Stock Code: 000568 Stock abbreviation: Luzhou Laojiao Announcement No. 2025-17
Luzhou Laojiao Co., Ltd.
Q1 2025 Report
Luzhou Laojiao Co., Ltd. (hereinafter referred to as the “Company”) and all the members of theCompany’s Board of Directors hereby guarantee that the contents of this Report are true, accurate andcomplete and free of any misrepresentations, misleading statements or material omissions.Important Statements:
1. The Board of Directors, Board of Supervisors, directors, supervisors and senior managementguarantee that the information presented in this report is free of any false records, misleading statementsor material omissions, and shall individually and together be legally liable for truthfulness, accuracy andcompleteness of its contents.
2. The responsible person for the Company, the responsible person for accounting work and theresponsible person for the Company’s financial affairs (Accounting Supervisor) have warranted that thefinancial statements in this report are true, accurate and complete.
3. Whether the financial statements of this report have been audited by an auditor
□Yes ? No
This report has been prepared in both Chinese and English. Should there be any discrepancies ormisunderstandings between the two versions, the Chinese version shall prevail.
1. Key financial information
1.1 Key accounting data and financial indicators
Whether the Company performed a retroactive adjustment to or restatement of accounting data.
□Yes ? No
| Q1 2025 | Q1 2024 | YoY change (%) | |
| Operating revenues (CNY) | 9,352,165,445.50 | 9,188,402,377.79 | 1.78% |
| Net profits attributable to shareholders of the Company (CNY) | 4,592,780,509.90 | 4,573,950,129.90 | 0.41% |
| Net profits attributable to shareholders of the Company before non-recurring gains and losses (CNY) | 4,595,090,018.42 | 4,552,423,532.38 | 0.94% |
| Net cash flows from operating activities (CNY) | 3,307,744,331.60 | 4,359,428,564.46 | -24.12% |
| Basic earnings per share (CNY/share) | 3.13 | 3.12 | 0.32% |
| Diluted earnings per share (CNY/share) | 3.13 | 3.12 | 0.32% |
| Weighted average ROE | 9.48% | 10.43% | -0.95% |
| March 31, 2025 | December 31, 2024 | Change (%) | |
| Total assets (CNY) | 66,780,933,304.60 | 68,334,595,564.58 | -2.27% |
| Net assets attributable to shareholders of the Company (CNY) | 50,165,245,185.51 | 47,388,500,553.46 | 5.86% |
1.2 Non-recurring gains and losses
?Applicable □ N/A
Unit: CNY
| Item | Q1 2025 | Note |
| 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) | 16,648,224.19 | |
| 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 (exclusive of the effective portion of hedges that is related to the Company's normal business operations) | 5,871,204.39 | |
| Other non-operating income and expenditure except above-mentioned items | -25,597,689.62 |
| Less: Corporate income tax | -769,565.29 | |
| Minority interests (after tax) | 812.77 | |
| Total | -2,309,508.52 | -- |
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 theExplanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities tothe Public-Non-Recurring Gains and Losses as a recurring gain/loss item.
□Applicable ? N/A
No such cases for the reporting period.
1.3 Changes in key financial data and indicators and reasons for the changes? Applicable ? N/AA. The closing balance of accounts receivables financing decreased by CNY 602,756,258.64 comparedto the opening balance, indicating a decrease of 33.45%. It was mainly due to the discounting of notesand the honoring of due notes in the current period.B. The closing balance of prepayment increased by CNY 117,619,722.04 compared to the openingbalance, indicating an increase of 94.95%. It was mainly due to the increased prepayment to suppliersfor advertising.C. The closing balance of other current assets decreased by CNY 207,243,467.97 compared to theopening balance, indicating a decrease of 85.96%. It was mainly due to the offsetting in the current periodof the overpaid tax in the prior period.D. The closing balance of deferred tax assets decreased by CNY 179,179,125.98 compared to theopening balance, indicating a decrease of 42.24%. It was mainly due to the decreased unrealized profitsof internal transactions and the relevant reversal as a result of the unlocking of restricted shares.E. The closing balance of employee benefits payable decreased by CNY 230,481,981.50 compared tothe opening balance, indicating a decrease of 41.63%. It was mainly due to the settlement in the currentperiod of performance-based pay for last year.F. The closing balance of taxes payable decreased by CNY 1,023,611,643.36 compared to the openingbalance, indicating a decrease of 31.65%. It was mainly due to the payment of the opening taxes payablein the current period.G. The closing balance of non-current liabilities due within one year increased by CNY 1,499,492,365.17compared to the opening balance, indicating an increase of 45.76%. It was mainly due to thereclassification of long-term loans due within one year and the repayment of due corporate bonds.
