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泸州老窖:2023年第一季度报告(英文版) 下载公告
公告日期:2023-05-19

Stock Code: 000568 Stock abbreviation: Luzhou Laojiao Announcement No. 2023-12

Luzhou Laojiao Co., Ltd.

Q1 2023 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, misleadingstatements or material omissions, and shall individually and together be legally liable for truthfulness,accuracy and completeness 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 thatthe financial 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 2023Q1 2022YoY change (%)
Operating revenues (CNY)7,610,153,819.276,311,964,675.8420.57%
Net profits attributable to shareholders of the Company (CNY)3,712,618,630.922,875,658,916.1929.10%
Net profits attributable to shareholders of the Company before non-recurring gains and losses (CNY)3,688,940,523.352,864,799,362.6928.77%
Net cash flows from operating activities (CNY)1,508,783,232.531,131,497,885.7633.34%
Basic earnings per share (CNY/share)2.531.9629.08%
Diluted earnings per share (CNY/share)2.531.9629.08%
Weighted average ROE10.30%9.76%0.54%
31 March 202331 December 2022Change (%)
Total assets (CNY)58,341,416,403.5451,385,481,354.5213.54%
Net assets attributable to shareholders of the Company (CNY)37,914,710,048.7334,207,871,130.0310.84%

1.2 Non-recurring gains and losses

?Applicable □ N/A

Unit: CNY

ItemQ1 2023Note
Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-offs)623,989.76
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 continually given at a fixed amount or quantity in accordance with the national policies and standards)4,717,960.76
Gain or loss on fair-value changes on held-for-trading financial assets and liabilities & income from disposal of held-for-trading financial assets and liabilities and available-for-sale financial assets (exclusive of the effective portion of hedges that arise in the Company’s ordinary course of business)21,371,683.03
Other non-operating income and expenditure except above-mentioned items4,854,021.41
Less: Corporate income tax7,864,870.77
Minority interests (after tax)24,676.62
Total23,678,107.57

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 Securitiesto the 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 cash and cash equivalents increased by CNY 7,146,868,567.96 compared tothe opening balance, indicating an increase of 40.25%. It was mainly due to the receipt of bank loan inthe current period.B. The closing balance of contract liabilities decreased by CNY 840,608,958.64 compared to theopening balance, indicating a decrease of 32.75%; and the closing balance of other current liabilitiesdecreased by CNY 109,277,676.67 compared to the opening balance, indicating a decrease of 32.75%.It was mainly due to the decreased advances from customers in the current period.C. The closing balance of employee benefits payable decreased by CNY 272,572,974.36 compared tothe opening balance, indicating a decrease of 40.38%. It was mainly due to the settlement in the currentperiod of performance-based pay for last year.D. The closing balance of taxes payable decreased by CNY 1,326,588,888.94 compared to the openingbalance, indicating a decrease of 38.11%. It was mainly due to the payment in the current period oftaxes payable as at the end of last year.E. The closing balance of long-term loans increased by CNY 5,835,800,000.00 compared to theopening balance, indicating an increase of 183.54%. It was mainly due to the receipt of bank loan in thecurrent period.F. The closing balance of other comprehensive income decreased by CNY 112,841,779.49 comparedto the opening balance, indicating a decrease of 34.12%. It was mainly due to the decreased fair valueof equity investments.G. Taxes and surcharges in the current period increased by CNY 276,332,079.82 compared to thesame period of last year, indicating an increase of 42.01%. It was mainly due to the increasedconsumption tax in the current period.H. Financial expenses in the current period increased by CNY 16,445,894.62 compared to the sameperiod of last year. It was mainly due to the increased interest expenses in the current period.

I. Investment income in the current period increased by CNY 63,541,925.41 compared to the sameperiod of last year. It was mainly due to the increased earnings of investee Huaxi Securities in thecurrent period.J. Net cash flows from operating activities in the current period increased by CNY 377,285,346.77compared to the same period of last year, indicating an increase of 33.34%. It was mainly due to theincreased cash received from sale of goods in the current period.K. Net cash flows from investing activities in the current period increased by CNY 285,934,094.78compared to the same period of last year. It was mainly due to the purchase of wealth managementproduct (collective asset management plan) from securities firm in the prior period.L. Net cash flows from financing activities in the current period increased by CNY 5,170,529,701.77compared to the same period of last year, indicating an increase of 888.40%. It was mainly due to thereceipt of bank loan in the current period.

