StockCode:600519StockAbbr.:KweichowMoutai
KWEICHOWMOUTAICO.,LTD.
ANNUALREPORT2024
ImportantStatements
I.TheBoardofDirectors,BoardofSupervisors,directors,supervisorsandtheseniormanagementoftheCompanyguaranteethattheinformationpresentedinthisreportisfreeofanyfalserecords,misleadingstatementsormaterialomissions,andshallbearindividualandjointlegalliabilitiesforthetruthfulness,accuracyandcompletenessofitscontents.II.AlldirectorsoftheCompanyattendthemeetingoftheboardofdirectors.III.Pan-ChinaCertifiedPublicAccountants(SpecialGeneralPartnership)issuedanunqualifiedauditreportforthecompany.IV.ZhangDeqin,responsiblepersonfortheCompany,JiangYan,responsiblepersonforaccountingwork,andCaiCongying,responsiblepersonfortheCompany’sfinancialaffairs(AccountingSupervisor),haveguaranteedthatthefinancialstatementsinthisreportaretrue,accurateandcomplete.V.TheproposedprofitdistributionplanortheproposedplanofcapitalizationofcapitalreservesinthereportingperiodapprovedbytheresolutionoftheBoardofDirectors.TheCompanyintendstoimplementthe2024annualprofitdistributionbasedonthetotalsharecapitalregisteredontheequityregistrationdateoftheequityallocationminusthesharesinthespecialaccountforrepurchase,anddistributecashdividendof276.24yuan(taxincluded)toallshareholdersforevery10shares.AsofMarch31,2025,thetotalsharecapitaloftheCompanywas1,256,197,800shares,thenumberofsharesrepurchasedinthespecialsecuritiesaccountwas1,082,700shares,andthetotalsharecapitalminusthenumberofsharesrepurchasedinthespecialsecuritiesaccountwas1,255,115,100shares.Basedonthiscalculation,atotalcashdividendofRMB34,671,299,522.40(includingtax)willbepaid.Ifthereisanychangeinthetotalsharecapitalofthecompanyminusthesharesinthespecialsecuritiesaccountforrepurchasebeforetheregistrationdateoftheequityallocation,thetotalamountofdistributionwillremainunchangedandtheproportionofdividendpersharewillbeadjustedaccordingly.Theaboveprofitdistributionproposalshallbesubmittedtothegeneralmeetingofshareholdersfordeliberationandapprovalbeforeimplementation.VI.Riskdisclosurestatementforforward-lookingstatementsFutureplans,developmentstrategiesandotherforward-lookingstatementsinvolvedinthisannualreportaresubjecttouncertaintyanddonotconstituteamaterialcommitmentoftheCompanytoinvestors.Investorsarerequestedtopayattentiontoinvestmentrisks.VII.Existenceofnon-operationalembezzlementoffundsbycontrollingshareholdersortheirassociatedpartiesNoVIII.ExistenceoffinancialguaranteestoexternalpartiesinviolationoftheregulateddecisionproceduresNoIX.Overhalfofthedirectors’failuretoguaranteethetruthfulness,accuracyandcompletenessoftheCompany’sdisclosedannualreportNoX.SignificantRiskPromptsTheCompanyhaselaboratedthepotentialrisksinthechapterof“TheCompanyDiscussionandAnalysisonitsFutureDevelopment”.Investorsareadvisedtopaytheirdueattention.
XI.Others
√Applicable□N/AAllinformationanddatacitedinthisReportareobjectiveandauthentic.FinancialfigureshereinarerecordedinCNY,unlessotherwisespecified.ThisReportispreparedinChineseandEnglish,respectively.IncaseofanyambiguityintheChineseandEnglishtexts,theChinesetextshallprevail.
Contents
SectionIDefinitions ...... 5
SectionIICompanyProfileandKeyFinancialResults ...... 5
SectionIIIManagement’sDiscussionandAnalysis ...... 8
SectionIVCorporateGovernance ...... 24
SectionVEnvironmentandSocialResponsibility ...... 46
SectionVISignificantEvents ...... 51
SectionVIIChangesinSharesandInformationaboutShareholders ...... 70
SectionVIIIPreferredShares ...... 76
SectionIXInformationaboutBond ...... 76
SectionXFinancialReport ...... 76
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DocumentsAvailablefor
Reference
| DocumentsAvailableforReference | Referencesincludetheaccountingstatementssignedandstampedbytherespectiveindividualsinchargeofthecompany,thecompanyaccountingwork,andtheaccountingdepartment(theiraccountingsupervisor). |
| Referencesincludetheauditreportoriginalsignedandstampedbythecertifiedpublicaccountantandstampedbytheaccountingfirm. | |
| TheoriginalsofcompanydocumentsandannouncementsthatarepubliclydisclosedinChinaSecuritiesJournalandShanghaiSecuritiesNewsduringthereportingperiod. |
SectionIDefinitionsI.DefinitionsUnlessitisotherwisereferredinthecontext,thetermsinthisreporthavethefollowingmeanings:
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TermsandDefinitions
| TermsandDefinitions | ||
| CSRC | refersto | ChinaSecuritiesRegulatoryCommission |
| SSE | refersto | ShanghaiStockExchange |
| Company,thecompany | refersto | KweichowMoutaiCo.,Ltd. |
| Controllingshareholder,groupcompany | refersto | ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. |
| Reportingperiod | refersto | FiscalYearof2024 |
| Thisreport,thereport | refersto | AnnualReport2024 |
SectionIICompanyProfileandKeyFinancialResults
I.CorporateInformation
| NameoftheCompanyinChinese | 贵州茅台酒股份有限公司 |
| Abbr.oftheCompanynameinChinese(ifany) | 贵州茅台 |
| NameoftheCompanyinEnglish | KweichowMoutaiCo.,Ltd. |
| LegalRepresentative | ZhangDeqin |
II.ContactInformation
| Secretaryoftheboard | Representativeforsecuritiesaffairs | |
| Name | JiangYan | CaiCongying |
| Address | MaotaiTown,RenhuaiCity,GuizhouProvince | MaotaiTown,RenhuaiCity,GuizhouProvince |
| Tel. | 0851-22386002 | 0851-22386002 |
| Fax | 0851-22386193 | 0851-22386193 |
| mtdm@moutaichina.com | mtdm@moutaichina.com |
III.Companyprofile
| Registeredaddress | MaotaiTown,RenhuaiCity,GuizhouProvince |
| Officeaddress | MaotaiTown,RenhuaiCity,GuizhouProvince |
| Zipcodeofofficeaddress | 564501 |
| Websiteaddress | http://www.moutaichina.com/ |
| E-mailaddress | mtdm@moutaichina.com |
IV.Informationdisclosureandtheplacewherethereportisavailable
| Medianameanditswebsiteaddresswherethereportisdisclosed | ChinaSecuritiesJournalandShanghaiSecuritiesNews |
| Websiteaddressofthestockexchangewherethereportisdisclosed | http://www.sse.com.cn/ |
| Placewherethereportisavailable | TheofficeoftheBoardofDirectors |
V.Stockinformation
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Stockinformation
| Stockinformation | ||||
| Stocktype | Stockexchangewherethesharesarelisted | Stockabbreviation | Stockcode | PreviousstockAbbreviation(ifany) |
| Ashares | ShanghaiStockExchange | KweichowMoutai | 600519 | |
VI.Otherinformation
| Appointedaccountingfirm(domestic) | Name | Pan-ChinaCertifiedPublicAccountants(SpecialGeneralPartnership) |
| Officeaddress | 128XixiRoad,LingyinStreet,XihuDistrict,Hangzhoucity,ZhejiangProvince,China | |
| Nameofthesigningaccountant | LiQinglong,LiangZhengyong,ZengZhi |
VII.KeyAccountingDataandFinancialIndicatorsinthepastthreeyears(I)Keyaccountingdata
MonetaryUnit:YuanCurrency:RMB
| Keyaccountingdata | 2024years | 2023years | increaseordecrease(%) | 2022years |
| Operatingrevenue | 170,899,152,276.34 | 147,693,604,994.14 | 15.71 | 124,099,843,771.99 |
| Netprofitattributabletoshareholdersofthelistedcompany | 86,228,146,421.62 | 74,734,071,550.75 | 15.38 | 62,717,467,870.12 |
| Netprofitsdeductingnon-recurringprofitsandlossesattributabletoshareholdersofthelistedcompany | 86,240,905,977.42 | 74,752,564,425.52 | 15.37 | 62,792,896,829.57 |
| Netcashflowsfromoperatingactivities | 92,463,692,168.43 | 66,593,247,721.09 | 38.85 | 36,698,595,830.03 |
| Keyaccountingdata | Attheendof2024 | Attheendof2023 | IncreaseordecreaseattheendofthecurrentperiodComparedwiththesameperiodofthepreviousyear(%) | Attheendof2022 |
| Netassetsattributabletoshareholdersofthelistedcompany | 233,105,984,399.47 | 215,668,571,607.43 | 8.09 | 197,480,041,239.46 |
| Totalassets | 298,944,579,918.70 | 272,699,660,092.25 | 9.62 | 254,500,826,096.02 |
| Sharecapital | 1,256,197,800.00 | 1,256,197,800.00 | 1,256,197,800.00 |
(II)Keyfinancialindicators
| Keyfinancialindicators | 2024years | 2023years | Year-on-yearincrease/decrease(%) | 2022years |
| Basicearningspershare(RMB/share) | 68.64 | 59.49 | 15.38 | 49.93 |
| Dilutedearningspershare(RMB/share) | 68.64 | 59.49 | 15.38 | 49.93 |
| Basicearningspershareafterdeductingnon-recurringprofitsandlosses(RMB/share) | 68.65 | 59.51 | 15.37 | 49.99 |
| Weightedaveragerateofreturnonnetassets(%) | 36.02 | 34.19 | Increaseby1.83percentagepoints | 30.26 |
| Weightedaveragerateofreturnonnetassetsafterdeductionofnon-recurringprofitsorlosses | 36.03 | 34.20 | Increaseby1.83percentagepoints | 30.29 |
DescriptionoftheCompany'smainaccountingdataandfinancialindicatorsfortherecentthreeyearsattheendofthereportingperiod
□Applicable√N/AVIII.Differencesinaccountingdatabydomesticandoverseasaccountingstandards(I)DifferencesinthenetprofitsandnetassetsattributabletoshareholdersofthecompanydisclosedinthefinancialreportspreparedundertheinternationalaccountingstandardsandChinaaccountingstandards
□Applicable√N/A
(II)DifferencesinthenetprofitsandnetassetsattributabletoshareholdersoftheCompanydisclosedinthefinancialreportspreparedundertheoverseasaccountingstandardsandChinaaccountingstandards
□Applicable√N/A(III)Explanationsforaboveaccountingdatadifferences
□Applicable√N/AIX.Quarterlykeyfinancialdatain2024
MonetaryUnit:YuanCurrency:RMB
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Q1(Jan.-Mar.)
| Q1(Jan.-Mar.) | Q2(Apr.-Jun.) | Q3(Jul.-Sept.) | Q4(Oct.-Dec.) | |
| Operatingrevenue | 45,775,517,043.29 | 36,155,460,624.46 | 38,845,154,206.94 | 50,123,020,401.65 |
| Netprofitattributabletoshareholdersofthelistedcompany | 24,065,262,374.15 | 17,630,348,609.22 | 19,131,941,135.14 | 25,400,594,303.11 |
| Netprofitsdeductingnon-recurringprofitsandlossesattributabletoshareholdersofthelistedcompany | 24,051,471,185.69 | 17,618,626,634.30 | 19,108,543,634.77 | 25,462,264,522.66 |
| Netcashflowsfromoperatingactivities | 9,187,422,415.09 | 27,434,411,397.54 | 7,799,552,404.82 | 48,042,305,950.98 |
Explanationsforthedifferencesbetweenquarterlydataandthosedisclosedinpreviousperiodicalreports
□Applicable√N/AX.Non-recurringGainsandLossesItemsandAmounts
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Non-recurringgainsandlosses | Amountin2024 | Notes(ifapplicable) | Amountin2023 | Amountin2022 |
| Profitorlossofdisposalofnon-currentassets(includingtheoffsetamountwhereprovisionforassetimpairmenthasbeenmade) | -6,898,481.82 | 1,152,516.17 | -20,567,757.19 | |
| Governmentgrantsincludedinthecurrentprofitorloss(exceptforgovernmentgrantscloselyrelatedwiththenormalbusinessoftheCompany,obtainedbasedontheestablishedstandardinaccordancewithnationalpoliciesandprovisionsandhavingthecontinuousinfluenceontheprofitsorlossesoftheCompany) | 4,539,419.20 | 17,137,523.89 | 14,973,304.55 | |
| Theprofitorlossfromchangesinthefairvalueoffinancialassetsandfinancialliabilitiesheldbynon-financialenterprisesandtheprofitorlossfromthedisposaloffinancialassetsandfinancialliabilities,excepttheeffectivehedgingrelevanttotheCompany’snormalbusiness | 26,539,092.99 | 2,439,902.57 | ||
| Othernon-operatingincomeandexpensesotherthantheaboveitems | -42,713,924.90 | -47,733,771.71 | -157,251,041.33 | |
| Otherprofitorlossitemsthatsatisfythedefinitionofnon-recurringgainsandlosses | 2,395,600.72 | 4,710,466.67 | 63,840,000.00 | |
| Less:Influencedamountofincometax | -4,034,573.45 | -5,573,340.60 | -24,751,373.49 | |
| Impactofminorityshareholders'equity(aftertax) | 655,835.44 | 1,772,852.96 | 1,174,838.97 | |
| Total | -12,759,555.80 | -18,492,874.77 | -75,428,959.45 |
WheretheCompanyrecognizestheitemsnotlistedintheExplanatoryNoticeonInformationDisclosureofCompaniesthatIssueSecuritiesPubliclyNo.1-Non-recurringProfitorLossasthenon-recurringprofitorlossitemswiththesignificantamount,ordefinesthenon-recurringprofitandlossitemslistedinExplanatoryNoticeonInformationDisclosureofCompaniesthatIssueSecuritiesPubliclyNo.1-Non-recurringProfitorLossasrecurringprofitorlossitems,reasonsshallbegiven.
□Applicable√N/A
XI.Itemsmeasuredatfairvalue
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
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Item
| Item | Balanceatthebeginningoftheperiod | Balanceattheendoftheperiod | Increase/decreaseintheperiod | Affectedamountoftheprofitoftheperiod |
| Held-for-tradingfinancialassets | 400,712,059.93 | 248,513,280.00 | -152,198,779.93 | 43,571,971.73 |
| Othernon-currentfinancialassets | 4,002,439,902.57 | 4,028,978,995.56 | 26,539,092.99 | 26,539,092.99 |
| Total | 4,403,151,962.50 | 4,277,492,275.56 | -125,659,686.94 | 70,111,064.72 |
XII.Others
□Applicable√N/A
SectionIIIManagement’sDiscussionandAnalysisI.DiscussionandanalysisofbusinesssituationIn2024,theboardofdirectorsofthecompanyadheredtotheguidanceofXiJinpingThoughtonSocialismwithChineseCharacteristicsforaNewEra,thoroughlyimplementedthespiritofthe20thNationalCongressoftheCommunistPartyofChinaandthesecondandthirdplenarysessionsofthe20thCentralCommittee,aswellasthespiritofGeneralSecretaryXiJinping'simportantspeechduringhisinspectioninGuizhou.Itfullyimplementedthedecision-makinganddeploymentoftheprovincialPartycommitteeandtheprovincialgovernment,aimedattheannualgoals,coordinatedvarioustasksofproduction,operation,reform,anddevelopment,concentrateditsefforts,madeall-outefforts,overcamedifficulties,successfullycompletedallthetargetandtasks,andpromotedthecompanytoachieveimportantprogressinhigh-qualitydevelopmentandtooksolidstepsinmodernization.II.IndustrysectorsituationinthereportingperiodSee"Industryprofile"onpage16and"Industrypatternandtrend"onpage21inthisreport.III.BusinessscopeinthereportingperiodThemainbusinessoftheCompanyistheproductionandsalesofMoutailiquorandaseriesofliquors.Theleadingproduct"KweichowMoutai",istheoriginatorandarchetypeofMoutai-flavorliquors,anditisalsoaliquorbrandintegratingnationalgeographicalindicationproducts,organicfoodandnationalintangibleculturalheritage.ThemarketingnetworkoftheCompanycoversthedomesticmarketand64countriesandregionsonfivecontinents.TheCompany'sbusinessmodelisasfollows:rawmaterialprocurement-productmanufacturing-productsales.Therawmaterialprocurementmodelspecificallyinvolves:sorghumforMoutailiquorisprocuredthrougha"company+localgovernment+supplier+cooperativeorfarmer"model,whilewheatisprocuredthrougha"company+supplier+cooperativeorfarm"model.Theprocurementofotherrawandauxiliarymaterials,aswellaspackagingmaterials,isprimarilybasedonthecompany'sproductionandsalesplans,andisconductedthroughcentralizedprocurementinthemarket.Theproductionprocessflowinvolves:yeastmaking-ChineseBaijiumaking–cellaring-blending-packaging.Thesalesmodelincludesbothdirectsellingandwholesaledistributionchannels.Directsellingchannelsrefertoself-operatedsalesanddigitalmarketingplatformssuchas"iMoutai",whilewholesaledistributionchannelsinvolvesocialdealers,supermarkets,e-commerceplatforms,andotherchannels.IV.Analysisofcorecompetitiveness
√Applicable□N/ATheCompanyadherestothecorevaluesof"followingnature,respectingpeople,understandingprinciples,andcultivatingvirtue",andpossessesthe"fivecorecompetencies"composedofquality,brand,environment,craftsmanship,andculture.Duringthereportingperiod,therewerenosignificantchangesinthecompany'scorecompetencies.
V.BusinessoperationbriefingforthereportingperiodFirst,businessperformancegrewsteadily.Duringtheyear,thecompanyachievedatotaloperatingrevenueof
174.144billionyuan,up15.66%yearonyear.Netprofitattributabletoshareholdersofthelistedcompanywas
86.228billionyuan,up15.38%yearonyear.Majoreconomicindicatorscontinuedtomaintaindouble-digitgrowth,andtheannualstrategictargetwasachievedwithhighquality.Afterbecomingasingleproductof100billion,therevenueofKweichowMoutailiquorexceeded100billionforthefirsttimeinthefirstthreequarters,andtheexportrevenueexceeded5billionyuanforthefirsttime.Itcontinuedtohighlighttheuniquecharmofworld-classsingleproduct,andtherevenueofseriesliquorstoodfirmat20billionyuan.Second,theeffectivenessofgovernancehasbeenimproved.TheboardofDirectorseffectivelyimplementedthe"sixfunctionsandpowers"oftheboardofDirectors.TheboardofDirectorsconvenedtwogeneralmeetingsofshareholdersthroughouttheyear,deliberatingandapproving16proposals,andheld13boardmeetings,deliberatingandapproving39proposals.The"sixfunctionsandpowers"oftheboardofdirectorswereeffectivelyimplemented.Thecompanyhascontinuedtopromotethedevelopmentofacomprehensiveriskmanagementsystemandcomprehensivelyimprovetheeffectivenessofriskpreventionandcontrol.Thecompanydeepenedtheapplicationoftheachievementsofinnovationawards,establishedandimprovedthebudgetandperformancemanagementsystemandrunitsmoothly;ThecompanydeeplypracticedESGconcept,ESGratingrankedthehighestinChina'sliquorindustry,andwonthe"ChinaESGModelEnterprise";ThecompanyreceivedEFQMGlobalAward(sevendiamonds)andOutstandingAchievementAwardfor"InspiringCulture".Third,culturalempowermentcontinuedtodeepen.ThecompanyfurtherexploredtheconnotationofMoutaiculture,optimizedandimprovedtheculturalsystemofMoutai,andreleasedtheNineChaptersofMoutai.Withthemissionof"brewinghigh-qualitylife",thevisionof"makingtheworldfallinlovewithMoutaiandletMoutaismelltheworld",thecorporatevaluesof"followingnature,respectingpeople,understandingprinciples,andcultivatingvirtue",thecorporatespiritof"LoveMoutaiandwinhonorforthecountry",andthequalitybeliefof"qualityisthesouloflife",jointlybuiltthespiritualbondofunityandprogressofMoutaipeople,andcontinuetogathertheinternalpowertopromotethesustainable,stableandhealthydevelopmentofMoutai.Fourth,brandinfluenceisfirmlyatthetop.WithabrandvalueofUS$87.298billion,KweichowMoutaihasremainedthefirstliquorbrandinKantar'sBrandZTop100MostValuableBrandsListforsevenconsecutiveyears,andjumpedtothesecondplaceinChina'sTop100Brandsforthefirsttime.WithaBrandvalueofUS$50.1billion,ithastoppedthe"BrandFinanceGlobalSpiritsBrandValueList"fortheninthtimeintheUK,anditsbrandvaluestillleadstheindustry.Fifth,marketvaluemanagementmadenewachievements.Forthefirsttime,theMeasuresfortheManagementofMarketValuewasformulatedtoimprovethestandardizationofmanagement;Thecompanyissuedthedividendplanfor2024-2026,establishedalong-termreturnmechanism,andeffectivelystabilizedinvestors'expectations;Launchingthesharerepurchaseplanforthefirsttime,thecompanyrepurchasedsharesthroughcentralizedbiddingwithitsownfunds,andtherepurchasedshareswereusedtocancelandreducetheregisteredcapitalofthecompany.Therepurchaseamountshallnotbelessthan3billionyuan(inclusive)andnotmorethan6billionyuan(inclusive),andthecompanycontinuedtopracticerealmoneytoreturnshareholders.(I)Mainbusinessanalysis
1.Analysisofaccountingitemchangesrelatedtotheincomestatementandthecashflowstatement
MonetaryUnit:YuanCurrency:RMB
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Item
| Item | Amountinthereportingperiod | Amountinthesamereportingperiodoflastyear | YoYChange(%) |
| Operatingrevenue | 170,899,152,276.34 | 147,693,604,994.14 | 15.71 |
| Operatingcosts | 13,789,482,367.98 | 11,867,273,851.78 | 16.20 |
| Sellinganddistributionexpenses | 5,639,300,059.49 | 4,648,613,585.82 | 21.31 |
| Generalandadministrativeexpenses | 9,315,650,060.38 | 9,729,389,252.31 | -4.25 |
| Financialexpenses | -1,470,219,863.34 | -1,789,503,701.48 | N/A |
| Researchanddevelopmentexpenses | 218,375,472.87 | 157,371,873.01 | 38.76 |
| Netcashflowsfromoperatingactivities | 92,463,692,168.43 | 66,593,247,721.09 | 38.85 |
| Netcashflowsfrominvestingactivities | -1,785,202,630.71 | -9,724,414,015.16 | N/A |
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Netcashflowsfromfinancingactivities
| Netcashflowsfromfinancingactivities | -71,067,506,484.81 | -58,889,101,991.94 | N/A |
ExplanationofChangesinOperatingRevenue:MainlyduetotheincreaseinsalesvolumeofMoutailiquorandotherseriesliquorinthisperiodandtheadjustmentofsalespriceofmainproductsofMoutailiquor.ExplanationofChangesinOperatingCosts:MainlyduetotheincreaseinsalesofMoutailiquorandotherseriesliquorinthisperiodandtheincreaseinrawmaterialsandlaborcosts.ExplanationofChangesinSellingandDistributionExpenses:Mainlyduetotheincreaseinmarketexpansionandservicefeesinthisperiod.ExplanationofChangesinFinancialExpenses:Mainlyduetothedeclineindepositinterestratesofcommercialbanksinthecurrentperiod.ExplanationofChangesinR&DExpenses:MainlyduetotheincreaseinR&Dprojectsinthisperiod.ExplanationofChangesinNetCashFlowfromOperatingActivities:MainlyduetotheincreaseincashreceivedbythecompanyfromthesaleofcommoditiesinthisperiodandtheincreaseinfundscollectedbytheholdingsubsidiaryKweichowMoutaiGroupFinanceCo.,Ltd.fromothermembersoftheGroupcompanycomparedwiththepreviousperiod.ExplanationofChangesinNetCashFlowfromInvestingActivities:MainlyduetotheinvestmentinIndustrialDevelopmentFundinthepreviousperiodandthereductionoftheinter-bankdepositcertificateoftheholdingsubsidiaryofthecompany,KweichowMoutaiGroupFinanceCo.,LTD.inthecurrentperiod.ExplanationofChangesinNetCashFlowfromFinancingActivities:Mainlyduetotheincreaseincashdividendsdistributedduringthecurrentperiod.DetailedexplanationofmajorchangesintheCompany'sbusinesstype,profitcompositionorprofitsourceinthecurrentperiod
□Applicable√N/A
2.Incomeandcostanalysis
√Applicable□N/A
(1)Mainbusinessgroupedbybusinesssegment,byproduct,byregionandbysalesmodel.
MonetaryUnit:YuanCurrency:RMB
| Mainbusinessgroupedbybusinesssegment | ||||||
| Industry | Operatingrevenue | Operatingcosts | GrossProfitmargin(%) | IncreaseOrdecreaseinoperatingrevenueoverthepreviousyear(%) | Increaseordecreaseinoperatingcostsoverthepreviousyear(%) | IncreaseOrdecreaseingrossProfitmarginoverthepreviousyear(%) |
| Liquor | 170,611,838,052.02 | 13,629,995,812.89 | 92.01 | 15.89 | 17.30 | -0.10 |
| Primarybusiness(byproduct) | ||||||
| Product | Operatingrevenue | Operatingcosts | Grossprofitmargin(%) | IncreaseOrdecreaseinoperatingrevenueoverthepreviousyear(%) | IncreaseOrDecreaseinOperatingCostsoverthepreviousyear(%) | IncreaseordecreaseingrossprofitMarginoverthepreviousyear(%) |
| Moutailiquor | 145,928,075,955.31 | 8,662,079,388.78 | 94.06 | 15.28 | 16.34 | -0.06 |
| Otherliquor | 24,683,762,096.71 | 4,967,916,424.11 | 79.87 | 19.65 | 19.00 | 0.11 |
| Mainbusinessgroupedbyregion | ||||||
| Region | Operatingrevenue | Operatingcosts | Grossprofitmargin(%) | IncreaseordecreaseinOperatingrevenueoverthepreviousyear(%) | IncreaseordecreaseinOperatingcostsoverthePreviousyear(%) | IncreaseOrdecreaseingrossprofitmarginoverthepreviousyear(%) |
| Domestic | 165,423,308,808.24 | 13,226,875,459.60 | 92.00 | 15.79 | 17.26 | -0.10 |
| Overseas | 5,188,529,243.78 | 403,120,353.29 | 92.23 | 19.27 | 18.57 | 0.05 |
| Mainbusinessgroupedbysalesmodel | ||||||
| Modelofsales | Operatingrevenue | Operatingcosts | Grossprofitmargin(%) | Increaseordecreaseinoperating | Increaseordecreaseinoperating | Increaseordecreaseingrossprofit |
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revenueoverthepreviousyear(%)
| revenueoverthepreviousyear(%) | costsoverthepreviousyear(%) | marginoverthepreviousyear(%) | ||||
| Wholesaleagency | 95,768,511,021.23 | 10,136,042,973.30 | 89.42 | 19.73 | 18.28 | 0.13 |
| Directsales | 74,843,327,030.79 | 3,493,952,839.59 | 95.33 | 11.32 | 14.52 | -0.13 |
(2)Analysisofproductionvolume,salesvolumeandinventory
√Applicable□N/A
| Mainproduct | Unit | Productionvolume | Salesvolume | Inventory | YoYchangeofproductionvolume(%) | YoYchangeofsalesvolume(%) | YoYchangeofinventory(%) |
| Liquor | Ton | 104,384.50 | 83,332.76 | 310,008.02 | 4.24 | 13.73 | 5.52 |
(3)Executionsituationofmajoracquisitioncontractsandmajorsalescontracts
□Applicable√N/A
(4)CostAnalysisTable
MonetaryUnit:Yuan
| Conditionbybusinesssegment | |||||||
| Bybusinesssegment | Mainbreakdownitemsofcost | Amountinthereportingperiod | As%oftotalcost(%) | Amountinthesamereportingperiodofpreviousyear | As%oftotalcostinpreviousyear(%) | YoYchange(%) | Descriptionofreasons |
| Liquor | 13,629,995,812.89 | 100 | 11,620,203,653.32 | 100 | 17.30 | ||
| Conditionbyproduct | |||||||
| Byproduct | Mainbreakdownitemsofcost | Amountinthereportingperiod | As%ofTotalcost(%) | AmountinthesameReportingperiodofpreviousyear | As%ofcostinpreviousyear(%) | YoYchange(%) | Descriptionofreasons |
| Liquor | Directmaterialscosts | 6,895,320,421.92 | 50.59 | 5,984,160,283.88 | 51.50 | 15.23 | |
| Directlaborcosts | 5,224,448,485.08 | 38.32 | 4,372,013,596.08 | 37.63 | 19.50 | ||
| Manufacturingcosts | 776,373,890.79 | 5.70 | 640,613,571.24 | 5.51 | 21.19 | ||
| Fuelsandenergies | 422,328,634.52 | 3.10 | 351,386,305.23 | 3.02 | 20.19 | ||
| Transportationcosts | 311,524,380.58 | 2.29 | 272,029,896.89 | 2.34 | 14.52 | ||
| Total | 13,629,995,812.89 | 100.00 | 11,620,203,653.32 | 100.00 | 17.30 | ||
(5)Anymergerscopechangesresultingfromsharechangesofmainsubsidiariesinthereportingperiod
□Applicable√N/A
(6)InformationaboutsignificantchangesoradjustmentsoftheCompany’sbusinesses,productsorservicesinthereportingperiod.
□Applicable√N/A
(7)MajorcustomersandsuppliersA.Majorcustomers
√Applicable□N/AThesalestothetopfivecustomersamountedtoRMB19,647.9393million,accountingfor11.52%ofthetotalannualsales;amongthesalesofthetopfivecustomers,thesalesofrelatedpartiesamountedtoRMB6,560.4177million,accountingfor3.85%ofthetotalannualsales.Duringthereportingperiod,thesalesproportiontoasinglecustomerexceeded50%ofthetotal,ortherewerenewcustomersamongthetopfivecustomers,ortherewasasituationofheavyrelianceonafewcustomers.
□Applicable√N/A
B.Majorsuppliers
√Applicable□N/AThepurchaseamountfromthetopfivesuppliersamountedtoRMB3,042.4759million,accountingfor35.43%ofthetotalannualpurchaseamount;inwhichthepurchaseamountofrelatedpartiesamountedtoRMB1,307.1233millioninthepurchaseamountofthetopfivesuppliers,accountingfor15.22%ofthetotalannualpurchaseamount.Duringthereportingperiod,theproportionofpurchasesfromasinglesupplierexceeded50%ofthetotal,ortherewerenewsuppliersamongthetopfivesuppliers,ortherewasasituationofheavyrelianceonafewsuppliers.
□Applicable√N/A
3.Expenses
√Applicable□N/AThesellinganddistributionexpensesamountedtoRMB5,639,300,059.49inthecurrentperiodandRMB4,648,613,585.82inthepreviousperiod.Theyear-on-yearincreasewasmainlyduetotheincreaseinmarketexpansionandservicefeesinthecurrentperiod.ThefinancialexpensesamountedtoRMB-1,470,219,863.34inthecurrentperiodandRMB-1,789,503,701.48inthepreviousperiod.Theyear-on-yearchangewasmainlyduetothedeclineindepositinterestratesofcommercialbanksinthecurrentperiod.
4.R&Dexpenses
(1)StatementofR&Dexpenses
√Applicable□N/A
MonetaryUnit:RMB
/
R&Dexpensesinthisperiod
| R&Dexpensesinthisperiod | 593,779,816.96 |
| Capitalizedresearchanddevelopmentinvestmentinthereportingperiod | 101,596,918.85 |
| TotalR&Dexpenses | 695,376,735.81 |
| as（%）ofoperatingrevenue | 0.41 |
| Proportionofcapitalizationofresearchanddevelopmentinvestment(%) | 14.61 |
Note:TheR&DexpensesinthisperiodincludetheR&Dexpenseslistedintheoperatingcostsandthecompensationofscientificresearchers.
(2)StatementofR&Demployee
√Applicable□N/A
| NumberofR&Demployees | 801 |
| as(%)ofthetotalnumberoftheCompany’semployees | 2.31 |
| EducationalbackgroundstructureofR&Demployees | |
| Educationalbackgroundstructuretype | Numberineacheducationalbackgroundstructure |
| Doctorate | 84 |
| Master | 174 |
| Undergraduate | 467 |
| Juniorcollege | 63 |
| Highschoolandbelow | 13 |
| AgestructureofR&Demployees | |
| Agestructuretype | Numberineachagestructure |
| under30(excluding30) | 150 |
| 30-40(including30butexcluding40) | 413 |
| 40-50(including40butexcluding50) | 183 |
| 50-60(including50butexcluding60) | 43 |
| 60andabove | 12 |
(3)Explanation
□Applicable√N/A
(4)ReasonsforthesignificantchangesinR&DemployeesandtheirimpactsontheCompany’sfuturedevelopment
□Applicable√N/A
5.Cashflows
√applicable□notapplicable
MonetaryUnit:YuanCurrency:RMB
/
Item
| Item | Amountinthisperiod | Amountinlastperiod | Change(%) |
| Netincreaseincustomerdepositsandinterbankdeposits | 11,060,205,782.10 | -810,223,002.76 | N/a |
| Refundsoftaxesandsurchargesreceived | 1,500,047.04 | -100.00 | |
| Cashreceivedfromotheractivitiesrelatedtooperatingactivities | 3,258,097,705.14 | 2,346,196,470.63 | 38.87 |
| Netincreaseincustomerloansandadvances | 262,376,929.65 | -2,051,930,316.19 | N/a |
| Netincreaseindepositswithcentralbankandinterbankfunds | -4,585,245,646.29 | 1,570,003,429.01 | N/a |
| Netincreaseinborrowedfunds | -400,000,000.00 | 2,500,000,000.00 | N/a |
| Cashpaidforinterest,feesandcommissions | 97,061,751.28 | 142,896,151.21 | -32.08 |
| Cashreceivedfrominvestmentincome | 92,382,151.66 | 140,715,000.00 | -34.35 |
| Netcashreceivedfromdisposaloffixedassets,intangibleassetsandotherlong-termassets | 715,708.44 | 24,948,352.95 | -97.13 |
| Cashpaidtoacquireandconstructfixedassets,intangibleassetsandotherlong-termassets | 4,678,712,053.56 | 2,619,755,888.79 | 78.59 |
| Cashpaidforinvestments | 5,745,136,000.00 | 14,817,852,800.00 | -61.23 |
| Cashpaidforotherinvestingactivities | 9,984,973.67 | 7,021,867.10 | 42.20 |
| Effectoffluctuationinexchangerateoncashandcashequivalents | -1,082,747.55 | 1,718,255.65 | N/a |
(1)Thechangeinthenetincreaseincustomerdepositsandfinancialinstitutiondepositsismainlyduetotheincreaseinfundscollectedfromothermemberunitsofthegroupcompanybythecompany'ssubsidiary,KweichowMoutaiGroupFinanceCo.,Ltd.,comparedtothepreviousperiod.
(2)ThedecreaseintaxreturnsreceivedwasmainlyduetothetaxreturnsreceivedbyBeijingFriendshipMessengerTradingCo.,Ltd.,aholdingsubsidiaryofthecompany,inthepreviousperiod.
(3)Thedecreaseincashreceivedfromotheractivitiesrelatedtooperatingactivitieswasmainlyduetotheincreaseininterestthatthecompanyreceivedonmaturingcommercialbankdeposits.
(4)Thenetincreaseincustomerloansandadvanceswasmainlyduetotheincreaseintherecoveryofloansissuedtomemberunitsinthepreviousperiodandtheincreaseinbuyer'screditbusinessinthecurrentperiodbyKweichowMoutaiGroupFinanceCo.,Ltd.,aholdingsubsidiaryofthecompany.
(5)Thedecreaseinthenetincreaseindepositswithcentralbanksandotherfinancialinstitutionsismainlyduetothedecreaseinthenetincreaseofnon-prepayableinterbanktimedepositsmadebythecompany'ssubsidiary,KweichowMoutaiGroupFinanceCo.,Ltd.,comparedtothepreviousperiod.
(6)Thedecreaseinthenetincreaseinfundslenttofinancialinstitutionsismainlyduetothecompany'ssubsidiary,KweichowMoutaiGroupFinanceCo.,Ltd.,recoveringfundslent..
(7)Thedecreaseincashpaidforinterest,fees,andcommissionsismainlyduetothedecreaseininterestpaymentsmadebythecompany'ssubsidiary,KweichowMoutaiGroupFinanceCo.,Ltd.,comparedtothepreviousperiod.
(8)Thedecreaseincashreceivedfrominvestmentincomewasmainlyduetothecompany'sreceiptofinterestonlargecertificatesofdepositdueinthepreviousperiod.
(9)Thedecreaseinnetcashrecoveredfromthedisposaloffixedassets,intangibleassetsandotherlong-termassetswasmainlyduetothedecreaseinthedisposaloffixedassetsinthecurrentperiodcomparedwiththepreviousperiod.
(10)Theincreaseincashpaidfortheacquisitionandconstructionoffixedassets,intangibleassets,andotherlong-termassetsismainlyduetotheincreaseinpaymentsforcapitalconstructionprojectscomparedtothepreviousperiod.
(11)ThedecreaseincashpaidforinvestmentwasmainlyduetotheinvestmentinIndustrialDevelopmentFundinthepreviousperiodandthereductionoftheinter-bankdepositcertificateoftheholdingsubsidiaryofthecompany,KweichowMoutaiGroupFinanceCo.,LTD.inthecurrentperiod.
(12)Theincreaseincashpaidforotherinvestment-relatedactivitiesisduetotheincreaseintherefundofperformancebondsforcapitalconstructioncomparedtothepreviousperiod.
(13)Theincreaseintheimpactofexchangeratechangesoncashandcashequivalentsisduetotheforeignexchangetranslationdifferencearisingfromtheconversionofthefinancialstatementsofthecompany'swholly-ownedsubsidiary,KweichowMoutaiParisTrading,fromforeigncurrencytothereportingcurrency.(II)Reasonsforsignificantchangesofprofitcausedbynon-corebusiness
□Applicable√N/A(III)Analysisofassetsandliabilities
√Applicable□N/A
1.Assetsandliabilities
MonetaryUnit:YuanCurrency:RMB
/
Item
| Item | Amountbytheendofthisperiod | As%oftotalassets(%) | Amountbytheendoflastperiod | As%ofTotalassets(%) | Changeinpercentage(%) | Explanationaboutanymaterialchange |
| Cashandcashequivalents | 59,295,822,956.89 | 19.84 | 69,070,136,376.12 | 25.33 | -14.15 | |
| FundsLent | 127,187,293,298.17 | 42.55 | 105,553,836,462.58 | 38.71 | 20.50 | |
| Held-for-tradingfinancialassets | 248,513,280.00 | 0.08 | 400,712,059.93 | 0.15 | -37.98 | Mainlyduetothematurityofdebtinstrumentinvestmentsbythecompany'ssubsidiary,KweichowMoutaiGroupFinanceCo.,Ltd. |
| Notesreceivable | 1,984,407,967.50 | 0.66 | 13,933,440.00 | 0.01 | 14,142.05 | Mainlyduetotheincreaseinbankacceptancebillsacceptedbythecompany'swholly-ownedsubsidiary,KweichowMoutai-flavorLiquorMarketingCo.,Ltd.,forsalesbusiness. |
| Accountsreceivable | 18,974,192.75 | 0.01 | 60,373,410.41 | 0.02 | -68.57 | Mainlyduetothedecreaseinreceivablesfromonlineplatformsbythecompany'ssubsidiary,KweichowMoutai-flavorLiquorMarketingCo.,Ltd. |
| FinancialAssetsPurchasedunderResaleAgreements | 7,220,310,691.10 | 2.42 | 3,504,849,885.05 | 1.29 | 106.01 | Mainlyduetotheincreaseinreverserepurchaseagreementsofgovernmentbondsbythecompany'ssubsidiary,KweichowMoutaiGroupFinanceCo.,Ltd. |
| Inventories | 54,343,285,157.47 | 18.18 | 46,435,185,061.53 | 17.03 | 17.03 | |
| Othercurrentassets | 160,176,582.69 | 0.05 | 71,403,906.57 | 0.03 | 124.32 | MainlyduetotheincreaseininputVATcredits. |
| Non-current | 1,210,959,803.42 | 0.41 | N/a | Mainlyduetothecompany's |
/
assetsmaturingwithinoneyear
| assetsmaturingwithinoneyear | subsidiary,KweichowMoutaiGroupFinanceCo.,Ltd.,havingsomedebtinvestmentsmaturingwithinoneyear. | |||||
| Debtinvestment | 1,515,174,439.92 | 0.51 | 5,323,002,071.02 | 1.95 | -71.54 | Mainlyduetothematurityofbondinvestmentsbythecompany'ssubsidiary,KweichowMoutaiGroupFinanceCo.,Ltd. |
| Fixedassets | 21,871,446,747.14 | 7.32 | 19,909,280,655.97 | 7.30 | 9.86 | |
| InvestmentProperty | 7,625,167.83 | 0.003 | 4,138,545.33 | 0.002 | 84.25 | Themainreasonistheincreaseinthecompany'srentalhousing. |
| Right-of-useAssets | 410,594,173.53 | 0.14 | 314,205,484.56 | 0.12 | 30.68 | Mainlyduetothecompany'ssubsidiary,KweichowMoutaiLiquorSalesCo.,Ltd.,leasingadditionalwarehousespace. |
| DevelopmentExpenditure | 98,522,878.42 | 0.03 | 218,015,555.49 | 0.08 | -54.81 | Mainlyduetothecompletionofthecapitalizationoftheprojectandbeingconvertedintointangibleassets |
| Othernon-currentassets | 232,395,817.46 | 0.08 | 109,563,497.23 | 0.04 | 112.11 | Mainlyduetothecompany'spaymentsforsafetyandcivilizationmeasuresandITconstructionprojects. |
| ContractLiabilities | 9,592,453,014.66 | 3.21 | 14,125,755,802.29 | 5.18 | -32.09 | Mainlyduetothedecreaseinprepaymentsfromdistributors. |
| Depositstakenfromcustomersandfinancialinstitutions | 23,102,858,820.97 | 7.73 | 12,034,492,909.95 | 4.41 | 91.97 | Mainly,thecompany'sholdingsubsidiaryKweichowMoutaiGroupFinanceCo.,Ltd.absorbeddepositsfromgroupmembersincreasedfromthebeginningoftheyear |
| Non-currentliabilitiesmaturingwithinoneyear | 111,951,112.20 | 0.04 | 57,054,879.48 | 0.02 | 96.22 | Mainlyduetotheincreaseinleaseliabilitiesduewithin1year. |
| OtherCurrentLiabilities | 1,222,693,799.51 | 0.41 | 1,822,498,012.30 | 0.67 | -32.91 | Mainlyduetothedecreaseinprepaymentsfromdistributorsandthecorrespondingdecreaseinoutputtaxtobetransferred. |
| Deferredtaxliabilities | 103,367,763.38 | 0.03 | 78,943,062.19 | 0.03 | 30.94 | Mainlyduetotheincreaseindeferredtaxliabilitiesresultingfromthecompany'ssubsidiary,KweichowMoutaiLiquorSalesCo.,Ltd.,leasingadditionalwarehousespace. |
| Othercomprehensiveincome | -9,916,224.69 | -6,061,727.51 | N/a | Thedifferencearisingfromthetranslationofthefinancialstatementsofthecompany'swholly-ownedsubsidiary,KweichowMoutaiParisTrading,fromforeigncurrencytothereportingcurrency. |
2.Mainassetsoverseas
√Applicable□N/A
(1)AssetsizeIncluding:overseasassetsofRMB93,664,037.53,accountingfor0.03%ofthetotalassets.
(2)Descriptionofoverseasassetswithahigherproportion
□Applicable√N/A
3.Restrictedassetsrightsasoftheendofthisreportingperiod
√Applicable□N/A
SeeSection10FinancialReportsVII.NotestoItemsinConsolidatedFinancialStatements-Assetswithlimitedownershiporrightofuse.
4.Otherdescription
□Applicable√N/A(IV)Analysisofoperatinginformationintheindustry
√Applicable□N/AAnalysisofoperatinginformationintheliquorproductionindustry1Industryprofile
√Applicable□N/AAccordingtodatafromtheNationalBureauofStatisticsandtheChinaLiquorIndustryAssociation,thecumulativeoutputofliquorbyenterprisesabovedesignatedsizeinChinawas4145millionlitersin2024.Thesalesrevenuewas
796.384billionyuan.Thetotalprofitreached250.865billionyuan.2ProductionCapacityCurrentcapacity
√Applicable□N/A
/
MainFactories
| MainFactories | DesignedCapacity | ActualCapacity |
| ChineseBaijiuproductionworkshopofMoutai | 44,595.00 | 56,271.99 |
| Seriesliquorproductionworkshop | 52,460.00 | 48,112.51 |
Note:(1)ThedesignedproductioncapacityofthebaseliquorofMoutailiquorin2024is44,595.00tons,withayear-on-yearincreaseof1,800.00tonsofbaseliquorproductioncapacity.ThenewproductioncapacitywasputintooperationinOctober2024,andwillbereleasedin2025duetotheproductionprocesscharacteristicsofMoutai;Thedesigndedproductioncapacityofthebaseliquorofserialliquorsin2024is52,460.00tons,withayear-on-yearincreaseof8,000.00tonsofbaseliquorproductioncapacity.ThenewproductioncapacitywasputintooperationinNovember2024,andwillbereleasedin2025duetotheproductionprocesscharacteristicsoftheserialliquors.(2)Inaccordancewiththecompany'spractice,theunitofmeasurementofthedesignedcapacityandtheactualcapacityinthisreportis"ton".CapacityunderConstruction
√Applicable□N/A
MonetaryUnit:RMB'0,000Currency:RMB
| NameoftheCapacityunderConstruction | Plannedinvestmentamount | Amountinvestedinthisreportingperiod | Accumulatedinvestmentamount |
| Technicalrenovationprojectof30000-tonMoutai-flavoredseriesliquoranditssupportingfacilities | 1,018,000.00 | 121,954.68 | 672,070.68 |
| FirstPhaseXishuiTongminbaConstructionProjectofMoutai-flavoredLiquorduringthe14thFive-YearPlanperiod | 411,000.00 | 83,325.28 | 171,485.28 |
| TechnicaltransformationandconstructionprojectofMoutaiLiquorduringthe14thFive-YearPlanperiod | 1,551,600.00 | 56,143.54 | 176,431.54 |
Productioncapacitycalculationstandards
√Applicable□N/AIntheabove“Currentcapacity”table,thedesignedcapacityiscalculatedaccordingtotheproductionprocessrequirements,combinedwiththeplantsizeandthenumberofcellars,andtheactualcapacityiscalculatedaccordingtotheactualbaseliquorproductionyieldinthereportingperiod.3Inventoryattheendofthereportingperiod
√Applicable□N/A
Unit:Ton
| Finishedliquor | Semi-finishedliquor(includingbaseliquor) |
| 17,760.00 | 292,248.02 |
Note:ThefinishedliquoristheCompany’spackagedinventorystock(includingMoutai-flavorseriesliquor).InventoryImpairmentRiskWarning
□Applicable√N/A4Productprofile
√Applicable□N/A
MonetaryUnit:RMB'0,000Currency:RMB
/
Productgrade
| Productgrade | Production(ton) | YoYChange(%) | Sales(tons) | YoYChange(%) | Production-salesratio(%) | Salesrevenue | YoYChange（%) | MainRepresentingbrand |
| Moutai | 56,271.99 | -1.63 | 46,412.95 | 10.22 | 14,592,807.60 | 15.28 | Moutai | |
| Otherseriesliquor | 48,112.51 | 12.05 | 36,919.81 | 18.47 | 2,468,376.21 | 19.65 | MoutaiWangziliquor,Moutai1935liquor,HanJiangliquor,LaiMouliquor |
Note:(1)InordertoensurethesustainabledevelopmentoftheCompany,acertainamountofbaseliquorneedstoberetainedeveryyear.Accordingtotheproductionprocess,ittakesMoutailiquoratleast5yearsofcellaringsinceitsproductionbeforeitcanbereleasedfromthefactory.(2)Moutaiisablendofbaseliquorofdifferentyears,differentroundsanddifferentconcentrations.Itisaperfectcombinationoftechnologyandart.Therefore,thebaseliquorofacertainyearmayappearasaproductinthenextseveralyears.(3)TheCompanyregardsqualityasitslife,andadherestotheprincipleof“honoringtheprinciples,abidingbytherules,stickingtothecraftsmanship,cellaringenoughagedliquor,andnotsellingyoungliquor”.Moutaiisproducedthroughnaturalsolid-statefermentation,brewedwithtraditionalcraftsmanship,andthereforethereiscertainvolatilityintheproductionyield.
(4)Basedontheabovereasons,theproductionandsalesrateofMoutaibaseliquorcannotbeaccuratelycalculated.TheproductionprocessofseriesliquorissimilartothatofMoutai.Productgradingstandards
√Applicable□N/AGradedbythequalityoftheproduct.Changesintheproductstructureandbusinessstrategy
□Applicable√N/A5Rawmaterialpurchase
(1)purchasemodel
√Applicable□N/AThesorghumusedinMoutailiquorwaspurchasedinthe"company+localgovernment+supplier+cooperativeorfarmer"model,whilethewheatwaspurchasedinthe"company+supplier+cooperativeorfarm"model.Otherrawandauxiliarymaterialsandpackagingmaterialswerepurchasedfromthemarketthroughcentralizedprocurementaccordingtothecompany'sproductionandsalesplans.
(2)purchaseamount
√Applicable□N/A
MonetaryUnit:RMB'0,000Currency:RMB
| Rawmaterialstype | Purchaseamountinthisperiod | Purchaseamountinlastperiod | as%intotalpurchaseamount |
| Liquorbrewingrawmaterials | 384,290.51 | 352,140.58 | 44.75 |
| Packagingmaterials | 419,421.77 | 396,702.84 | 48.84 |
| Energies | 42,323.56 | 35,724.12 | 4.92 |
| Workshopauxiliarymaterials | 12,806.32 | 13,122.59 | 1.49 |
6Sales
(1)Salesmodel
√Applicable□N/A
TheCompany’sproductsaresoldthroughdirectsellinganddistributorchannels.Directsaleschannelsrefertoself-operatedchannelsand"iMoutai"digitalmarketingplatformchannel,andwholesaleagencychannelsrefertosocialdistributors,supermarkets,e-commerceandotherchannels.
(2)Saleschannel
√Applicable□N/A
MonetaryUnit:RMB'0,000Currency:RMB
/
Channeltype
| Channeltype | Salesamountinthisperiod | Salesamountinlastperiod | Salesvolumeinthisperiod(ton) | Salesvolumeinlastperiod(ton) |
| Directselling | 7,484,332.71 | 6,723,287.69 | 18,221.93 | 15,634.95 |
| Wholesaleagency | 9,576,851.10 | 7,998,611.94 | 65,110.83 | 57,639.09 |
(3)Regionalsituation
√Applicable□N/A
MonetaryUnit:RMB'0,000Currency:RMB
| RegionName | Salesrevenueinthisperiod | Salesrevenueinlastperiod | as%ofthetotalamount | Salesvolumeinthisperiod(ton) | Salesvolumeinlastperiod(ton) | as%ofthetotalvolume |
| Domestic | 16,542,330.88 | 14,286,888.58 | 96.96 | 81,219.89 | 71,295.43 | 97.46 |
| Overseas | 518,852.93 | 435,011.05 | 3.04 | 2,112.87 | 1,978.61 | 2.54 |
Regionaldivisionstandards
□Applicable√N/A
(4)DistributorSituation
√Applicable□N/A
Unit:unit
| RegionName | Numberofdistributorsbytheendofthereportingperiod | Numberincreasedinthereportingperiod | Numberdecreasedinthereportingperiod |
| Domestic | 2,143 | 67 | 4 |
| Overseas | 104 | 2 |
Explanation
√Applicable□N/ATheincreaseisthedistributoroftheMoutai-flavorliquorseries.Managementofdistributors
□Applicable√N/A
(5)Online-salessituation
√Applicable□N/A
MonetaryUnit:RMB'0,000Currency:RMB
| Onlinesalesplatform | Productgradeofonlinesales | Revenuefromsalesinthecurrentperiod | Revenuefromsalesinthepreviousperiod | YoY(%) | Grossprofitmargin(%) |
| "iMoutai"DigitalmarketingPlatformchannel | Medium-andhigh-gradeliquor | 2,002,366.62 | 2,237,432.35 | -10.51 | 94.50 |
| Otherdigitalmarketingplatforms | Medium-andhigh-gradeliquor | 209,561.85 | 183,125.55 | 14.44 | 94.93 |
Futureonlinebusinessstrategy
□Applicable√N/A
7AnalysisoftheCompany’srevenueandcost
(1)Thecompositionofthecompany’smainbusinessbydifferenttypes
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Type
| Type | Operatingrevenue | Change（%） | Operatingcosts | Change（%） | Grossprofitrate（%) | Change（%） |
| Byclassofproduct | ||||||
| Moutai | 145,928,075,955.31 | 15.28 | 8,662,079,388.78 | 16.34 | 94.06 | -0.06 |
| Otherseriesliquor | 24,683,762,096.71 | 19.65 | 4,967,916,424.11 | 19.00 | 79.87 | 0.11 |
| Subtotal | 170,611,838,052.02 | 15.89 | 13,629,995,812.89 | 17.30 | 92.01 | -0.10 |
| Bysaleschannel | ||||||
| Wholesaleagency | 95,768,511,021.23 | 19.73 | 10,136,042,973.30 | 18.28 | 89.42 | 0.13 |
| Directselling | 74,843,327,030.79 | 11.32 | 3,493,952,839.59 | 14.52 | 95.33 | -0.13 |
| Subtotal | 170,611,838,052.02 | 15.89 | 13,629,995,812.89 | 17.30 | 92.01 | -0.10 |
| Byregionalsegment | ||||||
| Domestic | 165,423,308,808.24 | 15.79 | 13,226,875,459.60 | 17.26 | 92.00 | -0.1 |
| Overseas | 5,188,529,243.78 | 19.27 | 403,120,353.29 | 18.57 | 92.23 | 0.05 |
| Subtotal | 170,611,838,052.02 | 15.89 | 13,629,995,812.89 | 17.30 | 92.01 | -0.10 |
Explanation
□Applicable√N/A
(2)Costs
√Applicable□N/AExplanation
√Applicable□N/ASeeStatementofCost,Analysisofmainbusiness,SectionIIIManagement’sDiscussionandAnalysis.(V)AnalysisofinvestmentsituationTotalinvestment
□Applicable√N/A
1.Significantequityinvestment
□Applicable√N/A
2.Importantnon-equityinvestment
√Applicable□N/ANonraisedfundprojects(projectswithtotalinvestmentexceeding10%oftheCompany’sauditednetassetsattheendoflastyear)Accordingtotheresolutionofthecompany'sfirstextraordinarygeneralmeetingofshareholdersin2024,thecompanyadjustedtheinvestmentamountofMoutai-flavorseriesliquortechnicaltransformationprojectandsupportingfacilitiesproject,andthetotalinvestmentoftheprojectwasadjustedfromRMB3,583.16milliontoRMB2,419million.Bytheendofthereportperiod,atotalofRMB2,131.7166millionhasbeeninvested.
3.Financialassetsmeasuredatfairvalue
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Typeofassets | AmountattheBeginningoftheperiod | Profitorlossfromchangesinfairvalueinthecurrentperiod | Accumulatedchangesinfairvalueincludedinequity | Provisionforimpairmentmadeinthecurrentperiod | Purchaseamountinthecurrentperiod | Selling/redemptionamountinthecurrentperiod | Otherchanges | Amountattheendoftheperiod |
| Bonds | 400,712,059.93 | 34,441,631.36 | 4,245,136,000.00 | 4,440,906,751.66 | 9,130,340.37 | 248,513,280.00 | ||
| Privateequity | 4,002,439,902.57 | 26,539,092.99 | 4,028,978,995.56 | |||||
| Total | 4,403,151,962.50 | 60,980,724.35 | 4,245,136,000.00 | 4,440,906,751.66 | 9,130,340.37 | 4,277,492,275.56 |
Portfolioinvestment
□Applicable√N/ADescriptionofportfolioinvestment
□Applicable√N/APrivateequityinvestment
√Applicable□N/A
(1)MoutaiZhaohua(Guizhou)IndustrialDevelopmentFundPartnership(LimitedPartnership)(hereinafterreferredtoas"MoutaiZhaohuaFund"):TheMoutaiZhaohuaFundcompleteditsindustrialandcommercialregistrationonAugust2,2023,andcompleteditsfundfilingonAugust25,2023.Theinitialcommittedcapitalofthefundis2.204billionyuan.AsofDecember31,2024,thetotalcumulativepaid-incapitaloftheMoutaiZhaohuaFundis2.204billionyuan,ithasinvestedin1projectand1subfund,withatotalinvestmentof397millionyuan.
(2)MoutaiJinshi(Guizhou)IndustrialDevelopmentFundPartnership(LimitedPartnership)(hereinafterreferredtoas"MoutaiJinshiFund"):TheMoutaiJinshiFundcompleteditsindustrialandcommercialregistrationonAugust2,2023,andcompleteditsfundfilingonAugust25,2023.Theinitialcommittedcapitalofthefundis
2.204billionyuan.AsofDecember31,2024,thetotalcumulativepaid-incapitaloftheMoutaiJinshiFundis
2.204billionyuan,investedin3projectsand1subfund,withatotalinvestmentof829millionyuan.Investmentinderivatives
□Applicable√N/A
4.Specificprogressofmajorassetsreorganizationandintegrationduringthereportingperiod□Applicable
√N/A(VI)Significantassetandequityselling
□Applicable√N/A(VII)Analysisofmajorcontrolledandotherinvestedcompany
√Applicable□N/A
MonetaryUnit:RMB'0,000Currency:RMB
/
Companyname
| Companyname | Industry | Registeredcapital | Totalassets | Netassets | Operatingrevenue | Operatingprofit | Netprofit |
| KweichowMoutaiSalesCo.,Ltd. | Liquor,beveragesandteawholesale | 1,000.00 | 8,711,823.21 | 6,357,248.05 | 14,082,317.30 | 6,475,217.37 | 4,852,174.60 |
| KweichowMoutai-flavorLiquorMarketingCo.,Ltd. | Liquor,beveragesandteawholesale | 20,000.00 | 2,132,307.00 | 1,699,750.78 | 2,420,037.06 | 1,029,931.34 | 762,484.23 |
(VIII)StructuredentitiescontrolledbytheCompany
□Applicable√N/AVI.DiscussionandanalysisoftheCompany’sfuturedevelopment(I)Patternandtrendintheindustry
√Applicable□N/A
1.IndustrypatternandtrendFirst,inthemacroscopicaspect,thebasictrendofChina'slong-termeconomicimprovementhasnotchangedandwillnotchange.In2025,Chinawillimplementmoreactiveandpromisingmacropolicies,andtheconsumptionscenariowillcontinuetoexpand,andconsumptionwillcontinuetomaintainstableandsustainablegrowth.Second,theindustry.Theliquorindustryisinthedoublesuperpositionperiodofmacroeconomiccycleandindustrialadjustmentcycle,althoughthefuturedevelopmentfacesmanyproblems,butthefavorablefactorsarestrongerthantheunfavorablefactors,theoveralldevelopmenttrendisstillgood.
