-54,751,381,113.01 -54,751,381,113.01 -2,618,815,078.45 -57,370,196,191.46
to shareholders
(iv) Others
(4) Transfer
within equity
(i) Capital
reserves
converted to
share capital
(ii) Surplus
reserves
converted to
share capital
(iii) Loss made
up by surplus
reserves
(iv) Changes in
the defined
benefit plan
transferred to
retained earnings
(v) Other
comprehensive
income
transferred to
retained earnings
(vi) Others
(5) Special
reserve
(i) Additions
ANNUAL REPORT 2023
(ii) Utilisation
(6) Others
balance 10,776,90 1,061,529,724.00 161,278,002,807.10 197,480,041,239.46 7,458,040,024.40 204,938,081,263.86
.00 .72 7
Company Principal: Ding Xiongjun
Accounting Principal: Jiang Yan
Head of the Accounting Department: Cai Congying
COMPANY STATEMENT OF CHANGES IN EQUITY
January to December 2023
Monetary Unit: Yuan Currency: RMB
Year 2023
Other equity
instruments
pr
Pe
ef Other Specia
rp Less:
Item er comprehe l Total shareholders’
Share capital et Ot Capital reserve treasury Surplus reserve Retained earnings
en nsive reserv equity
ua he shares
ce income e
l rs
sh
de
ar
bt
e
previous year
Add: changes in accounting
-2,655,778.91 -23,902,010.23 -26,557,789.14
policies
Corrections of prior
period errors
Others
of the year
the period
(1) Total comprehensive
income
(2) Shareholders’
contributions and reduction
(i)Shareholders’
contributions in ordinary
share
ANNUAL REPORT 2023
(ii) Other equity
instruments contributions
(iii) Amount of share-based
payments recognized in
equity
(iv) Others
(3). Profit distribution 6,478,639,695.16 -63,028,896,057.76 -56,550,256,362.60
(i) Transfer to surplus
reserve
(ii) Distribution to
-56,550,256,362.60 -56,550,256,362.60
shareholders
(iii) Others
(4) Transfer within equity
(i) Capital reserves
converted to share capital
(ii) Surplus reserves
converted to share capital
(iii) Loss made up by
surplus reserves
(iv) Changes in the defined
benefit plan transferred to
retained earnings
(v) Other comprehensive
income transferred to
retained earnings
(vi) Others
(5). Special reserve
(i). Additions
(ii). Utilisation
(6) Others
Other equity
Other
instruments
compr Speci
pr Pe Less:
Item ehensi al Total shareholders’
Share capital ef rp Ot Capital reserve treasury Surplus reserve Retained earnings
ve reserv equity
er et he shares
incom e
en ua rs
e
ce l
ANNUAL REPORT 2023
sh de
ar bt
e
previous year
Add: changes in accounting
-3,017,532.39 -27,157,791.57 -30,175,323.96
policies
Corrections of prior
period errors
Others
of the year
during the period
(1) Total comprehensive
income
(2) Shareholders’
contributions and reduction
(i) Shareholders’
contributions in ordinary
share
(ii)Other equity
instruments contributions
(iii) Amount of share-based
payments recognized in
equity
(iv) Others
(3). Profit distribution 7,380,308,114.20 -62,131,689,227.21 -54,751,381,113.01
(i) Transfer to surplus
reserve
(ii) Distribution to
-54,751,381,113.01 -54,751,381,113.01
shareholders
(iii) Others
(4) Transfer within equity
(i) Capital reserves
converted to share capital
(ii) Surplus reserves
converted to share capital
(iii) Loss made up by
surplus reserves
ANNUAL REPORT 2023
(iv) Changes in the defined
benefit plan transferred to
retained earnings
(v) Other comprehensive
income transferred to
retained earnings
(vi) Others
(5). Special reserve
(i). Additions
(ii). Utilisation
(6) Others
Company Principal: Ding Xiongjun
Accounting Principal: Jiang Yan
Head of the Accounting Department: Cai Congying
ANNUAL REPORT 2023
III. Company profile
√Applicable □N/A
Kweichow Moutai Co., Ltd. is established after being approved by Guizhou Provincial People’s
Government in its document of (1999) No. 291, Reply on Approving the Establishment of Kweichow
Moutai Co., Ltd. As an incorporated company, its main promoter is China Kweichow Moutai Distillery
(Group) Co., Ltd., with Kweichow Moutai Distillery (Group) Technology Development Co., Ltd.,
Guizhou Textile Collective Industry Association, Research Institute of Tsinghua University in Shenzhen,
China National Research Institute of Food and Fermentation Industries, Beijing Sugar Tobacco & Liquor
Group Co., Ltd., Jiangsu CANDY & LIQUOR & TOBACCO Parent Co., Shanghai Jieqiang Tobacco
Sugar & Liquor (Group) Co., Ltd. as co-founders.
The company was established on November 20,1999. Its registered capital at its establishment was RMB
with the document of [2001] No. 56, the corporation publicly offered 71,500,000 A shares (including
its shares at 250,000,000 shares. On August 20, 2001, the corporation completed registration for
alternation of registered capital from Administration for Industry& Commerce of Guizhou Province.
According to the plan of profit distribution and converting capital reserves into share capital audited and
approved by the 2001 Annual General Meeting, the corporation set the total share capital at the end of
inclusive) to all shareholders, and converted capital reserves into increased share capital at a 10:1 ratio,
totally increasing 25,000,000 shares. After this profit distribution, the total capital share increased from
for alternation of registered capital from Administration for Industry& Commerce of Guizhou Province.
According to the plan of profit distribution audited and approved by the 2002 Annual General Meeting,
the corporation set the total share capital at the end of 2002- 275,000,000 shares as the baseline, and
distributed dividends (RMB 2 yuan every 10 shares, tax inclusive) to all shareholders. With the same
baseline, the corporation distributed bonus shares (1 bonus share every 10 share) to all shareholders. After
this profit distribution, the total capital share increased from 275,000,000 shares to 302,500,000 shares.
On June 10, 2004, the corporation completed registration for alternation of registered capital from
Administration for Industry& Commerce of Guizhou Province.
According to the plan of profit distribution and converting capital reserves into share capital audited and
approved by the 2003 Annual General Meeting, the corporation set the total share capital at the end of
inclusive) to all shareholders, and converted capital reserves into increased share capital at a 10:3 ratio.
After this profit distribution, the total capital share increased from 302,500,000 shares to 393,250,000
shares. On June 24, 2005, the corporation completed registration for alternation of registered capital from
Administration for Industry& Commerce of Guizhou Province.
According to the plan of profit distribution and converting capital reserves into share capital audited and
approved by the 2004 Annual General Meeting, the corporation set the total share capital at the end of
inclusive) to all shareholders, and converted capital reserves into increased share capital at a 10:2 ratio.
After this profit distribution, the total capital share increased from 393,250,000 shares to 471,900,000
shares. On January 11, 2006, the corporation completed registration for alternation of registered capital
from Administration for Industry& Commerce of Guizhou Province.
According to the Reform Plan of Equity Division of Kweichow Moutai Co., Ltd. (Revised Version)
audited and approved by the second provisional General Meeting and the Meeting of relevant shareholders,
the corporation set the total share capital at the end of 2005- 471,900,000 shares as the baseline, and
converted every 10 capital reserves into 10 increased share capital. After this profit distribution, the total
capital share increased from 471,900,000 shares to 943,800,000 shares. On November 17,2006, the
ANNUAL REPORT 2023
corporation completed registration for alternation of registered capital from Administration for Industry&
Commerce of Guizhou Province.
According to the 2010 annual plan for profit distribution audited and approved by the 2010 Annual General
Meeting, the corporation set the total share capital at the end of 2010- 943,800,000 shares as the baseline,
and distributed dividends (RMB 23 yuan every 10 shares, tax inclusive) and bonus share (1 bonus share
for every 10 shares) to all shareholders. After this profit distribution, the total capital share increased from
for alternation of registered capital from Administration for Industry& Commerce of Guizhou Province.
According to the 2013 annual plan for profit distribution audited and approved by the 2013 Annual General
Meeting, the corporation set the total share capital at the end of 2013- 1,038,180,000 shares as the baseline,
and distributed dividends (RMB 43.74 yuan every 10 shares, tax inclusive) and bonus share (1 share every
for alternation of registered capital from Administration for Industry& Commerce of Guizhou Province.
According to the 2014 annual plan for profit distribution audited and approved by the 2014 Annual General
Meeting, the corporation set the total share capital at the end of 2014- 1,141,998,000 shares as the baseline,
and distributed dividends (RMB 43.74 yuan every 10 shares, tax inclusive) and bonus share (1 share every
alternation of registered capital from Administration for Industry& Commerce of Guizhou Province.
Business scope of the Company: production and marketing of Moutai liquor and liquors of series,
production and marking of beverage, food and package materials, the development of anti-counterfeit
technology and the research and development of IT-related products, the service of management of hotel,
housing, catering, entertainment, bath and parking lot, vehicle transporting (dangerous chemicals not
included) and maintenance, and the second category of value-added telecommunications services.
IV. Basis for the preparation of the financial statements
The company has prepared its financial statements on a going concern basis.
√Applicable □N/A
Since the date of this report, there are no events resulting in significant uncertainties over going concern
of the operation of this company for at least 12 months.
V. Significant accounting policies and accounting estimates
Specific accounting policies and accounting estimates:
√Applicable □N/A
The financial statements have been prepared in accordance with the requirements of accounting standards
for business enterprises, which truly and completely reflect the Company’s financial status, operating
results, changes in shareholders’ equity, cash flow and other relevant information.
The accounting year of the Company is from 1 January to 31 December.
√Applicable □N/A
The Company adopts 12 months as an operating cycle.
ANNUAL REPORT 2023
The Company adopts RMB as its functional currency.
√Applicable □N/A
Item Materiality criteria
The amount of bad debt provision assessed
Significant bad debt provision assessed individually accounts for over 10% of the total
individually of accounts receivable amount of bad debt provision of accounts
receivable and exceeds RMB 50 million.
The amount of individual recovery or reversal
Significant recovery or reversal of bad debt
accounts for over 10% of the total amount of
provision of accounts receivable
accounts receivable and exceeds RMB 50 million.
The amount of individual write-off accounts for
over 10% of the total amount of bad debt provision
Significant write-off of accounts receivable
of accounts receivable and exceeds RMB 50
million.
The budget of individual construction in progress
Significant construction in progress
investment exceeds RMB 1 billion.
The budget amount of individual research and
development project which is capitalized accounts
Significant capitalization of research and for over 10% of the total budget of current
development expenditures research and development projects and the
capitalized amount incurred in the current period
exceeds RMB 50 million.
investment budget for a single construction in
important projects of construction in progress
progress exceeding RMB 1 billion
The amount of individual accounts payable or
other payables with the aging over 1 year accounts
Significant accounts payable and other payables for over 10% of the total amount of accounts
payable or other payables and exceeds RMB 100
million.
The subsidiaries with non-controlling
shareholders holding 5% and more than 5% of
shares and the amount of total assets, net assets,
Significant non-wholly owned subsidiaries
operating revenue and net profit accounts for
over 10% of the corresponding items in the
consolidated financial statements.
“Business combination involving entities not under common control”
√Applicable □N/A
(1) Business combination involving entities under common control
For business combination involving entities under common control, assets and liabilities obtained by the
combining party through business combination shall be measured at the book value of the combined
company at the combination date. The capital reserve (stock premium or capital premium) is adjusted
according to the difference between the book value of net asset acquired through combination and the
book value of consideration paid for the combination (or total par value of shares issued). If the capital
reserve (stock premium or capital premium) is insufficient to offset, the retained earnings shall be adjusted.
(2) Business combination not under common control
For business combination involving entities not under common control, the combination cost is calculated
at fair value of the assets, liabilities incurred or assumed and the equity securities issued by the combining
party on combination date in the purpose of gaining the combined party’s control. For business
ANNUAL REPORT 2023
combination involving entities not under common control that are achieved step by step in multiple
exchanges and transactions, different approaches in accounting treatment are adopted for individual
financial statements and combination financial statements as follows.
A. For individual financial statements, the initial investment cost of the investment is calculated as the
sum of the book value of the combined party’s equity investment held by the combining party before the
combination date and the increased investment cost on the combination date. If the combined party’s
equity held by the combining party entails other comprehensive profits, then the profits (e.g. the part of
the difference of fair value of saleable financial assets that is calculated in capital reserves, the same for
the follows) shall be calculated as the investment profits of the current period.
B. For combination financial statements, the combined party’s equity held by the combining party before
the combination date shall be recalculated in fair value of the equity on combination date. The margin of
its fair value and book value shall be calculated into the investment profits of the current period. If the
combined party’s equity held by the combining party entails other comprehensive profits, then the profits
shall be calculated as the investment profits of the current period of the combination date. Fees,
commissions, and other transaction expenses and other relevant administration expense paid for
combination shall be calculated into current profits or losses as they occur. Transaction fees of equity
securities and debt securities paid by the combining party for combination consideration shall be included
in the initial measurement amount of equity or debt securities. The Company shall recognize the difference
of the combination costs in excess of the fair value of the net identifiable asset acquired from the acquiree
through combination as goodwill. After the review, if the combination costs are still in short of the fair
value of the net identifiable asset acquired from the acquiree through combination, include the difference
in the current profits or losses.
√Applicable □N/A
(1) Judgment criteria for control
The consolidation scope of the consolidated financial statements is determined on the basis of control.
The control over an investee will be identified when an investor: has the power over the investee, is
exposed to variable returns from its involvement with the investee and has the ability to to affect those
returns through its power over the investee.
(2) Basis of consolidated financial statements
The consolidated financial statements of the Company are prepared in accordance with the Accounting
Standards for Business Enterprises No.33 --Consolidated Financial Statements and relevant regulations.
All major internal transactions and current accounts within the scope of the consolidate have been offset
at the time of consolidation. The part of shareholders' equity of a subsidiary that is not owned by the parent
company shall be presented separately as non-controlling equity under shareholders’ equity in the
consolidated financial statements. When preparing the consolidated financial statements, where
accounting policies and accounting periods adopted by subsidiaries are inconsistent with those of the
Company, necessary adjustments should be made to the financial statements of subsidiaries according to
the accounting policy and accounting period adopted by the Company. For the subsidiaries acquired
through business combination under common control, their operating results and cash flows shall be
included in the consolidated financial statements from the beginning of the current consolidation period.
When preparing the comparative consolidated financial statements, related items in the financial
statements of the previous year are adjusted accordingly, and it is deemed that, after the combination, the
reporting entity has been in existence since the point when the ultimate controlling party began to control.
For the subsidiaries acquired through business combination not under common control, their operating
results and cash flows shall be included in the consolidated financial statements as from the date of
obtaining the control right by the Company.
Cash equivalents include cash on hand, bank balances, other monetary funds, provision at central bank
retrievable at any time, deposits with other banks, placements with banks, buying securities and return
sale within the same industry and other investments featuring short investment period (generally due
within three months since purchase), high mobility, easy convertibility to cash with known amount and
low risk of value change.
ANNUAL REPORT 2023
√Applicable □N/A
(1) Foreign currency operations
The amount in the foreign currency shall be translated into RMB currency according to the middle rate of
exchange rate in foreign currency market on the day of transaction. At the end of the period, the balance
of monetary foreign currency account shall be translated into RMB currency according to the middle rate
of exchange rate at the end of the period. The difference between the translated RMB balance and the
original book balance shall be calculated as exchange gains or lost, and recorded into items like ‘finance
expense’ and ‘construction in progress’. For non-monetary foreign currency projects calculated with
historical cost, the spot exchange rate on transaction day is employed, and the amount of reporting
currency stay unchanged.
(2) Foreign currency translation
Assets and liabilities in the balance sheets shall be translated at the spot exchange rates on balance sheet
date. Shareholders’ equity items, except for the item of “retained earnings”, are translated at the spot
exchange rates on the dates when the transactions occur. Revenue and expense items in the income
statement are translated at the spot exchange rates on the dates when the transactions occur or at the
exchange rate determined in a systematical and reasonable method and similar to the spot exchange rate
on the day when the transactions occur. Differences arising from the above translations of foreign currency
financial statements are separately listed under other comprehensive income in the consolidated balance
sheet. Cash flow projects operated overseas shall be translated at approximate exchange rate of spot rate
on the date of cash flow. The amount of cash affected by fluctuations of exchange rate shall be separately
listed in the table of cash flow.
√Applicable □N/A
(1) Recognition and derecognition of financial instruments
When the Company becomes a party to a financial instrument contract, the related financial asset or
financial liability should be recognized. Transaction of financial assets by regular means shall be
recognized and derecognized according to accounting on transaction date. Regular means refers to
gaining or giving financial assets within the time period designated by law or regulations according to
contract items. Transaction date refers to the date that the Company promises to purchase or sell
financial assets.
Derecognition of financial assets (or part of financial assets) shall be conducted- written off from the
account and asset liability list, if it meets following conditions: A. expiration of the right to acquire cash
flow of financial assets; B. Transfer of the right to obtain cash flow of financial assets, and (a)
substantively transferring almost all risks and rewards of the possession of financial assets, or (b) though
substantively neither transferring nor retaining almost all risks and rewards of the possession of financial
assets, relinquishing the control over the financial assets.
(2) Classification and measurement of financial assets
Based on the business model of financial asset management and the contract cash flow characteristics of
financial assets, the Company classifies financial assets into: financial assets measured at amortized cost;
financial assets measured at fair value with their changes included into other comprehensive income; and
financial assets measured at fair value with their changes included into current profits/losses. The
following measurement of financial assets depends on its classification.
The financial assets of the Company are classified according to the business model of the company's
management of financial assets and the cash flow characteristics of financial assets.
A. Financial assets measured at amortized cost
The business model in which the Company manages financial assets measured at amortized cost aims to
receive contract cash flow. Furthermore, the characteristics of the contract cash flow of such financial
assets are consistent with basic borrowing and lending arrangements, which means that cash flow
generated on a specific date serves only as payment for principal and interests based on the amount of
ANNUAL REPORT 2023
unpaid principal. The Company adopts the effective interest method for such financial interests,
performs subsequent measurement of them at amortized cost, and includes the gains or losses from
derecognition, changes or impairment of them into current profits/losses.
B. Investment in debt instruments measured at fair value through other comprehensive income
The financial assets that meet the following conditions are of this category: The business model in which
the Company manages such financial assets both aims to receive contract cash flow and for the purpose
of sale; furthermore, the characteristics of the contract cash flow of such financial assets are consistent
with basic borrowing and lending arrangements. The Company measure such financial assets at fair
value and include their changes into other comprehensive income, but record impairment losses or gains,
exchange gains or losses and interest income calculated in the effective interest method into current
profits/losses.
C. Investment in equity instruments measured at fair value through other comprehensive income
The Company irrevocably chooses to designate part of non-transactional equity instrument investments
as financial assets calculated with fair value whose changes are included in other comprehensive
income, and only relevant dividend income is calculated into current profits or losses. Changes in fair
value are recognized as other comprehensive income. When the financial asset is derecognized,
cumulative gains or losses should be transferred into retained earnings.
