Q3 2026 Report of Luzhou Laojiao Co., Ltd.
Stock Code: 000568 Stock abbreviation: Luzhou Laojiao Announcement No. 2026-36
Luzhou Laojiao Co., Ltd.
Q3 2026 Report
Luzhou Laojiao Co., Ltd. (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 Statements:
presented in this report is free of any false records, misleading statements or material omissions, and
shall individually and together be legally liable for truthfulness, accuracy and completeness of its
contents.
responsible person for the Company’s financial affairs (Accounting Supervisor) have warranted that
the financial statements in this report are true, accurate and complete.
□Yes ? No
This report has been prepared in both Chinese and English. Should there be any discrepancies or
misunderstandings between the two versions, the Chinese version shall prevail.
Q3 2026 Report of Luzhou Laojiao Co., Ltd.
Whether the Company performed a retroactive adjustment to or restatement of accounting data.
□Yes ? No
Q3 2026 YoY change Q1-Q3 2026 YoY change
Operating revenues
(CNY)
Net profits
attributable to
shareholders of the
Company (CNY)
Net profits
attributable to
shareholders of the
Company before
non-recurring gains
and losses (CNY)
Net cash flows from
operating activities — — 4,445,413,276.27 -54.74%
(CNY)
Basic earnings per
share (CNY/share)
Diluted earnings per
share (CNY/share)
Weighted average
ROE
September 30, 2026 December 31, 2025 Change
Total assets (CNY) 59,346,398,004.74 64,794,994,851.27 -8.41%
Net assets
attributable to
shareholders of the
Company (CNY)
? Applicable □ N/A
Unit: CNY
Item Q3 2026 Q1-Q3 2026 Note
Profit or loss from disposal
of non-current assets
(including the write-off 107,037.78 444,548.65
portion of the impairment
provision)
Government grants
accounted for, in the profit
or loss for the current
period (except for the
government grants closely
related to the business of
the Company and given in
accordance with defined
Q3 2026 Report of Luzhou Laojiao Co., Ltd.
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 2,169,075.73 32,795,815.99
liabilities (exclusive of the
effective portion of hedges
that is related to the
Company's normal
business operations)
Other non-operating
income and expenditure
-13,148,235.08 305,145.87
except above-mentioned
items
Less: Corporate income
tax
Minority interests (after
-24,083.14 -24,083.14
tax)
Total 2,608,063.41 50,421,302.25 --
Other items that meet the definition of non-recurring gain/loss:
? Applicable ? N/A
No such cases for the reporting period.
Explain the reasons if the Company classifies any non-recurring gain/loss item mentioned in the
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to
the Public-Non-Recurring Gains and Losses as a recurring gain/loss item.
? Applicable ? N/A
No such cases for the reporting period.
? Applicable ? N/A
A. The closing balance of held-for-trading financial assets decreased by CNY 963,883,715.01
compared to the opening balance at the beginning of the year, indicating a decrease of 60.82%. It was
mainly due to the redemptions upon maturity of wealth management products in the current period.
Q3 2026 Report of Luzhou Laojiao Co., Ltd.
B. The closing balance of accounts receivables increased by CNY 26,349,718.64 compared to the
opening balance at the beginning of the year, indicating an increase of 433.70%. It was mainly due to
an increase in receivables from overseas operations.
C. The closing balance of other current assets decreased by CNY 201,381,343.47 compared to the
opening balance at the beginning of the year, indicating a decrease of 46.78%. It was mainly due to the
offsetting in the current period of the opening amount of overpaid tax.
D. The closing balance of Investment property decreased by CNY 36,736,080.86 compared to the
opening balance at the beginning of the year, indicating a decrease of 76.70%. It was mainly due to the
reclassification of certain previously rented properties for own use in the current period.
E. The closing balance of other non-current assets increased by CNY 353,418,201.97 compared to the
opening balance at the beginning of the year, indicating an increase of 53.16%. It was mainly due to the
increased prepayment for long-term assets—the Chengdu Innovation and Development Center
Building—in the current period.
F. The closing balance of short-term loans increased by CNY 3,001,758,333.34 compared to the
opening balance at the beginning of the year. It was mainly due to a one-year bank loan arranged to
meet the Company’s production and operation needs.
G. The closing balance of contract liabilities decreased by CNY 1,050,974,009.30 compared to the
opening balance at the beginning of the year, indicating a decrease of 31.21%; and the closing balance
of other current liabilities decreased by CNY 136,049,291.25 compared to the opening balance at the
beginning of the year, indicating a decrease of 31.14%. It was mainly due to a decrease in advance
payments from customers in the current period.