2.CompetitiveAdvantagesoftheCompanyFirst,ExceptionalProductQuality.Thecompanyadherestotheprinciplethat"qualityisthesouloflife,"implementingcomprehensive,chain-wide,andcompany-widequalitycontrol.Itvigorouslymaintainsabalancedanduniqueproductionareaecosystem.Byinheritingthetraditionalproductionprocessof"preciseingredients,excellentcraftsmanship,andbeautifultools,"eachbatchofproductsutilizeslong-termstoredbaseliquorresourcesandsophisticatedblendingtechniquestocreatediversebaseliquorstyles,formingthedistinctiveflavorprofileofKweichowMoutai.Thecompanyinsistson30processesand165meticulousstepstoensureexceptionalquality,solidifyingitsfundamentaladvantageinnavigatingchange.Second,HighBrandReputation.Overacentury,Moutaihasrisentobecomethe"world'snumberonedistilledliquorbrand."Thecompanyadherestothestrategiesof"matchingqualitywithprice"and"focusingonflagshipproducts,"growingintotheworld'sleadingliquorbrandwith"single-productrevenueexceeding100billionyuanandmarketcapitalizationsurpassingonetrillionyuan."Foralongtime,thecompanyhasbeenworkinghardtotellitsbrandstory,activelyfulfillingsocialresponsibilities,continuouslyenhancingbrandcompetitiveness,andpolishingthegloryofanationalbrand,strivingtoshowcasethebrandappealof"ChineseMoutai,FragranttotheWorld."Itsbrandinfluenceandreputationhavesignificantlyimproved,withbrandvaluecontinuingtorise.Third,UniqueProductionProcess.Thecompanypossessesauniquebrewingprocesspasseddownforthousandsofyears,adheringtotheprinciplesof"followingnature,adaptingtolocalconditions,andfollowingtraditionalmethods."Throughrelentlesspursuitofharmonyandbalanceamongnaturalecology,microecology,andculturalecology,thecompanycontinuouslyenhancesitscorecompetitivenessincraftsmanship.Itinsistson"preciseingredients,"comprehensivelybuildingaqualityevaluationsystemforbrewingrawmaterialstoensurehigh-qualitysupplyofsorghumandwheatbyoriginandqualityindicators.Itfollows"excellentcraftsmanship,"adheringtoaone-yearproductioncycle,traditionalmethodslikesteppingonthewheatduringtheDragonBoatFestival,sorghumsoakingduringtheDoubleNinthFestival,puregrainbrewing,opensolid-statefermentation,long-termstorageinpotteryjars,andblendingliquorwithliquor.Itmaintains"beautifultools,"preservingtraditionalelementsliketriple-mixedsoildryingyards,smallblue-tilefermentationwarehouses,cellarstones,andpurple-redmud.Thecompanycontinuouslyenhancesitsoriginalinnovationcapabilities,deeplyanalyzesthescientificconnotationoftraditionaltechniques,andmaintainsthevitalityoftraditionaltechnology.Fourth,StrongCulturalInfluence.Moutaicultureoriginatesfromtheagrariancivilizationinvolving"Pupeople'sexpertiseinbrewing"andcontinuestodevelopinmoderncivilization,leadingthetrendofChinesebaijiucultureandbecomingthepinnacleofChineseliquorculture.Throughcontinuousdevelopment,thecompanyhasoptimizedtheMoutaiculturalsystem,formingacorporatemissionof"brewingahigh-qualitylife,"acorporatevisionof"makingtheworldfallinlovewithMoutaiandspreadingMoutai'sfragranceworldwide,"acorporatespiritof"lovingMoutaiandbringingglorytothenation,"andcorporatevaluesof"followingnature,respectingpeople,understandingprinciples,andcultivatingvirtue."Ithasestablishedfivecorecompetencies:"quality,brand,craftsmanship,culture,andenvironment."The"MoutailiquorFestival"explainstherespectfornature,the"HongyingZiSorghumharvestseason"explainsthegratitudetotheeldersandvillagers,andthe"MaoyouCarnival"explainstherespectforthevastnumberofconsumers,soastocontinuouslyenhancetheculturalinfluenceandbrandcompetitiveness.Fifth,IrreplaceableEnvironment.Theuniquetopography,climate,high-qualitybrewingwatersources,unparalleledoriginprotection,andirreplaceablemicrobialcommunitiesarethedistinctivefeaturesoftheKweichowMoutai'scoreproductionarea.Thecompanyadheresto"ecologicalpriorityandgreendevelopment,"followingagreendevelopmentpathdrivenbytechnologicalinnovation,leadingthecreationoftheChishuiRiverecologicalreputation,andusingadvancedmethodsandtechnologiestomaintainenvironmentalcompetitiveness.Ithasestablishedanecologicalandenvironmentalprotectionsystemmap,enhancedtheintroductionanddevelopmentofnewtechnologiesandprocesses,improvedtheintegratedmonitoringnetworkfortheecologicalenvironment,andpioneeredanational-level"greenfactory"pathdrivenbytechnologicalinnovationfor"dualcarbon"goals.Thecompanycontinuestoconductscientificresearchonwatershedmicroorganisms,aquaticorganisms,andplantvegetation,fullyprotectingwatershedbiodiversityandstability,andfullymaintainingtheecologicalsystembalanceonwhichMoutaidepends.(II)Developmentstrategy
√Applicable□N/ATheyear2025markstheconclusionofthe"14thFive-YearPlan"andacriticalyearforthecompanytodeepencomprehensivereforms.ThecompanywilladheretotheguidanceofXiJinping'sThoughtonSocialismwithChineseCharacteristicsforaNewEra,fullyimplementthespiritofthe20thNationalCongressoftheCommunistPartyofChinaandtheSecondandThirdPlenarySessionsofthe20thCentralCommittee,aswellastheimportantspeechesmadebyGeneralSecretaryXiJinpingduringhisinspectionofGuizhou.ThecompanywillearnestlyimplementthespiritoftheNational"TwoSessions,"theCentralEconomicWorkConference,theProvincialEconomicWorkConference,andtheProvincial"TwoSessions."Itwillupholdthegeneralprincipleofseeking
progresswhilemaintainingstability,fully,accurately,andcomprehensivelyimplementthenewdevelopmentphilosophy,serveandintegrateintothenewdevelopmentpattern,andprioritizehigh-qualitydevelopmentandmodernization.Guidedbythecorporatevaluesof"followingnature,respectingpeople,understandingprinciples,andcultivatingvirtue"andtheESG(Environmental,Social,andGovernance)principles,thecompanywillcontinuetoconsolidateandstrengthenthecorepositionofitsliquorbusiness,solidifyitsfoundation,overcomechallenges,andstrivetosuccessfullyconcludethe"14thFive-YearPlan,"drivingMoutaitowardsstableandhealthydevelopment.(III)Businessplan
√Applicable□N/AThemaingoalsfor2025aretoachieveanincreaseofabout9%intotaloperatingrevenuecomparedwiththepreviousyearandcompletefixedassetinvestmentof4.711billionyuan.
(1)Layasolidfoundationforcorebusinessandconsolidatethemainchannelofdevelopment.First,continuetoestablishthequalitybeliefof"qualityisthesouloflife",guidedbythequalityconceptof"respectingtheoriginalandkeepingtheroad,adheringtothetechnology,storingenoughliquorforaging,andnotsellingnewliquor",adheretothequalityfirstintheproductionprocess,adheretothetraditionaltechnology,firmlyempowerinnovation,carryoutsolidandfineprocessmanagement,keepimprovinganddoagoodjobinproductionquality,andfullyensure"highqualityandstableproduction".Second,adheretotheconsumerasthecenter,integratethecorporatevaluesof"followingnature,respectingpeople,understandingprinciples,andcultivatingvirtue"intothewholeprocessofmarketingwork,andpromotethetransformationfrom"sellingliquor"to"sellinglifestyle".Wewillcontinuetostrengthenstrategicfocus,brandtension,andmarketvitality,doagoodjobinthe"threetransformations",constantlystrengthenchannelcoordination,enhanceconsumptionaccess,andpromoteconsumptiontransformation,andstrivetosolvethefundamentalproblemof"matchingsupplyanddemand".Continuetobuildasolidseriesofliquormarketfoundation,effectivelyenhancebrandcompetitiveness.Thefocusisonthefourendsof"market,channel,serviceandbrand"tobuilda"T"typediversifiedproductmatrix,improvetheinternationalexpressionsystem,andsteadilydeveloplocalnewchannelproviders.Third,focusonthestrategicgoalsofthecompany,strengthenthewholelifecyclemanagementofprojects,optimizetheplanningandconstructionlayoutofcoreproductionareas,continuetopromotetheconstructionofmajorprojectssuchasMoutaiLiquor"14thFive-YearPlan"ChinaTechnicaltransformationconstructionproject,TanchangPackagingLogisticsPark,XishuiTongminbaPhaseIproject,China60,000tonsmixingCenter,andMoutailiquorrawmaterialstorage,andconstantlyconsolidatethefoundationforthedevelopmentoftheenterprise,enhancethedevelopmentmomentumoftheliquorindustry.
(2)BuildanESGecosystemtoleadgreendevelopment.FocusontheESGconceptof"symbiosis,sharingandwin-win",establishandimprovetheESGmanagementsystem,buildanddeepentheconstructionofESGsystem,andmaintainthecompany'sleadingpositionintheliquorindustry.Intermsoftheenvironment,wewillfullyimplementtheconceptof"landscape,water,forest,soilandrivermicro"asacommunityoflife,focusonkeyworksuchas"twomountains"and"twocarbon",establishaclimatechangegovernanceframework,strengthenwastemanagement,andspeedupthemaintenanceandrenovationofpipenetworks,theconstructionofsewagetreatmentplants,andtheimprovementofqualityandefficiency.Basedontheplanningof"Sanshengspace",wecontinuetopromotethepreparationofspecialgreeningplanningandstandards,theinvestigationofecologicaldiversityofthefactory,andtheformulationofthegreeningimprovementplanofthefactory.Intermsofsociety,weadheretotheprincipleof"bigbrandandbigresponsibility",focusonkeyissuessuchasproductqualityandsafety,occupationalhealthandsafety,interestsofrelevantparties,responsiblemarketing,andbalancebetweeninheritanceandinnovation,leadtheindustrytoimprovetheleveloftechnicalstandards,andpromotetheoccupationalhealthandsafetyofallstaffintothebrain,theheartandtheaction.Wewillactivelyparticipateinsocialwelfare,culturalprotectionandruralrevitalization,vigorouslyadvocaterationaldrinking,andtellagoodstoryofChineseliquorculturewithintegrityandinnovation.Intermsofgovernance,wewillstrengthenbusinessethicsandanti-corruption,andactivelycertifycompliancemanagementsystemstandards.Strengthencommunicationwithrelevantpartiesandactivelyrespondtothedemandsofallstakeholders;Strengthencomplianceandriskmanagement,continuetocarryoutrelevantduediligence,strengthentheinternalauditofwaste,datasecurity,businessethicsandriskmanagement;ThepracticeofESGconceptwillbeincludedinsupplierassessment,soastodrivemorepartnerstojointlypracticeESGconceptandcomprehensivelyimprovevaluecreationability.
(3)Drivethedigital-intelligenceinnovationengineandactivatinggrowthdrivers.Adheretothecoordinateddevelopmentofinheritanceandinnovation,whileadheringtothetraditionalbrewingskills,strengthentheguidanceofscienceandtechnology,digitalempowerment,andactivelypromotethestandardizationandmodernizationofChina'sliquorindustryintonewmomentum.Intermsofscientificandtechnologicalinnovation,
wewillcontinuetostrengthentheconstructionofindependentinnovationplatforms,andpromotethemanufacturinginnovationcentertopassprovincialrecognitionandacceptance.Promotethepilotstudyongreenandlow-carboncomprehensiveutilizationofcellarbottomwater,sludgeresourceutilizationandrecyclingofcellarmud,buildDNAfingerprintdatabaseofsorghumgermplasmresourcesforliquor,continuouslyoptimizeandbuildacomprehensiveproductionevaluationsystem,andcontinuouslypromoteproductdevelopmentandresearch.Intermsofdigitalempowerment,wewillstrengthentheintroduction,trainingandincentiveofdigitalprofessionals,andcontinuouslyimprovetheprofessionalabilityofdigitalteams.Centeringonthe"SmartMoutai
2.0"plan,theCompanywillbuildadigitalsupplychainintegratingproductdesign,production,qualityandlogisticssystems,andbuildanintelligentmanagementandoperationplatformforthepark.Indeepeningreform,withthe"DoubleHundredAction"asthemaincarrier,wewilldoagoodjobinorganizingandimplementingreformtaskstoensurehigh-qualitycompletion.Continuetooptimizeinstitutionalconstruction,carryoutinstitutionalmapsortingandformalong-termmechanism,furtherimprovethequalityandefficiencyofwork;Continuouslyimprovethelevelofperformancemanagement,optimizeandimprovetheinternalsatisfactionevaluationandsupportingsystemofrelevantparties;Wewillcontinuetooptimizethefull-cyclemanagementofmanagementandinnovation,andstrengthentheimplementationandtransformationofinnovationprojectresults;Dynamicallyoptimizeandimprovethebenchmarkingmanagementsystem,promotetheeffectiveimplementationofthesystem,andfurtherimprovethegovernancecapacityandlevelofmodernenterprises.Intermsoftalentteamconstruction,centeringonthetalentconceptof"havingbothpoliticalintegrityandability,makingfulluseoftalent,andmakingprogresstogetherwithenterprises",focusingon"attracting,cultivating,usingandretaining"talents,weformulatehumanresourcesplanning,launchhumanresourcessystemreformcenteringonthelaborproductivityofallemployees,constantlyimprovetheequivalentdensityofprofessionaltalents,andconsolidatethefoundationforenterprisedevelopment.
(4)Strengthenbrandculturepotentialenergy,enablingstrategiclayout.Centeringonthecorporatevaluesof"followingnature,respectingpeople,understandingprinciples,andcultivatingvirtue",andtakingthe"Yearofculturalconstruction"asthestartingpoint,wewillcontinuetoenrichtheexpressionform,valueconnotationandexperiencesceneofMoutaiculture,andaccumulatestrongculturalmomentum.First,wewillstrengtheninternalculturalconstruction.Continuetoimprovethetop-leveldesignofcorporatecultureconstruction,establishandimproverelevantsystems,strengthenthecontrolofcorporateculture,toensurethesustainabilityandstabilityofculturalconstruction;Activelycarryoutculturalresearchandplanning,doagoodjobincorporatecultureandartcreation,createagoodculturalatmosphere,promoteMoutaiculturetobedeeplyrootedinthepeople'shearts,andgatherthejointforceofallcadresandemployeestodobusiness.Second,continuetopromotethecommunicationofbrandculture.WewillstrengthenthedevelopmentofthreedistinctivebrandculturalIPs:Hongyingzisorghumharvestseason,MoutaiLiquorFestivalandMaoyouCarnival,andcontinuetocarryoutpublicwelfareactivitiessuchas"MoutaiofChina,PillaroftheCountry","Moutai1935,GreatDoctoroftheCountry"and"GuizhouDaqu,LittleBitofLove".ContinuetocarryoutOrientalaestheticcolorsystemresearch,release2025themecolor--"purplesilkcolor",appliedtotheyearofthesnakezodiacliquorpackaging;WewillactivelypromotetheapplicationofMoutailiquorbrewingskillsforthe"ListofRepresentativeWorksofHumanIntangibleCulturalHeritage",cooperatewithlocalgovernmentstoapplyforprovincial"culturalecologicalprotectionzone",andpromotetheapplicationforWorldHeritageofDragonBoatFestivaltowheatworshipandMoutaiLiquorFestivallevelbylevel.Third,enhancetheinternationalimageofthebrand.Strengthenculturalconfidence,formulateaculturalcommunicationnarrativesystemof"Onecountry,onepolicy",formulatemulti-languageculturalpublicitymaterialsbasedontheNineChaptersofMoutai,continuetobuildoverseasIPaddressessuchasMoutaiNight,andbuildaninternationalcommunicationsystemofMoutaiculture;ActivelyparticipateindomesticandinternationalactivitiessuchasDavosWorldEconomicForum,BoaoForumforEntrepreneurs,ChineseBusinessConferenceandFortuneGlobal500Summit,tellthestoryofChineseliquortotheworld,strengthenthelabelof"nationalenterprise",continuouslyenhancethepopularity,andamplifytheinternationalvoiceofMoutai.
(5)Keepthedevelopmentofthebottomlinethinking,escortthesteadyandlong-term.Wewillcarryoutcomprehensiveriskmanagementtoensurethesafeandstableoperationofproductionandoperation.Intermsofproductionsafety,wewillalwaysputsafetybeforeproductionanddevelopment,runningthroughthewholeprocessofproduction,operationandmanagement,focuson"eliminatingthestock"ofproblems,strengthen"controllingtheincrement"atthesource,continuetopromotehiddenproblemrectification“Dynamiczero”andnormalizationof“Crackingdownonillegalactivities”,promotetheconstructionofcivilairdefense,physicaldefenseandtechnicaldefenseinanintegratedmanner,andcompletetheestablishedtasksoftacklingtherootcausesandthere-evaluationofstandardizedfirst-levelclassification.Intermsofcompliancemanagement,wewillfocusonkeytaskssuchaslaw-basedgovernance,riskprevention,compliancemanagement,marketrightsprotectionandteambuilding,furtherimprovetheconstructionoftheruleoflawsystemandcontinuouslyenhancetheabilitytogovernenterprisesaccordingtolaw.Continuetostrengthenthequalityofcomplianceauditandcontractlifecyclemanagement,establishalistofcomplianceobligations,formulatecompliancemanagement
guidelinesinkeyareas,effectivelyenhanceinsightintocompliancerisks,andeffectivelyimprovecomplianceawarenessandmanagementlevel.(IV)Possibleconfrontingrisk
√Applicable□N/AThefirstistheriskofmacroeconomic;Thesecondissecurityrisk;Thethirdispublicopinionrisk;Theforthisenvironmentalprotectionrisk.(V)Others
□Applicable√N/AVII.TheCompany’sfailuretodisclosetheinformationandreasonsinaccordancewiththestandardsduetoinapplicabilityofthestandardsorspecialreasonssuchasstatesecretsandtradesecrets
□Applicable√N/A
SectionIVCorporateGovernance
I.Descriptionoftherelatedsituationofcorporategovernance
√Applicable□N/AInstrictaccordancewiththeCompanyLaw,theSecuritiesLaw,theCodeofCorporateGovernanceforListedCompaniesandotherlawsandregulationsandtherequirementsofregulatorydocumentsrelatedtocorporategovernance,theCompanyhasestablishedandimprovedthecorporategovernancestructureincombinationwiththeactualsituationoftheCompanytostandardizetheCompany'soperation.TheCompanyhasthepartycommittee,thegeneralmeetingofshareholders,theboardofdirectors,theboardofsupervisorsandthemanagement.Itimplementstheleadershipsystemof"two-wayentryandcross-service"formembersofpartycommitteeandgovernanceinstitutions,thusformingacorporategovernancesystemwiththeirownresponsibilities,coordinatedoperationandeffectivechecksandbalances.TheCompanycontinuedtooptimizethegovernancemechanism,givingfullplaytotheroleofthegeneralmeetingofshareholdersastheCompany'sauthority,theroleofthePartyCommitteeindirectioncontrol,overallsituationmanagementandimplementationpromotion,theboardofdirectorsindecision-makingandriskpreventionaswellastheroleofthemanagementinoperationmanagementandstrongmanagement,andstrengtheningthesupervisionfunctionoftheboardofsupervisors.
1.Generalmeetingofshareholders.InaccordancewiththerequirementsoftheArticlesofAssociationandtheRulesofProcedureoftheGeneralMeetingofShareholdersoftheCompany,theCompanyconvenedgeneralmeetingsofshareholdersinastandardizedmannertoensurethatallshareholders,especiallysmallandmediumshareholders,mayenjoyequalstatusandcanfullyexercisetheirrights,andhiredlegaladviserstoissuelegalopinionsforthegeneralmeetingofshareholders.In2024,theCompanyheldtwogeneralmeetingsofshareholders,deliberatedandapproved16proposals,andallresolutionshadbeenseriouslyimplemented.
2.BoardofDirectorsAtpresent,theBoardofDirectorsoftheCompanyconsistsofsevendirectors,includingthreeindependentdirectorsandoneemployeedirector.ThecompositionoftheBoardofDirectorsmeetstherequirementsoflawsandregulations.TheBoardofDirectorsoftheCompanyhasfivespecialcommittees,namely,StrategyCommittee,AuditCommittee,RiskandComplianceManagementCommittee,NominationCommittee,RemunerationandAppraisalCommittee,withcleardivisionoflabor,clearresponsibilitiesandeffectiveoperation.AlldirectorsoftheCompanycanperformtheirdutiesingoodfaith,loyalty,diligence,professionalismandduediligencefromtheinterestsoftheCompanyandallshareholders,andearnestlysafeguardthelegitimaterightsandinterestsoftheCompanyandallshareholders.
3.BoardofSupervisorsAtpresent,theBoardofSupervisorsoftheCompanyiscomposedofthreesupervisors,oneofwhomisanemployeesupervisor.ThecompositionoftheBoardofSupervisorsmeetstherequirementsoflawsandregulations.TheBoardofSupervisorsoftheCompanycanbediligentandresponsible,exercisethefunctionofsupervisionandinspectioninthespiritofbeingresponsibletoshareholders,supervisetheCompany'sfinancialstatusandoperation,relatedtransactionsandtheperformanceofdutiesbyseniorexecutives,andsafeguardthelegitimaterightsandinterestsoftheCompanyandallshareholders.
4.SituationoftheworkofthemanagementThemanagementoftheCompanycarriedoutdailyproductionandoperationmattersaccordingtothestatutoryauthorityandtheauthorizationoftheboardofdirectors,anditwasresponsiblefororganizingandimplementingtheresolutionsoftheboardofdirectors,andreportingthesametotheboardofdirectors.In2024,theproductionandoperation,reformanddevelopmentweresuccessfullycompleted,andtheroleofoperation,implementationandmanagementworkedeffectively.
5.Informationoncontrollingshareholdersandlistedcompanies.ControllingshareholdersshallexercisetherightsandassumetheobligationsoftheinvestorinstrictaccordancewiththerequirementsoftheCompanyLaw.TheCompanyhasindependentbusinessandself-managementability.Thecontrollingshareholdersandthelistedcompaniesareindependentinbusiness,personnel,assets,institutionsandfinance.TheBoardofDirectors,theBoardofSupervisorsandinternalinstitutionsoftheCompanyoperateindependently,ensuringthatmajordecisionsoftheCompanywouldbemadeandimplementedindependentlybytheCompany.
6.InformationdisclosureoftheCompanyTheCompanyshalldiscloserelevantinformationinatrue,accurate,complete,timelyandfairmannerinstrictaccordancewithlaws,regulations,ArticlesofAssociationandtheAdministrativeMeasuresoftheCompanyforInformationDisclosure,andensurethatallshareholdersandotherstakeholderswouldhaveequalaccesstocompanyinformation.Duringthereportingperiod,theCompanydisclosed41temporaryannouncementsand4regularreports.AftercomprehensiveevaluationbyShanghaiStockExchange,theevaluationresultoftheCompany'sinformationdisclosurefrom2023to2024isA(Excellent).
7.RelatedtransactionsTherearerelatedtransactionsbetweentheCompanyanditscontrollingshareholder,ChinaKweichowMoutaiDistillery(Group)Co.,Ltd.andotherrelatedparties.Theserelatedtransactionsarecarriedouttoensurethenormalproduction,operationandbusinessdevelopmentoftheCompany.Thespecificcontentswereregulatedthroughrelevantagreements.Thelegalproceduresarefulfilled,andtheprinciplesofopenness,fairnessandimpartialitywerefollowed.Hence,thereisnoadverseimpactontheoperationoftheCompany.
8.Constructionofinternalcontrol.Duringthereportingperiod,theCompanycontinuedtocarryoutinternalcontrolrelatedworkinaccordancewiththerequirementsoftheBasicRulesforEnterpriseInternalControl,andkeptpromotinginternalcontrolconstruction,evaluation,auditingandotherrelatedworktoensuretherealizationoftheCompany'sinternalcontrolobjectivesandfurtherimprovethecorporategovernancelevel.Whethertherearesignificantdifferencesbetweencorporategovernanceandlaws,administrativeregulationsandtheprovisionsofCSRConcorporategovernanceoflistedcompanies;Ifthereisanysignificantdifference,thereasonsshallbegiven.
□Applicable√N/AII.Thespecificmeasurestakenbythecontrollingshareholdersandactualcontrollersofthecompanytoensuretheindependenceofthecompany'sassets,personnel,finance,institutionsandbusiness,aswellasthesolutions,workprogressandfollow-upworkplansthataffecttheindependenceofthecompanyworkprogressandfollow-upworkplansthataffecttheindependenceofthecompany
□Applicable√N/AThesituationofthecontrollingshareholders,actualcontrollersandotherunitsundertheircontrolengagedinthesameorsimilarbusinessasthecompany,aswellastheimpactofgreatchangesintheindustrycompetitionorcompetitionontheCompany,thesolutionmeasurestaken,solutionprogressandsubsequentsolutionplans.
□Applicable√N/AIII.Introductionofshareholders’Meeting
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Sessionofthemeeting
| Sessionofthemeeting | Dateofconvening | Queryindexofthedesignatedwebsitepublishedintheresolution | DateofdisclosureofThepublicationoftheresolution | Meetingresolution |
| AnnualGeneralMeetingofShareholdersof2023 | TheShanghaiStock | PleaserefertotheAnnouncementonResolutionof2023AnnualGeneralMeetingof |
Preferredshareholderswithrestoredvotingrightsrequestanextraordinarygeneralmeetingofshareholders
□Applicable√N/ADescriptionoftheshareholders’generalmeeting
□Applicable√N/A
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2024-05-29
| 2024-05-29 | Exchangewww.sse.com.cn | 2024-05-30 | ShareholdersofKweichowMoutai(AnnouncementNo.:Lin2024-015)fordetails. | |
| Firstextraordinarygeneralmeetingofshareholdersin2024 | 2024-11-27 | TheShanghaiStockExchangewww.sse.com.cn | 2024-11-28 | PleaserefertotheAnnouncementonResolutionoftheFirstExtraordinaryGeneralMeetingofShareholdersofKweichowMoutaiin2024(AnnouncementNo.:Lin2024-036)fordetails. |
IV.Situationofdirectors,supervisorsandseniorofficers(I)Shareholdingchangesandremunerationofoutgoingdirectors,supervisorsandseniormanagerscurrentlyandduringthereportingperiod
√Applicable□N/A
Unit:per
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FullName
| FullName | Position | Gender | Age | StartDateofTerm | Terminationdateofterm | Numberofsharesheldatthebeginningoftheyear | NumberOfsharesheldattheendoftheyear | TheincreaseOrdecreaseofshareswithintheyear | CauseofTheincreaseOrdecreaseOfshares | Totalpre-taxremunerationObtainedfromtheCompanyduringthereportingperiod(RMB0'000) | WhethertogetpaidfromtheRelatedpartiesofthecompany |
| ZhangDeqin | Secretaryofthepartycommittee | Male | 52 | April30,2024 | Yes | ||||||
| Chairman,director | May29,2024 | ||||||||||
| WangLi | DeputySecretaryofCPC | Female | 52 | August17,2023 | Yes | ||||||
| Director | September07,2023 | ||||||||||
| Actingasgeneralmanager | August19,2023 | ||||||||||
| Guo | Independent | Male | 56 | June16,2022 | 20 | No |
share
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Tianyong
| Tianyong | director | ||||||
| ShengLeiming | Independentdirector | Male | 54 | June16,2022 | 20 | No | |
| WangXin | Independentdirector | Male | 47 | December06,2023 | 20 | No | |
| LiuShizhong | Independentdirector | Male | 49 | June16,2022 | Yes | ||
| WeiFang | Employeedirector | Female | 52 | October18,2024 | 71.73 | No | |
| YouYalin | DeputySecretaryofCPC,andchairmanofthetradeunion | Male | 55 | October07,2022 | 81.84 | No | |
| ChairmanoftheBoardofSupervisors,Supervisor | March20,2020 | ||||||
| ZhengShangxun | Supervisor | Male | 41 | November27,2024 | 20.01 | Yes | |
| WenYong | Employeesupervisor | Male | 42 | June13,2023 | 85.66 | No | |
| ZhongZhengqiang | Memberofthepartycommittee | Male | 53 | November03,2022 | 81.75 | No | |
| DeputyGeneral | July13,2015 |
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Manager
| Manager | ||||||||
| JiangYan | Memberofthepartycommittee | Female | 47 | November03,2022 | 81.84 | No | ||
| DeputyGeneralManager,ChiefFinancialOfficer | November15,2021 | |||||||
| SecretaryoftheBoardofDirectors | January25,2022 | |||||||
| XiangPing | Memberofthepartycommittee | Male | 52 | 17.26 | No | |||
| DeputyGeneralManager | August16,2024 | |||||||
| ZhangXu | Memberofthepartycommittee | Male | 51 | 16.84 | No | |||
| DeputyGeneralManager | August16,2024 | |||||||
| DingXiongjun | Secretaryofthepartycommittee | Male | 50 | September28,2022 | April30,2024 | Yes | ||
| Chairman,director | September24,2021 | |||||||
| Xie | Employee | Female | 42 | October | October18, | 73.00 | Yes |
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Qinqing
| Qinqing | director | 07,2022 | 2024 | ||||||
| LiQiangqing | Supervisor | Male | 43 | June13,2023 | November27,2024 | 91.00 | No | ||
| TuHuabin | Memberofthepartycommittee | Male | 49 | November03,2022 | Yes | ||||
| DeputyGeneralManager | February27,2020 | August16,2024 | |||||||
| WangXiaowei | Memberofthepartycommittee | Male | 53 | November03,2022 | Yes | ||||
| DeputyGeneralManager | February27,2020 | August16,2024 | |||||||
| Total | / | / | / | / | / | / | 680.93 | / |
Descriptions:1.Theremunerationsobtainedbytheabove-mentioneddirectors(excludingindependentdirectors),supervisorsandseniorexecutivesrefertothetotalremunerationsbeforetaxtheyobtainedfromtheCompanyduringthereportingperiod,includingthebasicannualpay(orbasicsalary)forindividualandthesalary(orbonus)forperformanceaswellasthesocialsecurityfunds,enterpriseannuity,supplementarymedicalinsurancepremiumandhousingprovidentfundspaidbytheCompany.2.TheremunerationsobtainedbyindependentdirectorsrefertoallsubsidiesbeforetaxobtainedfromtheCompanyduringthereportingperiod.3.Mr.ZhengShangxunhasbeenremuneratedbythecompanysinceAugust2024.4.Ms.XieQinqinghasbeenremuneratedbythecompany'scontrollingshareholder,MoutaiGroup,sinceSeptember2024,anddoesnotreceiveremunerationfromthecompany.
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FullName
| FullName | Mainworkexperience |
| ZhangDeqin | HepreviouslyservedasamemberofthePartyCommitteeandDeputyGeneralManagerofChinaKweichowMoutaiDistillery(Group)Co.,Ltd.,SecretaryofthePartyCommitteeandChairmanofKweichowMoutaiDistillery(Group)XijiuCo.,Ltd.,andamemberofthePartyCommitteeandDeputyGeneralManagerofGuizhouModernLogisticsIndustry(Group)Co.,Ltd.HecurrentlyholdsthepositionsofSecretaryofthePartyCommittee,Chairman,andDirectorofChinaKweichowMoutaiDistillery(Group)Co.,Ltd.;SecretaryofthePartyCommittee,Chairman,andDirectorofKweichowMoutaiCo.,Ltd.;andChairmanandDirectorofMoutaiInstitute. |
| WangLi | HadbeentheDeputyGeneralManagerandChiefEngineerofChinaKweichowMoutaiDistillery(Group)Co.,Ltd.,aswellastheDeputyGeneralManagerandChiefEngineerofKweichowMoutaiCo.,Ltd.Currently,sheservesastheDeputySecretaryofthePartyCommittee,ViceChairman,Director,andGeneralManagerofChinaKweichowMoutaiDistillery(Group)Co.,Ltd.,andtheDeputySecretaryofthePartyCommittee,Director,andActingGeneralManagerofKweichowMoutaiCo.,Ltd. |
| GuoTianyong | HadservedthePeople'sBankofChina,YantaiBranch.CurrentlyservesasaprofessoranddoctoralsupervisorattheSchoolofFinanceoftheCentralUniversityofFinanceandEconomics,anindependentnon-executivedirectorinPingAnHealthcareandTechnologyCompanyLimited,andanindependentdirectorinKweichowMoutaiCo.,Ltd. |
| ShengLeiming | HeusedtobealawyerofShanghaiZhongmaoLawFirm.CurrentlyheisalawyerofBeijingGuantaoZhongmao(Shanghai)LawFirm,vicepresidentofAllChinaLawyersAssociation,independentdirectorofTsingtaoBeerCo.,LTD.,ShanghaiLianyingMedicalTechnologyCo.,LTD.,andKweichowMoutaiLiquorCo.,LTD. |
| WangXin | HadbeenateacherinCUHK(ChineseUniversityofHongKong).CurrentlyservesastheheadoftheDepartmentofAccountingandLawandtheaccountingprofessorattheSchoolofEconomicsandManagement(SEM)oftheUniversityofHongKong,andtheindependentnon-executivedirectorinShouchengHoldingsLimited.andtheindependentdirectorofKweichowMoutaiCo.,Ltd.. |
| LiuShizhong | ServedasthedirectoroftheDepartmentofLegalIntellectualPropertyProtectionofChinaKweichowMoutaiDistillery(Group)Co.,Ltd.andthedirectoroftheDepartmentofLegalIntellectualPropertyProtectionofKweichowMoutaiCo.,Ltd.,thePartySecretaryandChairmanoftheBoardofDirectorsofKweichowMoutaiDistillery(Group)RealEstateInvestmentDevelopmentCo.,Ltd.,ChairmanoftheBoardofDirectorsofKweichowMoutaiDistillery(Group)GuiyangBusinessCo.,Ltd.HeisnowamemberofthePartyCommitteeandDeputyGeneralManagerofChinaKweichowMoutaiDistillery(Group)Co.,Ltd.,andthedirectorinKweichowMoutaiCo.,Ltd. |
| WeiFang | ShepreviouslyservedasamemberofthePartyBranchCommittee,DeputySecretary,andDeputyDirectoroftheFirstWorkshopforDaquProductionatKweichowMoutaiCo.,Ltd.,amemberofthePartyBranchCommittee,DeputySecretary,andDeputyDirectoroftheSeventhWorkshopforDaquProductionatKweichowMoutaiCo.,Ltd.,andViceChairmanoftheLaborUnionofChinaKweichowMoutaiDistillery(Group)Co.,Ltd.She |
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currentlyholdsthepositionsofEmployeeDirector,MemberoftheLaborUnionCommittee,StandingCommitteeMember,ViceChairman,DirectoroftheMassWorkDepartment,MemberofthePartyCommitteeoftheOrganization,andDeputySecretaryatKweichowMoutaiCo.,Ltd.
| currentlyholdsthepositionsofEmployeeDirector,MemberoftheLaborUnionCommittee,StandingCommitteeMember,ViceChairman,DirectoroftheMassWorkDepartment,MemberofthePartyCommitteeoftheOrganization,andDeputySecretaryatKweichowMoutaiCo.,Ltd. | |
| YouYalin | Servedastheassistanttothegeneralmanager,directorofthePartyCommitteeOffice,secretaryofthePartyCommittee,directoroftheNationalSecurityOffice,directoroftheConfidentialityOfficeanddirectoroftheOfficeforComplaintLetterandVisitofChinaKweichowMoutaiDistillery(Group)Co.,Ltd.CurrentlyservesastheDeputySecretaryofthePartyCommittee,ChairmanoftheBoardofSupervisors,supervisorandchairmanofthelaborunionofKweichowMoutaiCo.,Ltd. |
| ZhengShangxun | HepreviouslyservedasDeputyDirectoroftheMediaConvergenceCenterofChinaKweichowMoutaiDistillery(Group)Co.,Ltd.,MemberofthePartyBranchCommitteeandDeputyDirectoroftheMediaConvergenceCenterofKweichowMoutaiCo.,Ltd.,ExecutiveDeputyDirectoroftheOfficeofChinaKweichowMoutaiDistillery(Group)Co.,Ltd.,andExecutiveDeputyDirectoroftheOfficeofKweichowMoutaiCo.,Ltd.HecurrentlyholdsthepositionsofSupervisor,MemberofthePartyCommitteeoftheOrganization,DeputySecretary,andDirectorofthePartyCommitteeOffice(CompanyOffice)atKweichowMoutaiCo.,Ltd. |
| WenYong | Hadbeentheprincipalstaffmemberatlevel1andtheresearcheratlevel4ofGuizhouProvincialPartyCommitteeOfficeundertheChineseCommunistYouthLeague,thedeputyheadoftheLegalandComplianceDepartmentofChinaKweichowMoutaiDistillery(Group)Co.,Ltd.andthedeputyheadoftheLegalandComplianceDepartmentofkweichowMoutaiCo.,Ltd.CurrentlyservesastheemployeesupervisorandtheheadoftheLegalandComplianceDepartmentofKweichowMoutaiCo.,Ltd. |
| ZhongZhengqiang | Servedasthedirectoranddeputysecretaryofthe13thliquor-makingworkshop,assistanttothegeneralmanageranddirectoroftheProductionManagementDepartmentofKweichowMoutaiCo.,Ltd.CurrentlyservesasamemberofthePartyCommitteeanddeputygeneralmanagerofKweichowMoutaiCo.,Ltd. |
| JiangYan | ServedasthechairmanoftheboardofdirectorsandgeneralmanagerofMoutai(Guizhou)PrivateEquityFundManagementCo.,Ltd.,thechairmanoftheboardofdirectorsandthesecretaryofPartyBranchofMoutai(Shanghai)FinancialLeasingCo.,Ltd.,andthevicechairmanoftheboardofdirectorsofGuiyangGYFinancialLeasingCo.,Ltd.andthesecretaryofthePartybranchandchairmanoftheBoardofDirectorsofKweichowMoutaiGroupFinanceCo.,Ltd.CurrentlyservesasamemberofthePartyCommittee,deputygeneralmanager,chieffinancialofficerandsecretaryoftheBoardofDirectorsofKweichowMoutaiCo.,Ltd., |
| XiangPing | HehasservedasassistanttothegeneralmanagerofKweichowMoutaiLiquorCo.,LTD.,member,deputySecretaryanddirectorofthePartyCommitteeoftheStorageWorkshop,directoroftheProductionManagementDepartment,member,Secretary,directorandChairmanofthePartyCommitteeofKweichowMoutaiGroupMarketingCo.,LTD.,member,Secretary,directorandchairmanofthePartyCommitteeofKweichowMoutaiSalesCo.,LTD.CurrentlyservesasamemberofthePartyCommitteeandDeputyGeneralManagerofKweichowMoutaiCo.,Ltd. |
Otherinformation
□Applicable√N/A(II)Thecurrentandoutgoingdirectors,supervisorsandseniormanagementpersonnelduringthereportingperiod
1.Appointmentinshareholderentity
√Applicable□N/A
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Nameofincumbent
| Nameofincumbent | Nameofshareholderunits | Positionsheldinshareholderunits | Startdateoftermofservice | Enddateoftermofservice |
| ZhangDeqin | ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | PartySecretary,ChairmanandDirector | April2024 | |
| WangLi | ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | DeputySecretaryofthePartyCommittee,DeputyChairman,DirectorandGeneralManager | August2023 | |
| TuHuabin | ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | MemberofthePartyCommittee,andDeputyGeneralManager | August2023 | |
| WangXiaowei | ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | MemberofthePartyCommittee,andDeputyGeneralManager | August2023 | |
| LiuShizhong | ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | MemberofthePartyCommittee,andDeputyGeneralManager | February2025 |
2.Appointmentinotherunits
√Applicable□N/A
| Nameofincumbent | Nameofotherunits | Positionsheldinotherunits | Startdateoftermofservice | Enddateoftermof |
ZhangXu
| ZhangXu | HepreviouslyservedasDeputyManagerofKweichowMoutaiSalesCo.,Ltd.andManageroftheSecondSalesDepartment,aswellasMemberofthePartyCommittee,DeputySecretary,Secretary,Director,ChairmanoftheBoard,DeputyGeneralManager,andGeneralManagerofKweichowMoutai-flavorLiquorMarketingCo.,Ltd.HecurrentlyholdsthepositionsofMemberofthePartyCommitteeandDeputyGeneralManagerofKweichowMoutaiCo.,Ltd.,andMemberofthePartyCommittee,Secretary,Director,andChairmanoftheBoardofKweichowMoutaiSalesCo.,Ltd. |
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service
| service | ||||
| ZhangDeqin | MoutaiInstitute | ChairmanoftheBoardofDirectors,director | August2024 | |
| GuoTianyong | CentralUniversityofFinanceandEconomics | AprofessoranddoctoralsupervisorattheSchoolofFinance | September1999 | |
| PingAnBankCo.,Ltd. | Independentdirector | August2016 | May2024 | |
| PingAnHealthcareandTechnologyCompanyLimited | Independentnon-executivedirector | May2018 | ||
| ShengLeiming | BeijingGuantao(Shanghai)LawFirm | Lawyer | April2016 | |
| ShanghaiZhenhuaHeavyIndustriesCo.,Ltd. | Independentdirector | June2019 | June2024 | |
| TsingtaoBreweryCo.,Ltd. | Independentdirector | June2020 | ||
| FSG | Independentdirector | September2021 | June2024 | |
| ShanghaiUnitedImagingHealthcareCo.,Ltd. | Independentdirector | November2020 | ||
| WangXin | UniversityofHongKong | Professor | April2019 | |
| ShouchengHoldingsLimited | Independentnon-executivedirector | May2018 | ||
| LiuShizhong | KweichowMoutaiDistillery(Group)RealEstateInvestmentDevelopmentCo.,Ltd. | Chairman,director | May2020 | March2025 |
| KweichowMoutaiDistillery(Group)GuiyangBusinessCo.,Ltd. | Chairman,director | |||
| WenYong | MAOTAIAIRPORT | Director | April2022 | March2025 |
| KweichowMoutai-FlavorLiquorMarketingCo.,Ltd. | Director | September2021 | ||
| JiangYan | KweichowMoutaiGroupFinanceCo.,Ltd. | SecretaryofthePartyBranch,DirectorandChairman | June2022 | August2024 |
(III)Remunerationofdirectors,supervisorsandseniormanagementpersonnel
√Applicable□N/A
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Decision-makingprocedureoftheremunerationofdirectors,supervisorsandseniorexecutives
| Decision-makingprocedureoftheremunerationofdirectors,supervisorsandseniorexecutives | Theremunerationdecision-makingproceduresfordirectors,supervisorsandseniorexecutiveswhoreceiveremunerationfromtheCompany:first,therenumerationforseniorexecutivesisdeterminedupondeliberationbytheBoardofDirectorsoftheCompanyinthelightoftheCompany'sannualstateofoperationandperformanceassessmentresults;second,therenumerationforindependentdirectorsisdeterminedatthegeneralmeetingofshareholdersoftheCompanyupondeliberation;third,theremunerationsforemployeedirectorsandsupervisorswhogetpaymentfromtheCompanyaredeterminedbasedontheirpostsheldconcurrentlyintheCompanyundertherenumerationmanagementsystemoftheCompany,inthelightoftheindividualperformanceassessmentresults. |
| Basisfordeterminingtheremunerationofdirectors,supervisorsandseniormanagers | 1.TheAdministrativeMeasuresforthePerformanceAppraisalofMembersoftheManagement,theAdministrativeMeasuresforRemunerationofMembersoftheManagementandtheLetterofCommitmentonBusinessPerformance,issuedbytheCompany;2.theMeasuresfortheImplementationofSalaryManagementoftheCompany;3.Therenumerationforindependentdirectorsisdeterminedatthegeneralmeetingofshareholders. |
| Actualpaymentofremunerationofdirectors,supervisorsandseniormanagementpersonnel | Fordetails,pleasereferto“Shareholdingchangesandremunerationofcurrentandoutgoingdirectors,supervisorsandseniormanagersduringthereportingperiod”inthisreport. |
| Totalactualremunerationreceivedbyalldirectors,supervisorsandseniormanagementpersonnelattheendofthereportingperiod | Fordetails,pleasereferto“Shareholdingchangesandremunerationofoutgoingdirectors,supervisorsandseniormanagerscurrentlyandduringthereportingperiod”inthisreport. |
(IV)Changesindirectors,supervisorsandseniormanagementpersonnelofthecompany√Applicable□N/A
| Name | Position | Situationofchange | Reasonsofchange |
| ZhangDeqin | Chairman,director | Election | Electedbytheshareholders'meetingandtheboardofdirectors.Fordetails,pleaserefertothe"ResolutionAnnouncementofthe2023AnnualShareholders'MeetingofKweichowMoutai"(AnnouncementNo.:Lin2024-015)disclosedonMay30,2024,andthe"ResolutionAnnouncementoftheSixthMeetingoftheFourthBoardofDirectorsofKweichowMoutaiin2024(No.2)"(AnnouncementNo.:Lin2024-016)disclosedonMay30,2024. |
| WeiFang | Employeedirector | Election | Electedbyemployeerepresentatives.Fordetails,pleaserefertothe"AnnouncementontheElectionResultsofEmployee |
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DirectorsofKweichowMoutai"(AnnouncementNo.:Lin2024-027)disclosedonOctober22,2024.
| DirectorsofKweichowMoutai"(AnnouncementNo.:Lin2024-027)disclosedonOctober22,2024. | |||
| ZhengShangxun | Supervisor | Election | Electedbytheshareholders'meeting.Fordetails,pleaserefertothe"ResolutionAnnouncementoftheFirstExtraordinaryShareholders'MeetingofKweichowMoutaiin2024"(AnnouncementNo.:Lin2024-036)disclosedonNovember28,2024. |
| XiangPing | DeputyGeneralManager | Currentlyhired | Appointedbytheboardofdirectors.Fordetails,pleaserefertothe"ResolutionAnnouncementoftheTenthMeetingoftheFourthBoardofDirectorsofKweichowMoutaiin2024"(AnnouncementNo.:Lin2024-022)disclosedonAugust17,2024. |
| ZhangXu | DeputyGeneralManage | Currentlyhired | Appointedbytheboardofdirectors.Fordetails,pleaserefertothe"ResolutionAnnouncementoftheTenthMeetingoftheFourthBoardofDirectorsofKweichowMoutaiin2024"(AnnouncementNo.:Lin2024-022)disclosedonAugust17,2024. |
| DingXiongjun | Chairman,director | Off-office. | Resignation.Fordetails,pleaserefertothe"AnnouncementontheResignationoftheChairmanofKweichowMoutai"(AnnouncementNo.:Lin2024-011)disclosedonMay1,2024. |
| XieQinqing | Employeedirector | Off-office. | Departure.Fordetails,pleaserefertothe"AnnouncementontheElectionResultsofEmployeeDirectorsofKweichowMoutai"(AnnouncementNo.:Lin2024-027)disclosedonOctober22,2024. |
| LiQiangqing | Supervisor | Off-office. | Departure.Fordetails,pleaserefertothe"ResolutionAnnouncementoftheFirstExtraordinaryShareholders'MeetingofKweichowMoutaiin2024"(AnnouncementNo.:Lin2024-036)disclosedonNovember28,2024. |
| TuHuabin | DeputyGeneralManager | Off-office. | Departure.Fordetails,pleaserefertothe"ResolutionAnnouncementoftheTenthMeetingoftheFourthBoardofDirectorsofKweichowMoutaiin2024"(AnnouncementNo.:Lin2024-022)disclosedonAugust17,2024. |
| WangXiaowei | DeputyGeneralManager | Off-office. | Departure.Fordetails,pleaserefertothe"ResolutionAnnouncementoftheTenthMeetingoftheFourthBoardofDirectorsofKweichowMoutaiin2024"(AnnouncementNo.:Lin2024-022)disclosedonAugust17,2024. |
(V)Explanationofpunishmentbysecuritiesregulatoryagenciesinrecentthreeyears
□Applicable√N/A(VI)Others
□Applicable√N/A
V.Boardmeetingsduringreportingperiod
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Sessionofthemeeting
| Sessionofthemeeting | Dateofconvening | Meetingresolution |
| FirstMeetingoftheFourthBoardofDirectorsin2024 | February28,2024 | Themeetingreviewedandapprovedthe"ProposalonMattersRelatedtotheSystemRenovationProjectoftheChinaSewageTreatmentPlant." |
| SecondMeetingoftheFourthBoardofDirectorsin2024 | March22,2024 | Themeetingreviewedandapprovedthe"ProposalontheReviewofthe'KweichowMoutaiCo.,Ltd.PositionManagementMeasures(Trial)'andOtherMeasures." |
| ThirdMeetingoftheFourthBoardofDirectorsin2024 | April2,2024 | Fordetails,pleaserefertothe"ResolutionAnnouncementoftheThirdMeetingoftheFourthBoardofDirectorsofKweichowMoutaiin2024"(AnnouncementNo.:Lin2024-001)disclosedonApril3,2024. |
| FourthMeetingoftheFourthBoardofDirectorsin2024 | April25,2024 | Fordetails,pleaserefertothe"ResolutionAnnouncementoftheFourthMeetingoftheFourthBoardofDirectorsofKweichowMoutaiin2024"(AnnouncementNo.:Lin2024-006)disclosedonApril27,2024. |
| FifthMeetingoftheFourthBoardofDirectorsin2024 | May7,2024 | Fordetails,pleaserefertothe"ResolutionAnnouncementoftheFifthMeetingoftheFourthBoardofDirectorsofKweichowMoutaiin2024"(AnnouncementNo.:Lin2024-012)disclosedonMay9,2024. |
| SixthMeetingoftheFourthBoardofDirectorsin2024 | May29,2024 | Fordetails,pleaserefertothe"ResolutionAnnouncementoftheSixthMeetingoftheFourthBoardofDirectorsofKweichowMoutaiin2024"(AnnouncementNo.:Lin2024-016)disclosedonMay30,2024. |
| SeventhMeetingoftheFourthBoardofDirectorsin2024 | May30,2024 | Themeetingreviewedandapprovedthe"ProposalontheDrainageNetworkMaintenanceandRenovationProjectoftheMoutaiHeadquarters'LiquorProductionWorkshop(Area1)." |
| EighthMeetingoftheFourthBoardofDirectorsin2024 | June27,2024 | Themeetingreviewedandapprovedthe"ProposalontheFormulationofthe'CompanyStrategicManagementMeasures.'" |
| NinthMeetingoftheFourthBoardofDirectorsin2024 | August7,2024 | Fordetails,pleaserefertothe"ResolutionAnnouncementoftheNinthMeetingoftheFourthBoardofDirectorsofKweichowMoutaiin2024"(AnnouncementNo.:Lin2024-018)disclosedonAugust9,2024. |
| TenthMeetingoftheFourthBoardofDirectorsin2024 | August16,2024 | Fordetails,pleaserefertothe"ResolutionAnnouncementoftheTenthMeetingoftheFourthBoardofDirectorsofKweichowMoutaiin2024"(AnnouncementNo.:Lin2024-022)disclosedonAugust17,2024. |
| EleventhMeetingoftheFourthBoardofDirectorsin2024 | September20,2024 | Fordetails,pleaserefertothe"ResolutionAnnouncementoftheEleventhMeetingoftheFourthBoardofDirectorsofKweichowMoutaiin2024"(AnnouncementNo.:Lin2024-024)disclosedonSeptember21,2024. |
| TwelfthMeetingoftheFourthBoardofDirectorsin2024 | October24,2024 | Fordetails,seethe"AnnouncementontheResolutionofthe12thMeetingoftheFourthBoardofDirectorsofKweichowMoutai2024"disclosedonOctober26,2024(Announcementnumber:Lin2024-028). |
| ThirteenthMeetingoftheFourthBoardofDirectorsin2024 | November07,2024 | Fordetails,seethe"AnnouncementontheResolutionofthe13thMeetingoftheFourthBoardofDirectorsofKweichowMoutaiin2024"disclosedonNovember9,2024(Announcementnumber:2024-031). |
VI.Performanceofdutiesbythedirectors(I)Thedirectorsattendtheboardofdirectorsandthegeneralmeetingofshareholders
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DirectorSurname
andPersonalname
| DirectorSurnameandPersonalname | Whetheranindependentdirector | ParticipationintheBoardofDirectors | JoiningtheShareholders’generalmeeting | |||||
| Numberofboardattendancethisyear | Numberofin-personattendance | Numberofparticipationbycommunication | Numberofcommissionedattendance | Absencenumber | Didnotpersonallyattendthemeetingfortwiceinarow | Numberofattendanceatshareholders’meetings | ||
| ZhangDeqin | No | 8 | 8 | 6 | 0 | 0 | No | 1 |
| WangLi | No | 13 | 13 | 10 | 0 | 0 | No | 2 |
| GuoTianyong | Yes | 13 | 13 | 10 | 0 | 0 | No | 2 |
| ShengLeiming | Yes | 13 | 13 | 10 | 0 | 0 | No | 2 |
| WangXin | Yes | 13 | 13 | 10 | 0 | 0 | No | 2 |
| LiuShizhong | No | 13 | 13 | 8 | 0 | 0 | No | 1 |
| WeiFang | No | 2 | 2 | 2 | 0 | 0 | No | 0 |
| DingXiongjun | No | 4 | 4 | 1 | 0 | 0 | No | 0 |
| XieQinqing | No | 11 | 10 | 6 | 1 | 0 | No | 0 |
Failuretopersonallyattendboardmeetingsfortwoconsecutiveoccasions
□Applicable√N/A
| Numberofboardmeetingsheldwithintheyear | 13 |
| Including:thenumberoflivemeetings | 1 |
| Numberofmeetingsheldbycommunicationmode | 8 |
| Thenumberofmeetingswereheldonsitecombinedwithcommunicationmethods | 4 |
(II)Explanationofdirectors'objectionstocompany-relatedmatters
□Applicable√N/A(III)Others
□Applicable√N/A
VII.SituationofaspecialcommitteeundertheBoardofDirectors
√Applicable□N/A(I)ThemembersofaspecialcommitteeundertheBoardofDirectors
/
SpecialCommitteecategory
| SpecialCommitteecategory | Membername |
| TheAuditcommittee | WangXin,GuoTianyong,ShengLeiming |
| TheNominationcommittee | ShengLeiming,ZhangDeqin,GuoTianyong |
| TheSalaryandAssessmentCommittee | GuoTianyong,WangXin,LiuShizhong |
| TheStrategyCommittee | ZhangDeqin,WangLi,GuoTianyong,ShengLeiming,WangXin,LiuShizhong,WeiFang |
| TheRiskandComplianceManagementCommittee | WangLi,ShengLeiming,WangXin |
(II)Theauditcommitteeheldsixmeetingsduringthereportingperiod
| Dateofconvening | contentofmeeting | Importantcommentsandsuggestions |
| April1,2024 | FirstMeetingoftheFourthAuditCommitteein2024 | Reviewedandapprovedthe"2023AnnualReportonthePerformanceoftheBoardAuditCommittee." |
| April1,2024 | SecondMeetingoftheFourthAuditCommitteein2024 | Reviewedandapprovedthe"2023AnnualReport(FullTextandSummary),""2023AnnualFinancialFinalReport,""2024AnnualFinancialBudgetProposal,""2023AnnualInternalControlEvaluationReport,""ProposalonAppointingFinancialandInternalControlAuditorsfor2024,"and"ProposalonRoutineRelatedPartyTransactions,"andagreedtosubmittherelevantproposalstothecompany'sboardofdirectorsforreviewasrequired. |
| April24,2024 | ThirdMeetingoftheFourthAuditCommitteein2024 | Reviewedandapprovedthe"2024FirstQuarterReport"and"ProposalonRoutineRelatedPartyTransactionsofKweichowMoutaiGroupFinanceCo.,Ltd.,"andagreedtosubmittherelevantproposalstothecompany'sboardofdirectorsforreviewasrequired. |
| August6,2024 | FourthMeetingoftheFourthAuditCommitteein2024 | Reviewedandapprovedthe"2024Semi-AnnualReport"and"2024-2026CashDividendReturnPlan,"andagreedtosubmittherelevantproposalstothecompany'sboardofdirectorsforreviewasrequired. |
| October23,2024 | FifthMeetingoftheFourthAuditCommitteein2024 | Reviewedandapprovedthe"2024ThirdQuarterReport,"andagreedtosubmittherelevantproposaltothecompany'sboardofdirectorsforreviewasrequired. |
| November6,2024 | SixthMeetingoftheFourthAuditCommitteein2024 | Reviewedandapprovedthe"2024InterimProfitDistributionPlan,"andagreedtosubmittherelevantproposaltothecompany'sboardofdirectorsforreviewasrequired. |
(III)Thenominatingcommitteeheldtwomeetingsduringthereportingperiod
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Dateofconvening
| Dateofconvening | contentofmeeting | Importantcommentsandsuggestions |
| May6,2024 | FirstMeetingoftheFourthNominationCommitteein2024 | Reviewedandapprovedthe"ProposalonNominatingDirectorCandidates,"andagreedtosubmittherelevantproposaltothecompany'sboardofdirectorsforreviewasrequired. |
| August15,2024 | SecondMeetingoftheFourthNominationCommitteein2024 | Reviewedandapprovedthe"ProposalonAppointingSeniorManagementPersonnel,"andagreedtosubmittherelevantproposaltothecompany'sboardofdirectorsforreviewasrequired. |
(IV)TheSalaryandAssessmentCommitteeheldthreemeetingsduringthereportingperiod
| Dateofconvening | contentofmeeting | Importantcommentsandsuggestions |
| March21,2024 | FirstMeetingoftheFourthSalaryandAssessmentCommitteein2024 | Reviewedandapprovedthe"ProposalontheReviewofthe'KweichowMoutaiCo.,Ltd.PositionManagementMeasures(Trial)'andOtherMeasures,"andagreedtosubmittherelevantproposalstothecompany'sboardofdirectorsforreviewasrequired. |
| April1,2024 | SecondMeetingoftheFourthSalaryandAssessmentCommitteein2024 | Reviewedandapprovedthe"Proposalonthe'PerformanceEvaluationManagementMeasuresforMembersoftheCompany'sManagementTeam,'"andagreedtosubmittherelevantproposaltothecompany'sboardofdirectorsforreviewasrequired. |
| October23,2024 | ThirdMeetingoftheFourthSalaryandAssessmentCommitteein2024 | Reviewedandapprovedthe"ProposalontheReviewoftheCompany's2023TotalSalaryBudgetExecutionandthe2024TotalSalaryBudgetPlan"andthe"ProposalontheReviewofthe2023AnnualEvaluationResultsandthe2024AnnualPerformanceResponsibilityAgreementfortheCompany'sManagementTeam,"andagreedtosubmittherelevantproposalstothecompany'sboardofdirectorsforreviewasrequired. |
(V)TheStrategyCommitteeheldfourmeetingsduringthereportingperiod
| Dateofconvening | contentofmeeting | Importantcommentsandsuggestions |
| February27,2024 | FirstMeetingoftheFourthStrategyCommitteein2024 | Reviewedandapprovedthe"ProposalonMattersRelatedtotheSystemRenovationProjectoftheChinaSewageTreatmentPlant,"andagreedtosubmittherelevantproposaltothecompany'sboardofdirectorsforreviewasrequired. |
| May29,2024 | SecondMeetingoftheFourthStrategyCommitteein2024 | Reviewedandapprovedthe"ProposalontheDrainageNetworkMaintenanceandRenovationProjectoftheMoutaiHeadquarters'LiquorProductionWorkshop(Area1),"andagreedtosubmittherelevantproposaltothecompany'sboard |
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ofdirectorsforreviewasrequired.
| ofdirectorsforreviewasrequired. | ||
| August6,2024 | ThirdMeetingoftheFourthStrategyCommitteein2024 | Reviewedandapprovedthe"ProposalonAdjustingtheConstructionScaleandTotalInvestmentoftheSauce-flavorLiquorProductionTechnologyRenovationProjectandSupportingFacilities,""ProposalonAdjustingtheInvestmentAmountofthe30,000-tonSauce-flavorLiquorTechnologyRenovationProjectandItsSupportingFacilities,"and"ProposalonInvestingintheConstructionoftheYintanPhaseIISewageTreatmentPlantProject,"andagreedtosubmittherelevantproposalstothecompany'sboardofdirectorsforreviewasrequired. |
| September19,2024 | FourthMeetingoftheFourthStrategyCommitteein2024 | Reviewedandapprovedthe"ProposalonRepurchasingCompanySharesthroughCentralizedBidding,"andagreedtosubmittherelevantproposaltothecompany'sboardofdirectorsforreviewasrequired. |
(VI)Specificcircumstanceswhereobjectionsexist
□Applicable√N/AVIII.ExplanationthattheBoardofSupervisorsfindstherisksoftheCompany
□Applicable√N/ATheBoardofSupervisorshasnoobjectiontothesupervisionmattersduringthereportingperiod.IX.Reportontheemployeesoftheparentcompanyanditsmainsubsidiariesattheendoftheperiod(I)Employeecondition
| Numberofactiveemployeesintheparentcompany | 33,314 |
| Numberofactiveemployeesinthemainsubsidiary | 1,436 |
| Totalnumberofcurrentemployees | 34,750 |
| Thenumberofretiredemployeesoftheparentcompanyanditsmainsubsidiarythatshallbeartheexpenses | 2,310 |
| Professionalcomposition | |
| Professionalcompositioncategory | Numberofmajors |
| operatingpersonnel | 28,900 |
| salesman | 1,239 |
| artisan | 934 |
| financialstaff | 267 |
| clericalstaff | 1,794 |
| otherpersonnel | 1,616 |
| Total | 34,750 |
| Educationalbackground | |
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Educationbackgroundtype
| Educationbackgroundtype | Quantity(person) |
| graduatedegreeorabove | 791 |
| bachelordegree | 12,079 |
| collegedegree | 4,120 |
| technicalsecondaryschool,highschoolandbelow | 17,760 |
| Total | 34,750 |
(II)Compensationpolicy
√Applicable□N/AFirst,seniorexecutivesaresubjecttotheannualsalarysystem,underwhichtheannualsalaryconsistsofthreeparts:
basicannualsalary,performanceannualsalaryandincentiveduringtenure.Inprinciple,theymaynotenjoyotherexpendituresforwages,suchasallowanceandsubsidies;Second,mid-levelmanagersaresubjecttothequasi-annualsalarysystem,underwhichtheremunerationlevelarecomprehensivelydeterminedinaccordancewiththeworknature,responsibilitiesandrights,risks,performancesandotherfactorsofdifferentsystems.Third,generalemployeesaremainlysubjecttothepostperformancesalarysystem,underwhichtheremunerationlevelisdeterminedaccordingtothetechnicalcontent,knowledgecontent,personalability,workperformanceandlaborintensityofdifferentpositions.(III)Trainingplan
√Applicable□N/AThetrainingplanfor2025isprimarilydividedintotwolevels:company-leveltraininganddepartment-leveltraining.Eachleveloftrainingcoversthreemajorcategories:basiccompetencies,professionaltechnicalskills,andspecializedtraining.Company-leveltrainingincludes54programs,whicharedesignedbasedonthecompany'sdevelopmentstrategyandemployees'careerdevelopmentplans.Theseprogramscoverareassuchascorporateculture,legalcompliance,partyanddisciplinaryinspection,strategicmanagement,production,quality,safety,environmentalprotection,andthecultivationofreservetalents.Department-leveltrainingincludes90programs,proposedbyvariousfunctionaldepartmentsandworkshopsaccordingtobusinessandproductionneeds.Functionaldepartmentsmainlyfocusontrainingrelatedtoknowledgeandcompetenciesintheirrespectivebusinessareas,whiletheproductionsystemincludestrainingoncorporateculture,legalregulations,occupationalhealth,productionquality,safety,andenvironmentalprotection.(IV)Laborserviceoutsourcingcondition
√Applicable□N/AIn2024,thetotalcompensationpaidbytheCompanyforlaboroutsourcingwasRMB479million(includingtax).X.Profitdistributionorcapitalreserveconversionplan(I)Theformulation,implementationoradjustmentofthecashdividendpolicies
√Applicable□N/A
1.Inaccordancewiththe"2023ProfitDistributionPlan"approvedatthecompany's2023AnnualShareholders'Meeting,thecompanydistributedcashdividendsofRMB308.76per10shares(taxinclusive)toallshareholders,
basedonthetotalsharecapitalof1,256,197,800sharesattheendof2023.Theprofitdistributionplanwasreviewedandapprovedbythecompany'sindependentdirectors,deliberatedandpassedbytheboardofdirectors,andsubsequentlysubmittedtoandapprovedbytheshareholders'meeting.Duringtheshareholders'meeting,separatevotingwasconductedforminorityshareholders.TheprofitdistributionwascompletedinJune2024.