D. Financial assets measured at fair value through profit or loss
For financial assets other than the above financial assets measured at amortized cost and financial assets
measured at fair value with their changes included into other comprehensive income, the Company
classifies them as financial assets measured at fair value with their changes included into current
profits/losses. In addition, at the initial recognition, the Company specifies partial financial assets as
financial assets measured at fair value with their changes included into current profits/losses, in order to
eliminate or substantially reduce accounting mismatch. For such financial assets, the Company performs
subsequent measurement using fair value and records changes in the fair value into current
profits/losses. When and only when the Company changes its business mode for management of
financial assets, will be influenced relevant financial assets be reclassified. For financial assets measured
at fair value with their changes included into current profits/losses, relevant transaction fees are
calculated into current profits or losses; while for other financial assets, relevant transaction fees are
included into the initial recognition amount.
(3) Classification and measurement of financial liabilities
At their initial recognition, financial liabilities are divided into financial liabilities measured at amortized
cost and financial liabilities measured at fair value with their changes included into current profits or
losses.
Financial liabilities meeting the following conditions are specified as financial liabilities measured at fair
value with their changes included into current profits or losses at initial measurement: A. The
specification can eliminate or notably reduce account mismatch; B. Based on risk management or
investment strategy from official documents, management and business evaluation are conducted on
financial liability combination or financial asset and financial liability combination on the basis of fair
value, which are reported to key management personnel inside the company; C. The financial liabilities
include embedded derivatives that need to be separated.
The Company recognize the classification of financial liabilities at initial recognition. For financial
liabilities measured at fair value with their changes included into current profits or losses, relevant
transaction fees are calculated into current profits or losses; while for other financial liabilities, relevant
transaction fees are included into the initial recognition amount.
The subsequent measurement of financial liabilities depends on its classification:
A. Financial liabilities measured at amortized cost
For financial liabilities of this category, effective interest rate is adopted, and subsequent measurement is
performed at amortized cost.
ANNUAL REPORT 2023
B. Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value with their changes included into current profits/losses include
trading financial liabilities (including derivatives classified as financial liabilities) and the financial
liabilities specified to be measured at fair value with their changes included into current profits/losses at
the initial recognition.
(4) Offset of financial instruments
Financial assets and financial liabilities meeting the following conditions simultaneously shall be listed
in balance sheet in their net amounts after manual offset: The Company has the legal right to offset
recognized financial assets and financial liabilities and may execute the legal right currently and
simultaneously; The Company plans to settle or simultaneously encash the financial assets in net
amounts and pay off the financial liabilities.
(5) Impairment of financial assets
For financial assets measured at amortized cost and debt instrument investment measured at fair value
with its changes included into other comprehensive income, the Company recognizes the provision for
loss based on the expected credit loss.
When assessing expected credit loss, the Company considers reasonable and well-founded information
on past matters, present conditions and forecast of future economic conditions, sets the risk of default as
theweight, and calculates the weighted amount of the difference of present value between the cash flow
according to the contract and the cash flow expected to be gained in practice.
On each balance sheet date, the Company calculates expected credit loss for financial instruments at
different stages. If the credit risk of financial instrument hasn’t substantially increased since the initial
recognition, then it is in the first stage, and the Company will measure the loss provision at the amount
equivalent to the expected credit loss for the next 12 months. If the credit risk has substantially increased
since the initial recognition without credit impairment, then the financial instrument is in the second
stage, and the Company will measure the loss provision at the amount equivalent to the expected credit
loss for the entire duration. If credit impairment has occurred since the initial recognition, then the
financial instrument is in the third stage, and the Company will measure the loss provision by the
amount equivalent to the expected credit loss for the entire duration.
For financial instruments featuring relatively low credit risk on asset balance date, the Company
assumes no substantial increase of credit risk since the initial recognition, and will measure the loss
provision at the amount equivalent to the expected credit loss for the next 12 months.
For financial instruments that are in the first stage or second stage, or featuring relatively low credit risk,
the Company will calculate the interest income according to the book balance and the effective interest
rate without deducting provision. For financial instruments that are in the third stage, the Company will
calculate the interest income according to the amortization cost and the effective interest rate, deducting
provision from the book balance.
For notes receivable and accounts receivable formed in daily operations like sale of product and
provision of labor, regardless of substantial financing component, the Company will measure the loss
provision by the amount equivalent to the expected credit loss for the entire duration.
When the information about the expected credit loss of a single financial asset cannot be evaluated at a
reasonable cost, the Company shall divide the accounts receivables portfolio according to credit risk
characteristics and measure the expected credit loss based on portfolios. The foundation to determine
portfolio and provision means are as follow:
Bank acceptance bill portfolio Bank acceptance bills
Accounts receivable portfolio Accounts receivable of related parties within the scope of
consolidation
ANNUAL REPORT 2023
Portfolio of other receivables Reserve funds, deposits and security deposit and other receivables
with low credit risk
Portfolio of other receivables Other receivables of related parties within the scope of
consolidation
Other portfolios Other payments except the above portfolios
For accounts retrievable divided as portfolio and accounts retrievable formed in daily operations like sale
of product and provision of labor, the Company calculates the expected credit loss through the comparative
table of accounts retrievable and accounts retrievable age and the expected credit loss rate over the entire
duration based on the current situation and prediction of future economic situation consulting historical
credit loss experience. For other notes retrievable and accounts retrievable classified as portfolio, the
company will calculate the expected credit loss through the exposure at default and expected credit loss
rate for the following 12 months or over the entire duration based on the current situation and prediction
of future economic situation consulting historical credit loss experience.
The Company calculates provision withdrawn or reversed into profits/ losses of the current period. For
liability instruments in fair value whose changes are included in other comprehensive income, the
Company calculates impairment losses or income into profits/ losses of the current period, while adjusting
other comprehensive income.
(6) Transfer of financial assets
If almost all the risks and rewards in respect of the ownership of the financial asset are transferred, the
financial asset shall be derecognized; if they are retained, the financial asset shall not be derecognized.
If almost all the risks and rewards in respect of the ownership of the financial asset are neither transferred
nor retained, the Company will conduct further evaluation: If the enterprise does not retain control over
the asset, then its financial assets shall be derecognized, and the rights and obligations produced or retained
during transfer shall be separately recognized as assets or liabilities. If the enterprise retains control over
the asset, then relevant financial assets shall be recognized according to the degree to which it continues
to be involved in the transferred financial assets, and relevant liabilities shall be recognized.
If the enterprise continues to involve itself by obligation of guarantee for transferred financial assets, then
the lower one of the book value and guarantee amount of financial assets on transfer date shall be selected
and recognized as the transferred financial assets. The relevant liabilities are determined as the sum of
guarantee amount and fair value of guarantee contract (usually the consideration received from obligation
of guarantee). The guarantee amount refers to the highest amount repayable among the considerations an
enterprise receives.
√Applicable □N/A
Classification of inventory, measurement method of dispatched inventories, inventory system, and
amortization method of low-cost consumables and packing materials
√Applicable □N/A
(1) Classification of inventories
Inventories are classified as: raw materials, semi-finished goods, goods in progress, finished goods, and
revolving materials.
(2) Measurement method of dispatched inventories
The planned cost is used for daily accounting of raw materials, and the difference of material cost should
be carried forward on a monthly basis to adjust the dispatch cost into the actual cost. The semi-finished
goods and finished goodsshall be accounted according to the actual cost, and the moving weighted average
method shall be used in accounting for costs of sales.
ANNUAL REPORT 2023
(3) Inventory system
Perpetual inventory system
(4) Amortization method of low-cost consumables and packing materials
One-off amortization method
Determination basis and method of provision for inventories
√Applicable □N/A
At the end of the period, the inventories shall be measured at the lower of cost and net realizable value:
the provision for inventories shall be made at the excess of cost of the individual inventory over its net
realizable value.
The category and determination basis of the provision for inventories assessed by portfolio, and
the determination basis of net realizable value of different categories
□Applicable √N/A
The calculation method and determination basis of net realizable value of inventories categorized
by aging
□Applicable √N/A
√Applicable □N/A
(1) Judgment criteria for control and significant influence:
The long-term equity investments of the Company are mainly investments in subsidiaries. Subsidiaries
refer to invested parties upon which the Company can exert control. Control refers to the fact that the
investing party has power over the invested party, enjoys variable returns and can influence the return
amount by exercising power over the invested party. The term ‘significant influence’ refers to the power
to participate in decision-making on the financial and operating policies of the investee, but with no control
or joint control over the formulation of these policies.
(2) Recognition of investment cost:
A. Long-term equity investment acquired through business combination:
For business combination under common control, for the long-term equity investments obtained by cash
paid, non-monetary assets paid or assumed liabilities as consideration by the acquirer, on the acquisition
date, the initial investment cost of long-term equity investment shall be taken as the share of the owner’s
equity of the investee in the book value of the final control party’s consolidated financial statements.
According to the margin amount between initial investment cost and cash payment, non-monetary asset
paid or assumed liabilities, capital reserve should be written down. If the capital reserve is not sufficient
to be written down, then the retained earnings shall be written down. For investments obtained by equity
securities issued by the acquirer, on the acquisition date, the initial investment cost of long-term equity
investment shall be taken as the share of the owner’s equity of the investee in the book value of the final
control party’s consolidated financial statements. Setting total book value of issued shares as share capital,
according to the difference between the initial investment cost and total book value of issued shares, capital
reserve shall be written down; if the capital reserve is not sufficient to be written down, then the retained
earnings shall be written down.
For business combination not under common control, on the acquisition date, the combination cost
according to the Accounting Standards for Business Enterprises No.20 - Business Combination should be
calculated as the initial investment cost of long-term equity investment.
B. For long-term equity investments obtained by means other than business combination:
For the long-term equity investments obtained by cash paid, the Company recognizes their fair value as
the initial investment costs. For the long-term equity investments acquired by the issue of equity securities,
the initial investment cost shall be the fair value of the equity securities issued.
ANNUAL REPORT 2023
(3) Subsequent measurements and recognition of profit or loss
The investments of subsidiaries are measured with the cost method, and shall be adjusted according to
equity law according to initial investment cost when making the combination financial statements. Costs
shall be added or retrieved in adjustment of long-term equity investments. The cash dividends or profits
declared by the investee shall be recognized as the investment income of the current period.
For long-term equity investments measured under the equity method, if the initial investment costs are
higher than the investor’s attributable share of the fair value of the investee’s identifiable net assets,
initial investment cost shall be calculated as long-term equity investment cost; if the initial investment
costs are lower than the investor’s attributable share of the fair value of the investee’s identifiable net
assets, the margin shall be calculated into profits/ losses of the current period, and long-term equity
investment cost shall be increased. The Company shall, according to the shares of net profits and other
comprehensive income realized by the investee that shall be enjoyed or borne by the Company,
recognize the profit and loss on the investments of the current period. When recognizing the net losses of
the invested party, the losses should be limited to zero at least according to book value and other long-
term equities of long-term equity investment. Nonetheless, if the Company bears the obligation for
additional losses and meets conditions to recognize expected liabilities, then it shall continue to
recognize investment losses and calculate it into liabilities. When recognizing the net profits and losses
and other comprehensive income of the investee that the Company shall enjoy or bear, the Company
shall calculate the part is enjoys or bears according to share-holding ratio on the basis that the
Company’s share-holding ratio remains the same, and include the part directly into share-holders’
equities, and make adjustments to book value of long-term equity investments. For the part of the
interest or dividend from the invested party that is favorable for declaration and distribution, the book
value of long-term equity investments shall be reduced accordingly. For unachieved internal transaction
profits and losses between the Company and the invested party, the part of the Company shall be
calculated according to the ratio that should be shared or born by the company and be offset, on the basis
of which the recognition of investment profits/ losses shall be conducted. The part of asset impairment
incurred in internal transaction loss shall not be offset.
(1) Investment properties measured at cost:
Depreciation and amortization methods
The company shall deduct expected net residual value (residual value rate: 5%) and cumulative
impairment provision from the cost of investment property, and conduct depreciation or amortization
using straight-line method within the service life (20 years).
(1) Recognition of fixed assets
√Applicable □N/A
Fixed assets refer to tangible assets with relatively high unit value, which are held for the purpose of
producing commodities, providing services, renting or business management with useful life exceeding
one accounting year.
(2) Depreciation method
√Applicable □N/A
Depreciation Estimated useful Residual value Annual
Category
method life (year) rate depreciation rate
Buildings Straight-line
method
Machinery Straight-line
equipment method
Electronic Straight-line
equipment method
ANNUAL REPORT 2023
Vehicles Straight-line
method
A. For the newly purchased instruments and equipment specially used for research and development
after January 1, 2014, the amount less than RMB 1 million will be included in the current costs and
expenses in a lump.
B. The depreciation year of the newly purchased instruments and equipment with the amount exceeding
RMB 1 million, specially used for research and development after January 1, 2014 is as follows:
Asset category Estimated useful life
Machinery equipment 6 years
Electronic equipment 2 years
(3) Methods of test for impairment of fixed assets and provision for impairment
At the end of the period, check on fixed assets shall be implemented item by item. If the recoverable
amount is lower than book value because of outdated technology, impairment or long-term idle
condition, the Company shall calculate the difference between recoverable amount and book value as the
provision for impairment for fixed assets. Provision for impairment for fixed assets shall be conducted in
terms of individual asset.
√Applicable □N/A
Accounting method for construction in progress: each construction in progress is initially measured at the
actual cost.
(1) The construction in progress shall be transferred to fixed assets in the following conditions:
A. The acquired fixed assets are ready for use;
B. The physical construction of the construction in progress has been completed or substantially completed;
C. The acquired fixed assets conform to the design requirements or contract requirements, they can be
used normally, and it needs little or no expenditure on the acquired construction in progress.
(2) The new construction, reconstruction and expansion projects of the company’s fixed assets are
included in the construction in progress according to the actual expenditure incurred. Borrowing interest
and foreign exchange gains and losses incurred in the construction of borrowed loans can be capitalized
and included in the cost of construction in progress before the fixed assets reach the intended usable state
if the fixed assets meet the capitalization conditions.
(3) On the balance sheet date, the construction in progress shall be checked by items. If there is evidence
that the construction in progress is impaired, the provision for impairment shall be made based on the
difference between the recoverable amount and the carrying amount.
The main factors in making provision for impairment of construction in progress are as follows:
A. Suspended construction for a long time and is not expected to restart construction in the next three
years;
B. The constructed projects are backward in terms of technology and performance, and it is uncertain for
the economic benefits brought to the enterprise;
C. Other circumstances sufficient to prove that the construction in progress has been impaired.
√Applicable □N/A
The principle to confirm the capitalization of borrowing costs is as follows: the borrowing costs such as
interest on borrowings, amortization of discounts or premiums, auxiliary costs, and exchange differences
due to foreign currencies incurred by the Company due to borrowings, which can be directly attributed
to the acquisition & construction or production of assets that meet the capitalization conditions, shall be
capitalized and included in the cost of the asset; other borrowing costs shall be recognized as expenses in
the period in which they are incurred and included in profit or loss.
Determination method of capitalization period:
ANNUAL REPORT 2023
(1) Commencement of capitalization: borrowing costs can only begin to be capitalized if the following
three conditions are all met simultaneously:
A. The asset expenditures have already incurred;
B. Borrowing costs have already been incurred;
C. The acquisition and construction or production activities which are necessary to prepare the assets for
their intended use or sale have been in progress.
(2) Suspension of capitalization: If the acquisition and construction of fixed assets is suspended
abnormally, and the suspension lasts for more than 3 months, the capitalization of borrowing costs will
be suspended, and the borrowing costs incurred during the interruption period will be recognized as
current expenses until the assets are acquisition and construction activities resumed.
(3) Cease of capitalization: When the acquired and constructed fixed assets reach the intended usable
state, stop the capitalization of borrowing costs.
The calculation method of capitalized amounts of borrowing costs:
A. If a special loan is borrowed for the acquisition, construction or production of assets that meet the
capitalization conditions, the interest expense actually incurred in the current period of the special loan
shall be determined after deduction of the interest income obtained by depositing the unused loan funds
in the bank or by temporary investment;
B. If general borrowings are occupied for the purpose of acquisition, construction or production of assets
that meet the capitalization conditions, the Company shall calculate and determine amount of interest of
general borrowings to be capitalized based on weighted average number of asset expenditures over
which the accumulated asset expenditure exceeds the special borrowings multiplied by the capitalization
rate of the occupied general borrowings. The capitalization rate is calculated based on the weighted
average rate of borrowings, and the auxiliary expenses incurred by general borrowings shall not be
capitalized.
(1). Useful life and determination basis, estimate, amortization method orreview procedures
√Applicable □N/A
A. Valuation of intangible assets: Intangible assets are initially measured at the cost when they are actually
acquired. For the intangible assets developed by the Company, the expenditures in the research stage shall
be included in the current profit and loss when incurred; the expenditures in the development stage shall
be recognized as intangible assets (patented technology and non-patented technology) if the following
conditions are all met simultaneously:
a. It is feasible technically to finish intangible assets for use or sale.
b. It is intended to finish and use or sell the intangible asset.
c. The method that the intangible assets generate economic benefits, including the existence of a market
for products produced by the intangible assets or for the intangible assets themselves;
d. There is sufficient support in technology, financial resource and other resources to complete the
development of the intangible asset, and it is able to use or sell the intangible asset;
e. The expenditures attributable to the intangible asset during its development phase can be measured
reliably.
B. Amortization of intangible assets: The intangible assets are amortized in the straight-line method over
the beneficial years from the month of acquisition, and intangible assets with indefinite useful lives are
not amortized.
C. On the balance sheet date, each intangible asset should be checked, and if there is any sign of
impairment, an impairment provision should be made based on the difference between the recoverable
amount and the carrying amount.
(2). Collection scope of research and development expenses and relevant accounting treatment
√Applicable □N/A
A. The scope of R&D expenses is mainly determined based on the Company's research and development
projects, including labor costs for R&D personnel, direct investment costs, depreciation and long-term
ANNUAL REPORT 2023
deferred expenses, amortization of intangible assets, design costs, equipment debugging and testing costs,
commissioned external research and development costs, and other expenses.
B. The Company's R&D expenses are distinguished between expenses in the research phase and expenses
in the development phase. Research refers to the creative and planned investigation conducted to acquire
and understand new scientific or technological knowledge. Development phase: Development refers to
the stage when the research achievements and other knowledge are applied to a plan or design, prior to the
commercial production or use, so as to produce any new or substantially improved material, device or
product.
C. The expenses during the research phase are recognized in the current period's profit and loss when
incurred; Expenses during the development phase that meet the following conditions are recognized as
intangible assets, or recognized in the current period's profit and loss:
a. It is technically feasible to complete the intangible asset so that it can be used or sold;
b. There is intention to complete the intangible asset for use or sales;
c. The usefulness of methods for intangible assets to generate economic benefits include that there is a
potential market for the products manufactured by applying the intangible assets or that there is a potential
market for the intangible assets themselves. For the intangible assets is to be used internally, the usefulness
itself of should be proved;
d. It is able to finish the development of the intangible assets, and able to use or sell the intangible assets,
with the support of sufficient technologies, financial resources and other resources.
e. The expenditure attributable to the intangible asset during its development phase can be measured
reliably.
√Applicable □N/A
Long-term deferred and prepaid expenses are expenses that have occurred but should be borne by the
current and subsequent periods for a period of more than one year.
The Company’s employee benefits refer to various forms of remuneration and compensation given by
the Company to the employees for obtaining services provided by employees or for termination of labor
relations, including short-term benefits, post-employment benefits, termination benefits and other long-
term employee benefits. The benefits provided by the Company to employees’ spouses, children,
dependents, survivors of deceased employees and other beneficiaries also belong to employee benefits.
