Yantai Changyu Pioneer Wine Co., Ltd. 2026 Third Quarter Report
Stock Code: 000869, 200869 Stock Abbreviation: Changyu A, Changyu B Announcement No.: 2026-Final 04
Yantai Changyu Pioneer Wine Co., Ltd.
This company and all board members guarantee the truthfulness, accuracy and completeness of
disclosed contents as well as no unfaithful facts, misleading statements or significant omissions.
Important Notice
accuracy and completeness of contents contained in this quarter report as well as no unfaithful facts,
misleading statements or significant omissions and undertake individual and collective legal
liabilities.
charge of accounting institution (person in charge of accounting) declare to assure the truthfulness,
accuracy and completeness of the financial information in this quarter report.
□Yes ?No
Yantai Changyu Pioneer Wine Co., Ltd. 2026 Third Quarter Report
Whether the Company needs to make retroactive adjustments or restate the accounting data of previous fiscal years.
?Yes ?No
More or less than the From the beginning of More or less from the beginning of the year to the
This reporting period same period of last the year to the end of end of the reporting period compared with the
year (%) the reporting period same period of the previous year (%)
Operating revenue (CNY) 681,004,431 5.52% 2,253,709,184 6.51%
Net profit attributed to the shareholders of the listed
company (CNY)
Net profit attributed to the shareholders of the listed
company after deducting the non-recurring profit and 5,930,112 Inapplicable 138,888,891 -17.52%
loss (CNY)
Net cash flows from the operating activities (CNY) — — 703,434,508 96.54%
Basic earnings per share (CNY) 0.017 484.67% 0.24 -14.29%
Diluted earnings per share (CNY) 0.017 486.21% 0.24 -14.29%
Weighted average for earning rate of the net assets 0.11% 0.09% 1.46% -0.31%
The end of this report period The end of last year More or less than the end of last year (%)
Total assets (CNY) 12,125,691,767 12,050,601,981 0.62%
Owners’ equity attributed to the shareholders of the
listed company (CNY)
Yantai Changyu Pioneer Wine Co., Ltd. 2026 Third Quarter Report
?Applicable □Inapplicable
Unit：CNY
From the beginning of the year to
Item This reporting period Explanation
the end of the reporting period
Gains and losses on disposal of non-current assets (including the write-off part of the provision
-466 38,500
for impairment of assets)
Government grants credited in profit and loss (except for those continuously-enjoyed normed or
quantitative government grants that are closely related to the entity’s normal operation, in line 6,429,957 14,784,268
with national policy and regulation and based on certain criteria)
Other non-operating income and expenses except for the above items 252,367 2,673,084
Less: Income tax effect 1,694,848 4,286,970
Minority interests effect (after-tax) 10,074 674,920
Total 4,976,936 12,533,962 --
Details of other profit and loss items in line with the identification of non-recurring profit and loss
□Applicable ?Inapplicable
There are no existed details of other profit and loss items in line with the identification of non-recurring profit and loss
Explanation for situation that non-recurring profit and loss items are defined as recurrent profit and loss items in accordance with the
Explanatory Announcement on Public Company’s Information Disclosure No.1 - Non-recurring Profit and Loss
?Applicable ?Inapplicable
There are no situation that non-recurring profit and loss items are defined as recurrent profit and loss items in accordance with the Explanatory
Announcement on Public Company’s Information Disclosure No.1 - Non-recurring Profit and Loss.
Yantai Changyu Pioneer Wine Co., Ltd. 2026 Third Quarter Report
?Applicable □Inapplicable
By the end of At the beginning of Increase/
Items Cause of change
September 2026 2026 Decrease %
Accounts receivable 171,436,435 264,932,724 -35.29% Mainly due to the recovery of partially accounts receivable.
Accounts prepaid 15,607,779 54,011,809 -71.10% Mainly due to the arrival of partially prepaid accounts.
Mainly due to the cessation of leasing for partially
Investment property 11,934,475 19,900,228 -40.03%
investment properties.
