Annual Report 2025 (Summary)
Stock Code: 000596, 200596 Stock Name: Gujing Distillery, Gujing Distillery-B Announcement No. 2026-004
ANHUI GUJING DISTILLERY COMPANY LIMITED
ANNUAL REPORT 2025 (SUMMARY)
Part I Important Notes
This Summary is based on the full Annual Report of Anhui Gujing Distillery Company Limited (together with its consolidated
subsidiaries, the “Company”, except where the context otherwise requires). In order for a full understanding of the Company’s
operating results, financial position and future development plans, investors should carefully read the aforesaid full text, which has
been disclosed together with this Summary on the media designated by the China Securities Regulatory Commission (the “CSRC”).
All the Company’s directors have attended the Board meeting for the review of this Report and its summary.
Independent auditor’s modified opinion:
□Applicable ?Not applicable
Board-reviewed final cash and/or stock dividend plan for ordinary shareholders or plan for bonus issue from capital reserves for the
Reporting Period:
?Applicable □Not applicable
Bonus issue from capital reserves:
□Yes ?No
The Board has approved a final dividend plan for the ordinary shareholders as follows: Based on the Company’s total share capital of
issue from either profit or capital reserves.
Board-approved final cash and/or stock dividend plan for preferred shareholders for the Reporting Period:
□Applicable ?Not applicable
Part II Key Corporate Information
Gujing Distillery, Gujing
Stock name Stock code 000596, 200596
Distillery-B
Stock exchange for stock listing Shenzhen Stock Exchange
Contact information Board Secretary Securities Representative
Name Zhu Jiafeng Mei Jia
Gujing Town, Bozhou City, Anhui Province, Gujing Town, Bozhou City, Anhui Province,
Office address
P.R. China P.R. China
Fax (0558) 5710099 (0558) 5710099
Tel. (0558) 5712231 (0558) 5710057
Email address gjzqb@gujing.com.cn gjzqb@gujing.com.cn
(I) Principal Activity of the Company
The Company primarily produces and markets baijiu. According to the Industry Categorization Guide for Listed Companies
(Revised in 2012) issued by the CSRC, baijiu making belongs to the “liquor, beverage and refined tea making industry” (C15). The
Company’s principal operations remained unchanged in the Reporting Period.
(II) Status of the Industry and Position of the Company in the Industry
(1) Status of the Baijiu Industry
The baijiu industry is at a crucial turning point in its deep adjustment period. In 2025, the industry fundamentals are under pressure,
showing three characteristics of “reduced volume and price drop, high inventory pressure, and consumption differentiation.”
Annual Report 2025 (Summary)
According to data from the National Bureau of Statistics, from January to December 2025, the output of baijiu enterprises above
designated size (converted to 65 degrees) was 3,549,000 kiloliters, a year-on-year decline of 12.10%, marking the seventh
consecutive year of decline since 2019. The terminal market has sluggish sales, high channel inventory, widespread phenomenon of
inverted prices, reduced demand for business banquets, with banquets and mass consumption scenarios relatively stable, the industry
has entered a stage of stock competition, and the mid-to-low price band has become the main force for de-stocking.
In 2026, the industry will accelerate differentiation in the “stock competition” pattern. In terms of market structure, the Matthew
effect intensifies, with leading companies further squeezing the space for small and medium-sized baijiu companies by relying on
brand momentum and channel control. In terms of consumption structure, there is an obvious “dumbbell-shaped” distribution: the
growth rate of the high-end market (above 1,000 yuan) is slowing, the mass market (50-200 yuan price range) has become the
fastest-growing ballast, and the sub-high-end range (300-800 yuan) is caught in the most intense price competition. In terms of
consumer behavior, rational and pragmatic consumption becomes mainstream, the consensus of “drinking less but drinking better” is
strengthened, and the consumption scene shifts from government and business-led to diversified modes such as family gatherings,
self-drinking, and social circles. In terms of product innovation, trends of low-alcohol, lightweight, and health-conscious products are
prominent, with strong demand for light bottle wine and small packaging, and new categories like fruit and herb wines breaking
through against the trend. In terms of channel reform, digital construction has upgraded from an efficiency tool to a survival
infrastructure, and the scale of the instant retail market continues to rise. In terms of the policy environment, the brewing industry has
been explicitly included in the category of “historical classic industries,” gaining policy dividends while facing stricter industry
regulation, promoting the market to develop towards standardization and centralization.
