ANHUI GUJING DISTILLERY COMPANY LIMITED
FIRST QUARTERLY REPORT 2026
April 2026
First Quarterly Report 2026
Stock Code: 000596, 200596 Stock Name: Gujing Distillery, Gujing Distillery-B Announcement No. 2026-005
ANHUI GUJING DISTILLERY COMPANY LIMITED
FIRST QUARTERLY REPORT 2026
Anhui Gujing Distillery Company Limited (hereinafter referred to as the “Company”) and all the members
of the Company’s Board of Directors hereby guarantee that the contents of this Report are true, accurate
and complete and free of any misrepresentations, misleading statements or material omissions.
Important Notes:
guarantee that the contents of this Report are true, accurate and complete and free of any misrepresentations,
misleading statements or material omissions, and collectively and individually accept legal responsibility for such
contents.
financial manager) hereby guarantee that the financial statements carried in this Report are truthful, accurate and
complete.
□Yes ? No
I Key Financial Information
(I) Key Accounting Data and Financial Indicators
Indicate by tick mark whether there is any retrospectively restated datum in the table below.
□Applicable ? Not applicable
Q1 2026 Q1 2025 YoY change (%)
Operating revenue (RMB) 7,445,774,807.10 9,146,061,070.75 -18.59%
Net profit attributable to the listed company’s
shareholders (RMB)
Net profit attributable to the listed company’s
shareholders before exceptional gains and 1,598,294,341.71 2,311,791,509.93 -30.86%
losses (RMB)
Net cash generated from/used in operating
activities (RMB)
Basic earnings per share (RMB/share) 3.04 4.41 -31.07%
First Quarterly Report 2026
Diluted earnings per share (RMB/share) 3.04 4.41 -31.07%
Weighted average return on equity (%) 6.30% 9.21% -2.91%
March 31, 2026 December 31, 2025 Change (%)
Total assets (RMB) 40,622,650,634.07 38,197,033,001.78 6.35%
Equity attributable to the listed company’s
shareholders (RMB)
(II) Exceptional Gains and Losses
? Applicable □ Not applicable
Unit: RMB
Item Amount during the Reporting Period Note
Gain or loss on disposal of non-current
assets (inclusive of impairment -493,894.48
allowance write-offs)
Government grants recognized in profit
or loss (exclusive of those that are
closely related to the Company's normal
business operations and given in
accordance with defined criteria and in
compliance with government policies,
and have a continuing impact on the
Company's profit or loss)
Gain or loss on fair-value changes in
financial assets and liabilities held by a
non-financial enterprise, as well as on
disposal of financial assets and liabilities 689,978.38
(exclusive of the effective portion of
hedges that is related to the Company's
normal business operations)
Non-operating income and expense other
than the above
Less: Income tax effects 2,953,242.24
Non-controlling interests effects
(net of tax)
Total 8,579,154.70 --
Particulars about other gains and losses that meet the definition of exceptional gain/loss:
□ Applicable ? Not applicable
No such cases for the Reporting Period.
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the Explanatory
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—
Exceptional Gain/Loss Items:
□ Applicable ? Not applicable
First Quarterly Report 2026
No such cases for the Reporting Period.