H. The closing balance of long-term loans decreased by CNY 3,051,700,000.00 compared to the openingbalance, indicating a decrease of 48.59%. It was mainly due to the reclassification of long-term loans tonon-current liabilities due within one year.I. The closing balance of treasury stock decreased by CNY 167,523,448.69 compared to the openingbalance, indicating a decrease of 48.46%. It was mainly due to the relevant reversal as a result of theunlocking of restricted shares in the current period.J. Financial expenses in the current period decreased by CNY 60,239,722.44 compared to the sameperiod of last year. It was mainly due to the reclassification of note discount expenses to investmentincome in the current period.K. Other income in the current period increased by CNY 11,168,461.78 compared to the same period oflast year, indicating an increase of 139.02%. It was mainly due to the increased amortization of deferredincome in the current period.L. Investment income in the current period decreased by CNY 18,947,842.40 compared to the sameperiod of last year, indicating a decrease of 102%. It was mainly due to the reclassification of note discountexpenses.M. Gains from the changes in fair values in the current period decreased by CNY 18,661,129.65compared to the same period of last year, indicating a decrease of 81.86%. It was mainly due to thechanges in the net value of financial management products in the current period.N. Non-operating expenses in the current period increased by CNY 26,172,463.55 compared to the sameperiod of last year, indicating an increase of 3162.31%. It was mainly due to the increased donationexpenses in the current period.O. Net cash flows from investing activities in the current period decreased by CNY 60,158,437.67compared to the same period of last year. It was mainly due to the increased cash payments for long-term asset investments in the current period.P. Net cash flows from financing activities in the current period decreased by CNY 5,439,119,558.41compared to the same period of last year, indicating a decrease of 296.57%. It was mainly due to theinterim dividend payout and the repayment of principals of corporate bonds with interest.
2. Shareholder information
2.1 Total numbers of common shareholders and preference shareholders with resumed votingrights as well as shareholdings of top 10 shareholders
Unit: Share
| Total number of common shareholders at the end of the reporting period | 180,122 | Total number of preference shareholders with resumed voting rights at the end of the reporting period (if any) | 0 | |||
| Shareholdings of the top 10 shareholders (exclusive of shares lent in refinancing) | ||||||
| Name of shareholder | Nature of shareholder | Shareholding percentage | Total shares held | Number of holding restricted shares | Pledged, marked or frozen shares | |
| Status of shares | Number of shares | |||||
| Luzhou | State-owned | 25.89% | 381,088,389.00 | 0.00 | N/A | 0.00 |
| Laojiao Group Co., Ltd. | corporation | |||||
| Luzhou XingLu Investment Group Co., Ltd. | State-owned corporation | 24.86% | 365,971,142.00 | 0.00 | N/A | 0.00 |
| Bank of China Co., Ltd. – Baijiu index classification securities investment fund by China Merchants Fund | Other | 3.13% | 46,054,228.00 | 0.00 | N/A | 0.00 |
| Hong Kong Securities Clearing Company Limited | Outbound corporation | 2.55% | 37,466,958.00 | 0.00 | N/A | 0.00 |
| China Securities Finance Corporation Limited | Other | 2.30% | 33,842,059.00 | 0.00 | N/A | 0.00 |
| Bank of China Co., Ltd.－Blue chip selected hybrid securities investment fund by E Fund | Other | 1.58% | 23,200,100.00 | 0.00 | N/A | 0.00 |
| Central Huijin Asset Management Co., Ltd. | State-owned corporation | 0.92% | 13,539,862.00 | 0.00 | N/A | 0.00 |
| Industrial and Commercial Bank of China Co., Ltd.- Huatai-Pinebridge CSI 300 Exchange-Traded Fund | Other | 0.82% | 12,083,435.00 | 0.00 | N/A | 0.00 |
| Industrial and Commercial Bank of China Co., Ltd.-New growth hybrid securities investment fund by Invesco Great | Other | 0.82% | 12,000,000.00 | 0.00 | N/A | 0.00 |
| Wall | ||||||
| China Construction Bank Corporation－Penghua Wine & Liquor Exchange-Traded Fund | Other | 0.67% | 9,867,625.00 | 0.00 | N/A | 0.00 |