(1) Accounting treatment of short-term compensation
√Applicable □N/A
Short-term compensation refers to benefits that the Company expects to pay in full within 12 months after
the end of the annual reporting period in which the employee provides relevant services, excluding the
compensation for the employment termination. The Company’s short-term remuneration specifically
includes: employee wages, bonuses, allowances and subsidies, employee welfare expenses, social
insurance premiums such as medical insurance premiums, work-related injury insurance premiums and
maternity insurance premiums, housing provident fund, labor union funds and employee education funds,
short-term paid absences, short-term profit-sharing plans, non-monetary benefits, and other short-term
benefits.
During the accounting period in which the employees provide services, the Company recognizes the actual
short-term benefits as liabilities, and includes the current profits and losses or relevant asset costs
according to the beneficiaries of the services provided by the employees. Non-monetary short-term
benefits shall be measured at fair value.
(2) Accounting treatment of post employment benefits
√Applicable □N/A
ANNUAL REPORT 2023
Post-employment benefits refer to various forms of benefits provided by the Company in order to obtain
the services provided by the employees after the employees retire or terminate the labor relationship with
the enterprise.
Defined contribution plan: The contributions to be paid to a separate entity in exchange for the services
provided by employees during the accounting period on the balance sheet date are recognized as employee
compensation liabilities, and are included in the current profit and loss or related asset costs.
(3) Accounting treatment of dismissal benefits
√Applicable □N/A
As to providing employees dismissal benefits, employee compensation incurred from dismissal benefits
should be recognized as liabilities and included in the current profit or loss on the date when the Company
is unable to unilaterally withdraw the dismissal benefits provided in the plan on the cancellation of labor
relationship or the layoff proposal or when the Company recognizes the cost or expenses related to
restructuring concerning payment of dismissal benefits (whichever is earlier).
(4) Accounting treatment of other long-term employee benefits
□Applicable √N/A
(1) Accounting policies for revenue recognition and measurement, disclosed by the business type
√Applicable □N/A
Revenue refers to the total inflow of economic benefits that are formed in the daily activities of the
Company and will lead to an increase in owners’ equity and have nothing to do with the capital invested
by the owners.
The Company recognizes revenue when its performance obligations as stipulated in the contract are
fulfilled, that is, when the customer obtained control of the related goods. Acquiring the control over
relevant goods means being able to dominate the use of such goody and obtain almost all the economic
benefits therefrom. After the Company delivers the products to the customers according to the contract,
the revenue will be recognized according to the net amount after deducting the consideration payable to
the customers. Before signing a contract with a customer and receiving an order but not delivering the
product to the customer, the Company will recognize the contract consideration received from the
customer as a contract liability.
(2). Businesses with the same nature that adopt different operating approaches apply different
recognition and measurement methods of revenue.
□Applicable √N/A
√Applicable □N/A
Government grants refer to the monetary or non-monetary assets that the Company obtains from the
government for free, but does not include the capital invested by the government as the owner of the
Company. Government grants are divided into asset-related government grants and income-related
government grants. Government grants can only be confirmed if they meet the following conditions at the
same time:
A. The Company can meet the conditions attached to government grant;
B. The Company can receive government grant.
(1) Judgment basis or accounting treatment method for government grants related to assets
The government grants related to assets shall be used to offset the book value of relevant assets or
recognized as deferred income. If government grants relating to assets are recognized as deferred income,
they shall be included in profit or loss by stages by a reasonable and systematic method within the useful
ANNUAL REPORT 2023
lives of relevant assets. Government grants measured at nominal amount are directly included in the
current profit or loss. If relevant assets are sold, transferred, scrapped or damaged before the end of the
useful life, the unallocated balance of relevant deferred income shall be transferred to the current profit or
loss.
(2) Judgment basis or accounting treatment method for government grants related to income
Government grants related to income should be dealt with in the following ways:
A. If it is used to compensate the Company’s relevant expenses or losses in future periods, it should be
recognized as deferred income and included into the current profit and loss or written off of the related
costs when the relevant expenses, losses are recognized;
B. If it is used to compensate the Company’s relevant expenses or losses incurred, it is directly included
into the current profit and loss or written off of the related costs.
(3) Government grants related to the daily activities of enterprises shall be included in other income or
used to offset related cost according to the essence of business. Government grants irrelevant to the routine
activities of the Company are included in the non-operating revenue and expenditure.
√Applicable □N/A
On the balance sheet date, the amount of deferred tax assets and Deferred tax liabilities shall be calculated
at the applicable tax rate according to the deductible temporary differences and taxable temporary
differences of items of assets and liabilities.
√Applicable □N/A
As the lessee, judgment basis and accounting treatment adopted for the simplified treatment for
short-term and low-value asset leases
√Applicable □N/A
On the contract start date, the Company evaluates whether the contract is a lease or includes a lease. If
one party in the contract transfers the right to control the use of one or more identified assets within a
certain period in exchange for consideration, the contract is a lease or includes a lease. In order to
determine whether the contract transfers the right to control the use of the identified asset for a certain
period, the Company evaluates whether the customer in the contract is entitled to receive substantially
all the economic benefits arising from the use of the identified asset during the period of use, and has the
right to dominate the use of the identified asset during the period of use. The general accounting
treatment is as follows:
On the commencement date of the lease term, the Company recognizes its right to use the leased asset
during the lease term as a right-of-use asset, including the initial measurement amount of the lease
liabilities; for the lease payments paid on or before the commencement date of the lease term, if there is
a lease incentive, the following items should be deducted, including the relevant amount of the lease
incentive that has been enjoyed, the initial direct expenses incurred by the lessee, and the costs of the
lessee for dismantling and removing the leased asset, restoring the site where the leased asset is located,
or restoring the leased asset to the state agreed in the lease terms.
On the commencement date of the lease term, the Company recognizes the present value of unpaid lease
payments as lease liabilities, excluding short-term lease and low-value assets lease. When calculating the
present value of lease payments, the Company takes the interest rate implicit in the lease as the discount
rate; if the interest rate implicit in the lease cannot be determined, the incremental borrowing rate of the
lessee is used as the discount rate.
The Company subsequently adopts the straight-line method to depreciate the right-of-use assets,
calculates the interest expenses of the lease liabilities in each period of the lease term, and includes them
in the current profit and loss, unless otherwise stipulated to be included in the cost of the relevant assets.
ANNUAL REPORT 2023
Variable lease payments that are not included in the measurement of lease liabilities are included in the
current profit and loss when they are actually incurred, unless otherwise stipulated to be included in the
cost of the relevant asset.
The Company does not recognize right-of-use assets and lease liabilities for short-term lease and low-
value asset lease. In each period of the lease term, it is included in the relevant asset cost or current profit
and loss on a straight-line basis.
As the lessor, lease classification standard and accounting treatment
√Applicable □N/A
As a lessor, a financial lease refers to substantially transfer almost all the risks and rewards related to the
ownership of the leased asset on the lease commencement date, and all other leases are operating leases.
a. Rental income from operating leases is recognized as current profit and loss on a straight-line basis
over each period of the lease term.
b. On the start date of the lease term, the Company recognizes the finance lease receivables for the
finance lease, and derecognizes the finance lease assets. During the initial measurement of the finance
lease receivables, the net investment in the lease is taken as the entry value of the finance lease
receivables. The net lease investment is the sum of the unguaranteed residual value and the present value
of the lease receipts not yet received at the commencement date of the lease term which is discounted at
the interest rate implicit in the lease.
(1). Changes in significant accounting policies
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Items under great Amount
Amount
Content of and reason for changes in impact impacted
impacted
accounting policies (Parent
(Consolidation)
company)
Deferred tax
The Ministry of Finance issued the assets
Interpretation No.16 of Accounting Standards Deferred tax
for Business Enterprises on November 30, liabilities
treatment of exempting the initial recognition Retained
-23,975,377.63 -23,902,010.23
does not apply to the deferred income tax earnings
relevant to the assets and liabilities arising Non-controlling
from any individual transaction has been interests 24,166.32 -
implemented as of January 1, 2023. Income tax
expenses
Other note:
The Company has implemented such provision as of January 1, 2023, and made the retroactive adjustment
to the amounts in the comparative statement and the cumulative amounts impacted by the taxable
temporary differences and deductible temporary differences arising from the lease liabilities and right-of-
use assets on the first implementation date. As for any individual transaction before January 1, 2022, if
the temporary difference still exists between relevant assets and liabilities on January 1, 2022, the
Company will recognize the deferred tax assets and deferred tax liabilities on January 1, 2022 and adjust
the difference to the retained earnings on January 1, 2022. The impact of such matter on the financial
statements on December 31, 2022 and for the year ended December 31, 2022 is shown in the table above.
ANNUAL REPORT 2023
(2) Changes in significant accounting estimates
□Applicable √N/A
(3) The impacts arising from adoption of new accounting standards or interpretation on the balance
sheet as at 1 January 2023
□Applicable √N/A
□Applicable √N/A
VI. Taxation
The principal kinds of taxes and related tax rates:
√Applicable □N/A
Tax Tax basis Tax rate
Calculation of output tax and input tax on
VAT 13%
product sales revenue
Taxable price and sales volume of sales
Consumption tax 20%、RMB 0.5 /500ml
revenue of alcoholic products
City construction and
Turnover tax payable 7%
maintenance tax
Enterprise income tax Taxable income 25%
Education surcharges Turnover tax payable 3%
Local education
Turnover tax payable 2%
surcharges
Notes to disclosure of enterprises with different enterprise income tax rates:
□Applicable √N/A
□Applicable √N/A
□Applicable √N/A
VII. Notes to the items of the consolidated financial statements
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the end of the Balance at the beginning of
Item
period the period
Cash on hand 162,802.00 12,740.70
Bank deposits 69,069,973,574.12 58,274,305,992.53
Other Cash and cash equivalents
Deposits in finance companies
Total 69,070,136,376.12 58,274,318,733.23
Including: Total amount deposited
overseas
Cash and cash equivalents restricted for use
Amount at the end of the Amount at the beginning of
Item
period the period
ANNUAL REPORT 2023
Amount in RMB Amount in RMB
Legal deposit reserve in the central 5,991,813,679.87 6,418,765,887.71
bank
Monetary Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of the
period
Deposits with banks and other 103,060,963,177.98 116,176,621,670.01
financial institutions
Loans to banks and other 2,508,579,166.67
financial institutions
Less: provision for impairment 15,705,882.07 3,910,115.42
Book value 105,553,836,462.58 116,172,711,554.59
Loans to banks and other financial institutions restricted for use
Balance at the end of the period Balance at the beginning of the
Item period
Amount in RMB Amount in RMB
Interbank deposit with 16,000,000,000.00 14,000,000,000.00
restrictions on withdrawal
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the Designation reason
Balance at the end of
Item beginning of the and basis
the period
period
Financial assets measured at 400,712,059.93 /
fair value through profit or
loss
Including:
investment in debt instrument 400,712,059.93 /
Financial assets designated to
be measured at fair value
through profit or loss
Total 400,712,059.93 /
(1) Presentation of notes receivable by category
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the beginning of the
Item Balance at the end of the period
period
Bank acceptance bills 13,933,440.00 105,453,212.00
Total 13,933,440.00 105,453,212.00
(2) Pledged notes receivable of the Company as at December 31, 2023
□Applicable √N/A
ANNUAL REPORT 2023
(3) Notes receivable of the Company as at December 31, 2023 that have been endorsed or discounted
but not matured on the balance sheet date
□Applicable √N/A
(4) Disclosure by category based on the method for provision for bad debts
□Applicable √N/A
(5) Provision for bad debts
□Applicable √N/A
(6) Notes receivable write-off in the current period
□Applicable √N/A
(1) Disclosure by aging
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Book balance as at the end of Book balance at the beginning
Aging
the period of the period
Within 1 year 60,373,410.41 20,937,144.00
Sub-total within 1 year 60,373,410.41 20,937,144.00
Over 3 years
Over 5 years 1,808,530.62 2,681,973.01
Total 62,181,941.03 23,619,117.01
(2) Disclosure by category based on the method for provision for bad debts
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the end of the period Balance at the beginning of the period
Book balance Provision for bad debts Book balance Provision for bad debts
Type Proportio Book Proportio Book
Rati Rati
n of value n of value
Amount o Amount Amount o Amount
provision provision
(%) (%)
(%) (%)
Provision
for bad
debts
accrued
on an
individua
l basis
Bad debt
provision
assessed 100 2.91 100 11.36
by
portfolio
Including:
Bad debt
provision
assessed 100 2.91 100 11.36
by
portfolio
Total
Bad debt provision assessed by portfolio:
√Applicable □N/A
ANNUAL REPORT 2023
Items with provision by portfolio: aging analysis method
Monetary Unit: Yuan Currency:
RMB
Balance at the end of the period
Name Proportion of provision
Accounts receivable Provision for bad debts
(%)
Within 1 year 60,373,410.41
Over 5 years 1,808,530.62 1,808,530.62 100.00
Total 62,181,941.03 1,808,530.62 2.91
Description of provision for bad debts made by portfolio:
□Applicable √N/A
(3) Provision for bad debts
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Change in this period
Balance at the Balance at
Write-off
Type beginning of Recovery Other the end of
Provision or charge-
the period or reversal changes the period
off
Provision for
bad debts
accrued on 2,681,973.01 873,442.39 1,808,530.62
the basis of
portfolio
Total 2,681,973.01 873,442.39 1,808,530.62
Reversal or recovery of significant amount of provision for bad debts in the current period:
□Applicable √N/A
(4) Accounts receivable write off in 2023
□Applicable √N/A
(5) Top 5 of accounts receivable presented by debtor, and contract assets
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Proportion
in the total
of balances
Ending Ending
Ending of accounts
balance balances of Ending balance
balance of receivable
Entity name of accounts and contract of provision
accounts
contract receivable and assets at the for bad debts
receivable
assets contract assets
end of the
period
（%）
Xunfeng Technology (Guizhou)
Co., Ltd.
Tianjin Feimeng Industrial Co.,
Ltd.
Shanghai International Wine
Development Co., Ltd.
ANNUAL REPORT 2023
Shenzhen Friendship Shopping
Mall
Shenzhen Grain and Oil Import and
Export Co., Ltd., Beijing Branch
Total 61,837,791.27 61,837,791.27 99.45 1,464,380.86
(1) Presentation of prepayments by aging
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the end of the period Balance at the beginning of the period
Aging
Amount Ratio (%) Amount Ratio (%)
Within 1
year
Over 3 years 748,766.79 2.16 8,191,233.29 0.91
Total 34,585,111.79 100.00 897,377,162.27 100.00
(2) Top 5 of prepayments presented by supplier
√Applicable □N/A
Balance at the Proportion in the total
Entity name end of the ending balance of
period Prepayments (%)
China Kweichow Moutai Distillery (Group)
Cultural Tourism Co., Ltd.
People’s Government of Renhuai City 8,000,000.00 23.13
Sinopec Sales Co., Ltd. Guizhou Zunyi Petroleum
Branch
Beijing Aimu Youxue Trade Co., Ltd. 2,800,733.29 8.10
Mars Wrigley Confectionery (China) Ltd. 1,133,423.99 3.28
Total 26,519,380.62 76.68
Presentation of items
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the end of the Balance at the beginning of the
Item
period period
Interest receivable
Dividends receivable
Other receivables 27,502,107.30 31,818,622.84
Total 27,502,107.30 31,818,622.84
Other receivables
(1) Disclosure by aging
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Book balance as at the end of Book balance at the beginning
Aging
the period of the period
ANNUAL REPORT 2023
Within 1 year 11,715,649.28 27,748,377.88
Sub-total within 1 year 11,715,649.28 27,748,377.88
Over 5 years 905,012.22 37,951.22
Total 27,667,529.40 31,918,770.90
(2) Classification by nature of payment
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Book balance as at the end of Book balance at the beginning
Nature of payment
the period of the period
Petty cash 6,265,395.91 11,519,390.69
Current payment 21,402,133.49 20,399,380.21
Total 27,667,529.40 31,918,770.90
(3) Provision for bad debts
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Stage I Stage II Stage III
Provision for bad 12-month Lifetime expected Lifetime expected
Total
debts expected credit loss (without credit loss (with
credit loss credit impairment) credit impairment)
Balance as at
January 1, 2023
Balance as at
January 1, 2023
in the current
period
- Transfer to
-5,500.02 5,500.02
Stage II
- Transfer to
Stage III
- Reversal from
Stage II
- Reversal from
Stage I
Provision in the
current period
Reversal in the 11,300.00
current period
Charge-off in the
current period
Write-off in the
current period
Other changes
Balance as at 165,422.10
December 31, 8,017.08 157,405.02
Notes to the obvious changes in the book balance of other receivables with changes in provision for losses
ANNUAL REPORT 2023
in the current period:
□Applicable √N/A
(4) Provision for bad debts
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at Change in this period
the Write- Balance at
Type beginning Recovery off or Other the end of
Provision
of the or reversal charge- changes the period
period off
Provision for the 100,148.06 77,039.82 11,765.78 165,422.10
bad debts accrued
on the basis of aging
portfolio
Total 100,148.06 77,039.82 11,765.78 165,422.10
(5) Other receivables write off in the current period
□Applicable √N/A
Specifically, significant other receivables to be written off:
□Applicable √N/A
Notes to write-off of other receivables:
□Applicable √N/A
(6) Top 5 of other receivables presented by debtor
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Provision
Proportion in
for bad
Balance at the the total ending
Nature of debts
Entity name end of the balance of Aging
payment Balance at
period other
the end of
receivables (%)
the period
China Railway
Current Within 1
payment year
Group Co., Ltd.
Guizhou Airport
Passenger &
Current Within 1
Cargo 603,459.00 2.18
payment year
Transportation
Sales Co., Ltd.
Tianjin
Kaixuanmen Current
Department Store payment
Co., Ltd.
Luo Meng Within 1
year
Jiangsu Jingsai
Current
Wine Industry Within 1
Development Co., year
Ltd.
Total 5,043,882.11 18.23 / /
ANNUAL REPORT 2023
A. Receivables of China Railway 22nd Bureau Group Co., Ltd. refer to the water and electricity charges
at Xinzhai and Dadi production areas paid by Heyixing Liquor Branch of Kweichow Moutai Co., Ltd.
on the Company's behalf.
B. Receibales of Guizhou Airport Passenger and Cargo Transportation Sales Co., Ltd. refer to the
prepayment for air tickets of Guizhou Laymau Liquor Industry Co., Ltd., a controlling subsidiary of the
Company.
C. Receivables of Tianjin Kaixuanmen Department Store Co.,, Ltd. refer to the rent deposit paid by
Kweichow Moutai Sales Co., Ltd., a controlling subsidiary of the Company.
D. Luo Meng is an employee of the Company, and the loans are for litigation and market rights
protection.
E. Receivables of Jiangsu Jingsai Wine Industry Development Co., Ltd. refer to the security deposit paid
by Beijing Friendship Messenger Trading Co., Ltd., a holding subsidiary of the Company.