Construction in progress 6,544,025 4,313,088 51.72% Mainly due to the increase in construction projects.
Mainly due to the increase in accounts payable for
Accounts payable 408,455,665 321,932,168 26.88%
purchasing goods.
Other current liabilities 16,275,369 27,193,862 -40.15% Mainly due to the reduction in expected sales returns.
Long-term borrowing 84,544,237 52,374,840 61.42% Mainly due to the increase in current borrowings.
Mainly due to the addition of new lease contracts in the
Lease liability 42,470,062 19,437,830 118.49%
current period.
Other comprehensive income -42,072,748 -16,329,710 -157.65% Mainly due to the foreign currency translation difference.
From January to The same period Increase/
Items Cause of change
September in 2026 last year Decrease %
Financial expenses 13,558,591 -13,273,343 Inapplicable Mainly due to the increase in exchange losses.
Mainly due to the losses of associated and joint venture
Investment income -965,771 1,529,675 -163.14%
enterprises.
Credit impairment loss -2,210,222 160,681 -1475.53% Mainly due to the increase in overdue accounts receivable.
Mainly due to the collection of overdue bank time deposits
Cash received from recovering the investment 75,650,000 51,000,000 48.33%
has increased.
Yantai Changyu Pioneer Wine Co., Ltd. 2026 Third Quarter Report
Mainly due to the decrease in interest income received this
Cash received from investment income 858,065 1,674,162 -48.75%
period.
Net cash received from the disposal of fixed assets, Mainly due to the the decrease in cash received from the
intangible assets and other long-term assets disposal of Zhujiao this period.
Cash paid for the construction and acquisition of
fixed assets, intangible assets and other long-term 35,956,740 57,165,731 -37.10% Mainly due to the reduction in asset purchases.
assets
Cash paid for investment 133,200,000 18,000,000 640% Mainly due to the increase in time deposits has occurred.
Unit:share
Total number of preferred shareholders with recovered voting power at the end of
Total number of common shareholders at the end of report period 41,734 0
report period
Shareholding of top 10 shareholders (exclude the lending of shares through the margin lending and securities lending system)
Percentage Number of restricted Pledged or frozen
Name of Shareholders Character of shareholders Shares held
(%) shares Share status Amount
YANTAI CHANGYU GROUP CO., LTD. Domestic non-state legal person 53.71% 345,473,856 0 Inapplicable 0
Fengdi JIANG Domestic natural person 0.69% 4,452,200 0 Inapplicable 0
Hairong HU Domestic natural person 0.55% 3,515,035 0 Inapplicable 0
VANGUARD TOTAL INTERNATIONAL STOCK INDEX
Foreign legal person 0.54% 3,446,137 0 Inapplicable 0
FUND
Social Security Fund 114 Other 0.53% 3,425,055 0 Inapplicable 0
HONG KONG SECURITIES CLEARING COMPANY
Foreign legal person 0.51% 3,266,518 0 Inapplicable 0
LIMITED
VANGUARD EMERGING MARKETS STOCK INDEX
Foreign legal person 0.48% 3,087,201 0 Inapplicable 0
FUND
Yantai Changyu Pioneer Wine Co., Ltd. 2026 Third Quarter Report
NORGES BANK Foreign legal person 0.36% 2,333,030 0 Inapplicable 0
Galaxy Jinhu Securities Asset Management - China Great
Wall Asset Management Co., Ltd. - Galaxy Jinhu Quanxin Other 0.29% 1,847,841 0 Inapplicable 0
Changying Selective Single - Asset Management Plan
CROWNBLE ENTERPRISES LIMITED Foreign legal person 0.28% 1,808,992 0 Inapplicable 0
Shareholding of top 10 shareholders with unrestricted shares (exclude the lending of shares through the margin lending and securities lending system)
Type of share
Name of Shareholders Number of unrestricted shares held
Type of share Amount
YANTAI CHANGYU GROUP CO., LTD. 345,473,856 A share 345,473,856
Fengdi JIANG 4,452,200 A share 4,452,200
Hairong HU 3,515,035 A share 3,515,035
VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND 3,446,137 B share 3,446,137
Social Security Fund 114 3,425,055 A share 3,425,055
HONG KONG SECURITIES CLEARING COMPANY LIMITED 3,266,518 A share 3,266,518
VANGUARD EMERGING MARKETS STOCK INDEX FUND 3,087,201 B share 3,087,201
NORGES BANK 2,333,030 B share 2,333,030
Galaxy Jinhu Securities Asset Management - China Great Wall Asset Management Co., Ltd. -
Galaxy Jinhu Quanxin Changying Selective Single - Asset Management Plan
CROWNBLE ENTERPRISES LIMITED 1,808,992 B share 1,808,992
Among the top 10 shareholders, Yantai Changyu Group Company Limited has no associated relationship or accordant
The explanation for the associated relationship and accordant action of the top 10 shareholders
action relationship with the other 9 listed shareholders, and the relationship among the other shareholders is unknown.