2.Inaccordancewiththe"2024InterimProfitDistributionPlan"approvedatthecompany'sFirstExtraordinaryShareholders'Meetingof2024,thecompanydistributedcashdividendsofRMB238.82per10shares(taxinclusive)toallshareholders,basedonthetotalsharecapitalof1,256,197,800sharesontheequitydistributionrecorddate.Theplanwasreviewedandapprovedbytheboardofdirectorsandsubsequentlysubmittedtoandapprovedbytheshareholders'meeting.Duringtheshareholders'meeting,separatevotingwasconductedforminorityshareholders.TheprofitdistributionwascompletedinDecember2024.Duringthereportingperiod,thecompany'sprofitdistributioncompliedwiththeprovisionsofthecompany'sArticlesofAssociation.(II)Specialexplanationofthecashdividendpolicy
√Applicable□N/A
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Whetheritcomplieswiththeprovisionsofthearticlesofassociationortheresolutionofthegeneralmeetingofshareholders
| Whetheritcomplieswiththeprovisionsofthearticlesofassociationortheresolutionofthegeneralmeetingofshareholders | √Yes□No |
| Whetherthedividendstandardandproportionareclear | √Yes□No |
| Whethertherelevantdecision-makingproceduresandmechanismsarecomplete | √Yes□No |
| Whethertheindependentdirectorsperformtheirdutiesandplaytheirduerole | √Yes□No |
| Whethernon-controllingshareholdershavetheopportunitytofullyexpresstheiropinionsandappeals,andwhethertheirlegitimaterightsandinterestshavebeenfullyprotected | √Yes□No |
(III)Iftheprofitsaremadeduringthereportingperiodandtheparentcompany’sdistributableprofitsavailabletoshareholdersarepositive,butfailstoputforwardthecashprofitdistributionplan,thecompanyshalldiscloseindetailthereasons,theuseanduseplanoftheretainedearnings
□Applicable√N/A(IV)Profitdistributionandconversionofcapitalreservesintosharecapitalduringthereportingperiod
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Dividendper10shares(RMB)(taxinclusive) | 276.24 |
| Amountofcashdividends(taxincluded) | 34,671,299,522.40 |
| Netprofitattributabletoordinaryshareholdersofthelistedcompanyintheconsolidatedfinancialstatements | 86,228,146,421.62 |
| Percentageofcashdividendamounttonetprofitattributabletoordinaryshareholdersofthelistedcompanyintheconsolidatedfinancialstatements(%) | 40.21 |
(V)CashDividendDistributionintheLastThreeAccountingYears
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
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Cumulativecashdividendamount(taxinclusive)inthelastthreeaccountingyears(1)
| Cumulativecashdividendamount(taxinclusive)inthelastthreeaccountingyears(1) | 187,531,728,815.40 |
| Cumulativeamountofsharerepurchasesandcancellationsinthelastthreeaccountingyears(2) | |
| Totalcumulativeamountofcashdividendsandsharerepurchases/cancellationsinthelastthreeaccountingyears(3)=(1)+(2) | 187,531,728,815.40 |
| Averageannualnetprofitinthelastthreeaccountingyears(4) | 74,559,895,280.83 |
| Cashdividendpayoutratiointhelastthreeaccountingyears(%)(5)=(3)/(4) | 251.52 |
| Netprofitattributabletoordinaryshareholdersofthelistedcompanyintheconsolidatedfinancialstatementsforthemostrecentaccountingyear | 86,228,146,421.62 |
| Undistributedprofitattheendofthemostrecentaccountingyearintheparentcompany'sfinancialstatements | 115,219,987,975.81 |
XI.SituationandimpactoftheCompany’sequityincentiveplan,employeestockownershipplanorotheremployeeincentivemeasures(I)Therelevantincentivemattershavebeendisclosedintheinterimannouncementandthereisnoprogressorchangeinthesubsequentimplementation
□Applicable√N/A(II)IncentivesifnotdisclosedorwithsubsequentprogressintheinterimannouncementEquityincentive
□Applicable√N/AOtherspecifications
□Applicable√N/AEmployeestockownershipplancondition
□Applicable√N/AOtherincentives
□Applicable√N/A(III)Theequityincentivesituationgrantedbythedirectorsandseniormanagersduringthereportingperiod
□Applicable√N/A(IV)Theevaluationmechanismofseniormanagementpersonnelandtheestablishmentandimplementationoftheincentivemechanismduringthereportingperiod
√Applicable□N/A
AccordingtorelevantprovisionsoftheAdministrativeMeasuresfortheRemunerationofthePersonsinChargeoftheEnterprisesSupervisedbyGuizhouProvincialState-ownedAssetsSupervisionandAdministrationCommissionandtheMeasuresforAssessingtheOperatingPerformanceofthePersonsinChargeoftheEnterprisesSupervisedbyGuizhouProvincialState-ownedAssetsSupervisionandAdministrationCommission,andtheAdministrativeMeasuresforthePerformanceAppraisaloftheMembersoftheManagementandtheAdministrativeMeasuresfortheRenumerationoftheMembersoftheManagementoftheCompany,theCompanyhassignedtheLetterofResponsibilityofBusinessPerformancewithseniorexecutives,andcomprehensivelydeterminedtherenumerationofseniorexecutivesincombinationwiththeassessmentindicatorsspecifiedintheletterandthecompletionofperformance.XII.Constructionandimplementationoftheinternalcontrolsystemduringthereportingperiod
√Applicable□N/AAccordingtotheBasicSpecificationofEnterpriseInternalControlanditssupportingguidelinesandotherinternalcontrolregulatoryrequirements,combinedwiththecompany’sinternalcontrolsystemandevaluationmethod,onthebasisofdailysupervisionandspecialsupervision,theboardofdirectorsofthecompanyhasevaluatedtheeffectivenessoftheCompany'sinternalcontrolonDecember31,2024(internalcontrolevaluationreportbasedate).SeetheShanghaiStockExchangewebsitealongwiththisreport(website:www.sse.com.cn)2024InternalControlEvaluationReport.Notestomajordefectsininternalcontrolduringthereportingperiod
□Applicable√N/AXIII.Managementandcontrolofthesubsidiariesduringthereportingperiod
√Applicable□N/AInordertostrengthentheCompany'smanagementoveritssubsidiariesandstandardizeitsdeliberativebodiesandprocedures,theCompanyheldsystemreviewmeetingsfromtimetotime,andpre-reviewedtheArticlesofAssociationandtherulesofprocedureofthe"ThreeBoards"ofitssubsidiariesinaccordancewiththeprinciplesoflegality,applicability,timelinessandproblem-orientedimprovementofmanagement,andstudiedanddiscussedtheoverallframework,dutiesandpowersandspecificscopeofdiscussionoftheArticlesofAssociationandtherulesofprocedureofthe"ThreeBoards".ByreviewingtheArticlesofAssociationandtherulesofprocedureofthe"ThreeBoards"ofsubsidiaries,theCompanystrengtheneditsrestrictionandsupervisionoverthepoweroperationofthesubsidiary'sleadinggroups,improvedworkefficiencyandworklevel,andpromotedthelegalization,institutionalizationandscientificdecision-makingofthedeliberativeinstitutions.XIV.Relevantinformationdescriptionoftheinternalcontrolauditreport
√Applicable□N/APleaserefertothe2024AnnualInternalControlAuditReportoftheCompanydisclosedtogetherwiththereportonthewebsiteofShanghaiStockExchange(website:www.sse.com.cn)fordetails.Whethertheinternalcontrolauditreporthasbeendisclosedornot:YesTypesofopinionsininternalcontrolauditreports:standardandunqualifiedXV.Rectificationofself-inspectionproblemsinthespecialactionofgovernanceoflistedcompanies
AccordingtotherequirementsoftheAnnouncementoftheChinaSecuritiesRegulatoryCommissiononLaunchingSpecialActionsonCorporateGovernanceofListedCompaniesandtheCircularoftheSecuritiesRegulatoryBureauofGuizhouProvinceonMattersconcerningGovernanceSelf-inspectionofListedCompanies,theCompanyearnestlycarriedoutthespecialself-inspectionworkofgovernanceagainstthespecialself-inspectionlistforlistedcompanies.Inviewoftheproblemsfoundintheself-inspection,theCompanyattachedgreatimportancetosuchproblemsandseriouslymaderectifications.Asoftheendofthereportingperiod,therearestilltwoproblems:first,thecontrollingshareholdersfailedtofulfillthecommitmenttoimplementtheequityincentiveplan;second,oneseniorexecutiveofthecompanyholdsaconcurrentpositionatthecontrollingshareholder.XVI.Others
□Applicable√N/A
SectionVEnvironmentandSocialResponsibility
I.Environmentalinformationsituation
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Whetherrelevantmechanismsforenvironmentalprotectionareestablished
| Whetherrelevantmechanismsforenvironmentalprotectionareestablished | Yes |
| Environmentalprotectionfundsinvestedduringthereportingperiod(Unit:RMB'0,000) | 30,158 |
(I)Environmentalinformationofthecompanyanditsmajorsubsidiariesthatarekeyemissionunitsannouncedbytheenvironmentalprotectionauthorities
√Applicable□N/A
1.Emissioninformation
√Applicable□N/A
(1)Mainpollutants:wastewater,wastegasandsolidwaste.
(2)Namesofparticularpollutants:COD,ammonianitrogen,totalphosphorus,totalnitrogen,sulfurdioxide,nitrogenoxides,smoke(dust).
(3)Dischargeofpollutantsin2024:
①WastewaterThecompanyhasatotalof5sewagetreatmentplants,eachsewagetreatmentplantsetsupadischargeoutlet,distributedinthecompany'soldfactoryandChinaarea,andYixingLiquorBranchDadiproductionarea,Xinzhaiproductionarea,Erheproductionarea,thedischargemethodisdirectdischargeafterthewastewatertreatmenthasreachedthestandards.
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SewagetreatmentplantName
| SewagetreatmentplantName | COD | Ammonia-nitrogen | Totalphosphorus | Totalnitrogen | Executivestandards | |||||
| MeanEmissionconcentration | Totalamountofdischarge | Meanemissionconcentration | TotalAmountofdischarge | Meanemissionconcentration | Totalamountofdischarge | Meanemissionconcentration | TotalAmountofdischarge | |||
| HeadquartersOfMoutai | 7000t/dSewagetreatmentplant | 15.830 | 14.858 | 0.160 | 0.144 | 0.058 | 0.055 | 2.110 | 1.987 | DischargeStandardofWaterPollutantsforFermentationAlcoholandDistilledSpiritsIndustry(GB27631-2011)Table3StandardsforDirectDischarge |
| 4000t/dSewageTreatmentplant | 14.930 | 4.955 | 0.450 | 0.161 | 0.040 | 0.012 | 4.570 | 1.627 | ||
| HeyixiNgLiquorBranch | XinzhaiSewageTreatmentPlant | 27.140 | 15.254 | 0.377 | 0.206 | 0.080 | 0.040 | 4.287 | 2.584 | |
| DadiSewageTreatmentPlant | 24.493 | 5.193 | 0.177 | 0.026 | 0.057 | 0.011 | 4.860 | 1.094 | ||
| ErheSewageTreatmentPlant | 20.201 | 6.737 | 0.124 | 0.042 | 0.078 | 0.026 | 7.231 | 2.412 | Thefirst-levelAstandardstipulatedinthe"PollutantDischargeStandardforUrbanWastewaterTreatmentPlants"(GB18918-2002) | |
②ExhaustgasThecompany’sgasboilersarelocatedintheoldfactoryandZhonghuaareaofthecompany’sheadquarters,andintheDadiarea,XinzhaiareaandErheareaofHeyixingLiquorBranch.Thecompany’sgasboilersusenaturalgasastheenergysource,withdirectemissionsofboilerexhaust.
| Emissionofgasboilers | |||||||
| Region | Sulfurdioxide | Oxynitride | Smoke(dust) | Executivestandards | |||
| Meanemissionconcentration(Mg/m3) | DischargeAmount(ton) | Meanemissionconcentration(Mg/m3) | Dischargeamount(ton) | Meanemissionconcentration(Mg/m3) | Dischargeamount(ton) | ||
| HeadquartersofMoutai(OldareaandZhonghuaArea) | 3.580 | 2.603 | 56.71 | 51.578 | 3.450 | 2.321 | Table2ofEmissionStandardsforAirPollutantsfrom |
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Boiler(GB13271-
2014)
| HeyixingLiquorBranch | XinzhaiArea | 3.000 | 0.985 | 36.649 | 9.950 | 4.748 | 1.335 | Boiler(GB13271-2014) |
| DadiArea | 3.000 | 0.299 | 48.417 | 5.103 | 5.160 | 0.636 | ||
| ErheArea | 3.000 | 0.258 | 56.314 | 4.812 | 3.983 | 0.345 |
③SolidwastetreatmentTheCompanyhandsoverthesolidwasteincludingdistiller'sgrains,wastepitmudandwastewheatgrasstoKweichowMoutai(Group)CircularEconomyIndustrialInvestmentandDevelopmentCo.，Ltd.forcomprehensiveutilizationanddisposal,entrustsathird-partycompanytotransportthedomesticgarbagetotheincinerationpowerplantandotherunitsforincinerationdisposalandentrustsaqualifiedcompanytodisposeofhazardouswastesinanormalizedway.
(4)PollutantDischargePermitManagementThecompany,inaccordancewiththe"PollutantDischargePermitManagementMeasures"andrelevantrequirements,haslegallyappliedforandobtainedpollutantdischargepermitsforeachzone.Itimplementspost-permitmanagement,regularlysubmitsexecutionreportsdetailingdischargeconditions,monitoringdata,andpollutionpreventionmeasures,andmaintainsenvironmentalmanagementrecordstologdischargedata,facilityoperations,andmonitoringresults.In2024,thecompany'sactualtotalpollutantemissionswerebelowthepermittedlimits,andthedischargescompliedwithlegalandregulatoryrequirements.
2.Constructionandoperationofpollutionpreventionfacilities
√Applicable□N/AThecompany'spollutionpreventionfacilitiesprimarilyincludewastewaterandwastegastreatmentfacilities,allofwhichareoperatingnormally.In2024,thecompanyimplementedpipelinenetworkrenovationstofurtherimprovesewagecollectioninfrastructure.Additionally,thecompanycarriedoutupgradesandenhancementstoitswastewaterpollutioncontrolfacilities,layingthegroundworkforfurtherreducingpollutantemissionsandensuringthestableoperationofthesewagetreatmentplantduringpeakperiods.Thewastegaspollutionpreventionfacilitieshavebeenoperatingsmoothlyandeffectively,withpollutantemissionsconsistentlybetterthanstandardlimits.
3.EnvironmentalImpactAssessmentofConstructionProjectsandOtherAdministrativePermitsforEnvironmentalProtection
√Applicable□N/A
(1)TheheadquartersofKweichowMoutaiCO.,LTD.completedtheenvironmentalimpactassessmentproceduresforfiveprojects:theMoutaiLiquor"14thFive-YearPlan"technologicaltransformationandconstructionproject,theMoutaiLiquorrawandauxiliarymaterialsreservewarehouse,the60,000-tonblendingcenterandhazardous/ordinarycargoparkinglotinZhonghua,thenewhazardouswastestoragefacility,andthedrainagenetworkmaintenanceandrenovationprojectfortheliquorproductionworkshop(Area1)attheMoutaiheadquarters.HeyixingLiquorBranchobtainedtheenvironmentalimpactassessmentapprovalfortheGanzipingSewageTreatmentPlantproject.
(2)TheheadquartersofKweichowMoutaiCO.,LTD.completedtheenvironmentalprotectionacceptanceforthreeprojects:
thesupportingfacilitiesconstructionprojectforlow-alcoholsauce-flavorliquor,thefirstphaseofthetechnologicaltransformationprojectforliquorproductionandsupportingfacilitiesintheoldfactoryareaandZhonghuaarea,andthepurewaterproductionworkshopoftheMoutaiLiquor"12thFive-YearPlan"expansionandtechnologicaltransformationproject.HeyixingLiquorBranchcompletedtheenvironmentalprotectionacceptancefortwoprojects:theGanzipingandDadi"9to7"transformationprojects.
4.Emergencyresponseplanforenvironmentalemergencies
√Applicable□N/AInaccordancewiththe"MeasuresfortheFilingandManagementofEmergencyResponsePlansforSuddenEnvironmentalEventsinEnterprisesandInstitutions(Trial)"(Huanfa[2015]No.4)andotherrelevantregulations,boththecompanyheadquartersandHeyixingLiquorBranchhaveformulatedemergencyresponseplansforsuddenenvironmentaleventsandfiledthemwiththeecologicalandenvironmentalauthorities.Specifically,thecompanyheadquartersconductedanannualemergencydrillforsuddenenvironmentaleventsonJune3,2024,whileHeyixingLiquorBranchorganizedtwosuchdrillsonJuly17andSeptember15,2024,respectively.Theseexerciseshaveeffectivelyenhancedemployees'awarenessofenvironmentalriskpreventionandtheircapabilitiesinemergencyresponse.
5.Self-monitoringenvironmentalprogram
√Applicable□N/AInaccordancewiththerequirementsofthe"MeasuresforEnvironmentalInformationDisclosureofEnterprisesandInstitutions"(OrderNo.31oftheMinistryofEnvironmentalProtection)andthe"GeneralGuidelinesforSelfmonitoringTechnologyofPollutingUnits"(HJ819-2017),theCompanyhasdevelopedaselfmonitoringplantograsptheemissionstatusofpollutantsfromitsownenterpriseanditsimpactonthequalityofthesurroundingenvironment,fulfillitslegalobligationsandsocialresponsibilities,andensurethatselfmonitoringmeetsenvironmentalmanagementrequirements.
6.Administrativepenaltiesforenvironmentalissuesduringthereportingperiod
□Applicable√N/A
7.Otherenvironmentalinformationthatshouldbemadepublic
□Applicable√N/A(II)Environmentalinformationofthecompanyotherthankeyemissionunits
□Applicable√N/A(III)Relevantinformationconducivetoecologicalprotection,pollutionpreventionandcontrol,andenvironmentalresponsibilityfulfillment
√Applicable□N/AGuidedbyXiJinpingThoughtonSocialismwithChineseCharacteristicsforaNewEra,thecompanyhasbeendeeplyimplementingXiJinping'sthoughtonecologicalcivilization,activelypracticingtheconceptof"ClearWatersandGreenMountainsasGoodasMountainsofGoldandSilver",andadheringtothetwobottomlinesof
developmentandecology,andcenteringontheoverallrequirementsofecologicalpriorityandgreendevelopment,andfocusingontheoverarchinggoalof"onebase,onebenchmark,"thecompanyhasdeeplyadvancedvariousinitiatives,includingtheconstructionofthe"TwoMountains"baseandthemanagementof"DualCarbon"goals.Asaresult,thecompanyhasearnedthetitlesofnationalandprovincial"GreenFactory,"anditsESGratinghasrisentoBBBlevel.
(1)StrengthenTop-LevelDesign:Buildanecologicalandenvironmentalgreendevelopmentsystem,establisha"regulatorymap"fortheecologicalandenvironmentalfield,andsetupanecologicaldevelopmentindexevaluationsystemtocontinuouslyimprovethecompany'sgreendevelopmentlevel.
(2)DeepenPollutionPreventionandControl:Systematicallyadvancetherenovationoffactorypipelinesandtheupgradingofsewagetreatmentfacilities,strengthenthewhole-processmanagementofwaterresourcesfrom"extraction,supply,use,todischarge,"andcreateawaterbalancemapforthecompany.Promotethereuseofreclaimedwaterandthecollectionofinitialrainwater,andenhancetheoperationalmanagementofsewagetreatmentplants.Conductin-depthresearchonadvancednitrogenremovalexperimentsforproductionwastewater,analyzekeypollutantsinsauce-flavorwastewater,anddevelopprocesstechnologiestoenhancetechnicalcapabilities,masterkeycoretechnologies,andlaythefoundationforimprovedpollutantmanagement.
(3)OptimizeSupervisionandManagement:Followingtheapproachof"onlinemonitoring+self-monitoring+hierarchicalmonitoring,"buildmonitoringstationsatkeypointssuchassewagetreatmentplantoutlets,boilerfluegasoutlets,andfactorystormwateroutlets.Additionally,establishafieldscientificobservationandresearchstationintheChishuiRiverBasin,systematicallyconstructinganintegrated"sky-ground"ecosystemmonitoringnetworkandacomprehensiveenvironmentalmonitoringdatamanagementplatform.
(4)PromoteEcologicalGreening:Collaboratewithtopdomesticdesignunitstoconductoverallecologicalplanningforthefactoryarea.ActivelycarryoutsurveysonplantdiversityandtheconstructionofplantecosystemsintheMoutaifactoryarea,vigorouslyimplementecologicalrestoration,andstrivetoimprovetheregionalenvironment.(IV)Measurestakentoreduceitscarbonemissionsduringthereportingperiodandtheireffects
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Whetheranycarbonreductionmeasureistaken
| Whetheranycarbonreductionmeasureistaken | Yes |
| Carbondioxideequivalentsofreducedemission(unit:ton) | 65,231.24 |
| Typesofcarbonreductionmeasures(suchasusingcleanenergytoforpowergeneration,usingcarbonreductiontechnologyintheproductionprocess,developingandproducingnewproductsthatsupportcarbonreduction,etc.) | In2024,thecompanyactivelyexploreddistillationwasteheatrecoverytechnologyandadvancedpilotprojects.Italsovigorouslypromotedenergystructureoptimization,signingaframeworkagreementfortheprocurementof100millionkilowatt-hoursofgreenelectricityfortheyear,fullycoveringtheplant'selectricityconsumptionandachieving100%greenelectricityusage. |
Specificdescription
□Applicable√N/AII.SocialResponsibilityWork(I)Whetherthereisanysocialresponsibilityreport,sustainabledevelopmentreportorESGreportdisclosedseparately
√Applicable□N/AFordetails,pleaserefertoour“SocialResponsibilityandESGReport2024”disclosedonthewebsiteofShanghaiStockExchange(URL:www.sse.com.cn)atthesametimeasthisreport.(II)Specificinformationonsocialresponsibilities
□Applicable√N/ASpecificdescription
□Applicable√N/AIII.Specificworkonconsolidatingandexpandingtheprogressinpovertyalleviationandruralrevitalization
√Applicable□N/AFordetails,pleaserefertoour“SocialResponsibilityandESGReport2024”disclosedonthewebsiteofShanghaiStockExchange(URL:www.sse.com.cn)atthesametimeasthisreport.Specificdescription
□Applicable√N/A
SectionVISignificantEventsI.UndertakingsofCommitmentFulfillment(I)UndertakingsoftheCompany’sactualcontroller,shareholders,relatedpartiesandacquirers,aswellastheCompanyandothercommitmentmakersfulfilledinthereportingperiodorongoingbytheendofthisreportingperiod
√Applicable□N/A
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Backgroundofcommitments
| Backgroundofcommitments | CommitmentType | Partymakingcommitment | CommitmentContent | CommitmentTime | Whetherthereisadeadlineforperformance | CommitmentTimelimit | Whethertimelyandstrictperformance | SpecificReasonsforanyfailureintimelyperformance | Nextplanforanyfailureintimelyperformance |
| Commitmentsrelatedtosharereform | Others | ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | Equityincentivecommitment:Afterthecompletionofsplit-sharereform,theCompanywill | Yes | BeforetheendofDecember2017,theCompanypromot | No | Superiorauthoritieshavenotissuedrelevantguidingopinionsandspecificmeasures. |
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formulateequityincentivemeasuresforthemanagementandcoretechnicalteamsaccordingtorelevantnationalpoliciesandregulations.
| formulateequityincentivemeasuresforthemanagementandcoretechnicalteamsaccordingtorelevantnationalpoliciesandregulations. | edtheformulationofequityincentivesmeasuresforthemanagementandcoretechnicalteamsoftheCompany. |
(II)Ifthereisaprofitforecastforthecompany’sassetsorprojects,andthereportingperiodisstillintheprofitforecastperiod,thecompanyprovidesanexplanationonwhethertheassetsorprojectsmeettheoriginalprofitforecastanditsreasons
□Havemet□Havenotmet√N/A(III)Thecompletionofperformancecommitmentsandtheirimpactonthegoodwillimpairmenttest
□Applicable√N/AII.Non-operatingappropriationoffundsbycontrollingshareholdersandotherrelatedpartiesduringthereportingperiod
□Applicable√N/AIII.Non-compliancewithguarantees
□Applicable√N/AIV.Explanationoftheboardofdirectorsregardingthe“Non-standardauditopinion”bytheCPAfirm
□Applicable√N/AV.Analysisofthereasonsforandeffectsofchangesinaccountingpolicies,accountingestimatesorcorrectionsofsignificantaccountingerrorsbytheCompany
(I)Analysisofthereasonsforandeffectsofchangesinaccountingpoliciesandaccountingestimates
□Applicable√N/A(II)AnalysisofthereasonsforandeffectsofcorrectionsofsignificantaccountingerrorsbytheCompany
□Applicable√N/A(III)CommunicationwiththepreviousCPAfirm
□Applicable√N/A(IV)Proceduresforexaminationandapprovalandotherdescriptions
□Applicable√N/AVI.EngagementanddisengagementofCPAfirms
MonetaryUnit:RMB'0,000Currency:RMB
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FormerlyCPA
| FormerlyCPA | CurrentlyCPA | |
| NameofthedomesticCPAfirm | BakerTillyChinaCPAs | Pan-ChinaCertifiedPublicAccountants(SpecialGeneralPartnership) |
| RemunerationofthedomesticCPAfirm | 120 | 125 |
| YearsofauditbythedomesticCPAfirm | 6 | 1 |
| NamesofCertifiedPublicAccountants(CPAs)atDomesticAccountingFirms | / | LiQinglongLiangZhengyongZengZhi |
| Accumulatedworkingyearsofthecertifiedpublicaccountantofadomesticaccountingfirm | / | 1 |
| NameoftheOverseasCPAFirm | ||
| RemunerationoftheOverseasCPAfirm | ||
| YearsofauditbytheOverseasCPAfirm |
Name
| Name | Remuneration | |
| InternalcontrolauditCPAfirm | Pan-ChinaCertifiedPublicAccountants(SpecialGeneralPartnership) | 41 |
NoteontheengagementanddisengagementofCPAfirms
√Applicable□N/AAsBakerTillyChinaCPAshasprovidedauditservicesforthecompanyformanyconsecutiveyears,thecompanyhasundergoneacomprehensiveandprudentevaluationinaccordancewiththerelevantrequirementsoftheManagementMeasuresforTheSelectionofAccountingFirmsbyState-ownedEnterprisesandListedCompaniesandotherrelevantprovisionsoftheCompanyLaw,SecuritiesLaw,ArticlesofAssociationandotherrelevantprovisions.Aftertheapprovalofthecompany's2023annualGeneralMeetingofshareholders,thecompanyemploysTianjianAccountingFirm(specialgeneralpartnership)asthecompany's2024financialauditinstitutionandinternalcontrolauditinstitution.Thefinancialauditfeein2024is1.25millionyuan,andtheinternalcontrolauditfeeis410,000yuan.NoteonreappointingtheCPAfirmduringtheaudit
□Applicable√N/ADescriptionofthedecreaseinauditfeebyover20%(excluding)comparedwiththatintheprioryear
□Applicable√N/AVII.Casesfacingtheriskofdelisting(I)Reasonsofdelistingriskwarnings
□Applicable√N/A(II)MeasurestobetakenbytheCompanyinresponse
□Applicable√N/A(III)Circumstancesandreasonsforfacingterminationoflisting
□Applicable√N/AVIII.Mattersrelatedtobankruptcyrestructuring
□Applicable√N/AIX.Significantlitigationandarbitrationmatters
□Thecompanyhassignificantlitigationandarbitrationmattersduringtheyear
√ThecompanyhasnosignificantlitigationandarbitrationmattersduringtheyearX.Thelistedcompanyanditsdirectors,supervisors,seniormanagement,controllingshareholdersandactualcontrollersaresuspectedofviolatingthelaw,beingpunishedandtheirrectification
□Applicable√N/AXI.DescriptionoftheintegrityoftheCompanyanditscontrollingshareholdersandactualcontrollersduringthereportingperiod
√Applicable□N/ATheintegrityoftheCompanyanditscontrollingshareholdersduringthereportingperiodisgood.XII.Significantrelatedpartytransactions(I)Relatedpartytransactionsrelatedtodailyoperations
1.Mattersthathavebeendisclosedintheinterimannouncementwithnoprogressorchangesinsubsequentimplementation
□Applicable√N/A
2.Mattersthathavebeendisclosedintheinterimannouncementwithprogressorchangesinsubsequentimplementation
□Applicable√N/A
3.Mattersnotdisclosedintheinterimannouncement
√Applicable□N/A
(1)RelatedpartytransactionswiththesamerelatedpartyasthoseconsideredandapprovedbytheBoardofDirectors
MonetaryUnit:YuanCurrency:RMB
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Nameofrelatedparties
| Nameofrelatedparties | Relationship | TypeofRelatedpartytransactions | ContentofRelatedpartytransactions | PricingPrinciplesforRelatedpartytransactions | Connectedtransactionprice | AmountofRelatedpartytransactions | Proportionoftheamountofsimilartransactions(%) | SettlementofRelatedpartytransactions | MarketPrice | ReasonsforlargeDifferencesbetweentransactionPricesAndmarketreferenceprices |
| KweichowMoutaiDistillery(Group)LogisticsCo.,Ltd. | Subsidiaryoftheparentcompany | Receivingservices | Freighttransportationservices | Basedonindependentthird-partytransactionprices | 242,909,426.03 | 67.15 | Cashpayment | |||
| ZhuhaiSpecialEconomicZoneLongshiBottleCapCo.,Ltd. | Other | Purchasinggoods | Purchasinggoods | Sameasthesupplypricesofothernon-relatedsuppliers | 392,724,190.99 | 10.05 | Cashpayment | |||
| RenhuaiShenrenPackagingPrintingCo.,Ltd. | Other | Purchasinggoods | Purchasinggoods | Sameasthesupplypricesofothernon-relatedsuppliers | 311,692,891.52 | 7.98 | Cashpayment | |||
| GuizhouMoutaiDistillery(Group)GuidingJingqiGlassProductsCo.,Ltd. | Other | Purchasinggoods | Purchasinggoods | Sameasthesupplypricesofothernon-relatedsuppliers | 131,577,569.97 | 3.37 | Cashpayment | |||
| KweichowMoutai(Group)CircularEconomyIndustrialInvestmentandDevelopmentCo.，Ltd. | Wholly-ownedsubsidiaryoftheparentcompany | Purchasinggoods | Purchasinggoods | Contractprice | 131,280,975.00 | 100 | Cashpayment | |||
| KweichowMoutaiLogisticsParkGrainStorageCo.,Ltd. | Other | Purchasinggoods | Purchasinggoods | Sameasthesupplypricesofothernon-relatedsuppliers | 159,164,224.07 | 2.95 | Cashpayment | |||
| KweichowMoutaiDistillery(Group)Hongyingzi | Subsidiaryoftheparentcompany | Purchasinggoods | Purchasinggoods | Sameasthesupplypricesof | 91,571,319.20 | 1.69 | Cashpayment |
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AgriculturalTechnologyCo.,Ltd.
| AgriculturalTechnologyCo.,Ltd. | othernon-relatedsuppliers | |||||||
| GuizhouXinhuaXiGlassCo.,Ltd. | Other | Purchasinggoods | Purchasinggoods | Sameasthesupplypricesofothernon-relatedsuppliers | 50,723,017.23 | 1.3 | Cashpayment | |
| GuizhouFumingPackagingCo.Ltd | Other | Purchasinggoods | Purchasinggoods | Sameasthesupplypricesofothernon-relatedsuppliers | 38,389,121.95 | 0.98 | Cashpayment | |
| ChinaKweichowMoutaiDistillery(Group)CulturalTourismCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany | Purchasinggoods | Purchasinggoods | Contractprice | 25,126,546.60 | 0.64 | Cashpayment | |
| KeichowMoutaiWinery（Group）HealthWineCo,.Ltd. | Other | Purchasinggoods | Purchasinggoods | Sameasthesalespricestodistributors | 10,733,800.07 | 7.21 | Cashpayment | |
| ChangLiMoutaiWineTradeCo.,Ltd. | Other | Purchasinggoods | Purchasinggoods | Sameasthesalespricestodistributors | 2,656,035.40 | 1.78 | Cashpayment | |
| KweichowMoutaiEcologicalAgricultureSalesCo.,Ltd. | Other | Purchasinggoods | Purchasinggoods | Sameasthesalespricestodistributors | 885,111.50 | 0.59 | Cashpayment | |
| KweichowMoutaiHospital | Other | Purchasinggoods | Purchasinggoods | Contractprice | 506,056.46 | 79.09 | Cashpayment | |
| KeichowMoutaiWinery（Group）HealthWineCo,.Ltd. | Wholly-ownedsubsidiaryoftheparentcompany | Receivingservices | Servicefees | Contractprice | 364,282,785.91 | 31.67 | Cashpayment | |
| KweichowMoutaiHospital | Other | Receivingservices | Servicefees | Contractprice | 109,786,470.85 | 9.54 | Cashpayment | |
| ChinaKweichowMoutaiDistillery(Group)CulturalTourismCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany | Receivingservices | Servicefees | Contractprice | 109,560,813.31 | 9.52 | Cashpayment | |
| HotelManagementCompanyOfMoutaiGroup | Wholly-ownedsubsidiaryoftheparentcompany | Receivingservices | Servicefees | Contractprice | 99,918,709.05 | 8.69 | Cashpayment | |
| KweichowMoutai(Group)InternationalTravelServiceCo.,Ltd. | Other | Receivingservices | Servicefees | Contractprice | 81,664,884.30 | 7.1 | Cashpayment | |
| XunfengTechnology(Guizhou)Co.,Ltd. | Other | Receivingservices | Servicefees | Contractprice | 54,026,057.50 | 4.7 | Cashpayment | |
| KweichowMoutaiDistillery(Group)LogisticsCo.,Ltd. | Subsidiaryoftheparentcompany | Receivingservices | Servicefees | Contractprice | 10,904,482.09 | 0.95 | Cashpayment | |
| KweichowMoutai(Group)Circular | Wholly-ownedsubsidiaryofthe | Receivingservices | Servicefees | Contractprice | 5,905,719.20 | 0.51 | Cashpayment |
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EconomyIndustrialInvestmentandDevelopmentCo.，Ltd.
| EconomyIndustrialInvestmentandDevelopmentCo.，Ltd. | parentcompany | |||||||
| MAOTAIAIRPORT | Subsidiaryoftheparentcompany | Receivingservices | Servicefees | Contractprice | 1,525,726.08 | 0.13 | Cashpayment | |
| KweichowMoutaiDistillery(Group)TechnologyDevelopmentCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany | Receivingservices | Servicefees | Contractprice | 1,509,433.96 | 0.13 | Cashpayment | |
| GuizhouShuanglongFeitianSupplyChainManagementCo.,Ltd. | Other | Receivingservices | Servicefees | Contractprice | 479,838.72 | 0.0417 | Cashpayment | |
| MoutaiInstitute | Other | Receivingservices | Servicefees | Contractprice | 344,528.30 | 0.03 | Cashpayment | |
| BeijingMoutaiTradingCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany | Receivingservices | Servicefees | Contractprice | 207,547.17 | 0.018 | Cashpayment | |
| GuizhouMoutaiDistillery(Group)GuiyangHigh-techRealEstateInvestmentDevelopmentCo.,Ltd. | Other | Receivingservices | Servicefees | Contractprice | 125,946.26 | 0.0109 | Cashpayment | |
| KweichowMoutaiDistillery(Group)RealEstateInvestmentDevelopmentCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany | Receivingservices | Servicefees | Contractprice | 54,622.64 | 0.0047 | Cashpayment | |
| KweichowMoutaiDistillery(Group)SanyaInvestmentIndustryCo.,Ltd. | Other | Receivingservices | Servicefees | Contractprice | 23,369.81 | 0.002 | Cashpayment | |
| KweichowMoutaiLogisticsParkGrainStorageCo.,Ltd. | Other | Receivingservices | Managementfees | Contractprice | 63,756,467.40 | 5.54 | Cashpayment | |
| HotelManagementCompanyOfMoutaiGroup | Wholly-ownedsubsidiaryoftheparentcompany | Receivingservices | Managementfees | Contractprice | 4,188,647.80 | 0.36 | Cashpayment | |
| HuaguiLifeInsuranceCo.,Ltd | Subsidiaryoftheparentcompany | Buyinsurance | Buyinsurance | Contractprice | 29,250,803.45 | 97.70 | Cashpayment | |
| GuizhouMoutaiDistillery(Group)GuiyangHigh-techRealEstateInvestmentDevelopmentCo.,Ltd. | Other | Utilities(purchase) | Watersupplyservices | Contractprice | 55,500.83 | 0.72 | Cashpayment | |
| KweichowMoutaiDistillery(Group)LogisticsCo.,Ltd. | Subsidiaryoftheparentcompany | Leasing | Leasingfees | Contractprice | 40,032,740.30 | 30.26 | Cashpayment | |
| ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | Parentcompany | Leasing | Leasingfees | Contractprice | 26,960,718.02 | 20.38 | Cashpayment | |
| GuizhouMoutaiDistillery(Group)GuiyangHigh-techRealEstateInvestmentDevelopmentCo.,Ltd. | Other | Leasing | Leasingfees | Contractprice | 4,146,833.70 | 3.13 | Cashpayment |
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KweichowMoutai（Group）CircularEconomyIndustrialInvestmentandDevelopmentCo.，Ltd.
| KweichowMoutai（Group）CircularEconomyIndustrialInvestmentandDevelopmentCo.，Ltd. | Wholly-ownedsubsidiaryoftheparentcompany | Leasing | Leasingfees | Contractprice | 2,123,159.54 | 1.60 | Cashpayment | |
| GuizhouShuanglongFeitianSupplyChainManagementCo.,Ltd. | Other | Leasing | Leasingfees | Contractprice | 2,700,412.27 | 2.04 | Cashpayment | |
| KweichowMoutaiDistillery(Group)SanyaInvestmentIndustryCo.,Ltd. | Other | Leasing | Leasingfees | Contractprice | 1,466,673.89 | 1.11 | Cashpayment | |
| ShanghaiKweichowMoutaiIndustrialCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany | Leasing | Leasingfees | Contractprice | 144,000.00 | 0.11 | Cashpayment | |
| KweichowMoutaiGroupMarketingCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany | Sellinggoods | Sellinggoods | Sameasthepurchasepricesofothernon-relateddistributors | 6,339,486,387.61 | 3.72 | Cashpayment | |
| ChinaKweichowMoutaiDistillery(Group)CulturalTourismCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany | Sellinggoods | Sellinggoods | Sameasthepurchasepricesofothernon-relateddistributors | 138,837,804.65 | 0.0814 | Cashpayment | |
| XunfengTechnology(Guizhou)Co.,Ltd. | Other | Sellinggoods | Sellinggoods | Sameasthepurchasepricesofothernon-relateddistributors | 32,304,424.78 | 0.0189 | Cashpayment | |
| HotelManagementCompanyOfMoutaiGroup | Wholly-ownedsubsidiaryoftheparentcompany | Sellinggoods | Sellinggoods | Sameasthepurchasepricesofothernon-relateddistributors | 26,785,138.02 | 0.0157 | Cashpayment | |
| ShanghaiKweichowMoutaiIndustrialCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany | Sellinggoods | Sellinggoods | Sameasthepurchasepricesofothernon-relateddistributors | 16,675,614.12 | 0.0098 | Cashpayment | |
| KweichowMoutaiDistillery(Group)SanyaInvestmentIndustryCo.,Ltd. | Other | Sellinggoods | Sellinggoods | Sameasthepurchasepricesofothernon-relateddistributors | 16,249,417.82 | 0.0095 | Cashpayment | |
| BeijingMoutaiTradingCo., | Wholly-owned | Sellinggoods | Sellinggoods | Sameasthe | 13,557,408.83 | 0.0079 | Cashpayment |
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Ltd.
| Ltd. | subsidiaryoftheparentcompany | purchasepricesofothernon-relateddistributors | ||||||
| CHINAGUIZHOUMOUTAIBREWERYTRADING(H.K.)LIMITED | Wholly-ownedsubsidiaryoftheparentcompany | Sellinggoods | Sellinggoods | Sameasthepurchasepricesofothernon-relateddistributors | 6,114,000.00 | 0.0036 | Cashpayment | |
| MAOTAIAIRPORT | Subsidiaryoftheparentcompany | Sellinggoods | Sellinggoods | Sameasthepurchasepricesofothernon-relateddistributors | 2,999,915.04 | 0.0018 | Cashpayment | |
| KweichowMoutai(Group)EcologicalAgricultureIndustryDevelopmentCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany | Sellinggoods | Sellinggoods | Sameasthepurchasepricesofothernon-relateddistributors | 804,488.49 | 0.0005 | Cashpayment | |
| ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | Parentcompany | Sellinggoods | Sellinggoods | Sameasthepurchasepricesofothernon-relateddistributors | 781,492.04 | 0.0005 | Cashpayment | |
| KeichowMoutaiWinery（Group）HealthWineCo,.Ltd. | Wholly-ownedsubsidiaryoftheparentcompany | Sellinggoods | Sellinggoods | Sameasthepurchasepricesofothernon-relateddistributors | 94,088.50 | 0.0001 | Cashpayment | |
| KweichowMoutaiDistillery(Group)LogisticsCo.,Ltd. | Subsidiaryoftheparentcompany | Sellinggoods | Sellinggoods | Sameasthepurchasepricesofothernon-relateddistributors | 16,717.70 | 0.00001 | Cashpayment | |
| ChangLiMoutaiWineTradeCo.,Ltd. | Other | Providingservices | Servicefees | Contractprice | 1,098,530.85 | 66.94 | Cashpayment | |
| KeichowMoutaiWinery（Group）HealthWineCo,.Ltd. | Other | Providingservices | Servicefees | Contractprice | 251,747.96 | 15.34 | Cashpayment | |
| KweichowMoutaiEcologicalAgricultureSalesCo.,Ltd. | Other | Providingservices | Servicefees | Contractprice | 189,869.81 | 11.57 | Cashpayment | |
| ChinaKweichowMoutaiDistillery(Group)CulturalTourismCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany | Providingservices | Servicefees | Contractprice | 95,566.04 | 5.82 | Cashpayment | |
| KWEICHOWMOUTAI | Subsidiaryofthe | Providing | Servicefees | Contractprice | 5,366.04 | 0.33 | Cashpayment |
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DISTILLERYGROUPCHANGLIWINERYCO.,LTD.
| DISTILLERYGROUPCHANGLIWINERYCO.,LTD. | parentcompany | services | ||||||||
| ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | Parentcompany | Leasing | Leasingfees | Contractprice | 328,389.91 | 15.90 | Cashpayment | |||
| HotelManagementCompanyOfMoutaiGroup | Wholly-ownedsubsidiaryoftheparentcompany | Leasing | Leasingfees | Contractprice | 299,009.18 | 14.48 | Cashpayment | |||
| ChangLiMoutaiWineTradeCo.,Ltd. | Other | Leasing | Leasingfees | Contractprice | 201,834.86 | 9.77 | Cashpayment | |||
| KweichowMoutaiDistillery(Group)HealthCareWineIndustrySalesCo.,Ltd. | Other | Leasing | Leasingfees | Contractprice | 51,192.66 | 2.48 | Cashpayment | |||
| Total | / | / | 9,202,315,583.25 | / | / | / | ||||
(2)RelatedtransactionswiththesamerelatedpartydeliberatedandapprovedbythegeneralmeetingofshareholdersTheCompanyusedtheregisteredtrademarkofitsparentcompany,ChinaKweichowMoutaiDistillery(Group)Co.,Ltd.,andtheexpensesfortherighttousetrademarksincurredduringthereportingperiodamountedtoRMB2,466.0522million.
(3)RelatedtransactionswithotherrelatedpartiesTheendingbalanceofthecompany'sdepositinGuzhouBankisRMB16,734.8212million,andtheinterestincomeofthecurrentperiodisRMB599.9803million.KweichowMoutaiGroupFinanceCo.Ltd.,theholdingsubsidiaryofthecompany,redeemedtheprincipalof100.00millionofbondsissuedbyGuizhouBankCo.LTD.,whichwaspurchasedfromtheopenmarket,andrecognizedtheinterestincomeofRMB16.7885millioninthecurrentperiod.Bytheendoftheperiod,theprincipalbalanceofthecreditor'srightsinvestmentisRMB400million,theimpairmentreservebalanceofthebondinvestmentisRMB0.1021million,theaccruedinterestbalanceisRMB
6.1405million,andthebookvalueisRMB406.0384million;ThecompanyentrustsGuizhouBanktocollectandpaythethird-partypaymentchanneltransactionfeeof"iMoutai"digitalmarketingplatformofRMB98.8205million.(II)Affiliatedtransactionsarisingfromtheacquisitionorsaleofassetsorequity
1.Mattersdisclosedintheinterimannouncementbutwithoutprogressorchangeinsubsequentimplementation
□Applicable√N/A
2.Mattersdisclosedintheinterimannouncementbutwithoutprogressorchangeinsubsequentimplementation
□Applicable√N/A
3.Mattersnotdisclosedintheinterimannouncement
□Applicable√N/A
4.Ifperformanceagreementisinvolved,therealizationofperformanceduringthereportingperiodshallbedisclosed
□Applicable√N/A(III)Importantrelatedpartytransactionsjointlyinvested
1.Mattersdisclosedinthetemporaryannouncementwithoutsubsequentprogressorchange
□Applicable√N/A
2.Mattersdisclosedinthetemporaryannouncementwithsubsequentprogressorchange
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
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Item
| Item | Balanceatthebeginningoftheperiod | Investmentamountoftheperiod | Changesinfairvalueoftheperiod | Balanceattheendoftheperiod |
| MoutaiZhaohua(Guizhou)IndustrialDevelopmentFundPartnership(LimitedPartnership) | 2,001,383,129.22 | 7,408,903.33 | 2,008,792,032.55 | |
| MoutaiJinshi(Guizhou)IndustrialDevelopmentFundPartnership(LimitedPartnership) | 2,001,056,773.35 | 19,130,189.66 | 2,020,186,963.01 | |
| Total | 4,002,439,902.57 | 26,539,092.99 | 4,028,978,995.56 |
3.Mattersnotdisclosedinthetemporaryannouncement
□Applicable√N/A(IV)Relateddebttransactions
1.Mattersdisclosedinthetemporaryannouncementwithoutsubsequentprogressorchange
□Applicable√N/A
2.Mattersdisclosedinthetemporaryannouncementwithsubsequentprogressorchange
□Applicable√N/A
3.Mattersnotdisclosedinthetemporaryannouncement
□Applicable√N/A(V)FinancialbusinessbetweentheCompanyandthefinancialcompanywithwhichtheCompanyisassociated,thefinancialcompanyinwhichtheCompanyholdsamajorityofsharesandtherelatedparties
√Applicable□N/A
1.Depositbusiness
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
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Relatedparties
| Relatedparties | Relatedrelationship | MaximumDailydepositlimit | Scopeofdepositinterestrate | Balanceatthebeginningoftheperiod | Amountinthecurrentperiod | Balanceattheendoftheperiod | |
| Totalamountdepositedinthecurrentperiod | Totalamountwithdrawninthecurrentperiod | ||||||
| ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | Parentcompany | 3,472,135,014.73 | 65,049,004,094.36 | 54,041,024,335.38 | 14,480,114,773.71 | ||
| KweichowMoutaiDistillery(Group)TechnologyDevelopmentCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany | 1,855,099,519.88 | 8,847,234,928.42 | 7,552,544,621.42 | 3,149,789,826.88 | ||
| KweichowMoutaiGroupMarketingCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany | 2,328,305,814.53 | 12,120,301,993.23 | 12,748,261,127.44 | 1,700,346,680.32 | ||
| KweichowMoutaiDistillery(Group)RealEstateInvestmentDevelopmentCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany | 497,766,259.78 | 1,326,025,802.84 | 1,288,956,909.20 | 534,835,153.42 | ||
| KweichowMoutai(Group)CircularEconomyIndustrialInvestmentandDevelopmentCo.，Ltd. | Wholly-ownedsubsidiaryoftheparentcompany | 235,417,326.01 | 1,076,584,556.67 | 989,567,483.31 | 322,434,399.37 | ||
| XunfengTechnology(Guizhou)Co.,Ltd. | Other | 251,205,090.43 | 724,207,151.91 | 655,645,596.67 | 319,766,645.67 | ||
| ChangLiMoutaiWineTradeCo.,Ltd. | Other | 319,113,599.89 | 1,539,941,628.55 | 1,607,411,823.54 | 251,643,404.90 | ||
| ChinaKweichowMoutaiDistillery(Group)CulturalTourismCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany | 454,242,451.69 | 2,039,429,187.73 | 2,259,055,298.17 | 234,616,341.25 | ||
| GuizhouMoutaiChunMarketingCo.,Ltd. | Other | 194,045,165.03 | 1,342,997,331.81 | 1,341,796,363.39 | 195,246,133.45 | ||
| KweichowMoutaiEcologicalAgricultureSalesCo.,Ltd. | Other | 221,696,114.23 | 1,180,004,521.64 | 1,212,338,862.28 | 189,361,773.59 | ||
| MAOTAIAIRPORT | Subsidiaryoftheparentcompany | 213,942,105.61 | 618,613,652.06 | 643,535,152.17 | 189,020,605.50 | ||
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BeijingMoutaiTradingCo.,Ltd.
| BeijingMoutaiTradingCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany | 137,108,430.79 | 908,282,058.48 | 881,957,505.71 | 163,432,983.56 | |
| ShanghaiMoutaiTradingCo.,Ltd. | Other | 84,541,299.91 | 597,545,041.67 | 530,941,081.60 | 151,145,259.98 | |
| ShanghaiKweichowMoutaiIndustrialCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany | 97,825,220.90 | 363,223,165.74 | 333,250,285.05 | 127,798,101.59 | |
| GuizhouZunpengLiquorCo.,Ltd. | Other | 341,210,331.52 | 1,111,650,110.51 | 1,329,962,856.29 | 122,897,585.74 | |
| KeichowMoutaiWinery（Group）HealthWineCo,.Ltd. | Other | 126,794,125.52 | 1,980,251,654.79 | 2,001,670,054.51 | 105,375,725.80 | |
| KweichowMoutaiDistillery(Group)HongyingziAgriculturalTechnologyCo.,Ltd. | Subsidiaryoftheparentcompany | 203,644.78 | 405,356,593.45 | 317,515,211.45 | 88,045,026.78 | |
| KeichowMoutaiWinery（Group）HealthWineCo,.Ltd. | Wholly-ownedsubsidiaryoftheparentcompany | 115,136,862.55 | 3,095,534,487.63 | 3,123,603,861.67 | 87,067,488.51 | |
| RenhuaiShenrenPackagingPrintingCo.,Ltd. | Other | 119,132,632.79 | 492,772,384.54 | 543,080,059.27 | 68,824,958.06 | |
| GuizhouMoutaiDistillery(Group)GuiyangHigh-techRealEstateInvestmentDevelopmentCo.,Ltd. | Other | 262,518,538.68 | 195,501,808.86 | 67,016,729.82 | ||
| MoutaiInstitute | Other | 138,956.82 | 738,501,424.43 | 673,105,660.27 | 65,534,720.98 | |
| ZhuhaiSpecialEconomicZoneLongshiBottleCapCo.,Ltd. | Other | 62,185,871.67 | 202,514,457.64 | 201,050,390.76 | 63,649,938.55 | |
| GuizhouZunpengLiquorSalesCo.,Ltd. | Other | 125,806,264.30 | 617,677,898.55 | 682,731,895.18 | 60,752,267.67 | |
| KweichowMoutaiDistillery(Group)LogisticsCo.,Ltd. | Subsidiaryoftheparentcompany | 95,684,837.10 | 558,635,862.74 | 595,469,516.61 | 58,851,183.23 | |
| HotelManagementCompanyOfMoutaiGroup | Wholly-ownedsubsidiaryoftheparentcompany | 78,419,300.97 | 78,819,939.43 | 101,908,523.84 | 55,330,716.56 | |
| GuizhouFumingPackagingCo.Ltd | Other | 24,196,816.45 | 56,081,510.85 | 28,943,698.07 | 51,334,629.23 |
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KweichowMoutai(Group)EcologicalAgricultureIndustryDevelopmentCo.,Ltd.
| KweichowMoutai(Group)EcologicalAgricultureIndustryDevelopmentCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany | 81,095,162.88 | 141,473,282.52 | 187,088,043.54 | 35,480,401.86 | |
| KweichowMoutaiLogisticsParkGrainStorageCo.,Ltd. | Other | 13,253,329.50 | 309,039,632.51 | 292,631,896.74 | 29,661,065.27 | |
| GuizhouXinhuaXiGlassCo.,Ltd. | Other | 9,829,813.16 | 61,698,356.51 | 43,634,680.12 | 27,893,489.55 | |
| GuizhouJiuyuanPropertyCo.,Ltd. | Other | 28,579,282.49 | 60,796,043.71 | 63,159,266.85 | 26,216,059.35 | |
| KweichowMoutai(Group)InternationalTravelServiceCo.,Ltd. | Other | 43,861,618.42 | 144,996,324.47 | 164,225,932.54 | 24,632,010.35 | |
| KweichowMoutaiDistilleryGroupChangliWineryCo.,Ltd. | Subsidiaryoftheparentcompany | 125,766,163.28 | 370,312,210.56 | 473,227,805.65 | 22,850,568.19 | |
| GuizhouMoutaiDistillery(Group)GuidingJingqiGlassProductsCo.,Ltd. | Other | 6,200,932.66 | 303,949,698.02 | 299,107,787.58 | 11,042,843.10 | |
| GuizhouRenhuaiLongshiBottleCapCo.,Ltd. | Other | 28,104,825.53 | 19,821,249.86 | 8,283,575.67 | ||
| GuizhouShuanglongFeitianSupplyChainManagementCo.,Ltd. | Other | 47,441,584.85 | 78,933,244.76 | 121,330,707.95 | 5,044,121.66 | |
| KweichowMoutaiDistillery(Group)SanyaInvestmentIndustryCo.,Ltd. | Other | 23,193,926.64 | 9,872,302.75 | 30,506,412.70 | 2,559,816.69 | |
| HealthIndustryCo.,Ltd.ofKweichowMoutaiGroup. | Other | 3,041,438.50 | 47,102,772.93 | 47,664,718.42 | 2,479,493.01 | |
| KweichowMoutaiHospital | Other | 42,262,426.90 | 33,240,263.91 | 73,440,655.40 | 2,062,035.41 | |
| GuizhouMoutaiDistillery(Group)GuiyangCommerceCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany | 628,850.59 | 735,220.22 | 992,822.40 | 371,248.41 | |
| GuizhouMoutaiDistillery(Group) | Other | 37.75 | 733,793.58 | 695,140.88 | 38,690.45 |
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LvshengOrganicFertilizerCo.,Ltd.
| LvshengOrganicFertilizerCo.,Ltd. | |||||||
| Moutai(Shanghai)FinancialLeasingCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany | 5,410.91 | 38.56 | 19.28 | 5,430.19 | ||
| Moutai(Guizhou)PrivateEquityFundManagementCo.,Ltd. | Subsidiaryoftheparentcompany | 4,050.21 | 28.86 | 14.43 | 4,064.64 | ||
| Moutai(Guizhou)InvestmentFundPartnership(LimitedPartnership) | Subsidiaryoftheparentcompany | 850.03 | 6.04 | 3.02 | 853.05 | ||
| GuizhouHengdaoDanlinAgriculturalTechnologyDevelopmentCo.,Ltd. | Other | 28.07 | 0.14 | 28.21 | |||
| KweichowMoutaiGroupHealthIndustrySalesCo.LTD | Other | 309,200.10 | 309,200.10 | ||||
| GuizhouRenhuaiRenshuaiLiquorCo.,Ltd. | Other | 157,974,945.23 | 4,349,940.13 | 162,324,885.36 | |||
| Total | / | / | / | 12,034,492,909.95 | 108,929,357,164.16 | 97,860,991,253.14 | 23,102,858,820.97 |
Note:Theabovedepositratesrangefrom0.35%to2.00%.Interestpaidtorelatedparties
| RelatedParty | CurrentReportingPeriod |
| KweichowMoutaiDistillery(Group)TechnologyDevelopmentCo.,Ltd. | 32,635,728.66 |
| KweichowMoutaiGroupMarketingCo.,Ltd. | 19,249,255.02 |
| ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | 18,790,858.64 |
| XunfengTechnology(Guizhou)Co.,Ltd. | 4,205,955.24 |
| ChangLiMoutaiWineTradeCo.,Ltd. | 3,844,405.83 |
| KweichowMoutaiDistillery(Group)RealEstateInvestmentDevelopmentCo.,Ltd. | 3,759,635.41 |
| KweichowMoutai（Group）CircularEconomyIndustrialInvestmentandDevelopmentCo.,Ltd. | 3,019,443.51 |
| GuizhouZunpengLiquorCo.,Ltd. | 2,466,064.15 |
| ChinaKweichowMoutaiDistillery(Group)CulturalTourismCo.,Ltd. | 2,277,586.38 |
| GuizhouMoutaiChunMarketingCo.,Ltd. | 2,204,093.54 |
| KweichowMoutaiEcologicalAgricultureSalesCo., | 2,189,126.24 |
/
Ltd.
| Ltd. | |
| MAOTAIAIRPORT | 1,595,448.47 |
| MoutaiInstitute | 990,748.54 |
| ShanghaiKweichowMoutaiIndustrialCo.,Ltd. | 904,585.92 |
| RenhuaiShenrenPackagingPrintingCo.,Ltd. | 834,526.05 |
| GuizhouZunpengLiquorSalesCo.,Ltd. | 796,486.17 |
| KWEICHOWMOUTAIDISTILLERYGROUPCHANGLIWINERYCO.,LTD. | 767,415.85 |
| BeijingMoutaiTradingCo.,Ltd. | 667,701.30 |
| ShanghaiMoutaiTradingCo.,Ltd. | 596,097.55 |
| KweichowMoutaiDistillery(Group)LogisticsCo.,Ltd. | 588,985.29 |
| GuizhouMoutaiDistillery(Group)GuiyangHigh-techRealEstateInvestmentDevelopmentCo.,Ltd. | 435,439.68 |
| GuizhouJiuyuanPropertyCo.,Ltd. | 435,120.27 |
| KeichowMoutaiWinery（Group）HealthWineCo,.Ltd. | 289,236.84 |
| GuizhouMoutaiDistillery(Group)GuidingJingqiGlassProductsCo.,Ltd. | 278,935.28 |
| KeichowMoutaiWinery（Group）HealthWineCo,.Ltd. | 162,913.51 |
| KweichowMoutaiDistillery(Group)HongyingziAgriculturalTechnologyCo.,Ltd. | 147,094.16 |
| HotelManagementCompanyOfMoutaiGroup | 130,166.79 |
| KweichowMoutaiLogisticsParkGrainStorageCo.,Ltd. | 121,243.53 |
| KweichowMoutai(Group)InternationalTravelServiceCo.,Ltd. | 118,352.61 |
| GuizhouFumingPackagingCo.Ltd | 114,406.92 |
| GuizhouShuanglongFeitianSupplyChainManagementCo.,Ltd. | 114,208.81 |
| KweichowMoutai(Group)EcologicalAgricultureIndustryDevelopmentCo.,Ltd. | 90,839.09 |
| GuizhouXinhuaXiGlassCo.,Ltd. | 66,616.63 |
| RenhuaiRenshuaiLiquorCo.,Ltd. | 62,621.36 |
| ZhuhaiSpecialEconomicZoneLongshiBottleCapCo.,Ltd. | 57,637.62 |
| GuizhouRenhuaiLongshiBottleCapCo.,Ltd. | 52,474.67 |
| KweichowMoutaiHospital | 31,014.47 |
| KweichowMoutaiDistillery(Group)SanyaInvestmentIndustryCo.,Ltd. | 20,043.08 |
| HealthIndustryCo.,Ltd.ofKweichowMoutaiGroup. | 9,195.74 |
| KweichowMoutaiDistillery(Group)GuiyangBusinessCo.,Ltd. | 5,664.26 |
| GuizhouMoutaiDistillery(Group)LvshengOrganic | 127.74 |
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FertilizerCo.,Ltd.
| FertilizerCo.,Ltd. | |
| HealthIndustrySalesCo.,Ltd,KWEICHOWMoutaiGroup. | 24.05 |
| Moutai(Shanghai)FinancialLeasingCo.,Ltd. | 19.28 |
| Moutai(Guizhou)PrivateEquityFundManagementCo.,Ltd. | 14.43 |
| Moutai(Guizhou)InvestmentFundPartnership(LimitedPartnership) | 3.02 |
| GuizhouHengdaoDanlinAgriculturalTechnologyDevelopmentCo.,Ltd. | 0.07 |
| Total | 105,127,561.67 |
2.Loanbusiness
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Relatedparties | Relatedrelationship | Loanlimit | Scopeofloaninterestrate | Balanceatthebeginningoftheperiod | Amountinthecurrentperiod | Balanceattheendoftheperiod | |
| Totalloanamountinthecurrentperiod | Totalrepaymentamountinthecurrentperiod | ||||||
| KweichowMoutaiDistillery(Group)HealthCareLiquorCo.,Ltd. | Wholly-ownedSubsidiaryoftheparentcompany | 499,963,530.81 | 2.30% | 499,963,530.81 | 499,963,530.81 | ||
| KweichowMoutaiLogisticsParkGrainCollectionandStorageCo.,Ltd. | Others | 58,040,000.00 | 3.65% | 58,040,000.00 | 15,280,000.00 | 42,760,000.00 | |
| KweichowMoutaiDistillery(Group)HongyingziAgricultureScienceandTechnologyDevelopmentCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany | 97,172,822.60 | 2.80% | 97,172,822.60 | 97,172,822.60 | ||
| Total | / | / | / | 558,003,530.81 | 97,172,822.60 | 612,416,353.41 | 42,760,000.00 |
Interestchargedtorelatedparties
| Item | Relatedparties | Currentreportingperiod |
| Interestincomeonloans | KweichowMoutaiDistillery(Group)HealthwineIndustryCo.,LTD | 8,242,260.70 |
| Interestincomeonloans | KweichowMoutailogisticsParkgrainstorageCo.,LTD | 1,815,184.37 |
| Interestincomeonloans | KweichowMoutaiDistillery(Group)HongyingziAgricultureScienceandTechnologyDevelopmentCo.,Ltd. | 1,089,658.00 |
| Total | 11,147,103.07 |
3.Creditbusinessorotherfinancialbusiness
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Relatedparties
| Relatedparties | Related | Business | Totalamount | Amountactually |
| KweichowMoutaiDistillery(Group)HongyingziAgricultureScienceandTechnologyDevelopmentCo.,Ltd. | Acontrollingsubsidiaryoftheparentcompany | Creditloans | 150,000,000.00 | |
| KweichowMoutaiLogisticsParkGrainStorageCo.,LTD | Other | Mortgageloan | 108,040,000.00 | 42,760,000.00 |
| KweichowMoutaiDistillery(Group)HealthWineCo.,LTD | Wholly-ownedsubsidiaryoftheparentcompany | Creditloans | 2,000,000,000.00 |
4.Otherinstructions
□Applicable√N/A(VI)Others
□Applicable√N/AXIII.Significantcontractsandtheirperformance(I)Trusteeship,contractingandleasing
1.Trusteeship
□Applicable√N/A
2.Contracting
□Applicable√N/A
3.Leasing
□Applicable√N/A(II)Majorguarantees
□Applicable√N/A(III)Entrustingotherstomanagecashassets
1.Entrustedassetsmanagement
(1)Overviewofentrustedassetsmanagement
□Applicable√N/A
Otherinformation
□Applicable√N/A
(2)Singleentrustedwealthmanagement
□Applicable√N/AOtherinformation
□Applicable√N/A
(3)Principalentrustedassetsmanagement
□Applicable√N/A
2.Entrustedloans
(1)Overviewofentrustedloans
□Applicable√N/AOtherinformation
□Applicable√N/A
(2)Principalentrustedloans
□Applicable√N/AOtherinformation
□Applicable√N/A
(3)Provisionforimpairmentofentrustedloans
□Applicable√N/A
3.Otherinformation
□Applicable√N/A(IV)Othersignificantcontracts
□Applicable√N/AXIV.Descriptionoftheuseprogressofthefundsraised
□Applicable√N/AXV.Instructionofothermajoreventsthathaveasignificantimpactoninvestors’valuejudgmentsandinvestmentdecisions
□Applicable√N/A
SectionVIIChangesinSharesandInformationaboutShareholdersI.Changesinsharecapital(I)Changesinshares
1.ChangesinsharesDuringthereportingperiod,thereisnochangetothetotalnumberofsharesandsharecapitalstructureoftheCompany.