(III) Changes in Key Financial Statement Line Items and Explanation of why
? Applicable □ Not applicable
March 31, 2026 January 1, 2026
Balance sheet item Change (%) Main explanation of why
(RMB) (RMB)
Held-for-trading Increased purchases of bank financial management
financial assets products
Increased accounts receivable of subsidiaries from
Accounts receivable 92,928,929.89 53,996,692.68 72.10%
customers
Receivables financing 3,036,044,251.97 895,658,760.56 238.97% Increased bank acceptance bills received
Notes payable 817,272,214.13 1,472,240,813.01 -44.49% Maturity and redemption of notes payable
Contract liabilities 2,304,796,934.00 1,519,882,489.70 51.64% Increased advance receipts from customers
Taxes and levies
payable
Other current
liabilities
Income statement
Q1 2026 (RMB) Q1 2025 (RMB) Change (%) Explanation of why
item
Finance costs -116,456,593.64 -180,822,561.36 35.60% Decreased interest income
Other income 12,020,684.69 26,295,361.38 -54.29% Decreased government grants
Operating profit 2,202,801,938.05 3,171,145,407.49 -30.54% Decreased operating revenue
Cash flow statement 2,202,801,938.05
Q1 2026 (RMB) Q1 2025 (RMB) Change (%) Explanation of why
item
Cash generated from
other operating 781,852,657.56 544,431,539.21 43.61% Increased recovery of restricted funds
activities
Payments for
commodities and 1,918,392,897.75 1,389,941,148.83 38.02% Increase in matured bill payments
services
Proceeds from Maturity of treasury bond reverse repurchase
disinvestment agreements
Payments for the
construction and
acquisition of fixed Decreased payments for the acquisition and
assets, intangible construction of fixed assets
assets and other long-
lived assets
First Quarterly Report 2026
Borrowings received 89,300,000.00 164,500,000.00 -45.71% Decrease in bank loans received by subsidiaries
II Shareholder Information
(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as well as
Holdings of Top 10 Shareholders
Unit: share
Number of ordinary shareholders at Number of preference shareholders with resumed
the period-end voting rights at the period-end (if any)
Top 10 shareholders (exclusive of shares lent in refinancing)
Name of Nature of Shareholding Total shares Restricted Shares in pledge, marked or frozen
shareholder shareholder percentage held shares held Status Shares
ANHUI GUJING
GROUP State-owned
COMPANY legal person
LIMITED
BANK OF CHINA-
CHINA
MERCHANTS
CHINA
SECURITIES
Other 3.34% 17,641,908 N/A
BAIJIU INDEX
CLASSIFICATION
SECURITIES
INVESTMENT
FUND
CHINA
INTERNATIONAL
CAPITAL Overseas legal
CORPORATION person
HONGKONG
SECURITIES LTD
UBS (LUX)
EQUITY FUND-
Overseas legal
CHINA 1.19% 6,285,745 N/A
person
OPPORTUNITY
(USD)
GREENWOODS
Overseas legal
CHINA ALPHA 1.14% 6,049,760 N/A
person
MASTER FUND
CHINA
CONSTRUCTION
BANK
CORPORATION－
PENGHUA CHINA Other 1.08% 5,710,430 N/A
SECURITIES
WINE & LIQUOR
TRADED OPEN-
ENDED INDEX
First Quarterly Report 2026
SECURITIES
INVESTMENT
FUND
AGRICULTURAL
BANK OF CHINA
－E FUND
CONSUMPTION
Other 1.02% 5,411,046 N/A
SECTOR STOCK
SECURITIES
INVESTMENT
FUND
INDUSTRIAL
AND
COMMERCIAL
BANK OF CHINA
LIMITED-
INVESCO GREAT
WALL Other 1.00% 5,300,000 N/A
EMERGING
GROWTH
HYBRID
SECURITIES
INVESTMENT
FUND
HONG KONG
SECURITIES Overseas legal
CLEARING person
COMPANY LTD.