(1) By the type of counterparty
Monetary Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of the
period
Bank
Other financial institutions 3,504,953,059.15
Sub-total 3,504,953,059.15
Less: provision for impairment 103,174.10
Total 3,504,849,885.05
(2) By the type of guaranty
Item Balance at the end of the period Balance at the beginning of the
period
Bond 3,504,953,059.15
Notes
Sub-total 3,504,953,059.15
Less: provision for impairment 103,174.10
Total 3,504,849,885.05
(1) Classification of inventories
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the end of the period Balance at the beginning of the period
Provision for Provision for
inventory inventory
depreciation depreciation
Item reserve/provision reserve/provision
Book balance Book value Book balance Book value
for impairment for impairment
of contract of contract
performance performance
costs costs
Raw materials 3,364,894,351.00 3,364,894,351.00 3,917,462,473.00 3,917,462,473.00
Goods in 1,283,984.83 1,283,984.83
progress
Commodity
stocks
Self-
manufactured
semi-finished
products
Total 46,436,469,046.36 1,283,984.83 46,435,185,061.53 38,825,658,221.07 1,283,984.83 38,824,374,236.24
ANNUAL REPORT 2023
(2) Provision for inventory depreciation and provision for impairment of contract performance costs
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Increase in the Decrease in the
Balance at the current period current period Balance at the
Item beginning of the Reversal end of the
Other Other
period Provision or write- period
s s
off
Goods in progress 1,283,984.83 1,283,984.83
Total 1,283,984.83 1,283,984.83
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the end of the Balance at the beginning of
Item
period the period
Other non-current assets maturing 2,123,601,333.33
within one year
Total 2,123,601,333.33
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the end of the Balance at the beginning of
Item
period the period
Value-added tax not deducted at
the end of the period
Prepaid income tax 31,261,870.82 1,597,336.45
Total 71,403,906.57 160,843,674.42
Monetary Unit: Yuan Currency: RMB
Item Amount at the end of the period Amount at the beginning of the
period
Loans and payments 2,130,818,189.27 4,134,744,407.92
Item Amount at the end of the period Amount at the beginning of the
period
Total loans and advances to 2,187,006,375.03 4,240,663,874.72
customers
Less: Provision for impairment 56,188,185.76 105,919,466.80
of loans
Book value of loans and 2,130,818,189.27 4,134,744,407.92
advances to customers
(1) Information on Debt investment
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
ANNUAL REPORT 2023
Balance at the end of the period Balance at the beginning of the period
Item Provision Provision
Book balance for Book value Book balance for Book value
impairment impairment
Ministry of Finance of the People's
Republic of China (National debt)
Bank of Guiyang Co., Ltd. 3,213,667,940.23 657,943.12 3,213,009,997.11 60,323,095.93 34,290.00 60,288,805.93
Bank of Guizhou Co., Ltd. 506,302,054.81 103,656.62 506,198,398.19 300,425,342.45 170,550.00 300,254,792.45
Agricultural Bank of China Limited 102,003,836.17 20,883.53 101,982,952.64
China Minsheng Banking Corp., Ltd.,
Guiyang Branch
Guiyang GY Financial Leasing Co.,
Ltd.
Total 5,323,987,556.40 985,485.38 5,323,002,071.02 380,901,589.09 216,270.00 380,685,319.09
Changes in the provision for impairment of debt investment in the current period
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at
the Decrease in Balance at
Increase in
Item beginning current the end of
current period
of the period the period
period
Bank of Guiyang Co., Ltd. 34,290.00 623,653.12 657,943.12
Bank of Guizhou Co., Ltd. 170,550.00 66,893.38 103,656.62
Guiyang GY Financial Leasing Co.,
Ltd.
Agricultural Bank of China Limited 20,883.53 20,883.53
China Minsheng Banking Corp., Ltd.,
Guiyang Branch
Total 216,270.00 847,538.76 78,323.38 985,485.38
(2) Important Debt investment at the end of the period
□Applicable √N/A
(3) Provision for impairment
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Stage I Stage II Stage III
Provision for 12-month Lifetime expected Lifetime expected
Total
impairment expected credit credit loss (without credit loss (with
loss credit impairment) credit impairment)
Balance as at
January 1, 2023
Balance as at
January 1, 2023
in the current
period
- Transfer to
Stage II
- Transfer to
Stage III
- Reversal from
Stage II
- Reversal from
Stage I
Provision in the
current period
Reversal in the
current period
ANNUAL REPORT 2023
Charge-off in the
current period
Write-off in the
current period
Other changes
Balance as at 985,485.38 985,485.38
December 31,
Notes to the obvious changes in the book balance of Debt investment with changes in provision for losses
in the current period:
□Applicable √N/A
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the end of the Balance at the beginning of
Item
period the period
Financial assets measured at fair value
through profit or loss
Including: other equity instrument
investments
Total 4,002,439,902.57
Other notes:
√Applicable □N/A
Details:
Item Balance at the end of Balance at the
the period beginning of the
period
Moutai Zhaohua (Guizhou) Industrial Development 2,001,383,129.22
Fund Partnership (Limited Partnership)
Moutai Jinshi (Guizhou) Industrial Development Fund 2,001,056,773.35
Partnership (Limited Partnership)
Total 4,002,439,902.57
Measurement method of investment properties
(1) Investment properties measured at cost
Monetary Unit: Yuan Currency: RMB
Buildings and Construction in
Item Land use right Total
constructions progress
I. Original book value
beginning of the period
period
(1) Outsourcing
(2) Transfer of inventory, 9,722,908.42 9,722,908.42
fixed assets and construction
in progress
(3) Increase in business
combination
ANNUAL REPORT 2023
period
(1) Disposal 5,654,373.87 5,654,373.87
(2) Other transfer-out 831,784.52 831,784.52
the period
II. Accumulated depreciation and accumulated amortization
beginning of the period
period
(1) Provision or
amortization
(2) Transfer of inventory, 5,225,903.40
fixed assets and construction 5,225,903.40
in progress
current period
(1) Disposal 1,215,300.57 1,215,300.57
(2) Other transfer-out 147,381.90 147,381.90
the period
III. Provision for impairment
beginning of the period
period
(1) Provision
current period
(1) Disposal
(2) Other transfer-out
the period
IV. Book value
of the period
beginning of the period
(2) Investment properties with pending certificate of title
□Applicable √N/A
(3) Impairment test on investment properties measured at cost
□Applicable √N/A
Presentation of items
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the end of the Balance at the beginning of
Item
period the period
Fixed assets 19,909,280,655.97 19,742,622,547.86
ANNUAL REPORT 2023
Disposal of fixed assets
Total 19,909,280,655.97 19,742,622,547.86
Fixed assets
(1) Fixed assets
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Buildings and Transportation Electronic equipment
Item Machinery equipment Total
constructions facilities and others
I. Original book value:
the beginning of 27,590,962,317.46 2,443,079,166.06 384,643,338.97 898,653,619.30 31,317,338,441.79
the period
the current period
(1)
Purchase
(2)
Transferred from
construction in
progress
(3) Increase
in business
combination
(4) Translation of
foreign currency 3,801,808.09 2,272.18 3,804,080.27
statements
(5) Transferred
from investment 831,784.52 831,784.52
properties
the current period
(1) Disposal
or scrapping
(2) Translation of
foreign currency
statements
(3)
Transferred to
investment
properties/
construction in
progress
the end of the 29,020,638,616.45 2,578,271,510.57 435,456,779.25 1,016,749,120.75 33,051,116,027.02
period
II. Accumulated depreciation
the beginning of 9,134,918,120.82 1,504,770,035.40 233,468,705.45 700,491,815.46 11,573,648,677.13
the period
the current period
(1)
Provision
(2)
Translation of
foreign currency
statements
(5)
Transferred from
investment
properties
the current period
(1) Disposal
or scrapping
(2)
Translation of
foreign currency
statements
(3)
Transferred to
investment
properties/
construction in
progress
the end of the 10,469,707,352.24 1,658,878,641.74 273,835,499.91 738,346,660.36 13,140,768,154.25
period
III. Provision for impairment
ANNUAL REPORT 2023
the beginning of 1,060,865.02 6,351.78 1,067,216.80
the period
the current period
(1)
Provision
(2)
Translation of
foreign currency
statements
the current period
(1) Disposal
or scrapping
(2)
Translation of
foreign currency
statements
the end of the 1,060,865.02 - 6,351.78 1,067,216.80
period
IV. Book value
at the end of the 18,550,931,264.21 918,332,003.81 161,621,279.34 278,396,108.61 19,909,280,655.97
period
at the beginning of 18,456,044,196.64 937,248,265.64 151,174,633.52 198,155,452.06 19,742,622,547.86
the period
(2). Fixed assets leased under operating lease
□Applicable √N/A
(3). Fixed assets with pending certificates of title
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Reason for pending certificates
Item Book value
of title
Newly added Technical transformation
project of 2,500 tons of Moutai liquor in the
second phase of the 10,000-ton Moutai 558,732,546.81 It is being processed.
liquor Project during the "Twelfth Five-
Year Plan” (2012)
technical transformation project and 347,096,637.47 It is being processed.
supporting facilities project in 2011
Newly added 2800-ton Moutai Prince
liquor-making technical transformation 217,303,556.07 It is being processed.
project and supporting facilities in 2012
Moutai Huanshan Liquor Storage Area
Project
Technical transformation project and
supporting facilities for the Making of 1,013,808,067.72 It is being processed.
Moutai-flavor Series Liquor
Presentation of items
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
ANNUAL REPORT 2023
Balance at the end of the Balance at the beginning of the
Item
period period
Construction in progress 2,137,464,700.45 2,208,329,892.95
Project materials
Total 2,137,464,700.45 2,208,329,892.95
Construction in progress
(1) Construction in progress
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the end of the period Balance at the beginning of the period
Provision Provision
Item
Book balance for Book value Book balance for Book value
impairment impairment
Construction in 2,137,464,700.45 2,137,464,700.45 2,208,329,892.95 2,208,329,892.95
progress
Total 2,137,464,700.45 2,137,464,700.45 2,208,329,892.95 2,208,329,892.95
(2). Changes in important construction in progress in the current period
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Capi
taliz
Includin
ation
g:
Accumu rate
capitaliz
Proportion of lated of
Amount Other Progress ation Sour
accumulative capitaliz inter
Beginning Increase in the transferred into decreases in Ending of amount ce of
Item Budget amount project ation est
Balance current period fixed assets in the current Balance construc of fund
investments in amount in
current period period tion interest s
budget (%) of curre
in the
interest nt
current
perio
period
d
(%)
Technical Self-
transformation raise
project of Moutai d
liquor and its
supporting 29,851,773.33 35,256,011.55 85 100%
facilities in
Zhonghua Area
during the 13th
Five-Year Plan
Technical Self-
transformation raise
project of 30,000- d
ton Moutai-flavor 591,561,177.01 885,237,350.65 65 90%
series wine and its
supporting
facilities
Phase I Project of Self-
Packaging 7,833,000,000. 3,716,801.9 74,645,824. raise
Logistics Park 00 2 48 d
Project
First Phase Self-
Construction raise
Project of the d
"14th Five-Year 249,052,730.65 21 30%
Plan" Moutai-
flavor Liquor
Xishui Tongminba
Technical Self-
transformation and raise
construction d
project of Moutai 805,658.85 7,280,160.70 8 19%
.00 5
Liquor during the
Plan period
Construction of 30 Self-
blocks of wine 1,587,000,000. 151,164,29 raise
storehouses in 00 6.13 d
Zhonghua Area
Technical Self-
transformation raise
project and d
supporting
facilities project 60 100%
for the Making of
Moutai-flavor
Series Liquor
(6400 tons)
Total 920,493,362.20 / /
.00 39.67 38 37.85
ANNUAL REPORT 2023
(1) Details of right-of-use assets
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Buildings and
Item Machinery equipment Total
constructions
I. Original book value
of the period
period
(1) Lease-in 38,133,874.04 38,133,874.04
current period
(1) Disposal 125,458,409.35 125,458,409.35
the period
II. Accumulated depreciation
beginning of the period
period
(1) Provision 70,538,810.05 1,905,029.16 72,443,839.21
current period
(1) Disposal 71,422,325.62 71,422,325.62
the period
III. Provision for impairment
beginning of the period
period
(1) Provision
current period
(1) Disposal
the period
IV. Book value
the period
beginning of the period
(1) Details of intangible assets
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Software
Item Land use right Total
development
I. Original book value
ANNUAL REPORT 2023
of the period
current period
(1) Purchase 1,530,747,028.00 38,929,039.09 1,569,676,067.09
(2) Internal research 116,070,887.03 116,070,887.03
and development
(3) Increase in
business combination
period
(1) Disposal
period
II. Accumulated amortization
beginning of the period
current period
(1) Provision 185,724,451.69 10,932,415.04 196,656,866.73
current period
(1) Disposal
of the period
III. Provision for impairment
beginning of the period
current period
(1) Provision
current period
(1) Disposal
of the period
IV. Book value
the period
beginning of the period
(2) Land use right with pending certificates of title
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Reason for pending
Item Book value
certificates of title
Moutai Huanshan Liquor Storage Area Project 144,000,000.00 It is being processed
Phase I and Phase II Moutai liquor technical transformation project
in Zhonghua Area
Newly added Technical transformation project of 2,500 tons of
Moutai liquor in the second phase of the 10,000-ton Moutai liquor 330,000,000.00 It is being processed
Project during the "Twelfth Five-Year Plan” (2012)
ANNUAL REPORT 2023
First batch of construction projects at Tanchang Area in Recycling
Economy Science and Technology Demonstration Park
Technical transformation project and supporting facilities for the
Making of Moutai-flavor Series Liquor
Technical transformation project for 2000 tons of Moutai Prince
Liquor and technical transformation project for 2800 tons of 30,000,000.00 It is being processed
Moutai Prince Liquor
Technical transformation project of Moutai liquor and its
supporting facilities in Zhonghua Area during the 13th Five-Year 215,259,100.00 It is being processed
Plan
Technical transformation project of 30,000-ton Moutai-flavor Construction in
series wine and its supporting facilities progress
Monetary Unit: Yuan Currency: RMB
Increase in the current
Decrease in the current period
period
Balance at the Transferre
Balance at the
Item beginning of the d in
Internal R&D Other Recognized as end of the period
period current
expenses s intangible assets
profit or
loss
Project
research
and
developmen
t
Total
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the Amortization in
Increase in the Other Balance at the
Item beginning of the the current
current period decreases end of the period
period period
Reconstruction project
of road from central 127,500,000.29 9,999,999.96 117,500,000.33
city to Moutai
Overhaul expenses of
fixed assets
Renovation of office
building
Total 146,455,346.90 30,490,192.10 16,886,608.86 160,058,930.14
Remark: the reconstruction project of road from central city to Moutai is based on the resolution made at
the third meeting of the second Board of Directors in 2013. The Company and Renhuai Urban
Development and Construction Investment Management Co., Ltd. jointly completed the road
reconstruction project from the central city to Moutai and transferred the project for amortization.
(1) Deferred tax assets without offset
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the end of the period Balance at the beginning of the period
Item Deferred income
Deductible temporary Deductible temporary Deferred income tax
tax
differences differences assets
assets
ANNUAL REPORT 2023
Provision for
asset 30,956,286.95 7,739,071.75 71,744,171.40 17,936,042.85
impairment
Unrealized
profits of
internal
transactions
Achievements-
related wages
that shall be 214,872,045.38 53,718,011.35 214,872,045.38 53,718,011.35
distributed but
not distributed
Others 3,381,317,159.02 845,329,289.74 3,180,928,926.43 795,232,231.61
Total 18,583,549,700.38 4,645,887,425.10 14,379,809,875.48 3,594,952,468.88
(2) Deferred tax liabilities without offset
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the beginning of the
Balance at the end of the period
period
Item Taxable Deferred Taxable Deferred income
temporary income tax temporary tax
differences Liabilities differences Liabilities
Others 315,772,248.74 78,943,062.19 650,512,363.93 162,628,090.99
Total 315,772,248.74 78,943,062.19 650,512,363.93 162,628,090.99
(3) Deferred tax assets or liabilities presented by net amount after offset
□Applicable √N/A
(4) Details of unrecognized deferred tax assets
□Applicable √N/A
(5) Deductible losses of unrecognized deferred tax assets will be expired in the following years
□Applicable √N/A
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the end of the period Balance at the beginning of the
period
Item Book balance Provision Book Provision
Book
for Book value balance for
value
impairment impairment
Investment in 68,604,129.75 68,604,129.75
information-
based
construction
Others 40,959,367.48 40,959,367.48
Total 109,563,497.23 109,563,497.23
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
ANNUAL REPORT 2023
Ending Beginning
Book balance Book value Type of Restrictio Book balance Book value Type of Restrictio
Item
restrictio n restrictio n
n n
Cash and Others Others
cash 5,991,813,679.8 5,991,813,679.8 6,418,765,887.7 6,418,765,887.7
equivalen 7 7 1 1
ts
Loans to Others Others
banks and
other 16,000,000,000. 16,000,000,000. 14,000,000,000. 14,000,000,000.