H. The closing balance of taxes payable decreased by CNY 527,905,594.75 compared to the opening
balance at the beginning of the year, indicating a decrease of 32.73%. It was mainly due to the payment
in the current period of the taxes payable as at the end of last year.
I. The closing balance of other payable decreased by CNY 188,984,513.12 compared to the opening
balance at the beginning of the year, indicating a decrease of 30.69%. It was mainly due to the
unlocking of the restricted share incentive plan, resulting in a decrease in liabilities recognized for
repurchase obligations.
J. The closing balance of non-current liabilities due within one year decreased by CNY
of 45.34%. It was mainly due to the repayment of due loans.
K. The closing balance of long-term loans decreased by CNY 1,899,364,419.42 compared to the
opening balance at the beginning of the year, indicating a decrease of 72.30%. It was mainly due to the
reclassification of long-term loans due within one year.
L. The closing balance of treasury stock decreased by CNY 157,697,194.85 compared to the opening
balance at the beginning of the year, indicating a decrease of 98.79%. It was mainly due to the relevant
reversal as a result of the unlocking of restricted shares in the current period.
M. The closing balance of other comprehensive income decreased by CNY 84,745,736.43 compared
to the opening balance at the beginning of the year, indicating a decrease of 59.00%. It was mainly due
Q3 2026 Report of Luzhou Laojiao Co., Ltd.
to the decreased fair value of equity investments and the disposal of equity interests in North Chemical
Industries Co., Ltd. and other investees in the current period.
N. Operating revenues in the current Q1-Q3 period decreased by CNY 8,459,843,339.40 compared to
the same period of last year, indicating a decrease of 36.58%. It was mainly due to the decreased
product sales volume in the current period.
O. Investment income in the current Q1-Q3 period increased by CNY 49,539,347.31 compared to the
same period of last year, indicating an increase of 88.11%. It was mainly due to the increased earnings
of investee Huaxi Securities and the decreased note discount expenses.
P. Total profits before tax in the current Q1-Q3 period decreased by CNY 7,078,980,212.15 compared
to the same period of last year, indicating a decrease of 48.53%. It was mainly due to an overall
decrease in product sales volume and product mix adjustments.
Q. Income tax expenses in the current Q1-Q3 period decreased by CNY 2,005,245,890.20 compared to
the same period of last year, indicating a decrease of 52.87%. It was mainly due to a decrease in total
profits before tax in the current period.
R. Net profit attributable to non-controlling interests in the current Q1-Q3 period increased by CNY
mainly due to a year-on-year growth in net profit of non-wholly-owned subsidiaries in the current period.
S. Net cash flows from operating activities in the current Q1-Q3 period decreased by CNY
mainly due to a decrease in cash received from sale of goods in the current period.
T. Net cash flows from investing activities in the current Q1-Q3 period increased by CNY
investments in long-term assets in the current period.
U. Cash received from borrowings in the current Q1-Q3 period increased by CNY 3,319,635,580.58
compared to the same period of last year. It was mainly due to new one-year bank borrowings raised in
the current period.
V. Cash paid for debt repayments in the current Q1-Q3 period increased by CNY 1,340,700,000.00
compared to the same period of last year, indicating an increase of 49.29%. It was mainly due to the
repayment of mature long-term loans in the current period.
rights as well as shareholdings of top 10 shareholders
Unit: Share
Total number of common Total number of preference shareholders with
shareholders at the end of the 202,684 resumed voting rights at the end of the reporting 0
reporting period period (if any)
Shareholdings of the top 10 shareholders (exclusive of shares lent in refinancing)
Name of Nature of Shareholding Total shares Number of Pledged, marked or frozen
Q3 2026 Report of Luzhou Laojiao Co., Ltd.
shareholder shareholder percentage held holding shares
restricted Status of Number of
shares shares shares
Luzhou
State-owned
Laojiao Group 26.05% 383,433,639 0 N/A 0
corporation
Co., Ltd.
Luzhou
XingLu
State-owned
Investment 24.86% 365,971,142 0 N/A 0
corporation
Group Co.,
Ltd.