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 period86,898Total number of preference shareholders with resumed voting rights at the end of the reporting period (if any)0
Shareholdings of the top 10 shareholders
Name of shareholderNature of shareholderShareholding percentageTotal shares heldNumber of holding restricted sharesPledged, marked or frozen shares
Status of sharesNumber of shares
Luzhou Laojiao Group Co., Ltd.State-owned corporation25.89%381,088,389.000.00
Luzhou XingLu Investment Group Co., Ltd.State-owned corporation24.86%365,971,142.000.00
Hong Kong Securities Clearing Company LimitedOutbound corporation3.96%58,248,960.000.00
China Securities Finance Corporation LimitedDomestic non-state-owned corporation2.30%33,842,059.000.00
Bank of China Co., Ltd. – Baijiu index classification securities investment fund by China MerchantsOther2.24%32,962,917.000.00
Fund
Bank of China Co., Ltd.-Blue chip selected hybrid securities investment fund by E FundOther1.49%21,900,000.000.00
Industrial and Commercial Bank of China Co., Ltd.-Newly growth hybrid securities investment fund by Invesco Great WallOther1.02%14,974,300.000.00
Central Huijin Asset Management Co., Ltd.State-owned corporation0.92%13,539,862.000.00
Agricultural Bank of China Co., Ltd. - Consumption industry stock - based securities investment fund by E FundOther0.72%10,573,293.000.00
China Life Insurance Company Limited-Tradition-common insurance product-005L-CT001 HuOther0.61%8,937,012.000.00
Shareholdings of the top 10 non-restricted shareholders
Name of shareholderNumber of non-restricted shares heldType of shares
TypeNumber
Luzhou Laojiao Group Co., Ltd.381,088,389.00CNY common shares381,088,389.00
Luzhou XingLu Investment Group Co., Ltd.365,971,142.00CNY common shares365,971,142.00
Hong Kong Securities Clearing Company Limited58,248,960.00CNY common shares58,248,960.00
China Securities Finance Corporation Limited33,842,059.00CNY common shares33,842,059.00
Bank of China Co., Ltd. – Baijiu index classification securities investment fund by China Merchants Fund32,962,917.00CNY common shares32,962,917.00
Bank of China Co., Ltd.-Blue chip selected hybrid securities investment fund by E Fund21,900,000.00CNY common shares21,900,000.00
Industrial and Commercial Bank of China Co., Ltd.-Newly growth hybrid securities14,974,300.00CNY common shares14,974,300.00
investment fund by Invesco Great Wall
Central Huijin Asset Management Co., Ltd.13,539,862.00CNY common shares13,539,862.00
Agricultural Bank of China Co., Ltd. - Consumption industry stock - based securities investment fund by E Fund10,573,293.00CNY common shares10,573,293.00
China Life Insurance Company Limited-Tradition-common insurance product-005L-CT001 Hu8,937,012.00CNY common shares8,937,012.00
Related parties or acting-in-concert1. Luzhou Laojiao Group Co., Ltd. and Luzhou XingLu Investment Group Co., Ltd. are both holding state-owned companies under the jurisdiction of SASAC of Luzhou. The two companies signed the agreement of persons acting in concert on 31 December 2015. For details, please refer to the announcement of the Company on 5 January 2016 - Announcement on the agreement of persons acting in concert signed by shareholders. The announcement number is 2016-1 (http://www.cninfo.com.cn/). The two companies signed the renewed agreement of persons acting in concert on 27 May 2021. For details, please refer to the announcement of the Company on 29 May 2021 - Announcement on the renewed agreement of persons acting in concert signed by shareholders. The announcement number is 2021-18 (http://www.cninfo.com.cn/). 2. 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

2.2 Total number of preferred shareholders and shareholdings of the top 10 preferredshareholders

□Applicable ? N/A

3. Other significant events

?Applicable □ N/AOn 29 December 2022, the Proposal on the Grant of Reserved Restricted Shares to Awardees wasdeliberated and approved at the 26th Meeting of the 10th Board of Directors and the 15th Meeting ofthe 10th Supervisory Committee, respectively. On 16 February 2023, the Company disclosed theAnnouncement on the Completion of the Grant of Reserved Restricted Shares of the 2021 RestrictedShare Incentive Plan, Announcement No. 2023-3 (http://www.cninfo.com.cn/). Upon the registration ofthe grant of the reserved restricted shares, 92,669 restricted shares were granted to 17 awardees,the grant price was CNY 89.466 per share and the listing date was 17 February 2023. Uponcompletion of the grant registration, the total number of shares of the Company increased from1,471,895,100 to 1,471,987,769.

4. Financial statements

4.1 Financial statements

4.1.1 Consolidated balance sheet

Prepared by: Luzhou Laojiao Co., Ltd.