(2) Position of the Company in the Industry
China has a long history of baijiu. There are a large number of baijiu production enterprises in the country, but the regional
distribution of baijiu consumers is particularly evident. The baijiu industry is characterized by full competition, with a high degree of
marketization. The market competition is fierce, and the industry adjustments are constantly deepening. In the national market, the
competitive edges of the enterprises come from their brand influence, product style and marketing & operation models. In a single
regional market, the competitive strengths of the enterprises depend on their brand influence in the region, the recognition of the
companies by regional consumers and comprehensive marketing capacity.
As one of China’s traditional top eight liquor brands, the Company is the first listed baijiu company with both A and B stocks. It is
located in Bozhou City, Anhui Province in China, the hometown of historic figures Cao Cao and Hua Tuo, as well as one of the
world’s top 10 liquor-producing areas. No changes have occurred to the main business of the Company in the Reporting Period. As
the main product of the Company, the Gujing spirit originated as a “JiuYunChun Spirit”, together with its making secrets, being
presented as a hometown specialty by Cao Cao, a famous warlord in China’s history, to Emperor Han Xiandi (name: Liu Xie) in A.D.
aftertaste, the Gujing spirit has helped the Company win four national baijiu golden awards, a golden award at the 13th SIAL Paris,
the title of China’s “Geographical Indication Product”, the recognition as a “Key Cultural Relics Site under the State Protection”, the
recognition with a “National Intangible Cultural Heritage Protection Project”, a Quality Award from the Anhui provincial
government, a title of “National Quality Benchmark”, among other honors.
In April 2016, Gujing Distillery signed a strategic cooperation agreement with Yellow Crane Tower Distillery, opening a new era of
cooperation in China’s famous baijiu industry. Yellow Crane Tower Baijiu is the only famous Chinese baijiu in Hubei. Its unique
style is “soft, mellow, elegant and cool, and has a long lingering fragrance”. It won the two China gold medal in baijiu appreciation
in 1984 and 1989. At present, Yellow Crane Tower Distillery has three bases: Wuhan, Xianning and Suizhou. Among them, Yellow
Crane Tower Baijiu Culture Expo Park in Wuhan base has been approved as national AAA scenic spot, and Yellow Crane Tower
Forest Baijiu Town in Xianning base has been approved as national AAAA scenic spot.
In January 2021, Gujing Distillery and Mingguang signed a strategic cooperation agreement. The unique mung bean flavor adds to
the famous baijiu family of Gu Jing. The primary products of Mingguang Distillery include Mingguang Jianiang, Mingguang Daqu,
Mingguang Youye, Mingguang Tequ, and 53% vol Mingluye. In December 2021, the Old Mingguang Brewing Technique was
selected for the sixth batch of provincial intangible cultural heritage list.
(1) Key Financial Information and Indicators of the Past Three Years
Indicate by tick mark whether there is any retrospectively restated datum in the table below.
□Yes ?No
Unit: RMB
Change of December
December 31, 2025 December 31, 2024 31, 2025 over December 31, 2023
December 31, 2024
Total assets 38,197,033,001.78 40,522,413,702.09 -5.74% 35,420,907,274.99
Equity attributable to the listed
company’s shareholders
Annual Report 2025 (Summary)
Operating revenues 18,831,982,591.24 23,577,928,065.99 -20.13% 20,253,526,598.02
Net profit attributable to the listed
company’s shareholders
Net profit attributable to the listed
company’s shareholders before 3,489,463,594.30 5,457,155,276.12 -36.06% 4,495,219,187.57
exceptional gains and losses
Net cash generated from/used in
operating activities
Basic earnings per share
(RMB/share)
Diluted earnings per share
(RMB/share)
Weighted average return on equity
(%)
(2) Key Financial Information by Quarter
Unit: RMB
Q1 Q2 Q3 Q4
Operating revenues 9,146,061,070.75 4,733,791,132.00 2,544,788,530.16 2,407,341,858.33
Net profit attributable to the listed
company’s shareholders
Net profit attributable to the listed
company’s shareholders before 2,311,791,509.93 1,314,597,484.07 281,518,555.27 -418,443,954.97
exceptional gains and losses
Net cash generated from/used in
operating activities
Indicate by tick mark whether any of the quarterly financial data in the table above or their summations differs materially from what
have been disclosed in the Company’s quarterly or interim reports.