Bank of China
Co., Ltd. –
Baijiu index
classification
securities Other 4.83% 71,148,032 0 N/A 0
investment
fund by China
Merchants
Fund
China
Securities
Finance Other 1.51% 22,224,821 0 N/A 0
Corporation
Limited
Hong Kong
Securities
Outbound
Clearing 1.48% 21,710,584 0 N/A 0
corporation
Company
Limited
China
Construction
Bank
Corporation－
Other 1.44% 21,225,108 0 N/A 0
Penghua
Wine & Liquor
Exchange-
Traded Fund
Rui Life
Insurance
Other 1.36% 20,049,840 0 N/A 0
Co., Ltd.－
Own Funds
Guofeng
Xinghua
(Beijing)
Private Equity
Fund
Management
Co., Ltd.－
Guofeng Other 1.23% 18,166,400 0 N/A 0
Xinghua
Honghuzhiyua
n Tranche 3
Private
Securities
Investment
Fund No. 1
Q3 2026 Report of Luzhou Laojiao Co., Ltd.
Bank of China
Co., Ltd.－
Blue chip
selected
hybrid Other 0.82% 12,000,112 0 N/A 0
securities
investment
fund by E
Fund
Industrial and
Commercial
Bank of China
Co., Ltd.－CSI
Main
Consumer
Other 0.67% 9,861,848 0 N/A 0
Exchange-
Traded Open-
Ended Index
Securities
Investment
Fund
Shareholdings of the top 10 non-restricted shareholders (exclusive of shares lent in refinancing and locked shares of
executives)
Type and number of shares
Name of shareholder Number of non-restricted shares held
Type Number
CNY common
Luzhou Laojiao Group Co., Ltd. 383,433,639 383,433,639
shares
Luzhou XingLu Investment CNY common
Group Co., Ltd. shares
Bank of China Co., Ltd. – Baijiu
index classification securities CNY common
investment fund by China shares
Merchants Fund
China Securities Finance CNY common
Corporation Limited shares
Hong Kong Securities Clearing CNY common
Company Limited shares
China Construction Bank
CNY common
Corporation－Penghua Wine & 21,225,108 21,225,108
shares
Liquor Exchange-Traded Fund
Rui Life Insurance Co., Ltd.－ CNY common
Own Funds shares
Guofeng Xinghua (Beijing)
Private Equity Fund
Management Co., Ltd.－
CNY common
Guofeng Xinghua 18,166,400 18,166,400
shares
Honghuzhiyuan Tranche 3
Private Securities Investment
Fund No. 1
Bank of China Co., Ltd.－Blue
CNY common
chip selected hybrid securities 12,000,112 12,000,112
shares
investment fund by E Fund
Industrial and Commercial
Bank of China Co., Ltd.－CSI
CNY common
Main Consumer Exchange- 9,861,848 9,861,848
shares
Traded Open-Ended Index
Securities Investment Fund
Q3 2026 Report of Luzhou Laojiao Co., Ltd.
Group Co., Ltd. are both state-owned holding companies under
the jurisdiction of SASAC of Luzhou. The two companies have
signed the agreement of persons acting in concert. For details,
please refer to the announcement of the Company on May 23,
Related parties or acting-in-concert 2024 - Announcement on the Renewed Agreement of Persons
Acting in Concert Signed by Shareholders (Announcement No.
remaining shareholders or they belong to persons acting in
concert is unknown.
Top 10 shareholders participating in securities
None
margin trading (if any)
refinancing shares lending
□ Applicable ? N/A
Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares
lending/return compared with the prior period
□ Applicable ? N/A
shareholders
□ Applicable ? N/A
? Applicable □ N/A
A. Progress on the restricted share incentive plan
a. On February 4, 2026, the Company held the 21st Meeting of the 11th Board of Directors, at which
the Proposal on the Satisfaction of Unlocking Conditions for the Second Unlocking Period of the
Reserved Restricted Shares under the 2021 Restricted Share Incentive Plan, the Proposal on the
Satisfaction of Unlocking Conditions for the Third Unlocking Period of the 2021 Restricted Share
Incentive Plan, and the Proposal on the Repurchase and Retirement of Certain Restricted Shares and
the Adjustment of Repurchase Price were reviewed and approved. On February 5, the Company
disclosed the Announcement on the Repurchase and Retirement of Certain Restricted Shares to
Reduce Registered Capital and Notice to Creditors. By the expiration of the declaring period, the
Company had not received any declaration from the relevant creditors for early payout of debts or
provision of guarantee.
b. On February 13, 2026, the Company disclosed the Reminder Announcement on Unlocked Shares in
the Second Unlocking Period of the Reserved Restricted Shares under the 2021 Restricted Share
Incentive Plan Being Allowed for Public Trading, as well as the Reminder Announcement on Unlocked
Shares in the Third Unlocking Period under the 2021 Restricted Share Incentive Plan Being Allowed for
Q3 2026 Report of Luzhou Laojiao Co., Ltd.