2.Explanationofchangesinshares
□Applicable√N/A
3.Impactofchangesinsharesonfinancialindicatorssuchasearningspershareandnetassetspershareinthelatestyearandthelatestperiod(ifany)
□Applicable√N/A
4.OthercontentsdeemednecessarybytheCompanyorrequiredbysecuritiesregulatorstodisclose
□Applicable√N/A(II)Changesinrestrictedshares
□Applicable√N/AII.Securitiesissuanceandlisting(I)Issuesofsecuritiesasofthereportingperiod
□Applicable√N/AExplanationofsecuritiesissuanceasofthereportingperiod(forbondswithdifferentinterestratesintheduration,pleaseexplainseparately):
□Applicable√N/A(II)ChangesintheCompany’stotalsharesandshareholderstructure,andchangesintheCompany’sassetandliabilitystructure
□Applicable√N/A(III)Existingemployees’shares
□Applicable√N/AIII.Shareholdersandactualcontrollers(I)Totalnumberofshareholders
/
Thetotalnumberofordinaryshareholdersasoftheendofthereportingperiod(accounts)
| Thetotalnumberofordinaryshareholdersasoftheendofthereportingperiod(accounts) | 207,894 |
| Thetotalnumberofordinaryshareholdersattheendofthepreviousmonthbeforethedisclosuredateoftheannualreport(accounts) | 192,430 |
(II)Shareholdingsofthetoptenshareholdersandtoptentradableshareholders(orshareholderswithoutrestrictionsonsales)asoftheendofthereportingperiod
Unit:Share
| Shareholdingofthetop10shareholders(excludingtheshareslentthroughrefinancing) | |||||||
| Nameofshareholder(fullname) | Changesinthereportingperiod | Numberofsharesheldattheendoftheperiod | Ratio(%) | NumberofsharesWithtradinglimitedconditionsheld | Pledge,markingorfreezing | NatureofShareholder | |
| Stockstatus | Quantity | ||||||
| ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | 679,211,576 | 54.07 | None | State-ownedLegalperson | |||
| HongKongSecuritiesClearingCompanyLtd. | -8,801,297 | 77,511,622 | 6.17 | Unknown | Unknown | ||
| GuizhouState-ownedCapitalOperationCo.,Ltd. | 56,996,777 | 4.54 | Unknown | State-ownedLegalperson | |||
| KweichowMoutaiDistillery(Group)TechnologyDevelopmentCo.,Ltd. | 27,849,688 | 2.22 | None | State-ownedLegalperson | |||
| IndustrialandCommercialBankofChina-SSE50TradingOpenIndexSecuritiesInvestmentFund | 4,143,808 | 11,798,210 | 0.94 | Unknown | Unknown | ||
| IndustrialandCommercialBankofChinaLimited-Huatai-PineBridgeCSI300ExchangeTradedOpen-EndIndexSecuritiesInvestmentFund | 6,253,657 | 10,862,818 | 0.86 | Unknown | Unknown | ||
| CentralHuijinAssetManagementCo.,Ltd. | 10,397,104 | 0.83 | Unknown | State-ownedLegalperson | |||
| ChinaSecuritiesFinanceCorporationLimited | 8,039,447 | 0.64 | Unknown | Unknown | |||
| ChinaConstructionBankCorporationLimited-EFundCSI300ExchangeTradedOpen-EndIndexInitiatedSecurities | 5,751,664 | 7,486,490 | 0.60 | Unknown | Unknown | ||
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InvestmentFund
| InvestmentFund | ||||||||
| ChinaLifeInsuranceCompanyLimited-Traditional-GeneralInsuranceProduct-005L-CT001Shanghai | 1,052,217 | 5,535,110 | 0.44 | Unknown | Unknown | |||
| Shareholdingoftoptenshareholderswithoutsalesrestriction(excludingtheshareslentthroughrefinancing) | ||||||||
| Nameofshareholder | Quantityofthecirculatingshareswithoutsalesrestriction | Categoryandquantityofshares | ||||||
| Category | Quantity | |||||||
| ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | 679,211,576 | RMBOrdinaryshares | 679,211,576 | |||||
| HongKongSecuritiesClearingCompanyLtd. | 77,511,622 | RMBOrdinaryshares | 77,511,622 | |||||
| GuizhouState-ownedCapitalOperationCo.,Ltd. | 56,996,777 | RMBOrdinaryshares | 56,996,777 | |||||
| KweichowMoutaiDistillery(Group)TechnologyDevelopmentCo.,Ltd. | 27,849,688 | RMBOrdinaryshares | 27,849,688 | |||||
| IndustrialandCommercialBankofChina-SSE50TradingOpenIndexSecuritiesInvestmentFund | 11,798,210 | RMBOrdinaryshares | 11,798,210 | |||||
| IndustrialandCommercialBankofChinaLimited-Huatai-PineBridgeCSI300ExchangeTradedOpen-EndIndexSecuritiesInvestmentFund | 10,862,818 | RMBOrdinaryshares | 10,862,818 | |||||
| CentralHuijinAssetManagementCo.,Ltd. | 10,397,104 | RMBOrdinaryshares | 10,397,104 | |||||
| ChinaSecuritiesFinanceCorporationLimited | 8,039,447 | RMBOrdinaryshares | 8,039,447 | |||||
| ChinaConstructionBankCorporationLimited-EFundCSI300ExchangeTradedOpen-EndIndexInitiatedSecuritiesInvestmentFund | 7,486,490 | RMBOrdinaryshares | 7,486,490 | |||||
| ChinaLifeInsuranceCompanyLimited-Traditional-GeneralInsuranceProduct-005L-CT001Shanghai | 5,535,110 | RMBOrdinaryshares | 5,535,110 | |||||
| Notestorelationsamongtheabove-mentionedshareholdersoractinginconcert | Amongtheaboveshareholders,thereisrelatedrelationshipbetweenChinaKweichowMoutaiDistillery(Group)Co.,Ltd.andKweichowMoutaiDistillery(Group)TechnologyDevelopmentCo.,Ltd.Apartfromthat,theCompanydoesnotknowanyrelatedrelationshipamongothershareholdersandanypartiesactinginconcert. | |||||||
Sharelendinginrefinancingbusinessoftheshareholdersholdingmorethan5%ofshares,thetoptenshareholdersandthetoptenshareholderswithoutsalesrestriction
√Applicable□N/A
Unit:Share
| Sharelendinginrefinancingbusinessoftheshareholdersholdingmorethan5%ofshares,thetoptenshareholdersandthetoptenshareholderswithoutsalesrestriction | ||||
| Shareholdername(fullname) | Holdingsinordinaryaccountandcreditaccountatthebeginningoftheperiod | Sharesborrowedforsecuritieslendingatthebeginningoftheperiodandhavenotyetbeenreturned | Holdingsinordinaryaccountandcreditaccountattheendoftheperiod | Sharesborrowedforsecuritieslendingattheendoftheperiodandhavenotyetbeenreturned |
/
Totalquantity
| Totalquantity | Proportion(%) | Totalquantity | Proportion(%) | Totalquantity | Proportion(%) | Totalquantity | Proportion(%) | |
| IndustrialandCommercialBankofChina-SSE50TradingOpenIndexSecuritiesInvestmentFund | 7,654,402 | 0.61 | 54,400 | 0.0043 | 11,798,210 | 0.94 | 0 | 0 |
| IndustrialandCommercialBankofChinaLimited-Huatai-PineBridgeCSI300ExchangeTradedOpen-EndIndexSecuritiesInvestmentFund | 4,609,161 | 0.37 | 2,200 | 0.0002 | 10,862,818 | 0.86 | 0 | 0 |
| ChinaConstructionBankCorporationLimited-EFundCSI300ExchangeTradedOpen-EndIndexInitiatedSecuritiesInvestmentFund | 1,734,826 | 0.14 | 1,000 | 0.0001 | 7,486,490 | 0.60 | 0 | 0 |
Changesintop10shareholderscomparedwiththepriorperiod
□Applicable√N/AShareholdingquantityoftoptenshareholderswithsalesrestrictionandthesalesrestriction
□Applicable√N/A(III)Strategicinvestorsorgenerallegalpersonsbecomethetop10shareholdersduetoplacementofnewshares
□Applicable√N/AIV.Controllingshareholdersandactualcontrollers(I)Controllingshareholders1Legalperson
√Applicable□N/A
| Name | ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. |
| LegalRepresentative | ZhangDeqin |
| Dateofestablishment | January24,1998 |
| Mainbusiness | Productionandoperationofalcoholicproducts(mainbusiness);productiontechnologyconsultingandservicesofalcoholicproducts;productionandsalesofpackagingmaterialsandbeverages;catering,accommodation,tourism,logisticsandtransportation;importandexporttradebusiness;Internetindustry;realestatedevelopmentandleasing,parkinglotmanagement;education,health;ecologicalagriculture. |
/
Shareholdingsofotherdomesticandoverseaslistedcompaniesthatcontrolledandparticipatedinduringthereportingperiod
| Shareholdingsofotherdomesticandoverseaslistedcompaniesthatcontrolledandparticipatedinduringthereportingperiod | Holding0.24%sharesofBankofCommunicationsCo.,Ltd.;Holding3.97%sharesofHuachuangYunxinDigitalTechnologyCo.,Ltd.;Holding1.45%sharesofBankofGuiyangCo.,Ltd.;Holding10.03%sharesofGuizhouBC&TVInformationNetworkCo.,Ltd.;Holding12%sharesofBankofGuizhouCo.,Ltd. |
2Naturalperson
□Applicable√N/A3SpecialexplanationthattheCompanydoesnothaveanycontrollingshareholder
□Applicable√N/A
4.Notestothechangesinthecontrollingshareholdersduringthereportingperiod
□Applicable√N/A
5.BlockdiagramofthepropertyrightandcontrolrelationshipbetweentheCompanyandthecontrollingshareholders
√Applicable□N/A
(II)Theactualcontroller1Legalperson
√Applicable□N/A
| Name | State-ownedAssetsSupervisionandAdministrationCommissionofGuizhouProvince |
| Thepersoninchargeorthelegalrepresentativeoftheentity | YangXiangdong |
2Naturalperson
□Applicable√N/A3SpecialinstructionsforthefactthattheCompanydoesnothaveanactualcontroller
□Applicable√N/A4ExplanationonthechangeoftheCompany’scontrolduringthereportingperiod
□Applicable√N/A
5BlockdiagramofthepropertyrightsandcontrolrelationshipbetweentheCompanyandtheactualcontroller
√Applicable□N/A
6TheactualcontrollercontrolstheCompanythroughtrustorotherassetmanagementmethods
□Applicable√N/A(III)Otherinformationaboutthecontrollingshareholderandactualcontroller
□Applicable√N/AV.TheaccumulativenumberofpledgedsharesoftheCompany’scontrollingshareholderorthelargestshareholderanditspersonsactinginconcertaccountformorethan80%oftheCompany’ssharesheldbythem
□Applicable√N/AVI.Otherlegalpersonshareholdersholdingmorethan10%oftheshares
□Applicable√N/AVII.Explanationofsharerestrictionandreduction
□Applicable√N/AVIII.Thespecificimplementationofsharerepurchaseduringthereportingperiod
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
NameofShareRepurchasePlan
| NameofShareRepurchasePlan | "ProposalonRepurchasingCompanySharesthroughCentralizedBidding" |
| DisclosureDateofRepurchasePlan | September21,2024 |
| ProposedRepurchaseAmount | RMB3billion(inclusive)toRMB6billion(inclusive) |
/
ProposedRepurchasePeriod
| ProposedRepurchasePeriod | Within12monthsfromthedatetherepurchaseplanisapprovedbytheshareholders'meeting |
| PurposeofRepurchase | Reductionofregisteredcapital |
SectionVIIIPreferredShares
□Applicable√N/A
SectionIXInformationaboutBond
I.Corporatebonds,enterprisebondsandnon-financialcorporatedebtfinancinginstruments□Applicable
√N/AII.Convertiblecorporatebonds
□Applicable√N/A
SectionXFinancialReportI.Auditreport
√Applicable□N/A
PCCPAAR[2025]No.8-171TotheShareholdersofKweichowMoutaiCo.,Ltd.:
I.AuditOpinionWehaveauditedthefinancialstatementsofKweichowMoutaiCo.,Ltd.(the“Company”),whichcomprisetheconsolidatedandparentcompanybalancesheetsasatDecember31,2024,theconsolidatedandparentcompanyincomestatements,consolidatedandparentcompanycashflowstatements,andconsolidatedandparentcompanystatementsofchangesinequityfortheyearthenended,aswellasnotestofinancialstatements.Inouropinion,theaccompanyingfinancialstatementspresentfairly,inallmaterialrespects,thefinancialpositionoftheCompanyasatDecember31,2024,anditsfinancialperformanceanditscashflowsfortheyearthenendedinaccordancewithChinaAccountingStandardsforBusinessEnterprises.
II.BasisforAuditOpinionWeconductedourauditinaccordancewithChinaStandardsonAuditing.OurresponsibilitiesunderthosestandardsarefurtherdescribedintheCertifiedPublicAccountant’sResponsibilitiesfortheAuditoftheFinancialStatementssectionofourreport.WeareindependentoftheCompanyinaccordancewiththeChinaCodeofEthicsforCertifiedPublicAccountants,andwehavefulfilledotherethicalresponsibilities.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinion.III.KeyAuditMattersKeyauditmattersarethosemattersthat,inourprofessionaljudgment,wereofmostsignificanceinourauditofthefinancialstatementsofthecurrentperiod.Thesematterswereaddressedinthecontextofourauditofthefinancialstatementsasawhole,andinformingouropinionthereon,andwedonotexpressaseparateopiniononthesematters.(I)Revenuerecognition
1.KeyauditmattersPleaserefertonotesIII(20)andV(II)1tothefinancialstatementsoftheauditreportforrelevantinformationdisclosure.TheCompanyismainlyengagedintheproductionandsalesofMoutailiquorandaseriesofliquors.In2024,theoperatingrevenueamountedtoRMB170,899,152,276.34yuan,ofwhich,RMB170,611,838,052.02yuanwasfromMainoperations,accountingfor99.83%.AsoperatingrevenueisoneofthekeyperformanceindicatorsoftheCompany,theremightbeinherentrisksthattheCompany’smanagement(the“Management”)adoptsinappropriaterevenuerecognitiontoachievespecificgoalsorexpectations,andrevenuerecognitioninvolvescomplicatedinformationsystemandsignificantjudgmentoftheManagement,wehaveidentifiedrevenuerecognitionasakeyauditmatter.
2.ResponsiveauditproceduresOurmainauditproceduresforrevenuerecognitionareasfollows:
(1)Weobtainedunderstandingsofkeyinternalcontrolsrelatedtorevenuerecognition,assessedthedesignofthesecontrols,determinedwhethertheyhadbeenexecuted,andtestedtheeffectivenessoftheoperation;
(2)Wecheckedsalescontracts,obtainedunderstandingsofmaincontractualtermsorconditions,andassessedwhethertherevenuerecognitionmethodwasappropriate;
(3)Weperformedanalysisprocedureonoperatingrevenueandgrossmargin,soastoidentifywhethertherearesignificantorabnormalfluctuationsandfindoutthereason;
(4)Forrevenuefromdomesticsales,wecheckedsupportingdocumentsrelatedtoselecteditems,includingsalescontracts,orders,deliverynotes,deliveryreceipts,salesinvoices,etc.;
(5)Combinedwiththeconfirmationofcontractliabilities,selectprojectstoconfirmthesalesvolumeofthereportingperiodtomajorcustomers;
(6)Weperformedcut-offteststocheckwhethertherevenuewasrecognizedintheappropriateperiod;
(7)Wecheckedwhetherinformationrelatedtooperatingrevenuehadbeenpresentedappropriatelyinthefinancialstatements.(II)Relatedpartyrelationshipandtransactions:
1.KeyauditmattersPleaserefertoNoteXItothefinancialstatementsoftheauditreportforrelevantinformationdisclosure.TheKweichowMoutai'srelatedtransactionswithitsrelatedpartiesin2024involvedsignificantamountsanddifferenttransactioncategories.Theaccuracyofrelated-partytransactionsandthecompletenessoftheirdisclosureshaveasubstantialimpactonthecurrentyear’sfinancialstatementsforthecurrentyear.Wehaveidentifiedrelated-partyrelationshipsandtransactionasakeyauditmatter.
2.ResponsiveauditproceduresOurmainauditproceduresforimpairmentofaccountsreceivableandcontractassetsareasfollows:
(1)Weobtainedunderstandingofkeyinternalcontrolsrelatedtotheidentificationanddisclosureofrelated-partyrelationshipsandtransactions,assessedthedesignofthesecontrols,determinedwhethertheyhadbeenexecuted,andtestedtheeffectivenessoftheoperation;
(2)Weobtainedthelistofrelatedpartiesprovidedbythemanagementandcheckeditwithinformationobtainedfrompubliclyavailableresources;
(3)Weobtainedtheboardofdirectors’resolutionsandshareholders’meetingresolutionsrelatingtorelatedtransactions;inspectedtheauthorizationhierarchyandproceduresforrelatedtransactions,andverifiedwhetherthetransactionswereproperlyauthorizedandapproved;
(4)Weobtainedabreakdownofrelated-partytransactionamountsandbalancesfromthemanagementandreconciledthemwiththefinancialrecords.Weselecteditemstochecksupportingdocumentsofrelatedpartytransactions,includingsalescontracts,deliverynotes,settlementdocuments,bankstatements,etc.Wereconciledtransactionamountsandbalanceswiththerelatedparties.Wecomparedthepricesofrelatedpartytransactionswiththoseofnon-relatedpartytransactionsormarket-comparabletransactionstoverifythefairnessofthepricingofrelatedparty
transactions.
(5)Wecheckedwhetherinformationofrelatedpartyrelationshipsandtransactionshadbeenpresentedappropriatelyinthefinancialstatements.IV.OtherInformationTheManagementisresponsiblefortheotherinformation.TheotherinformationcomprisestheinformationincludedintheCompany’sannualreport,butdoesnotincludethefinancialstatementsandourauditor’sreportthereon.Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationandwedonotexpressanyformofassuranceconclusionthereon.Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.If,basedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatementoftheotherinformation,wearerequiredtoreportthatfact.Wehavenothingtoreportinthisregard.V.ResponsibilitiesoftheManagementandThoseChargedwithGovernancefortheFinancialStatementsTheManagementisresponsibleforpreparingandpresentingfairlythefinancialstatementsinaccordancewithChinaAccountingStandardsforBusinessEnterprises,aswellasdesigning,implementingandmaintaininginternalcontrolrelevanttothepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.Inpreparingthefinancialstatements,theManagementisresponsibleforassessingtheCompany’sabilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlesstheManagementeitherintendstoliquidatetheCompanyortoceaseoperations,orhasnorealisticalternativebuttodoso.ThosechargedwithgovernanceareresponsibleforoverseeingtheCompany’sfinancialreportingprocess.VI.CertifiedPublicAccountant’sResponsibilitiesfortheAuditoftheFinancialStatementsOurobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreport
thatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewithChinaStandardsonAuditingwillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.WeexerciseprofessionaljudgmentandmaintainprofessionalskepticismthroughouttheauditperformedinaccordancewithChinaStandardsonAuditing.Wealso:
(I)Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,intentionalomissions,misrepresentations,ortheoverrideofinternalcontrol.(II)Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignauditproceduresthatareappropriateinthecircumstances.(III)EvaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesandrelateddisclosuresmadebytheManagement.(IV)ConcludeontheappropriatenessoftheManagement’suseofthegoingconcernbasisofaccountingand,basedontheauditevidenceobtained,whetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheCompany’sabilitytocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredtodrawattentioninourauditor’sreporttotherelateddisclosuresinthefinancialstatementsor,ifsuchdisclosuresareinadequate,tomodifyouropinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor’sreport.However,futureeventsorconditionsmaycausetheCompanytoceasetocontinueasagoingconcern.(V)Evaluatetheoverallpresentation,structureandcontentofthefinancialstatements,andwhetherthefinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.(VI)ObtainsufficientandappropriateauditevidenceregardingthefinancialinformationoftheentitiesorbusinessactivitieswithintheCompanytoexpressanopiniononthefinancialstatements.Weareresponsibleforthedirection,supervisionandperformanceofthegroupaudit.Weremainsole
responsibilityforourauditopinion.Wecommunicatewiththosechargedwithgovernanceregardingtheplannedauditscope,timescheduleandsignificantauditfindings,includinganydeficienciesininternalcontrolofconcernthatweidentifyduringouraudit.Wealsoprovidethosechargedwithgovernancewithastatementthatwehavecompliedwithrelevantethicalrequirementsregardingindependence,andtocommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,relatedsafeguards.Fromthematterscommunicatedwiththosechargedwithgovernance,wedeterminethosemattersthatwereofmostsignificanceintheauditofthefinancialstatementsofthecurrentperiodandarethereforethekeyauditmatters.Wedescribethesemattersinourauditor’sreportunlesslaworregulationprecludespublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminethatamattershouldnotbecommunicatedinourreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsofsuchcommunication.Pan-ChinaCertifiedPublicAccountantsLLPChineseCertifiedPublicAccountant:LiQinglong
(EngagementPartner)Hangzhou·ChinaChineseCertifiedPublicAccountant:LiangZhengyongHangzhou·ChinaChineseCertifiedPublicAccountant:ZengZhi
DateofReport:April1,2025
Theauditor’sreportandtheaccompanyingfinancialstatementsareEnglishtranslationsoftheChineseauditor’sreportandstatutoryfinancialstatementspreparedunderaccountingprinciplesandpracticesgenerallyacceptedinthePeople’sRepublicofChina.Thesefinancialstatementsarenotintendedtopresentthefinancialpositionandfinancialperformanceandcashflowsinaccordancewithaccountingprinciplesandpracticesgenerallyacceptedinothercountriesandjurisdictions.IncasetheEnglishversiondoesnotconformtotheChineseversion,theChineseversionprevails.
II.Financialstatements
[KweichowMoutaiCo.,Ltd.]ConsolidatedbalancesheetasatDecember31,2024(ExpressedinRenminbiYuan)
/
Assets
| Assets | NoteNo. | Closingbalance | December31,2023 |
| Currentassets: | |||
| Cashandbankbalances | 1 | 59,295,822,956.89 | 69,070,136,376.12 |
| Settlementfunds | |||
| Loanstobanksandotherfinancialinstitutions | 2 | 127,187,293,298.17 | 105,553,836,462.58 |
| Held-for-tradingfinancialassets | 3 | 248,513,280.00 | 400,712,059.93 |
| Derivativefinancialassets | |||
| Notesreceivable | 4 | 1,984,407,967.50 | 13,933,440.00 |
| Accountsreceivable | 5 | 18,974,192.75 | 60,373,410.41 |
| Receivablesfinancing | |||
| Advancespaid | 6 | 26,975,033.20 | 34,585,111.79 |
| Premiumsreceivable | |||
| Reinsuranceaccountsreceivable | |||
| Reinsurancereservereceivable | |||
| Otherreceivables | 7 | 29,955,673.47 | 27,502,107.30 |
| Including:interestreceivable | |||
| Dividendsreceivable | |||
| Financialassetspurchasedunderagreementstoresell | 8 | 7,220,310,691.10 | 3,504,849,885.05 |
| Inventories | 9 | 54,343,285,157.47 | 46,435,185,061.53 |
| Including:Dataresources | |||
| Contractassets | |||
| Assetsheldforsale | |||
| Non-currentassetsduewithinoneyear | 10 | 1,210,959,803.42 | |
| Othercurrentassets | 11 | 160,176,582.69 | 71,403,906.57 |
| Totalcurrentassets | 251,726,674,636.66 | 225,172,517,821.28 | |
| Non-currentassets: | |||
| Loansandadvances | 12 | 2,381,228,475.45 | 2,130,818,189.27 |
| Debtinvestments | 13 | 1,515,174,439.92 | 5,323,002,071.02 |
| Otherdebtinvestments | |||
| Long-termreceivables | |||
| Long-termequityinvestments | |||
| Otherequityinstrumentinvestments | |||
| Othernon-currentfinancialassets | 14 | 4,028,978,995.56 | 4,002,439,902.57 |
| Investmentproperty | 15 | 7,625,167.83 | 4,138,545.33 |
| Fixedassets | 16 | 21,871,446,747.14 | 19,909,280,655.97 |
| Constructioninprogress | 17 | 2,149,619,937.05 | 2,137,464,700.45 |
| Productivebiologicalassets | |||
| Oil&gasassets | |||
| Right-of-useassets | 18 | 410,594,173.53 | 314,205,484.56 |
| Intangibleassets | 19 | 8,850,205,831.00 | 8,572,267,313.84 |
| Including:Dataresources | |||
| Developmentexpenditures | 20 | 98,522,878.42 | 218,015,555.49 |
| Including:Dataresources | |||
| Goodwill | |||
| Long-termprepayments | 21 | 152,105,949.85 | 160,058,930.14 |
| Deferredtaxassets | 22 | 5,520,006,868.83 | 4,645,887,425.10 |
| Othernon-currentassets | 23 | 232,395,817.46 | 109,563,497.23 |
| Totalnon-currentassets | 47,217,905,282.04 | 47,527,142,270.97 | |
| Totalassets | 298,944,579,918.70 | 272,699,660,092.25 |
Legalrepresentative:ZhangDeqinOfficerinchargeofaccounting:JiangYanHeadofaccountingdepartment:CaiCongying
[KweichowMoutaiCo.,Ltd.]ConsolidatedbalancesheetasatDecember31,2024(continued)
(ExpressedinRenminbiYuan)
/
Liabilities&Equity
| Liabilities&Equity | NoteNo. | Closingbalance | December31,2023 |
| Currentliabilities: | |||
| Short-termborrowings | |||
| Centralbankloans | |||
| Loansfromotherbanks | |||
| Held-for-tradingfinancialliabilities | |||
| Derivativefinancialliabilities | |||
| Notespayable | |||
| Accountspayable | 25 | 3,514,969,230.31 | 3,093,091,103.67 |
| Advancesreceived | |||
| Contractliabilities | 26 | 9,592,453,014.66 | 14,125,755,802.29 |
| Financialassetssoldunderagreementstobuy | |||
| Absorbingdepositandinterbankdeposit | 27 | 23,102,858,820.97 | 12,034,492,909.95 |
| Depositsforagencysecuritytransaction | |||
| Depositsforagencysecurityunderwriting | |||
| Employeebenefitspayable | 28 | 5,824,371,399.07 | 5,401,921,213.77 |
| Taxesandratespayable | 29 | 7,717,686,541.38 | 6,949,663,893.87 |
| Otherpayables | 30 | 5,429,006,700.86 | 5,213,133,685.87 |
| Including:interestpayable | |||
| Dividendspayable | |||
| Handlingfeesandcommissionspayable | |||
| Reinsuranceaccountspayable | |||
| Liabilitiesheldforsale | |||
| Non-currentliabilitiesduewithinoneyear | 31 | 111,951,112.20 | 57,054,879.48 |
| Othercurrentliabilities | 32 | 1,222,693,799.51 | 1,822,498,012.30 |
| Totalcurrentliabilities | 56,515,990,618.96 | 48,697,611,501.20 | |
| Non-currentliabilities: | |||
| Insurancepolicyreserve | |||
| Long-termborrowings | |||
| Bondspayable | |||
| Including:Preferredshares | |||
| Perpetualbonds | |||
| Leaseliabilities | 33 | 313,906,415.76 | 266,636,234.04 |
| Long-termpayables | |||
| Long-termemployeebenefitspayable | |||
| Provisions | |||
| Deferredincome | |||
| Deferredtaxliabilities | 22 | 103,367,763.38 | 78,943,062.19 |
| Othernon-currentliabilities | |||
| Totalnon-currentliabilities | 417,274,179.14 | 345,579,296.23 | |
| Totalliabilities | 56,933,264,798.10 | 49,043,190,797.43 | |
| Equity: | |||
| Sharecapital： | 34 | 1,256,197,800.00 | 1,256,197,800.00 |
| Otherequityinstruments | |||
| Including:Preferredshares | |||
| Perpetualbonds | |||
| Capitalreserve | 35 | 1,374,964,415.72 | 1,374,964,415.72 |
| Less:Treasuryshares | |||
| Othercomprehensiveincome | 36 | -9,916,224.69 | -6,061,727.51 |
| Specialreserve | |||
| Surplusreserve | 37 | 46,635,793,479.39 | 38,998,763,095.13 |
| Generalriskreserve | 38 | 1,061,529,724.00 | 1,061,529,724.00 |
| Undistributedprofit | 39 | 182,787,415,205.05 | 172,983,178,300.09 |
| Totalequityattributabletotheparentcompany | 233,105,984,399.47 | 215,668,571,607.43 | |
| Non-controllinginterest | 8,905,330,721.13 | 7,987,897,687.39 | |
| Totalequity | 242,011,315,120.60 | 223,656,469,294.82 | |
| Totalliabilities&equity | 298,944,579,918.70 | 272,699,660,092.25 |
Legalrepresentative:ZhangDeqinOfficerinchargeofaccounting:JiangYanHeadofaccountingdepartment:CaiCongying
[KweichowMoutaiCo.,Ltd.]ParentcompanybalancesheetasatDecember31,2024
(ExpressedinRenminbiYuan)
/
Assets
| Assets | NoteNo. | Closingbalance | December31,2023 |
| Currentassets: | |||
| Cashandbankbalances | 77,252,079,198.82 | 72,639,127,443.08 | |
| Held-for-tradingfinancialassets | |||
| Derivativefinancialassets | |||
| Notesreceivable | |||
| Accountsreceivable | 1 | 11,800,123,743.35 | 17,178,545,925.65 |
| Receivablesfinancing | |||
| Advancespaid | 13,476,941.51 | 18,614,923.06 | |
| Otherreceivables | 2 | 14,610,394.65 | 15,880,057.16 |
| Inventories | 51,675,411,372.85 | 44,516,042,266.73 | |
| Including:Dataresources | |||
| Contractassets | |||
| Assetsheldforsale | |||
| Non-currentassetsduewithinoneyear | |||
| Othercurrentassets | 47,019,126.34 | 6,651,365.50 | |
| Totalcurrentassets | 140,802,720,777.52 | 134,374,861,981.18 | |
| Non-currentassets: | |||
| Debtinvestments | |||
| Otherdebtinvestments | |||
| Long-termreceivables | |||
| Long-termequityinvestments | 3 | 1,610,535,587.55 | 1,610,535,587.55 |
| Otherequityinstrumentinvestments | |||
| Othernon-currentfinancialassets | 4,028,978,995.56 | 4,002,439,902.57 | |
| Investmentproperty | 15,234,907.71 | 4,138,545.33 | |
| Fixedassets | 21,442,589,371.19 | 19,465,206,198.98 | |
| Constructioninprogress | 2,120,925,676.37 | 2,095,013,288.53 | |
| Productivebiologicalassets | |||
| Oil&gasassets | |||
| Right-of-useassets | 145,504,292.81 | 157,783,819.40 | |
| Intangibleassets | 8,843,959,671.55 | 8,567,282,703.63 | |
| Including:Dataresources | |||
| Developmentexpenditures | 98,522,878.42 | 218,015,555.49 | |
| Including:Dataresources | |||
| Goodwill | |||
| Long-termprepayments | 114,400,803.02 | 125,398,509.50 | |
| Deferredtaxassets | 780,755,697.85 | 854,127,274.69 | |
| Othernon-currentassets | 232,395,817.46 | 109,563,497.23 | |
| Totalnon-currentassets | 39,433,803,699.49 | 37,209,504,882.90 | |
| Totalassets | 180,236,524,477.01 | 171,584,366,864.08 |
Legalrepresentative:ZhangDeqinOfficerinchargeofaccounting:JiangYanHeadofaccountingdepartment:CaiCongying
[KweichowMoutaiCo.,Ltd.]ParentcompanybalancesheetasatDecember31,2024(continued)
(ExpressedinRenminbiYuan)
/
Liabilities&Equity
| Liabilities&Equity | NoteNo. | Closingbalance | December31,2023 |
| Currentliabilities: | |||
| Short-termborrowings | |||
| Held-for-tradingfinancialliabilities | |||
| Derivativefinancialliabilities | |||
| Notespayable | |||
| Accountspayable | 3,487,464,350.29 | 2,986,351,679.18 | |
| Advancesreceived | |||
| Contractliabilities | 2,594,416.19 | 21,950,467.31 | |
| Employeebenefitspayable | 5,466,090,464.42 | 5,211,529,941.77 | |
| Taxesandratespayable | 4,305,149,270.50 | 4,148,263,488.21 | |
| Otherpayables | 2,291,237,494.64 | 2,100,265,480.39 | |
| Liabilitiesheldforsale | |||
| Non-currentliabilitiesduewithinoneyear | 18,620,213.91 | 15,940,845.58 | |
| Othercurrentliabilities | 337,274.11 | 2,853,560.75 | |
| Totalcurrentliabilities | 15,571,493,484.06 | 14,487,155,463.19 | |
| Non-currentliabilities: | |||
| Long-termborrowings | |||
| Bondspayable | |||
| Including:Preferredshares | |||
| Perpetualbonds | |||
| Leaseliabilities | 142,372,581.83 | 154,907,818.31 | |
| Long-termpayables | |||
| Long-termemployeebenefitspayable | |||
| Provisions | |||
| Deferredincome | |||
| Deferredtaxliabilities | 36,376,073.20 | 39,445,954.85 | |
| Othernon-currentliabilities | |||
| Totalnon-currentliabilities | 178,748,655.03 | 194,353,773.16 | |
| Totalliabilities | 15,750,242,139.09 | 14,681,509,236.35 | |
| Equity: | |||
| Sharecapital: | 1,256,197,800.00 | 1,256,197,800.00 | |
| Otherequityinstruments | |||
| Including:Preferredshares | |||
| Perpetualbonds | |||
| Capitalreserve | 1,374,303,082.72 | 1,374,303,082.72 | |
| Less:Treasuryshares | |||
| Othercomprehensiveincome | |||
| Specialreserve | |||
| Surplusreserve | 46,635,793,479.39 | 38,998,763,095.13 | |
| Undistributedprofit | 115,219,987,975.81 | 115,273,593,649.88 | |
| Totalequity | 164,486,282,337.92 | 156,902,857,627.73 | |
| Totalliabilities&equity | 180,236,524,477.01 | 171,584,366,864.08 |
Legalrepresentative:ZhangDeqinOfficerinchargeofaccounting:JiangYanHeadofaccountingdepartment:CaiCongying
[KweichowMoutaiCo.,Ltd.]ConsolidatedincomestatementfortheyearendedDecember31,2024(ExpressedinRenminbiYuan)
/
Items
| Items | NoteNo. | Currentperiodcumulative | Precedingperiodcomparative |
| I.Totaloperatingrevenue | 174,144,069,958.25 | 150,560,330,316.45 | |
| Including:Operatingrevenue | 40 | 170,899,152,276.34 | 147,693,604,994.14 |
| Interestincome | 41 | 3,244,917,681.91 | 2,866,725,322.31 |
| Premiumsearned | |||
| Revenuefromhandlingfeesandcommissions | |||
| II.Totaloperatingcost | 54,523,971,452.57 | 46,960,889,468.54 | |
| Including:Operatingcost | 40 | 13,789,482,367.98 | 11,867,273,851.78 |
| Interestexpenses | 41 | 105,127,802.03 | 113,500,129.93 |
| Handlingfeesandcommissions | 41 | 94,078.17 | 68,578.57 |
| Surrendervalue | |||
| Netpaymentofinsuranceclaims | |||
| Netprovisionofinsurancepolicyreserve | |||
| Premiumbonusexpenditures | |||
| Reinsuranceexpenses | |||
| Taxesandsurcharges | 42 | 26,926,161,474.99 | 22,234,175,898.60 |
| Sellingexpenses | 43 | 5,639,300,059.49 | 4,648,613,585.82 |
| Administrativeexpenses | 44 | 9,315,650,060.38 | 9,729,389,252.31 |
| R&Dexpenses | 45 | 218,375,472.87 | 157,371,873.01 |
| Financialexpense | 46 | -1,470,219,863.34 | -1,789,503,701.48 |
| Including:Interestexpenses | 14,474,584.09 | 12,624,628.35 | |
| Interestincome | 1,476,991,223.18 | 1,942,301,920.98 | |
| Add:Otherincome | 47 | 21,229,466.81 | 34,644,873.86 |
| Investmentincome(orless:losses) | 48 | 9,130,340.37 | 34,025,967.82 |
| Including:Investmentincomefromassociatesandjointventures | |||
| Gainsfromderecognitionoffinancialassetsatamortizedcost | |||
| Gainsonforeignexchange(orless:losses) | |||
| Gainsonnetexposuretohedgingrisk(orless:losses) | |||
| Gainsonchangesinfairvalue(orless:losses) | 49 | 60,980,724.35 | 3,151,962.50 |
| Creditimpairmentloss | 50 | -23,248,436.03 | 37,871,293.26 |
| Assetsimpairmentloss | |||
| Gainsonassetdisposal(orless:losses) | 51 | 388,852.05 | -479,736.97 |
| III.Operatingprofit(orless:losses) | 119,688,579,453.23 | 103,708,655,208.38 | |
| Add:Non-operatingrevenue | 52 | 70,936,575.97 | 86,779,655.95 |
| Less:Non-operatingexpenditures | 53 | 120,937,834.74 | 132,881,174.52 |
| IV.Profitbeforetax(orless:totalloss) | 119,638,578,194.46 | 103,662,553,689.81 | |
| Less:Incometaxexpenses | 54 | 30,303,850,168.56 | 26,141,077,412.01 |
| V.Netprofit(orless:netloss) | 89,334,728,025.90 | 77,521,476,277.80 |
/
(I)Categorizedbythecontinuityofoperations
| (I)Categorizedbythecontinuityofoperations | |||
| 1.Netprofitfromcontinuingoperations(orless:netloss) | 89,334,728,025.90 | 77,521,476,277.80 | |
| 2.Netprofitfromdiscontinuedoperations(orless:netloss) | |||
| (II)Categorizedbytheportionofequityownership | |||
| 1.Netprofitattributabletoownersofparentcompany(orless:netloss) | 86,228,146,421.62 | 74,734,071,550.75 | |
| 2.Netprofitattributabletonon-controllingshareholders(orless:netloss) | 3,106,581,604.28 | 2,787,404,727.05 | |
| VI.Othercomprehensiveincomeaftertax | 55 | -3,854,497.18 | 4,715,179.82 |
| Itemsattributabletotheownersoftheparentcompany | -3,854,497.18 | 4,715,179.82 | |
| (I)Nottobereclassifiedsubsequentlytoprofitorloss | |||
| 1.Remeasurementsofthenetdefinedbenefitplan | |||
| 2.Itemsunderequitymethodthatwillnotbereclassifiedtoprofitorloss | |||
| 3.Changesinfairvalueofotherequityinstrumentinvestments | |||
| 4.Changesinfairvalueofowncreditrisk | |||
| 5.Others | |||
| (II)Tobereclassifiedsubsequentlytoprofitorloss | -3,854,497.18 | 4,715,179.82 | |
| 1.Itemsunderequitymethodthatmaybereclassifiedtoprofitorloss | |||
| 2.Changesinfairvalueofotherdebtinvestments | |||
| 3.Profitorlossfromreclassificationoffinancialassetsintoothercomprehensiveincome | |||
| 4.Provisionforcreditimpairmentofotherdebtinvestments | |||
| 5.Cashflowhedgingreserve | |||
| 6.Translationreserve | -3,854,497.18 | 4,715,179.82 | |
| 7.Others | |||
| Itemsattributabletonon-controllingshareholders | |||
| VII.Totalcomprehensiveincome | 89,330,873,528.72 | 77,526,191,457.62 | |
| Itemsattributabletotheownersoftheparentcompany | 86,224,291,924.44 | 74,738,786,730.57 | |
| Itemsattributabletonon-controllingshareholders | 3,106,581,604.28 | 2,787,404,727.05 | |
| VIII.Earningspershare(EPS): | |||
| (I)BasicEPS(yuanpershare) | 68.64 | 59.49 | |
| (II)DilutedEPS(yuanpershare) | 68.64 | 59.49 |
Legalrepresentative:ZhangDeqinOfficerinchargeofaccounting:JiangYanHeadofaccountingdepartment:CaiCongying
[KweichowMoutaiCo.,Ltd.]
ParentcompanyincomestatementfortheyearendedDecember31,2024(ExpressedinRenminbiYuan)
/
Items
| Items | NoteNo. | Currentperiodcumulative | Precedingperiodcomparative |
| I.Operatingrevenue | 4 | 94,526,736,836.41 | 81,415,570,788.59 |
| Less:Operatingcost | 4 | 14,298,436,245.72 | 12,072,158,914.05 |
| Taxesandsurcharges | 25,613,805,416.04 | 21,084,932,938.46 | |
| Sellingexpenses | 1,058,054,238.44 | 1,103,737,062.73 | |
| Administrativeexpenses | 8,427,791,578.73 | 8,986,759,635.56 | |
| R&Dexpenses | 218,375,472.87 | 157,371,873.01 | |
| Financialexpenses | -1,224,145,685.66 | -1,466,635,084.72 | |
| Including:Interestexpenses | 5,976,280.20 | 6,516,690.60 | |
| Interestincome | 1,216,886,311.47 | 1,480,404,867.75 | |
| Add:Otherincome | 15,785,523.73 | 16,495,748.00 | |
| Investmentincome(orless:losses) | 5 | 42,023,527,068.33 | 35,364,314,663.45 |
| Including:Investmentincomefromassociatesandjointventures | |||
| Gainsfromderecognitionoffinancialassetsatamortizedcost | |||
| Gainsonnetexposuretohedgingrisk(orless:losses) | |||
| Gainsonchangesinfairvalue(orless:losses) | 26,539,092.99 | 2,439,902.57 | |
| Creditimpairmentloss | -563,673.61 | -65,274.04 | |
| Assetsimpairmentloss | |||
| Gainsonassetdisposal(orless:losses) | 83,002.04 | -3,223,587.40 | |
| II.Operatingprofit(orless:losses) | 88,199,790,583.75 | 74,857,206,902.08 | |
| Add:Non-operatingrevenue | 68,500,621.72 | 73,556,271.04 | |
| Less:Non-operatingexpenditures | 119,949,815.67 | 128,519,882.50 | |
| III.Profitbeforetax(orless:totalloss) | 88,148,341,389.80 | 74,802,243,290.62 | |
| Less:Incometaxexpenses | 11,778,037,547.21 | 10,015,846,339.04 | |
| IV.Netprofit(orless:netloss) | 76,370,303,842.59 | 64,786,396,951.58 | |
| (I)Netprofitfromcontinuingoperations(orless:netloss) | 76,370,303,842.59 | 64,786,396,951.58 | |
| (II)Netprofitfromdiscontinuedoperations(orless:netloss) | |||
| V.Othercomprehensiveincomeaftertax | |||
| (I)Nottobereclassifiedsubsequentlytoprofitorloss | |||
| 1.Remeasurementsofthenetdefinedbenefitplan | |||
| 2.Itemsunderequitymethodthatwillnotbereclassifiedtoprofitorloss | |||
| 3.Changesinfairvalueofotherequityinstrumentinvestments | |||
| 4.Changesinfairvalueofowncreditrisk | |||
| 5.Others | |||
| (II)Tobereclassifiedsubsequentlytoprofitorloss | |||
| 1.Itemsunderequitymethodthatmaybereclassifiedtoprofitorloss | |||
| 2.Changesinfairvalueofotherdebtinvestments |
/
3.Profitorlossfromreclassificationoffinancialassetsintoothercomprehensiveincome
| 3.Profitorlossfromreclassificationoffinancialassetsintoothercomprehensiveincome | |||
| 4.Provisionforcreditimpairmentofotherdebtinvestments | |||
| 5.Cashflowhedgingreserve | |||
| 6.Translationreserve | |||
| 7.Others | |||
| VI.Totalcomprehensiveincome | 76,370,303,842.59 | 64,786,396,951.58 | |
| VII.Earningspershare(EPS): | |||
| (I)BasicEPS(yuanpershare) | 60.79 | 51.57 | |
| (II)DilutedEPS(yuanpershare) | 60.79 | 51.57 |
Legalrepresentative:ZhangDeqinOfficerinchargeofaccounting:JiangYanHeadofaccountingdepartment:CaiCongying
[KweichowMoutaiCo.,Ltd.]ConsolidatedcashflowstatementfortheyearendedDecember31,2024(ExpressedinRenminbiYuan)
/
Items
| Items | NoteNo. | Currentperiodcumulative | Precedingperiodcomparative |
| I.Cashflowsfromoperatingactivities: | |||
| Cashreceiptsfromsaleofgoodsorrenderingservices | 182,645,203,339.89 | 163,699,909,417.62 | |
| Netincreaseofclientdepositandinterbankdeposit | 11,060,205,782.10 | -810,223,002.76 | |
| Netincreaseofcentralbankloans | |||
| Netincreaseofloansfromotherfinancialinstitutions | |||
| Cashreceiptsfromoriginalinsurancecontractpremium | |||
| Netcashreceiptsfromreinsurance | |||
| Netincreaseofpolicy-holderdepositandinvestment | |||
| Cashreceiptsfrominterest,handlingfeesandcommissions | 3,122,827,833.43 | 3,018,786,023.42 | |
| Netincreaseofloansfromothers | |||
| Netincreaseofrepurchase | |||
| Netcashreceiptsfromagencysecuritytransaction | |||
| Receiptsoftaxrefund | 1,500,047.04 | ||
| Othercashreceiptsrelatedtooperatingactivities | 56(1) | 3,258,097,705.14 | 2,346,196,470.63 |
| Subtotalofcashinflowsfromoperatingactivities | 200,086,334,660.56 | 168,256,168,955.95 | |
| Cashpaymentsforgoodspurchasedandservicesreceived | 10,824,874,163.03 | 11,029,476,036.21 | |
| Netincreaseofloansandadvancestoclients | 262,376,929.65 | -2,051,930,316.19 | |
| Netincreaseofcentralbankdepositandinterbankdeposit | -4,585,245,646.29 | 1,570,003,429.01 | |
| Cashpaymentsforinsuranceindemnitiesoforiginalinsurancecontracts | |||
| Netincreaseofloanstoothers | -400,000,000.00 | 2,500,000,000.00 | |
| Cashpaymentsforinterest,handlingfeesandcommissions | 97,061,751.28 | 142,896,151.21 | |
| Cashpaymentsforpolicybonus | |||
| Cashpaidtoandonbehalfofemployees | 15,352,541,000.17 | 13,845,293,907.26 | |
| Cashpaymentsfortaxesandrates | 77,055,621,533.11 | 66,683,472,509.22 | |
| Othercashpaymentsrelatedtooperatingactivities | 56(1) | 9,015,412,761.18 | 7,943,709,518.14 |
| Subtotalofcashoutflowsfromoperatingactivities | 107,622,642,492.13 | 101,662,921,234.86 | |
| Netcashflowsfromoperatingactivities | 92,463,692,168.43 | 66,593,247,721.09 | |
| II.Cashflowsfrominvestingactivities: | |||
| Cashreceiptsfromwithdrawalofinvestments | 56(2) | 8,550,000,000.00 | 7,549,947,301.15 |
| Cashreceiptsfrominvestmentincome | 92,382,151.66 | 140,715,000.00 | |
| Netcashreceiptsfromthedisposaloffixedassets,intangibleassetsandotherlong-termassets | 715,708.44 | 24,948,352.95 | |
| Netcashreceiptsfromthedisposalofsubsidiaries&otherbusinessunits | |||
| Othercashreceiptsrelatedtoinvestingactivities | 56(2) | 5,532,536.42 | 4,605,886.63 |
| Subtotalofcashinflowsfrominvestingactivities | 8,648,630,396.52 | 7,720,216,540.73 | |
| Cashpaymentsfortheacquisitionoffixedassets,intangibleassetsandotherlong-termassets | 4,678,712,053.56 | 2,619,755,888.79 | |
| Cashpaymentsforinvestments | 56(2) | 5,745,136,000.00 | 14,817,852,800.00 |
/
Items
| Items | NoteNo. | Currentperiodcumulative | Precedingperiodcomparative |
| Netincreaseofpledgedborrowings | |||
| Netcashpaymentsfortheacquisitionofsubsidiaries&otherbusinessunits | |||
| Othercashpaymentsrelatedtoinvestingactivities | 56(2) | 9,984,973.67 | 7,021,867.10 |
| Subtotalofcashoutflowsfrominvestingactivities | 10,433,833,027.23 | 17,444,630,555.89 | |
| Netcashflowsfrominvestingactivities | -1,785,202,630.71 | -9,724,414,015.16 | |
| III.Cashflowsfromfinancingactivities: | |||
| Cashreceiptsfromabsorbinginvestments | |||
| Including:Cashreceivedbysubsidiariesfromnon-controllingshareholdersasinvestments | |||
| Cashreceiptsfromborrowings | |||
| Othercashreceiptsrelatedtofinancingactivities | |||
| Subtotalofcashinflowsfromfinancingactivities | |||
| Cashpaymentsfortherepaymentofborrowings | |||
| Cashpaymentsfordistributionofdividendsorprofitsandforinterestexpenses | 70,951,027,702.94 | 58,754,786,730.01 | |
| Including:Cashpaidbysubsidiariestonon-controllingshareholdersasdividendorprofit | 2,164,148,570.54 | 2,204,530,367.41 | |
| Othercashpaymentsrelatedtofinancingactivities | 56(3) | 116,478,781.87 | 134,315,261.93 |
| Subtotalofcashoutflowsfromfinancingactivities | 71,067,506,484.81 | 58,889,101,991.94 | |
| Netcashflowsfromfinancingactivities | -71,067,506,484.81 | -58,889,101,991.94 | |
| IV.Effectofforeignexchangeratechangesoncashandcashequivalents | -1,082,747.55 | 1,718,255.65 | |
| V.Netincreaseincashandcashequivalents | 19,609,900,305.36 | -2,018,550,030.36 | |
| Add:Openingbalanceofcashandcashequivalents | 150,360,188,952.47 | 152,378,738,982.83 | |
| VI.Closingbalanceofcashandcashequivalents | 169,970,089,257.83 | 150,360,188,952.47 |
Legalrepresentative:ZhangDeqinOfficerinchargeofaccounting:JiangYanHeadofaccountingdepartment:CaiCongying
[KweichowMoutaiCo.,Ltd.]
ParentcompanycashflowstatementfortheyearendedDecember31,2024(ExpressedinRenminbiYuan)
/
Items
| Items | NoteNo. | Currentperiodcumulative | Precedingperiodcomparative |
| I.Cashflowsfromoperatingactivities: | |||
| Cashreceiptsfromsaleofgoodsorrenderingservices | 111,538,681,686.42 | 94,747,549,529.72 | |
| Receiptsoftaxrefund | |||
| Othercashreceiptsrelatedtooperatingactivities | 2,431,345,218.78 | 2,257,446,106.71 | |
| Subtotalofcashinflowsfromoperatingactivities | 113,970,026,905.20 | 97,004,995,636.43 | |
| Cashpaymentsforgoodspurchasedandservicesreceived | 10,717,006,325.62 | 11,054,477,987.64 | |
| Cashpaidtoandonbehalfofemployees | 14,510,476,588.58 | 13,029,936,131.14 | |
| Cashpaymentsfortaxesandrates | 47,090,165,083.33 | 39,639,038,426.44 | |
| Othercashpaymentsrelatedtooperatingactivities | 4,825,785,638.97 | 4,384,891,703.90 | |
| Subtotalofcashoutflowsfromoperatingactivities | 77,143,433,636.50 | 68,108,344,249.12 | |
| Netcashflowsfromoperatingactivities | 36,826,593,268.70 | 28,896,651,387.31 | |
| II.Cashflowsfrominvestingactivities: | |||
| Cashreceiptsfromwithdrawalofinvestments | 2,014,000,000.00 | ||
| Cashreceiptsfrominvestmentincome | 42,023,527,068.33 | 35,474,191,055.51 | |
| Netcashreceiptsfromthedisposaloffixedassets,intangibleassetsandotherlong-termassets | 698,117.00 | 16,093,650.00 | |
| Netcashreceiptsfromthedisposalofsubsidiaries&otherbusinessunits | |||
| Othercashreceiptsrelatedtoinvestingactivities | 5,532,536.42 | 4,605,886.63 | |
| Subtotalofcashinflowsfrominvestingactivities | 42,029,757,721.75 | 37,508,890,592.14 | |
| Cashpaymentsfortheacquisitionoffixedassets,intangibleassetsandotherlong-termassets | 4,660,307,532.89 | 2,589,885,182.75 | |
| Cashpaymentsforinvestments | 4,000,000,000.00 | ||
| Netcashpaymentsfortheacquisitionofsubsidiaries&otherbusinessunits | |||
| Othercashpaymentsrelatedtoinvestingactivities | 9,984,973.67 | 7,021,867.10 | |
| Subtotalofcashoutflowsfrominvestingactivities | 4,670,292,506.56 | 6,596,907,049.85 | |
| Netcashflowsfrominvestingactivities | 37,359,465,215.19 | 30,911,983,542.29 | |
| III.Cashflowsfromfinancingactivities: | |||
| Cashreceiptsfromabsorbinginvestments | |||
| Cashreceiptsfromborrowings | |||
| Othercashreceiptsrelatedtofinancingactivities | |||
| Subtotalofcashinflowsfromfinancingactivities | |||
| Cashpaymentsfortherepaymentofborrowings | |||
| Cashpaymentsfordistributionofdividendsorprofitsandforinterestexpenses | 68,786,879,132.40 | 56,550,256,362.60 | |
| Othercashpaymentsrelatedtofinancingactivities | 29,955,836.02 | 71,050,469.50 | |
| Subtotalofcashoutflowsfromfinancingactivities | 68,816,834,968.42 | 56,621,306,832.10 | |
| Netcashflowsfromfinancingactivities | -68,816,834,968.42 | -56,621,306,832.10 | |
| IV.Effectofforeignexchangeratechangesoncashandcashequivalents | |||
| V.Netincreaseincashandcashequivalents | 5,369,223,515.47 | 3,187,328,097.50 |
/
Items
| Items | NoteNo. | Currentperiodcumulative | Precedingperiodcomparative |
| Add:Openingbalanceofcashandcashequivalents | 71,147,917,165.03 | 67,960,589,067.53 | |
| VI.Closingbalanceofcashandcashequivalents | 76,517,140,680.50 | 71,147,917,165.03 |
Legalrepresentative:ZhangDeqinOfficerinchargeofaccounting:JiangYanHeadofaccountingdepartment:CaiCongying
[KweichowMoutaiCo.,Ltd.]
ConsolidatedstatementofchangesinequityfortheyearendedDecember31,2024
(ExpressedinRenminbiYuan)
/
Items
| Items | Currentperiodcumulative | ||||||||||||
| Equityattributabletoparentcompany | Non-controllinginterest | Totalequity | |||||||||||
| Sharecapital/Paid-incapital | Otherequityinstruments | Capitalreserve | Less:Treasuryshares | Othercomprehensiveincome | Specialreserve | Surplusreserve | Generalriskreserve | Undistributedprofit | |||||
| Preferredshares | Perpetualbonds | Others | |||||||||||
| I.Balanceattheendofprioryear | 1,256,197,800.00 | 1,374,964,415.72 | -6,061,727.51 | 38,998,763,095.13 | 1,061,529,724.00 | 172,983,178,300.09 | 7,987,897,687.39 | 223,656,469,294.82 | |||||
| Add:Cumulativechangesofaccountingpolicies | |||||||||||||
| Errorcorrectionofpriorperiod | |||||||||||||
| Businesscombinationundercommoncontrol | |||||||||||||
| Others | |||||||||||||
| II.Balanceatthebeginningofcurrentyear | 1,256,197,800.00 | 1,374,964,415.72 | -6,061,727.51 | 38,998,763,095.13 | 1,061,529,724.00 | 172,983,178,300.09 | 7,987,897,687.39 | 223,656,469,294.82 | |||||
| III.Currentperiodincrease(orless:decrease) | -3,854,497.18 | 7,637,030,384.26 | 9,804,236,904.96 | 917,433,033.74 | 18,354,845,825.78 | ||||||||
| (I)Totalcomprehensiveincome | -3,854,497.18 | 86,228,146,421.62 | 3,106,581,604.28 | 89,330,873,528.72 | |||||||||
| (II)Capitalcontributedorwithdrawnbyowners | |||||||||||||
| 1.Ordinarysharescontributedbyowners | |||||||||||||
| 2.Capitalcontributedbyholdersofotherequityinstruments | |||||||||||||
| 3.Amountofshare-basedpaymentincludedinequity | |||||||||||||
| 4.Others | |||||||||||||
| (III)Profitdistribution | 7,637,030,384.26 | -76,423,909,516.66 | -2,189,148,570.54 | -70,976,027,702.94 | |||||||||
| 1.Appropriationofsurplusreserve | 7,637,030,384.26 | -7,637,030,384.26 | |||||||||||
| 2.Appropriationofgeneralriskreserve | |||||||||||||
| 3.Appropriationofprofittoowners | -68,786,879,132.40 | -2,189,148,570.54 | -70,976,027,702.94 | ||||||||||
/
Items
| Items | Currentperiodcumulative | ||||||||||||
| Equityattributabletoparentcompany | Non-controllinginterest | Totalequity | |||||||||||
| Sharecapital/Paid-incapital | Otherequityinstruments | Capitalreserve | Less:Treasuryshares | Othercomprehensiveincome | Specialreserve | Surplusreserve | Generalriskreserve | Undistributedprofit | |||||
| Preferredshares | Perpetualbonds | Others | |||||||||||
| 4.Others | |||||||||||||
| (IV)Internalcarry-overwithinequity | |||||||||||||
| 1.Transferofcapitalreservetocapital | |||||||||||||
| 2.Transferofsurplusreservetocapital | |||||||||||||
| 3.Surplusreservetocoverlosses | |||||||||||||
| 4.Changesindefinedbenefitplancarriedovertoretainedearnings | |||||||||||||
| 5.Othercomprehensiveincomecarriedovertoretainedearnings | |||||||||||||
| 6.Others | |||||||||||||
| (V)Specialreserve | |||||||||||||
| 1.Currentperiodappropriation | |||||||||||||
| 2.Currentperioduse | |||||||||||||
| (VI)Others | |||||||||||||
| IV.Balanceattheendofcurrentperiod | 1,256,197,800.00 | 1,374,964,415.72 | -9,916,224.69 | 46,635,793,479.39 | 1,061,529,724.00 | 182,787,415,205.05 | 8,905,330,721.13 | 242,011,315,120.60 | |||||
Legalrepresentative:ZhangDeqinOfficerinchargeofaccounting:JiangYanHeadofaccountingdepartment:CaiCongying
[KweichowMoutaiCo.,Ltd.]