Explanation for the top 10 common shareholders who involved in financing activities and stock
The top 10 shareholders did not involve in financing activities and stock trading business.
trading business (if have)
Shareholders holding more than 5%, the top 10 shareholders and the top 10 shareholders of unrestricted tradable shares participate in the
refinancing business to lend shares
□Applicable ?Inapplicable
The top 10 shareholders and the top 10 shareholders of unrestricted tradable shares have changed from the previous period due to refinancing
lending/restitution reasons
□Applicable ?Inapplicable
Yantai Changyu Pioneer Wine Co., Ltd. 2026 Third Quarter Report
□Applicable ?Inapplicable
□Applicable ?Inapplicable
Yantai Changyu Pioneer Wine Co., Ltd. 2026 Third Quarter Report
① Consolidated balance sheet
Yantai Changyu Pioneer Wine Co., Ltd.
Unit: CNY
Item Ending balance Beginning balance
Current Assets：
Monetary fund 2,298,466,730 1,890,611,804
Petty cash
Lending funds
Transactional financial assets
Derivative financial assets
Notes receivable 100,000 102,342
Accounts receivable 171,436,435 264,932,724
Receivables Financing 213,310,742 228,073,841
Accounts prepaid 15,607,779 54,011,809
Premiums receivable
Reinsurance accounts receivable
Receivable reserves for reinsurance contract
Other receivables 132,272,353 127,713,309
Including: Interest receivable
Dividends receivable
Buying back the sale of financial assets
Inventory 2,879,395,265 2,836,077,209
Including: data resource
Contract assets
Assets classified as holding for sale
Non-current assets expire in one year
Other current assets 63,254,909 74,160,936
Total Current Assets 5,773,844,213 5,475,683,974
Non-current Assets：
Offering loans and imprest
Debt investment
Other debt investment
Long-term account receivable
Long-term equity investment 25,690,426 26,656,197
Investment in other equity instrument
Other non-current financial assets
Real estate for investment 11,934,475 19,900,228
Fixed assets 5,122,813,409 5,308,778,632
Construction in progress 6,544,025 4,313,088
Biological assets for production 55,630,048 60,098,714
Yantai Changyu Pioneer Wine Co., Ltd. 2026 Third Quarter Report
Oil and gas assets
Right-of-use assets 83,943,540 55,252,509
Intangible assets 501,119,605 512,930,637
Including: data resource
Development expenditure
Including: data resource
Goodwill 88,036,557 88,036,557
Long-term deferred expenses 270,581,942 283,227,056
Deferred tax assets 185,509,792 215,680,654
Other non-current assets 43,735 43,735
Total Non-Current Assets 6,351,847,554 6,574,918,007
Total Assets 12,125,691,767 12,050,601,981
Current liabilities：
Short-term loan 195,782,904 240,674,788
Borrowings from the Central Bank
Borrowing funds
Transactional financial liability
Derivative financial liabilities
Notes payable 200,000,000
Accounts payable 408,455,665 321,932,168
Advances from customers
Contract liabilities 120,565,886 135,067,463
Sales/buyback financial assets
Customer and interbank deposits
Acting trading securities
Acting underwriting securities
Wage payable 128,862,872 162,525,617
Tax payable 139,225,921 158,558,934
Other accounts payable 320,056,957 332,855,775
Including: Interest payable
Dividend payable 381,075
Payable handling fees and commission
Dividend payable for reinsurance
Liabilities classified as holding for sale
Non-current liabilities expire in one year 88,621,584 75,440,910
Other current liabilities 16,275,369 27,193,862
Total Current Liabilities 1,617,847,158 1,454,249,517
Non-Current Liabilities:
Insurance contract reserve
Long-term borrowings 84,544,237 52,374,840
Bonds payable
Including: Preferred Stock
Perpetual capital securities