31 March 2023

Unit: CNY

Item31 March 202331 December 2022
Current assets:
Cash and cash equivalents24,904,396,779.2117,757,528,211.25
Settlement reserves
Lending funds
Held-for-trading financial assets994,733,129.681,073,466,780.37
Derivative financial assets
Notes receivables
Accounts receivables9,285,469.395,939,420.78
Accounts receivables financing4,296,561,115.374,583,352,503.37
Prepayment149,186,102.82114,257,506.26
Premiums receivable
Reinsurance accounts receivable
Reinsurance contract reserve
Other receivables24,716,827.8523,396,533.98
Including:Interests receivable
Dividends receivable
Buying back the sale of financial assets
Inventories10,149,595,444.199,840,742,374.85
Contract assets
Assets held for sale
Non-current assets due within one year
Other current assets204,560,549.82153,035,946.94
Total current assets40,733,035,418.3333,551,719,277.80
Non-current assets:
Disbursement of loans and advances
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments2,720,053,188.102,667,500,553.17
Investments in other equity instruments983,164,358.731,136,736,978.11
Other non-current financial assets
Investment property38,808,444.8639,149,454.22
Fixed assets8,717,953,946.288,856,258,598.78
Construction in progress1,022,552,627.45808,919,047.21
Productive biological assets
Oil and gas assets
Use right assets33,806,143.1939,952,525.63
Intangible assets3,076,898,287.683,083,271,852.79
Development expenses
Goodwill
Long-term deferred expenses491,790.36710,010.92
Deferred tax assets818,059,096.081,005,167,353.80
Other non-current assets196,593,102.48196,095,702.09
Total non-current assets17,608,380,985.2117,833,762,076.72
Total assets58,341,416,403.5451,385,481,354.52
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 payable2,260,191,342.132,311,665,585.04
Advance from customer
Contract liabilities1,725,765,760.122,566,374,718.76
Financial assets sold for repurchase
Deposits from customers and inter-bank
Customer brokerage deposits
Securities underwriting brokerage deposits
Employee benefits payable402,461,910.95675,034,885.31
Taxes payable2,154,561,840.043,481,150,728.98
Other payable1,271,331,621.491,202,409,278.49
Including:Interests payable
Dividends payable16,594,850.5816,594,850.58
Handling charges and commissions payable
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within one year56,818,118.1181,879,466.63
Other current liabilities224,349,548.80333,627,225.47
Total current liabilities8,095,480,141.6410,652,141,888.68
Non-current liabilities:
Insurance contract reserves
Long-term loans9,015,400,000.003,179,600,000.00
Bonds payable2,996,500,665.632,996,099,571.86
Including:Preference shares
Perpetual bonds
Lease liabilities29,776,436.6929,096,969.66
Long-term payables
Long-term payroll payables
Accrued liabilities
Deferred income31,771,468.8133,704,323.80
Deferred tax liabilities126,751,719.73166,043,663.88
Other non-current liabilities
Total non-current liabilities12,200,200,290.866,404,544,529.20
Total liabilities20,295,680,432.5017,056,686,417.88
Owners' equity
Share capital1,471,987,769.001,471,895,100.00
Other equity instruments
Including: preference shares
Perpetual bonds
Capital reserves4,915,414,592.004,800,154,468.99
Less: treasury stock647,312,723.52639,021,998.78
Other comprehensive income217,909,466.35330,751,245.84
Special reserves
Surplus reserves1,471,895,100.001,471,895,100.00
General risk reserve
Undistributed profits30,484,815,844.9026,772,197,213.98
Total equity attributable to owners of the parent company37,914,710,048.7334,207,871,130.03
Non-controlling interests131,025,922.31120,923,806.61
Total owners' equity38,045,735,971.0434,328,794,936.64
Total liabilities and owners' equity58,341,416,403.5451,385,481,354.52

Legal representative:Liu MiaoPerson in charge of accounting affairs:Xie HongPerson in charge of accounting department:Yan Li