ConsolidatedstatementofchangesinequityfortheyearendedDecember31,2024(continued)
/
Items
| Items | Precedingperiodcomparative | ||||||||||||
| Equityattributabletoparentcompany | Non-controllinginterest | Totalequity | |||||||||||
| Sharecapital/Paid-incapital | Otherequityinstruments | Capitalreserve | Less:Treasuryshares | Othercomprehensiveincome | Specialreserve | Surplusreserve | Generalriskreserve | Undistributedprofit | |||||
| Preferredshares | Perpetualbonds | Others | |||||||||||
| I.Balanceattheendofprioryear | 1,256,197,800.00 | 1,374,964,415.72 | -10,776,907.33 | 32,522,779,178.88 | 1,061,529,724.00 | 161,301,978,184.73 | 7,458,015,858.08 | 204,964,688,254.08 | |||||
| Add:Cumulativechangesofaccountingpolicies | -2,655,778.91 | -23,975,377.63 | 24,166.32 | -26,606,990.22 | |||||||||
| Errorcorrectionofpriorperiod | |||||||||||||
| Businesscombinationundercommoncontrol | |||||||||||||
| Others | |||||||||||||
| II.Balanceatthebeginningofcurrentyear | 1,256,197,800.00 | 1,374,964,415.72 | -10,776,907.33 | 32,520,123,399.97 | 1,061,529,724.00 | 161,278,002,807.10 | 7,458,040,024.40 | 204,938,081,263.86 | |||||
| III.Currentperiodincrease(orless:decrease) | 4,715,179.82 | 6,478,639,695.16 | 11,705,175,492.99 | 529,857,662.99 | 18,718,388,030.96 | ||||||||
| (I)Totalcomprehensiveincome | 4,715,179.82 | 74,734,071,550.75 | 2,787,404,727.05 | 77,526,191,457.62 | |||||||||
| (II)Capitalcontributedorwithdrawnbyowners | -6,000,000.00 | -6,000,000.00 | |||||||||||
| 1.Ordinarysharescontributedbyowners | |||||||||||||
| 2.Capitalcontributedbyholdersofotherequityinstruments | |||||||||||||
| 3.Amountofshare-basedpaymentincludedinequity | |||||||||||||
| 4.Others | -6,000,000.00 | -6,000,000.00 | |||||||||||
| (III)Profitdistribution | 6,478,639,695.16 | -63,028,896,057.76 | -2,251,547,064.06 | -58,801,803,426.66 | |||||||||
| 1.Appropriationofsurplusreserve | 6,478,639,695.16 | -6,478,639,695.16 | |||||||||||
| 2.Appropriationofgeneralriskreserve | |||||||||||||
| 3.Appropriationofprofittoowners | -56,550,256,362.60 | -2,251,547,064.06 | -58,801,803,426.66 | ||||||||||
| 4.Others | |||||||||||||
| (IV)Internalcarry-overwithinequity | |||||||||||||
(ExpressedinRenminbiYuan)
Legalrepresentative:ZhangDeqinOfficerinchargeofaccounting:JiangYanHeadofaccountingdepartment:CaiCongying
/
1.Transferofcapitalreservetocapital
| 1.Transferofcapitalreservetocapital | |||||||||||
| 2.Transferofsurplusreservetocapital | |||||||||||
| 3.Surplusreservetocoverlosses | |||||||||||
| 4.Changesindefinedbenefitplancarriedovertoretainedearnings | |||||||||||
| 5.Othercomprehensiveincomecarriedovertoretainedearnings | |||||||||||
| 6.Others | |||||||||||
| (V)Specialreserve | |||||||||||
| 1.Currentperiodappropriation | |||||||||||
| 2.Currentperioduse | |||||||||||
| (VI)Others | |||||||||||
| IV.Balanceattheendofcurrentperiod | 1,256,197,800.00 | 1,374,964,415.72 | -6,061,727.51 | 38,998,763,095.13 | 1,061,529,724.00 | 172,983,178,300.09 | 7,987,897,687.39 | 223,656,469,294.82 |
[KweichowMoutaiCo.,Ltd.]
ParentcompanystatementofchangesinequityfortheyearendedDecember31,2024
(ExpressedinRenminbiYuan)
/
Items
| Items | Currentperiodcumulative | ||||||||||
| Sharecapital/Paid-incapital | Otherequityinstruments | Capitalreserve | Less:Treasuryshares | Othercomprehensiveincome | Specialreserve | Surplusreserve | Undistributedprofit | Totalequity | |||
| Preferredshares | Perpetualbonds | Others | |||||||||
| I.Balanceattheendofprioryear | 1,256,197,800.00 | 1,374,303,082.72 | 38,998,763,095.13 | 115,273,593,649.88 | 156,902,857,627.73 | ||||||
| Add:Cumulativechangesofaccountingpolicies | |||||||||||
| Errorcorrectionofpriorperiod | |||||||||||
| Others | |||||||||||
| II.Balanceatthebeginningofcurrentyear | 1,256,197,800.00 | 1,374,303,082.72 | 38,998,763,095.13 | 115,273,593,649.88 | 156,902,857,627.73 | ||||||
| III.Currentperiodincrease(orless:decrease) | 7,637,030,384.26 | -53,605,674.07 | 7,583,424,710.19 | ||||||||
| (I)Totalcomprehensiveincome | 76,370,303,842.59 | 76,370,303,842.59 | |||||||||
| (II)Capitalcontributedorwithdrawnbyowners | |||||||||||
| 1.Ordinarysharescontributedbyowners | |||||||||||
| 2.Capitalcontributedbyholdersofotherequityinstruments | |||||||||||
| 3.Amountofshare-basedpaymentincludedinequity | |||||||||||
| 4.Others | |||||||||||
| (III)Profitdistribution | 7,637,030,384.26 | -76,423,909,516.66 | -68,786,879,132.40 | ||||||||
| 1.Appropriationofsurplusreserve | 7,637,030,384.26 | -7,637,030,384.26 | |||||||||
| 2.Appropriationofprofittoowners | -68,786,879,132.40 | -68,786,879,132.40 | |||||||||
| 3.Others | |||||||||||
| (IV)Internalcarry-overwithinequity | |||||||||||
| 1.Transferofcapitalreservetocapital | |||||||||||
| 2.Transferofsurplusreservetocapital | |||||||||||
| 3.Surplusreservetocoverlosses | |||||||||||
/
4.Changesindefinedbenefitplancarriedovertoretainedearnings
| 4.Changesindefinedbenefitplancarriedovertoretainedearnings | |||||||
| 5.Othercomprehensiveincomecarriedovertoretainedearnings | |||||||
| 6.Others | |||||||
| (V)Specialreserve | |||||||
| 1.Currentperiodappropriation | |||||||
| 2.Currentperioduse | |||||||
| (VI)Others | |||||||
| IV.Balanceattheendofcurrentperiod | 1,256,197,800.00 | 1,374,303,082.72 | 46,635,793,479.39 | 115,219,987,975.81 | 164,486,282,337.92 |
Legalrepresentative:ZhangDeqinOfficerinchargeofaccounting:JiangYanHeadofaccountingdepartment:CaiCongying
[KweichowMoutaiCo.,Ltd.]
ParentcompanystatementofchangesinequityfortheyearendedDecember31,2024(continued)
(ExpressedinRenminbiYuan)
/
Items
| Items | Precedingperiodcomparative | ||||||||||
| Sharecapital/Paid-incapital | Otherequityinstruments | Capitalreserve | Less:Treasuryshares | Othercomprehensiveincome | Specialreserve | Surplusreserve | Undistributedprofit | Totalequity | |||
| Preferredshares | Perpetualbonds | Others | |||||||||
| I.Balanceattheendofprioryear | 1,256,197,800.00 | 1,374,303,082.72 | 32,522,779,178.88 | 113,539,994,766.29 | 148,693,274,827.89 | ||||||
| Add:Cumulativechangesofaccountingpolicies | -2,655,778.91 | -23,902,010.23 | -26,557,789.14 | ||||||||
| Errorcorrectionofpriorperiod | |||||||||||
| Others | |||||||||||
| II.Balanceatthebeginningofcurrentyear | 1,256,197,800.00 | 1,374,303,082.72 | 32,520,123,399.97 | 113,516,092,756.06 | 148,666,717,038.75 | ||||||
| III.Currentperiodincrease(orless:decrease) | 6,478,639,695.16 | 1,757,500,893.82 | 8,236,140,588.98 | ||||||||
| (I)Totalcomprehensiveincome | 64,786,396,951.58 | 64,786,396,951.58 | |||||||||
| (II)Capitalcontributedorwithdrawnbyowners | |||||||||||
| 1.Ordinarysharescontributedbyowners | |||||||||||
| 2.Capitalcontributedbyholdersofotherequityinstruments | |||||||||||
| 3.Amountofshare-basedpaymentincludedinequity | |||||||||||
| 4.Others | |||||||||||
| (III)Profitdistribution | 6,478,639,695.16 | -63,028,896,057.76 | -56,550,256,362.60 | ||||||||
| 1.Appropriationofsurplusreserve | 6,478,639,695.16 | -6,478,639,695.16 | |||||||||
| 2.Appropriationofprofittoowners | -56,550,256,362.60 | -56,550,256,362.60 | |||||||||
| 3.Others | |||||||||||
| (IV)Internalcarry-overwithinequity | |||||||||||
| 1.Transferofcapitalreservetocapital | |||||||||||
| 2.Transferofsurplusreservetocapital | |||||||||||
| 3.Surplusreservetocoverlosses | |||||||||||
/
4.Changesindefinedbenefitplancarriedovertoretainedearnings
| 4.Changesindefinedbenefitplancarriedovertoretainedearnings | |||||||
| 5.Othercomprehensiveincomecarriedovertoretainedearnings | |||||||
| 6.Others | |||||||
| (V)Specialreserve | |||||||
| 1.Currentperiodappropriation | |||||||
| 2.Currentperioduse | |||||||
| (VI)Others | |||||||
| IV.Balanceattheendofcurrentperiod | 1,256,197,800.00 | 1,374,303,082.72 | 38,998,763,095.13 | 115,273,593,649.88 | 156,902,857,627.73 |
Legalrepresentative:ZhangDeqinOfficerinchargeofaccounting:JiangYanHeadofaccountingdepartment:CaiCongying
III.Companyprofile
√Applicable□N/AKweichowMoutaiCo.,Ltd.wasestablishedonNovember20,1999,witharegisteredcapitalofRMB185million,inaccordancewiththe"ReplyonApprovaloftheEstablishmentofKweichowMoutaiCo.,LTD.,"indocumentof[1999]No.291bytheGuizhouProvincialPeople'sGovernment.ThecontrollingshareholderoftheCompanyisChinaKweichowMoutaiDistillery(Group)Co.,LTD.,andtheultimatecontrollingpartyistheState-ownedAssetsSupervisionandAdministrationCommissionofGuizhouProvincialPeople'sGovernment.AfterbeingapprovedbyCSRCwiththedocumentof[2001]No.41andMinistryofFinancewiththedocumentof[2001]No.56,theCompanypubliclyissuedA-sharesontheShanghaiStockExchangeonJuly31,2001.AsofDecember31,2024,thetotalsharecapitaloftheCompanywas1,256,197,800shares.OperationsoftheCompanyanditssubsidiaries:productionandsalesofMoutailiquorandaseriesofliquors.Productionandsaleofbeverage,foodandpackagingmaterials,Anti-counterfeitingtechnologydevelopment,theresearchanddevelopmentofinformationindustryrelatedproducts,theoperationandmanagementofhotel,accommodation,catering,entertainment,bathingandparkinglotservices,Vehicletransportation(withouthazardouschemicals),maintenance;Thesecondtypeofvalue-addedtelecommunicationsservices.SubsidiariesincludedinthescopeofconsolidationduringthereportingperiodaredetailedinSectionX.Interestsinotherentitiestothenotesoffinancialstatements.IV.Basisforthepreparationofthefinancialstatements
1.BasisofpreparationoffinancialstatementsThecompanyhasprepareditsfinancialstatementsonagoingconcernbasis.
2.Goingconcern
√Applicable□N/ASincethedateofthisreport,therearenoeventsresultinginsignificantuncertaintiesovergoingconcernoftheoperationofthiscompanyforatleast12months.V.SignificantaccountingpoliciesandaccountingestimatesSpecificaccountingpoliciesandaccountingestimates:
√Applicable□N/A
1.StatementoncompliancewithAccountingStandardsforBusinessEnterprisesThefinancialstatementshavebeenpreparedinaccordancewiththerequirementsofaccountingstandardsforbusinessenterprises,whichtrulyandcompletelyreflecttheCompany’sfinancialstatus,operatingresults,changesinshareholders’equity,cashflowandotherrelevantinformation.
2.AccountingperiodTheaccountingyearoftheCompanyisfrom1Januaryto31December.
3.Operatingcycle
√Applicable□N/ATheCompanyadopts12monthsasanoperatingcycle.
4.FunctionalcurrencyThecompanyanditsdomesticsubsidiariesuseRMBastheiraccountingstandardcurrency.Theoverseassubsidiary,KweichowMoutaiParisTradingCo.,LTD.,whichisengagedinoverseasoperations,choosesthecurrencyinthemaineconomicenvironmentinwhichitoperates(Euro)asitsaccountingstandardcurrency.
5.Determinationmethodandselectionbasisofmaterialitycriteria
√Applicable□N/A
/
Item
| Item | Materialitycriteria |
/
Significantbaddebtprovisionassessedindividuallyofaccountsreceivable
Significantbaddebtprovisionassessedindividuallyofaccountsreceivable
Theamountofbaddebtprovisionassessedindividuallyaccountsforover10%ofthetotalamountofbaddebtprovisionofaccountsreceivableandexceedsRMB50million.
| Significantrecoveryorreversalofbaddebtprovisionofaccountsreceivable | Theamountofindividualrecoveryorreversalaccountsforover10%ofthetotalamountofaccountsreceivableandexceedsRMB50million. |
| Significantwrite-offofaccountsreceivable | Theamountofindividualwrite-offaccountsforover10%ofthetotalamountofbaddebtprovisionofaccountsreceivableandexceedsRMB50million. |
| Significantconstructioninprogress | ThebudgetofindividualconstructioninprogressinvestmentexceedsRMB1billion. |
| Significantcapitalizationofresearchanddevelopmentexpenditures | Thebudgetamountofindividualresearchanddevelopmentprojectwhichiscapitalizedaccountsforover10%ofthetotalbudgetofcurrentresearchanddevelopmentprojectsandthecapitalizedamountincurredinthecurrentperiodexceedsRMB50million. |
| Importantprojectsofconstructioninprogress | Thecashflowofasingleinvestmentactivityaccountsformorethan10%ofthetotalcashinfloworoutflowofinvestmentactivitiesandtheamountexceedsRMB1billion |
| Significantaccountspayableandotherpayables | Theamountofindividualaccountspayableorotherpayableswiththeagingover1yearaccountsforover10%ofthetotalamountofaccountspayableorotherpayablesandexceedsRMB100million. |
| Significantnon-whollyownedsubsidiaries | Thesubsidiarieswithnon-controllingshareholdersholding5%andmorethan5%ofsharesandtheamountoftotalassets,netassets,operatingrevenueandnetprofitaccountsforover10%ofthecorrespondingitemsintheconsolidatedfinancialstatements. |
6.Accountingtreatmentsof“Businesscombinationinvolvingentitiesundercommoncontrol”and“Businesscombinationinvolvingentitiesnotundercommoncontrol”
√Applicable□N/A
(1)BusinesscombinationinvolvingentitiesundercommoncontrolForbusinesscombinationinvolvingentitiesundercommoncontrol,assetsandliabilitiesobtainedbythecombiningpartythroughbusinesscombinationshallbemeasuredatthebookvalueofthecombinedcompanyatthecombinationdate.Thecapitalreserve(stockpremiumorcapitalpremium)isadjustedaccordingtothedifferencebetweenthebookvalueofnetassetacquiredthroughcombinationandthebookvalueofconsiderationpaidforthecombination(ortotalparvalueofsharesissued).Ifthecapitalreserve(stockpremiumorcapitalpremium)isinsufficienttooffset,theretainedearningsshallbeadjusted.
(2)BusinesscombinationnotundercommoncontrolForbusinesscombinationinvolvingentitiesnotundercommoncontrol,thecombinationcostiscalculatedatfairvalueoftheassets,liabilitiesincurredorassumedandtheequitysecuritiesissuedbythecombiningpartyoncombinationdateinthepurposeofgainingthecombinedparty’scontrol.Forbusinesscombinationinvolvingentitiesnotundercommoncontrolthatareachievedstepbystepinmultipleexchangesandtransactions,differentapproachesinaccountingtreatmentareadoptedforindividualfinancialstatementsandcombinationfinancialstatementsasfollows.A.Forindividualfinancialstatements,theinitialinvestmentcostoftheinvestmentiscalculatedasthesumofthebookvalueofthecombinedparty’sequityinvestmentheldbythecombiningpartybeforethecombinationdateandtheincreasedinvestmentcostonthecombinationdate.Ifthecombinedparty’sequityheldbythecombiningpartyentailsothercomprehensiveprofits,thentheprofits(e.g.thepartofthedifferenceoffairvalueofsaleablefinancialassetsthatiscalculatedincapitalreserves,thesameforthefollows)shallbecalculatedastheinvestmentprofitsofthecurrentperiod.
B.Forcombinationfinancialstatements,thecombinedparty’sequityheldbythecombiningpartybeforethecombinationdateshallberecalculatedinfairvalueoftheequityoncombinationdate.Themarginofitsfairvalueandbookvalueshallbecalculatedintotheinvestmentprofitsofthecurrentperiod.Ifthecombinedparty’sequityheldbythecombiningpartyentailsothercomprehensiveprofits,thentheprofitsshallbecalculatedastheinvestmentprofitsofthecurrentperiodofthecombinationdate.Fees,commissions,andothertransactionexpensesandotherrelevantadministrationexpensepaidforcombinationshallbecalculatedintocurrentprofitsorlossesastheyoccur.Transactionfeesofequitysecuritiesanddebtsecuritiespaidbythecombiningpartyforcombinationconsiderationshallbeincludedintheinitialmeasurementamountofequityordebtsecurities.TheCompanyshallrecognizethedifferenceofthecombinationcostsinexcessofthefairvalueofthenetidentifiableassetacquiredfromtheacquireethroughcombinationasgoodwill.Afterthereview,ifthecombinationcostsarestillinshortofthefairvalueofthenetidentifiableassetacquiredfromtheacquireethroughcombination,includethedifferenceinthecurrentprofitsorlosses.
7.Judgmentcriteriaforcontrolandbasisofconsolidatedfinancialstatements
√Applicable□N/A
(1)JudgmentcriteriaforcontrolTheconsolidationscopeoftheconsolidatedfinancialstatementsisdeterminedonthebasisofcontrol.Thecontroloveraninvesteewillbeidentifiedwhenaninvestor:hasthepowerovertheinvestee,isexposedtovariablereturnsfromitsinvolvementwiththeinvesteeandhastheabilitytotoaffectthosereturnsthroughitspowerovertheinvestee.
(2)BasisofconsolidatedfinancialstatementsTheconsolidatedfinancialstatementsoftheCompanyarepreparedinaccordancewiththeAccountingStandardsforBusinessEnterprisesNo.33--ConsolidatedFinancialStatementsandrelevantregulations.Allmajorinternaltransactionsandcurrentaccountswithinthescopeoftheconsolidatehavebeenoffsetatthetimeofconsolidation.Thepartofshareholders'equityofasubsidiarythatisnotownedbytheparentcompanyshallbepresentedseparatelyasnon-controllingequityundershareholders’equityintheconsolidatedfinancialstatements.Whenpreparingtheconsolidatedfinancialstatements,whereaccountingpoliciesandaccountingperiodsadoptedbysubsidiariesareinconsistentwiththoseoftheCompany,necessaryadjustmentsshouldbemadetothefinancialstatementsofsubsidiariesaccordingtotheaccountingpolicyandaccountingperiodadoptedbytheCompany.Forthesubsidiariesacquiredthroughbusinesscombinationundercommoncontrol,theiroperatingresultsandcashflowsshallbeincludedintheconsolidatedfinancialstatementsfromthebeginningofthecurrentconsolidationperiod.Whenpreparingthecomparativeconsolidatedfinancialstatements,relateditemsinthefinancialstatementsofthepreviousyearareadjustedaccordingly,anditisdeemedthat,afterthecombination,thereportingentityhasbeeninexistencesincethepointwhentheultimatecontrollingpartybegantocontrol.Forthesubsidiariesacquiredthroughbusinesscombinationnotundercommoncontrol,theiroperatingresultsandcashflowsshallbeincludedintheconsolidatedfinancialstatementsasfromthedateofobtainingthecontrolrightbytheCompany.
8.CashandcashequivalentsCashequivalentsincludecashonhand,bankbalances,othermonetaryfunds,provisionatcentralbankretrievableatanytime,depositswithotherbanks,placementswithbanks,buyingsecuritiesandreturnsalewithinthesameindustryandotherinvestmentsfeaturingshortinvestmentperiod(generallyduewithinthreemonthssincepurchase),highmobility,easyconvertibilitytocashwithknownamountandlowriskofvaluechange.
9.Foreignoperationsandforeigncurrencytranslation
√Applicable□N/A
(1)ForeigncurrencyoperationsTheamountintheforeigncurrencyshallbetranslatedintoRMBcurrencyaccordingtothemiddlerateofexchangerateinforeigncurrencymarketonthedayoftransaction.Attheendoftheperiod,thebalanceofmonetaryforeigncurrencyaccountshallbetranslatedintoRMBcurrencyaccordingtothemiddlerateofexchangerateattheendoftheperiod.ThedifferencebetweenthetranslatedRMBbalanceandtheoriginalbookbalanceshallbecalculatedasexchangegainsorlost,andrecordedintoitemslike‘financeexpense’and‘constructioninprogress’.Fornon-monetaryforeigncurrencyprojectscalculatedwithhistoricalcost,thespotexchangerateontransactiondayisemployed,andtheamountofreportingcurrencystayunchanged.
(2)ForeigncurrencytranslationAssetsandliabilitiesinthebalancesheetsshallbetranslatedatthespotexchangeratesonbalancesheetdate.Shareholders’equityitems,exceptfortheitemof“retainedearnings”,aretranslatedatthespotexchangeratesonthedateswhenthetransactionsoccur.Revenueandexpenseitemsintheincomestatementaretranslatedatthespotexchangeratesonthedateswhenthetransactionsoccurorattheexchangeratedeterminedinasystematicalandreasonablemethodandsimilartothespotexchangerateonthedaywhenthetransactionsoccur.Differencesarisingfromtheabovetranslationsofforeigncurrencyfinancialstatementsareseparatelylistedunderothercomprehensiveincomeintheconsolidatedbalancesheet.Cashflowprojectsoperatedoverseasshallbetranslatedatapproximateexchangerateofspotrateonthedateofcashflow.Theamountofcashaffectedbyfluctuationsofexchangerateshallbeseparatelylistedinthetableofcashflow.
10.FinancialInstruments
√Applicable□N/A
(1)RecognitionandderecognitionoffinancialinstrumentsWhentheCompanybecomesapartytoafinancialinstrumentcontract,therelatedfinancialassetorfinancialliabilityshouldberecognized.Transactionoffinancialassetsbyregularmeansshallberecognizedandderecognizedaccordingtoaccountingontransactiondate.Regularmeansreferstogainingorgivingfinancialassetswithinthetimeperioddesignatedbylaworregulationsaccordingtocontractitems.TransactiondatereferstothedatethattheCompanypromisestopurchaseorsellfinancialassets.Derecognitionoffinancialassets(orpartoffinancialassets)shallbeconducted-writtenofffromtheaccountandassetliabilitylist,ifitmeetsfollowingconditions:A.expirationoftherighttoacquirecashflowoffinancialassets;B.Transferoftherighttoobtaincashflowoffinancialassets,and(a)substantivelytransferringalmostallrisksandrewardsofthepossessionoffinancialassets,or(b)thoughsubstantivelyneithertransferringnorretainingalmostallrisksandrewardsofthepossessionoffinancialassets,relinquishingthecontroloverthefinancialassets.
(2)ClassificationandmeasurementoffinancialassetsBasedonthebusinessmodeloffinancialassetmanagementandthecontractcashflowcharacteristicsoffinancialassets,theCompanyclassifiesfinancialassetsinto:financialassetsmeasuredatamortizedcost;financialassetsmeasuredatfairvaluewiththeirchangesincludedintoothercomprehensiveincome;andfinancialassetsmeasuredatfairvaluewiththeirchangesincludedintocurrentprofits/losses.Thefollowingmeasurementoffinancialassetsdependsonitsclassification.ThefinancialassetsoftheCompanyareclassifiedaccordingtothebusinessmodelofthecompany'smanagementoffinancialassetsandthecashflowcharacteristicsoffinancialassets.A.FinancialassetsmeasuredatamortizedcostThebusinessmodelinwhichtheCompanymanagesfinancialassetsmeasuredatamortizedcostaimstoreceivecontractcashflow.Furthermore,thecharacteristicsofthecontractcashflowofsuchfinancialassetsareconsistentwithbasicborrowingandlendingarrangements,whichmeansthatcashflowgeneratedonaspecificdateservesonlyaspaymentforprincipalandinterestsbasedontheamountofunpaidprincipal.TheCompanyadoptstheeffectiveinterestmethodforsuchfinancialinterests,performssubsequentmeasurementofthematamortizedcost,andincludesthegainsorlossesfromderecognition,changesorimpairmentofthemintocurrentprofits/losses.B.InvestmentindebtinstrumentsmeasuredatfairvaluethroughothercomprehensiveincomeThefinancialassetsthatmeetthefollowingconditionsareofthiscategory:ThebusinessmodelinwhichtheCompanymanagessuchfinancialassetsbothaimstoreceivecontractcashflowandforthepurposeofsale;furthermore,thecharacteristicsofthecontractcashflowofsuchfinancialassetsareconsistentwithbasicborrowingandlendingarrangements.TheCompanymeasuresuchfinancialassetsatfairvalueandincludetheirchangesintoothercomprehensiveincome,butrecordimpairmentlossesorgains,exchangegainsorlossesandinterestincomecalculatedintheeffectiveinterestmethodintocurrentprofits/losses.C.InvestmentinequityinstrumentsmeasuredatfairvaluethroughothercomprehensiveincomeTheCompanyirrevocablychoosestodesignatepartofnon-transactionalequityinstrumentinvestmentsasfinancialassetscalculatedwithfairvaluewhosechangesareincludedinothercomprehensiveincome,andonlyrelevantdividendincomeiscalculatedintocurrentprofitsorlosses.Changesinfairvaluearerecognizedasothercomprehensiveincome.Whenthefinancialassetisderecognized,cumulativegainsorlossesshouldbetransferredintoretainedearnings.
D.FinancialassetsmeasuredatfairvaluethroughprofitorlossForfinancialassetsotherthantheabovefinancialassetsmeasuredatamortizedcostandfinancialassetsmeasuredatfairvaluewiththeirchangesincludedintoothercomprehensiveincome,theCompanyclassifiesthemasfinancialassetsmeasuredatfairvaluewiththeirchangesincludedintocurrentprofits/losses.Inaddition,attheinitialrecognition,theCompanyspecifiespartialfinancialassetsasfinancialassetsmeasuredatfairvaluewiththeirchangesincludedintocurrentprofits/losses,inordertoeliminateorsubstantiallyreduceaccountingmismatch.Forsuchfinancialassets,theCompanyperformssubsequentmeasurementusingfairvalueandrecordschangesinthefairvalueintocurrentprofits/losses.WhenandonlywhentheCompanychangesitsbusinessmodeformanagementoffinancialassets,willbeinfluencedrelevantfinancialassetsbereclassified.Forfinancialassetsmeasuredatfairvaluewiththeirchangesincludedintocurrentprofits/losses,relevanttransactionfeesarecalculatedintocurrentprofitsorlosses;whileforotherfinancialassets,relevanttransactionfeesareincludedintotheinitialrecognitionamount.
(3)ClassificationandmeasurementoffinancialliabilitiesAttheirinitialrecognition,financialliabilitiesaredividedintofinancialliabilitiesmeasuredatamortizedcostandfinancialliabilitiesmeasuredatfairvaluewiththeirchangesincludedintocurrentprofitsorlosses.Financialliabilitiesmeetingthefollowingconditionsarespecifiedasfinancialliabilitiesmeasuredatfairvaluewiththeirchangesincludedintocurrentprofitsorlossesatinitialmeasurement:A.Thespecificationcaneliminateornotablyreduceaccountmismatch;B.Basedonriskmanagementorinvestmentstrategyfromofficialdocuments,managementandbusinessevaluationareconductedonfinancialliabilitycombinationorfinancialassetandfinancialliabilitycombinationonthebasisoffairvalue,whicharereportedtokeymanagementpersonnelinsidethecompany;C.Thefinancialliabilitiesincludeembeddedderivativesthatneedtobeseparated.TheCompanyrecognizetheclassificationoffinancialliabilitiesatinitialrecognition.Forfinancialliabilitiesmeasuredatfairvaluewiththeirchangesincludedintocurrentprofitsorlosses,relevanttransactionfeesarecalculatedintocurrentprofitsorlosses;whileforotherfinancialliabilities,relevanttransactionfeesareincludedintotheinitialrecognitionamount.Thesubsequentmeasurementoffinancialliabilitiesdependsonitsclassification:
A.FinancialliabilitiesmeasuredatamortizedcostForfinancialliabilitiesofthiscategory,effectiveinterestrateisadopted,andsubsequentmeasurementisperformedatamortizedcost.B.FinancialliabilitiesmeasuredatfairvaluethroughprofitorlossFinancialliabilitiesmeasuredatfairvaluewiththeirchangesincludedintocurrentprofits/lossesincludetradingfinancialliabilities(includingderivativesclassifiedasfinancialliabilities)andthefinancialliabilitiesspecifiedtobemeasuredatfairvaluewiththeirchangesincludedintocurrentprofits/lossesattheinitialrecognition.
(4)OffsetoffinancialinstrumentsFinancialassetsandfinancialliabilitiesmeetingthefollowingconditionssimultaneouslyshallbelistedinbalancesheetintheirnetamountsaftermanualoffset:TheCompanyhasthelegalrighttooffsetrecognizedfinancialassetsandfinancialliabilitiesandmayexecutethelegalrightcurrentlyandsimultaneously;TheCompanyplanstosettleorsimultaneouslyencashthefinancialassetsinnetamountsandpayoffthefinancialliabilities.
(5)ImpairmentoffinancialassetsForfinancialassetsmeasuredatamortizedcostanddebtinstrumentinvestmentmeasuredatfairvaluewithitschangesincludedintoothercomprehensiveincome,theCompanyrecognizestheprovisionforlossbasedontheexpectedcreditloss.Whenassessingexpectedcreditloss,theCompanyconsidersreasonableandwell-foundedinformationonpastmatters,presentconditionsandforecastoffutureeconomicconditions,setstheriskofdefaultastheweight,andcalculatestheweightedamountofthedifferenceofpresentvaluebetweenthecashflowaccordingtothecontractandthecashflowexpectedtobegainedinpractice.
Oneachbalancesheetdate,theCompanycalculatesexpectedcreditlossforfinancialinstrumentsatdifferentstages.Ifthecreditriskoffinancialinstrumenthasn’tsubstantiallyincreasedsincetheinitialrecognition,thenitisinthefirststage,andtheCompanywillmeasurethelossprovisionattheamountequivalenttotheexpectedcreditlossforthenext12months.Ifthecreditriskhassubstantiallyincreasedsincetheinitialrecognitionwithoutcreditimpairment,thenthefinancialinstrumentisinthesecondstage,andtheCompanywillmeasurethelossprovisionattheamountequivalenttotheexpectedcreditlossfortheentireduration.Ifcreditimpairmenthasoccurredsincetheinitialrecognition,thenthefinancialinstrumentisinthethirdstage,andtheCompanywillmeasurethelossprovisionbytheamountequivalenttotheexpectedcreditlossfortheentireduration.Forfinancialinstrumentsfeaturingrelativelylowcreditriskonassetbalancedate,theCompanyassumesnosubstantialincreaseofcreditrisksincetheinitialrecognition,andwillmeasurethelossprovisionattheamountequivalenttotheexpectedcreditlossforthenext12months.Forfinancialinstrumentsthatareinthefirststageorsecondstage,orfeaturingrelativelylowcreditrisk,theCompanywillcalculatetheinterestincomeaccordingtothebookbalanceandtheeffectiveinterestratewithoutdeductingprovision.Forfinancialinstrumentsthatareinthethirdstage,theCompanywillcalculatetheinterestincomeaccordingtotheamortizationcostandtheeffectiveinterestrate,deductingprovisionfromthebookbalance.Fornotesreceivableandaccountsreceivableformedindailyoperationslikesaleofproductandprovisionoflabor,regardlessofsubstantialfinancingcomponent,theCompanywillmeasurethelossprovisionbytheamountequivalenttotheexpectedcreditlossfortheentireduration.Whentheinformationabouttheexpectedcreditlossofasinglefinancialassetcannotbeevaluatedatareasonablecost,theCompanyshalldividetheaccountsreceivablesportfolioaccordingtocreditriskcharacteristicsandmeasuretheexpectedcreditlossbasedonportfolios.Thefoundationtodetermineportfolioandprovisionmeansareasfollow:
/
Bankacceptancebillportfolio
| Bankacceptancebillportfolio | Bankacceptancebills |
| Accountsreceivableportfolio | Accountsreceivableofrelatedpartieswithinthescopeofconsolidation |
| Portfolioofotherreceivables | Reservefunds,depositsandsecuritydepositandotherreceivableswithlowcreditrisk |
| Portfolioofotherreceivables | Otherreceivablesofrelatedpartieswithinthescopeofconsolidation |
| Otherportfolios | Otherpaymentsexcepttheaboveportfolios |
Foraccountsretrievabledividedasportfolioandaccountsretrievableformedindailyoperationslikesaleofproductandprovisionoflabor,theCompanycalculatestheexpectedcreditlossthroughthecomparativetableofaccountsretrievableandaccountsretrievableageandtheexpectedcreditlossrateovertheentiredurationbasedonthecurrentsituationandpredictionoffutureeconomicsituationconsultinghistoricalcreditlossexperience.Forothernotesretrievableandaccountsretrievableclassifiedasportfolio,thecompanywillcalculatetheexpectedcreditlossthroughtheexposureatdefaultandexpectedcreditlossrateforthefollowing12monthsorovertheentiredurationbasedonthecurrentsituationandpredictionoffutureeconomicsituationconsultinghistoricalcreditlossexperience.TheCompanycalculatesprovisionwithdrawnorreversedintoprofits/lossesofthecurrentperiod.Forliabilityinstrumentsinfairvaluewhosechangesareincludedinothercomprehensiveincome,theCompanycalculatesimpairmentlossesorincomeintoprofits/lossesofthecurrentperiod,whileadjustingothercomprehensiveincome.
(6)TransferoffinancialassetsIfalmostalltherisksandrewardsinrespectoftheownershipofthefinancialassetaretransferred,thefinancialassetshallbederecognized;iftheyareretained,thefinancialassetshallnotbederecognized.
Ifalmostalltherisksandrewardsinrespectoftheownershipofthefinancialassetareneithertransferrednorretained,theCompanywillconductfurtherevaluation:Iftheenterprisedoesnotretaincontrolovertheasset,thenitsfinancialassetsshallbederecognized,andtherightsandobligationsproducedorretainedduringtransfershallbeseparatelyrecognizedasassetsorliabilities.Iftheenterpriseretainscontrolovertheasset,thenrelevantfinancialassetsshallberecognizedaccordingtothedegreetowhichitcontinuestobeinvolvedinthetransferredfinancialassets,andrelevantliabilitiesshallberecognized.Iftheenterprisecontinuestoinvolveitselfbyobligationofguaranteefortransferredfinancialassets,thentheloweroneofthebookvalueandguaranteeamountoffinancialassetsontransferdateshallbeselectedandrecognizedasthetransferredfinancialassets.Therelevantliabilitiesaredeterminedasthesumofguaranteeamountandfairvalueofguaranteecontract(usuallytheconsiderationreceivedfromobligationofguarantee).Theguaranteeamountreferstothehighestamountrepayableamongtheconsiderationsanenterprisereceives.
11.Inventories
√Applicable□N/AClassificationofinventory,measurementmethodofdispatchedinventories,inventorysystem,andamortizationmethodoflow-costconsumablesandpackingmaterials
√Applicable□N/A
(1)ClassificationofinventoriesInventoriesareclassifiedas:rawmaterials,semi-finishedgoods,goodsinprogress,finishedgoods,andrevolvingmaterials.
(2)MeasurementmethodofdispatchedinventoriesTheplannedcostisusedfordailyaccountingofrawmaterials,andthedifferenceofmaterialcostshouldbecarriedforwardonamonthlybasistoadjustthedispatchcostintotheactualcost.Thesemi-finishedgoodsandfinishedgoodsshallbeaccountedaccordingtotheactualcost,andthemovingweightedaveragemethodshallbeusedinaccountingforcostsofsales.
(3)InventorysystemPerpetualinventorysystem
(4)Amortizationmethodoflow-costconsumablesandpackingmaterialsOne-offamortizationmethodDeterminationbasisandmethodofprovisionforinventories
√Applicable□N/AAttheendoftheperiod,theinventoriesshallbemeasuredatthelowerofcostandnetrealizablevalue:theprovisionforinventoriesshallbemadeattheexcessofcostoftheindividualinventoryoveritsnetrealizablevalue.Thecategoryanddeterminationbasisoftheprovisionforinventoriesassessedbyportfolio,andthedeterminationbasisofnetrealizablevalueofdifferentcategories
□Applicable√N/AThecalculationmethodanddeterminationbasisofnetrealizablevalueofinventoriescategorizedbyaging
□Applicable√N/A
12.Long-termequityinvestments
√Applicable□N/A
(1)Judgmentcriteriaforcontrolandsignificantinfluence:
Thelong-termequityinvestmentsoftheCompanyaremainlyinvestmentsinsubsidiaries.SubsidiariesrefertoinvestedpartiesuponwhichtheCompanycanexertcontrol.Controlreferstothefactthattheinvestingpartyhaspowerovertheinvestedparty,enjoysvariablereturnsandcaninfluencethereturnamountbyexercisingpowerovertheinvestedparty.Theterm‘significantinfluence’referstothepowertoparticipateindecision-makingon
thefinancialandoperatingpoliciesoftheinvestee,butwithnocontrolorjointcontrolovertheformulationofthesepolicies.
(2)Recognitionofinvestmentcost:
A.Long-termequityinvestmentacquiredthroughbusinesscombination:
Forbusinesscombinationundercommoncontrol,forthelong-termequityinvestmentsobtainedbycashpaid,non-monetaryassetspaidorassumedliabilitiesasconsiderationbytheacquirer,ontheacquisitiondate,theinitialinvestmentcostoflong-termequityinvestmentshallbetakenastheshareoftheowner’sequityoftheinvesteeinthebookvalueofthefinalcontrolparty’sconsolidatedfinancialstatements.Accordingtothemarginamountbetweeninitialinvestmentcostandcashpayment,non-monetaryassetpaidorassumedliabilities,capitalreserveshouldbewrittendown.Ifthecapitalreserveisnotsufficienttobewrittendown,thentheretainedearningsshallbewrittendown.Forinvestmentsobtainedbyequitysecuritiesissuedbytheacquirer,ontheacquisitiondate,theinitialinvestmentcostoflong-termequityinvestmentshallbetakenastheshareoftheowner’sequityoftheinvesteeinthebookvalueofthefinalcontrolparty’sconsolidatedfinancialstatements.Settingtotalbookvalueofissuedsharesassharecapital,accordingtothedifferencebetweentheinitialinvestmentcostandtotalbookvalueofissuedshares,capitalreserveshallbewrittendown;ifthecapitalreserveisnotsufficienttobewrittendown,thentheretainedearningsshallbewrittendown.Forbusinesscombinationnotundercommoncontrol,ontheacquisitiondate,thecombinationcostaccordingtotheAccountingStandardsforBusinessEnterprisesNo.20-BusinessCombinationshouldbecalculatedastheinitialinvestmentcostoflong-termequityinvestment.B.Forlong-termequityinvestmentsobtainedbymeansotherthanbusinesscombination:
Forthelong-termequityinvestmentsobtainedbycashpaid,theCompanyrecognizestheirfairvalueastheinitialinvestmentcosts.Forthelong-termequityinvestmentsacquiredbytheissueofequitysecurities,theinitialinvestmentcostshallbethefairvalueoftheequitysecuritiesissued.
(3)SubsequentmeasurementsandrecognitionofprofitorlossTheinvestmentsofsubsidiariesaremeasuredwiththecostmethod,andshallbeadjustedaccordingtoequitylawaccordingtoinitialinvestmentcostwhenmakingthecombinationfinancialstatements.Costsshallbeaddedorretrievedinadjustmentoflong-termequityinvestments.Thecashdividendsorprofitsdeclaredbytheinvesteeshallberecognizedastheinvestmentincomeofthecurrentperiod.Forlong-termequityinvestmentsmeasuredundertheequitymethod,iftheinitialinvestmentcostsarehigherthantheinvestor’sattributableshareofthefairvalueoftheinvestee’sidentifiablenetassets,initialinvestmentcostshallbecalculatedaslong-termequityinvestmentcost;iftheinitialinvestmentcostsarelowerthantheinvestor’sattributableshareofthefairvalueoftheinvestee’sidentifiablenetassets,themarginshallbecalculatedintoprofits/lossesofthecurrentperiod,andlong-termequityinvestmentcostshallbeincreased.TheCompanyshall,accordingtothesharesofnetprofitsandothercomprehensiveincomerealizedbytheinvesteethatshallbeenjoyedorbornebytheCompany,recognizetheprofitandlossontheinvestmentsofthecurrentperiod.Whenrecognizingthenetlossesoftheinvestedparty,thelossesshouldbelimitedtozeroatleastaccordingtobookvalueandotherlong-termequitiesoflong-termequityinvestment.Nonetheless,iftheCompanybearstheobligationforadditionallossesandmeetsconditionstorecognizeexpectedliabilities,thenitshallcontinuetorecognizeinvestmentlossesandcalculateitintoliabilities.WhenrecognizingthenetprofitsandlossesandothercomprehensiveincomeoftheinvesteethattheCompanyshallenjoyorbear,theCompanyshallcalculatethepartisenjoysorbearsaccordingtoshare-holdingratioonthebasisthattheCompany’sshare-holdingratioremainsthesame,andincludethepartdirectlyintoshare-holders’equities,andmakeadjustmentstobookvalueoflong-termequityinvestments.Forthepartoftheinterestordividendfromtheinvestedpartythatisfavorablefordeclarationanddistribution,thebookvalueoflong-termequityinvestmentsshallbereducedaccordingly.ForunachievedinternaltransactionprofitsandlossesbetweentheCompanyandtheinvestedparty,thepartoftheCompanyshallbecalculatedaccordingtotheratiothatshouldbesharedorbornbythecompanyandbeoffset,onthebasisofwhichtherecognitionofinvestmentprofits/lossesshallbeconducted.Thepartofassetimpairmentincurredininternaltransactionlossshallnotbeoffset.
13.Investmentproperties
(1)Investmentpropertiesmeasuredatcost:
Depreciationandamortizationmethods
Investmentrealestateisinitiallymeasuredaccordingtocost,andthecostmodelisadoptedforsubsequentmeasurement,anddepreciationoramortizationiscalculatedoramortizedinthesamewayasfixedassetsandintangibleassets.
14.Fixedassets
(1)Recognitionoffixedassets
√Applicable□N/AFixedassetsrefertotangibleassetswithrelativelyhighunitvalue,whichareheldforthepurposeofproducingcommodities,providingservices,rentingorbusinessmanagementwithusefullifeexceedingoneaccountingyear.Fixedassetsarerecognizedwheneconomicbenefitsarelikelytoflowinandcostscanbemeasuredreliably.
(2)Depreciationmethod
√Applicable□N/A
/
Category
| Category | Depreciationmethod | Estimatedusefullife(year) | Residualvaluerate | Annualdepreciationrate |
| Buildings | Straight-linemethod | 20 | 5% | 4.75% |
| Machineryequipment | Straight-linemethod | 10 | 5% | 9.5% |
| Electronicequipmentandothers | Straight-linemethod | 5 | 5% | 19% |
| Vehicles | Straight-linemethod | 5 | 5% | 19% |
A.ForthenewlypurchasedinstrumentsandequipmentspeciallyusedforresearchanddevelopmentafterJanuary1,2014,theamountlessthanRMB1millionwillbeincludedinthecurrentcostsandexpensesinalump.B.ThedepreciationyearofthenewlypurchasedinstrumentsandequipmentwiththeamountexceedingRMB1million,speciallyusedforresearchanddevelopmentafterJanuary1,2014isasfollows:
| Assetcategory | Estimatedusefullife |
| Machineryequipment | 6years |
| Electronicequipment | 2years |
C.ForthenewlypurchasedfixedassetswithanamountlessthanRMB5,000.00,thecurrentcostshallbeincludedinalumpsum.
(3)MethodsoftestforimpairmentoffixedassetsandprovisionforimpairmentAttheendoftheperiod,checkonfixedassetsshallbeimplementeditembyitem.Iftherecoverableamountislowerthanbookvaluebecauseofoutdatedtechnology,impairmentorlong-termidlecondition,theCompanyshallcalculatethedifferencebetweenrecoverableamountandbookvalueastheprovisionforimpairmentforfixedassets.Provisionforimpairmentforfixedassetsshallbeconductedintermsofindividualasset.
15.Constructioninprogress
√Applicable□N/AAccountingmethodforconstructioninprogress:eachconstructioninprogressisinitiallymeasuredattheactualcost.
(1)Theconstructioninprogressshallbetransferredtofixedassetsinthefollowingconditions:
A.Theacquiredfixedassetsarereadyforuse;B.Thephysicalconstructionoftheconstructioninprogresshasbeencompletedorsubstantiallycompleted;C.Theacquiredfixedassetsconformtothedesignrequirementsorcontractrequirements,theycanbeusednormally,anditneedslittleornoexpenditureontheacquiredconstructioninprogress.
(2).Thenewconstruction,reconstructionandexpansionprojectsofthecompany’sfixedassetsareincludedintheconstructioninprogressaccordingtotheactualexpenditureincurred.Borrowinginterestandforeignexchangegainsandlossesincurredintheconstructionofborrowedloanscanbecapitalizedandincludedinthecostofconstructioninprogressbeforethefixedassetsreachtheintendedusablestateifthefixedassetsmeetthecapitalizationconditions.
(3)Onthebalancesheetdate,theconstructioninprogressshallbecheckedbyitems.Ifthereisevidencethattheconstructioninprogressisimpaired,theprovisionforimpairmentshallbemadebasedonthedifferencebetweentherecoverableamountandthecarryingamount.Themainfactorsinmakingprovisionforimpairmentofconstructioninprogressareasfollows:
A.Suspendedconstructionforalongtimeandisnotexpectedtorestartconstructioninthenextthreeyears;B.Theconstructedprojectsarebackwardintermsoftechnologyandperformance,anditisuncertainfortheeconomicbenefitsbroughttotheenterprise;C.Othercircumstancessufficienttoprovethattheconstructioninprogresshasbeenimpaired.
16.Borrowingcosts
√Applicable□N/ATheprincipletoconfirmthecapitalizationofborrowingcostsisasfollows:theborrowingcostssuchasinterestonborrowings,amortizationofdiscountsorpremiums,auxiliarycosts,andexchangedifferencesduetoforeigncurrenciesincurredbytheCompanyduetoborrowings,whichcanbedirectlyattributedtotheacquisition&constructionorproductionofassetsthatmeetthecapitalizationconditions,shallbecapitalizedandincludedinthecostoftheasset;otherborrowingcostsshallberecognizedasexpensesintheperiodinwhichtheyareincurredandincludedinprofitorloss.Determinationmethodofcapitalizationperiod:
(1)Commencementofcapitalization:borrowingcostscanonlybegintobecapitalizedifthefollowingthreeconditionsareallmetsimultaneously:
A.Theassetexpenditureshavealreadyincurred;B.Borrowingcostshavealreadybeenincurred;C.Theacquisitionandconstructionorproductionactivitieswhicharenecessarytopreparetheassetsfortheirintendeduseorsalehavebeeninprogress.
(2)Suspensionofcapitalization:Iftheacquisitionandconstructionoffixedassetsissuspendedabnormally,andthesuspensionlastsformorethan3months,thecapitalizationofborrowingcostswillbesuspended,andtheborrowingcostsincurredduringtheinterruptionperiodwillberecognizedascurrentexpensesuntiltheassetsareacquisitionandconstructionactivitiesresumed.
(3)Ceaseofcapitalization:Whentheacquiredandconstructedfixedassetsreachtheintendedusablestate,stopthecapitalizationofborrowingcosts.Thecalculationmethodofcapitalizedamountsofborrowingcosts:
A.Ifaspecialloanisborrowedfortheacquisition,constructionorproductionofassetsthatmeetthecapitalizationconditions,theinterestexpenseactuallyincurredinthecurrentperiodofthespecialloanshallbedeterminedafterdeductionoftheinterestincomeobtainedbydepositingtheunusedloanfundsinthebankorbytemporaryinvestment;B.Ifgeneralborrowingsareoccupiedforthepurposeofacquisition,constructionorproductionofassetsthatmeetthecapitalizationconditions,theCompanyshallcalculateanddetermineamountofinterestofgeneralborrowingstobecapitalizedbasedonweightedaveragenumberofassetexpendituresoverwhichtheaccumulatedassetexpenditureexceedsthespecialborrowingsmultipliedbythecapitalizationrateoftheoccupiedgeneralborrowings.Thecapitalizationrateiscalculatedbasedontheweightedaveragerateofborrowings,andtheauxiliaryexpensesincurredbygeneralborrowingsshallnotbecapitalized.
17.Intangibleassets
(1).Usefullifeanddeterminationbasis,estimate,amortizationmethodorreviewprocedures
√Applicable□N/AA.Valuationofintangibleassets:Intangibleassetsareinitiallymeasuredatthecostwhentheyareactuallyacquired.FortheintangibleassetsdevelopedbytheCompany,theexpendituresintheresearchstageshallbeincludedinthecurrentprofitandlosswhenincurred;theexpendituresinthedevelopmentstageshallberecognizedasintangibleassets(patentedtechnologyandnon-patentedtechnology)ifthefollowingconditionsareallmetsimultaneously:
a.Itisfeasibletechnicallytofinishintangibleassetsforuseorsale.b.Itisintendedtofinishanduseorselltheintangibleasset.c.Themethodthattheintangibleassetsgenerateeconomicbenefits,includingtheexistenceofamarketforproductsproducedbytheintangibleassetsorfortheintangibleassetsthemselves;
d.Thereissufficientsupportintechnology,financialresourceandotherresourcestocompletethedevelopmentoftheintangibleasset,anditisabletouseorselltheintangibleasset;e.Theexpendituresattributabletotheintangibleassetduringitsdevelopmentphasecanbemeasuredreliably.B.Amortizationofintangibleassets:Theintangibleassetsareamortizedinthestraight-linemethodoverthebeneficialyearsfromthemonthofacquisition,andintangibleassetswithindefiniteusefullivesarenotamortized.C.Onthebalancesheetdate,eachintangibleassetshouldbechecked,andifthereisanysignofimpairment,animpairmentprovisionshouldbemadebasedonthedifferencebetweentherecoverableamountandthecarryingamount.
(2).Collectionscopeofresearchanddevelopmentexpensesandrelevantaccountingtreatment
√Applicable□N/AA.ThescopeofR&DexpensesismainlydeterminedbasedontheCompany'sresearchanddevelopmentprojects,includinglaborcostsforR&Dpersonnel,directinvestmentcosts,depreciationandlong-termdeferredexpenses,amortizationofintangibleassets,designcosts,equipmentdebuggingandtestingcosts,commissionedexternalresearchanddevelopmentcosts,andotherexpenses.B.TheCompany'sR&Dexpensesaredistinguishedbetweenexpensesintheresearchphaseandexpensesinthedevelopmentphase.Researchreferstothecreativeandplannedinvestigationconductedtoacquireandunderstandnewscientificortechnologicalknowledge.Developmentphase:Developmentreferstothestagewhentheresearchachievementsandotherknowledgeareappliedtoaplanordesign,priortothecommercialproductionoruse,soastoproduceanyneworsubstantiallyimprovedmaterial,deviceorproduct.C.Theexpensesduringtheresearchphasearerecognizedinthecurrentperiod'sprofitandlosswhenincurred;Expensesduringthedevelopmentphasethatmeetthefollowingconditionsarerecognizedasintangibleassets,orrecognizedinthecurrentperiod'sprofitandloss:
a.Itistechnicallyfeasibletocompletetheintangibleassetsothatitcanbeusedorsold;b.Thereisintentiontocompletetheintangibleassetforuseorsales;c.Theusefulnessofmethodsforintangibleassetstogenerateeconomicbenefitsincludethatthereisapotentialmarketfortheproductsmanufacturedbyapplyingtheintangibleassetsorthatthereisapotentialmarketfortheintangibleassetsthemselves.Fortheintangibleassetsistobeusedinternally,theusefulnessitselfofshouldbeproved;d.Itisabletofinishthedevelopmentoftheintangibleassets,andabletouseorselltheintangibleassets,withthesupportofsufficienttechnologies,financialresourcesandotherresources.e.Theexpenditureattributabletotheintangibleassetduringitsdevelopmentphasecanbemeasuredreliably.
18.Long-termdeferredexpenses
√Applicable□N/ALong-termdeferredexpensesarecalculatedasexpensesthathavebeenexpensedandwhoseamortizationperiodismorethan1year(excluding1year).Long-termdeferredexpensesarerecordedattheamountactuallyincurredandamortizedevenlyoverthebenefitperiodoraspecifiedperiod.Ifthelong-termdeferredexpenseitemcannotbenefitthefutureaccountingperiod,theamortizedvalueoftheitemthathasnotbeenamortizedwillbetransferredtothecurrentprofitandloss.
19.EmployeecompensationTheCompany’semployeebenefitsrefertovariousformsofremunerationandcompensationgivenbytheCompanytotheemployeesforobtainingservicesprovidedbyemployeesorforterminationoflaborrelations,includingshort-termbenefits,post-employmentbenefits,terminationbenefitsandotherlong-termemployeebenefits.ThebenefitsprovidedbytheCompanytoemployees’spouses,children,dependents,survivorsofdeceasedemployeesandotherbeneficiariesalsobelongtoemployeebenefits.
(1)Accountingtreatmentofshort-termcompensation
√Applicable□N/AShort-termcompensationreferstobenefitsthattheCompanyexpectstopayinfullwithin12monthsaftertheendoftheannualreportingperiodinwhichtheemployeeprovidesrelevantservices,excludingthecompensationfortheemploymenttermination.TheCompany’sshort-termremunerationspecificallyincludes:employeewages,bonuses,allowancesandsubsidies,employeewelfareexpenses,socialinsurancepremiumssuchasmedical
insurancepremiums,work-relatedinjuryinsurancepremiumsandmaternityinsurancepremiums,housingprovidentfund,laborunionfundsandemployeeeducationfunds,short-termpaidabsences,short-termprofit-sharingplans,non-monetarybenefits,andothershort-termbenefits.Duringtheaccountingperiodinwhichtheemployeesprovideservices,theCompanyrecognizestheactualshort-termbenefitsasliabilities,andincludesthecurrentprofitsandlossesorrelevantassetcostsaccordingtothebeneficiariesoftheservicesprovidedbytheemployees.Non-monetaryshort-termbenefitsshallbemeasuredatfairvalue.
(2)Accountingtreatmentofpostemploymentbenefits
√Applicable□N/APost-employmentbenefitsrefertovariousformsofbenefitsprovidedbytheCompanyinordertoobtaintheservicesprovidedbytheemployeesaftertheemployeesretireorterminatethelaborrelationshipwiththeenterprise.Definedcontributionplan:Thecontributionstobepaidtoaseparateentityinexchangefortheservicesprovidedbyemployeesduringtheaccountingperiodonthebalancesheetdatearerecognizedasemployeecompensationliabilities,andareincludedinthecurrentprofitandlossorrelatedassetcosts.
(3)Accountingtreatmentofdismissalbenefits
√Applicable□N/AAstoprovidingemployeesdismissalbenefits,employeecompensationincurredfromdismissalbenefitsshouldberecognizedasliabilitiesandincludedinthecurrentprofitorlossonthedatewhentheCompanyisunabletounilaterallywithdrawthedismissalbenefitsprovidedintheplanonthecancellationoflaborrelationshiporthelayoffproposalorwhentheCompanyrecognizesthecostorexpensesrelatedtorestructuringconcerningpaymentofdismissalbenefits(whicheverisearlier).
(4)Accountingtreatmentofotherlong-termemployeebenefits
□Applicable√N/A
20.Revenue
(1)Accountingpoliciesforrevenuerecognitionandmeasurement,disclosedbythebusinesstype
√Applicable□N/ARevenuereferstothetotalinflowofeconomicbenefitsthatareformedinthedailyactivitiesoftheCompanyandwillleadtoanincreaseinowners’equityandhavenothingtodowiththecapitalinvestedbytheowners.TheCompanyrecognizesrevenuewhenitsperformanceobligationsasstipulatedinthecontractarefulfilled,thatis,whenthecustomerobtainedcontroloftherelatedgoods.Acquiringthecontroloverrelevantgoodsmeansbeingabletodominatetheuseofsuchgoodyandobtainalmostalltheeconomicbenefitstherefrom.AftertheCompanydeliverstheproductstothecustomersaccordingtothecontract,therevenuewillberecognizedaccordingtothenetamountafterdeductingtheconsiderationpayabletothecustomers.Beforesigningacontractwithacustomerandreceivinganorderbutnotdeliveringtheproducttothecustomer,theCompanywillrecognizethecontractconsiderationreceivedfromthecustomerasacontractliability.
(2).Businesseswiththesamenaturethatadoptdifferentoperatingapproachesapplydifferentrecognitionandmeasurementmethodsofrevenue.
□Applicable√N/A
21.Governmentgrants
√Applicable□N/AGovernmentgrantsrefertothemonetaryornon-monetaryassetsthattheCompanyobtainsfromthegovernmentforfree,butdoesnotincludethecapitalinvestedbythegovernmentastheowneroftheCompany.Governmentgrantsaredividedintoasset-relatedgovernmentgrantsandincome-relatedgovernmentgrants.Governmentgrantscanonlybeconfirmediftheymeetthefollowingconditionsatthesametime:
A.TheCompanycanmeettheconditionsattachedtogovernmentgrant;B.TheCompanycanreceivegovernmentgrant.
(1)JudgmentbasisoraccountingtreatmentmethodforgovernmentgrantsrelatedtoassetsThegovernmentgrantsrelatedtoassetsshallbeusedtooffsetthebookvalueofrelevantassetsorrecognizedasdeferredincome.Ifgovernmentgrantsrelatingtoassetsarerecognizedasdeferredincome,theyshallbeincludedinprofitorlossbystagesbyareasonableandsystematicmethodwithintheusefullivesofrelevantassets.Governmentgrantsmeasuredatnominalamountaredirectlyincludedinthecurrentprofitorloss.Ifrelevantassetsaresold,transferred,scrappedordamagedbeforetheendoftheusefullife,theunallocatedbalanceofrelevantdeferredincomeshallbetransferredtothecurrentprofitorloss.