Public Trading. As such, the unlocked restricted shares in the second unlocking period of the reserved
restricted shares and in the third unlocking period under the 2021 Restricted Share Incentive Plan were
allowed for public trading on February 24, 2026.
c. On June 3, 2026, the Company disclosed the Announcement on the Completion of the Repurchase
and Retirement of Certain Restricted Shares. As at June 3, 2026, the Company completed the
repurchase and retirement of 40,500 restricted shares.
d. On September 16, 2026, the Company held the 29th Meeting of the 11th Board of Directors, at which
the Proposal on the Satisfaction of Unlocking Conditions for the Third Unlocking Period of the Reserved
Restricted Shares under the 2021 Restricted Share Incentive Plan was reviewed and approved. On
September 17, the Company disclosed the Announcement on the Satisfaction of Unlocking Conditions
for the Third Unlocking Period of the Reserved Restricted Shares under the 2021 Restricted Share
Incentive Plan.
e. On September 23, 2026, the Company disclosed the Reminder Announcement on Unlocked Shares
in the Third Unlocking Period of the Reserved Restricted Shares under the 2021 Restricted Share
Incentive Plan Being Allowed for Public Trading. As such, the unlocked restricted shares in the third
unlocking period of the reserved restricted shares under the 2021 Restricted Share Incentive Plan were
allowed for public trading on September 28, 2026.
B. The Company invested in the Technical Renovation Project of Intelligent Baijiu Production (Phase I)
with the wholly-owned subsidiary, Luzhou Laojiao Baijiu Production Co., Ltd., as the implementer. The
total investment amount approximated CNY 4,782.5090 million. For further information, see
Announcement No. 2022-24 on the Implementation of Luzhou Laojiao Technical Renovation Project of
Intelligent Baijiu Production (Phase I) by Subsidiary. The program is currently under construction.
Prepared by: Luzhou Laojiao Co., Ltd.
September 30, 2026
Unit: CNY
Item September 30, 2026 December 31, 2025
Current assets:
Cash and cash equivalents 22,502,583,597.89 27,341,566,698.37
Settlement reserves
Lending funds
Held-for-trading financial assets 620,888,244.36 1,584,771,959.37
Derivative financial assets
Notes receivables
Accounts receivables 32,425,289.30 6,075,570.66
Accounts receivables financing 1,298,533,766.12 1,466,494,973.96
Prepayment 176,717,540.24 145,596,475.65
Q3 2026 Report of Luzhou Laojiao Co., Ltd.
Premiums receivable
Reinsurance accounts receivable
Reinsurance contract reserve
Other receivables 16,440,331.42 17,318,326.51
Including：Interests receivable
Dividends receivable
Buying back the sale of financial
assets
Inventories 15,679,403,351.42 15,396,031,707.35
Including: Data resource
Contract assets
Assets held for sale
Non-current assets due within one
year
Other current assets 229,078,567.16 430,459,910.63
Total current assets 40,556,070,687.91 46,388,315,622.50
Non-current assets:
Disbursement of loans and advances
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 2,992,994,211.95 2,930,804,469.77
Investments in other equity
instruments
Other non-current financial assets
Investment property 11,156,670.22 47,892,751.08
Fixed assets 8,168,339,010.11 8,523,891,404.03
Construction in progress 2,594,614,693.91 2,064,766,283.24
Productive biological assets
Oil and gas assets
Use right assets 13,559,076.77 19,863,214.19
Intangible assets 3,372,815,756.64 3,414,065,535.11
Including: Data resource 1,785,382.37 2,856,611.80
Development expenses
Including: Data resource
Goodwill
Long-term deferred expenses 756,014.13 1,034,985.48
Deferred tax assets 259,667,725.68 264,019,980.93
Other non-current assets 1,018,259,569.01 664,841,367.04
Total non-current assets 18,790,327,316.83 18,406,679,228.77
Total assets 59,346,398,004.74 64,794,994,851.27
Current liabilities:
Short-term loans 3,001,758,333.34
Borrowings from the central bank
Loans from other banks
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 1,386,079,376.01 1,413,421,175.80
Advance from customer 2,592,640.93 2,014,696.36
Contract liabilities 2,316,469,718.53 3,367,443,727.83
Financial assets sold for repurchase
Deposits from customers and inter-
bank
Customer brokerage deposits
Securities underwriting brokerage
deposits
Q3 2026 Report of Luzhou Laojiao Co., Ltd.