financial 00 00 00 00
institution
s
Total 21,991,813,679. 21,991,813,679. / / 20,418,765,887. 20,418,765,887. / /
(1) Presentation of accounts payable
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Balance at the end of the Balance at the beginning of the
period period
Payables for goods 3,093,091,103.67 2,408,371,053.69
Total 3,093,091,103.67 2,408,371,053.69
(1) Details of contract liabilities
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Balance at the beginning of the
Balance at the end of the period
period
Advances from customers for
goods
Total 14,125,755,802.29 15,471,920,924.98
(2) Significant contract liabilities with aging of more than 1 year
□Applicable √N/A
(3) Amounts with and reasons for significant changes in book values during the reporting period
□Applicable √N/A
Monetary Unit: Yuan Currency: RMB
Item Amount at the end of the period Amount at the beginning of the
period
Absorption of deposits 12,034,492,909.95 12,874,043,355.42
Total 12,034,492,909.95 12,874,043,355.42
(1) Presentation of employee compensation payable
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
ANNUAL REPORT 2023
Balance at the
Increase in current Decrease in current Balance at the end of
Item beginning of the
period period the period
period
I. Short-term compensation 4,779,361,358.86 12,860,471,170.25 12,240,749,239.20 5,399,083,289.91
II. Post-departure benefits - defined
contribution plans
III. Dismissal welfare 75,572.64 27,658,007.53 27,733,580.17
IV. Other benefits due within one year
Total 4,782,311,242.41 14,753,993,230.11 14,134,383,258.75 5,401,921,213.77
(2) Presentation of short-term compensation
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the
Increase in current Decrease in current Balance at the end of
Item beginning of the
period period the period
period
I. Wages, bonus, allowances and
subsidies
II. Employee welfare expenses 1,383,779.27 727,508,797.04 727,600,621.28 1,291,955.03
III. Social insurance premiums 50,294,294.97 1,045,581,463.19 1,030,797,147.64 65,078,610.52
Including: medical insurance premium 50,292,546.01 985,396,665.14 970,616,022.64 65,073,188.51
Work-related injury insurance
premium
IV. Housing provident funds 813,883,498.44 813,878,555.64 4,942.80
V. Labor union expenditure and
employee education expenses
VI. Short-term compensated absences
VII. Short-term profit sharing plan
Others 3,048,094.10 25,970,350.19 28,918,441.34 100,002.95
Total 4,779,361,358.86 12,860,471,170.25 12,240,749,239.20 5,399,083,289.91
(3) Presentation of defined contribution plans
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the
Increase in current Decrease in current Balance at the end of
Item beginning of the
period period the period
period
premiums
premiums
Total 2,874,310.91 1,865,864,052.33 1,865,900,439.38 2,837,923.86
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the beginning of the
Item Balance at the end of the period
period
Value-added tax 1,881,581,299.52 2,034,610,620.24
Consumption tax 1,874,912,035.57 1,570,075,010.07
Enterprise income tax 2,638,540,568.21 2,769,448,025.03
Individual income tax 66,986,409.63 69,096,434.63
Urban maintenance and
construction tax
Educational surtax 106,206,290.71 99,389,745.34
Local education surtax 72,099,890.91 67,552,876.94
Stamp duty 33,237,230.00 25,330,539.79
House property tax 1,097,614.29 809,379.99
Land use tax 10,856.32 11,682.07
Environmental protection tax 15,276.52 22,267.77
Others 229,831.62 1,371,234.88
ANNUAL REPORT 2023
Total 6,949,663,893.87 6,896,555,423.83
(1) Presentation of items
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the end of the Balance at the beginning of
Item
period the period
Interest payable
Dividends payable
Other payables 5,213,133,685.87 4,543,842,833.87
Total 5,213,133,685.87 4,543,842,833.87
(2) Other payables
Presentation of other payables by nature
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Balance at the end of the Balance at the beginning of the
period period
Materials quality guarantee
deposit
Engineering quality guarantee
deposit
Security deposits of dealers 2,147,103,416.18 1,897,194,013.05
Current payment 2,624,474,028.74 2,155,526,228.86
Total 5,213,133,685.87 4,543,842,833.87
Other significant payables aging over 1 year or overdue
□Applicable √N/A
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Balance at the end of the period Balance at the beginning of the
period
Lease liabilities maturing
within one year
Total 57,054,879.48 109,351,155.28
Details of other current liabilities
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the end of the period Balance at the beginning of the
Item period
Output tax to be carried
forward
Total 1,822,498,012.30 1,979,272,808.90
ANNUAL REPORT 2023
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the end of the Balance at the beginning of the
Item
period period
Long-term lease liabilities 266,636,234.04 334,447,942.79
Total 266,636,234.04 334,447,942.79
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Changes (+, -)
Balance at the Provident
Issue Balance at the
beginning of the Share funds Sub-
of new Others end of the period
period donation Share total
shares
conversion
Total 1,256,197,800.00 1,256,197,800.00
shares
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the
Increase in Decrease in Balance at the
Item beginning of the
current period current period end of the period
period
Capital
premium (share 1,374,048,653.54 1,374,048,653.54
premium)
Other capital
reserves
Total 1,374,964,415.72 1,374,964,415.72
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Amount in the current period
Less: amount Less: amount
previously previously
included in included in
Amount Attributable
Beginning other other Less: Attributable Ending
Item before to non-
Balance comprehensive comprehensive income to parent Balance
income tax controlling
income and income and tax company
in the current shareholders
currently currently expenses after tax
period after tax
transferred to transferred to
the profit or the retained
loss earnings
I. Other
comprehensive income
that cannot be
reclassified into profit
or loss
Including: changes in
re-measurement of the
defined benefit plan
Other comprehensive
income that cannot be
transferred into profit
or loss under equity
method
ANNUAL REPORT 2023
Changes in fair
value of other equity
instruments
Changes in the fair
value of the
Company's own credit
risk
II. Other
comprehensive income
-10,776,907.33 4,715,179.82 4,715,179.82 -6,061,727.51
that will be reclassified
into profit or loss
Including: other
comprehensive income
that can be transferred
to profit or loss under
the equity method
Changes in fair
value of other Debt
investments
Amount of financial
assets reclassified into
other comprehensive
income
Provision for credit
impairment of other
Debt investments
Cash flow hedge
reserve
Translation differences
of foreign currency -10,776,907.33 4,715,179.82 4,715,179.82 -6,061,727.51
financial statements
Total of other
-10,776,907.33 4,715,179.82 4,715,179.82 -6,061,727.51
comprehensive income
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Balance at the Increase in current Decrease in Balance at the end of
beginning of the period period current period the period
Statutory 38,998,763,095.13
surplus 32,520,123,399.97 6,478,639,695.16
reserves
Discretionary
surplus
reserves
Reserve funds
Enterprise
expansion
funds
Others
Total 32,520,123,399.97 6,478,639,695.16 38,998,763,095.13
Monetary Unit: Yuan Currency: RMB
Item Amount at the Increase in Decrease in Amount at the end
beginning of the current period current period of the period
period
General risk 1,061,529,724.00 1,061,529,724.00
reserves
Total 1,061,529,724.00 1,061,529,724.00
Remark: General risk reserves are accrued by Kweichow Moutai Group Finance Co., Ltd., a holding
subsidiary of the Company, in accordance with the Administrative Measures for the Withdrawal of
Reserves by Financial Enterprises (CJ [2012] No.20) issued by the Ministry of Finance.
√Applicable □N/A
ANNUAL REPORT 2023
Monetary Unit: Yuan Currency: RMB
Item Current period Previous period
Retained earnings at the end of the
previous period before adjustment
Adjustment to total retained earning
at the beginning of the period (+ for -23,975,377.63 -24,637,756.00
increase and - for decrease)
Retained earnings as at the beginning
of the period after adjustment
Plus: net profit attributable to owners
of the parent company in the current 74,734,071,550.75 62,717,467,870.12
period
Less: withdrawal of statutory surplus
reserves
Withdrawal of discretionary
surplus reserves
Withdrawal of general risk
reserves
Common stock dividends
payable
Common stock dividends
transferred to share capital
Retained earnings at the end of the
period
Details of adjustment to the beginning balance of retained earnings:
Due to the retroactive adjustment made according to the Accounting Standards for Business Enterprises
and relevant new provisions, the affected beginning balance of retained earnings amount to RMB -
(1) Operating revenue and operating costs
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Amount in the current period Amount in the prior period
Item
Income Cost Income Cost
Primary
business
Other
business
Total 147,693,604,994.14 11,867,273,851.78 124,099,843,771.99 10,093,468,616.63
Remark: Other business revenue and costs are mainly the revenue and costs of hotel business and ice
cream business.
ANNUAL REPORT 2023
(2) Breakdown of operating revenue and operating costs
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Total
Contract classification
Operating revenue Operating costs
By product:
Moutai 126,589,066,691.89 7,445,470,669.11
Other series liquor 20,629,929,589.15 4,174,732,984.21
Other business 474,608,713.10 247,070,198.46
By regional segment:
Domestic 143,333,311,961.67 11,527,282,749.76
Overseas 4,360,293,032.47 339,991,102.02
By sales channel:
Wholesale agency 80,336,795,633.78 8,699,117,400.66
Direct selling 67,356,809,360.36 3,168,156,451.12
Total 147,693,604,994.14 11,867,273,851.78
(3) Description of performance obligations
√Applicable □N/A
The revenue is confirmed when the customer acquires the control of the goods agreed in the contract and
the Company fulfills the contract performance obligation.
(4) Notes to allocation to remaining performance obligations
√Applicable □N/A
At the end of the reporting period, the revenue corresponding to the performance obligations under signed
contracts that have not fulfilled or not completed yet amounted to RMB 14,125,755,802.29, in which:RMB
(5) Significant contract change or price adjustment of major transaction
□Applicable √N/A
handling charges and commission
Monetary Unit: Yuan Currency: RMB
Item Amount in the current period Amount in the prior period
Interest income 2,866,725,322.31 3,454,115,583.98
Revenue from handling charges
and commissions
Interest expenses 113,500,129.93 105,584,206.24
Handling charge and
commission expenses
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current period Amount in the prior period
Consumption tax 17,625,306,476.94 14,628,644,881.34
Urban maintenance and
construction tax
Educational surtax 1,057,591,004.14 880,939,077.72
Local education surtax 705,060,669.63 587,292,717.26
House property tax 181,676,451.33 170,186,626.63
ANNUAL REPORT 2023
Land use tax 52,832,783.40 47,733,684.72
Vehicle and vessel use tax 444,846.26 420,334.81
Stamp duty 140,645,106.42 121,037,737.02
Tax for environmental
protection
Others 2,519,496.76 3,645,269.94
Total 22,234,175,898.60 18,495,818,534.22
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current period Amount in the prior period
Expenses for advertising publicity
and market expansion
Transportation expenses and
transportation insurance premiums
Travel expenses for marketing and
office expenses
Others 904,099,368.80 325,431,921.50
Total 4,648,613,585.82 3,297,724,190.94
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current Amount in the prior
period period
Expenses for employee compensation 4,350,082,411.58 4,348,853,737.71
Trademark licensing fee 1,805,818,609.89 1,639,842,153.56
Depreciation fee of fixed assets 612,246,297.65 495,038,952.17
Environmental remediation expenses 234,607,957.43 191,513,496.34
Company expenses 178,180,760.41 177,404,050.78
Amortization of intangible assets 196,656,866.73 156,016,278.90
Property insurance 62,309,546.95 51,390,201.61
Cost of raw material base 190,898,203.62 144,152,150.24
House rental fees 20,301,085.12 24,919,167.73
Entertainment expenses 9,045,359.07 13,625,245.10
Intermediary fees 113,426,391.89 37,289,937.20
Land use rent 2,690,532.60 2,690,532.60
Expenses of the Board of Directors 12,473,560.59 4,278,509.19
Others 1,940,651,668.78 1,725,176,660.50
Total 9,729,389,252.31 9,012,191,073.63
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current Amount in the prior
period period
Expenses for employee compensation 73,934,535.18 66,492,415.10
Consumables 5,544,817.57 7,893,622.73
Expenses for research and development
cooperation
Depreciation fee of fixed assets 18,212,579.23 21,067,522.53
Company expenses 1,741,589.48 984,742.75
Others 11,968,784.59 5,619,356.34
ANNUAL REPORT 2023
Total 157,371,873.01 135,185,680.40
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current Amount in the prior
period period
Interest expenses 12,624,628.35 12,023,204.77
Including: lease liabilities 12,624,628.35 12,023,204.77
Interest income -1,942,301,920.98 -1,475,422,303.64
Others 140,173,591.15 71,593,272.15
Total -1,789,503,701.48 -1,391,805,826.72
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Classification by nature of
Amount in the current period Amount in the prior period
payment
Return of handling charges for
withholding individual income 16,791,097.40 9,422,570.66
tax
Income-related government
grants
Asset-related government
grants
Others 716,252.57 1,436,778.62
Total 34,644,873.86 24,505,353.83
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Amount in the current
Item Amount in the prior period
period
Investment income from disposal of 29,947,301.15
Held-for-trading financial assets
Investment income obtained from
disposal of other equity instruments
Investment income from the disposal of
Debt investment
Investment income from the disposal of
other Debt investment
Income from debt restructuring
Investment returns of industrial funds
during their holding period
Income from long-term equity
investments under the cost method
Interest income from certificates of
deposits during the holding period
Total 34,025,967.82 63,840,000.00
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
ANNUAL REPORT 2023
Sources of income from changes in
Amount in the current period Amount in the prior period
fair value
Held-for-trading financial assets 3,151,962.50
Including: income from changes in
fair value of derivative financial
instruments
Financial liabilities held for trading
Investment properties measured at
fair value
Total 3,151,962.50
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Amount in the current
Item Amount in the prior period
period
Losses from bad debts of notes
receivable
Losses from bad debts of accounts
receivable
Losses from bad debts of other
-65,274.04 2,502,655.82
receivables
Losses from impairment of Debt
-769,215.38 -119,880.00
investment
Impairment losses from other Debt
investment
Losses from bad debts of long-term
receivables
Impairment on financial guarantee
Others 37,832,340.29 -17,485,027.31
Total 37,871,293.26 -14,686,546.25
Remark: others refer to the provision for impairment made for the loans issued by Kweichow Moutai
Group Finance Co., Ltd., a controlling shareholder of the Company.
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current period Amount in the prior period
Gains or losses from disposal of
fixed assets
Gains or losses from disposal of
-3,054,465.68 343,183.91
right-of-use assets
Total -479,736.97 213,235.69
Non-operating revenue
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Amount included in
Amount in the current Amount in the prior non-recurring profit or
Item
period period loss in the current
period
ANNUAL REPORT 2023
Total gains from
disposal of non- 8,829,933.38 282,981.41 8,829,933.38
current assets
Including: gains from
disposal of fixed 8,829,933.38 282,981.41 8,829,933.38
assets
Gains from disposal
of intangible assets
Gains from exchange
of non-monetary
assets
Donations received
Government grants
Gains from fines and
compensation
Others 15,656,700.68 5,147,776.84 15,656,700.68
Total 86,779,655.95 70,852,285.40 86,779,655.95
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Amount included in
Amount in the current Amount in the prior non-recurring profit or
Item
period period loss in the current
period
Total losses from
disposal of non- 7,197,680.24 21,063,974.29 7,197,680.24
current assets
Including: losses
from disposal of 7,197,680.24 21,063,974.29 7,197,680.24
fixed assets
Losses from
disposal of
intangible assets
Losses from
exchange of non-
monetary assets
Donations made 119,247,336.70 225,431,100.98 119,247,336.70
Others 6,436,157.58 2,389,244.34 6,436,157.58
Total 132,881,174.52 248,884,319.61 132,881,174.52
(1) Table of income tax expenses
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current period Amount in the prior period
Current income tax expenses 27,275,697,397.04 23,548,077,905.70
Deferred income tax expenses -1,134,619,985.03 -1,222,628,115.40
Total 26,141,077,412.01 22,325,449,790.30
(2) Adjustment process of accounting profits and income tax expenses
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current period
ANNUAL REPORT 2023
Total profits 103,662,553,689.81
Income tax expenses calculated at
statutory/applicable tax rate
Effect of different tax rates applicable to
subsidiaries
Effect of adjustments to the income tax for the
prior years
Effect of non-taxable income -11,194,606.11
Effect of non-deductible costs, expenses and 236,633,595.67
losses
Effect of deductible losses from using the
deferred tax assets unrecognized in previous
periods
Effect of deductible temporary differences or
losses from deferred tax assets unrecognized in
the current period
Income tax expenses 26,141,077,412.01
√Applicable □N/A
Please refer to Note 36 Other comprehensive income for details
(1) Cash relating to operating activities
Cash received from other operating activities
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current period Amount in the prior period
Interest income from self-owned
funds
Other revenue received 1,747,149,238.40 1,872,842,833.19
Total 2,346,196,470.63 2,759,422,171.88
Cash paid for other operating activities
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current period Amount in the prior period
Cash paid for advertising and
publicity expenses
Cash paid for transportation
expenses and transportation 231,907,323.70 205,887,269.67
insurance premiums
Cash paid for property insurance
premiums
Cash paid for other expenses 5,916,542,317.85 3,694,871,614.59
Total 7,943,709,518.14 5,123,087,432.89
(2) Cash relating to investing activities
Cash received from significant investing activities
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current period Amount in the prior period
(Interbank Certificate of Deposit)
ANNUAL REPORT 2023
Large-amount deposit 2,127,680,000.00
Total 4,127,680,000.00
Cash paid for significant investing activities
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the Amount in the
current period prior period
Moutai Zhaohua (Guizhou) Industrial Development Fund
Partnership (Limited Partnership)
Moutai Jinshi (Guizhou) Industrial Development Fund
Partnership (Limited Partnership)
Deposit)
Technical transformation project of Moutai liquor and its
supporting facilities in Zhonghua Area during the 13th Five- 32,088,126.54 63,374,372.75
Year Plan
Technical transformation project of 30,000-ton Moutai-
flavor series wine and its supporting facilities
Phase I Project of Packaging Logistics Park Project 74,327,720.47 10,170,110.00
First Phase Construction Project of the "14th Five-Year
Plan" Moutai-flavor Liquor Xishui Tongminba
Technical transformation and construction project of Moutai
Liquor during the 14th Five-Year Plan period
Construction of 30 blocks of wine storehouses in Zhonghua
Area
Total 7,685,882,674.20 1,444,103,750.02
Cash received from other investing activities
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current period Amount in the prior period
Received performance bond for
capital construction projects
Total 4,605,886.63 4,971,762.18
Cash paid for other investing activities
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current period Amount in the prior period
Refunded performance bond for
capital construction projects
Total 7,021,867.10 31,486,829.54
(3) Cash relating to financing activities
Cash received from other financing activities
□Applicable √N/A
Cash paid for other financing activities
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current period Amount in the prior period
Cash for repayment of lease
liabilities
ANNUAL REPORT 2023
Disposal of equity in secondary
subsidiaries
Others 6,000,000.00
Total 134,315,261.93 54,332,788.37
Changes in various liabilities arising from financing activities
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the Increase in current period Decrease in current period
Balance at the
Item beginning of the Cash Non-cash Cash change Non-cash
end of the period
period change change change
Lease
liabilities
(including the
part maturing
within one
year)
Total 444,219,465.04 58,365,684.31 114,805,234.06 64,088,801.77 323,691,113.52
(4) Description of cash flows presented at net amount
□Applicable √N/A
(5) Significant activities and financial effect not involving with the current cash deposit and
withdrawal but affecting the financial position of the enterprise or affecting the cash flow of
the enterprise in the future
□Applicable √N/A
(1) Supplementary information to the statement of cash flows
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Supplementary information Current period Prior period
Net profit 77,521,476,277.80 65,376,039,957.88
Plus: provision for impairment of
assets
Losses from credit impairment -37,871,293.26 14,686,546.25
Depreciation of fixed assets,
depletion of oil and gas assets,
depreciation of productive biological
assets
Amortization of right-of-use assets 72,443,839.21 77,371,590.63
Amortization of intangible assets 196,656,866.73 156,016,278.90
Amortization of long-term deferred
expenses
Losses from disposal of fixed assets,
intangible assets and other long-term 479,736.97 -213,235.69
assets ("-" for gains)
Losses from scrapping of fixed assets
-1,632,253.14 20,780,992.88
("-" for gains)
Losses from changes in fair value ("-
-3,151,962.50
" for income)
Financial expenses ("-" for income) 12,624,628.35 12,023,204.77
Investment losses ("-" for gains) -34,025,967.82 -63,840,000.00
ANNUAL REPORT 2023
Decreases in deferred tax assets ("-" -1,210,838,167.12
-1,050,934,956.22
for increases)
Increases in Deferred tax liabilities -11,789,948.28
-83,685,028.80
("-" for decreases)
Decreases in inventories ("-" for
-7,610,810,825.29 -5,430,009,151.41
increases)
Decreases in operating receivables
-3,465,130,974.53 -15,051,874,095.80
("-" for increases)
Increases in operating payables ("-"
-591,505,967.47 -8,644,820,580.52
for decreases)
Others
Net cash flows from operating
activities
Conversion of debt into capital
Convertible corporate bonds
maturing within one year
Fixed assets acquired under finance
lease
Ending balance of cash 147,360,188,952.47 152,378,738,982.83
Less: balance of cash as at the
beginning of the period
Plus: ending balance of cash 3,000,000,000.00
equivalents
Less: beginning balance of cash
equivalents
Net increase in cash and cash
-2,018,550,030.36 -26,261,848,396.69
equivalents
(2) Net cash paid for the acquisition of subsidiaries in the current period
□Applicable √N/A
(3) Net cash received from disposal of subsidiaries in the current period
□Applicable √N/A
(4) Breakdown of cash and cash equivalents
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the end of the Balance at the beginning of
Item
period the period
Including: cash on hand 162,802.00 12,740.70
Unrestricted bank deposit 59,924,161,952.72 48,074,557,886.36
Other unrestricted cash and
cash equivalents
Deposits with central bank
available for payments
Deposits with banks and other
financial institutions
Loans to banks and other
financial institutions
II. Cash equivalents 3,000,000,000.00
ANNUAL REPORT 2023
Including: bond investments
maturing within three months
Redemptory Monetary Capital for 3,000,000,000.00
Sale
III. Ending balance of cash and cash
equivalents
Including: cash and cash equivalents
restricted for use by the parent
company or subsidiaries within the
group
(5) Items with restricted use but still presented as cash and cash equivalents
□Applicable √N/A
(6) Cash and cash equivalents not belonging to cash and cash equivalents
√Applicable □N/A
Amount in the current Amount in the prior
Item Reason
period period
Statutory deposit reserve 5,991,813,679.87 6,418,765,887.71 Restricted in use
Total 5,991,813,679.87 6,418,765,887.71
Description of project names of "others" adjusted in terms of the ending balance in the previous year and
the adjusted amount:
□Applicable √N/A
(1) Foreign currency monetary items
√Applicable □N/A
Monetary Unit: RMB
Balance in RMB
Balance in foreign
converted at the end
Item currency as at the Rate of translation
of the period
end of the year
Balance
Cash and cash equivalents - -
Including: USD
EUR 3,443,197.68 7.8592 27,060,779.21
HKD
(2)Description of overseas operating entities, including for important overseas operating entities,
should disclose their major overseas business locations, bookkeeping base currency and
selection basis, and the reasons for the change in the functional currency
√Applicable □N/A
The registration place of Kweichow Moutai Paris Trading Co., Ltd., a wholly-owned subsidiary of the
Company, is Paris, France, and its functional currency is Euro.