| Shareholdings of the top 10 non-restricted shareholders (exclusive of shares lent in refinancing and locked shares of executives) | ||||||
| Name of shareholder | Number of non-restricted shares held | Type and number of shares | ||||
| Type | Number | |||||
| Luzhou Laojiao Group Co., Ltd. | 381,088,389.00 | CNY common shares | 381,088,389.00 | |||
| Luzhou XingLu Investment Group Co., Ltd. | 365,971,142.00 | CNY common shares | 365,971,142.00 | |||
| Bank of China Co., Ltd. – Baijiu index classification securities investment fund by China Merchants Fund | 46,054,228.00 | CNY common shares | 46,054,228.00 | |||
| Hong Kong Securities Clearing Company Limited | 37,466,958.00 | CNY common shares | 37,466,958.00 | |||
| China Securities Finance Corporation Limited | 33,842,059.00 | CNY common shares | 33,842,059.00 | |||
| Bank of China Co., Ltd.－Blue chip selected hybrid securities investment fund by E Fund | 23,200,100.00 | CNY common shares | 23,200,100.00 | |||
| Central Huijin Asset Management Co., Ltd. | 13,539,862.00 | CNY common shares | 13,539,862.00 | |||
| Industrial and Commercial Bank of China Co., Ltd.- Huatai-Pinebridge CSI 300 Exchange-Traded Fund | 12,083,435.00 | CNY common shares | 12,083,435.00 | |||
| Industrial and Commercial Bank of China Co., Ltd.-New growth hybrid securities investment fund by Invesco Great Wall | 12,000,000.00 | CNY common shares | 12,000,000.00 | |||
| China Construction Bank Corporation－Penghua Wine & Liquor Exchange-Traded Fund | 9,867,625.00 | CNY common shares | 9,867,625.00 | |||
| Related parties or acting-in-concert | 1. Luzhou Laojiao Group Co., Ltd. (hereinafter referred to as “Laojiao Group”) and Luzhou XingLu Investment Group Co., Ltd. are both holding state-owned companies under the jurisdiction of the State-owned Assets Supervision and Administration Commission of Luzhou. The two companies signed the agreement of persons acting in concert. For details, please refer to the announcement of the Company on May 23, 2024 - Announcement on the Renewed Agreement of Persons Acting in Concert Signed by Shareholders (Announcement No. 2024-22). 2. In 2024, Luzhou Laojiao Group Co., Ltd., through its wholly-owned subsidiary Sichuan Golden Rudder Investment Co., Ltd., increased its holdings in the Company by 1,140,200 shares through call auction trading, accounting for 0.08% of the total share capital of the Company. By the end of the reporting period, | |||||
| Luzhou Laojiao Group Co., Ltd. and Sichuan Golden Rudder Investment Co., Ltd. collectively held 382,228,589 shares in the Company, representing 25.97% of the total share capital of the Company. 3. In addition, whether there is an association between the remaining shareholders or they belong to persons acting in concert is unknown. | |
| Top 10 shareholders participating in securities margin trading (if any) | N/A |
5% or greater shareholders, top 10 shareholders and Top 10 unrestricted shareholders involved inrefinancing shares lending
□Applicable ? N/A
Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shareslending/return compared with the prior period
□Applicable ? N/A
2.2 Total number of preferred shareholders and shareholdings of the top 10 preferredshareholders
□Applicable ? N/A
3. Other significant events
?Applicable □ N/AA. On January 21, 2025, the Company held the Eighth Meeting of the 11th Board of Directors and theSixth Meeting of the 11th Board of Supervisors, at which the Proposal on the Satisfaction of UnlockingConditions for the First Unlocking Period of the Reserved Restricted Shares under the 2021 RestrictedShare Incentive Plan and the Proposal on the Satisfaction of Unlocking Conditions for the SecondUnlocking Period of the 2021 Restricted Share Incentive Plan were reviewed and approved respectively.As the unlocking conditions had been satisfied for the first unlocking period of the reserved restrictedshares under the 2021 Restricted Share Incentive Plan, a total of 37,069 restricted shares held by 17eligible awardees were unlocked for public trading on February 17, 2025. Meanwhile, as the unlockingconditions had been satisfied for the second unlocking period of the 2021 Restricted Share Incentive Plan,a total of 2,022,530 restricted shares held by 434 eligible awardees were unlocked for public trading onFebruary 24, 2025.