Employee benefits payable 428,547,687.31 481,722,380.36
Taxes payable 1,084,978,475.06 1,612,884,069.81
Other payable 426,768,953.76 615,753,466.88
Including：Interests payable
Dividends payable 28,163,719.84 28,163,719.84
Handling charges and commissions
payable
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within one
year
Other current liabilities 300,870,979.74 436,920,270.99
Total current liabilities 11,174,932,894.84 12,004,359,001.08
Non-current liabilities:
Insurance contract reserves
Long-term loans 727,801,891.51 2,627,166,310.93
Bonds payable
Including：Preference shares
Perpetual bonds
Lease liabilities 14,638,450.30 15,693,190.61
Long-term payables
Long-term payroll payables
Accrued liabilities
Deferred income 80,397,517.81 82,513,945.77
Deferred tax liabilities 133,136,169.75 171,180,022.42
Other non-current liabilities
Total non-current liabilities 955,974,029.37 2,896,553,469.73
Total liabilities 12,130,906,924.21 14,900,912,470.81
Owners' equity
Share capital 1,471,901,463.00 1,471,941,963.00
Other equity instruments
Including: preference shares
Perpetual bonds
Capital reserves 5,440,926,475.37 5,439,328,102.53
Less: treasury stock 1,937,079.62 159,634,274.47
Other comprehensive income 58,883,117.09 143,628,853.52
Special reserves
Surplus reserves 1,471,941,963.00 1,471,941,963.00
General risk reserve
Undistributed profits 38,611,993,869.65 41,413,087,028.16
Total equity attributable to owners of
the parent company
Non-controlling interests 161,781,272.04 113,788,744.72
Total owners' equity 47,215,491,080.53 49,894,082,380.46
Total liabilities and owners' equity 59,346,398,004.74 64,794,994,851.27
Legal representative: Liu Miao
Person in charge of accounting affairs: Xie Hong
Person in charge of accounting department: Song Ying
Unit: CNY
Item Q1-Q3 2026 Q1-Q3 2025
Including: Operating revenue 14,667,616,562.73 23,127,459,902.13
Q3 2026 Report of Luzhou Laojiao Co., Ltd.
Interest income
Earned premium
Fee and commission
income
Including: Cost of sales 2,399,983,662.33 2,980,340,788.02
Interest expense
Handling charges and
commission expenses
Refunded premiums
Net payments for
insurance claims
Net provision for
insurance contracts
Bond insurance expense
Reinsurance Expenses
Taxes and surcharges 2,512,295,331.83 2,800,294,797.90
Selling and distribution
expenses
General and
administrative expenses
Research and
Development expenses
Financial expenses -294,398,785.31 -385,104,228.00
Including：Interest
expenses
Interest income 400,428,772.68 517,472,242.09
Plus: Other income 39,909,399.78 38,992,675.48
Investment income ("-" for
losses)
Including: income from
investment in associates and joint 124,808,000.86 110,153,845.03
ventures
Income from the
derecognition of financial assets
measured at amortized cost
Foreign exchange gains ("-"
for losses)
Net gain on exposure hedges
(“-” for losses)
Gains from the changes in fair
values(“-“ for losses)
Credit impairment losses (“-”
-1,248,358.94 212,642.32
for losses)
Impairment losses(“-“ for
losses)
Gains from disposal of
assets("-" for losses)
Plus: non-operating income 20,365,748.46 14,538,207.24
Less: non-operating expenses 20,060,602.59 47,991,182.20
total losses)
Less: income tax expenses 1,787,628,886.72 3,792,874,776.92
operation ("-" for losses)
operation ("-" for losses)
parent company ("-" for losses)
Q3 2026 Report of Luzhou Laojiao Co., Ltd.