(1) Acting as the lessee
√Applicable □N/A
Variable lease payment not included in the lease liabilities for measurement
ANNUAL REPORT 2023
□Applicable √N/A
Rental expenses for short-term leases and leases of low-value assets subject to simplified treatment
√Applicable □N/A
RMB 31,990,126.58
Leaseback and judgment basis
□Applicable √N/A
Total cash outflows relevant to leases 154,949,164.53 (Unit: Yuan Currency: RMB)
(2) Acting as the lessor
Operating lease of the Company acting as the lessor
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Including: Income from
Item Leasehold income variable lease payment not
included in lease collections
Commercial housing at
Guiyang Zuanshi Plaza
Rooms 307-308, 3/F, No. 8
Sijiqing Road, Haidian District, 201,834.86
Beijing
Nan’ao Visitor Center in
Maotai Town
Moutai International Business
Center, High-tech Zone,
Guiyang City
Total 862,804.77
(3) Recognition of profit or loss from sales of financing lease as the producer or distributor
□Applicable √N/A
VIII. Breakdown by nature
(1) Presentation by nature
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount in the current Amount in the prior
period period
Labor cost 175,587,021.98 158,666,649.70
Direct expenses invested 171,763,316.33 118,890,701.12
Depreciation costs and long-term deferred
expenses
Expenses on the research and development
entrusted to the external
Other expenses 37,729,269.76 42,320,810.13
Total 621,507,535.87 558,970,226.76
Including: research and development
expenses
Capitalized research and
development expenses
ANNUAL REPORT 2023
(2) Development expenses qualified for capitalization
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Increase in the current
Decrease in the current period
period
Beginning Transferred Ending
Item
Balance Internal R&D Recognized as in current Balance
Others
expenses intangible assets profit or
loss
Research on integrated technology
system of wine storage safety and
fire protection based on 5G and
Internet of Things
Research and development of digital
marketing system based on
blockchain, mobile Internet and Saas
layout model
Research and development of
warehousing and logistics
technology system based on
industrial Internet
Research on the collaborative digital
technology system for procurement 5,611,813.02 13,448,466.06 19,060,279.08
and supply
Research on big data technology
system of Moutai
Research and development of the
whole industrial chain circulation
traceability technology system based 23,329,010.76 12,794,706.65 36,123,717.41
on the industrial Internet and
blockchain
Research on machine learning
technology system of Moutai 10,035,344.19 26,104,727.73 36,140,071.92
winemaking technology
Total 190,536,632.60 143,549,809.92 116,070,887.03 218,015,555.49
Significant capitalization research and development
√Applicable □N/A
Research
Beginning time-
and Estimated time Estimated way of generating
Item point for Detailed basis
development of completion the economic benefit
capitalization
progress
I Moutai, as the digital
Research and development of The trial
marketing platform of Moutai,
digital marketing system operation of i
generates economic benefits
based on blockchain, mobile 95% April 2024 March 2022 Moutai has
by providing the trading
Internet and Saas layout been officially
platform to settled merchants
model launched.
for sales of products.
Provision for impairment of development expenses
□Applicable √N/A
(3) Important outsourcing ongoing research projects
□Applicable √N/A
IX. Changes in the scope of consolidation
□Applicable √N/A
□Applicable √N/A
□Applicable √N/A
ANNUAL REPORT 2023
ANNUAL REPORT 2023
Whether the transaction or matter where the Company lost the control over subsidiaries existed during the current period
□Applicable √N/A
Description of changes in the scope of consolidation caused by other reasons (such as the establishment of new subsidiaries and liquidation of subsidiaries):
√Applicable □N/A
According to the announcement on the resolutions made at the third Board of Directors in 2023 issued by the Company via Shanghai Stock Exchange on April 26,
decided to go through the formalities for liquidation and cancellation, as agreed by Customized Marketing Company and its shareholders and adopted upon deliberation
at the first general meeting of shareholders of Customized Marketing Company in 2022. On December 29, 2023, Customized Marketing Company had performed all
liquidation procedures according to law, for which Baker Tilly China Certified Public Accountants LLP had issued the liquidation audit report, and obtained the Notice
on Approving the Cancellation Registration issued by Guiyang Administration for Industry and Commerce; thus, such company should no longer be included in the
scope of consolidated statements, which has no significant impact on the overall business development and normal operation of the Company.
□Applicable √N/A
ANNUAL REPORT 2023
X. Equity in other entities
(1) Structure of the enterprise group
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Principal Nature Shareholding
Subsidiary Registered Registration ratio (%) Acquisition
place of of
Name capital place method
business business Direct Indirect
Guizhou Moutai Chiew Established
Guiyang,
Import and Export Co., 8,000,000.00 70 by
Guizhou
Ltd. investment
Kweichow Moutai Sales Established
Renhuai,
Co., Ltd. 10,000,000.00 95 by
Guizhou
investment
Kweichow Moutai Group Established
Renhuai,
Finance Co., Ltd. 2,500,000,000.00 51 by
Guizhou
investment
Kweichow Moutai-Flavor Established
Renhuai,
Liquor Marketing Co., 200,000,000.00 100 by
Guizhou
Ltd. investment
Beijing Friendship Established
Messenger Trading Co., 30,000,000.00 Beijing 70 by
Ltd. investment
Kweichow Moutai Paris Established
Paris,
Trading Co., Ltd. 80,728,429.80 100 by
France
investment
Guizhou Laymau Liquor Established
Guiyang,
Industry Co., Ltd. 40,000,000.00 43 by
Guizhou
investment
Basis for holding half or less than half of the voting right but controlling the investee or holding more
than half of the voting right but not controlling the investee:
The Company holds 43% equity of Guizhou Laymau Liquor Industry Co., Ltd. It is able to control the
company substantially for the fact that more than half of the board members of Guizhou Laymau Liquor
Industry Co., Ltd. are from the Company.
Important non-wholly-owned subsidiaries
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Shareholding Profit or loss Dividends declared
Balance of non-
ratio of non- attributable to non- to be distributed to
Name of controlling interest
controlling controlling non-controlling
subsidiary as at December 31,
shareholders shareholders in the shareholders in the
Ratio (%) current period current period
Kweichow
Moutai Sales 5 2,129,814,347.17 1,683,650,000.00 2,728,586,727.00
Co., Ltd.
Notes to the differences between the shareholding ratios of non-controlling shareholder in subsidiaries
and the voting ratios:
□Applicable √N/A
Other notes:
□Applicable √N/A
ANNUAL REPORT 2023
(3) Major financial information of significant non-wholly owned subsidiaries
√Applicable □N/A
Monetary Unit: RMB '0,000 Currency: RMB
Balance at the end of the period Balance at the beginning of the period
Name of
subsidiary Non-current Current Non-current Total Non-current Current Non-current Total
Current assets Total assets Current assets Total assets
assets liabilities liabilities liabilities assets liabilities liabilities liabilities
Kweichow
Moutai
Sales Co.,
Ltd.
Amount in the current period Amount in the prior period
Cash flows
Name of subsidiary Total Cash flows from Total
from
Operating revenue Net profit comprehensive operating Operating revenue Net profit comprehensive
operating
income activities income
activities
Kweichow Moutai Sales 12,225,461.71 4,259,628.69 4,259,628.69 3,340,397.96 10,360,419.48 3,626,157.15 3,626,157.15 4,893,346.93
Co., Ltd.
XI. Government grants
□Applicable √N/A
Reason for the failure in receiving the government subsidies with the estimated amount at the estimated
time-point
□Applicable √N/A
□Applicable √N/A
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Type Amount in the current period Amount in the prior period
Income-related government
grants
Others
Total 17,137,523.89 13,646,004.55
XII. Risks related to financial instruments
√Applicable □N/A
The major financial instruments of the Company include other non-current financial assets, Cash and cash
equivalents, etc. These financial instruments are used for the operational financing of the Company. The
Company has various other financial assets and liabilities directly generated from operations, such as
accounts receivable,other receivables, accounts payable, other payables, etc.
The main risks caused by the financial instruments of the Company include credit risk, liquidity risk,
exchange rate risk and interest rate risk.
(1) Credit risk
The financial assets of the Company include Cash and cash equivalents, accounts receivable, other
receivables, etc. The credit risks of these financial assets result from the counterparty's default, and the
maximum risk exposure is equal to the book amount of these instruments.
ANNUAL REPORT 2023
As the Company only carries out transactions with recognized and reputable third parties, the collateral is
not required. Credit risk is managed in a centrally manner according to customers. The sales of the
Company are carried out in the way of advances from customers, and the credit risk of transactions is
small.
(2) Liquidity risk
Liquidity risk refers to a risk that an enterprise suffers funds shortage in performing the obligations of
settlement in cash or other financial assets.
The policy of the Company is to ensure that there is sufficient cash for the payment of the matured debts.
Each subsidiary is responsible for monitoring its own cash flow forecast. On the basis of summarizing the
cash flow forecast of each subsidiary, the financial department of the Company keeps monitoring short-
term and long-term capital demand at the group level to ensure that the cash demand will be maintained.
(3) Exchange rate risk
The risk of foreign exchange changes faced by the Company is mainly related to the Company's operating
activities (when the income and expenditure are settled in a foreign currency different from the Company's
functional currency) and its net investments in overseas subsidiaries. The exchange rate risk undertaken
by the Company is mainly related to USD and EUR. Except for the settlement of product sales in USD
and EUR, other major operating activities of the Company are settled in RMB. Please refer to Note 59.
Foreign currency monetary items in Part VII. Notes to the items of the consolidated financial statements
of Section X Financial Statements for the amount of foreign currency monetary items converted into RMB.
(4) Interest rate risk
Interest rate risk refers to the risk of fluctuation in the fair value or future cash flows of financial
instruments due to changes in market interest rate. The risk of changes in market interest rate faced by
the Company is mainly related to the liabilities with floating interest rate. As of December 31, 2023, the
Company had no liabilities subject to floating interest rate.
(1) The Company conducted hedging activities for risk management
□Applicable √N/A
(2) The Company conducted qualified hedging activities and adopted hedge accounting
□Applicable √N/A
(3) The Company conducted hedging activities for risk management and expected to achieve the purpose
of risk management without adopting hedge accounting
□Applicable √N/A
XIII. Disclosure of fair value
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Fair value at the end of the period
Measurement
Item Measurement of Measurement of
of fair value Total
fair value at level 1 fair value at level 3
at level 2
I. Continuous
measurement of
fair value
(I) held-for-trading 400,712,059.93 4,002,439,902.57 4,403,151,962.50
financial assets
measured at fair
ANNUAL REPORT 2023
values through
profit or loss
(1) Investment in 400,712,059.93 400,712,059.93
debt instruments
(2) Investment in 4,002,439,902.57 4,002,439,902.57
equity instruments
(3) Derivative
financial assets
designated to be
measured at fair
value through
profit or loss
(1) Investment in
debt instruments
(2) Investment in
equity instruments
(II) Other debt
instrument
investments
(III) Other equity
instrument
investments
(IV) Investment
properties
for lease
constructions
held for transfer
upon appreciation
(V) Biological
assets
biological assets
biological assets
Total assets with
continuous
measurement at
fair value
(VI) held-for-
trading financial
liabilities
liabilities measured
at fair value
through profit or
loss
Including: issued
bonds held for
trading
Derivative
financial liabilities
Others
ANNUAL REPORT 2023
liabilities
designated to be
measured at fair
value through
profit or loss
Total liabilities
with continuous
measurement at
fair value
II. Non-
continuous
measurement of
fair value
(1) Assets held for
sale
Total assets with
non-continuous
measurement at
fair value
Total liabilities
with non-
continuous
measurement at
fair value
values at level 1
√Applicable □N/A
The investment is made in bond fund, and the unadjusted quoted price of such fund in an active market
is available on the measurement date.
adopted for continuous and non-continuous measurements of fair values at level 2
□Applicable √N/A
adopted for continuous and non-continuous measurements of fair values at level 3
√Applicable □N/A
The level 3 investment in equity instruments measured in fair value held by the Company is shares of
private equity investment funds, and the fair value at the end of the period is measured in net assets
method.
between the opening and ending book value and sensitivity of unobservable parameters
□Applicable √N/A
ANNUAL REPORT 2023
levels during the period, the reason for conversion and the policy of determining the conversion
time
□Applicable √N/A
□Applicable √N/A
√Applicable □N/A
Bonds, interbank deposits and financial assets purchased under resale agreements are measured at
amortized cost.
□Applicable √N/A
XIV. Related parties and related transactions
√Applicable □N/A
Monetary Unit: RMB '0,000 Currency: RMB
Shareholding
Voting right ratio
ratio of the
Name of parent Registration Nature of Registered of the parent
parent company
company place business capital company in the
in the
Company (%)
Company(%)
China Kweichow Guiyang,
Moutai Distillery Guizhou 1,000,000 54.07 54.07
(Group) Co., Ltd.
Please refer to Note for the details of the Company's subsidiaries.
√Applicable □N/A
Please refer to Note X. Equity in other entities for details of subsidiaries of the Company
√Applicable □N/A
Name of other related party Relationship with the Company
Wholly-owned subsidiary of the
Beijing Moutai Trade Co., Ltd.
parent company
ChangLi Moutai Wine Trade Co., Ltd. Others
Shanghai Moutai Trading Co., Ltd. Others
Guizhou Fuminghang Packaging Co., Ltd. Others
Guizhou Hengdao Danlin Agricultural Technology Development Others
Co., Ltd.
Guizhou Jiuyuan Property Co., Ltd. Others
Kweichow Moutai (Group) International Travel Agency Co., Ltd. Others
Kweichow Moutai (Group) Ecological Agriculture Industry Wholly-owned subsidiary of the
Development Co., Ltd. parent company
Kweichow Moutai Chun Marketing Company Others
Kweichow Moutai Group Health Industry Co., Ltd. Others
ANNUAL REPORT 2023
Kweichow Moutai Distillery (Group) Health Care Wine Industry Others
Sales Co., Ltd.
Kweichow Moutai Distillery (Group) Health Care Liquor Co., Wholly-owned subsidiary of the
Ltd. parent company
Holding subsidiary of the parent
Kweichow Moutai Distillery Group Changli Winery Co., Ltd.
company
Kweichow Moutai Distillery (Group) Guiyang Gaoxin Real Others
Estate Investment Development Co., Ltd.
Wholly-owned subsidiary of the
Guizhou Moutai Winery (Group) Guiyang Business Co., Ltd.
parent company
Kweichow Moutai Distillery (Group) Sanya Investment Industrial Others
Co., Ltd.
Holding subsidiary of the parent
Kweichow Moutai Distillery (Group) Logistics Co., Ltd.
company
Guizhou Moutai Brewery (Group) Circular Economy Industrial Wholly-owned subsidiary of the
Investment Development Co., Ltd. parent company
Kweichow Moutai Distillery (Group) Real Estate Investment Wholly-owned subsidiary of the
Development Co., Ltd. parent company
Kweichow Moutai Distillery (Group) Technology Development Wholly-owned subsidiary of the
Co., Ltd. parent company
Kweichow Moutai Ecological Agriculture Sales Co., Ltd. Others
Kweichow Moutai Logistics Park Grain Collection and Storage Others
Co., Ltd.
Holding subsidiary of the parent
Guizhou Zunyi Moutai Airport Co., Ltd.
company
Guizhou Renhuai Shenren Packaging and Printing Co., Ltd. Others
Guizhou Xinhuaxi Glass Co., Ltd. Others
Moutai (Guizhou) Investment Fund Partnership (Limited Holding subsidiary of the parent
Partnership) company
Holding subsidiary of the parent
Moutai (Guizhou) Private Fund Management Co., Ltd.
company
Wholly-owned subsidiary of the
Shanghai Kweichow Moutai Industrial Co., Ltd.
parent company
Shanghai Rencai Printing Affairs Co., Ltd. Others
Kweichow Moutai Distillery (Group) Hotel Management Co., Wholly-owned subsidiary of the
Ltd. parent company
Guizhou Zunyi Moutai Airport Ecological Park Investment and Others
Development Co., Ltd.
China Kweichow Moutai Distillery (Group) Cultural Tourism Wholly-owned subsidiary of the
Co., Ltd. parent company
Chinese-Foreign Venture Dragon and Lion Cap Co., Ltd. Zhuhai Others
S.E.Z
Wholly-owned subsidiary of the
Moutai CCB (Guizhou) Investment Fund Management Co., Ltd.
parent company
Wholly-owned subsidiary of the
Kweichow Moutai Group Marketing Co., Ltd.
parent company
Holding subsidiary of the parent
Huagui Life Insurance Co., Ltd.
company
Guiyang GY Financial Leasing Co., Ltd. Others
Bank of Guizhou Co., Ltd. Others
Guizhou Zunpeng Liquor Co., Ltd. Others
Kweichow Moutai Distillery (Group) Guiding Jingqi Glass Others
Products Co., Ltd.
Guizhou Moutai Distillery (Group) Lvsheng Organic Fertilizer Others
Co., Ltd.