B. The Company invested in the technical upgrade program of intelligent brewing (Phase I) with thewholly-owned subsidiary, Luzhou Laojiao Brewing Co., Ltd., as the implementer. The total investmentamount approximated CNY 4,782.5090 million. For further information, see Announcement No. 2022-24on the Implementation of Luzhou Laojiao’s Technical Upgrade Program of Intelligent Brewing (Phase I)by Subsidiary. The program is currently under construction.
C. On January 24, 2025, the Company carried out the 2024 interim dividend payout of CNY 13.58 (taxinclusive) for every 10 existing shares held, totaling CNY 1,998,910,141.07 (tax inclusive).
4. Financial statements
4.1 Financial statements
4.1.1 Consolidated balance sheet
Prepared by: Luzhou Laojiao Co., Ltd.
March 31, 2025
Unit: CNY
| Item | March 31, 2025 | December 31, 2024 |
| Current assets: | ||
| Cash and cash equivalents | 33,231,596,265.59 | 33,578,396,831.33 |
| Settlement reserves | ||
| Lending funds | ||
| Held-for-trading financial assets | 1,391,691,462.99 | 1,694,282,295.97 |
| Derivative financial assets | ||
| Notes receivables | ||
| Accounts receivables | 15,207,500.27 | 11,022,302.31 |
| Accounts receivables financing | 1,199,191,197.14 | 1,801,947,455.78 |
| Prepayment | 241,490,004.69 | 123,870,282.65 |
| Premiums receivable | ||
| Reinsurance accounts receivable | ||
| Reinsurance contract reserve | ||
| Other receivables | 8,584,456.10 | 13,053,645.00 |
| Including：Interests receivable | ||
| Dividends receivable | ||
| Buying back the sale of financial assets | ||
| Inventories | 13,279,875,794.16 | 13,392,794,475.96 |
| Including: Data resource | ||
| Contract assets | ||
| Assets held for sale | ||
| Non-current assets due within one year | ||
| Other current assets | 33,838,440.92 | 241,081,908.89 |
| Total current assets | 49,401,475,121.86 | 50,856,449,197.89 |
| Non-current assets: | ||
| Disbursement of loans and advances | ||
| Investments in debt obligations | ||
| Investments in other debt obligations | ||
| Long-term receivables | ||
| Long-term equity investments | 2,831,422,148.18 | 2,801,252,317.93 |
| Investments in other equity instruments | 400,119,557.95 | 407,194,706.55 |
| Other non-current financial assets | ||
| Investment property | 49,524,449.85 | 50,246,694.16 |
| Fixed assets | 8,962,011,726.25 | 9,131,776,915.51 |
| Construction in progress | 974,337,683.33 | 807,233,988.90 |
| Productive biological assets | ||
| Oil and gas assets | ||
| Use right assets | 27,143,946.12 | 29,254,214.23 |
| Intangible assets | 3,472,265,416.58 | 3,417,898,796.19 |
| Including: Data resource | ||
| Development expenses | ||
| Including: Data resource |
| Goodwill | ||
| Long-term deferred expenses | 1,542,838.16 | 1,756,272.03 |
| Deferred tax assets | 245,005,967.06 | 424,185,093.04 |
| Other non-current assets | 416,084,449.26 | 407,347,368.15 |
| Total non-current assets | 17,379,458,182.74 | 17,478,146,366.69 |
| Total assets | 66,780,933,304.60 | 68,334,595,564.58 |
| Current liabilities: | ||
| Short-term loans | ||
| Borrowings from the central bank | ||
| Loans from other banks | ||
| Held-for-trading financial liabilities | ||
| Derivative financial liabilities | ||
| Notes payable | ||
| Accounts payable | 1,526,522,728.93 | 1,844,497,206.78 |
| Advance from customer | ||
| Contract liabilities | 3,065,704,152.19 | 3,978,131,528.88 |
| Financial assets sold for repurchase | ||