4.1.2 Consolidated income statement

Unit: CNY

ItemQ1 2023Q1 2022
1. Total operating revenue7,610,153,819.276,311,964,675.84
Including: Operating revenue7,610,153,819.276,311,964,675.84
Interest income
Earned premium
Fee and commission income
2. Total operating costs2,770,392,001.492,440,178,630.30
Including: Cost of sales906,489,329.36856,697,976.98
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 surcharges934,103,786.18657,771,706.36
Selling and distribution expenses691,058,449.80672,903,939.97
General and administrative expenses249,290,819.83276,250,258.07
Research and Development expenses25,482,226.0029,033,253.22
Financial expenses-36,032,609.68-52,478,504.30
Including:Interest expenses125,103,651.6363,035,341.73
Interest income163,408,426.49116,728,885.54
Plus: Other income6,947,563.046,022,044.85
Investment income ("-" for losses)58,603,813.25-4,938,112.16
Including: income from investment in associates and joint ventures54,967,950.44-8,515,206.47
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)20,126,830.024,970,975.01
Credit impairment losses (“-” for losses)506,094.24-1,286,540.82
Impairment losses(“-“ for losses)
Gains from disposal of assets("-" for losses)-623,989.760.00
3. Operating profits ("-" for losses)4,925,322,128.573,876,554,412.42
Plus: non-operating income5,024,545.383,945,467.83
Less: non-operating expenses170,523.97162,551.01
4. Total profits before tax ("-" for total losses)4,930,176,149.983,880,337,329.24
Less: income tax expenses1,208,293,895.10989,104,638.68
5. Net profit ("-" for net loss)3,721,882,254.882,891,232,690.56
5.1 By operating continuity
5.1.1 Net profit from continuing operation ("-" for losses)3,721,882,254.882,891,232,690.56
5.1.2 Net profit from discontinued operation ("-" for losses)
5.2 By ownership
1) Attributable to owners of the parent company3,712,618,630.922,875,658,916.19
2) Attributable to non-controlling interests9,263,623.9615,573,774.37
6. Net of tax from other comprehensive income-113,249,020.72-48,933,737.96
Net of tax from other comprehensive income to the owner of the parent company-112,841,779.49-48,621,605.79
6.1 Other comprehensive income cannot reclassified into the profit and loss:-115,179,464.55-36,114,491.38
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
3) Changes in fair value of investments in other equity instruments-115,179,464.55-36,114,491.38
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 loss2,337,685.06-12,507,114.41
1) Share in other comprehensive income that will be classified into profit and loss under equity method2,835,340.65-12,125,620.38
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-497,655.59-381,494.03
7) Others
Net of tax from other comprehensive income to non-controlling interests-407,241.23-312,132.17
7. Total comprehensive income3,608,633,234.162,842,298,952.60
Total comprehensive income attributable to owners of the parent3,599,776,851.432,827,037,310.40
company
Total comprehensive income attributable to non-controlling interests8,856,382.7315,261,642.20
8. Earnings per share
(1) Basic earnings per share2.531.96
(2) Diluted earnings per share2.531.96

Legal representative:Liu MiaoPerson in charge of accounting affairs:Xie HongPerson in charge of accounting department:Yan Li

4.1.3 Consolidated statement of cash flows

Unit: CNY

ItemQ1 2023Q1 2022
1. Cash flows from operating activities
Cash received from sale of goods and rendering of services8,042,310,196.537,498,117,523.13
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 surcharges268,904.222,419,962.72
Cash received from other operating activities203,610,173.93119,317,519.96
Subtotal of cash inflows from operating activities8,246,189,274.687,619,855,005.81
Cash paid for goods purchased and services received1,302,008,639.401,857,903,339.77
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 employees528,119,794.54503,609,888.56
Cash paid for taxes and surcharges4,178,376,070.713,289,405,043.03
Cash paid for other operating activities728,901,537.50837,438,848.69
Subtotal of cash outflows from operating activities6,737,406,042.156,488,357,120.05
Net cash flows from operating activities1,508,783,232.531,131,497,885.76
2. Cash flows from investing activities
Cash received from disposal of investments100,105,333.72204,789,775.66
Cash received from returns on investments2,391,009.802,351,477.76
Net cash received from disposal of fixed assets, intangible assets and other long-term assets19,000.00
Net cash received from disposal of subsidiaries and other business units
Cash received from other investing activities
Subtotal of cash inflows from investing activities102,496,343.52207,160,253.42
Cash paid to acquire and construct fixed assets, intangible assets and other long-term assets223,117,083.05313,715,087.73
Cash paid for investments300,000,000.00
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 activities223,117,083.05613,715,087.73
Net cash flows from investing activities-120,620,739.53-406,554,834.31
3. Cash flows from financing activities
Cash received from investors8,290,725.74636,232,466.00
Including: cash received by subsidiaries from investments by minority shareholders
Cash received from borrowings5,850,000,000.00
Cash received from other financing activities
Subtotal of cash inflows from financing activities5,858,290,725.74636,232,466.00
Cash paid for debt repayments10,000,000.00
Cash paid for distribution of dividends and profits or payment of interest95,688,541.6752,502,625.00
Including: dividends and profits paid to minority shareholders by subsidiaries
Cash paid for other financing activities65,040.001,722,398.70
Subtotal of cash outflows from financing activities105,753,581.6754,225,023.70
Net cash flows from financing activities5,752,537,144.07582,007,442.30
4. Effect of fluctuation in exchange rate on cash and cash equivalents-3,053,249.05-587,251.67
5. Net increase in cash and cash equivalents7,137,646,388.021,306,363,242.08
Plus: balance of cash and cash equivalents at the beginning of the17,729,006,591.8713,402,528,941.83
period
6. Balance of cash and cash equivalents at the end of the period24,866,652,979.8914,708,892,183.91

4.2 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.

29 April 2023


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