Yantai Changyu Pioneer Wine Co., Ltd. 2026 Third Quarter Report
Lease liability 42,470,062 19,437,830
Long-term accounts payable
Long-term accrued payroll
Estimated liabilities
Deferred income 16,284,054 19,386,932
Deferred tax liabilities 6,277,320 6,613,894
Other non-current liabilities
Total non-current liabilities 149,575,673 97,813,496
Total liabilities 1,767,422,831 1,552,063,013
Owner’s equity (or shareholders’ equity):
Capital stock 643,280,128 657,240,128
Other equity instruments
Including: Preferred Stock
Perpetual capital securities
Capital reserve 277,278,990 364,048,502
Minus: treasury stock 37,880,941 37,880,941
Other comprehensive income -42,072,748 -16,329,710
Special reserves
Surplus reserve 342,732,000 342,732,000
General risk preparation
Undistributed profits 9,024,550,419 9,037,437,598
Total owner's equity attributable to the holding
company
Minority interests 150,381,088 151,291,391
Total owner's equity 10,358,268,936 10,498,538,968
Total liabilities and owner's equity 12,125,691,767 12,050,601,981
Legal representative: Zhou Hongjiang; Person in charge of accounting : Guo Cuimei;
Person in charge of accounting organ: Guo Cuimei
② Consolidated profit statement
Unit: CNY
Amount in this Amount in prior
Item
report period report period
Including: Operating income 2,253,709,184 2,115,970,388
Interest income
Earned premium
Handling fees and commission income
Including: Operating costs 953,285,056 887,474,818
Interest expenditure
Handling fees and commission expenditure
Yantai Changyu Pioneer Wine Co., Ltd. 2026 Third Quarter Report
Premium rebate
Net amount of indemnity expenditure
Net amount of insurance contract reserve fund
withdrawal
Policy bonus payment
Amortized reinsurance expenditures
Taxes and surcharges 180,590,882 159,652,328
Selling expenses 683,181,171 630,938,743
Administrative expenses 188,015,210 188,042,944
Research and development expenditure 14,598,284 13,068,257
Financial expenses 13,558,591 -13,273,343
Including: Interest expenses 8,173,837 7,564,187
Interest income 7,445,432 9,474,824
Plus:Other income 14,784,267 26,016,594
Investment profit (loss is listed with "-") -965,771 1,529,675
Including: Investment profit for joint-run business and
-965,771 488,276
joint venture
Termination of recognized income of
financial assets measured at amortized cost (loss is listed with "-")
Exchange income (loss is listed with "-")
Net exposure hedging income (Loss is listed with “-”)
Fair value charge profit (loss is listed with "-")
Loss of credit impairment(loss is listed with "-") -2,210,222 160,681
Loss for impairment of assets(loss is listed with "-") 545,067 -3,906,302
Assets disposal income (loss is listed with "-") 25,379 304,638
Plus: Non-operating income 3,086,952 2,165,880
Minus: Non-operating expenditure 400,747 2,565,728
Minus: Income taxes 81,255,625 82,107,142
（一）Classification by continuous operation
(二)Classification by ownership
-25,743,038 14,788,725
company's owners
the profit and loss
Yantai Changyu Pioneer Wine Co., Ltd. 2026 Third Quarter Report
cannot be transfer to gain/loss
instrument
-25,743,038 14,788,725
profit and loss
transfer to gain/loss
comprehensive income
-25,743,038 14,788,725
currency financial statements
-3,195,664 1,205,105
shareholders
Total comprehensive income of holding company 125,679,815 202,303,021
Total comprehensive income of minority shareholders -529,227 5,355,746
During this report period, the issue relates to company consolidation under common control,
consolidated party completes net profit amount of CNY0 before being consolidated, and
consolidated party completes net profit amount of CNY0 in the prior period.