ANNUAL REPORT 2023
Guizhou Renhuai Renshuai Liquor Co., Ltd. Others
Kweichow Moutai Distillery (Group) Hongyingzi Agriculture Holding subsidiary of the parent
Science and Technology Development Co., Ltd. company
Xunfeng Technology (Guizhou) Co., Ltd. Others
CHINA GUIZHOU MOUTAI BREWERY TRADING (H.K.) Wholly-owned subsidiary of the
LIMITED parent company
Moutai Zhaohua (Guizhou) Industrial Development Fund Holding subsidiary of the parent
Partnership (Limited Partnership) company
Moutai Jinshi (Guizhou) Industrial Development Fund Holding subsidiary of the parent
Partnership (Limited Partnership) company
Kweichow Moutai Hospital Others
Moutai College Others
Guizhou Shuanglong Feitian Supply Chain Management Co., Ltd. Others
Other notes:
Group Changli Winery Co., Ltd.;
Industrial Co., Ltd.;
(Group) Technology Development Co., Ltd.;
Kweichow Moutai (Group) Ecological Agriculture Industry Development Co., Ltd.;
(Group) Cultural Tourism Co., Ltd.;
China Kweichow Moutai Distillery (Group) Cultural Tourism Co., Ltd.;
Distillery (Group) Technology Development Co., Ltd.;
Distillery (Group) Health Care Liquor Industry Co., Ltd.;
subsidiary of Kweichow Moutai Distillery (Group) Health Care Liquor Industry Co., Ltd.;
is a wholly-owned subsidiary of Kweichow Moutai Distillery (Group) Real Estate Investment
Development Co., Ltd.；
subsidiary of Kweichow Moutai Distillery (Group) Real Estate Investment Development Co., Ltd.;
Moutai (Group) Ecological Agriculture Industry Development Co., Ltd.;
Kweichow Moutai Distillery (Group) Logistics Co., Ltd.;
ANNUAL REPORT 2023
Moutai Distillery (Group) Technology Development Co., Ltd.;
Technology Development Co., Ltd.;
Technology Development Co., Ltd.;
owned subsidiary of Guizhou Zunyi Moutai Airport Co., Ltd.;
Kweichow Moutai Distillery (Group) Technology Development Co., Ltd.;
Circular Economy Industrial Investment Development Co., Ltd.;
subsidiary of Kweichow Moutai Distillery (Group) Technology Development Co., Ltd.;
Guizhou Moutai Brewery (Group) Circular Economy Industrial Investment Development Co., Ltd.;
Distillery (Group) Health Care Liquor Co., Ltd.;
Distillery (Group) Cultural Tourism Co., Ltd.;
Kweichow Moutai Distillery (Group) Logistics Co., Ltd..
(1) Related transaction on purchase or sales of goods and rendering or receipt of services
Purchase of goods/receipt of services
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Whether
Transaction the
Content of limit transaction
Amount in the Amount in the prior
Related parties related approved limit is
current period period
transaction (If exceeded
applicable) (If
applicable)
China Kweichow Moutai Distillery (Group) Right to use
Co., Ltd. trademarks
Kweichow Moutai Distillery (Group) Cargo
Logistics Co., Ltd. transportation 216,497,975.59 176,888,990.77
services
Chinese-Foreign Venture Dragon and Lion Purchase of
Cap Co., Ltd. Zhuhai S.E.Z goods
ANNUAL REPORT 2023
Guizhou Renhuai Shenren Packaging and Purchase of
Printing Co., Ltd. goods
Guizhou Moutai Distillery (Group) Circular
Purchase of
Economy Industry Investment and 141,561,000.00 130,101,300.00
goods
Development Co., Ltd.
Kweichow Moutai Logistics Park Grain Purchase of
Collection and Storage Co., Ltd. goods
Guizhou Fuminghang Packaging Co., Ltd. Purchase of
goods
Guizhou Xinhuaxi Glass Co., Ltd. Purchase of
goods
Kweichow Moutai Distillery (Group)
Purchase of
Hongyingzi Agriculture Science and 50,223,736.00
goods
Technology Development Co., Ltd.
Kweichow Moutai Hospital Purchase of
goods
China Kweichow Moutai Distillery (Group) Purchase of
Cultural Tourism Co., Ltd. goods
Kweichow Moutai Distillery (Group) Health Purchase of
Care Wine Industry Sales Co., Ltd. goods
ChangLi Moutai Wine Trade Co., Ltd. Purchase of
goods
Kweichow Moutai Ecological Agriculture Purchase of
Sales Co., Ltd. goods
Shanghai Rencai Printing Affairs Co., Ltd. Purchase of
goods
China Kweichow Moutai Distillery (Group) Purchase of
Co., Ltd. goods
Huagui Life Insurance Co., Ltd. Purchase of
insurance
China Kweichow Moutai Distillery (Group) Comprehensive
Co., Ltd. service fee
Kweichow Moutai Distillery (Group) Health Labor services
Care Liquor Co., Ltd. fee
Xunfeng Technology (Guizhou) Co., Ltd. Labor services
fee
Kweichow Moutai Distillery (Group) Hotel Labor services
Management Co., Ltd. fee
Kweichow Moutai Hospital Labor services
fee
Kweichow Moutai Logistics Park Grain Labor services
Collection and Storage Co., Ltd. fee
Kweichow Moutai (Group) International Labor services
Travel Agency Co., Ltd. fee
China Kweichow Moutai Distillery (Group) Labor services
Cultural Tourism Co., Ltd. fee
Guizhou Moutai Distillery (Group) Circular
Labor services
Economy Industry Investment and 4,485,361.28 1,939,970.05
fee
Development Co., Ltd.
Moutai College Labor services
fee
Guizhou Zunyi Moutai Airport Co., Ltd. Labor services
fee
China Kweichow Moutai Distillery (Group) Labor services
Co., Ltd. fee
Kweichow Moutai Distillery (Group)
Labor services
Guiyang Gaoxin Real Estate Investment 116,120.77 25,661.62
fee
Development Co., Ltd.
Kweichow Moutai Distillery (Group) Labor services
Technology Development Co., Ltd. fee
Kweichow Moutai Distillery (Group)
Labor services
Hongyingzi Agriculture Science and 10,000.00
fee
Technology Development Co., Ltd.
Kweichow Moutai Distillery (Group) Labor services
Logistics Co., Ltd. fee
Kweichow Moutai Distillery (Group) Other utilities
Guiyang Gaoxin Real Estate Investment expenses such as
Development Co., Ltd. water, electricity
and steam
charges
(purchase)
Sales of goods/rendering of services
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
ANNUAL REPORT 2023
Content of
Amount in the Amount in the prior
Related parties related
current period period
transaction
Kweichow Moutai Group Marketing Co., Ltd. Sales of
goods
Kweichow Moutai Distillery (Group) Hotel Management Sales of
Co., Ltd. goods
CHINA GUIZHOU MOUTAI BREWERY TRADING Sales of
(H.K.) LIMITED goods
China Kweichow Moutai Distillery (Group) Cultural Sales of
Tourism Co., Ltd. goods
Shanghai Kweichow Moutai Industrial Co., Ltd. Sales of
goods
Kweichow Moutai Distillery (Group) Sanya Investment Sales of
Industrial Co., Ltd. goods
Guizhou Zunyi Moutai Airport Co., Ltd. Sales of
goods
Beijing Moutai Trade Co., Ltd. Sales of
goods
Xunfeng Technology (Guizhou) Co., Ltd. Sales of
goods
China Kweichow Moutai Distillery (Group) Co., Ltd. Sales of
goods
Guizhou Zunyi Moutai Airport Ecological Park Investment Sales of
and Development Co., Ltd. goods
Kweichow Moutai Distillery (Group) Health Care Liquor Labor
Co., Ltd. services fee
Kweichow Moutai Distillery (Group) Health Care Wine Labor
Industry Sales Co., Ltd. services fee
China Kweichow Moutai Distillery (Group) Co., Ltd. Labor
services fee
China Kweichow Moutai Distillery (Group) Cultural Labor
Tourism Co., Ltd. services fee
Kweichow Moutai (Group) International Travel Agency Labor
Co., Ltd. services fee
Kweichow Moutai Group Marketing Co., Ltd. Labor
services fee
Xunfeng Technology (Guizhou) Co., Ltd. Labor
services fee
ChangLi Moutai Wine Trade Co., Ltd. Labor
services fee
Kweichow Moutai Distillery (Group) Technology Labor
Development Co., Ltd. services fee
Guizhou Renhuai Shenren Packaging and Printing Co., Ltd. Labor
services fee
China Kweichow Moutai Distillery (Group) Co., Ltd. Other
inflows
Notes to purchase or sale of goods, and rendering or receipt of services
□Applicable √N/A
(2) Management on commission/ contract and commissioned management/ sub-contract
Table of information on entrusted management and contracting:
□Applicable √N/A
Notes to custody/contracting of related parties
□Applicable √N/A
Table of information on entrusted management and contracting by the Company:
□Applicable √N/A
Notes to related-party management/contracting
ANNUAL REPORT 2023
□Applicable √N/A
(3) Related-party leases
The Company as the lessor:
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Lease
Lease revenue
Type of leased revenue
Name of lessee recognized in
assets recognized in
previous period
this period
Kweichow Moutai Group Marketing Co., Ltd. Buildings and
constructions
ChangLi Moutai Wine Trade Co., Ltd. Buildings and
constructions
China Kweichow Moutai Distillery (Group) Buildings and
Co., Ltd. constructions
ANNUAL REPORT 2023
The Company as the lessee:
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Variable lease
Rental expenses of short-term
payments that are
lease and low-value asset lease Interest expenses on the lease
not included in the Paid rent Added right-of-use assets
subject to simplified treatment (if liabilities assumed
lease liabilities (if
Type of leased applicable)
Name of the lessor applicable)
assets
Amount Amount Amount
Amount in the Amount in the in the in the Amount in the Amount in the Amount in the Amount in the Amount in the in the
current period prior period current prior current period prior period current period prior period current period prior
period period period
China Kweichow Moutai Buildings and
Distillery (Group) Co., Ltd. constructions
China Kweichow Moutai
Land use right 9,046,180.00 4,523,090.00 2,621,418.97 2,677,710.63
Distillery (Group) Co., Ltd.
China Kweichow Moutai Transportation
Distillery (Group) Co., Ltd. facilities
Kweichow Moutai Distillery
(Group) Guiyang Gaoxin Real Buildings and
Estate Investment Development constructions
Co., Ltd.
Kweichow Moutai Distillery
Buildings and
(Group) Sanya Investment 1,458,000.00 192,522.22 5,258,928.89
constructions
Industrial Co., Ltd.
Guizhou Moutai Brewery
(Group) Circular Economy Buildings and
Industrial Investment constructions
Development Co., Ltd.
Buildings and
Beijing Moutai Trade Co., Ltd. 4,678.90 5,100.00
constructions
Guizhou Zunyi Moutai Airport Buildings and
Co., Ltd. constructions
Remarks on related-party leases
□Applicable √N/A
ANNUAL REPORT 2023
(4) Remuneration of key management personnel
□Applicable √N/A
(5) Other related transactions
√Applicable □N/A
A. Kweichow Moutai Group Finance Co., Ltd., a holding subsidiary of the Company, conducted deposit,
loan, discount and letter of guarantee business with related parties.
Absorption of deposits and interbank deposit refers to the balance of deposits of all related parties with
Kweichow Moutai Group Finance Co., Ltd. and accrued interest; "interest expenses" refer to the deposit
interest to be paid by Kweichow Moutai Group Finance Co., Ltd. to related parties; “interest income”
refers to the interest charged by Kweichow Moutai Group Finance Co., Ltd. for providing loan business
to related parties according to regulations; disbursement of advances and loans refers to the balance of
the loan provided by Kweichow Moutai Group Finance Co., Ltd. to related parties. (Monetary Unit:
Yuan Currency: RMB)
a. Absorption of deposits and interbank deposit
Related parties December 31, 2023
China Kweichow Moutai Distillery (Group) Co., Ltd. 3,472,135,014.73
Kweichow Moutai Group Marketing Co., Ltd. 2,328,305,814.53
Kweichow Moutai Distillery (Group) Technology Development Co., 1,855,099,519.88
Ltd.
Kweichow Moutai Distillery (Group) Real Estate Investment 497,766,259.78
Development Co., Ltd.
Guizhou Zunpeng Liquor Co., Ltd. 467,016,595.82
China Kweichow Moutai Distillery (Group) Cultural Tourism Co., 454,242,451.69
Ltd.
ChangLi Moutai Wine Trade Co., Ltd. 319,113,599.89
Xunfeng Technology (Guizhou) Co., Ltd. 251,205,090.43
Guizhou Moutai Brewery (Group) Circular Economy Industrial 235,417,326.01
Investment Development Co., Ltd.
Kweichow Moutai Ecological Agriculture Sales Co., Ltd. 221,696,114.23
Guizhou Zunyi Moutai Airport Co., Ltd. 213,942,105.61
Kweichow Moutai Chun Marketing Company 194,045,165.03
Guizhou Renhuai Renshuai Liquor Co., Ltd. 157,974,945.23
Beijing Moutai Trade Co., Ltd. 137,108,430.79
Kweichow Moutai Distillery (Group) Health Care Wine Industry Sales 126,794,125.52
Co., Ltd.
Kweichow Moutai Distillery Group Changli Winery Co., Ltd. 125,766,163.28
Guizhou Renhuai Shenren Packaging and Printing Co., Ltd. 119,132,632.79
Kweichow Moutai Distillery (Group) Health Care Liquor Co., Ltd. 115,136,862.55
Shanghai Kweichow Moutai Industrial Co., Ltd. 97,825,220.90
Kweichow Moutai Distillery (Group) Logistics Co., Ltd. 95,684,837.10
Shanghai Moutai Trading Co., Ltd. 84,541,299.91
Kweichow Moutai (Group) Ecological Agriculture Industry 81,095,162.88
Development Co., Ltd.
Kweichow Moutai Distillery (Group) Hotel Management Co., Ltd. 78,419,300.97
Chinese-Foreign Venture Dragon and Lion Cap Co., Ltd. Zhuhai S.E.Z 62,185,871.67
Guizhou Shuanglong Feitian Supply Chain Management Co., Ltd. 47,441,584.85
Kweichow Moutai (Group) International Travel Agency Co., Ltd. 43,861,618.42
Kweichow Moutai Hospital 42,262,426.90
Guizhou Jiuyuan Property Co., Ltd. 28,579,282.49
Guizhou Fuminghang Packaging Co., Ltd. 24,196,816.45
Kweichow Moutai Distillery (Group) Sanya Investment Industrial Co., 23,193,926.64
Ltd.
Kweichow Moutai Logistics Park Grain Collection and Storage Co., 13,253,329.50
ANNUAL REPORT 2023
Ltd.
Guizhou Xinhuaxi Glass Co., Ltd. 9,829,813.16
Kweichow Moutai Distillery (Group) Guiding Jingqi Glass Products 6,200,932.66
Co., Ltd.
Kweichow Moutai Group Health Industry Co., Ltd. 3,041,438.50
Guizhou Moutai Winery (Group) Guiyang Business Co., Ltd. 628,850.59
Kweichow Moutai Distillery (Group) Hongyingzi Agriculture Science 203,644.78
and Technology Development Co., Ltd.
Moutai College 138,956.82
Moutai CCB (Guizhou) Investment Fund Management Co., Ltd. 5,410.91
Moutai (Guizhou) Private Fund Management Co., Ltd. 4,050.21
Moutai (Guizhou) Investment Fund Partnership (Limited Partnership) 850.03
Guizhou Moutai Distillery (Group) Lvsheng Organic Fertilizer Co., 37.75
Ltd.
Guizhou Hengdao Danlin Agricultural Technology Development Co., 28.07
Ltd.
Total 12,034,492,909.95
b. Interest expenses
Related parties Current reporting period
Kweichow Moutai Distillery (Group) Technology Development Co., 31,339,938.02
Ltd.
China Kweichow Moutai Distillery (Group) Co., Ltd. 29,708,003.52
Kweichow Moutai Group Marketing Co., Ltd. 21,399,365.25
Guizhou Zunpeng Liquor Co., Ltd. 4,017,175.57
Kweichow Moutai Distillery (Group) Logistics Co., Ltd. 3,189,584.79
Guizhou Moutai Brewery (Group) Circular Economy Industrial 3,111,083.63
Investment Development Co., Ltd.
ChangLi Moutai Wine Trade Co., Ltd. 2,458,664.23
Kweichow Moutai Chun Marketing Company 2,425,584.26
China Kweichow Moutai Distillery (Group) Cultural Tourism Co., 2,052,349.58
Ltd.
Guizhou Zunyi Moutai Airport Co., Ltd. 1,970,595.88
Kweichow Moutai Ecological Agriculture Sales Co., Ltd. 1,636,584.81
Guizhou Renhuai Shenren Packaging and Printing Co., Ltd. 1,619,805.58
Xunfeng Technology (Guizhou) Co., Ltd. 1,205,090.43
Kweichow Moutai Distillery (Group) Health Care Wine Industry Sales 1,036,722.16
Co., Ltd.
Shanghai Kweichow Moutai Industrial Co., Ltd. 934,193.97
Kweichow Moutai Distillery Group Changli Winery Co., Ltd. 840,830.43
Beijing Moutai Trade Co., Ltd. 600,646.94
Shanghai Moutai Trading Co., Ltd. 535,645.74
Kweichow Moutai Distillery (Group) Health Care Liquor Co., Ltd. 466,072.54
Guizhou Jiuyuan Property Co., Ltd. 446,008.34
Kweichow Moutai Distillery (Group) Guiding Jingqi Glass Products 391,570.92
Co., Ltd.
Moutai College 321,413.03
Kweichow Moutai Distillery (Group) Real Estate Investment 278,820.47
Development Co., Ltd.
Chinese-Foreign Venture Dragon and Lion Cap Co., Ltd. Zhuhai S.E.Z 200,840.35
Kweichow Moutai Distillery (Group) Hongyingzi Agriculture Science 198,537.18
and Technology Development Co., Ltd.
Kweichow Moutai Logistics Park Grain Collection and Storage Co., 194,364.37
Ltd.
Kweichow Moutai Distillery (Group) Sanya Investment Industrial Co., 180,636.29
ANNUAL REPORT 2023
Ltd.
Kweichow Moutai Distillery (Group) Hotel Management Co., Ltd. 151,598.58
Guizhou Fuminghang Packaging Co., Ltd. 139,139.95
Guizhou Shuanglong Feitian Supply Chain Management Co., Ltd. 119,459.65
Guizhou Renhuai Renshuai Liquor Co., Ltd. 87,955.56
Kweichow Moutai (Group) International Travel Agency Co., Ltd. 68,154.66
Guizhou Xinhuaxi Glass Co., Ltd. 36,615.62
Kweichow Moutai Hospital 75,730.99
Kweichow Moutai Group Health Industry Co., Ltd. 27,025.67
Kweichow Moutai (Group) Ecological Agriculture Industry 26,650.62
Development Co., Ltd.
Guizhou Moutai Winery (Group) Guiyang Business Co., Ltd. 7,050.74
Guizhou Moutai Distillery (Group) Lvsheng Organic Fertilizer Co., 570.90
Ltd.
Moutai CCB (Guizhou) Investment Fund Management Co., Ltd. 23.00
Moutai (Guizhou) Private Fund Management Co., Ltd. 17.24
Guizhou Zunyi Moutai Airport Ecological Park Investment and 4.46
Development Co., Ltd.
Moutai (Guizhou) Investment Fund Partnership (Limited Partnership) 3.62
Guizhou Hengdao Danlin Agricultural Technology Development Co., 0.12
Ltd.
Total 113,500,129.66
c. Loans and payments
Item Related parties December 31, 2023
Credit loans Kweichow Moutai Distillery (Group) 499,963,530.81
Health Care Liquor Co., Ltd.
Pledge loans Kweichow Moutai Logistics Park Grain 58,040,000.00
Collection and Storage Co., Ltd.
Total 558,003,530.81
Less: Provision for impairment 12,158,085.37
of loans
Book value of loans and 545,845,445.44
advances to customers
d. Interest income
Item Related parties Current reporting period
Interest income on China Kweichow Moutai Distillery (Group) Co., 60,502,489.52
loans Ltd.
Interest income on Kweichow Moutai Distillery (Group) Health Care 2,732,535.18
loans Liquor Co., Ltd.
Interest income on Kweichow Moutai Logistics Park Grain 2,019,139.63
loans Collection and Storage Co., Ltd.
Total 65,254,164.33
e. Kweichow Moutai Group Finance Co., Ltd., a holding subsidiary of the Company, purchased the
bonds issued by Guiyang GY Financial Leasing Co., Ltd. from the open market, with the total price of
RMB 20.00 million, for which the interest income recognized in the current period amounted to RMB
full.