| Deposits from customers and inter-bank | ||
| Customer brokerage deposits | ||
| Securities underwriting brokerage deposits | ||
| Employee benefits payable | 323,098,787.49 | 553,580,768.99 |
| Taxes payable | 2,210,336,953.72 | 3,233,948,597.08 |
| Other payable | 692,178,947.65 | 873,595,429.08 |
| Including：Interests payable | ||
| Dividends payable | 29,668,290.20 | 29,668,290.20 |
| Handling charges and commissions payable | ||
| Reinsurance accounts payable | ||
| Liabilities held for sale | ||
| Non-current liabilities due within one year | 4,776,120,981.91 | 3,276,628,616.74 |
| Other current liabilities | 398,536,991.59 | 516,729,820.48 |
| Total current liabilities | 12,992,499,543.48 | 14,277,111,968.03 |
| Non-current liabilities: | ||
| Insurance contract reserves | ||
| Long-term loans | 3,228,200,000.00 | 6,279,900,000.00 |
| Bonds payable | ||
| Including：Preference shares | ||
| Perpetual bonds | ||
| Lease liabilities | 23,260,493.44 | 24,528,519.13 |
| Long-term payables | ||
| Long-term payroll payables | ||
| Accrued liabilities | ||
| Deferred income | 80,455,288.74 | 86,672,726.83 |
| Deferred tax liabilities | 152,183,995.33 | 158,375,714.88 |
| Other non-current liabilities | ||
| Total non-current liabilities | 3,484,099,777.51 | 6,549,476,960.84 |
| Total liabilities | 16,476,599,320.99 | 20,826,588,928.87 |
| Owners' equity | ||
| Share capital | 1,471,951,503.00 | 1,471,951,503.00 |
| Other equity instruments | ||
| Including: preference shares | ||
| Perpetual bonds | ||
| Capital reserves | 5,387,122,217.80 | 5,365,763,566.55 |
| Less: treasury stock | 178,175,995.20 | 345,699,443.89 |
| Other comprehensive income | 78,227,278.66 | 84,235,115.38 |
| Special reserves | ||
| Surplus reserves | 1,471,951,503.00 | 1,471,951,503.00 |
| General risk reserve | ||
| Undistributed profits | 41,934,168,678.25 | 39,340,298,309.42 |
| Total equity attributable to owners of the parent company | 50,165,245,185.51 | 47,388,500,553.46 |
| Non-controlling interests | 139,088,798.10 | 119,506,082.25 |
| Total owners' equity | 50,304,333,983.61 | 47,508,006,635.71 |
| Total liabilities and owners' equity | 66,780,933,304.60 | 68,334,595,564.58 |
Legal representative：Liu MiaoPerson in charge of accounting affairs：Xie HongPerson in charge of accounting department：Song Ying
4.1.2 Consolidated income statement
Unit: CNY
| Item | Q1 2025 | Q1 2024 |
| 1. Total operating revenue | 9,352,165,445.50 | 9,188,402,377.79 |
| Including: Operating revenue | 9,352,165,445.50 | 9,188,402,377.79 |
| Interest income | ||
| Earned premium | ||
| Fee and commission income | ||
| 2. Total operating costs | 3,218,498,654.93 | 3,126,339,967.34 |
| Including: Cost of sales | 1,261,650,794.98 | 1,068,393,034.10 |
| 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 | 1,089,740,352.82 | 1,143,231,107.37 |
| Selling and distribution expenses | 766,999,539.58 | 720,930,095.03 |
| General and administrative expenses | 193,087,410.88 | 228,669,867.50 |
| Research and Development expenses | 32,435,337.30 | 30,290,921.53 |
| Financial expenses | -125,414,780.63 | -65,175,058.19 |
| Including：Interest expenses | 52,002,581.19 | 150,321,893.20 |
| Interest income | 179,345,923.67 | 216,342,852.29 |
| Plus: Other income | 19,202,006.29 | 8,033,544.51 |
| Investment income ("-" for losses) | -372,207.37 | 18,575,635.03 |