(2)JudgmentbasisoraccountingtreatmentmethodforgovernmentgrantsrelatedtoincomeGovernmentgrantsrelatedtoincomeshouldbedealtwithinthefollowingways:
A.IfitisusedtocompensatetheCompany’srelevantexpensesorlossesinfutureperiods,itshouldberecognizedasdeferredincomeandincludedintothecurrentprofitandlossorwrittenoffoftherelatedcostswhentherelevantexpenses,lossesarerecognized;B.IfitisusedtocompensatetheCompany’srelevantexpensesorlossesincurred,itisdirectlyincludedintothecurrentprofitandlossorwrittenoffoftherelatedcosts.
(3)Governmentgrantsrelatedtothedailyactivitiesofenterprisesshallbeincludedinotherincomeorusedtooffsetrelatedcostaccordingtotheessenceofbusiness.GovernmentgrantsirrelevanttotheroutineactivitiesoftheCompanyareincludedinthenon-operatingrevenueandexpenditure.
22.DeferredtaxassetsandDeferredtaxliabilities
√Applicable□N/AOnthebalancesheetdate,theamountofdeferredtaxassetsandDeferredtaxliabilitiesshallbecalculatedattheapplicabletaxrateaccordingtotheDeductibletemporarydifferencesandtaxabletemporarydifferencesofitemsofassetsandliabilities.
23.Lease
√Applicable□N/AAsthelessee,judgmentbasisandaccountingtreatmentadoptedforthesimplifiedtreatmentforshort-termandlow-valueassetleases
√Applicable□N/AOnthecontractstartdate,theCompanyevaluateswhetherthecontractisaleaseorincludesalease.Ifonepartyinthecontracttransferstherighttocontroltheuseofoneormoreidentifiedassetswithinacertainperiodinexchangeforconsideration,thecontractisaleaseorincludesalease.Inordertodeterminewhetherthecontracttransferstherighttocontroltheuseoftheidentifiedassetforacertainperiod,theCompanyevaluateswhetherthecustomerinthecontractisentitledtoreceivesubstantiallyalltheeconomicbenefitsarisingfromtheuseoftheidentifiedassetduringtheperiodofuse,andhastherighttodominatetheuseoftheidentifiedassetduringtheperiodofuse.Thegeneralaccountingtreatmentisasfollows:
Onthecommencementdateoftheleaseterm,theCompanyrecognizesitsrighttousetheleasedassetduringtheleasetermasaright-of-useasset,includingtheinitialmeasurementamountoftheleaseliabilities;fortheleasepaymentspaidonorbeforethecommencementdateoftheleaseterm,ifthereisaleaseincentive,thefollowingitemsshouldbededucted,includingtherelevantamountoftheleaseincentivethathasbeenenjoyed,theinitialdirectexpensesincurredbythelessee,andthecostsofthelesseefordismantlingandremovingtheleasedasset,restoringthesitewheretheleasedassetislocated,orrestoringtheleasedassettothestateagreedintheleaseterms.Onthecommencementdateoftheleaseterm,theCompanyrecognizesthepresentvalueofunpaidleasepaymentsasleaseliabilities,excludingshort-termleaseandlow-valueassetslease.Whencalculatingthepresentvalueofleasepayments,theCompanytakestheinterestrateimplicitintheleaseasthediscountrate;iftheinterestrateimplicitintheleasecannotbedetermined,theincrementalborrowingrateofthelesseeisusedasthediscountrate.TheCompanysubsequentlyadoptsthestraight-linemethodtodepreciatetheright-of-useassets,calculatestheinterestexpensesoftheleaseliabilitiesineachperiodoftheleaseterm,andincludestheminthecurrentprofitandloss,unlessotherwisestipulatedtobeincludedinthecostoftherelevantassets.
Variableleasepaymentsthatarenotincludedinthemeasurementofleaseliabilitiesareincludedinthecurrentprofitandlosswhentheyareactuallyincurred,unlessotherwisestipulatedtobeincludedinthecostoftherelevantasset.TheCompanydoesnotrecognizeright-of-useassetsandleaseliabilitiesforshort-termleaseandlow-valueassetlease.Ineachperiodoftheleaseterm,itisincludedintherelevantassetcostorcurrentprofitandlossonastraight-linebasis.Asthelessor,leaseclassificationstandardandaccountingtreatment
√Applicable□N/AAsalessor,afinancialleasereferstosubstantiallytransferalmostalltherisksandrewardsrelatedtotheownershipoftheleasedassetontheleasecommencementdate,andallotherleasesareoperatingleases.a.Rentalincomefromoperatingleasesisrecognizedascurrentprofitandlossonastraight-linebasisovereachperiodoftheleaseterm.b.Onthestartdateoftheleaseterm,theCompanyrecognizesthefinanceleasereceivablesforthefinancelease,andderecognizesthefinanceleaseassets.Duringtheinitialmeasurementofthefinanceleasereceivables,thenetinvestmentintheleaseistakenastheentryvalueofthefinanceleasereceivables.Thenetleaseinvestmentisthesumoftheunguaranteedresidualvalueandthepresentvalueoftheleasereceiptsnotyetreceivedatthecommencementdateoftheleasetermwhichisdiscountedattheinterestrateimplicitinthelease.
24.Otherimportantaccountingpoliciesandestimates
(1).PrinciplesandmethodsofrecognitionofinterestincomeandexpensesInterestincomeismeasuredattheeffectiveinterestrateforallfinancialinstrumentsmeasuredatamortizedcostandfinancialinstrumentsmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome.Theeffectiveinterestratereferstotheinterestrateatwhichtheexpectedfuturecashinflowsoroutflowsofafinancialinstrumentarediscountedtothecarryingbalanceofthefinancialassetortheamortizedcostofthefinancialliabilityovertheexpectedlifetimeofthefinancialinstrument.Thecalculationoftheeffectiveinterestratetakesintoaccountthecontractualtermsofthefinancialinstrument(suchasprepaymentrights)andincludesallfeesandalltransactioncostsattributabletotheeffectiveinterestratecomponent,butdoesnotincludeexpectedcreditlosses.
(2).AccountingmethodforpurchaseandresaleoffinancialassetsBuy-backtransactionreferstothepurchaseofrelatedassets(includingbondsandnotes)fromacounterpartyatacertainpriceinaccordancewithacontractoragreement,andtheresaleofthesamefinancialproductattheagreedpriceontheexpirationdateofthecontractoragreement.Buy-backisrecordedastheamountactuallypaidatthetimeofpurchaseandresaleoftherelevantasset,andinterestincomeisrecognizedattheeffectiveinterestrateduringthebuy-backperiod.
25.Changesinsignificantaccountingpoliciesandaccountingestimates
(1).Changesinsignificantaccountingpolicies
□Applicable√N/A
(2)Changesinsignificantaccountingestimates
□Applicable√N/A
(3)Theimpactsarisingfromadoptionofnewaccountingstandardsorinterpretationonthebalancesheetasat1January2024
□Applicable√N/A
26.Others
□Applicable√N/A
VI.Taxation
1.Theprincipalkindsoftaxesandrelatedtaxrates:
Theprincipalkindsoftaxesandrelatedtaxrates:
√Applicable□N/A
/
Tax
| Tax | Taxbasis | Taxrate |
| VAT | Theoutputtaxcalculatedbasedontherevenuefromsalesofgoods,netoftheinputtaxthatisallowedtobededucted | 13% |
| Consumptiontax | Taxablepriceandsalesvolumeofsalesrevenueofalcoholicproducts | 20%、RMB0.5/500ml |
| Cityconstructionandmaintenancetax | Turnovertaxpayable | 7% |
| Enterpriseincometax | Taxableincome | 25% |
| Educationsurcharges | Turnovertaxpayable | 3% |
| Localeducationsurcharges | Turnovertaxpayable | 2% |
Notestodisclosureofenterpriseswithdifferententerpriseincometaxrates:
√Applicable□N/A
| Taxpayer | Incometaxrate(%) |
| TibetMoutaiSalesCo.,Ltd. | 15 |
2.Taxpreference
√Applicable□N/ATibetMoutaiSalesCo.,Ltd.wasestablishedin2012inLhasa,Tibet.Inaccordancewiththe"NoticeofthePeople'sGovernmentofTibetAutonomousRegiononIssuingSeveralProvisionsonPreferentialPoliciesforInvestmentAttractioninTibetAutonomousRegion"(ZangZhengFa[2021]No.9),TibetMoutaiSalesCo.,Ltd.enjoysthepreferentialpolicyofdeclaringandpayingcorporateincometaxatataxrateof15%.VII.Notestotheitemsoftheconsolidatedfinancialstatements
1.Cashandbankbalances
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod |
| Cashonhand | 9,733.00 | 162,802.00 |
| Bankdeposits | 59,295,750,908.09 | 69,069,973,574.12 |
| OtherCashandcashequivalents | 62,315.80 | |
| Depositsinfinancecompanies | ||
| Total | 59,295,822,956.89 | 69,070,136,376.12 |
| Including:Totalamountdepositedoverseas | 24,496,450.39 | 27,433,842.07 |
Othernotes:Cashandcashequivalentsrestrictedforuse
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod |
| AmountinRMB | AmountinRMB | |
| Legaldepositreserveinthecentralbank | 7,403,523,670.43 | 5,991,813,679.87 |
2.Loanstobanksandotherfinancialinstitutions
MonetaryUnit:YuanCurrency:RMB
/
Item
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod |
| Depositswithbanksandotherfinancialinstitutions | 125,109,533,185.08 | 103,060,963,177.98 |
| Loanstobanksandotherfinancialinstitutions | 2,103,875,000.02 | 2,508,579,166.67 |
| Less:provisionforimpairment | 26,114,886.93 | 15,705,882.07 |
| Bookvalue | 127,187,293,298.17 | 105,553,836,462.58 |
Loanstobanksandotherfinancialinstitutionsrestrictedforuse
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod |
| AmountinRMB | AmountinRMB | |
| Interbankdepositwithrestrictionsonwithdrawal | 10,000,000,000.00 | 16,000,000,000.00 |
3.Held-for-tradingfinancialassets
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod | Designationreasonandbasis |
| Financialassetsmeasuredatfairvaluethroughprofitorloss | 248,513,280.00 | 400,712,059.93 | / |
| Including: | |||
| investmentindebtinstrument | 248,513,280.00 | 400,712,059.93 | / |
| Financialassetsdesignatedtobemeasuredatfairvaluethroughprofitorloss | |||
| Total | 248,513,280.00 | 400,712,059.93 | / |
OtherNotes:
□Applicable√N/A
4.Notesreceivable
(1)Presentationofnotesreceivablebycategory
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod |
| Bankacceptancebills | 1,984,407,967.50 | 13,933,440.00 |
| Total | 1,984,407,967.50 | 13,933,440.00 |
(2)PledgednotesreceivableoftheCompanyasatDecember31,2024
□Applicable√N/A
(3)NotesreceivableoftheCompanyasatDecember31,2024thathavebeenendorsedordiscountedbutnotmaturedonthebalancesheetdate
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Theconfirmationamountderecognizedattheendoftheperiod | Theamountofconfirmationhasnotbeenderecognizedattheendoftheperiod |
| Bankacceptancebills | 25,000,000.00 | |
| Total | 25,000,000.00 |
(4)Disclosurebycategorybasedonthemethodforprovisionforbaddebts
□Applicable√N/AProvisionforbaddebtsonasinglebasis:
□Applicable√N/AProvisionforbaddebtsshallbemadeonacombinationbasis:
□Applicable√N/AProvisionforbaddebtsshallbemadeaccordingtothegeneralmodelofexpectedcreditlosses:
□Applicable√N/AExplanationofsignificantchangesinbookbalanceofnotesreceivablewithchangesinlossprovisionsinthecurrentperiod:
□Applicable√N/A
(5)Provisionforbaddebts
□Applicable√N/AWheretheamountofbaddebtreserverecoveryorreversalinthecurrentperiodissignificant:
□Applicable√N/A
(6)Notesreceivablewrite-offinthecurrentperiod
□Applicable√N/AAmongthem,thewrite-offofimportantnotesreceivable:
□Applicable√N/ANoteonwrite-offofnotesreceivable:
□Applicable√N/AOtherNotes:
□Applicable√N/A
5.Accountsreceivable
(1)Disclosurebyaging
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Aging
| Aging | Bookbalanceasattheendoftheperiod | Bookbalanceatthebeginningoftheperiod |
| Within1year | 18,974,192.75 | 60,373,410.41 |
| Sub-totalwithin1year | 18,974,192.75 | 60,373,410.41 |
| 1-2years | ||
| 2-3years | ||
| 3-4years | ||
| 4-5years | ||
| Over5years | 1,021,098.00 | 1,808,530.62 |
| Total | 19,995,290.75 | 62,181,941.03 |
(2)Disclosurebycategorybasedonthemethodforprovisionforbaddebts
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Categories
| Categories | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod | ||||||||
| Bookbalance | Provisionforbaddebts | Bookvalue | Bookbalance | Provisionforbaddebts | Bookvalue | |||||
| Amount | Ratio(%) | Amount | Proportionofprovision(%) | Amount | Ratio(%) | Amount | Proportionofprovision(%) | |||
| Provisionforbaddebtsaccruedonanindividualbasis | ||||||||||
| Baddebtprovisionassessedbyportfolio | 19,995,290.75 | 100 | 1,021,098.00 | 5.11 | 18,974,192.75 | 62,181,941.03 | 100 | 1,808,530.62 | 2.91 | 60,373,410.41 |
| Including: | ||||||||||
| Baddebtprovisionassessedbyportfolio | 19,995,290.75 | 100 | 1,021,098.00 | 5.11 | 18,974,192.75 | 62,181,941.03 | 100 | 1,808,530.62 | 2.91 | 60,373,410.41 |
| Total | 19,995,290.75 | / | 1,021,098.00 | / | 18,974,192.75 | 62,181,941.03 | / | 1,808,530.62 | / | 60,373,410.41 |
Baddebtprovisionassessedbyportfolio:
√Applicable□N/AItemswithprovisionbyportfolio:Baddebtprovisionassessedbyportfolio
MonetaryUnit:YuanCurrency:RMB
| Name | Balanceattheendoftheperiod | ||
| Accountsreceivable | Provisionforbaddebts | Proportionofprovision(%) | |
| Within1year | 18,974,192.75 | ||
| 1-2years | |||
| 2-3years | |||
| 3-4years | |||
| 4-5years | |||
| Over5years | 1,021,098.00 | 1,021,098.00 | 100.00 |
| Total | 19,995,290.75 | 1,021,098.00 | 5.11 |
Descriptionofprovisionforbaddebtsmadebyportfolio:
□Applicable√N/AProvisionforbaddebtsshallbemadeaccordingtothegeneralmodelofexpectedcreditlosses:
□Applicable√N/ADescriptionofsignificantchangesinbookbalanceofaccountsreceivablewithchangesinlossprovisionsinthecurrentperiod:
□Applicable√N/A
(3)Provisionforbaddebts
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Type
| Type | Balanceatthebeginningoftheperiod | Changeinthisperiod | Balanceattheendoftheperiod | |||
| Provision | Recoveryorreversal | Write-offorcharge-off | Otherchanges | |||
| Baddebtprovisionassessedbyportfolio | 1,808,530.62 | 787,432.62 | 1,021,098.00 | |||
| Total | 1,808,530.62 | 787,432.62 | 1,021,098.00 | |||
Reversalorrecoveryofsignificantamountofprovisionforbaddebtsinthecurrentperiod:
□Applicable√N/A
(4)Accountsreceivablewrite-offin2024
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Amountofwrite-off |
| Actualaccountsreceivablewrittenoff | 787,432.62 |
Oneoftheimportantaccountsreceivablewrite-of
□Applicable√N/A
(5)Top5ofaccountsreceivablepresentedbydebtor,andcontractassets
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Entityname | Endingbalanceofaccountsreceivable | EndingBalanceOfcontractassets | Endingbalancesofaccountsreceivableandcontractassets | Proportioninthetotalofbalancesofaccountsreceivableandcontractassetsattheendoftheperiod（%） | Endingbalanceofprovisionforbaddebts |
| Onlinee-commerceplatformretailcustomers | 17,997,125.10 | 17,997,125.10 | 90.01 | ||
| DUTYFREEASSOCIATES | 823,612.61 | 823,612.61 | 4.12 | ||
| TianjinFeimengIndustrialCo.,Ltd. | 784,900.00 | 784,900.00 | 3.93 | 784,900.00 | |
| ALORSFAIM | 77,966.25 | 77,966.25 | 0.39 | ||
| COSTCOFrance | 53,462.57 | 53,462.57 | 0.27 | ||
| Total | 19,737,066.53 | 19,737,066.53 | 98.72 | 784,900.00 |
6.Prepayments
(1)Presentationofprepaymentsbyaging
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Aging | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod | ||
| Amount | Ratio(%) | Amount | Ratio(%) | |
| Within1year | 25,080,269.93 | 92.98 | 25,484,238.38 | 73.69 |
| 1-2years | 1,637,296.14 | 6.07 | 8,118,647.00 | 23.47 |
| 2-3years | 51,390.63 | 0.19 | 233,459.62 | 0.68 |
| Over3years | 206,076.50 | 0.76 | 748,766.79 | 2.16 |
| Total | 26,975,033.20 | 100.00 | 34,585,111.79 | 100.00 |
(2)Top5ofprepaymentspresentedbysupplier
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Entityname
| Entityname | Balanceattheendoftheperiod | ProportioninthetotalendingbalanceofPrepayments(%) |
| KweichowMoutaiDistillery(Group)HealthCareWineIndustrySalesCo.,Ltd. | 8,600,893.80 | 31.88 |
| SinopecSalesCo.,Ltd.GuizhouZunyiPetroleumBranch | 7,830,429.88 | 29.03 |
| SoftstoneInformationTechnology(Group)Co.,LTD | 1,457,641.47 | 5.40 |
| BeijingWanhuidaIntellectualPropertyAgencyCo.,Ltd. | 1,370,000.00 | 5.08 |
| GuizhouQiantongZhilianTechnologyCo.,Ltd. | 895,746.60 | 3.32 |
| Total | 20,154,711.75 | 74.71 |
7.OtherreceivablesPresentationofitems
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod |
| Interestreceivable | ||
| Dividendsreceivable | ||
| Otherreceivables | 29,955,673.47 | 27,502,107.30 |
| Total | 29,955,673.47 | 27,502,107.30 |
Otherreceivables
(1)Disclosurebyaging
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Aging | Bookbalanceattheendoftheperiod | Bookbalanceatthebeginningoftheperiod |
| Within1year | 23,442,835.51 | 11,715,649.28 |
| Sub-totalwithin1year | 23,442,835.51 | 11,715,649.28 |
| 1-2years | 5,074,397.76 | 13,852,727.47 |
| 2-3years | 1,103,600.00 | 600,382.00 |
| 3-4years | 100,000.00 | 500.00 |
| 4-5years | 500.00 | 593,258.43 |
| Over5years | 554,585.20 | 905,012.22 |
| Total | 30,275,918.47 | 27,667,529.40 |
(2)Classificationbynatureofpayment
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Natureofpayment | Bookbalanceasattheendoftheperiod | Bookbalanceatthebeginningoftheperiod |
| Pettycash | 6,312,023.49 | 6,265,395.91 |
| Currentpayment | 23,963,894.98 | 21,402,133.49 |
| Total | 30,275,918.47 | 27,667,529.40 |
(3)Provisionforbaddebts
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Provisionforbaddebts
| Provisionforbaddebts | StageI | StageII | StageIII | Total |
| 12-monthexpectedcreditloss | Lifetimeexpectedcreditloss(withoutcreditimpairment) | Lifetimeexpectedcreditloss(withcreditimpairment) | ||
| BalanceasatJanuary1,2024 | 8,017.08 | 157,405.02 | 165,422.10 | |
| BalanceasatJanuary1,2024inthecurrentperiod | ||||
| -TransfertoStageII | ||||
| -TransfertoStageIII | -37,951.22 | 37,951.22 | ||
| -ReversalfromStageII | ||||
| -ReversalfromStageI | ||||
| Provisioninthecurrentperiod | 56,224.30 | 808,444.61 | 864,668.91 | |
| Reversalinthecurrentperiod | 8,017.08 | 5,433.10 | 13,450.18 | |
| Charge-offinthecurrentperiod | ||||
| Write-offinthecurrentperiod | 696,395.83 | 696,395.83 | ||
| Otherchanges | ||||
| BalanceasatDecember31,2024 | 170,245.00 | 150,000.00 | 320,245.00 |
Notestotheobviouschangesinthebookbalanceofotherreceivableswithchangesinprovisionforlossesinthecurrentperiod:
□Applicable√N/ATheamountofprovisionforbaddebtsinthecurrentperiodandthebasisforassessingwhetherthecreditriskoffinancialinstrumentshasincreasedsignificantly:
□Applicable√N/A
(4)Provisionforbaddebts
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Type | Balanceatthebeginningoftheperiod | Changeinthisperiod | Balanceattheendoftheperiod | |||
| Provision | Recoveryorreversal | Write-offorcharge-off | Otherchanges | |||
| Provisionforthebaddebtsaccruedonthebasisofagingportfolio | 165,422.10 | 864,668.91 | 13,450.18 | 696,395.83 | 320,245.00 | |
| Total | 165,422.10 | 864,668.91 | 13,450.18 | 696,395.83 | 320,245.00 | |
(5)Otherreceivableswriteoffinthecurrentperiod
√Applicable□N/A
| Item | Amountofwrite-off |
| Otherreceivablesactuallywrittenoff | 696,395.83 |
Specifically,significantotherreceivablestobewrittenoff:
□Applicable√N/A
(6)Top5ofotherreceivablespresentedbydebtor
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Entityname | Balanceattheendoftheperiod | Proportioninthetotalendingbalanceofotherreceivables(%) | Natureofpayment | Aging | ProvisionforbaddebtsBalanceattheendofthe |
/
period
| period | |||||
| ChinaRailway22ndBureauGroupCo.,Ltd. | 2,285,990.16 | 7.55 | Currentpayment | Within1year | |
| ChinaOverseasPropertyCo.,Ltd.,Beijing | 850,935.57 | 2.81 | Currentpayment | Within1year | |
| LuoMeng | 680,314.90 | 2.25 | Pettycash | Within1year | |
| SinopecSalesCo.,Ltd.HunanChangshaPetroleumBranch | 672,438.00 | 2.22 | Currentpayment | Within1year | |
| TianjinTriumphArchDepartmentStoreCo.,Ltd | 600,000.00 | 1.98 | Currentpayment | 2-3years | |
| Total | 5,089,678.63 | 16.81 | / | / |
OtherNotes:
A.ThereceivablesofChinaRailway22ndBureauGroupCo.,Ltd.refertothewaterandelectricitychargesatXinzhaiandDadiproductionareaspaidbyHeyixingLiquorBranchofKweichowMoutaiCo.,Ltd.ontheCompany'sbehalf.B.ThereceivablesofBeijingZhonghaiRealEstateCo.,Ltd.aretherentaldepositpaidbyBeijingFriendshipEnvoyTradingCo.,LTD.,theholdingsubsidiaryofthecompany.C.Luomengisanemployeeofthecompany,andtheloansareforlitigationandmarketrightsprotectionloans.D.ThereceivablesfromHunanChangshaPetroleumBranchofSinopecMarketingCo.,Ltd.arepromotionfeesreceivableofGuizhouLaymauLiquorindustryCo.,LTD.,acontrollingsubsidiaryoftheCompany.E.ReceivablesofTianjinKaixuanmenDepartmentStoreCo.,Ltd.aretherentaldepositpaidbyKweichowMoutaiSalesCo.,Ltd.,acontrollingsubsidiaryoftheCompany.
8.Financialassetsunderreverserepo
(1)Bythetypeofcounterparty
MonetaryUnit:YuanCurrency:RMB
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod |
| Bank | ||
| Otherfinancialinstitutions | 7,220,616,838.35 | 3,504,953,059.15 |
| Sub-total | 7,220,616,838.35 | 3,504,953,059.15 |
| Less:provisionforimpairment | 306,147.25 | 103,174.10 |
| Total | 7,220,310,691.10 | 3,504,849,885.05 |
(2)BythetypeofCollateral
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod |
| Bond | 7,220,616,838.35 | 3,504,953,059.15 |
| Notes | ||
| Sub-total | 7,220,616,838.35 | 3,504,953,059.15 |
| Less:provisionforimpairment | 306,147.25 | 103,174.10 |
| Total | 7,220,310,691.10 | 3,504,849,885.05 |
9.Inventories
(1)Classificationofinventories
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod |
/
Bookbalance
| Bookbalance | ProvisionforInventoryDepreciationreserve/provisionforimpairmentofcontractPerformancecosts | Bookvalue | Bookbalance | ProvisionforInventorydepreciationreserve/provisionforimpairmentofcontractperformancecosts | Bookvalue | |
| Rawmaterials | 3,095,759,897.27 | 3,095,759,897.27 | 3,364,894,351.00 | 3,364,894,351.00 | ||
| Goodsinprogress | 24,681,406,062.81 | 1,283,984.83 | 24,680,122,077.98 | 22,150,516,271.98 | 1,283,984.83 | 22,149,232,287.15 |
| Commoditystocks | 2,980,871,894.39 | 2,980,871,894.39 | 2,213,035,622.06 | 2,213,035,622.06 | ||
| Self-manufacturedsemi-finishedproducts | 23,586,531,287.83 | 23,586,531,287.83 | 18,708,022,801.32 | 18,708,022,801.32 | ||
| Total | 54,344,569,142.30 | 1,283,984.83 | 54,343,285,157.47 | 46,436,469,046.36 | 1,283,984.83 | 46,435,185,061.53 |
(2)Dataresourcesrecognizedasinventory
□Applicable√N/A
(3)Provisionforinventorydepreciationandprovisionforimpairmentofcontractperformancecosts
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Balanceatthebeginningoftheperiod | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Balanceattheendoftheperiod | ||
| Provision | Others | Reversalorwrite-off | Others | |||
| Goodsinprogress | 1,283,984.83 | 1,283,984.83 | ||||
| Total | 1,283,984.83 | 1,283,984.83 | ||||
10.Non-currentassetsduewithinoneyear
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod |
| Debtinvestmentsmaturingwithinoneyear | 1,210,959,803.42 | |
| Total | 1,210,959,803.42 |
Debtinvestmentsmaturingwithinoneyear:
√Applicable□N/A
(1)Debtinvestmentsmaturingwithinoneyear
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Closingbalance | December31,2023 | ||||
| Bookbalance | Provisionforimpairment | Carryingamount | Bookbalance | Provisionforimpairment | Carryingamount | |
| GuiyangBankCo.,LTD | 1,005,123,624.47 | 252,569.56 | 1,004,871,054.91 | |||
/
Item
| Item | Closingbalance | December31,2023 | ||||
| Bookbalance | Provisionforimpairment | Carryingamount | Bookbalance | Provisionforimpairment | Carryingamount | |
| GuizhouBankCo.,LTD | 206,140,547.94 | 51,799.43 | 206,088,748.51 | |||
| Total | 1,211,264,172.41 | 304,368.99 | 1,210,959,803.42 | |||
Changesinprovisionsforimpairmentofdebtinvestmentduewithinoneyearinthecurrentperiod
√Applicable□N/A
| Item | Openingbalance | Increase | Decrease | Closingbalance |
| GuiyangBankCo.,LTD | 262,922.29 | 10,352.73 | 252,569.56 | |
| GuizhouBankCo.,LTD | 72,504.88 | 20,705.45 | 51,799.43 | |
| Total | 335,427.17 | 31,058.18 | 304,368.99 |
(2)Importantdebtinvestmentmaturingwithinoneyearattheendoftheperiod
□Applicable√N/A
(3)Provisionforimpairment
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Items | Stage1 | Stage2 | Stage3 | Total |
| 12?monthexpectedcreditlosses | Lifetimeexpectedcreditlosses(creditnotimpaired) | Lifetimeexpectedcreditlosses(creditimpaired) | ||
| Openingbalance | ||||
| Openingbalanceinthecurrentperiod | —— | —— | —— | |
| --Transferredtostage2 | ||||
| --Transferredtostage3 | ||||
| --Reversedtostage2 | ||||
| --Reversedtostage1 | ||||
| Provisionforcurrentperiod | 304,368.99 | 304,368.99 | ||
| Provisionrecoveredorreversedinthecurrentperiod | 31,058.18 | 31,058.18 | ||
| Provisionresoldinthecurrentperiod | ||||
| Provisionwrittenoffinthecurrentperiod | ||||
| Otherchanges | 31,058.18 | 31,058.18 | ||
| Closingbalance | 304,368.99 | 304,368.99 |
(4)Thesituationofcreditor'srightsinvestmentduewithinoneyearactuallywrittenoffinthecurrentperiod
□Applicable√N/AAmongthem,theimportantcreditor'srightsinvestmentduewithinoneyearshallbewrittenoff
□Applicable√N/AExplanationonthewrite-offofdebtinvestmentsduewithinoneyear:
□Applicable√N/A
Otherdebtinvestmentsduewithinoneyear
□Applicable√N/A
11.Othercurrentassets
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Item
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod |
| Value-addedtaxnotdeductedattheendoftheperiod | 118,880,044.87 | 40,142,035.75 |
| Inputtaxtobeobtainedwithdeductioncertificate | 20,854,972.83 | |
| Prepaidincometax | 19,749,723.00 | 31,261,870.82 |
| Others | 691,841.99 | |
| Total | 160,176,582.69 | 71,403,906.57 |
12.Loansandpayments
MonetaryUnit:YuanCurrency:RMB
| Item | Amountattheendoftheperiod | Amountatthebeginningoftheperiod |
| Loansandpayments | 2,381,228,475.45 | 2,130,818,189.27 |
Item
| Item | Amountattheendoftheperiod | Amountatthebeginningoftheperiod |
| Totalloansandadvancestocustomers | 2,449,756,362.00 | 2,187,006,375.03 |
| Less:Provisionforimpairmentofloans | 68,527,886.55 | 56,188,185.76 |
| Bookvalueofloansandadvancestocustomers | 2,381,228,475.45 | 2,130,818,189.27 |
13.Debtinvestment
(1)InformationonDebtinvestment
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod | ||||
| Bookbalance | Provisionforimpairment | Bookvalue | Bookbalance | Provisionforimpairment | Bookvalue | |
| MinistryofFinanceofthePeople'sRepublicofChina(Nationaldebt) | 1,011,266,435.13 | 1,011,266,435.13 | 510,466,944.94 | 510,466,944.94 | ||
| BankofGuiyangCo.,Ltd. | 202,017,329.83 | 50,763.34 | 201,966,566.49 | 3,213,667,940.23 | 657,943.12 | 3,213,009,997.11 |
| BankofGuizhouCo.,Ltd. | 200,000,000.00 | 50,256.42 | 199,949,743.58 | 506,302,054.81 | 103,656.62 | 506,198,398.19 |
| AgriculturalBankofChinaLimited | 102,017,329.85 | 25,635.13 | 101,991,694.72 | 102,003,836.17 | 20,883.53 | 101,982,952.64 |
| ChinaMinshengBankingCorp.,Ltd.,GuiyangBranch | 991,546,780.25 | 203,002.11 | 991,343,778.14 | |||
| Total | 1,515,301,094.81 | 126,654.89 | 1,515,174,439.92 | 5,323,987,556.40 | 985,485.38 | 5,323,002,071.02 |
Changesintheprovisionforimpairmentofdebtinvestmentinthecurrentperiod
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Item
| Item | Balanceatthebeginningoftheperiod | Increaseincurrentperiod | Decreaseincurrentperiod | Balanceattheendoftheperiod |
| BankofGuiyangCo.,Ltd. | 657,943.12 | 8,899.83 | 616,079.61 | 50,763.34 |
| BankofGuizhouCo.,Ltd. | 103,656.62 | 18,871.91 | 72,272.11 | 50,256.42 |
| AgriculturalBankofChinaLimited | 20,883.53 | 4,796.18 | 44.58 | 25,635.13 |
| ChinaMinshengBankingCorp.,Ltd.,GuiyangBranch | 203,002.11 | 203,002.11 | ||
| Total | 985,485.38 | 32,567.92 | 891,398.41 | 126,654.89 |
(2)ImportantDebtinvestmentattheendoftheperiod
□Applicable√N/A
(3)Provisionforimpairment
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
NotestotheobviouschangesinthebookbalanceofDebtinvestmentwithchangesinprovisionforlossesinthecurrentperiod:
□Applicable√N/ATheamountofimpairmentprovisionforthecurrentperiodandthebasisforevaluatingwhetherthecreditriskoffinancialinstrumentshasincreasedsignificantly
□Applicable√N/A
(4)Actualwrite-offofcreditor'srightsinvestmentinthecurrentperiod
□Applicable√N/A
14.Othernon-currentfinancialassets
√Applicable□N/A
| Provisionforimpairment | StageI | StageII | StageIII | Total |
| 12-monthexpectedcreditloss | Lifetimeexpectedcreditloss(withoutcreditimpairment) | Lifetimeexpectedcreditloss(withcreditimpairment) | ||
| BalanceasatJanuary1,2024 | 985,485.38 | 985,485.38 | ||
| BalanceasatJanuary1,2024inthecurrentperiod | ||||
| -TransfertoStageII | ||||
| -TransfertoStageIII | ||||
| -ReversalfromStageII | ||||
| -ReversalfromStageI | ||||
| Provisioninthecurrentperiod | 32,567.92 | 32,567.92 | ||
| Reversalinthecurrentperiod | 860,340.23 | 860,340.23 | ||
| Charge-offinthecurrentperiod | ||||
| Write-offinthecurrentperiod | ||||
| Otherchanges | -31,058.18 | -31,058.18 | ||
| BalanceasatDecember31,2024 | 126,654.89 | 126,654.89 |
MonetaryUnit:YuanCurrency:RMB
/
Item
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod |
| Financialassetsmeasuredatfairvaluethroughprofitorloss | 4,028,978,995.56 | 4,002,439,902.57 |
| Including:otherequityinstrumentinvestments | 4,028,978,995.56 | 4,002,439,902.57 |
| Total | 4,028,978,995.56 | 4,002,439,902.57 |
Othernotes:
√Applicable□N/ADetails:
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod |
| MoutaiZhaohua(Guizhou)IndustrialDevelopmentFundPartnership(LimitedPartnership) | 2,008,792,032.55 | 2,001,383,129.22 |
| MoutaiJinshi(Guizhou)IndustrialDevelopmentFundPartnership(LimitedPartnership) | 2,020,186,963.01 | 2,001,056,773.35 |
| Total | 4,028,978,995.56 | 4,002,439,902.57 |
15.InvestmentpropertyMeasurementmethodofinvestmentproperties
(1)Investmentpropertiesmeasuredatcost
MonetaryUnit:YuanCurrency:RMB
| Item | Buildingsandconstructions | Landuseright | Constructioninprogress | Total |
| I.Originalbookvalue | ||||
| 1.Balanceatthebeginningoftheperiod | 9,722,908.42 | 9,722,908.42 | ||
| 2.Increaseinthecurrentperiod | 4,665,316.93 | 4,665,316.93 | ||
| (1)Outsourcing | ||||
| (2)Transferofinventory,fixedassetsandconstructioninprogress | 4,665,316.93 | 4,665,316.93 | ||
| (3)Increaseinbusinesscombination | ||||
| 3.Decreaseinthecurrentperiod | ||||
| (1)Disposal | ||||
| (2)Othertransfer-out | ||||
| 4.Balanceattheendoftheperiod | 14,388,225.35 | 14,388,225.35 | ||
| II.Accumulateddepreciationandaccumulatedamortization | ||||
| 1.Balanceatthebeginningoftheperiod | 5,584,363.09 | 5,584,363.09 | ||
| 2.Increaseinthecurrentperiod | 1,178,694.43 | 1,178,694.43 | ||
| (1)Provisionoramortization | 716,689.16 | 716,689.16 | ||
| (2)Transferofinventory,fixedassetsandconstructioninprogress | 462,005.27 | 462,005.27 | ||
| 3.Decreaseinthecurrentperiod | ||||
| (1)Disposal | ||||
| (2)Othertransfer-out | ||||
| 4.Balanceattheendoftheperiod | 6,763,057.52 | 6,763,057.52 | ||
| III.Provisionforimpairment | ||||
| 1.Balanceatthebeginningoftheperiod | ||||
/
2.Increaseinthecurrentperiod
| 2.Increaseinthecurrentperiod | |||
| (1)Provision | |||
| 3.Decreaseinthecurrentperiod | |||
| (1)Disposal | |||
| (2)Othertransfer-out | |||
| 4.Balanceattheendoftheperiod | |||
| IV.Bookvalue | |||
| 1.Bookvalueattheendoftheperiod | 7,625,167.83 | 7,625,167.83 | |
| 2.Bookvalueatthebeginningoftheperiod | 4,138,545.33 | 4,138,545.33 | |
(2)Investmentpropertieswithpendingcertificateoftitle
□Applicable√N/A
(3)Impairmenttestoninvestmentpropertiesmeasuredatcost
□Applicable√N/A
16.FixedassetsPresentationofitems
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod |
| Fixedassets | 21,871,446,747.14 | 19,909,280,655.97 |
| Disposaloffixedassets | ||
| Total | 21,871,446,747.14 | 19,909,280,655.97 |
Fixedassets
(1)Fixedassets
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Buildingsandconstructions | Machineryequipment | Transportationfacilities | Electronicequipmentandothers | Total |
| I.Originalbookvalue: | |||||
| 1.Balanceatthebeginningoftheperiod | 29,020,638,616.45 | 2,578,271,510.57 | 435,456,779.25 | 1,016,749,120.75 | 33,051,116,027.02 |
| 2.Increaseinthecurrentperiod | 3,286,749,388.50 | 208,195,098.90 | 50,088,604.44 | 151,959,273.28 | 3,696,992,365.12 |
| (1)Purchase | 2,308,906.72 | 20,765,087.95 | 3,833,114.99 | 12,071,471.77 | 38,978,581.43 |
| (2)Transferredfromconstructioninprogress | 3,284,440,481.78 | 187,430,010.95 | 46,255,489.45 | 139,887,801.51 | 3,658,013,783.69 |
| (3)Increaseinbusinesscombination | |||||
| (4)Translationofforeigncurrencystatements | |||||
| 3.Decreaseinthecurrentperiod | 16,379,087.19 | 13,187,264.78 | 26,975,170.43 | 14,884,137.95 | 71,425,660.35 |
| (1)Disposalorscrapping | 8,807,735.42 | 13,187,264.78 | 26,975,170.43 | 14,881,642.17 | 63,851,812.80 |
| (2)Translationofforeigncurrencystatements | 2,906,034.84 | 2,495.78 | 2,908,530.62 | ||
| (3)Transferredtoinvestmentproperties/constructionin | 4,665,316.93 | 4,665,316.93 | |||
/
progress
| progress | |||||
| 4.Balanceattheendoftheperiod | 32,291,008,917.76 | 2,773,279,344.69 | 458,570,213.26 | 1,153,824,256.08 | 36,676,682,731.79 |
| II.Accumulateddepreciation | |||||
| 1.Balanceatthebeginningoftheperiod | 10,469,707,352.24 | 1,658,878,641.74 | 273,835,499.91 | 738,346,660.36 | 13,140,768,154.25 |
| 2.Increaseinthecurrentperiod | 1,432,232,428.64 | 155,695,217.37 | 49,414,675.45 | 83,106,316.52 | 1,720,448,637.98 |
| (1)Provision | 1,432,232,428.64 | 155,695,217.37 | 49,414,675.45 | 83,106,316.52 | 1,720,448,637.98 |
| (2)Translationofforeigncurrencystatements | |||||
| 3.Decreaseinthecurrentperiod | 4,811,856.55 | 12,504,396.42 | 25,599,132.47 | 14,132,638.94 | 57,048,024.38 |
| (1)Disposalorscrapping | 3,497,773.19 | 12,504,396.42 | 25,599,132.47 | 14,124,076.51 | 55,725,378.59 |
| (2)Translationofforeigncurrencystatements | 852,078.09 | 8,562.43 | 860,640.52 | ||
| (3)Transferredtoinvestmentproperties/constructioninprogress | 462,005.27 | 462,005.27 | |||
| 4.Balanceattheendoftheperiod | 11,897,127,924.33 | 1,802,069,462.69 | 297,651,042.89 | 807,320,337.94 | 14,804,168,767.85 |
| III.Provisionforimpairment | |||||
| 1.Balanceatthebeginningoftheperiod | 1,060,865.02 | 6,351.78 | 1,067,216.80 | ||
| 2.Increaseinthecurrentperiod | |||||
| (1)Provision | |||||
| 3.Decreaseinthecurrentperiod | |||||
| (1)Disposalorscrapping | |||||
| 4.Balanceattheendoftheperiod | 1,060,865.02 | 6,351.78 | 1,067,216.80 | ||
| IV.Bookvalue | |||||
| 1.Bookvalueattheendoftheperiod | 20,393,880,993.43 | 970,149,016.98 | 160,919,170.37 | 346,497,566.36 | 21,871,446,747.14 |
| 2.Bookvalueatthebeginningoftheperiod | 18,550,931,264.21 | 918,332,003.81 | 161,621,279.34 | 278,396,108.61 | 19,909,280,655.97 |
(2).Temporarilyidlefixedassets
□Applicable√N/A
(3).Fixedassetswithpendingcertificatesoftitle
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Bookvalue | Reasonforpendingcertificatesoftitle |
| NewlyaddedTechnicaltransformationprojectof2,500tonsofMoutailiquorinthesecondphaseofthe10,000-tonMoutailiquorProjectduringthe"TwelfthFive-YearPlan”(2012) | 558,732,546.81 | Itisbeingprocessed. |
| 2000-tonMoutaiPrinceliquor-makingtechnicaltransformationprojectandsupportingfacilitiesprojectin2011 | 347,096,637.47 | Itisbeingprocessed. |
| Newlyadded2800-tonMoutaiPrinceliquor-makingtechnicaltransformationprojectandsupportingfacilitiesin2012 | 217,303,556.07 | Itisbeingprocessed. |
| TechnicaltransformationprojectandsupportingfacilitiesfortheMakingofMoutai-flavorSeriesLiquor | 1,089,261,679.38 | Itisbeingprocessed. |
17.ConstructioninprogressPresentationofitems
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Item
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod |
| Constructioninprogress | 2,149,619,937.05 | 2,137,464,700.45 |
| Projectmaterials | ||
| Total | 2,149,619,937.05 | 2,137,464,700.45 |
Constructioninprogress
(1)Constructioninprogress
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod | ||||
| Bookbalance | Provisionforimpairment | Bookvalue | Bookbalance | Provisionforimpairment | Bookvalue | |
| Constructioninprogress | 2,149,619,937.05 | 2,149,619,937.05 | 2,137,464,700.45 | 2,137,464,700.45 | ||
| Total | 2,149,619,937.05 | 2,149,619,937.05 | 2,137,464,700.45 | 2,137,464,700.45 | ||
(2).Changesinimportantconstructioninprogressinthecurrentperiod
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Item
| Item | Budgetamount | BeginningBalance | Increaseinthecurrentperiod | Amounttransferredintofixedassetsincurrentperiod | Otherdecreasesinthecurrentperiod | EndingBalance | ProportionofaccumulativeProjectinvestmentsinbudget(%) | Progressofconstruction | Accumulatedcapitalizationamountofinterest | Including:capitalizationAmountofinterestinthecurrentperiod | CapitalizationrateofInterestincurrentperiod(%) | Sourceoffunds |
| TechnicaltransformationprojectandSupportingfacilitiesprojectfortheMakingofMoutai-flavorSeriesLiquor(6400tons) | 2,419,000,000.00 | 76,750,464.83 | 75,453,611.66 | 1,296,853.17 | 89.00 | 100% | Self-raised | |||||
| TechnicalTransformationprojectofMoutailiquoranditssupportingfacilitiesinZhonghuaAreaduringthe13thFive-YearPlan | 3,559,000,000.00 | 244,726,544.74 | 230,709,112.97 | 331,295,827.95 | 144,139,829.76 | 88.00 | 100% | Self-raised | ||||
| Technicaltransformationprojectof30,000-tonMoutai-flavorseriesliquoranditssupportingfacilities | 10,180,000,000.00 | 1,072,327,010.48 | 1,075,824,701.72 | 2,042,557,436.53 | 105,594,275.67 | 70.00 | 100% | Self-raised | ||||
| PhaseIProjectofPackagingLogisticsParkProject | 7,833,000,000.00 | 74,645,824.48 | 337,491,223.01 | 412,137,047.49 | 9.00 | 24% | Self-raised |
/
FirstPhaseConstructionProjectofthe"14thFive-YearPlan"Moutai-flavorLiquorXishuiTongminba
| FirstPhaseConstructionProjectofthe"14thFive-YearPlan"Moutai-flavorLiquorXishuiTongminba | 4,110,000,000.00 | 252,656,242.47 | 671,743,431.58 | 123,986,295.36 | 800,413,378.69 | 42.00 | 66% | Self-raised | |||
| TechnicaltransformationandconstructionprojectofMoutaiLiquorduringthe14thFive-YearPlanperiod | 15,516,000,000.00 | 8,085,819.55 | 516,589,116.95 | 162,300,000.00 | 362,374,936.50 | 12.00 | 26% | Self-raised | |||
| Constructionof30blocksofliquorstorehousesinZhonghuaArea | 1,587,000,000.00 | 151,164,296.13 | 441,056,474.53 | 572,970,000.00 | 19,250,770.66 | 42.00 | 90% | Self-raised | |||
| Total | 45,204,000,000.00 | 1,803,605,737.85 | 3,350,164,525.59 | 3,308,563,171.50 | 1,845,207,091.94 | / | / | / | / |
(3).Provisionforimpairmentofconstructioninprogressinthecurrentperiod
□Applicable√N/A
18.Right-of-useassets
(1)Detailsofright-of-useassets
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Item
| Item | Buildingsandconstructions | Machineryequipment | Landuserights | Total |
| I.Originalbookvalue | ||||
| 1.Balanceatthebeginningoftheperiod | 346,621,648.49 | 9,525,145.70 | 80,715,978.86 | 436,862,773.05 |
| 2.Increaseinthecurrentperiod | 202,485,749.91 | 202,485,749.91 | ||
| (1)Lease-in | 202,485,749.91 | 202,485,749.91 | ||
| 3.Decreaseinthecurrentperiod | 42,878,679.41 | 42,878,679.41 | ||
| (1)Disposal | 42,878,679.41 | 42,878,679.41 | ||
| 4.Balanceattheendoftheperiod | 506,228,718.99 | 9,525,145.70 | 80,715,978.86 | 596,469,843.55 |
| II.Accumulateddepreciation | ||||
| 1.Balanceatthebeginningoftheperiod | 108,870,603.22 | 5,715,087.46 | 8,071,597.81 | 122,657,288.49 |
| 2.Increaseinthecurrentperiod | 89,672,905.50 | 1,905,029.14 | 2,914,743.65 | 94,492,678.29 |
| (1)Provision | 89,672,905.50 | 1,905,029.14 | 2,914,743.65 | 94,492,678.29 |
| 3.Decreaseinthecurrentperiod | 31,274,296.76 | 31,274,296.76 | ||
| (1)Disposal | 31,274,296.76 | 31,274,296.76 | ||
| 4.Balanceattheendoftheperiod | 167,269,211.96 | 7,620,116.60 | 10,986,341.46 | 185,875,670.02 |
| III.Provisionforimpairment | ||||
| 1.Balanceatthebeginningoftheperiod | ||||
| 2.Increaseinthecurrentperiod | ||||
| (1)Provision | ||||
| 3.Decreaseinthecurrentperiod | ||||
| (1)Disposal | ||||
| 4.Balanceattheendoftheperiod | ||||
| IV.Bookvalue | ||||
| 1.Bookvalueattheendoftheperiod | 338,959,507.03 | 1,905,029.10 | 69,729,637.40 | 410,594,173.53 |
| 2.Bookvalueatthebeginningoftheperiod | 237,751,045.27 | 3,810,058.24 | 72,644,381.05 | 314,205,484.56 |
19Intangibleassets
(1)Detailsofintangibleassets
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Landuseright | Softwaredevelopment | Total |
| I.Originalbookvalue | |||
| 1.Balanceatthebeginningoftheperiod | 9,532,459,233.40 | 211,730,047.44 | 9,744,189,280.84 |
/
2.Increaseinthecurrentperiod
| 2.Increaseinthecurrentperiod | 298,273,900.00 | 228,834,676.51 | 527,108,576.51 |
| (1)Purchase | 298,273,900.00 | 7,745,080.59 | 306,018,980.59 |
| (2)Internalresearchanddevelopment | 221,089,595.92 | 221,089,595.92 | |
| (3)Increaseinbusinesscombination | |||
| 3.Decreaseinthecurrentperiod | 39,316.24 | 39,316.24 | |
| (1)Disposal | 39,316.24 | 39,316.24 | |
| 4.Balanceattheendoftheperiod | 9,830,733,133.40 | 440,525,407.71 | 10,271,258,541.11 |
| II.Accumulatedamortization | |||
| 1.Balanceatthebeginningoftheperiod | 1,117,179,884.81 | 54,742,082.19 | 1,171,921,967.00 |
| 2.Increaseinthecurrentperiod | 194,258,528.00 | 54,911,531.35 | 249,170,059.35 |
| (1)Provision | 194,258,528.00 | 54,911,531.35 | 249,170,059.35 |
| 3.Decreaseinthecurrentperiod | 39,316.24 | 39,316.24 | |
| (1)Disposal | 39,316.24 | 39,316.24 | |
| 4.Balanceattheendoftheperiod | 1,311,438,412.81 | 109,614,297.30 | 1,421,052,710.11 |
| III.Provisionforimpairment | |||
| 1.Balanceatthebeginningoftheperiod | |||
| 2.Increaseinthecurrentperiod | |||
| (1)Provision | |||
| 3.Decreaseinthecurrentperiod | |||
| (1)Disposal | |||
| 4.Balanceattheendoftheperiod | |||
| IV.Bookvalue | |||
| 1.Bookvalueattheendoftheperiod | 8,519,294,720.59 | 330,911,110.41 | 8,850,205,831.00 |
| 2.Bookvalueatthebeginningoftheperiod | 8,415,279,348.59 | 156,987,965.25 | 8,572,267,313.84 |
Attheendofthisperiod,intangibleassetsformedthroughinternalR&Daccountedfor2.90%ofthebalanceofintangibleassets.
(2)Dataresourcesrecognizedasintangibleassets
□Applicable√N/A
(3)Landuserightwithpendingcertificatesoftitle
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Items | Bookvalue | Reasonforpendingcertificatesoftitle |
| PhaseIandPhaseIIMoutailiquortechnicaltransformationprojectinZhonghuaArea | 2,141,855,569.18 | Itisbeingprocessed |
| NewlyaddedTechnicaltransformationprojectof2,500tonsofMoutailiquorinthesecondphaseofthe10,000-tonMoutailiquorProjectduringthe"TwelfthFive-YearPlan”(2012) | 330,000,000.00 | Itisbeingprocessed |
/
Items
| Items | Bookvalue | Reasonforpendingcertificatesoftitle |
| TechnicaltransformationprojectandsupportingfacilitiesfortheMakingofMoutai-flavorSeriesLiquor | 352,681,578.55 | Itisbeingprocessed |
| Technicaltransformationprojectfor2000tonsofMoutaiPrinceLiquorandtechnicaltransformationprojectfor2800tonsofMoutaiPrinceLiquor | 30,000,000.00 | Itisbeingprocessed |
| TechnicaltransformationprojectofMoutailiquoranditssupportingfacilitiesinZhonghuaAreaduringthe13thFive-YearPlan | 215,259,100.00 | Itisbeingprocessed |
| Technicaltransformationprojectof30,000-tonMoutai-flavorseriesliquoranditssupportingfacilities | 998,256,302.95 | Itisbeingprocessed |
20.Developmentexpenses
MonetaryUnit:YuanCurrency:RMB
| Item | Balanceatthebeginningoftheperiod | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | Balanceattheendoftheperiod | ||
| InternalR&Dexpenses | Others | Recognizedasintangibleassets | TransferredinCurrentprofitorloss | |||
| Projectresearchanddevelopment | 218,015,555.49 | 101,596,918.85 | 221,089,595.92 | 98,522,878.42 | ||
| Total | 218,015,555.49 | 101,596,918.85 | 221,089,595.92 | 98,522,878.42 | ||
21.Long-termdeferredexpenses
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Balanceatthebeginningoftheperiod | Increaseinthecurrentperiod | Amortizationinthecurrentperiod | Otherdecreases | Balanceattheendoftheperiod |
| ReconstructionprojectofroadfromcentralcitytoMoutai | 117,500,000.33 | 10,000,000.08 | 107,500,000.25 | ||
| Overhaulexpensesoffixedassets | 31,676,391.19 | 10,862,570.50 | 7,657,954.25 | 34,881,007.44 | |
| Renovationofofficebuilding | 10,882,538.62 | 1,375,999.55 | 2,533,596.01 | 9,724,942.16 | |
| Total | 160,058,930.14 | 12,238,570.05 | 20,191,550.34 | 152,105,949.85 |
Othernotes:ThereconstructionprojectofroadfromcentralcitytoMaotaiisbasedontheresolutionmadeatthethirdmeetingofthesecondBoardofDirectorsin2013.TheCompanyandRenhuaiUrbanDevelopmentandConstructionInvestmentManagementCo.,Ltd.jointlycompletedtheroadreconstructionprojectfromthecentralcitytoMaotaiandtransferredtheprojectforamortization.
22.Deferredtaxassets/Deferredtaxliabilities
(1)Deferredtaxassetswithoutoffset
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Item
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod | ||
| Eductibletemporarydifferences | Deferredincometaxassets | Deductibletemporarydifferences | Deferredincometaxassets | |
| Provisionforassetimpairment | 52,533,019.57 | 13,133,254.90 | 30,956,286.95 | 7,739,071.75 |
| Unrealizedprofitsofinternaltransactions | 18,608,012,816.08 | 4,652,003,204.02 | 14,956,404,209.03 | 3,739,101,052.26 |
| Achievements-relatedwagesthatshallbedistributedbutnotdistributed | 214,872,045.38 | 53,718,011.35 | 214,872,045.38 | 53,718,011.35 |
| Others | 3,204,609,594.27 | 801,152,398.56 | 3,381,317,159.02 | 845,329,289.74 |
| Total | 22,080,027,475.30 | 5,520,006,868.83 | 18,583,549,700.38 | 4,645,887,425.10 |
(2)Deferredtaxliabilitieswithoutoffset
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod | ||
| Taxabletemporarydifferences | DeferredincometaxLiabilities | Taxabletemporarydifferences | DeferredincometaxLiabilities | |
| Valuationappreciationofassetsofenterprisesnotunderthesamecontrol | ||||
| Changesinfairvalueofotherdebtinvestments | ||||
| Changesinfairvalueofotherequityinstrumentinvestments | ||||
| Others | 413,471,053.53 | 103,367,763.38 | 315,772,248.74 | 78,943,062.19 |
| Total | 413,471,053.53 | 103,367,763.38 | 315,772,248.74 | 78,943,062.19 |
(3)Deferredtaxassetsorliabilitiespresentedbynetamountafteroffset
□Applicable√N/A
(4)Detailsofunrecognizeddeferredtaxassets
□Applicable√N/A
23.Othernon-currentassets
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Items
| Items | Closingbalance | December31,2023 | ||||
| Bookbalance | Provisionforimpairment | Carryingamount | Bookbalance | Provisionforimpairment | Carryingamount | |
| Information-basedprojectunderconstruction | 121,152,444.08 | 121,152,444.08 | 68,604,129.75 | 68,604,129.75 | ||
| Advancepaymentforconstruction | 103,243,373.38 | 103,243,373.38 | 40,959,367.48 | 40,959,367.48 | ||
| Advancepaymentforland | 8,000,000.00 | 8,000,000.00 | ||||
| Total | 232,395,817.46 | 232,395,817.46 | 109,563,497.23 | 109,563,497.23 | ||
24.Assetswithrestrictionsontheownershiporuseright
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Ending | Beginning | ||||||
| Bookbalance | Bookvalue | Typeofrestriction | Restriction | Bookbalance | Bookvalue | TypeofRestriction | Restriction | |
| Cashandcashequivalents | 7,403,523,670.43 | 7,403,523,670.43 | Others | Depositstatutoryreservefundswiththecentralbank | 5,991,813,679.87 | 5,991,813,679.87 | Others | Depositstatutoryreservefundswiththecentralbank |
| Loanstobanksandotherfinancialinstitutions | 10,000,000,000.00 | 10,000,000,000.00 | Others | Interbankdepositsthatcannotbewithdrawnondemand | 16,000,000,000.00 | 16,000,000,000.00 | Others | Interbankdepositsthatcannotbewithdrawnondemand |
| Total | 17,403,523,670.43 | 17,403,523,670.43 | / | / | 21,991,813,679.87 | 21,991,813,679.87 | / | / |
25.Accountspayable
(1)Presentationofaccountspayable
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod |
| Payableforgoodsandservices | 3,514,969,230.31 | 3,093,091,103.67 |
| Total | 3,514,969,230.31 | 3,093,091,103.67 |
26.Contractliabilities
(1)Detailsofcontractliabilities
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Item
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod |
| Advancesfromcustomersforgoods | 9,592,453,014.66 | 14,125,755,802.29 |
| Total | 9,592,453,014.66 | 14,125,755,802.29 |
(2)Significantcontractliabilitieswithagingofmorethan1year
□Applicable√N/A
(3)Amountswithandreasonsforsignificantchangesinbookvaluesduringthereportingperiod
□Applicable√N/A
27.Absorptionofdepositsandinterbankdeposits
MonetaryUnit:YuanCurrency:RMB
| Item | Amountattheendoftheperiod | Amountatthebeginningoftheperiod |
| Absorptionofdeposits | 23,102,858,820.97 | 12,034,492,909.95 |
| Total | 23,102,858,820.97 | 12,034,492,909.95 |
28.Employeecompensationpayable
(1)Presentationofemployeecompensationpayable
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Balanceatthebeginningoftheperiod | Increaseincurrentperiod | Decreaseincurrentperiod | Balanceattheendoftheperiod |
| I.Short-termbenefits | 5,399,083,289.91 | 13,641,637,321.09 | 13,218,847,451.37 | 5,821,873,159.63 |
| II.Post-departurebenefits-definedcontributionplans | 2,837,923.86 | 2,068,287,765.02 | 2,068,721,277.46 | 2,404,411.42 |
| III.Terminationbenefits | 27,682,217.45 | 27,588,389.43 | 93,828.02 | |
| IV.Otherbenefitsduewithinoneyear | ||||
| Total | 5,401,921,213.77 | 15,737,607,303.56 | 15,315,157,118.26 | 5,824,371,399.07 |
(2)Presentationofshort-termcompensation
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Item
| Item | Balanceatthebeginningoftheperiod | Increaseincurrentperiod | Decreaseincurrentperiod | Balanceattheendoftheperiod |
| I.Wages,bonus,allowancesandsubsidies | 5,285,742,503.32 | 10,676,217,152.74 | 10,281,876,919.59 | 5,680,082,736.47 |
| II.Employeewelfareexpenses | 1,291,955.03 | 710,538,122.52 | 711,359,150.00 | 470,927.55 |
| III.Socialinsurancepremiums | 65,078,610.52 | 1,090,022,823.81 | 1,066,438,199.81 | 88,663,234.52 |
| Including:medicalinsurancepremium | 65,073,188.51 | 1,022,856,430.03 | 999,269,726.09 | 88,659,892.45 |
| Work-relatedinjuryinsurancepremium | 5,422.01 | 67,166,393.78 | 67,168,473.72 | 3,342.07 |
| IV.Housingprovidentfunds | 4,942.80 | 905,462,258.72 | 905,458,733.52 | 8,468.00 |
| V.Laborunionexpenditureandemployeeeducationexpenses | 46,865,275.29 | 257,541,431.04 | 251,922,614.67 | 52,484,091.66 |
| VI.Short-termcompensatedabsences | ||||
| VII.Short-termprofitsharingplan | ||||
| Others | 100,002.95 | 1,855,532.26 | 1,791,833.78 | 163,701.43 |
| Total | 5,399,083,289.91 | 13,641,637,321.09 | 13,218,847,451.37 | 5,821,873,159.63 |
(3)Presentationofdefinedcontributionplans
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Balanceatthebeginningoftheperiod | Increaseincurrentperiod | Decreaseincurrentperiod | Balanceattheendoftheperiod |
| 1.Basicendowmentinsurancepremiums | 231,702.09 | 1,216,450,026.60 | 1,216,506,488.14 | 175,240.55 |
| 2.Unemploymentinsurancepremiums | 7,536.77 | 53,128,459.65 | 53,130,883.27 | 5,113.15 |
| 3.Enterpriseannuitypayment | 2,598,685.00 | 798,709,278.77 | 799,083,906.05 | 2,224,057.72 |
| Total | 2,837,923.86 | 2,068,287,765.02 | 2,068,721,277.46 | 2,404,411.42 |
29.Taxesandsurchargespayable
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod |
| Value-addedtax | 2,018,455,996.33 | 1,881,581,299.52 |
| Consumptiontax | 2,086,772,578.56 | 1,874,912,035.57 |
| Enterpriseincometax | 3,032,213,454.71 | 2,638,540,568.21 |
/
Individualincometax
| Individualincometax | 37,029,096.49 | 66,986,409.63 |
| Urbanmaintenanceandconstructiontax | 297,283,574.50 | 274,746,590.57 |
| Educationalsurtax | 115,864,998.61 | 106,206,290.71 |
| Localeducationsurtax | 78,539,029.16 | 72,099,890.91 |
| Stampduty | 39,102,549.99 | 33,237,230.00 |
| Housepropertytax | 868,937.02 | 1,097,614.29 |
| Landusetax | 10,299.09 | 10,856.32 |
| Environmentalprotectiontax | 51,263.55 | 15,276.52 |
| Others | 11,494,763.37 | 229,831.62 |
| Total | 7,717,686,541.38 | 6,949,663,893.87 |
30.Otherpayables
(1)Presentationofitems
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod |
| Interestpayable | ||
| Dividendspayable | ||
| Otherpayables | 5,429,006,700.86 | 5,213,133,685.87 |
| Total | 5,429,006,700.86 | 5,213,133,685.87 |
(2)OtherpayablesPresentationofotherpayablesbynature
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod |
| Materialsqualityguaranteedeposit | 271,341,524.49 | 262,341,068.61 |
| Engineeringqualityguaranteedeposit | 221,428,904.54 | 179,215,172.34 |
| Securitydepositsofdealers | 1,936,229,846.20 | 2,147,103,416.18 |
| Currentpayment | 3,000,006,425.63 | 2,624,474,028.74 |
| Total | 5,429,006,700.86 | 5,213,133,685.87 |
Othersignificantpayablesagingover1yearoroverdue
□Applicable√N/A
31.Non-currentliabilitiesduewithinoneyear
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Item
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod |
| Leaseliabilitiesmaturingwithinoneyear | 111,951,112.20 | 57,054,879.48 |
| Total | 111,951,112.20 | 57,054,879.48 |
32.OthercurrentliabilitiesDetailsofothercurrentliabilities
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
33.Leaseliabilities
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod |
| Long-termleaseliabilities | 313,906,415.76 | 266,636,234.04 |
| Total | 313,906,415.76 | 266,636,234.04 |
34.Sharecapital
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Balanceatthebeginningoftheperiod | Changes(+,-) | Balanceattheendoftheperiod | |||||
| Issueofnewshares | Sharedonation | ProvidentFundsShareconversion | Others | Sub-total | |||
| Totalshares | 1,256,197,800.00 | 1,256,197,800.00 | |||||
35.Capitalreserves
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Balanceatthebeginningoftheperiod | Increaseincurrentperiod | Decreaseincurrentperiod | Balanceattheendoftheperiod |
| Capitalpremium(sharepremium) | 1,374,048,653.54 | 1,374,048,653.54 | ||
| Othercapitalreserves | 915,762.18 | 915,762.18 | ||
| Total | 1,374,964,415.72 | 1,374,964,415.72 |
Item
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod |
| Outputtaxtobecarriedforward | 1,222,693,799.51 | 1,822,498,012.30 |
| Total | 1,222,693,799.51 | 1,822,498,012.30 |
36.Othercomprehensiveincome
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Item
| Item | BeginningBalance | Amountinthecurrentperiod | EndingBalance | |||||
| Amountbeforeincometaxinthecurrentperiod | Less:amountPreviouslyincludedinOthercomprehensiveincomeandcurrentlytransferredtotheprofitorloss | Less:amountPreviouslyincludedinothercomprehensiveincomeandcurrentlytransferredtotheretainedearnings | Less:incometaxexpenses | Attributabletoparentcompanyaftertax | Attributabletonon-controllingshareholdersaftertax | |||
| I.Othercomprehensiveincomethatcannotbereclassifiedintoprofitorloss | ||||||||
| Including:changesinre-measurementofthedefinedbenefitplan | ||||||||
| Othercomprehensiveincomethatcannotbetransferredintoprofitorlossunderequitymethod | ||||||||
| Changesinfairvalueofotherequityinstruments | ||||||||
| ChangesinthefairvalueoftheCompany'sowncreditrisk | ||||||||
| II.Othercomprehensiveincomethatwillbereclassifiedintoprofitorloss | -6,061,727.51 | -3,854,497.18 | -3,854,497.18 | -9,916,224.69 | ||||
| Including:othercomprehensive | ||||||||
/
incomethatcanbetransferredtoprofitorlossundertheequitymethod
| incomethatcanbetransferredtoprofitorlossundertheequitymethod | ||||||
| ChangesinfairvalueofotherDebtinvestments | ||||||
| Amountoffinancialassetsreclassifiedintoothercomprehensiveincome | ||||||
| ProvisionforcreditimpairmentofotherDebtinvestments | ||||||
| Cashflowhedgereserve | ||||||
| Translationdifferencesofforeigncurrencyfinancialstatements | -6,061,727.51 | -3,854,497.18 | -3,854,497.18 | -9,916,224.69 | ||
| Totalofothercomprehensiveincome | -6,061,727.51 | -3,854,497.18 | -3,854,497.18 | -9,916,224.69 |
37.Surplusreserves
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Balanceatthebeginningoftheperiod | Increaseincurrentperiod | Decreaseincurrentperiod | Balanceattheendoftheperiod |
| Statutorysurplusreserves | 38,998,763,095.13 | 7,637,030,384.26 | 46,635,793,479.39 | |
| Discretionarysurplusreserves | ||||
| Reservefunds | ||||
| Enterpriseexpansionfunds | ||||
| Others | ||||
| Total | 38,998,763,095.13 | 7,637,030,384.26 | 46,635,793,479.39 |
38.Generalriskreserves
MonetaryUnit:YuanCurrency:RMB
/
Item
| Item | Amountatthebeginningoftheperiod | Increaseincurrentperiod | Decreaseincurrentperiod | Amountattheendoftheperiod |
| Generalriskreserves | 1,061,529,724.00 | 1,061,529,724.00 | ||
| Total | 1,061,529,724.00 | 1,061,529,724.00 |
Othernotes:GeneralriskreservesareaccruedbyKweichowMoutaiGroupFinanceCo.,Ltd.,acontrollingsubsidiaryoftheCompany,inaccordancewiththeAdministrativeMeasuresfortheWithdrawalofReservesbyFinancialEnterprises(CJ[2012]No.20)issuedbytheMinistryofFinance.