B. The Company's ending balance of deposits with Guizhou Bank amounted to RMB 24.1 billion, and the
interest income and investment income in 2023 respectively amounted to RMB 653.43 million and RMB
the bonds issued by Bank of Guizhou Co., Ltd. from the open market, with the total price of RMB 500
million. The interest income recognized in the current period amounted to RMB 16.23 million. As of the
ANNUAL REPORT 2023
end of the period, the balance of the provision for impairment of the debt investments was RMB 103,700,
the balance of accrued interest was RMB 6.3 million and the book value was RMB 506.2 million.
Kweichow Moutai Sales Co., Ltd., a holding subsidiary of the Company, entrusted the Bank of Guizhou
to collect and pay the third-party payment channel transaction fee of the "i Moutai" digital marketing
platform totaling RMB 73.37 million.
(1) Receivables
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the beginning
Balance at the end of the period
of the period
Item Related parties Provision Provision
Book
Book balance for bad for bad
balance
debts debts
Accounts
receivable Xunfeng Technology (Guizhou) Co., Ltd.
Other Kweichow Moutai Distillery (Group) Guiyang Gaoxin 100,000.00
receivables Real Estate Investment Development Co., Ltd.
Other Kweichow Moutai Distillery (Group) Health Care Wine
receivables Industry Sales Co., Ltd.
Other
receivables ChangLi Moutai Wine Trade Co., Ltd.
Other
receivables Kweichow Moutai Ecological Agriculture Sales Co., Ltd.
Other
receivables Kweichow Moutai Group Marketing Co., Ltd.
Other
receivables Xunfeng Technology (Guizhou) Co., Ltd.
Other 88,817.40
receivables China Kweichow Moutai Distillery (Group) Co., Ltd.
China Kweichow Moutai Distillery (Group) Cultural
Prepayments Tourism Co., Ltd.
Remarks:
Moutai Sales Co., Ltd., a holding company of the Company, via Xunfeng platform where the system
adopts the T+7 approach for the settlement of payments for goods;
Development Co., Ltd. refer to the rental deposit paid by Beijing Friendship Messenger Trading Co., Ltd.
and Guizhou Moutai Chiew Import and Export Co., Ltd., two holding subsidiaries of the Company;
refer to the contract performance bond of Beijing Friendship Messenger Trading Co., Ltd., a holding
subsidiary of the Company;
Beijing Friendship Messenger Trading Co., Ltd., a holding subsidiary of the Company;
performance bond of Beijing Friendship Messenger Trading Co., Ltd., a holding subsidiary of the
Company;
Heyixing Liquor Branch of Kweichow Moutai Co., Ltd.;
Heyixing Liquor Branch of Kweichow Moutai Co., Ltd.;
prepayments for goods of Beijing Friendship Messenger Trading Co., Ltd., a holding subsidiary of the
Company.
ANNUAL REPORT 2023
(2) Payables
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Related parties Book balance as at Book balance at
the end of the the beginning of
period the period
Kweichow Moutai Logistics Park Grain Collection and Storage
Accounts payable 93,477,338.38 59,076,608.00
Co., Ltd.
Accounts payable Kweichow Moutai Distillery (Group) Health Care Liquor Co., Ltd. 38,537,957.75 246,490,916.16
Kweichow Moutai Distillery (Group) Hongyingzi Agriculture
Accounts payable 36,158,486.00
Science and Technology Development Co., Ltd.
Chinese-Foreign Venture Dragon and Lion Cap Co., Ltd. Zhuhai
Accounts payable 32,135,809.02
S.E.Z
Accounts payable Kweichow Moutai Hospital 22,000,000.00
Accounts payable Xunfeng Technology (Guizhou) Co., Ltd. 16,891,424.43
Accounts payable Kweichow Moutai Distillery (Group) Hotel Management Co., Ltd. 12,600,759.42 3,069,258.03
Accounts payable Guizhou Renhuai Shenren Packaging and Printing Co., Ltd. 14,356,089.19
Accounts payable Kweichow Moutai Distillery (Group) Logistics Co., Ltd. 12,461,943.12 47,212,974.54
China Kweichow Moutai Distillery (Group) Cultural Tourism Co.,
Accounts payable 970,000.00
Ltd.
Accounts payable Guizhou Xinhuaxi Glass Co., Ltd. 249,928.56
Accounts payable Kweichow Moutai (Group) International Travel Agency Co., Ltd. 162,000.00
Accounts payable Kweichow Moutai Distillery Group Changli Winery Co., Ltd. 80,661.48
Kweichow Moutai Distillery (Group) Technology Development
Accounts payable 986,180.26
Co., Ltd.
Guizhou Moutai Brewery (Group) Circular Economy Industrial
Accounts payable 8,776,190.66
Investment Development Co., Ltd.
Other payables China Kweichow Moutai Distillery (Group) Co., Ltd. 1,039,244,283.75 907,115,478.82
Other payables Kweichow Moutai Distillery (Group) Logistics Co., Ltd. 68,320,120.45 57,704,428.54
Guizhou Moutai Brewery (Group) Circular Economy Industrial
Other payables 14,356,100.00 13,710,130.00
Investment Development Co., Ltd.
China Kweichow Moutai Distillery (Group) Cultural Tourism Co.,
Other payables 11,202,943.84 124,590.00
Ltd.
Other payables Kweichow Moutai Distillery (Group) Hotel Management Co., Ltd. 4,971,354.70 4,416,637.72
Kweichow Moutai Distillery (Group) Hongyingzi Agriculture
Other payables 3,090,812.50
Science and Technology Development Co., Ltd.
Other payables Kweichow Moutai Distillery (Group) Health Care Liquor Co., Ltd. 1,892,512.00 591,695.00
Other payables Moutai College 2,189,800.00
Kweichow Moutai Logistics Park Grain Collection and Storage
Other payables 1,586,000.00 1,500,000.00
Co., Ltd.
Other payables Xunfeng Technology (Guizhou) Co., Ltd. 1,094,170.00
Other payables Guizhou Renhuai Shenren Packaging and Printing Co., Ltd. 1,015,643.50 1,015,643.50
Kweichow Moutai Distillery (Group) Guiding Jingqi Glass
Other payables 1,000,000.00
Products Co., Ltd.
Chinese-Foreign Venture Dragon and Lion Cap Co., Ltd. Zhuhai
Other payables 1,000,000.00 1,000,000.00
S.E.Z
Other payables Guizhou Xinhuaxi Glass Co., Ltd. 1,000,000.00 1,000,000.00
Other payables Guizhou Fuminghang Packaging Co., Ltd. 1,000,000.00 1,000,000.00
Kweichow Moutai Distillery (Group) Technology Development
Other payables 587,875.33 71,137,207.29
Co., Ltd.
Other payables Kweichow Moutai Hospital 266,719.36
Other payables Kweichow Moutai Group Marketing Co., Ltd. 260,000.00 260,000.00
Kweichow Moutai Distillery (Group) Sanya Investment Industrial
Other payables 200,000.00
Co., Ltd.
Other payables Kweichow Moutai (Group) International Travel Agency Co., Ltd. 79,997.00
Other payables Shanghai Kweichow Moutai Industrial Co., Ltd. 50,000.00 50,000.00
Kweichow Moutai Distillery (Group) Guiyang Gaoxin Real Estate
Other payables 8,500.00 23,357.59
Investment Development Co., Ltd.
Guizhou Zunyi Moutai Airport Ecological Park Investment and
Other payables 50,000.00
Development Co., Ltd.
Other payables Shanghai Rencai Printing Affairs Co., Ltd. 1,400,000.00
Other payables Huagui Life Insurance Co., Ltd. 37,375.00
Contract liabilities Kweichow Moutai Group Marketing Co., Ltd. 319,645,832.74 75,925,710.62
Contract liabilities Guizhou Zunyi Moutai Airport Co., Ltd. 3,389,904.00
China Kweichow Moutai Distillery (Group) Cultural Tourism Co.,
Contract liabilities 674,318.87
Ltd.
Kweichow Moutai Distillery (Group) Sanya Investment Industrial
Contract liabilities 263,546.34
Co., Ltd.
Contract liabilities Kweichow Moutai Distillery (Group) Logistics Co., Ltd. 5,306.19 5,306.19
Contract liabilities Shanghai Kweichow Moutai Industrial Co., Ltd. 390,966.37
Contract liabilities Beijing Moutai Trade Co., Ltd. 1,292,962.83
Guizhou Zunyi Moutai Airport Ecological Park Investment and
Contract liabilities 10,036.28
Development Co., Ltd.
ANNUAL REPORT 2023
Lease liabilities (including
the part maturing within China Kweichow Moutai Distillery (Group) Co., Ltd. 165,504,814.99 248,946,125.77
one year)
Lease liabilities (including
Kweichow Moutai Distillery (Group) Guiyang Gaoxin Real Estate
the part maturing within 4,652,262.12 5,953,575.42
Investment Development Co., Ltd.
one year)
(3) Others
□Applicable √N/A
□Applicable √N/A
□Applicable √N/A
XV. Post balance sheet events
□Applicable √N/A
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Profit or dividend to be distributed 38,786,363,272.80
□Applicable √N/A
□Applicable √N/A
XIV. Notes to the main items of the Company's financial statements
(1) Disclosure by aging
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Book balance as at the end of Book balance at the beginning
Aging
the period of the period
Within 1 year 17,178,545,925.65 20,670,923,010.62
Sub-total within 1 year 17,178,545,925.65 20,670,923,010.62
Total 17,178,545,925.65 20,670,923,010.62
(2) Disclosure by category based on the method for provision for bad debts
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the end of the period Balance at the beginning of the period
Provision for bad Provision for bad
Book balance Book balance
debts debts
Type Book Book
Proportio Proportio
Rati Rati
Amou n of value Amou n of value
Amount o Amount o
nt provision nt provision
(%) (%)
(%) (%)
ANNUAL REPORT 2023
Provision
for bad
debts
accrued on
an
individual
basis
Bad debt 17,178,545,925. 100 17,178,545,925. 20,670,923,010. 100 20,670,923,010.
provision 65 65 62 62
assessed by
portfolio
Including:
Portfolio of 17,178,545,925. 100 17,178,545,925. 20,670,923,010. 100 20,670,923,010.
related 65 65 62 62
parties
within the
scope of
consolidati
on
Total
Bad debt provision assessed by portfolio:
□Applicable √N/A
(3) Top 5 accounts receivable based on debtors and corresponding contract assets
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Proportion in
the total of
balances of Ending
Ending
balance
balance Ending balances of accounts
Ending balance of of
Entity name of accounts receivable receivable and
accounts receivable contract assets provision
contract and contract assets
at the end of for bad
assets
debts
the period
（%）
Kweichow Moutai Sales Co.,
Ltd.
Guizhou Moutai Chiew
Import and Export Co., Ltd.
Kweichow Moutai-Flavor
Liquor Marketing Co., Ltd.
Total 17,178,545,925.65 17,178,545,925.65 100.00
Presentation of items
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the end of the Balance at the beginning of the
Item
period period
Other receivables 15,880,057.16 15,092,761.22
Total 15,880,057.16 15,092,761.22
Other receivables
(1) Disclosure by aging
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Book balance at the end of the Book balance at the beginning
Aging
period of the period
Within 1 year 15,507,393.04 14,654,823.06
Sub-total within 1 year 15,507,393.04 14,654,823.06
ANNUAL REPORT 2023
Over 5 years 37,951.22 37,951.22
Total 16,045,479.26 15,192,909.28
(2) Classification by nature of payment
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Nature of payment Book balance as at the end of Book balance at the beginning
the period of the period
Petty cash 3,647,152.00 5,471,487.70
Current payment 12,398,327.26 9,721,421.58
Total 16,045,479.26 15,192,909.28
(3) Details for making provision for bad debts
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Stage I Stage II Stage III
Provision for bad 12-month Lifetime expected Lifetime expected
Total
debts expected credit loss (without credit loss (with
credit loss credit impairment) credit impairment)
Balance as at
January 1, 2023
Balance as at
January 1, 2023
in the current
period
- Transfer to
-5,500.02 5,500.02
Stage II
- Transfer to
Stage III
- Reversal from
Stage II
- Reversal from
Stage I
Provision in the
current period
Reversal in the
current period
Charge-off in the
current period
Write-off in the
current period
Other changes
Balance as at
December 31, 8,017.08 157,405.02 165,422.10
Notes to the obvious changes in the book balance of other receivables with changes in provision for losses
in the current period:
ANNUAL REPORT 2023
□Applicable √N/A
(4) Provision for bad debts
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at Change in this period
the Balance at
Write-off
Type beginning Recovery Other the end of
Provision or charge-
of the or reversal changes the period
off
period
Bad debt
provision
assessed by
portfolio
Total 100,148.06 77,039.82 11,765.78 165,422.10
Reversal or recovery of significant amount of provision for bad debts in the current period:
□Applicable √N/A
(5) Other receivables write off in the current period
□Applicable √N/A
(6) Top 5 of other receivables presented by debtor
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Provision
Proportion in the for bad
Balance at the end total ending Nature of debts
Entity name Aging
of the period balance of other payment Balance at
receivables (%) the end of
the period
China
Railway 22nd Current Within 1
Bureau Group payment year
Co., Ltd.
Luo Meng Within 1
year
Luo Nanbo Within 1
year
Wu Lanlan Within 1
year
Jiao Within 1
Yuanquan year
Total 4,721,782.10 29.43 / /
A. Receivables of China Railway 22nd Bureau Group Co., Ltd. refer to the water and electricity charges
at Xinzhai and Dadi production areas paid by Heyixing Liquor Branch of Kweichow Moutai Co., Ltd.
on the Company's behalf.
B. Luo Meng is an employee of the Company, and the loans are for litigation and market rights
protection.
C. Luo Nanbo is an employee of the Company, and the loans are for litigation and market rights
protection.
D. Wu Lanlan is an employee of the Company, and the money is borrowed for applying for license for
the vehicle of the Company.
ANNUAL REPORT 2023
E. Jiao Yuanquan is an employee of the Company, and the loans are for litigation and market rights
protection.
(7) Items presented as other receivables on account of the collective funds management
□Applicable √N/A
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance at the end of the period Balance at the beginning of the period
Provision Provision
Item
Book balance for Book value Book balance for Book value
impairment impairment
Investment to
subsidiaries
Total 1,610,535,587.55 1,610,535,587.55 1,624,535,587.55 1,624,535,587.55
(1) Investments in subsidiaries
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Balance of
Increase Impairment
Balance at the impairment
in Decrease in Balance at the end provision
Investee beginning of the provision at
current current period of the period accrued at the
period the end of
period current period
period
Guizhou
Moutai Chiew
Import and 5,600,000.00 5,600,000.00
Export Co.,
Ltd.
Kweichow
Moutai Sales 9,500,000.00 9,500,000.00
Co., Ltd.
Kweichow
Moutai Group
Finance Co.,
Ltd.
Kweichow
Moutai-Flavor
Liquor 200,000,000.00 200,000,000.00
Marketing
Co., Ltd.
Beijing
Friendship
Messenger 22,507,157.75 22,507,157.75
Trading Co.,
Ltd.
Kweichow
Moutai Paris
Trading Co.,
Ltd.
Guizhou
Laymau
Liquor 17,200,000.00 17,200,000.00
Industry Co.,
Ltd.
Guojiu Moutai
Customized
Marketing 14,000,000.00 14,000,000.00
(Guizhou)
Co., Ltd.
Total 1,624,535,587.55 14,000,000.00 1,610,535,587.55
ANNUAL REPORT 2023
(1) Operating revenue and operating costs
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Amount in the current period Amount in the prior period
Item
Income Cost Income Cost
Primary business 80,921,734,260.74 11,826,851,903.19 70,970,544,362.02 10,230,567,077.09
Other business 493,836,527.85 245,307,010.86 331,252,514.91 189,675,060.37
Total 81,415,570,788.59 12,072,158,914.05 71,301,796,876.93 10,420,242,137.46
Remark: Other business revenue and costs are mainly the revenue and costs of hotel business and ice
cream business.
(2) Breakdown of operating revenue and operating costs
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Total
Contract classification
Operating revenue Operating costs
By product:
Moutai 72,693,957,661.74 7,724,172,917.89
Series liquor 8,227,776,599.00 4,102,678,985.30
Other business 493,836,527.85 245,307,010.86
By regional segment:
Domestic 77,058,124,880.97 11,732,466,868.19
Overseas 4,357,445,907.62 339,692,045.86
Classification by marketing channel
Wholesale agency 81,287,971,876.26 11,956,609,192.19
Direct selling 127,598,912.33 115,549,721.86
Total 81,415,570,788.59 12,072,158,914.05
(3) Description of performance obligation
√Applicable □N/A
The revenue is confirmed when the customer acquires the control of the goods agreed in the contract and
the Company fulfills the contract performance obligation.
(4) Description of allocation to remaining performance obligations
√Applicable □N/A
At the end of the reporting period, the revenue corresponding to the performance obligations under
signed contracts that have not fulfilled or not completed yet amounted to RMB 21,950,467.31, in which:
RMB 21,950,467.31 will be expected to be recognized in 2024 as revenue.
(5) Significant contract change or price adjustment of major transaction
□Applicable √N/A
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Amount in the current
Item Amount in the prior period
period
Income from long-term equity investments
under the cost method
ANNUAL REPORT 2023
Investment income from disposal of long-
term equity investments
Interest income from certificates of deposits
during the holding period
Total 35,364,314,663.45 47,660,330,707.35
XVII. Supplementary information
√Applicable □N/A
Monetary Unit: Yuan Currency: RMB
Item Amount Description
Profit or loss of disposal of non-current assets
(including the offset amount where provision for 1,152,516.17
asset impairment has been made)
Government grants included in the current profit
or loss (except for government grants closely
related with the normal business of the
Company, obtained based on the established 17,137,523.89
standard in accordance with national policies and
provisions and having the continuous influence
on the profits or losses of the Company)
The profit or loss from changes in the fair value
of financial assets and financial liabilities held
by non-financial enterprises and the profit or loss
from the disposal of financial assets and
finanical liabilities, except the effective hedging
relevant to the Company’s normal business
Other non-operating revenues and expenses
-47,733,771.71
except for the above-mentioned items
Other items of profit or loss subject to the
definition of non-recurring profit or loss
Less: Influenced amount of income tax -5,573,340.60
Adjustment of non-controlling equity (after
tax)
Total -18,492,874.77
Where the Company recognizes the items not listed in the Explanatory Notice on Information Disclosure
of Companies that Issue Securities Publicly No.1 - Non-recurring Profit or Loss as the non-recurring profit
or loss items with the significant amount, or defines the non-recurring profit and loss items listed in
Explanatory Notice on Information Disclosure of Companies that Issue Securities Publicly No.1 - Non-
recurring Profit or Loss as recurring profit or loss items, reasons shall be given.
□Applicable √N/A
√Applicable □N/A
Earnings per share
Weighted
Profit in the reporting period Average return on Diluted
Basic earnings per
net assets (%) earnings per
share
share
Net profit attributable to ordinary
shareholders of the company
Net profit attributable to ordinary
shareholders of the company after 34.20 59.51 59.51
deducting non-recurring profit and loss
ANNUAL REPORT 2023
□Applicable √N/A
Chairman: Ding Xiongjun
Date of approval and submission by the Board: April 2, 2024
Revision information
□Applicable √N/A
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