interests ("-" for losses)
-59,194,445.86 39,344,460.12
comprehensive income
Net of tax from other comprehensive
income to the owner of the parent -57,250,521.12 39,901,755.85
company
cannot be reclassified into the profit -60,023,042.20 39,226,482.98
and loss:
indebtedness or net asset of defined
benefit plans
income that cannot be classified into -670,866.48 505,649.11
profit and loss under equity method
investments in other equity -59,352,175.72 38,720,833.87
instruments
company’s credit risks
that will be reclassified into the profit 2,772,521.08 675,272.87
and loss
income that will be classified into 5,147,740.84 1,356,156.40
profit and loss under equity method
investments in other debt obligations
arising from the reclassification of
financial assets
investments in other debt obligations
translation of foreign currency -2,375,219.76 -680,883.53
financial statements
Net of tax from other comprehensive
-1,943,924.74 -557,295.73
income to non-controlling interests
(1) Total comprehensive income
attributable to owners of the parent 5,613,808,720.41 10,802,296,405.17
company
(2) Total comprehensive income
attributable to non-controlling 47,953,129.73 31,738,672.90
interests
(1) Basic earnings per share 3.85 7.31
(2) Diluted earnings per share 3.85 7.31
Legal representative: Liu Miao
Person in charge of accounting affairs: Xie Hong
Person in charge of accounting department: Song Ying
Unit: CNY
Item Q1-Q3 2026 Q1-Q3 2025
Q3 2026 Report of Luzhou Laojiao Co., Ltd.
activities
Cash received from sale of goods
and rendering of services
Net increase in customer bank
deposits and placement from banks
and other financial institutions
Net increase in loans from central
bank
Net increase in loans from other
financial institutions
Premiums received from original
insurance contracts
Net cash received from reinsurance
business
Net increase in deposits and
investments from policyholders
Cash received from interest, handling
charges and commissions
Net increase in placements from
other financial institutions
Net capital increase in repurchase
business
Net cash received from customer
brokerage deposits
Refunds of taxes and surcharges 6,060,640.17 8,154,186.38
Cash received from other operating
activities
Subtotal of cash inflows from
operating activities
Cash paid for goods purchased and
services received
Net increase in loans and advances
to customers
Net increase in deposits in central
bank and other banks and financial
institutions
Cash paid for original insurance
contract claims
Net increase in lending funds
Cash paid for interests, handling
charges and commissions
Cash paid for policy dividends
Cash paid to and on behalf of
employees
Cash paid for taxes and surcharges 6,210,791,906.63 9,958,294,094.47
Cash paid for other operating
activities
Subtotal of cash outflows from
operating activities
Net cash flows from operating
activities
activities
Cash received from disposal of
investments
Cash received from returns on
investments
Net cash received from disposal of
fixed assets, intangible assets and 1,023,685.58 534,068.91
other long-term assets
Net cash received from disposal of
subsidiaries and other business units
Cash received from other investing
activities
Q3 2026 Report of Luzhou Laojiao Co., Ltd.
Subtotal of cash inflows from
investing activities
Cash paid to acquire and construct
fixed assets, intangible assets and 947,762,368.34 1,137,163,772.20
other long-term assets
Cash paid for investments 1,020,000,000.00 1,210,000,000.00
Net increase in pledge loans
Net cash paid to acquire subsidiaries
and other business units
Cash paid for other investing
activities
Subtotal of cash outflows from
investing activities
Net cash flows from investing
activities
activities
Cash received from investors
Including: cash received by
subsidiaries from investments by
minority shareholders
Cash received from borrowings 3,319,635,580.58
Cash received from other financing
activities
Subtotal of cash inflows from
financing activities
Cash paid for debt repayments 4,060,900,000.00 2,720,200,000.00
Cash paid for distribution of
dividends and profits or payment of 8,602,991,508.17 8,965,980,678.14
interest
Including: dividends and profits paid
to minority shareholders by 36,240,666.20
subsidiaries
Cash paid for other financing
activities
Subtotal of cash outflows from
financing activities
Net cash flows from financing
-9,352,015,724.85 -11,691,012,264.24
activities
-20,510,974.83 -5,048,523.60
rate on cash and cash equivalents
-4,769,037,005.09 -1,964,084,368.70
equivalents
Plus: balance of cash and cash
equivalents at the beginning of the 26,925,093,961.82 33,367,668,014.46
period
equivalents at the end of the 22,156,056,956.73 31,403,583,645.76
period
Implementation of the New Accounting Standards Implemented since 2026
□ Applicable ? N/A
Whether the financial statements of this report have been audited by an auditor
□ Yes ? No
Q3 2026 Report of Luzhou Laojiao Co., Ltd.
The said financial statements are unaudited by an auditor.
The Board of Directors of Luzhou Laojiao Co., Ltd.
October 30, 2026
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