39.Retainedearnings
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Currentperiod | Previousperiod |
| Retainedearningsattheendofthepreviousperiodbeforeadjustment | 172,983,178,300.09 | 161,301,978,184.73 |
| Adjustmenttototalretainedearningsatthebeginningoftheperiod(+forincreaseand-fordecrease) | -23,975,377.63 | |
| Retainedearningsasatthebeginningoftheperiodafteradjustment | 172,983,178,300.09 | 161,278,002,807.10 |
| Plus:netprofitattributabletoownersoftheparentcompanyinthecurrentperiod | 86,228,146,421.62 | 74,734,071,550.75 |
| Less:withdrawalofstatutorysurplusreserves | 7,637,030,384.26 | 6,478,639,695.16 |
| Withdrawalofdiscretionarysurplusreserves | ||
| Withdrawalofgeneralriskreserves | ||
| Commonstockdividendspayable | 68,786,879,132.40 | 56,550,256,362.60 |
| Commonstockdividendstransferredtosharecapital | ||
| Retainedearningsattheendoftheperiod | 182,787,415,205.05 | 172,983,178,300.09 |
40.Operatingrevenueandoperatingcosts
(1)Operatingrevenueandoperatingcosts
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Amountinthecurrentperiod | Amountinthepriorperiod | ||
| Revenue | Cost | Revenue | Cost | |
| Primarybusiness | 170,611,838,052.02 | 13,629,995,812.89 | 147,218,996,281.04 | 11,620,203,653.32 |
| Otherbusiness | 287,314,224.32 | 159,486,555.09 | 474,608,713.10 | 247,070,198.46 |
| Total | 170,899,152,276.34 | 13,789,482,367.98 | 147,693,604,994.14 | 11,867,273,851.78 |
Othernotes:Otherbusinessrevenueandcostsmainlyconsistofrevenueandcostsfromhoteloperationsandicecreambusiness.
(2)Breakdownofoperatingrevenueandoperatingcosts
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Contractclassification
| Contractclassification | Total | |
| Operatingrevenue | Operatingcosts | |
| Byproduct: | ||
| Moutai | 145,928,075,955.31 | 8,662,079,388.78 |
| Otherseriesliquor | 24,683,762,096.71 | 4,967,916,424.11 |
| Otherbusiness | 287,314,224.32 | 159,486,555.09 |
| Byregionalsegment: | ||
| Domestic | 165,695,304,320.02 | 13,377,559,491.36 |
| Overseas | 5,203,847,956.32 | 411,922,876.62 |
| Bysaleschannel: | ||
| Wholesaleagency | 95,987,565,408.52 | 10,208,844,080.03 |
| Directselling | 74,911,586,867.82 | 3,580,638,287.95 |
| Total | 170,899,152,276.34 | 13,789,482,367.98 |
(3)Descriptionofperformanceobligations
√Applicable□N/ATherevenueisconfirmedwhenthecustomeracquiresthecontrolofthegoodsagreedinthecontractandtheCompanyfulfillsthecontractperformanceobligation.
(4)Notestoallocationtoremainingperformanceobligations
√Applicable□N/AAttheendofthereportingperiod,therevenuecorrespondingtotheperformanceobligationsundersignedcontractsthathavenotfulfilledornotcompletedyetamountedtoRMB9,592,453,014.66,inwhich:RMB9,592,453,014.66willbeexpectedtoberecognizedin2025asrevenue.
(5)Significantcontractchangeorpriceadjustmentofmajortransaction
□Applicable√N/A
41.Interestincome,interestexpenses,handlingchargesandcommissionrevenueandexpensesonhandlingchargesandcommission
MonetaryUnit:YuanCurrency:RMB
/
Item
| Item | Amountinthecurrentperiod | Amountinthepriorperiod |
| Interestincome | 3,244,917,681.91 | 2,866,725,322.31 |
| Revenuefromhandlingchargesandcommissions | ||
| Interestexpenses | 105,127,802.03 | 113,500,129.93 |
| Handlingchargeandcommissionexpenses | 94,078.17 | 68,578.57 |
42.Taxesandsurtaxes
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| Consumptiontax | 21,489,513,090.84 | 17,625,306,476.94 |
| Urbanmaintenanceandconstructiontax | 2,922,754,987.86 | 2,467,887,318.97 |
| Educationsurcharge | 1,252,609,280.52 | 1,057,591,004.14 |
| Localeducationsurtax | 835,072,853.37 | 705,060,669.63 |
| Stampduty | 170,845,116.75 | 140,645,106.42 |
| Housepropertytax | 194,968,729.10 | 181,676,451.33 |
| Landusetax | 54,579,003.23 | 52,832,783.40 |
| Vehicleandvesselusetax | 442,526.87 | 444,846.26 |
| Environmentalprotectiontax | 245,602.04 | 211,744.75 |
| Others | 5,130,284.41 | 2,519,496.76 |
| Total | 26,926,161,474.99 | 22,234,175,898.60 |
43.Sellinganddistributionexpenses
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| Advertisingandpublicityexpenses | 1,335,427,201.68 | 1,366,390,834.54 |
| Marketingandservicefees | 3,745,440,527.81 | 2,814,141,940.30 |
| Marketingofficeandtravelexpenses | 89,973,010.37 | 86,810,053.15 |
| Others | 468,459,319.63 | 381,270,757.83 |
| Total | 5,639,300,059.49 | 4,648,613,585.82 |
44.Generalandadministrativeexpenses
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Amountinthecurrentperiod | Amountinthepriorperiod |
| Expensesforemployeecompensation | 3,697,487,910.65 | 4,350,082,411.58 |
| Trademarklicensingfee | 2,466,052,249.25 | 1,805,818,609.89 |
| Depreciationfeeoffixedassets | 612,955,726.82 | 612,246,297.65 |
/
Environmentalremediationexpenses
| Environmentalremediationexpenses | 346,610,134.14 | 234,607,957.43 |
| Companyexpenses | 156,359,158.77 | 178,180,760.41 |
| Amortizationofintangibleassets | 249,168,259.35 | 196,656,866.73 |
| Propertyinsurance | 67,022,333.50 | 62,309,546.95 |
| Costofrawmaterialbase | 166,861,756.89 | 190,898,203.62 |
| Short-termrentalfees | 6,393,100.37 | 1,977,303.32 |
| Entertainmentexpenses | 3,837,253.54 | 9,045,359.07 |
| Intermediaryfees | 82,760,110.00 | 113,426,391.89 |
| Depreciationexpenseofuse-rightassets | 21,314,385.65 | 21,014,314.40 |
| ExpensesoftheBoardofDirectors | 4,791,316.04 | 12,473,560.59 |
| Others | 1,434,036,365.41 | 1,940,651,668.78 |
| Total | 9,315,650,060.38 | 9,729,389,252.31 |
45.Researchanddevelopmentexpenses
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Amountinthecurrentperiod | Amountinthepriorperiod |
| Expensesforemployeecompensation | 117,080,276.92 | 73,934,535.18 |
| Consumables | 17,490,295.98 | 5,544,817.57 |
| Expensesforresearchanddevelopmentcooperation | 53,551,058.15 | 45,969,566.96 |
| Depreciationfeeoffixedassets | 6,690,302.12 | 18,212,579.23 |
| Companyexpenses | 1,636,757.89 | 1,741,589.48 |
| Others | 21,926,781.81 | 11,968,784.59 |
| Total | 218,375,472.87 | 157,371,873.01 |
46.Financialexpenses
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Amountinthecurrentperiod | Amountinthepriorperiod |
| Interestexpenses | 14,474,584.09 | 12,624,628.35 |
| Including:leaseliabilities | 14,474,584.09 | 12,624,628.35 |
| Interestincome | -1,476,991,223.18 | -1,942,301,920.98 |
| Others | -7,703,224.25 | 140,173,591.15 |
| Total | -1,470,219,863.34 | -1,789,503,701.48 |
47.Otherincome
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Classificationbynatureofpayment
| Classificationbynatureofpayment | Amountinthecurrentperiod | Amountinthepriorperiod |
| Returnofhandlingchargesforwithholdingindividualincometax | 14,294,446.89 | 16,791,097.40 |
| Income-relatedgovernmentgrants | 4,539,419.20 | 17,137,523.89 |
| Others | 2,395,600.72 | 716,252.57 |
| Total | 21,229,466.81 | 34,644,873.86 |
48.Investmentincome
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Amountinthecurrentperiod | Amountinthepriorperiod |
| Investmentincomeofatradingfinancialassetduringtheholdingperiod | 500,400.00 | |
| InvestmentincomefromdisposalofHeld-for-tradingfinancialassets | 8,629,940.37 | 29,947,301.15 |
| Investmentincomeobtainedfromdisposalofotherequityinstruments | ||
| InvestmentincomefromthedisposalofDebtinvestment | ||
| InvestmentincomefromthedisposalofotherDebtinvestment | ||
| Incomefromdebtrestructuring | ||
| Investmentreturnsofindustrialfundsduringtheirholdingperiod | ||
| Incomefromlong-termequityinvestmentsunderthecostmethod | ||
| Interestincomefromcertificatesofdepositsduringtheholdingperiod | 4,078,666.67 | |
| Total | 9,130,340.37 | 34,025,967.82 |
49.Incomefromchangesinfairvalue
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Sourcesofincomefromchangesinfairvalue | Amountinthecurrentperiod | Amountinthepriorperiod |
| Held-for-tradingfinancialassets | 34,441,631.36 | 712,059.93 |
| Including:incomefromchangesinfairvalueofderivativefinancialinstruments | ||
| Financialliabilitiesheldfortrading | ||
| Investmentpropertiesmeasuredatfairvalue | ||
| Othernon-currentfinancialassets | 26,539,092.99 | 2,439,902.57 |
/
Total
| Total | 60,980,724.35 | 3,151,962.50 |
50.Lossesfromcreditimpairment
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Items | Currentperiodcumulative | Precedingperiodcomparative |
| Baddebtlossonaccountsreceivable | 873,442.39 | |
| Otherreceivablesbaddebtlosses | -851,218.73 | -65,274.04 |
| Impairmentlossofdebtinvestments | 554,461.50 | -769,215.38 |
| Impairmentlossofborrowedfunds | -10,409,004.86 | -11,795,766.65 |
| Impairmentlossonpurchaseandresaleoffinancialassets | -202,973.15 | -103,174.10 |
| ImpairmentlossofLoansandadvances | -12,339,700.79 | 49,731,281.04 |
| Total | -23,248,436.03 | 37,871,293.26 |
51.Gainsfromdisposalofassets
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Amountinthecurrentperiod | Amountinthepriorperiod |
| Gainsorlossesfromdisposaloffixedassets | 83,259.79 | 2,574,728.71 |
| Gainsorlossesfromdisposalofright-of-useassets | 305,592.26 | -3,054,465.68 |
| Total | 388,852.05 | -479,736.97 |
52.Non-operatingrevenueNon-operatingrevenue
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Amountinthecurrentperiod | Amountinthepriorperiod | Amountincludedinnon-recurringprofitorlossinthecurrentperiod |
| Totalgainsfromdisposalofnon-currentassets | 845,348.67 | 8,829,933.38 | 845,348.67 |
| Including:gainsfromdisposaloffixedassets | 845,348.67 | 8,829,933.38 | 845,348.67 |
| Gainsfromdisposalofintangibleassets | |||
| Gainsfromexchangeofnon-monetaryassets | |||
| Donationsreceived | |||
| Governmentgrants | |||
| Gainsfromfinesandcompensation | 63,971,462.96 | 62,293,021.89 | 63,971,462.96 |
| Others | 6,119,764.34 | 15,656,700.68 | 6,119,764.34 |
| Total | 70,936,575.97 | 86,779,655.95 | 70,936,575.97 |
53.Non-operatingexpenses
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Item
| Item | Amountinthecurrentperiod | Amountinthepriorperiod | Amountincludedinnon-recurringprofitorlossinthecurrentperiod |
| Totallossesfromdisposalofnon-currentassets | 8,132,682.54 | 7,197,680.24 | 8,132,682.54 |
| Including:lossesfromdisposaloffixedassets | 8,132,682.54 | 7,197,680.24 | 8,132,682.54 |
| Lossesfromdisposalofintangibleassets | |||
| Lossesfromexchangeofnon-monetaryassets | |||
| Donationsmade | 100,437,930.44 | 119,247,336.70 | 100,437,930.44 |
| Others | 12,367,221.76 | 6,436,157.58 | 12,367,221.76 |
| Total | 120,937,834.74 | 132,881,174.52 | 120,937,834.74 |
54.Incometaxexpenses
(1)Tableofincometaxexpenses
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Amountinthecurrentperiod | Amountinthepriorperiod |
| Currentincometaxexpenses | 31,153,544,911.10 | 27,275,697,397.04 |
| Deferredincometaxexpenses | -849,694,742.54 | -1,134,619,985.03 |
| Total | 30,303,850,168.56 | 26,141,077,412.01 |
(2)Adjustmentprocessofaccountingprofitsandincometaxexpenses
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Amountinthecurrentperiod |
| Totalprofits | 119,638,578,194.46 |
| Incometaxexpensescalculatedatstatutory/applicabletaxrate | 29,909,644,548.62 |
| Effectofdifferenttaxratesapplicabletosubsidiaries | -2,161,820.25 |
| Effectofadjustmentstotheincometaxfortheprioryears | 26,696,223.99 |
| Effectofnon-taxableincome | -6,818,462.55 |
| Effectofnon-deductiblecosts,expensesandlosses | 376,489,678.75 |
| Effectofdeductiblelossesfromusingthedeferredtaxassetsunrecognizedinpreviousperiods | |
| Effectofdeductibletemporarydifferencesorlossesfromdeferredtaxassetsunrecognizedinthecurrentperiod | |
| Incometaxexpenses | 30,303,850,168.56 |
55.Othercomprehensiveincome
√Applicable□N/APleaserefertoNote36Othercomprehensiveincomefordetails.
56.Notestoitemsoftheconsolidatedcashflowstatement
(1)CashrelatingtooperatingactivitiesCashreceivedfromotheroperatingactivities
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Item
| Item | Amountinthecurrentperiod | Amountinthepriorperiod |
| Interestincomefromself-ownedfunds | 1,571,961,649.41 | 599,047,232.23 |
| Otherrevenuereceived | 1,686,136,055.73 | 1,747,149,238.40 |
| Total | 3,258,097,705.14 | 2,346,196,470.63 |
Cashpaidforotheroperatingactivities
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Amountinthecurrentperiod | Amountinthepriorperiod |
| Cashpaidforadvertisingandpublicityexpenses | 1,722,797,025.52 | 1,747,846,108.16 |
| Cashpaidfortransportationexpensesandtransportationinsurancepremiums | 174,121,504.36 | 231,907,323.70 |
| Cashpaidforpropertyinsurancepremiums | 51,256,672.15 | 47,413,768.43 |
| Cashpaidforotherexpenses | 7,067,237,559.15 | 5,916,542,317.85 |
| Total | 9,015,412,761.18 | 7,943,709,518.14 |
(2)CashreceiptsorpaymentsrelatedtosignificantinvestingactivitiesCashreceivedfromsignificantinvestingactivities
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Amountinthecurrentperiod | Amountinthepriorperiod |
| 23BANKOFGUIYANGCD177(InterbankCertificateofDeposit) | 1,000,000,000.00 | |
| 23ChinaMinshengBankCD462(InterbankCertificateofDeposit) | 1,000,000,000.00 | |
| 23PostalSavingsBankCD098(InterbankCertificateofDeposit) | 2,000,000,000.00 | |
| Large-amountdeposit | 2,127,680,000.00 | |
| Total | 2,000,000,000.00 | 4,127,680,000.00 |
Cashpaidforsignificantinvestingactivities
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Amountinthecurrentperiod | Amountinthepriorperiod |
| Technicaltransformationprojectof30,000-tonMoutai-flavorseriesliquoranditsSupportingfacilities | 1,219,546,770.83 | 634,899,976.94 |
| TechnicaltransformationandConstructionprojectofMoutaiLiquorduringthe14thFive-YearPlanperiod | 561,435,415.92 | 456,567,050.94 |
| FirstPhaseConstructionProjectofthe"14thFive-YearPlan"Moutai-flavorLiquorXishuiTongminba | 833,252,777.65 | 307,440,011.31 |
| Constructionof30blocksofliquorstorehousesinZhonghuaArea | 482,848,280.00 | 184,195,788.00 |
/
Item
| Item | Amountinthecurrentperiod | Amountinthepriorperiod |
| PhaseIProjectofPackagingLogisticsParkProject | 365,594,345.04 | 74,327,720.47 |
| TechnicaltransformationprojectofMoutailiquoranditssupportingfacilitiesinZhonghuaAreaduringthe13thFive-YearPlan | 236,887,598.73 | 32,088,126.54 |
| Maotai-flavorseriesliquormakingtechnicalimprovementprojectandsupportingfacilitiesproject(6400tons) | 78,170,939.28 | |
| MoutaiZhaohua(Guizhou)IndustrialDevelopmentFundPartnership(LimitedPartnership) | 2,000,000,000.00 | |
| MoutaiJinshi(Guizhou)IndustrialDevelopmentFundPartnership(LimitedPartnership) | 2,000,000,000.00 | |
| 23PostalSavingsBankCD098(InterbankCertificateofDeposit) | 1,996,364,000.00 | |
| Total | 3,777,736,127.45 | 7,685,882,674.20 |
Cashreceivedfromotherinvestingactivities
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Amountinthecurrentperiod | Amountinthepriorperiod |
| Receivedperformancebondforcapitalconstructionprojects | 5,532,536.42 | 4,605,886.63 |
| Total | 5,532,536.42 | 4,605,886.63 |
Cashpaidforotherinvestingactivities
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Amountinthecurrentperiod | Amountinthepriorperiod |
| Refundedperformancebondforcapitalconstructionprojects | 9,984,973.67 | 7,021,867.10 |
| Total | 9,984,973.67 | 7,021,867.10 |
(3)CashrelatingtofinancingactivitiesCashreceivedfromotherfinancingactivities
□Applicable√N/ACashpaidforotherfinancingactivities
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Amountinthecurrentperiod | Amountinthepriorperiod |
| Cashforrepaymentofleaseliabilities | 110,478,781.87 | 122,315,261.93 |
| Disposalofequityinsecondarysubsidiaries | 6,000,000.00 | |
| Others | 6,000,000.00 | 6,000,000.00 |
| Total | 116,478,781.87 | 134,315,261.93 |
Changesinvariousliabilitiesarisingfromfinancingactivities
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Item
| Item | Balanceatthebeginningoftheperiod | Increaseincurrentperiod | Decreaseincurrentperiod | Balanceattheendoftheperiod | ||
| Cashchange | Non-cashchange | Cashchange | Non-cashchange | |||
| Leaseliabilities(includingthepartmaturingwithinoneyear) | 323,691,113.52 | 233,621,275.11 | 104,365,721.31 | 27,089,139.36 | 425,857,527.96 | |
| Total | 323,691,113.52 | 233,621,275.11 | 104,365,721.31 | 27,089,139.36 | 425,857,527.96 | |
(4)Descriptionofcashflowspresentedatnetamount
□Applicable√N/A
(5)Significantactivitiesandfinancialeffectnotinvolvingwiththecurrentcashdepositandwithdrawalbutaffectingthefinancialpositionoftheenterpriseoraffectingthecashflowoftheenterpriseinthefuture
□Applicable√N/A
57.Supplementaryinformationtothecashflowstatement
(1)Supplementaryinformationtothecashflowstatement
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Supplementaryinformation | Currentperiodcumulative | Precedingperiodcomparative |
| 1.Reconciliationofnetprofittocashflowsfromoperatingactivities: | ||
| Netprofit | 89,334,728,025.90 | 77,521,476,277.80 |
| Add:Provisionforassetsimpairment | ||
| Provisionforcreditimpairment | 23,248,436.03 | -37,871,293.26 |
| Depreciationoffixedassets,oilandgasassets,productivebiologicalassets | 1,721,165,327.14 | 1,651,428,992.20 |
| Depreciationofright-of-useassets | 94,492,678.29 | 72,443,839.21 |
| Amortizationofintangibleassets | 249,170,059.35 | 196,656,866.73 |
| Amortizationoflong-termprepayments | 20,191,550.34 | 16,886,608.86 |
| Lossesondisposaloffixedassets,intangibleassetsandotherlong-termassets(Less:gains) | -388,852.05 | 479,736.97 |
| Fixedassetsretirementloss(Less:gains) | 7,287,333.87 | -1,632,253.14 |
| Lossesonchangesinfairvalue(Less:gains) | -60,980,724.35 | -3,151,962.50 |
| Financialexpenses(Less:gains) | 14,474,584.09 | 12,624,628.35 |
| Investmentlosses(Less:gains) | -9,130,340.37 | -34,025,967.82 |
| Decreaseofdeferredtaxassets(Less:increase) | -874,119,443.73 | -1,050,934,956.22 |
/
Supplementaryinformation
| Supplementaryinformation | Currentperiodcumulative | Precedingperiodcomparative |
| Increaseofdeferredtaxliabilities(Less:decrease) | 24,424,701.19 | -83,685,028.80 |
| Decreaseofinventories(Less:increase) | -7,908,100,095.94 | -7,610,810,825.29 |
| Decreaseofoperatingreceivables(Less:increase) | 1,761,268,977.59 | -3,465,130,974.53 |
| Increaseofoperatingpayables(Less:decrease) | 8,065,959,951.08 | -591,505,967.47 |
| Others | ||
| Netcashflowsfromoperatingactivities | 92,463,692,168.43 | 66,593,247,721.09 |
| 2.Significantinvestingandfinancingactivitiesnotrelatedtocashreceiptsandpayments: | ||
| Conversionofdebtintocapital | ||
| Convertiblebondsduewithinoneyear | ||
| Right-of-useassetsincreasedinthecurrentperiod | ||
| 3.Netchangesincashandcashequivalents: | ||
| Cashattheendoftheperiod | 164,297,949,257.83 | 147,360,188,952.47 |
| Less:Cashatthebeginningoftheperiod | 147,360,188,952.47 | 152,378,738,982.83 |
| Add:Cashequivalentsattheendoftheperiod | 5,672,140,000.00 | 3,000,000,000.00 |
| Less:Cashequivalentsatthebeginningoftheperiod | 3,000,000,000.00 | |
| Netincreaseofcashandcashequivalents | 19,609,900,305.36 | -2,018,550,030.36 |
(2)Netcashpaidfortheacquisitionofsubsidiariesinthecurrentperiod
□Applicable√N/A
(3)Netcashreceivedfromdisposalofsubsidiariesinthecurrentperiod
□Applicable√N/A
(4)Breakdownofcashandcashequivalents
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod |
| 1)Cash | 164,297,949,257.83 | 147,360,188,952.47 |
| Including:Cashonhand | 9,733.00 | 162,802.00 |
| Cashinbankondemandforpayment | 48,688,028,187.56 | 59,924,161,952.72 |
| Othercashandbankbalancesondemandforpayment | 62,315.80 | |
| Centralbankdepositondemandforpayment | 743,321,006.34 | 601,237,204.81 |
| Depositinotherbanks | 114,866,528,015.13 | 86,834,626,992.94 |
| Loanstootherbanks | ||
| 2)Cashequivalents | 5,672,140,000.00 | 3,000,000,000.00 |
/
Item
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod |
| Including:RedemptoryMonetaryCapitalforSale | 5,672,140,000.00 | 3,000,000,000.00 |
| 3)Cashandcashequivalentsattheendoftheperiod | 169,970,089,257.83 | 150,360,188,952.47 |
| Including:Cashandcashequivalentsofparentcompanyorsubsidiarieswithuserestrictions |
(5)Itemswithrestrictedusebutstillpresentedascashandcashequivalents
□Applicable√N/A
(6)Cashandbankbalancesnotconsideredascashandcashequivalents
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Closingbalance | December31,2023 | Reasonsfornotconsideredascashandcashequivalents |
| Legaldepositreserveatcentralbank | 7,403,523,670.43 | 5,991,813,679.87 | Restricteduse |
| Subtotal | 7,403,523,670.43 | 5,991,813,679.87 |
58.Notestoitemsofstatementofchangesinowners’equityDescriptionofprojectnamesof"others"adjustedintermsoftheendingbalanceinthepreviousyearandtheadjustedamount:
□Applicable√N/A
59.Foreigncurrencymonetaryitems
(1)Foreigncurrencymonetaryitems
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Balanceinforeigncurrencyasattheendoftheyear | Rateoftranslation | BalanceinRMBconvertedattheendoftheperiodBalance |
| Cashandcashequivalents | - | - | |
| Including:USD | |||
| EUR | 3,245,295.25 | 7.5257 | 24,423,118.46 |
| HKD | |||
| Accountsreceivable | - | - | |
| Including:USD | |||
| EUR | 129,830.80 | 7.5257 | 977,067.65 |
| HKD |
(2)Descriptionofoverseasoperatingentities,includingforimportantoverseasoperatingentities,shoulddisclosetheirmajoroverseasbusinesslocations,bookkeepingbasecurrencyandselectionbasis,andthereasonsforthechangeinthefunctionalcurrency
√Applicable□N/ATheregistrationplaceofKweichowMoutaiParisTradingCo.,Ltd.,awholly-ownedsubsidiaryoftheCompany,isParis,France,anditsfunctionalcurrencyisEuro.
60.Leases
(1)Actingasthelessee
√Applicable□N/AVariableleasepaymentnotincludedintheleaseliabilitiesformeasurement
□Applicable√N/ARentalexpensesforshort-termleasesandleasesoflow-valueassetssubjecttosimplifiedtreatment
√Applicable□N/A22,027,091.31(Unit:YuanCurrency:RMB)Leasebackandjudgmentbasis
□Applicable√N/ATotalcashoutflowsrelevanttoleasesis132,761,412.21(Unit:YuanCurrency:RMB)
(2)ActingasthelessorOperatingleaseoftheCompanyactingasthelessor
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Item
| Item | Leaseholdincome | Including:Incomefromvariableleasepaymentnotincludedinleasecollections |
| CommercialhousingatGuiyangZuanshiPlaza | 55,045.88 | |
| Rooms307-308,3/F,No.8SijiqingRoad,HaidianDistrict,Beijing | 201,834.86 | |
| PropertyNo.310,XinkaiRoad,HedongDistrict,Tianjin | 51,192.66 | |
| Fourthstorefrontontheleftofthemainentrance,1stFloor,Building1,MoutaiInternationalHotel | 124,558.72 | |
| Sixthstorefrontontheleftofthemainentrance,1stFloor,Building1,MoutaiInternationalHotel | 299,009.18 | |
| Rooms2,3,4,13,20,21,23/F,Unit1,BuildingAB(A),MoutaiBusinessCenter | 328,389.91 | |
| Total | 1,060,031.21 |
FinancingleaseoftheCompanyactingasthelessor
□Applicable√N/A
Reconciliationforundiscountedleasecollectionsandnetinvestmentinleases
□Applicable√N/AUndiscountedleasecollectionsinthenextfiveyears
□Applicable√N/A
(3)Recognitionforsalesoffinancingleaseastheproducerordistributor
□Applicable√N/A
61.Dataresources
□Applicable√N/AVIII.Researchanddevelopmentexpenses
1.Presentationbynature
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Item
| Item | Amountinthecurrentperiod | Amountinthepriorperiod |
| Laborcost | 192,974,752.78 | 175,587,021.98 |
| Directexpensesinvested | 242,432,515.97 | 171,763,316.33 |
| Depreciationcostsandlong-termdeferredexpenses | 82,748,274.72 | 84,708,560.59 |
| Expensesontheresearchanddevelopmententrustedtotheexternal | 139,811,712.56 | 151,719,367.21 |
| Otherexpenses | 37,409,479.78 | 37,729,269.76 |
| Total | 695,376,735.81 | 621,507,535.87 |
| Including:ExpensedR&Dexpenditure | 593,779,816.96 | 477,957,725.95 |
| Capitalizedresearchanddevelopmentexpenses | 101,596,918.85 | 143,549,809.92 |
2.Developmentexpensesqualifiedforcapitalization
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | BeginningBalance | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | EndingBalance | ||
| InternalR&Dexpenses | Others | Recognizedasintangibleassets | Transferredincurrentprofitorloss | |||
| Researchonthecollaborativedigitaltechnologysystemforprocurementandsupply | 19,060,279.08 | 4,481,914.60 | 23,542,193.68 | |||
| ResearchonmachinelearningtechnologysystemofMoutaiwinemakingtechnology | 36,140,071.92 | 9,217,874.51 | 45,357,946.43 | |||
/
Analysisofphysicochemicalpropertiesandresearchonfunctionalpropertiesofcomponentsof“sanhetu”fordryinghalls
| Analysisofphysicochemicalpropertiesandresearchonfunctionalpropertiesofcomponentsof“sanhetu”fordryinghalls | 297,737.87 | 297,737.87 | ||||
| Researchonintegratedtechnologysystemofliquorstoragesafetyandfireprotectionbasedon5GandInternetofThings | 21,395,344.83 | 21,395,344.83 | ||||
| Researchanddevelopmentofdigitalmarketingsystembasedonblockchain,mobileInternetandSaaslayoutmodel | 82,822,777.43 | 38,827,904.57 | 121,650,682.00 | |||
| ResearchanddevelopmentofwarehousingandlogisticstechnologysystembasedonindustrialInternet | 866,192.46 | 866,192.46 | ||||
| ResearchonbigdatatechnologysystemofMoutai | 22,473,364.82 | 22,473,364.82 | ||||
| ResearchanddevelopmentofthewholeindustrialchaincirculationtraceabilitytechnologysystembasedontheindustrialInternetandblockchain | 36,123,717.41 | 41,053,659.22 | 77,177,376.63 | |||
| Researchontheintegratedapplicationofbusinessandfinancialsystemsbasedonthemid-platformtechnology | 1,267,244.10 | 1,267,244.10 | ||||
| R&Dandapplicationofsupplychainmanagementsystem(PackagingProduction) | 941,387.07 | 941,387.07 | ||||
| R&Dandapplicationprojectontheproductpackagingdesignanddevelopmentmanagementsystem | 1,310,924.85 | 1,310,924.85 | ||||
| R&Dandapplicationofoverallqualitymanagementsystem | 1,100,084.18 | 1,100,084.18 | ||||
| R&DandapplicationofiMoutaiuseroperationsystem | 933,294.73 | 933,294.73 | ||||
| R&Dandapplicationofdigitaloperationandmanagementplatformforanti-counterfeitingandtraceabilityontheindustrialInternet | 1,298,700.69 | 1,298,700.69 | ||||
| Total | 218,015,555.49 | 101,596,918.85 | 221,089,595.92 | 98,522,878.42 |
Significantcapitalizationofresearchanddevelopment
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | ResearchAnddevelopmentprogress | Estimatedtimeofcompletion | Estimatedwayofgeneratingtheeconomicbenefit | Beginningtime-pointforcapitalization | Detailedbasis |
| Researchanddevelopmentofdigitalmarketingsystembasedonblockchain,mobileInternetandSaaslayoutmodel | 100% | December2024 | IMoutai,asthedigitalmarketingplatformofMoutai,generateseconomicbenefitsbyprovidingthetradingplatformtosettledmerchantsforsalesofproducts. | March2022 | InMarch2022,IMoutaistarteditstrialoperation,andtheprojectwascompletedandconcludedinDecember2024.. |
/
ResearchanddevelopmentofthewholeindustrialchaincirculationtraceabilitytechnologysystembasedontheindustrialInternetandblockchain
| ResearchanddevelopmentofthewholeindustrialchaincirculationtraceabilitytechnologysystembasedontheindustrialInternetandblockchain | 100% | December2024 | IntegratethecirculationservicecapabilitiesofMoutailiquorfromproductiontoconsumption,andestablishadigitaltraceabilitysystemforcirculationalongwithsupportinginfrastructure.Thissystemwillprovidefull-channel,fullyconnected,highlyefficient,andintelligentdigitaltraceability,enhancingmanagementefficiencyandreducingcosts.Throughdeepintegrationofmanagement,business,andtechnology,wewillbuildastreamlined,refined,intelligent,andintegratedcirculationandtraceabilitysystemforMoutailiquor.Thissystemwillsupporttraceabilityinformationtrackingthroughoutthedistributionprocess,offeringconsumersconvenientandreliabletraceabilityverificationservices.Byimprovingservicecapabilitiesandquality,weaimtoincreaseeconomicbenefits. | March2022 | ThetraceabilitysystemwasputintotrialoperationinMarch2022,andtheprojectwascompletedandconcludedinDecember2024. |
Provisionforimpairmentofdevelopmentexpenses□Applicable√N/A
3.Importantoutsourcingongoingresearchprojects
□Applicable√N/AIX.Changesinthescopeofconsolidation
1.Businesscombinationnotundercommoncontrol
□Applicable√N/A
2.Businesscombinationundercommoncontrol
□Applicable√N/A
3.Counterpurchase
□Applicable√N/A
4.DisposalofsubsidiariesWhetheranytransactionormatterwheretheCompanylostthecontroloversubsidiariesexistedduringthecurrentperiod
□Applicable√N/AWhetheranyinstancesofstep-by-stepdisposalofinvestmentsinsubsidiariesthroughmultipletransactionsresultinginthelossofcontrolinthecurrentperiod.
□Applicable√N/A
5.ChangeofthescopeofconsolidationduetootherreasonsDescriptionofchangesinthescopeofconsolidationcausedbyotherreasons(suchastheestablishmentofnewsubsidiariesandliquidationofsubsidiaries):
□Applicable√N/AX.Equityinotherentities
1.Equityinsubsidiaries
(1)Structureoftheenterprisegroup
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Subsidiaries
| Subsidiaries | Principalplaceofbusiness | Registeredcapital | Registrationplace | Holdingproportion(%) | Acquisitionmethod | |
| Direct | Indirect | |||||
| GuizhouMoutaiChiewImportandExportCo.,Ltd. | 8,000,000.00 | Guiyang,Guizhou | 70 | Establishedbyinvestment | ||
| KweichowMoutaiSalesCo.,Ltd. | 10,000,000.00 | Renhuai,Guizhou | 95 | Establishedbyinvestment | ||
| KweichowMoutaiGroupFinanceCo.,Ltd. | 2,500,000,000.00 | Renhuai,Guizhou | 51 | Establishedbyinvestment | ||
| KweichowMoutai-FlavorLiquorMarketingCo.,Ltd. | 200,000,000.00 | Renhuai,Guizhou | 100 | Establishedbyinvestment | ||
| BeijingFriendshipMessengerTradingCo.,Ltd. | 30,000,000.00 | Beijing | 70 | Establishedbyinvestment | ||
| KweichowMoutaiParisTradingCo.,Ltd. | 80,728,429.80 | Paris,France | 100 | Establishedbyinvestment | ||
| GuizhouLaymauLiquorIndustryCo.,Ltd. | 40,000,000.00 | Guiyang,Guizhou | 43 | Establishedbyinvestment | ||
Basisforthecontrolofaninvesteewhileholdingitshalforlessthanhalfvotingrights,andthenon-controlofaninvesteewhileholdingitsmorethanhalfvotingrights:
TheCompanythelargestshareholderofGuizhouLaimao,holds43%equityofGuizhouLaymauLiquorIndustryCo.,Ltd.MorethanhalfoftheboardmembersofGuizhouLaimaoareappointedbytheCompany.
(2)Significantnotwholly-ownedsubsidiaries
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Subsidiaries
| Subsidiaries | Proportionofminorityshareholders | Profitandlossattributabletominorityshareholdersforthecurrentperiod | Dividendsdeclaredtominorityshareholdersinthecurrentperiod | Balanceofminorityshareholders'equityattheendoftheperiod |
| KweichowMoutaiSalesCo.,Ltd. | 5% | 2,426,087,299.55 | 1,976,050,000.00 | 3,178,624,026.55 |
Notestothedifferencesbetweentheshareholdingratiosofnon-controllingshareholderinsubsidiariesandthevotingratios:
□Applicable√N/AOthernotes:
□Applicable√N/A
(3)Mainfinancialinformationofsignificantnotwholly-ownedsubsidiariesAssetsandliabilities
√Applicable□N/A
MonetaryUnit:RMB'0,000
| Subsidiaries | Closingbalance | |||||
| Currentassets | Non-currentassets | Totalassets | Currentliabilities | Non-currentliabilities | Totalliabilities | |
| KweichowMoutaiSalesCo.,Ltd. | 8,619,829.59 | 91,993.62 | 8,711,823.21 | 2,333,411.51 | 21,163.65 | 2,354,575.16 |
(Continued)
| Subsidiaries | December31,2023 | |||||
| Currentassets | Non-currentassets | Totalassets | Currentliabilities | Non-currentliabilities | Totalliabilities | |
| KweichowMoutaiSalesCo.,Ltd. | 8,695,706.31 | 78,493.84 | 8,774,200.15 | 3,303,086.46 | 13,940.23 | 3,317,026.69 |
Subsidiaries
| Subsidiaries | Currentperiodcumulative | |||
| Operatingrevenue | Netprofit | Totalcomprehensiveincome | Cashflowsfromoperatingactivities | |
| KweichowMoutaiSalesCo.,Ltd. | 14,082,317.30 | 4,852,174.60 | 4,852,174.60 | 3,534,895.03 |
(Continued)
| Subsidiaries | Precedingperiodcomparative | |||
| Operatingrevenue | Netprofit | Totalcomprehensiveincome | Cashflowsfromoperatingactivities | |
| KweichowMoutaiSalesCo.,Ltd. | 12,225,461.71 | 4,259,628.69 | 4,259,628.69 | 3,340,397.96 |
XI.Governmentgrants
1.Governmentgrantsrecognizedasamountreceivableattheendofthereportingperiod
□Applicable√N/AReasonforthefailureinreceivingthegovernmentsubsidieswiththeestimatedamountattheestimatedtime-point
□Applicable√N/A
2.Liabilitiesinvolvingwithgovernmentgrants
□Applicable√N/A
3.Governmentgrantsincludedinthecurrentprofitorloss
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Type
| Type | Amountinthecurrentperiod | Amountinthepriorperiod |
| Income-relatedgovernmentgrants | 4,539,419.20 | 17,137,523.89 |
| Total | 4,539,419.20 | 17,137,523.89 |
XII.Risksrelatedtofinancialinstruments
1.Risksinfinancialinstruments
√Applicable□N/AThemajorfinancialinstrumentsoftheCompanyincludeothernon-currentfinancialassets,Cashandcashequivalents,etc.ThesefinancialinstrumentsareusedfortheoperationalfinancingoftheCompany.TheCompanyhasvariousotherfinancialassetsandliabilitiesdirectlygeneratedfromoperations,suchasaccountsreceivable,otherreceivables,accountspayable,otherpayables,etc.ThemainriskscausedbythefinancialinstrumentsoftheCompanyincludecreditrisk,liquidityrisk,exchangerateriskandinterestraterisk.
(1)CreditriskThefinancialassetsoftheCompanyincludeCashandcashequivalents,accountsreceivable,otherreceivables,etc.Thecreditrisksofthesefinancialassetsresultfromthecounterparty'sdefault,andthemaximumriskexposureisequaltothebookamountoftheseinstruments.AstheCompanyonlycarriesouttransactionswithrecognizedandreputablethirdparties,thecollateralisnotrequired.Creditriskismanagedinacentrallymanneraccordingtocustomers.ThesalesoftheCompanyarecarriedoutinthewayofadvancesfromcustomers,andthecreditriskoftransactionsissmall.
(2)LiquidityriskLiquidityriskreferstoariskthatanenterprisesuffersfromfundsshortageinperformingtheobligationsofsettlementincashorotherfinancialassets.ThepolicyoftheCompanyistoensurethatthereissufficientcashforthepaymentofthematureddebts.Eachsubsidiaryisresponsibleformonitoringitsowncashflowforecast.Onthebasisofsummarizingthecashflowforecastofeachsubsidiary,thefinancialdepartmentoftheCompanykeepsmonitoringshort-termandlong-termcapitaldemandatthegroupleveltoensurethatthecashdemandwillbemaintained.
(3)ExchangerateriskTheriskofforeignexchangechangesfacedbytheCompanyismainlyrelatedtotheCompany'soperatingactivities(whentheincomeandexpenditurearesettledinaforeigncurrencydifferentfromtheCompany'sfunctionalcurrency)anditsnetinvestmentsinoverseassubsidiaries.TheexchangerateriskundertakenbytheCompanyismainlyrelatedtoUSDandEUR.ExceptforthesettlementofproductsalesinUSDandEUR,othermajoroperatingactivitiesoftheCompanyaresettledinRMB.PleaserefertoNotes59totheitemsoftheconsolidatedfinancialstatementsfortheamountofforeigncurrencymonetaryitemsconvertedintoRMB.
(4)InterestrateriskInterestrateriskreferstotheriskoffluctuationinthefairvalueorfuturecashflowsoffinancialinstrumentsduetochangesinmarketinterestrate.TheriskofchangesinmarketinterestratefacedbytheCompanyismainlyrelatedtotheliabilitieswithfloatinginterestrate.AsofDecember31,2024,theCompanyhadnoliabilitiessubjecttofloatinginterestrate.
2.Hedging
(1)TheCompanyconductedhedgingactivitiesforriskmanagement
□Applicable√N/AOthernotes
□Applicable√N/A
(2)TheCompanyconductedqualifiedhedgingactivitiesandadoptedhedgeaccounting
□Applicable√N/AOthernotes
□Applicable√N/A
(3)TheCompanyconductedhedgingactivitiesforriskmanagementandexpectedtoachievethepurposeofriskmanagementwithoutadoptinghedgeaccounting
□Applicable√N/AOthernotes
□Applicable√N/A
3.Financialassetstransfer
(1)Basicinformationoffinancialassetstransfer
MonetaryUnit:YuanCurrency:RMB
/
Waysoffinancialassetstransfer
| Waysoffinancialassetstransfer | Natureoffinancialassetstransferred | Amountoffinancialassetstransferred | Derecognition | Judgementbasisofderecognition |
| Endorsementofnotes | Notesreceivable | 25,000,000.00 | Derecognized | TheCompanyhastransferredsubstantiallyalloftherisksandrewards |
| Subtotal | 25,000,000.00 |
(2)Financialassetsderecognizedduetotransfer
MonetaryUnit:YuanCurrency:RMB
| Items | Waysoffinancialassetstransfer | Amountderecognized | Gainsorlossesrelatedtoderecognition |
| Notesreceivable | Endorsement | 25,000,000.00 | |
| Subtotal | 25,000,000.00 |
(3)TransferredfinancialassetswithcontinuedinvolvementbytheCompany
□Applicable√N/AXIII.Fairvaluedisclosure
1.Detailsoffairvalueofassetsandliabilitiesatfairvalueatthebalancesheetdate
□Applicable√N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Fairvalueattheendoftheperiod | |||
| Measurementoffairvalueatlevel1 | Measurementoffairvalueatlevel2 | Measurementoffairvalueatlevel3 | Total | |
| I.Continuousmeasurementoffairvalue | ||||
| (I)held-for-tradingfinancialassets | 248,513,280.00 | 4,028,978,995.56 | 4,277,492,275.56 | |
| 1.Financialassetsmeasuredatfairvalues | 248,513,280.00 | 4,028,978,995.56 | 4,277,492,275.56 | |
/
throughprofitorloss
| throughprofitorloss | ||||
| (1)Investmentindebtinstruments | 248,513,280.00 | 248,513,280.00 | ||
| (2)Investmentinequityinstruments | 4,028,978,995.56 | 4,028,978,995.56 | ||
| (3)Derivativefinancialassets | ||||
| Totalassetswithcontinuousmeasurementatfairvalue | 248,513,280.00 | 4,028,978,995.56 | 4,277,492,275.56 |
2.Basisfordetermininglevel1fairvalueatrecurringandnon-recurringfairvaluemeasurement
√Applicable□N/ATheheld-for-tradingfinancialassetsmeasuredatlevel1fairvalueheldbytheCompanyincludebondfundtradedinactivemarkets.TheCompanydeterminestheirfairvaluebasedonquotedpricesinactivemarkets.
3.Qualitativeandquantitativeinformationonthevaluationtechniquesandimportantparametersadoptedforcontinuousandnon-continuousmeasurementsoffairvaluesatlevel2
□Applicable√N/A
4.Qualitativeandquantitativeinformationonthevaluationtechniquesandimportantparametersadoptedforcontinuousandnon-continuousmeasurementsoffairvaluesatlevel3
√Applicable□N/AThecompany'sequityinstrumentinvestmentsmeasuredatLevel3fairvalueconsistofholdingsinprivateequityinvestmentfunds,withtheirfairvalueasofthebalancesheetdatecalculatedthroughthenetassetvalue(NAV)method.
5.Analysisoncontinuousmeasurementprojectoffairvalueatlevel3,adjustmentinformationbetweentheopeningandendingbookvalueandsensitivityofunobservableparameters
□Applicable√N/A
6.Themeasurementprojectoffairvalueonagoingconcern,theconversionbetweenthevariouslevelsduringtheperiod,thereasonforconversionandthepolicyofdeterminingtheconversiontime
□Applicable√N/A
7.Changesinvaluationtechnologyandreasonsforchangesoccurredinthecurrentperiod
□Applicable√N/A
8.Fairvalueoffinancialassetsandfinancialliabilitiesnotmeasuredatfairvalue
√Applicable□N/ATheCompany'sfinancialassetsandfinancialliabilitiesthatarenotmeasuredatfairvaluemainlyinclude:cashandbankbalances,loanstobanksandotherfinancialinstitutions,notesreceivable,accountsreceivable,otherreceivables,financialassetspurchasedunderagreementstoresell,loansandadvances,debtinvestments,accountspayable,absorbingdepositandinterbankdeposit,otherpayables,Leaseliabilities,etc.Thedifferencebetweentheirbookvalueandfairvalueisrelativelysmall.
9.Others
□Applicable√N/AXIV.Relatedpartyrelationshipsandtransactions
1.Parentcompany
√Applicable□N/A
MonetaryUnit:RMB'0,000
/
Parentcompany
| Parentcompany | Placeofregistration | Businessnature | Registeredcapital | HoldingproportionovertheCompany(%) | VotingrightproportionovertheCompany(%) |
| ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | Guiyang,Guizhou | 1,000,000.00 | 54.07 | 54.07 |
TheCompany’sultimatecontrollingpartyisState-ownedAssetsSupervisionandAdministrationCommissionoftheGuizhouProvincialPeople'sGovernment.
2.Detailsofthecompany'ssubsidiariesDetailsofthecompany'ssubsidiariesarestatedinthenotes
√Applicable□N/ADetailsofthecompany'ssubsidiariesaresetoutinnoteXEquityinotherentities.
3.OtherrelatedpartiesoftheCompany
√Applicable□N/A
| Relatedparties | RelationshipswiththeCompany |
| BeijingMoutaiTradeCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany |
| ChangLiMoutaiWineTradeCo.,Ltd. | Other |
| ShanghaiMoutaiTradingCo.,Ltd. | Other |
| GuizhouFumingPackagingCo.Ltd | Other |
| GuizhouHengdaoDanlinAgriculturalandTechnologicalDevelopmentCo.Ltd | Other |
| GuizhouJiuyuanPropertyCo.,Ltd. | Other |
| KweichowMoutai(Group)InternationalTravelAgencyCo.,Ltd. | Other |
| KweichowMoutai(Group)EcologicalAgricultureIndustryDevelopmentCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany |
| KweichowMoutaiAlcoholMarketingCompany | Other |
| KweichowMoutaiGroupHealthIndustryCo.,Ltd. | Other |
| KweichowMoutaiDistillery(Group)HealthCareWineIndustrySalesCo.,Ltd. | Other |
| KweichowMoutaiDistillery(Group)HealthCareLiquorCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany |
| KweichowMoutaiDistilleryGroupChangliWineryCo.,Ltd. | Holdingsubsidiaryoftheparentcompany |
/
Relatedparties
| Relatedparties | RelationshipswiththeCompany |
| GuizhouMoutaiDistillery(Group)GuiyangHigh-techRealEstateInvestmentDevelopmentCo.,Ltd. | Other |
| KweichowMoutaiDistillery(Group)GuiyangBusinessCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany |
| KweichowMoutaiDistillery(Group)SanyaInvestmentIndustrialCo.,Ltd. | Other |
| KweichowMoutaiDistillery(Group)LogisticsCo.,Ltd. | Holdingsubsidiaryoftheparentcompany |
| GuizhouMoutaiBrewery(Group)CircularEconomyIndustrialInvestmentDevelopmentCo.,Ltd. | Holdingsubsidiaryoftheparentcompany |
| KweichowMoutaiDistillery(Group)RealEstateInvestmentDevelopmentCo.,Ltd. | Holdingsubsidiaryoftheparentcompany |
| KweichowMoutaiDistillery(Group)TechnologyDevelopmentCo.,Ltd. | Holdingsubsidiaryoftheparentcompany |
| KweichowMoutaiEcologicalAgricultureSalesCo.,Ltd. | Other |
| KweichowMoutaiLogisticsParkGrainCollectionandStorageCo.,Ltd. | Other |
| MAOTAIAIRPORT | Holdingsubsidiaryoftheparentcompany |
| ShenrenPackagingandPrintingCo.,Ltd.,RenhuaiCity,GuizhouProvince | Other |
| GuizhouNewHuaxiGlassCo.,Ltd. | Other |
| Moutai(Guizhou)InvestmentFundPartnership(LimitedPartnership) | Holdingsubsidiaryoftheparentcompany |
| Moutai(Guizhou)PrivateFundManagementCo.,Ltd. | Holdingsubsidiaryoftheparentcompany |
| ShanghaiKweichowMoutaiIndustrialCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany |
| ShanghaiRencaiPrintingAffairsCo.,Ltd. | Other |
| KweichowMoutaiDistillery(Group)HotelManagementCo.,Ltd | Wholly-ownedsubsidiaryoftheparentcompany |
| GuizhouZunyiMoutaiAirportEcologicalParkInvestmentandDevelopmentCo.,Ltd. | Other |
| ChinaKweichowMoutaiDistillery(Group)CulturalTourismCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany |
| Chinese-ForeignVentureDragonandLionCapCo.,Ltd.ZhuhaiS.E.Z | Other |
| MoutaiCCB(Guizhou)InvestmentFundManagementCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany |
| KweichowMoutaiGroupMarketingCo.,Ltd. | Wholly-ownedsubsidiaryoftheparentcompany |
| HuaguiLifeInsuranceCo.,Ltd. | Holdingsubsidiaryoftheparentcompany |
| GuiyangGYFinancialLeasingCo.,Ltd. | Other |
| BankofGuizhouCo.,Ltd. | Other |
| GuizhouZunpengLiquorIndustryCo.,Ltd. | Other |
| KweichowMoutaiDistillery(Group)GuidingJingqiGlassProductsCo.,Ltd. | Other |
/
Relatedparties
| Relatedparties | RelationshipswiththeCompany |
| GuizhouMoutaiDistillery(Group)LvshengOrganicFertilizerCo.,Ltd. | Other |
| GuizhouRenhuaiRenshuaiLiquorCo.,Ltd. | Other |
| KweichowMoutaiDistillery(Group)HongyingziAgricultureScienceandTechnologyDevelopmentCo.,Ltd. | Holdingsubsidiaryoftheparentcompany |
| XunfengTechnology(Guizhou)Co.,Ltd. | Other |
| CHINAGUIZHOUMOUTAIBREWERYTRADING(H.K.)LIMITED | Wholly-ownedsubsidiaryoftheparentcompany |
| MoutaiZhaohua(Guizhou)IndustrialDevelopmentFundPartnership(LimitedPartnership) | Holdingsubsidiaryoftheparentcompany |
| MoutaiJinshi(Guizhou)IndustrialDevelopmentFundPartnership(LimitedPartnership) | Holdingsubsidiaryoftheparentcompany |
| KweichowMoutaiHospital | Other |
| MoutaiCollege | Other |
| GuizhouShuanglongFeitianSupplyChainManagementCo.,Ltd. | Other |
| GuizhouRenhuaiLongshiBottleCapCo.,Ltd. | Other |
| GuizhouZunpengLiquorSalesCo.,Ltd. | Other |
| HealthIndustrySalesCo.,Ltd,KWEICHOWMoutaiGroup. | Other |
Othernotes:
(1)ChangLiMoutaiWineTradeCo.,Ltd.isawholly-ownedsubsidiaryofKweichowMoutaiDistilleryGroupChangliWineryCo.,Ltd.;
(2)ShanghaiMoutaiTradingCo.,Ltd.isawholly-ownedsubsidiaryofShanghaiKweichowMoutaiIndustrialCo.,Ltd.;
(3)GuizhouFuminghangPackagingCo.,Ltd.isaholdingsubsidiaryofKweichowMoutaiDistillery(Group)
TechnologyDevelopmentCo.,Ltd.;
(4)GuizhouHengdaoDanlinAgriculturalTechnologyDevelopmentCo.,Ltd.isaholdingsubsidiaryof
KweichowMoutai(Group)EcologicalAgricultureIndustryDevelopmentCo.,Ltd.;
(5)GuizhouJiuyuanPropertyCo.,Ltd.isaholdingsubsidiaryofChinaKweichowMoutaiDistillery(Group)CulturalTourismCo.,Ltd.;
(6)KweichowMoutai(Group)InternationalTravelAgencyCo.,Ltd.isawholly-ownedsubsidiaryofChina
KweichowMoutaiDistillery(Group)CulturalTourismCo.,Ltd.;
(7)KweichowMoutaiChunMarketingCompanyisawholly-ownedsubsidiaryofKweichowMoutaiDistillery
(Group)TechnologyDevelopmentCo.,Ltd.;
(8)KweichowMoutaiGroupHealthIndustryCo.,Ltd.isaholdingsubsidiaryofKweichowMoutaiDistillery(Group)HealthCareLiquorIndustryCo.,Ltd.;
(9)KweichowMoutaiDistillery(Group)HealthCareWineIndustrySalesCo.,Ltd.isawholly-owned
subsidiaryofKweichowMoutaiDistillery(Group)HealthCareLiquorIndustryCo.,Ltd.;
(10)KweichowMoutaiDistillery(Group)GuiyangGaoxinRealEstateInvestmentDevelopmentCo.,Ltd.isa
wholly-ownedsubsidiaryofKweichowMoutaiDistillery(Group)RealEstateInvestment
(11)KweichowMoutaiDistillery(Group)SanyaInvestmentIndustrialCo.,Ltd.isawholly-ownedsubsidiaryofKweichowMoutaiDistillery(Group)RealEstateInvestmentDevelopmentCo.,Ltd.;
(12)KweichowMoutaiEcologicalAgricultureSalesCo.,Ltd.isawholly-ownedsubsidiaryofKweichowMoutai(Group)EcologicalAgricultureIndustryDevelopmentCo.,Ltd.;
(13)KweichowMoutaiLogisticsParkGrainCollectionandStorageCo.,Ltd.isaholdingsubsidiaryofKweichowMoutaiDistillery(Group)LogisticsCo.,Ltd.;
(14)GuizhouRenhuaiShenrenPackagingandPrintingCo.,Ltd.isaholdingsubsidiaryofKweichowMoutai
Distillery(Group)TechnologyDevelopmentCo.,Ltd.;
(15)GuizhouXinhuaxiGlassCo.,Ltd.isaholdingsubsidiaryofKweichowMoutaiDistillery(Group)
TechnologyDevelopmentCo.,Ltd.;
(16)ShanghaiRencaiPrintingAffairsCo.,Ltd.isanassociateofKweichowMoutaiDistillery(Group)
TechnologyDevelopmentCo.,Ltd.;
(17)GuizhouZunyiMoutaiAirportEcologicalParkInvestmentandDevelopmentCo.,Ltd.isawholly-ownedsubsidiaryofGuizhouZunyiMoutaiAirportCo.,Ltd.;
(18)Chinese-ForeignVentureDragonandLionCapCo.,Ltd.ZhuhaiS.E.ZisaholdingsubsidiaryofKweichow
MoutaiDistillery(Group)TechnologyDevelopmentCo.,Ltd.;
(19)GuiyangGYFinancialLeasingCo.,Ltd.isanassociateoftheparentcompany;
(20)BankofGuizhouCo.,Ltd.isanassociateoftheparentcompany;
(21)GuizhouZunpengLiquorCo.,Ltd.isaholdingsubsidiaryofGuizhouMoutaiBrewery(Group)CircularEconomyIndustrialInvestmentDevelopmentCo.,Ltd.;
(22)KweichowMoutaiDistillery(Group)GuidingJingqiGlassProductsCo.,Ltd.isawholly-ownedsubsidiary
ofKweichowMoutaiDistillery(Group)TechnologyDevelopmentCo.,Ltd.;
(23)GuizhouMoutaiDistillery(Group)LvshengOrganicFertilizerCo.,Ltd.isaholdingsubsidiaryofGuizhou
MoutaiBrewery(Group)CircularEconomyIndustrialInvestmentDevelopmentCo.,Ltd.;
(24)GuizhouRenhuaiRenshuaiLiquorCo.,Ltd.isawholly-ownedsubsidiaryofKweichowMoutaiDistillery
(Group)HealthCareLiquorCo.,Ltd.;
(25)XunfengTechnology(Guizhou)Co.,Ltd.isaholdingsubsidiaryofChinaKweichowMoutaiDistillery(Group)CulturalTourismCo.,Ltd.;
(26)KweichowMoutaiHospitalisawholly-ownedpublicinstitutionoftheparentcompany;
(27)MoutaiCollegeisawholly-ownedpublicinstitutionoftheparentcompany;
(28)GuizhouShuanglongFeitianSupplyChainManagementCo.,Ltd.isawholly-ownedsubsidiaryofKweichowMoutaiDistillery(Group)LogisticsCo.,Ltd.