FUND person
Top 10 unrestricted shareholders
Shares by class
Name of shareholder Unrestricted ordinary shares held
Class Shares
RMB-
ANHUI GUJING GROUP
COMPANY LIMITED
ordinary stock
BANK OF CHINA-CHINA
MERCHANTS CHINA RMB-
SECURITIES BAIJIU INDEX 17,641,908 denominated 17,641,908
CLASSIFICATION SECURITIES ordinary stock
INVESTMENT FUND
CHINA INTERNATIONAL Domestically
CAPITAL CORPORATION 8,721,740 listed overseas 8,721,740
HONGKONG SECURITIES LTD stock
Domestically
UBS (LUX) EQUITY FUND-CHINA
OPPORTUNITY (USD)
stock
Domestically
GREENWOODS CHINA ALPHA
MASTER FUND
stock
CHINA CONSTRUCTION BANK RMB-
CORPORATION－PENGHUA 5,710,430 denominated 5,710,430
CHINA SECURITIES WINE & ordinary stock
First Quarterly Report 2026
LIQUOR TRADED OPEN-ENDED
INDEX SECURITIES
INVESTMENT FUND
AGRICULTURAL BANK OF
RMB-
CHINA－E FUND CONSUMPTION
SECTOR STOCK SECURITIES
ordinary stock
INVESTMENT FUND
INDUSTRIAL AND COMMERCIAL
BANK OF CHINA LIMITED- RMB-
INVESCO GREAT WALL 5,300,000 denominated 5,300,000
EMERGING GROWTH HYBRID ordinary stock
SECURITIES INVESTMENT FUND
RMB-
HONG KONG SECURITIES
CLEARING COMPANY LTD.
ordinary stock
Domestically
stock
Among the shareholders above, the Company’s controlling
shareholder—Anhui Gujing Group Company Limited—is not a related
party of other shareholders; nor are they parties acting in concert as
defined in the Administrative Measures on Information Disclosure of
Related or acting-in-concert parties among the
Changes in Shareholding of Listed Companies. As for the other
shareholders above
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.
Top 10 shareholders engaged in securities margin
N/A
trading (if any)
lending
□Applicable ? Not applicable
Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares lending/return
compared with the prior period
□Applicable ? Not applicable
(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□Applicable ? Not applicable
III Other Significant Events
□Applicable ? Not applicable
First Quarterly Report 2026
IV Quarterly Financial Statements
(I) Financial Statements
Prepared by Anhui Gujing Distillery Company Limited
March 31, 2026
Unit: RMB
Item March 31, 2026 January 1, 2026
Current assets:
Monetary assets 14,515,715,094.68 14,187,463,729.81
Settlement reserve
Loans to other banks and financial
institutions
Held-for-trading financial assets 200,460,273.97 0.00
Derivative financial assets
Notes receivable
Accounts receivable 92,928,929.89 53,996,692.68
Receivables financing 3,036,044,251.97 895,658,760.56
Prepayments 148,110,419.05 115,292,227.12
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
reserve
Other receivables 56,380,888.99 45,651,277.81
Including: Interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 10,462,631,408.08 10,739,794,676.82
Including: Data resource
Contract assets
Assets held for sale
Non-current assets maturing within
one year
Other current assets 311,318,383.45 392,926,614.98
Total current assets 28,823,589,650.08 26,430,783,979.78
Non-current assets:
Loans and advances to customers
Debt investments
First Quarterly Report 2026
Other debt investments
Long-term receivables
Long-term equity investments 12,480,029.13 11,574,463.54
Investments in other equity
instruments
Other non-current financial assets
Investment property 15,436,936.45 16,036,411.82
Fixed assets 9,072,892,422.73 9,121,969,040.94
Construction in progress 132,055,983.37 160,290,473.75
Productive living assets
Oil and gas assets
Right-of-use assets 87,157,813.14 92,161,801.76
Intangible assets 1,125,735,774.55 1,133,507,983.04
Including: Data resource
Development costs
Including: Data resource
Goodwill 246,753,998.67 246,753,998.67
Long-term prepaid expense 409,957,104.63 417,315,747.85
Deferred income tax assets 620,293,003.20 487,647,921.96
Other non-current assets 209,341.00 5,465,160.95
Total non-current assets 11,799,060,983.99 11,766,249,022.00
Total assets 40,622,650,634.07 38,197,033,001.78
Current liabilities:
Short-term borrowings 134,732,375.44 184,830,263.45
Borrowings from the central bank
Loans from other banks and financial
institutions