□Yes ?No
（1）Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well
as Holdings of Top 10 Shareholders
Unit: share
Number of Number of preferred
Number of
ordinary shareholders with
preferred
Number of shareholders at resumed voting
shareholders
ordinary 53,135 the month-end 62,145 0 rights at the 0
with resumed
shareholders prior to the month-end prior to
voting rights at
disclosure of this the disclosure of this
the period-end
Report Report
Top 10 shareholders
Total shares Shares in pledge or frozen
Name of Nature of Shareholding
held at the Restricted shares held
shareholder shareholder percentage Status Shares
period-end
ANHUI GUJING
GROUP State-owned
COMPANY legal person
LIMITED
BANK OF
CHINA-CHINA
MERCHANTS Other 3.17% 16,754,467 N/A
CHINA
SECURITIES
Annual Report 2025 (Summary)
BAIJIU INDEX
CLASSIFICATION
SECURITIES
INVESTMENT
FUND
CHINA
INTERNATIONAL
CAPITAL Foreign
CORPORATION legal person
HONGKONG
SECURITIES LTD
AGRICULTURAL
BANK OF CHINA
－E FUND
CONSUMPTION Other 1.24% 6,528,693 N/A
SECTOR STOCK
SECURITIES
INVESTMENT
FUND
UBS (LUX)
EQUITY
Foreign
FUND - CHINA 1.23% 6,523,345 N/A
legal person
OPPORTUNITY
(USD)
GREENWOODS
CHINA Foreign
ALPHA MASTER legal person
FUND
CHINA
CONSTRUCTION
BANK
CORPORATION -
PENGHUA LOF
EXCHANGE
Other 1.06% 5,609,460 N/A
TRADED
OPEN-ENDED
INDEX
SECURITIES
INVESTMENT
FUND
INDUSTRIAL
AND
COMMERCIAL
BANK OF CHINA
LIMITED-
INVESCO GREAT
WALL Other 1.02% 5,400,000 N/A
EMERGING
GROWTH
HYBRID
SECURITIES
INVESTMENT
FUND
HONG KONG
SECURITIES
Overseas
CLEARING 0.93% 4,914,105 N/A
legal entity
COMPANY
LIMITED
FUND legal person
Related or acting-in-concert Among the shareholders above, the Company’s controlling shareholder—Anhui Gujing Group
Annual Report 2025 (Summary)
parties among the shareholders Company Limited—is not a related party of other shareholders; nor are they parties acting in
above concert as defined in the Administrative Measures on Information Disclosure of Changes in
Shareholding of Listed Companies. As for the other shareholders, the Company does not know
whether they are related parties or whether they belong to parties acting in concert as defined in the
Administrative Measures on Information Disclosure of Changes in Shareholding of Listed
Companies.
Shareholders involved in
N/A
securities margin trading (if any)
□Applicable ?Not applicable
Changes occurred in the top 10 shareholders and the top 10 shareholders of unrestricted tradable shares compared with the previous
period due to shares loan through refinancing/return
□Applicable ?Not applicable
（2）Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□Applicable ?Not applicable
No preferred shareholders in the Reporting Period.
（3）Ownership and Control Relations between the Actual Controller and the Company
State-owned Assets Supervision and Administration Commission of Bozhou
Municipal People’s Government
Bozhou Industrial Capital Investment and Operation Holding Group Co., Ltd.
Anhui Gujing Group Co., Ltd
Anhui Gujing Distillery Company Limited
□Applicable ?Not applicable
Part III Significant Events
None.
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