(29)GuizhouRenhuaiLongshiBottleCapCo.,Ltd.isawholly-ownedsubsidiaryofKweichowMoutaiDistillery
(Group)LogisticsCo.,Ltd.
(30)GuizhouZunpengLiquorSalesCo.,Ltd.isawholly-ownedsubsidiaryofKweichowMoutaiDistillery(Group)
LogisticsCo.,Ltd.
(31)HealthIndustrySalesCo.,Ltd,KWEICHOWMoutaiGroup.isawholly-ownedsubsidiaryofKweichow
MoutaiDistillery(Group)LogisticsCo.,Ltd.
4.Relatedpartytransactions
(1)Purchaseandsaleofgoods,renderingandreceivingservicesPurchaseofgoodsandreceivingofservices
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Relatedparties
| Relatedparties | Contentoftransactions | Currentperiodcumulative | TransactionLimitapproved(Ifapplicable) | Whetherthetransactionlimitisexceeded(Ifapplicable) | Precedingperiodcomparative |
| ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | Righttousetrademarks | 2,466,052,249.25 | 1,805,818,609.89 | ||
| KweichowMoutaiDistillery(Group)LogisticsCo.,Ltd. | Cargotransportationservices | 242,909,426.03 | 216,497,975.59 | ||
| Chinese-ForeignVentureDragonandLionCapCo.,Ltd.ZhuhaiS.E.Z | Purchaseofgoods | 392,724,190.99 | 353,391,541.98 | ||
| GuizhouRenhuaiShenrenPackagingandPrintingCo.,Ltd. | Purchaseofgoods | 311,692,891.52 | 259,369,377.21 | ||
| KweichowMoutaiDistillery(Group)GuidingJingqiGlassProductsCo.,Ltd. | Purchaseofgoods | 131,577,569.97 | |||
| GuizhouMoutaiBrewery(Group)CircularEconomyIndustrialInvestmentDevelopmentCo.,Ltd. | Purchaseofgoods | 131,280,975.00 | 141,561,000.00 | ||
| KweichowMoutaiLogisticsParkGrainCollectionandStorageCo.,Ltd. | Purchaseofgoods | 159,164,224.07 | 125,734,378.80 | ||
| KweichowMoutaiDistillery(Group)HongyingziAgricultureScienceandTechnologyDevelopmentCo.,Ltd. | Purchaseofgoods | 91,571,319.20 | 50,223,736.00 | ||
| GuizhouXinhuaxiGlassCo.,Ltd. | Purchaseofgoods | 50,723,017.23 | 74,837,333.43 | ||
| GuizhouFumingPackagingCo.Ltd | Purchaseofgoods | 38,389,121.95 | 79,633,744.86 | ||
| ChinaKweichowMoutaiDistillery(Group)CulturalTourismCo.,Ltd. | Purchaseofgoods | 25,126,546.60 | 26,270,887.61 | ||
| KweichowMoutaiDistillery(Group)HealthCareWineIndustrySalesCo.,Ltd. | Purchaseofgoods | 10,733,800.07 | 2,656,847.80 | ||
| ChangLiMoutaiWine | Purchaseof | 2,656,035.40 | 2,656,035.41 |
/
Relatedparties
| Relatedparties | Contentoftransactions | Currentperiodcumulative | TransactionLimitapproved(Ifapplicable) | Whetherthetransactionlimitisexceeded(Ifapplicable) | Precedingperiodcomparative |
| TradeCo.,Ltd. | goods | ||||
| KweichowMoutaiEcologicalAgricultureSalesCo.,Ltd. | Purchaseofgoods | 885,111.50 | 951,669.03 | ||
| KweichowMoutaiHospital | Purchaseofgoods | 506,056.46 | 29,504,681.72 | ||
| ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | Purchaseofgoods | 21,875.33 | |||
| ShanghaiRencaiPrintingAffairsCo.,Ltd. | Purchaseofgoods | 106,725.23 | |||
| HuaguiLifeInsuranceCo.,Ltd. | Purchaseofinsurance | 29,250,803.45 | 512,911.13 | ||
| KweichowMoutaiDistillery(Group)HealthCareLiquorCo.,Ltd. | Laborservicesfee | 364,282,785.91 | 284,953,843.63 | ||
| KweichowMoutaiHospital | Laborservicesfee | 109,786,470.85 | 62,578,627.93 | ||
| ChinaKweichowMoutaiDistillery(Group)CulturalTourismCo.,Ltd. | Laborservicesfee | 109,560,813.31 | 51,569,712.68 | ||
| KweichowMoutaiDistillery(Group)HotelManagementCo.,Ltd | Laborservicesfee | 99,918,709.05 | 74,332,293.77 | ||
| KweichowMoutai(Group)InternationalTravelAgencyCo.,Ltd. | Laborservicesfee | 81,664,884.30 | 40,540,182.49 | ||
| XunfengTechnology(Guizhou)Co.,Ltd. | Laborservicesfee | 54,026,057.50 | 108,936,867.84 | ||
| KweichowMoutaiDistillery(Group)LogisticsCo.,Ltd. | Laborservicesfee | 10,904,482.09 | |||
| GuizhouMoutaiBrewery(Group)CircularEconomyIndustrialInvestmentDevelopmentCo.,Ltd. | Laborservicesfee | 5,905,719.20 | 4,485,361.28 | ||
| MAOTAIAIRPORT | Laborservicesfee | 1,525,726.08 | 610,344.02 | ||
| KweichowMoutaiDistillery(Group) | Laborservicesfee | 1,509,433.96 | 25,429.03 |
/
Relatedparties
| Relatedparties | Contentoftransactions | Currentperiodcumulative | TransactionLimitapproved(Ifapplicable) | Whetherthetransactionlimitisexceeded(Ifapplicable) | Precedingperiodcomparative |
| TechnologyDevelopmentCo.,Ltd. | |||||
| GuizhouShuanglongFeitianSupplyChainManagementCo.,Ltd. | Laborservicesfee | 479,838.72 | |||
| MoutaiCollege | Laborservicesfee | 344,528.30 | 2,065,849.07 | ||
| BeijingMoutaiTradeCo.,Ltd. | Laborservicesfee | 207,547.17 | |||
| GuizhouMoutaiDistillery(Group)GuiyangHigh-techRealEstateInvestmentDevelopmentCo.,Ltd. | Laborservicesfee | 125,946.26 | 116,120.77 | ||
| KweichowMoutaiDistillery(Group)RealEstateInvestmentDevelopmentCo.,Ltd. | Laborservicesfee | 54,622.64 | |||
| KweichowMoutaiDistillery(Group)SanyaInvestmentIndustrialCo.,Ltd. | Laborservicesfee | 23,369.81 | |||
| KweichowMoutaiDistillery(Group)HongyingziAgricultureScienceandTechnologyDevelopmentCo.,Ltd. | Laborservicesfee | 10,000.00 | |||
| ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | Laborservicesfee | 136,649.00 | |||
| KweichowMoutaiLogisticsParkGrainCollectionandStorageCo.,Ltd. | managementfees | 63,756,467.40 | 60,334,658.08 | ||
| KweichowMoutaiDistillery(Group)HotelManagementCo.,Ltd | managementfees | 4,188,647.80 | |||
| GuizhouMoutaiDistillery(Group)GuiyangHigh-techRealEstateInvestmentDevelopment | Water,electricity,steamandotherpublic | 55,500.83 | 43,442.45 |
/
Relatedparties
| Relatedparties | Contentoftransactions | Currentperiodcumulative | TransactionLimitapproved(Ifapplicable) | Whetherthetransactionlimitisexceeded(Ifapplicable) | Precedingperiodcomparative |
| Co.,Ltd. | utilitiesexpenses(purchase) |
Saleofgoodsandrenderingservices
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Relatedparties | Contentoftransactions | Currentperiodcumulative | Precedingperiodcomparative |
| KweichowMoutaiGroupMarketingCo.,Ltd. | Salesofgoods | 6,339,486,387.61 | 5,384,603,095.58 |
| ChinaKweichowMoutaiDistillery(Group)CulturalTourismCo.,Ltd. | Salesofgoods | 138,837,804.65 | 15,409,493.26 |
| XunfengTechnology(Guizhou)Co.,Ltd. | Salesofgoods | 32,304,424.78 | 4,969,911.50 |
| KweichowMoutaiDistillery(Group)HotelManagementCo.,Ltd | Salesofgoods | 26,785,138.02 | 38,081,330.95 |
| ShanghaiKweichowMoutaiIndustrialCo.,Ltd. | Salesofgoods | 16,675,614.12 | 13,524,966.35 |
| KweichowMoutaiDistillery(Group)SanyaInvestmentIndustrialCo.,Ltd. | Salesofgoods | 16,249,417.82 | 12,807,170.94 |
| BeijingMoutaiTradeCo.,Ltd. | Salesofgoods | 13,557,408.83 | 6,364,991.14 |
| CHINAGUIZHOUMOUTAIBREWERYTRADING(H.K.)LIMITED | Salesofgoods | 6,114,000.00 | 23,478,824.28 |
| MAOTAIAIRPORT | Salesofgoods | 2,999,915.04 | 8,999,745.12 |
| KweichowMoutai(Group)EcologicalAgricultureIndustryDevelopmentCo.,Ltd. | Salesofgoods | 804,488.49 | |
| ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | Salesofgoods | 781,492.04 | 686,773.73 |
| KweichowMoutaiDistillery(Group)HealthCareLiquorCo.,Ltd. | Salesofgoods | 94,088.50 | |
| KweichowMoutaiDistillery(Group)LogisticsCo.,Ltd. | Salesofgoods | 16,717.70 | |
| ChangLiMoutaiWineTradeCo.,Ltd. | Laborservicesfee | 1,098,530.85 | 2,353.47 |
| KweichowMoutaiDistillery(Group)HealthCareWineIndustrySalesCo.,Ltd. | Laborservicesfee | 251,747.96 | 258,066.00 |
| KweichowMoutaiEcologicalAgricultureSalesCo.,Ltd. | Laborservicesfee | 189,869.81 | |
| ChinaKweichowMoutaiDistillery(Group)CulturalTourismCo.,Ltd. | Laborservicesfee | 95,566.04 | 84,696.23 |
| KweichowMoutaiDistilleryGroupChangliWineryCo.,Ltd. | Laborservicesfee | 5,366.04 | |
| KweichowMoutaiDistillery(Group)HealthCareLiquorCo.,Ltd. | Laborservicesfee | 432,178.18 | |
| ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | Laborservicesfee | 89,391.24 |
/
Relatedparties
| Relatedparties | Contentoftransactions | Currentperiodcumulative | Precedingperiodcomparative |
| KweichowMoutai(Group)InternationalTravelAgencyCo.,Ltd. | Laborservicesfee | 38,254.72 | |
| KweichowMoutaiGroupMarketingCo.,Ltd. | Laborservicesfee | 28,516.98 | |
| XunfengTechnology(Guizhou)Co.,Ltd. | Laborservicesfee | 13,913.21 | |
| ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | Others | 13,925,889.91 |
(2)Managementoncommission/contractandcommissionedmanagement/sub-contractDetailsofentrustedmanagement/contractingoftheCompany
□Applicable√N/ADetailsofcustody/contractingoftheCompany
□Applicable√N/ADetailsofentrustingmanagement/contractingoftheCompany
√Applicable□N/A
MonetaryUnit:RMB'0,000
| Nameofprincipal | Nameoftrustee | Typeofentrustedassets | Commencementdateofentrustment | Terminationdateofentrustment | Custodianfeepricingbasis | Custodianfeesrecognizedinthecurrentperiod |
| KweichowMoutaiCo.,Ltd. | KweichowMoutaiDistillery(Group)HotelManagementCo.,Ltd | Custodyofotherassets | January1,2024 | December31,2024 | Negotiatedprice | 418.86 |
| KweichowMoutaiCo.,Ltd. | KweichowMoutaiLogisticsParkGrainCollectionandStorageCo.,Ltd. | Custodyofotherassets | January1,2024 | December31,2024 | Negotiatedprice | 6,375.65 |
(3)RelatedpartyleasesTheCompanyasthelessor
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Lessees | Typesofassetsleased | Leaseincomeforthecurrentperiod | Leaseincomefortheprecedingperiod |
| ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | Buildingsandconstructions | 328,389.91 | 234,564.22 |
| KweichowMoutaiDistillery(Group)HotelManagementCo.,Ltd | Buildingsandconstructions | 299,009.18 | |
| ChangLiMoutaiWineTradeCo.,Ltd. | Buildingsandconstructions | 201,834.86 | 201,834.86 |
| KweichowMoutaiDistillery(Group)HealthCareWineIndustrySalesCo.,Ltd. | Buildingsandconstructions | 51,192.66 | |
| KweichowMoutaiGroupMarketingCo.,Ltd. | Buildingsandconstructions | 371,359.82 |
TheCompanyasthelessee
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Nameofthelessor
| Nameofthelessor | Typeofleasedassets | Rentalexpensesofshort-termleaseandlow-valueassetleasesubjecttosimplifiedtreatment(ifapplicable) | Variableleasepaymentsthatarenotincludedintheleaseliabilities(ifapplicable) | ||
| Amountinthecurrentperiod | Amountinthepriorperiod | AmountintheCurrentperiod | AmountinthePriorperiod | ||
| ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | Buildingsandconstructions | 91,428.56 | 946,786.94 | ||
| ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | Landuseright | ||||
| ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | Transportationfacilities | 5,628,528.72 | 21,976,024.64 | ||
| KweichowMoutaiDistillery(Group)GuiyangGaoxinRealEstateInvestmentDevelopmentCo.,Ltd. | Buildingsandconstructions | ||||
| KweichowMoutaiDistillery(Group)SanyaInvestmentIndustrialCo.,Ltd. | Buildingsandconstructions | ||||
| GuizhouMoutaiBrewery(Group)CircularEconomyIndustrialInvestmentDevelopmentCo.,Ltd. | Buildingsandconstructions | 2,123,159.54 | |||
| KweichowMoutaiDistillery(Group)LogisticsCo.,Ltd. | Buildingsandconstructions | ||||
| ShanghaiKweichowMoutaiIndustrialCo.,Ltd. | Buildingsandconstructions | 144,000.00 | |||
| GuizhouShuanglongFeitianSupplyChainManagementCo.,Ltd. | Buildingsandconstructions | ||||
(Continued)
| Nameofthelessor | Typeofleasedassets | Rentalexpensesofshort-termleaseandlow-valueassetleasesubjecttosimplifiedtreatment(ifapplicable) | Variableleasepaymentsthatarenotincludedintheleaseliabilities(ifapplicable) | |||
| Amountinthecurrentperiod | Amountinthepriorperiod | AmountintheCurrentperiod | AmountinthePriorperiod | |||
| ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | 14,665,144.36 | 54,160,209.39 | 2,913,008.90 | 3,119,974.65 | ||
| ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | 4,531,910.86 | 9,046,180.00 | 2,854,418.81 | 2,621,418.97 | ||
| ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | 5,628,528.72 | 21,976,024.64 | ||||
| KweichowMoutaiDistillery(Group)GuiyangGaoxinRealEstateInvestmentDevelopmentCo.,Ltd. | 4,203,745.20 | 4,036,110.60 | 471,391.41 | 538,973.93 | 648,671.60 | |
| KweichowMoutaiDistillery(Group)SanyaInvestmentIndustrialCo.,Ltd. | 1,501,740.00 | 1,458,000.00 | 151,941.65 | 192,522.22 | 5,258,928.89 | |
| GuizhouMoutaiBrewery(Group)CircularEconomyIndustrialInvestmentDevelopmentCo.,Ltd. | 2,310,168.42 | 3,905,093.74 | ||||
| KweichowMoutaiDistillery(Group)LogisticsCo., | 34,596,676.74 | 6,944,496.90 | 173,922,802.64 | |||
/
Ltd.
| Ltd. | |||||
| ShanghaiKweichowMoutaiIndustrialCo.,Ltd. | 144,000.00 | ||||
| GuizhouShuanglongFeitianSupplyChainManagementCo.,Ltd. | 1,599,805.94 | 221,489.32 | 7,436,768.84 |
Remarksonrelated-partyleases
□Applicable√N/A
(4)GuaranteebyrelatedpartiesThecompanyastheguarantor
□Applicable√N/AThecompanyasthesponsoredparty
□Applicable√N/ADescriptionofguaranteebyrelatedparties
□Applicable√N/A
(5)Fundslendingandborrowingbetweenrelatedparties
□Applicable√N/A
(6)Transferofassetsanddebtrestructuringbetweenrelatedpart
□Applicable√N/A
(7)Remunerationofkeymanagementpersonnel
□Applicable√N/A
(8)Otherrelatedtransactions
√Applicable□N/AA.KweichowMoutaiGroupFinanceCo.,Ltd.,aholdingsubsidiaryoftheCompany,conducteddeposit,loan,discountandletterofguaranteebusinesswithrelatedparties.AbsorptionofdepositsandinterbankdepositreferstothebalanceofdepositsofallrelatedpartieswithKweichowMoutaiGroupFinanceCo.,Ltd.andaccruedinterest;"interestexpenses"refertothedepositinteresttobepaidbyKweichowMoutaiGroupFinanceCo.,Ltd.torelatedparties;“interestincome”referstotheinterestchargedbyKweichowMoutaiGroupFinanceCo.,Ltd.forprovidingloanbusinesstorelatedpartiesaccordingtoregulations;disbursementofadvancesandloansreferstothebalanceoftheloanprovidedbyKweichowMoutaiGroupFinanceCo.,Ltd.torelatedparties.(MonetaryUnit:YuanCurrency:RMB)a.Absorptionofdepositsandinterbankdeposit
| Relatedparties | Closingbalance |
| ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | 14,480,114,773.71 |
/
Relatedparties
| Relatedparties | Closingbalance |
| KweichowMoutaiDistillery(Group)TechnologyDevelopmentCo.,Ltd. | 3,149,789,826.88 |
| KweichowMoutaiGroupMarketingCo.,Ltd. | 1,700,346,680.32 |
| KweichowMoutaiDistillery(Group)RealEstateInvestmentDevelopmentCo.,Ltd. | 534,835,153.42 |
| GuizhouMoutaiBrewery(Group)CircularEconomyIndustrialInvestmentDevelopmentCo.,Ltd. | 322,434,399.37 |
| XunfengTechnology(Guizhou)Co.,Ltd. | 319,766,645.67 |
| ChangLiMoutaiWineTradeCo.,Ltd. | 251,643,404.90 |
| ChinaKweichowMoutaiDistillery(Group)CulturalTourismCo.,Ltd. | 234,616,341.25 |
| KweichowMoutaiAlcoholMarketingCompany | 195,246,133.45 |
| KweichowMoutaiEcologicalAgricultureSalesCo.,Ltd. | 189,361,773.59 |
| MAOTAIAIRPORT | 189,020,605.50 |
| BeijingMoutaiTradeCo.,Ltd. | 163,432,983.56 |
| ShanghaiMoutaiTradingCo.,Ltd. | 151,145,259.98 |
| GuizhouZunpengLiquorCo.,Ltd. | 122,897,585.74 |
| ShanghaiKweichowMoutaiIndustrialCo.,Ltd. | 127,798,101.59 |
| KweichowMoutaiDistillery(Group)HealthCareWineIndustrySalesCo.,Ltd. | 105,375,725.80 |
| KweichowMoutaiDistillery(Group)HongyingziAgricultureScienceandTechnologyDevelopmentCo.,Ltd. | 88,045,026.78 |
| KweichowMoutaiDistillery(Group)HealthCareLiquorCo.,Ltd. | 87,067,488.51 |
| GuizhouRenhuaiShenrenPackagingandPrintingCo.,Ltd. | 68,824,958.06 |
| GuizhouMoutaiDistillery(Group)GuiyangHigh-techRealEstateInvestmentDevelopmentCo.,Ltd. | 67,016,729.82 |
| MoutaiCollege | 65,534,720.98 |
| Chinese-ForeignVentureDragonandLionCapCo.,Ltd.ZhuhaiS.E.Z | 63,649,938.55 |
| GuizhouZunpengLiquorSalesCo.,Ltd. | 60,752,267.67 |
| KweichowMoutaiDistillery(Group)LogisticsCo.,Ltd. | 58,851,183.23 |
| KweichowMoutaiDistillery(Group)HotelManagementCo.,Ltd | 55,330,716.56 |
| GuizhouFumingPackagingCo.Ltd | 51,334,629.23 |
| KweichowMoutai(Group)EcologicalAgricultureIndustryDevelopmentCo.,Ltd. | 35,480,401.86 |
| KweichowMoutaiLogisticsParkGrainCollectionandStorageCo.,Ltd. | 29,661,065.27 |
/
Relatedparties
| Relatedparties | Closingbalance |
| GuizhouXinhuaxiGlassCo.,Ltd. | 27,893,489.55 |
| GuizhouJiuyuanPropertyCo.,Ltd. | 26,216,059.35 |
| KweichowMoutai(Group)InternationalTravelAgencyCo.,Ltd. | 24,632,010.35 |
| KweichowMoutaiDistilleryGroupChangliWineryCo.,Ltd. | 22,850,568.19 |
| KweichowMoutaiDistillery(Group)GuidingJingqiGlassProductsCo.,Ltd. | 11,042,843.10 |
| GuizhouRenhuaiDragonandLionCapCo.,LTD | 8,283,575.67 |
| GuizhouShuanglongFeitianSupplyChainManagementCo.,Ltd. | 5,044,121.66 |
| KweichowMoutaiDistillery(Group)SanyaInvestmentIndustrialCo.,Ltd. | 2,559,816.69 |
| KweichowMoutaiGroupHealthIndustryCo.,Ltd. | 2,479,493.01 |
| KweichowMoutaiHospital | 2,062,035.41 |
| KweichowMoutaiDistillery(Group)GuiyangBusinessCo.,Ltd. | 371,248.41 |
| GuizhouMoutaiDistillery(Group)LvshengOrganicFertilizerCo.,Ltd. | 38,690.45 |
| MoutaiCCB(Guizhou)InvestmentFundManagementCo.,Ltd. | 5,430.19 |
| Moutai(Guizhou)PrivateFundManagementCo.,Ltd. | 4,064.64 |
| Moutai(Guizhou)InvestmentFundPartnership(LimitedPartnership) | 853.05 |
| Subtotal | 23,102,858,820.97 |
b.Interestexpenses
| Relatedparties | Closingbalance |
| KweichowMoutaiDistillery(Group)TechnologyDevelopmentCo.,Ltd. | 32,635,728.66 |
| KweichowMoutaiGroupMarketingCo.,Ltd. | 19,249,255.02 |
| ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | 18,790,858.64 |
| XunfengTechnology(Guizhou)Co.,Ltd. | 4,205,955.24 |
| ChangLiMoutaiWineTradeCo.,Ltd. | 3,844,405.83 |
| KweichowMoutaiDistillery(Group)RealEstateInvestmentDevelopmentCo.,Ltd. | 3,759,635.41 |
| GuizhouMoutaiBrewery(Group)CircularEconomyIndustrialInvestmentDevelopmentCo.,Ltd. | 3,019,443.51 |
| GuizhouZunpengLiquorCo.,Ltd. | 2,466,064.15 |
| ChinaKweichowMoutaiDistillery(Group)CulturalTourismCo.,Ltd. | 2,277,586.38 |
| KweichowMoutaiAlcoholMarketingCompany | 2,204,093.54 |
/
Relatedparties
| Relatedparties | Closingbalance |
| KweichowMoutaiEcologicalAgricultureSalesCo.,Ltd. | 2,189,126.24 |
| MAOTAIAIRPORT | 1,595,448.47 |
| MoutaiCollege | 990,748.54 |
| ShanghaiKweichowMoutaiIndustrialCo.,Ltd. | 904,585.92 |
| GuizhouRenhuaiShenrenPackagingandPrintingCo.,Ltd. | 834,526.05 |
| GuizhouZunpengLiquorSalesCo.,Ltd. | 796,486.17 |
| KweichowMoutaiDistilleryGroupChangliWineryCo.,Ltd. | 767,415.85 |
| BeijingMoutaiTradeCo.,Ltd. | 667,701.30 |
| ShanghaiMoutaiTradingCo.,Ltd. | 596,097.55 |
| KweichowMoutaiDistillery(Group)LogisticsCo.,Ltd. | 588,985.29 |
| GuizhouMoutaiDistillery(Group)GuiyangHigh-techRealEstateInvestmentDevelopmentCo.,Ltd. | 435,439.68 |
| GuizhouJiuyuanPropertyCo.,Ltd. | 435,120.27 |
| KweichowMoutaiDistillery(Group)HealthCareWineIndustrySalesCo.,Ltd. | 289,236.84 |
| KweichowMoutaiDistillery(Group)GuidingJingqiGlassProductsCo.,Ltd. | 278,935.28 |
| KweichowMoutaiDistillery(Group)HealthCareLiquorCo.,Ltd. | 162,913.51 |
| KweichowMoutaiDistillery(Group)HongyingziAgricultureScienceandTechnologyDevelopmentCo.,Ltd. | 147,094.16 |
| KweichowMoutaiDistillery(Group)HotelManagementCo.,Ltd | 130,166.79 |
| KweichowMoutaiLogisticsParkGrainCollectionandStorageCo.,Ltd. | 121,243.53 |
| KweichowMoutai(Group)InternationalTravelAgencyCo.,Ltd. | 118,352.61 |
| GuizhouFumingPackagingCo.Ltd | 114,406.92 |
| GuizhouShuanglongFeitianSupplyChainManagementCo.,Ltd. | 114,208.81 |
| KweichowMoutai(Group)EcologicalAgricultureIndustryDevelopmentCo.,Ltd. | 90,839.09 |
| GuizhouXinhuaxiGlassCo.,Ltd. | 66,616.63 |
| GuizhouRenhuaiRenshuaiLiquorCo.,Ltd. | 62,621.36 |
| Chinese-ForeignVentureDragonandLionCapCo.,Ltd.ZhuhaiS.E.Z | 57,637.62 |
| GuizhouRenhuaiDragonandLionCapCo.,LTD | 52,474.67 |
| KweichowMoutaiHospital | 31,014.47 |
| KweichowMoutaiDistillery(Group)SanyaInvestmentIndustrialCo.,Ltd. | 20,043.08 |
/
Relatedparties
| Relatedparties | Closingbalance |
| KweichowMoutaiGroupHealthIndustryCo.,Ltd. | 9,195.74 |
| KweichowMoutaiDistillery(Group)GuiyangBusinessCo.,Ltd. | 5,664.26 |
| GuizhouMoutaiDistillery(Group)LvshengOrganicFertilizerCo.,Ltd. | 127.74 |
| GuizhouMoutaiDistillery(Group)GuiyangHigh-techRealEstateInvestmentDevelopmentCo.,Ltd. | 24.05 |
| MoutaiCCB(Guizhou)InvestmentFundManagementCo.,Ltd. | 19.28 |
| Moutai(Guizhou)PrivateFundManagementCo.,Ltd. | 14.43 |
| Moutai(Guizhou)InvestmentFundPartnership(LimitedPartnership) | 3.02 |
| GuizhouHengdaoDanlinAgriculturalTechnologyDevelopmentCo.,Ltd. | 0.07 |
| GuizhouZunyiMoutaiAirportEcologicalParkInvestmentandDevelopmentCo.,Ltd. | |
| Subtotal | 105,127,561.67 |
c.Loansandpayments
| Item | Relatedparties | December31,2024 |
| Mortgageloans | KweichowMoutaiLogisticsParkGrainCollectionandStorageCo.,Ltd. | 42,760,000.00 |
| Total | 42,760,000.00 | |
| Less:Provisionforimpairmentofloans | 981,258.03 | |
| Bookvalueofloansandadvancestocustomers | 41,778,741.97 |
d.Interestincome
| Item | Relatedparties | Closingbalance |
| Interestincome | KweichowMoutaiDistillery(Group)HealthCareLiquorCo.,Ltd. | 8,242,260.70 |
| Interestincome | KweichowMoutaiLogisticsParkGrainCollectionandStorageCo.,Ltd. | 1,815,184.37 |
| Interestincome | KweichowMoutaiDistillery(Group)HongyingziAgricultureScienceandTechnologyDevelopmentCo.,Ltd. | 1,089,658.00 |
| Subtotal | 11,147,103.07 |
B.Theendingbalanceofthecompany'sdepositinGuzhouBankisRMB16,734.8212million,andtheinterestincomeofthecurrentperiodisRMB599.9803million.KweichowMoutaiGroupFinanceCo.Ltd.,theholdingsubsidiaryofthecompany,redeemedtheprincipalof100.00millionofbondsissuedbyGuizhouBankCo.LTD.,whichwaspurchasedfromtheopenmarket,andrecognizedtheinterestincomeofRMB16.7885millioninthecurrentperiod.Bytheendoftheperiod,theprincipalbalanceofthecreditor'srightsinvestmentisRMB400million,theimpairmentreservebalanceofthebondinvestmentisRMB0.1021million,theaccruedinterestbalanceisRMB6.1405million,andthebookvalueisRMB406.0384million;ThecompanyentrustsGuizhouBank
tocollectandpaythethird-partypaymentchanneltransactionfeeof"iMoutai"digitalmarketingplatformofRMB
98.8205million.
5.Unsettledprojectsofrelatedpartiesofreceivablesandpayables
(1)Receivables
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Items
| Items | Relatedparties | Closingbalance | December31,2023 | ||
| Bookbalance | Provisionforbaddebts | Bookbalance | Provisionforbaddebts | ||
| Accountsreceivable | XunfengTechnology(Guizhou)Co.,Ltd. | 17,823,889.10 | 60,373,410.41 | ||
| Otherreceivables | GuizhouMoutaiDistillery(Group)GuiyangHigh-techRealEstateInvestmentDevelopmentCo.,Ltd. | 334,328.84 | 304,766.00 | ||
| Otherreceivables | KweichowMoutaiDistillery(Group)HealthCareWineIndustrySalesCo.,Ltd. | 300,000.00 | 145,591.66 | ||
| Otherreceivables | ChangLiMoutaiWineTradeCo.,Ltd. | 100,000.00 | 100,000.00 | ||
| Otherreceivables | KweichowMoutaiEcologicalAgricultureSalesCo.,Ltd. | 50,000.00 | 50,000.00 | ||
| Otherreceivables | ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | 27,330.00 | |||
| Otherreceivables | KweichowMoutaiGroupMarketingCo.,Ltd. | 30,228.00 | |||
| Otherreceivables | XunfengTechnology(Guizhou)Co.,Ltd. | 14,748.00 | |||
| Advancespaid | KweichowMoutaiDistillery(Group)HealthCareWineIndustrySalesCo.,Ltd. | 8,600,893.80 | |||
| Advancespaid | ChinaKweichowMoutaiDistillery(Group)CulturalTourismCo.,Ltd. | 10,495,000.00 | |||
Remarks:
1.TheaccountsreceivableofXunfengTechnology(Guizhou)Co.,Ltd.wasduetothesalesofKweichowMoutaiSalesCo.,Ltd.,aholdingcompanyoftheCompany,viaXunfengplatformwherethesystemadoptstheT+7approachforthesettlementofpaymentsforgoods;
2.OtherreceivablesofKweichowMoutaiDistillery(Group)GuiyangGaoxinRealEstateInvestmentDevelopmentCo.,Ltd.refertotherentaldepositpaidbyKweichowMoutaiSalesCo.,Ltd.andGuizhouMoutaiChiewImportandExportCo.,Ltd.,twoholdingsubsidiariesoftheCompany;
3.OtherreceivablesofKweichowMoutaiDistillery(Group)HealthCareWineIndustrySalesCo.,Ltd.refertothecontractperformancebondofBeijingFriendshipMessengerTradingCo.,Ltd.,aholdingsubsidiaryoftheCompany;
4.OtherreceivablesofChangLiMoutaiWineTradeCo.,Ltd.refertothecontractperformancebondofBeijingFriendshipMessengerTradingCo.,Ltd.,aholdingsubsidiaryoftheCompany;
5.OtherreceivablesofKweichowMoutaiEcologicalAgricultureSalesCo.,Ltd.refertothecontractperformancebondofBeijingFriendshipMessengerTradingCo.,Ltd.,aholdingsubsidiaryoftheCompany;
6.OtherreceivablesofChinaKweichowMoutaiDistillery(Group)Co.,LtdrefertothecateringreceivablesfromHeyixingLiquorBranchofKweichowMoutaiCo.,Ltd.;
7.PrepaymentsofKweichowMoutaiDistillery(Group)HealthCareWineIndustrySalesCo.,Ltd.referTtoprepaymentsforgoodsbyBeijingFriendshipMessengerTradingCo.,Ltd.,aholdingsubsidiaryoftheCompany.
(2)Payables
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Items
| Items | Relatedparties | Closingbalance | December31,2023 |
| Accountspayable | GuizhouRenhuaiShenrenPackagingandPrintingCo.,Ltd. | 133,042,126.89 | 14,356,089.19 |
| Accountspayable | KweichowMoutaiLogisticsParkGrainCollectionandStorageCo.,Ltd. | 114,821,275.40 | 93,477,338.38 |
| Accountspayable | Chinese-ForeignVentureDragonandLionCapCo.,Ltd.ZhuhaiS.E.Z | 105,222,807.17 | 32,135,809.02 |
| Accountspayable | KweichowMoutaiDistillery(Group)HongyingziAgricultureScienceandTechnologyDevelopmentCo.,Ltd. | 57,370,465.00 | 36,158,486.00 |
| Accountspayable | KweichowMoutaiDistillery(Group)LogisticsCo.,Ltd. | 48,845,300.00 | 12,461,943.12 |
| Accountspayable | KweichowMoutaiDistillery(Group)HealthCareLiquorCo.,Ltd. | 46,356,934.31 | 38,537,957.75 |
| Accountspayable | KweichowMoutaiDistillery(Group)GuidingJingqiGlassProductsCo.,Ltd. | 36,104,470.78 | |
| Accountspayable | KweichowMoutaiHospital | 19,770,000.00 | 22,000,000.00 |
| Accountspayable | KweichowMoutaiDistillery(Group)HotelManagementCo.,Ltd | 15,263,363.55 | 12,600,759.42 |
| Accountspayable | GuizhouXinhuaxiGlassCo.,Ltd. | 7,969,559.68 | 249,928.56 |
| Accountspayable | ChinaKweichowMoutaiDistillery(Group)CulturalTourismCo.,Ltd. | 5,254,007.09 | 970,000.00 |
| Accountspayable | GuizhouFumingPackagingCo.Ltd | 1,820,068.83 | |
| Accountspayable | XunfengTechnology(Guizhou)Co.,Ltd. | 1,762,653.20 | 16,891,424.43 |
| Accountspayable | GuizhouMoutaiBrewery(Group)CircularEconomyIndustrialInvestmentDevelopmentCo.,Ltd. | 1,015,100.00 | |
| Accountspayable | HuaguiLifeInsuranceCo.,Ltd. | 702,700.00 | |
| Accountspayable | KweichowMoutai(Group)InternationalTravelAgencyCo.,Ltd. | 162,000.00 | 162,000.00 |
| Accountspayable | KweichowMoutaiDistilleryGroupChangliWineryCo.,Ltd. | 80,661.48 | |
| Otherpayables | ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | 1,366,254,359.70 | 1,039,244,283.75 |
| Otherpayables | KweichowMoutaiDistillery(Group)LogisticsCo.,Ltd. | 43,482,049.62 | 68,320,120.45 |
| Otherpayables | ChinaKweichowMoutaiDistillery(Group)CulturalTourismCo.,Ltd. | 17,596,619.66 | 11,202,943.84 |
| Otherpayables | KweichowMoutai(Group)InternationalTravelAgencyCo.,Ltd. | 10,692,225.50 | 79,997.00 |
| Otherpayables | KweichowMoutaiLogisticsParkGrainCollectionandStorageCo.,Ltd. | 4,761,782.19 | 1,586,000.00 |
/
Items
| Items | Relatedparties | Closingbalance | December31,2023 |
| Otherpayables | KweichowMoutaiDistillery(Group)HongyingziAgricultureScienceandTechnologyDevelopmentCo.,Ltd. | 3,501,887.50 | 3,090,812.50 |
| Otherpayables | GuizhouRenhuaiShenrenPackagingandPrintingCo.,Ltd. | 3,015,643.50 | 1,015,643.50 |
| Otherpayables | Chinese-ForeignVentureDragonandLionCapCo.,Ltd.ZhuhaiS.E.Z | 3,000,000.00 | 1,000,000.00 |
| Otherpayables | HuaguiLifeInsuranceCo.,Ltd. | 2,541,000.00 | |
| Otherpayables | KweichowMoutaiDistillery(Group)HealthCareLiquorCo.,Ltd. | 2,441,695.06 | 1,892,512.00 |
| Otherpayables | GuizhouMoutaiBrewery(Group)CircularEconomyIndustrialInvestmentDevelopmentCo.,Ltd. | 2,272,000.00 | 14,356,100.00 |
| Otherpayables | KweichowMoutaiDistillery(Group)GuidingJingqiGlassProductsCo.,Ltd. | 2,000,000.00 | 1,000,000.00 |
| Otherpayables | KweichowMoutaiDistillery(Group)TechnologyDevelopmentCo.,Ltd. | 1,514,290.43 | 587,875.33 |
| Otherpayables | GuizhouXinhuaxiGlassCo.,Ltd. | 1,500,000.00 | 1,000,000.00 |
| Otherpayables | GuizhouFumingPackagingCo.Ltd | 1,500,000.00 | 1,000,000.00 |
| Otherpayables | XunfengTechnology(Guizhou)Co.,Ltd. | 1,294,775.00 | 1,094,170.00 |
| Otherpayables | KweichowMoutaiDistillery(Group)HotelManagementCo.,Ltd | 748,955.93 | 4,971,354.70 |
| Otherpayables | BeijingMoutaiTradingCo.LTD | 500,000.00 | |
| Otherpayables | KweichowMoutaiGroupMarketingCo.,Ltd. | 260,000.00 | 260,000.00 |
| Otherpayables | KweichowMoutaiHospital | 245,500.32 | 266,719.36 |
| Otherpayables | KweichowMoutaiDistillery(Group)SanyaInvestmentIndustrialCo.,Ltd. | 223,369.81 | 200,000.00 |
| Otherpayables | ShanghaiKweichowMoutaiIndustrialCo.,Ltd. | 194,000.00 | 50,000.00 |
| Otherpayables | ChangLiMoutaiWineTradeCo.,Ltd. | 18,165.14 | |
| Otherpayables | GuizhouMoutaiDistillery(Group)GuiyangHigh-techRealEstateInvestmentDevelopmentCo.,Ltd. | 9,692.93 | 8,500.00 |
| Otherpayables | MoutaiCollege | 2,189,800.00 | |
| Otherpayables | BeijingMoutaiTradeCo.,Ltd. | 500,000.00 | |
| Contractliabilities | ChinaKweichowMoutaiDistillery(Group)CulturalTourismCo.,Ltd. | 55,580,026.55 | 674,318.87 |
| Contractliabilities | KweichowMoutaiGroupMarketingCo.,Ltd. | 10,247,940.71 | 319,645,832.74 |
| Contractliabilities | BeijingMoutaiTradeCo.,Ltd. | 1,003,730.97 | |
| Contractliabilities | KweichowMoutaiDistillery(Group)LogisticsCo.,Ltd. | 5,306.19 | 5,306.19 |
| Contractliabilities | MAOTAIAIRPORT | 3,389,904.00 | |
| Contractliabilities | KweichowMoutaiDistillery(Group)SanyaInvestment | 263,546.34 |
/
Items
| Items | Relatedparties | Closingbalance | December31,2023 |
| IndustrialCo.,Ltd. | |||
| Leaseliabilities(includingthepartmaturingwithinoneyear) | ChinaKweichowMoutaiDistillery(Group)Co.,Ltd. | 153,195,047.25 | 165,504,814.99 |
| Leaseliabilities(includingthepartmaturingwithinoneyear) | KweichowMoutaiDistillery(Group)LogisticsCo.,Ltd. | 140,617,174.55 | |
| Leaseliabilities(includingthepartmaturingwithinoneyear) | GuizhouMoutaiDistillery(Group)GuiyangHigh-techRealEstateInvestmentDevelopmentCo.,Ltd. | 11,074,311.54 | 4,652,262.12 |
| Leaseliabilities(includingthepartmaturingwithinoneyear) | GuizhouShuanglongFeitianSupplyChainManagementCo.,Ltd. | 6,149,007.28 | |
| Leaseliabilities(includingthepartmaturingwithinoneyear) | KweichowMoutaiDistillery(Group)SanyaInvestmentIndustrialCo.,Ltd. | 4,202,767.17 |
(3)Others
□Applicable√N/A
6.Related-partycommitments
√Applicable□N/AFordetails,seeXV.CommitmentsandContingencies1.ImportantCommitments.
7.Others
□Applicable√N/AXV.Commitmentsandcontingencies
1.Importantcommitments
√Applicable□N/AImportantexternalcommitments,natureandamountexistingonthebalancesheetdateOnMay6,2023,thefourthmeetingofthecompany'sthirdboardofdirectorsreviewedandapprovedthe"Proposaloninvestmentandparticipationintheestablishmentofindustrialdevelopmentfunds".Inordertoimprovetherateofreturnoncapitalandcreatevalueforallshareholders,thecompanydecidedtoinvestandparticipateintheestablishmentoftwoindustrialdevelopmentfunds.TheyarerespectivelyMoutaiZhaohua(Guizhou)IndustrialDevelopmentFundPartnership(LimitedPartnership)(hereinafterreferredtoasMoutaiZhaohuaFund)andMoutaiGoldenStone(Guizhou)IndustrialDevelopmentFundPartnership(Limitedpartnership)(hereinafterreferredtoasMoutaiGoldenStoneFund).ThecompanyparticipatesintheestablishmentofMoutaiZhaohuaFundandMoutaiGoldenStoneFundwithitsownfunds,andthesubscribedcontributionis5billionyuaneach.Accordingtothefundestablishmentagreement,MoutaiZhaohuaFundandMoutaiGoldenStoneFundadoptthesubscribedcapitalsystem,andtheinvestmentperiodisfiveyears.Duringtheinvestmentperiod,thecompanywillfulfillitscontributionobligationsinthreephases.In2023,thecompanyhascompletedthefirstpaymentofRMB2billionforMoutaiZhaohuaFundandMoutaiGoldenStoneFundrespectivelyaccordingtotheinvestmentschedule.
Asofthebalancesheetdate,theoutstandingbalanceofsubscribedcontributionsofthecompanytotheMoutaiZhaohuaFundandtheMoutaiGoldenStoneFundarebothRMB3billion.
2.Contingentmatters
(1)Importantcontingenciesexistingonthebalancesheetdate
□Applicable√N/A
(2)TheCompanyshouldalsoexplaintheimportantcontingentmattersthatarenotrequiredtobedisclosed:
□Applicable√N/A
(3)Others
□Applicable√N/AXIV.Postbalancesheetevents
1.Significantnon-adjustmentmatters
□Applicable√N/A
2.Profitdistribution
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Profitordividendtobedistributed
| Profitordividendtobedistributed | 34,671,299,522.40 |
3.Salesreturn
□Applicable√N/A
4.Notestootherpostbalancesheetevents
□Applicable√N/AXVII.OtherImportantMatters
1.Otherimportanttransactionsandeventsthathaveanimpactonthedecisionofinvestors
√Applicable□N/ARepurchaseofsharesofthecompanyTheCompanyheldthefirstextraordinaryGeneralMeetingofshareholdersin2024onNovember27,2024,deliberatedandapprovedthePlanontheRepurchaseoftheCompany'sSharesbyCentralizedBidding,anddisclosedtheRepurchaseReportontheRepurchaseoftheCompany'sSharesbyCentralizedBiddingonDecember28,2024.TheCompanywilluseitsownfundstorepurchasesharesthroughcentralizedbiddingforcancellationandreductionofregisteredcapital.Therepurchasepriceshallnotexceed1,771.90yuan/share(inclusive),andtherepurchaseamountshallnotbelessthan3billionyuan(inclusive)andnotmorethan6billionyuan(inclusive).The
implementationperiodshallbe12monthsfromthedatewhenthegeneralmeetingofshareholdersoftheCompanydeliberatesandadoptstherepurchaseplan.Asoftheapprovaldateofthisfinancialreport,theCompanyhasrepurchased1,082,700sharesintotal,accountingfor0.086%ofthetotalsharecapitaloftheCompany.Thehighestpurchasepriceis1,584.06yuan/share,thelowestpurchasepriceis1,417.01yuan/share,andthetotalamountpaidis1,598,768,542.16yuan(excludingtransactioncosts).
2.Others
□Applicable√N/AXVIII.NotestothemainitemsoftheparentCompany'sfinancialstatements
1.Accountsreceivable
(1)Disclosurebyaging
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Aging
| Aging | Bookbalanceasattheendoftheperiod | Bookbalanceatthebeginningoftheperiod |
| Within1year | 11,800,123,743.35 | 17,178,545,925.65 |
| Sub-totalwithin1year | 11,800,123,743.35 | 17,178,545,925.65 |
| Total | 11,800,123,743.35 | 17,178,545,925.65 |
(2)Disclosurebycategorybasedonthemethodforprovisionforbaddebts
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Type | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod | ||||||||
| Bookbalance | Provisionforbaddebts | Bookvalue | Bookbalance | Provisionforbaddebts | Bookvalue | |||||
| Amount | Ratio(%) | Amount | Proportionofprovision(%) | Amount | Ratio(%) | Amount | Proportionofprovision(%) | |||
| Provisionforbaddebtsaccruedonanindividualbasis | ||||||||||
| Baddebtprovisionassessedbyportfolio | 11,800,123,743.35 | 100 | 11,800,123,743.35 | 17,178,545,925.65 | 100 | 17,178,545,925.65 | ||||
| Including: | ||||||||||
| Portfolioofrelatedpartieswithinthescopeofconsolidation | 11,800,123,743.35 | 100 | 11,800,123,743.35 | 17,178,545,925.65 | 100 | 17,178,545,925.65 | ||||
| Total | 11,800,123,743.35 | / | / | 11,800,123,743.35 | 17,178,545,925.65 | / | / | 17,178,545,925.65 | ||
Provisionforbaddebtsonasinglebasis:
□Applicable√N/ABaddebtprovisionassessedbyportfolio:
√Applicable□N/ACombinationofwithdrawalitems:combinationofrelatedpartieswithinthescopeofmerger.
MonetaryUnit:YuanCurrency:RMB
/
Nameofcompany
| Nameofcompany | Balanceattheendoftheperiod | ||
| Accountsreceivable | Provisionforbaddebts | Proportionofprovision(%) | |
| Combinationofrelatedpartieswithinthescopeofmerger | 11,800,123,743.35 | ||
| Total | 11,800,123,743.35 | ||
Explanationonprovisionforbaddebtsbycombination:
□Applicable√N/A
(3)Top5accountsreceivablebasedondebtorsandcorrespondingcontractassets
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Entityname | Endingbalanceofaccountsreceivable | EndingBalanceofcontractassets | Endingbalancesofaccountsreceivableandcontractassets | ProportioninthetotalofbalancesofAccountsreceivableandcontractassetsattheendoftheperiod(%) | Endingbalanceofprovisionforbaddebts |
| KweichowMoutaiSalesCo.,Ltd. | 8,862,819,962.22 | 8,862,819,962.22 | 75.11 | ||
| GuizhouMoutaiChiewImportandExportCo.,Ltd. | 1,691,150,016.48 | 1,691,150,016.48 | 14.33 | ||
| KweichowMoutai-FlavorLiquorMarketingCo.,Ltd. | 1,246,153,764.65 | 1,246,153,764.65 | 10.56 | ||
| Total | 11,800,123,743.35 | 11,800,123,743.35 | 100.00 |
2.OtherreceivablesPresentationofitems
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod |
| Otherreceivables | 14,610,394.65 | 15,880,057.16 |
| Total | 14,610,394.65 | 15,880,057.16 |
Otherreceivables
(1)Disclosurebyaging
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Aging
| Aging | Bookbalanceattheendoftheperiod | Bookbalanceatthebeginningoftheperiod |
| Within1year | 14,083,444.65 | 15,507,393.04 |
| Sub-totalwithin1year | 14,083,444.65 | 15,507,393.04 |
| 1-2years | 697,195.00 | |
| 2-3years | 492,822.00 | |
| 3-4years | ||
| 4-5years | 7,313.00 | |
| Over5years | 37,951.22 | |
| Total | 14,780,639.65 | 16,045,479.26 |
(2)Classificationbynatureofpayment
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Natureofpayment | Bookbalanceasattheendoftheperiod | Bookbalanceatthebeginningoftheperiod |
| Pettycash | 4,177,473.75 | 3,647,152.00 |
| Currentpayment | 10,603,165.90 | 12,398,327.26 |
| Total | 14,780,639.65 | 16,045,479.26 |
(3)Detailsformakingprovisionforbaddebts
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Provisionforbaddebts | StageI | StageII | StageIII | Total |
| 12-monthexpectedcreditloss | Lifetimeexpectedcreditloss(withoutcreditimpairment) | Lifetimeexpectedcreditloss(withcreditimpairment) | ||
| BalanceasatJanuary1,2024 | 8,017.08 | 157,405.02 | 165,422.10 | |
| BalanceasatJanuary1,2024inthecurrentperiod | ||||
| -TransfertoStageII | ||||
| -TransfertoStageIII | -37,951.22 | 37,951.22 | ||
| -ReversalfromStageII | ||||
| -ReversalfromStageI | ||||
| Provisioninthecurrentperiod | 56,224.30 | 520,899.49 | 577,123.79 | |
| Reversalinthecurrentperiod | 8,017.08 | 5,433.10 | 13,450.18 | |
| Charge-offinthecurrentperiod | ||||
| Write-offinthecurrentperiod | 558,850.71 | 558,850.71 | ||
| Otherchanges | ||||
| BalanceasatDecember31,2024 | 170,245.00 | 170,245.00 |
Explanationofsignificantchangesinbookbalanceofotherreceivableswithchangesinlossprovisionsinthecurrentperiod:
□Applicable√N/ANotestotheobviouschangesinthebookbalanceofotherreceivableswithchangesinprovisionforlossesinthecurrentperiod:
□Applicable√N/A
(4)Provisionforbaddebts
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
/
Type
| Type | BalanceatThebeginningoftheperiod | Changeinthisperiod | Balanceattheendoftheperiod | |||
| Provision | Recoveryorreversal | Write-offorcharge-off | Otherchanges | |||
| Baddebtprovisionassessedbyportfolio | 165,422.10 | 577,123.79 | 13,450.18 | 558,850.71 | 170,245.00 | |
| Total | 165,422.10 | 577,123.79 | 13,450.18 | 558,850.71 | 170,245.00 | |
Reversalorrecoveryofsignificantamountofprovisionforbaddebtsinthecurrentperiod:
□Applicable√N/A
(5)Otherreceivableswriteoffinthecurrentperiod
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Items | Amountwrittenoff |
| Otherreceivablesactuallywrittenoff | 558,850.71 |
Amongthem,otherimportantreceivablesarewrittenoff:
□Applicable√N/ADescriptionofwrite-offofotherreceivables:
□Applicable√N/A
(6)Top5ofotherreceivablespresentedbydebtor
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Entityname | Balanceattheendoftheperiod | Proportioninthetotalendingbalanceofotherreceivables(%) | Natureofpayment | Aging | ProvisionforbaddebtsBalanceattheendoftheperiod |
| ChinaRailway22ndBureauGroupCo.,Ltd. | 2,285,990.16 | 15.47 | Currentpayment | Within1year |
/
LuoMeng
| LuoMeng | 680,314.90 | 4.60 | Pettycash | Within1year |
| JiaoYuanquan | 526,793.99 | 3.56 | Pettycash | Within1year |
| WuLanlan | 499,620.00 | 3.38 | Pettycash | 1-2years |
| ZhongFangyuan | 292,901.00 | 1.98 | Pettycash | Within1year |
| Total | 4,285,620.05 | 28.99 | / | / |
A.ReceivablesofChinaRailway22ndBureauGroupCo.,Ltd.refertothewaterandelectricitychargesatXinzhaiandDadiproductionareaspaidbyHeyixingLiquorBranchofKweichowMoutaiCo.,Ltd.ontheCompany'sbehalf.B.LuoMengisanemployeeoftheCompany,andtheloansareforlitigationandmarketrightsprotection.C.JiaoYuanquanisanemployeeoftheCompany,andtheloansareforlitigationandmarketrightsprotection.D.WuLanlanisanemployeeoftheCompany,andthemoneyisborrowedforapplyingforlicenseforthevehicleoftheCompany.E.ZhongFangyuanisanemployeeofthecompany,andthemoneyisforlitigationandmarketrightsprotectionloans.
(7)Itemspresentedasotherreceivablesonaccountofthecollectivefundsmanagement
□Applicable√N/A
3.Long-termequityinvestments
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Balanceattheendoftheperiod | Balanceatthebeginningoftheperiod | ||||
| Bookbalance | ProvisionForimpairment | Bookvalue | Bookbalance | ProvisionForimpairment | Bookvalue | |
| Investmenttosubsidiaries | 1,610,535,587.55 | 1,610,535,587.55 | 1,610,535,587.55 | 1,610,535,587.55 | ||
| Total | 1,610,535,587.55 | 1,610,535,587.55 | 1,610,535,587.55 | 1,610,535,587.55 | ||
(1)Investmentsinsubsidiaries
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Investee | Balanceatthebeginningoftheperiod | IncreaseIncurrentperiod | Decreaseincurrentperiod | Balanceattheendoftheperiod | ImpairmentProvisionaccruedatthecurrentperiod | Balanceofimpairmentprovisionattheendofperiod |
| GuizhouMoutaiChiewImportandExportCo.,Ltd. | 5,600,000.00 | 5,600,000.00 | ||||
| KweichowMoutaiSalesCo.,Ltd. | 9,500,000.00 | 9,500,000.00 | ||||
| KweichowMoutaiGroupFinanceCo.,Ltd. | 1,275,000,000.00 | 1,275,000,000.00 |
/
KweichowMoutai-FlavorLiquorMarketingCo.,Ltd.
| KweichowMoutai-FlavorLiquorMarketingCo.,Ltd. | 200,000,000.00 | 200,000,000.00 | |
| BeijingFriendshipMessengerTradingCo.,Ltd. | 22,507,157.75 | 22,507,157.75 | |
| KweichowMoutaiParisTradingCo.,Ltd. | 80,728,429.80 | 80,728,429.80 | |
| GuizhouLaymauLiquorIndustryCo.,Ltd. | 17,200,000.00 | 17,200,000.00 | |
| Total | 1,610,535,587.55 | 1,610,535,587.55 |
4.Operatingrevenueandoperatingcosts
(1)Operatingrevenueandoperatingcosts
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Amountinthecurrentperiod | Amountinthepriorperiod | ||
| Income | Cost | Income | Cost | |
| Primarybusiness | 94,221,119,876.28 | 14,103,100,502.84 | 80,921,734,260.74 | 11,826,851,903.19 |
| Otherbusiness | 305,616,960.13 | 195,335,742.88 | 493,836,527.85 | 245,307,010.86 |
| Total | 94,526,736,836.41 | 14,298,436,245.72 | 81,415,570,788.59 | 12,072,158,914.05 |
Remark:Otherbusinessrevenueandcostsaremainlytherevenueandcostsofhotelbusinessandicecreambusiness.
(2)Breakdownofoperatingrevenueandoperatingcosts
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Contractclassification | Total | |
| Operatingrevenue | Operatingcosts | |
| Byproduct: | ||
| Moutai | 82,501,807,934.18 | 8,958,539,425.79 |
| Seriesliquor | 11,719,311,942.10 | 5,144,561,077.05 |
| Otherbusiness | 305,616,960.13 | 195,335,742.88 |
| Byregionalsegment: | ||
| Domestic | 89,342,020,526.06 | 13,895,165,969.29 |
| Overseas | 5,184,716,310.35 | 403,270,276.43 |
| Classificationbymarketingchannel | ||
| Wholesaleagency | 94,434,006,866.02 | 14,201,386,296.14 |
| Directselling | 92,729,970.39 | 97,049,949.58 |
/
Total
| Total | 94,526,736,836.41 | 14,298,436,245.72 |
(3)Descriptionofperformanceobligation
√Applicable□N/ATherevenueisconfirmedwhenthecustomeracquiresthecontrolofthegoodsagreedinthecontractandtheCompanyfulfillsthecontractperformanceobligation.
(4)Descriptionofallocationtoremainingperformanceobligations
√Applicable□N/AAttheendofthereportingperiod,therevenuecorrespondingtotheperformanceobligationsundersignedcontractsthathavenotfulfilledornotcompletedyetamountedtoRMB2,594,416.19,inwhichRMB2,594,416.19willbeexpectedtoberecognizedin2025asrevenue.
5.Investmentincome
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Amountinthecurrentperiod | Amountinthepriorperiod |
| Incomefromlong-termequityinvestmentsunderthecostmethod | 42,023,527,068.33 | 35,237,204,827.62 |
| Investmentincomefromdisposaloflong-termequityinvestments | 123,031,169.16 | |
| Interestincomefromcertificatesofdepositsduringtheholdingperiod | 4,078,666.67 | |
| Total | 42,023,527,068.33 | 35,364,314,663.45 |
IX.Supplementaryinformation
1.Detailsofcurrentnon-recurringprofitandloss
√Applicable□N/A
MonetaryUnit:YuanCurrency:RMB
| Item | Amount | Description |
| Profitorlossofdisposalofnon-currentassets(includingtheoffsetamountwhereprovisionforassetimpairmenthasbeenmade) | -6,898,481.82 | |
| Governmentgrantsincludedinthecurrentprofitorloss(exceptforgovernmentgrantscloselyrelatedwiththenormalbusinessoftheCompany,obtainedbasedontheestablishedstandardinaccordancewithnationalpoliciesandprovisionsandhavingthecontinuousinfluenceontheprofitsorlossesoftheCompany) | 4,539,419.20 | |
| Theprofitorlossfromchangesinthefairvalueoffinancialassetsandfinancialliabilitiesheldbynon-financialenterprisesandtheprofitorlossfromthedisposaloffinancialassetsandfinancialliabilities,excepttheeffectivehedgingrelevanttotheCompany’snormalbusiness | 26,539,092.99 | |
| Othernon-operatingrevenuesandexpensesexceptfortheabove-mentioneditems | -42,713,924.90 | |
| Otheritemsofprofitorlosssubjecttothedefinitionofnon-recurringprofitorloss | 2,395,600.72 | |
| Less:Influencedamountofincometax | -4,034,573.45 |
/
Adjustmentofnon-controllingequity(aftertax)
| Adjustmentofnon-controllingequity(aftertax) | 655,835.44 |
| Total | -12,759,555.80 |
WheretheCompanyrecognizestheitemsnotlistedintheExplanatoryNoticeonInformationDisclosureofCompaniesthatIssueSecuritiesPubliclyNo.1-Non-recurringProfitorLossasthenon-recurringprofitorlossitemswiththesignificantamount,ordefinesthenon-recurringprofitandlossitemslistedinExplanatoryNoticeonInformationDisclosureofCompaniesthatIssueSecuritiesPubliclyNo.1-Non-recurringProfitorLossasrecurringprofitorlossitems,reasonsshallbegiven.
□Applicable√N/A
2.Returnonnetassetsandearningspershare
√Applicable□N/A
| Profitinthereportingperiod | WeightedAveragereturnonnetassets(%) | Earningspershare | |
| Basicearningspershare | Dilutedearningspershare | ||
| Netprofitattributabletoordinaryshareholdersofthecompany | 36.02 | 68.64 | 68.64 |
| Netprofitattributabletoordinaryshareholdersofthecompanyafterdeductingnon-recurringprofitandloss | 36.03 | 68.65 | 68.65 |
3.Differencesofaccountingdataunderdomesticandforeignaccountingstandards
□Applicable√N/A
Chairman:ZhangDeqinDateofapprovalandsubmissionbytheBoard:April1,2025Revisioninformation
□Applicable√N/A