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 817,272,214.13 1,472,240,813.01
Accounts payable 2,143,552,239.81 2,302,888,169.15
Advances from customers
Contract liabilities 2,304,796,934.00 1,519,882,489.70
Financial assets sold under repurchase
agreements
Customer deposits and deposits from
other banks and financial institutions
Payables for acting trading of
securities
Payables for underwriting of securities
Employee benefits payable 1,271,024,245.86 1,276,935,454.81
First Quarterly Report 2026
Taxes and levies payable 1,201,337,465.66 605,968,561.52
Other payables 3,202,811,016.38 2,816,680,849.01
Including: Interest payable
Dividends payable
Fees and commissions payable
Reinsurance payables
Liabilities directly associated with
assets held for sale
Non-current liabilities maturing within
one year
Other current liabilities 1,393,545,232.56 1,043,957,560.69
Total current liabilities 12,541,104,951.21 11,284,638,044.15
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 312,499,589.94 260,199,589.94
Bonds payable
Including: Preference shares
Perpetual bonds
Lease liabilities 74,635,202.12 76,138,828.43
Long-term payables
Long-term employee benefits payable
Provisions
Deferred income 158,961,356.21 162,588,721.38
Deferred income tax liabilities 306,433,046.55 309,468,453.80
Other non-current liabilities
Total non-current liabilities 852,529,194.82 808,395,593.55
Total liabilities 13,393,634,146.03 12,093,033,637.70
Owners’ equity:
Share capital 528,600,000.00 528,600,000.00
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserves 6,229,111,206.22 6,229,111,206.22
Less: Treasury stock
Other comprehensive income 1,642,096.27 6,080,513.09
Specific reserve
Surplus reserves 269,402,260.27 269,402,260.27
General reserve
Retained earnings 19,095,296,459.19 18,017,022,962.78
Total equity attributable to owners of the
Company as the parent
Non-controlling interests 1,104,964,466.09 1,053,782,421.72
First Quarterly Report 2026
Total owners’ equity 27,229,016,488.04 26,103,999,364.08
Total liabilities and owners’ equity 40,622,650,634.07 38,197,033,001.78
Legal representative: Liang Jinhui The Company’s chief accountant: Zhu Jiafeng
Head of the Company’s financial department: Zhu Jiafeng
Unit: RMB
Item Q1 2026 Q1 2025
Including: Operating revenue 7,445,774,807.10 9,146,061,070.75
Interest revenue
Insurance premium income
Fee and commission
income
Including: Cost of sales 1,649,562,299.93 1,858,117,998.99
Interest costs
Fee and commission
expense
Surrenders
Net insurance claims paid
Net amount provided as
insurance contract reserve
Expenditure on policy
dividends
Reinsurance premium
expense
Taxes and surcharges 1,321,543,923.49 1,460,941,434.23
Selling expense 1,987,978,306.02 2,433,266,832.58
Administrative expense 385,215,352.89 399,360,994.69
Development costs 17,141,256.73 19,771,918.60
Finance costs -116,456,593.64 -180,822,561.36
Including: Interest costs 3,428,308.75 2,888,158.39
Interest
revenue
Add: Other income 12,020,684.69 26,295,361.38
Return on investment (“-” for loss) -10,499,300.81 -11,076,198.03
Including: Share of profit or loss
of joint ventures and associates
First Quarterly Report 2026
Income from the
derecognition of financial assets at
amortized cost (“-” for loss)
Exchange gain (“-” for loss)
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
for loss)
Credit impairment loss (“-” for
loss)
Asset impairment loss (“-” for
-106,178.46 -54,753.04
loss)
Asset disposal income (“-” for
loss)
Add: Non-operating income 10,558,596.14 15,535,007.33
Less: Non-operating expense 1,586,445.40 453,714.98
Less: Income tax expense 554,467,599.22 797,128,203.67
operations (“-” for net loss)
operations (“-” for net loss)
owners of the Company as the parent
controlling interests
-3,689,365.61 3,961,654.87
tax
Attributable to owners of the
-4,438,416.82 3,014,653.68
Company as the parent
reclassified to profit or loss
remeasurements on defined benefit
schemes
income that will not be reclassified to
profit or loss under the equity method
First Quarterly Report 2026
investments in other equity instruments
arising from changes in own credit risk
-5,591,568.54 1,471,276.65