Legal representative: Zhou Hongjiang; Person in charge of accounting: Guo Cuimei;
Person in charge of accounting organ: Guo Cuimei
③ Consolidated cash flow statement
Unit: CNY
Amount in this report Amount in prior report
Item
period period
Yantai Changyu Pioneer Wine Co., Ltd. 2026 Third Quarter Report
Cash received from sales of goods and rending of
services
Net increase in customer and interbank deposits
Net increase in borrowings from central bank
Net increase in borrowings from other financial
institutions
Cash received from receiving insurance premium
of original insurance contract
Net cash received from reinsurance business
Net increase of deposit of insured and investment
fund
Cash received from collecting interest, handling
fees and commission
Net increase in borrowings
Net increase in repurchasement business funds
Net cash received from securities trading agency
Tax refund received 31,842,060 35,773,264
Other cash received related to operating activities 41,195,667 50,093,751
Sub-total of cash inflows of operating activities 2,657,495,516 2,410,924,623
Cash paid for goods and services 856,899,925 916,444,213
Net increase in customer loans and advances
Net increase in deposits in central bank and
interbank deposits
Cash paid to original insurance contract payments
Net increase in lending funds
Cash paid to interest, handling fees and
commission
Cash paid to policy bonus
Cash paid to and on behalf of employees 291,422,904 308,857,930
Cash paid for taxes and expenses 457,787,322 461,010,537
Other cash paid related to operating activities 347,950,857 366,699,600
Sub-total of cash outflows of operating activities 1,954,061,008 2,053,012,280
Net cash flow from operating activities 703,434,508 357,912,343
Cash received from return of investment 75,650,000 51,000,000
Cash received from obtaining investment profit 858,065 1,674,162
Cash received from disposal of fixed assets,
intangible assets and other long-term assets
Net cash received from disposal of branch and
other business unit
Other cash received related to investing activities
Sub-total of cash inflows of investment activities 88,660,272 167,210,630
Yantai Changyu Pioneer Wine Co., Ltd. 2026 Third Quarter Report
Cash paid to acquire fixed assets, intangible asset
and other long-term assets
Cash for investments 133,200,000 18,000,000
Net increase in hypothecated loan
Net cash paid to acquire branch and other
business unit
Other cash paid related to investment activities 1,684,581
Subtotal of cash outflows of investment activities 169,156,740 76,850,312
Net cash flow from investing activities -80,496,468 90,360,318
Cash received from acquiring investment
Cash received from acquiring minority
shareholders' investment by branch
Cash received from acquiring loans 420,506,122 375,943,769
Other cash received related to financing activities
Sub-total cash inflows of financing activities 420,506,122 375,943,769
Cash paid to repay debts 399,809,108 347,349,459
Cash paid to distribute dividend, profit or pay
interest
Dividend and profit paid to minority
shareholders by branch
Other cash paid related to financing activities 113,775,814 115,453,236
Sub-total of cash outflows of financing activities 687,314,437 745,267,562
Net cash flow from financing activities -266,808,315 -369,323,793
-2,781,554 2,524,765
cash equivalents
Plus: balance at the beginning of the period of
cash and cash equivalents
equivalents
implementation of the relevant items in the financial statements at the beginning of the year
?Applicable ?Inapplicable
Whether the Third Quarter Report has been audited
□Yes ?No
The Third Quarter Report has not been audited.
Yantai Changyu Pioneer Wine Co., Ltd.
Board of Directors
October 24, 2026
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