| Including: income from investment in associates and joint ventures | 35,884,043.67 | 22,958,991.23 |
| 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) | 4,135,698.87 | 22,796,828.52 |
| Credit impairment losses (“-” for losses) | -1,320,090.80 | 386,569.13 |
| Impairment losses(“-“ for losses) | ||
| Gains from disposal of assets("-" for losses) | ||
| 3. Operating profits ("-" for losses) | 6,155,312,197.56 | 6,111,854,987.64 |
| Plus: non-operating income | 1,402,410.38 | 5,625,187.06 |
| Less: non-operating expenses | 27,000,100.00 | 827,636.45 |
| 4. Total profits before tax ("-" for total losses) | 6,129,714,507.94 | 6,116,652,538.25 |
| Less: income tax expenses | 1,517,908,446.03 | 1,538,281,406.31 |
| 5. Net profit ("-" for net loss) | 4,611,806,061.91 | 4,578,371,131.94 |
| 5.1 By operating continuity | ||
| 5.1.1 Net profit from continuing operation ("-" for losses) | 4,611,806,061.91 | 4,578,371,131.94 |
| 5.1.2 Net profit from discontinued operation ("-" for losses) | ||
| 5.2 By ownership | ||
| 1) Attributable to owners of the parent company | 4,592,780,509.90 | 4,573,950,129.90 |
| 2) Attributable to non-controlling interests | 19,025,552.01 | 4,421,002.04 |
| 6. Net of tax from other comprehensive income | -5,638,274.59 | -18,978,063.93 |
| Net of tax from other comprehensive income to the owner of the parent company | -6,007,836.72 | -19,096,034.51 |
| 6.1 Other comprehensive income cannot be reclassified into the profit and loss: | -4,737,889.70 | -17,060,226.55 |
| 1) Remeasure the variation of net indebtedness or net asset of defined benefit plans | ||
| 2) Share in other comprehensive income that cannot be classified into profit and loss under equity method | 568,471.73 | |
| 3) Changes in fair value of investments in other equity instruments | -5,306,361.43 | -17,060,226.55 |
| 4) Changes in fair value of the company’s credit risks | ||
| 5) Other | ||
| 6.2 Other comprehensive income that will be reclassified into the profit and loss | -1,269,947.02 | -2,035,807.96 |
| 1) Share in other comprehensive income that will be classified into profit and loss under equity method | -1,721,666.73 | -2,180,946.52 |
| 2) Changes in fair value of investments in other debt obligations | ||
| 3) Other comprehensive income arising from the reclassification of financial assets | ||
| 4) Allowance for credit impairments in investments in other debt obligations | ||
| 5) Reserve for cash-flow hedge | ||
| 6) Balance arising from the translation of foreign currency financial statements | 451,719.71 | 145,138.56 |
| 7) Others |
| Net of tax from other comprehensive income to non-controlling interests | 369,562.13 | 117,970.58 |
| 7. Total comprehensive income | 4,606,167,787.32 | 4,559,393,068.01 |
| Total comprehensive income attributable to owners of the parent company | 4,586,772,673.18 | 4,554,854,095.39 |
| Total comprehensive income attributable to non-controlling interests | 19,395,114.14 | 4,538,972.62 |
| 8. Earnings per share | ||
| (1) Basic earnings per share | 3.13 | 3.12 |
| (2) Diluted earnings per share | 3.13 | 3.12 |
Legal representative：Liu MiaoPerson in charge of accounting affairs：Xie HongPerson in charge of accounting department：Song Ying
4.1.3 Consolidated statement of cash flows
Unit: CNY
| Item | Q1 2025 | Q1 2024 |
| 1. Cash flows from operating activities | ||
| Cash received from sale of goods and rendering of services | 9,867,424,870.77 | 10,640,663,886.35 |