profit or loss
income that will be reclassified to profit
or loss under the equity method
other debt investments
income arising from the reclassification -5,591,568.54 1,471,276.65
of financial assets
allowance for other debt investments
hedges
translation of foreign currency-
denominated financial statements
Attributable to non-controlling
interests
Attributable to owners of the
Company as the parent
Attributable to non-controlling
interests
Legal representative: Liang Jinhui The Company’s chief accountant: Zhu Jiafeng
Head of the Company’s financial department: Zhu Jiafeng
Unit: RMB
Item Q1 2026 Q1 2025
First Quarterly Report 2026
Proceeds from sale of commodities
and rendering of services
Net increase in customer deposits and
deposits from other banks and financial
institutions
Net increase in borrowings from the
central bank
Net increase in loans from other
financial institutions
Premiums received on original
insurance contracts
Net proceeds from reinsurance
Net increase in deposits and
investments of policy holders
Interest, fees and commissions
received
Net increase in loans from other banks
and financial institutions
Net increase in proceeds from
repurchase transactions
Net proceeds from acting trading of
securities
Tax and levy rebates 816,176.88 1,485,224.02
Cash generated from other operating
activities
Subtotal of cash generated from
operating activities
Payments for commodities and
services
Net increase in loans and advances to
customers
Net increase in deposits in the central
bank and other banks and financial
institutions
Payments for claims on original
insurance contracts
Net increase in loans to other banks
and financial institutions
Interest, fees and commissions paid
Policy dividends paid
Cash paid to and for employees 1,122,397,519.48 1,319,640,060.77
Taxes and levies paid 2,347,833,733.00 3,183,972,501.16
Cash used in other operating activities 945,492,333.54 1,039,707,134.49
First Quarterly Report 2026
Subtotal of cash used in operating
activities
Net cash generated from/used in
operating activities
Proceeds from disinvestment 621,545,000.00 370,000,000.00
Return on investment 252,434.12 1,524,121.28
Net proceeds from the disposal of
fixed assets, intangible assets and other
long-lived assets
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
investing activities
Payments for the construction and
acquisition of fixed assets, intangible 305,768,477.21 526,587,484.84
assets and other long-lived assets
Payments for investments 820,688,000.00 730,609,000.00
Net increase in pledged loans granted
Net payments for the acquisition of
subsidiaries and other business units
Cash used in other investing activities
Subtotal of cash used in investing
activities
Net cash generated from/used in
-504,659,043.09 -885,672,363.56
investing activities
Capital contributions received
Including: Capital contributions by
non-controlling interests to subsidiaries
Borrowings received 89,300,000.00 164,500,000.00
Cash generated from other financing
activities
Subtotal of cash generated from
financing activities
Repayment of borrowings 75,000,000.00
Interest and dividends paid 531,382,525.39 532,829,021.28
Including: Dividends paid by
subsidiaries to non-controlling interests
Cash used in other financing activities 2,817,293.25 1,247,145.00
Subtotal of cash used in financing 609,199,818.64 534,076,166.28
First Quarterly Report 2026
activities
Net cash generated from/used in
-519,899,818.64 -369,576,166.28
financing activities
changes on cash and cash equivalents
equivalents
Add: Cash and cash equivalents,
beginning of the period
period
(II) Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation of
the New Accounting Standards Implemented since 2026
□ Applicable ? Not applicable
(III) Independent Auditor’s Report
Indicate by tick mark whether the financial statements above have been audited by an independent auditor.
□Yes ? No
These financial statements have not been audited by such an auditor.
The Board of Directors
Anhui Gujing Distillery Company Limited
April 29, 2026
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