| 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 | 3,362,081.35 | |
| Cash received from other operating activities | 206,201,999.62 | 262,649,960.08 |
| Subtotal of cash inflows from operating activities | 10,076,988,951.74 | 10,903,313,846.43 |
| Cash paid for goods purchased and services received | 1,136,400,189.39 | 991,589,339.08 |
| 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 | 562,542,987.16 | 535,931,858.37 |
| Cash paid for taxes and surcharges | 4,150,762,783.00 | 4,169,663,653.49 |
| Cash paid for other operating activities | 919,538,660.59 | 846,700,431.03 |
| Subtotal of cash outflows from operating activities | 6,769,244,620.14 | 6,543,885,281.97 |
| Net cash flows from operating activities | 3,307,744,331.60 | 4,359,428,564.46 |
| 2. Cash flows from investing activities | ||
| Cash received from disposal of investments | 608,462,037.37 | 802,249,587.02 |
| Cash received from returns on investments | 31,271.10 | 19,500,169.98 |
| Net cash received from disposal of fixed assets, intangible assets and other long-term assets | ||
| Net cash received from disposal of subsidiaries and other business units | ||
| Cash received from other investing activities | ||
| Subtotal of cash inflows from investing activities | 608,493,308.47 | 821,749,757.00 |
| Cash paid to acquire and construct fixed assets, intangible assets and other long-term assets | 390,672,949.17 | 172,070,960.03 |
| Cash paid for investments | 300,000,000.00 | 671,700,000.00 |
| 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 | 690,672,949.17 | 843,770,960.03 |
| Net cash flows from investing activities | -82,179,640.70 | -22,021,203.03 |
| 3. Cash flows from financing activities | ||
| Cash received from investors | 79,604.28 | |
| Including: cash received by subsidiaries from investments by minority shareholders | 79,604.28 | |
| Cash received from borrowings | 2,000,000,000.00 | |
| Cash received from other financing activities | ||
| Subtotal of cash inflows from financing activities | 2,000,079,604.28 | |
| Cash paid for debt repayments | 1,510,300,000.00 | 10,100,000.00 |
| Cash paid for distribution of dividends and profits or payment of interest | 2,094,436,129.07 | 147,009,569.27 |
| Including: dividends and profits paid to minority shareholders by subsidiaries | 29,684,819.82 | |
| Cash paid for other financing activities | 351,546.00 | 8,938,151.67 |
| Subtotal of cash outflows from financing activities | 3,605,087,675.07 | 166,047,720.94 |
| Net cash flows from financing activities | -3,605,087,675.07 | 1,834,031,883.34 |
| 4. Effect of fluctuation in exchange rate on cash and cash equivalents | -735,723.56 | 69,769.10 |
| 5. Net increase in cash and cash equivalents | -380,258,707.73 | 6,171,509,013.87 |
| Plus: balance of cash and cash equivalents at the beginning of the period | 33,367,668,014.46 | 25,893,029,277.86 |
| 6. Balance of cash and cash equivalents at the end of the period | 32,987,409,306.73 | 32,064,538,291.73 |
4.2 Adjustments to Financial Statement Items at the Beginning of the Year of the FirstImplementation of the New Accounting Standards Implemented since 2025
□Applicable ? N/A
4.3 Auditor’s report
Whether the financial statements of this report have been audited by an auditor
□Yes ? No
The said financial statements are unaudited by an auditor.
The Board of Directors of Luzhou Laojiao Co., Ltd.
April 28, 2025