Core Viewpoint - Luzhou Laojiao reported a decline in both revenue and net profit for the third quarter of 2025, indicating challenges in sales and increased operating expenses [1] Financial Performance - In the third quarter, the company achieved operating revenue of 6.674 billion yuan, a year-on-year decrease of 9.80% [1] - The net profit attributable to shareholders was 3.099 billion yuan, down 13.07% year-on-year [1] - For the first three quarters, the total operating revenue was 23.127 billion yuan, reflecting a decline of 4.84% compared to the previous year [1] - The net profit for the first three quarters was 10.762 billion yuan, which is a decrease of 7.17% year-on-year [1] Reasons for Performance - The decline in performance is primarily attributed to reduced sales and increased non-operating expenses during the period [1]

证券代码：000568 证券简称：泸州老窖 公告编号：2025-43 泸州老窖股份有限公司 第十一届董事会十六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 泸州老窖股份有限公司（以下简称"公司"）第十一届董事会十六 次会议于2025年10月30日以通讯表决的方式召开。召开本次会议的通 知已于2025年10月24日以邮件方式发出，截止会议表决时间2025年10 月30日，共收回10名董事的有效表决票10张。本次董事会会议的召开 符合有关法律、行政法规、部门规章、规范性文件和公司《章程》的 规定。 二、董事会会议审议情况 三、备查文件 1.经与会董事签字并加盖董事会印章的董事会决议； 2.深交所要求的其他文件。 泸州老窖股份有限公司 董事会 表决结果：10 票同意，0 票反对，0 票弃权。 具体内容参见同日发布的《2025 年第三季度报告》。 2.审议通过了《关于向关联方提供劳务的议案》。 表决结果：8 票同意，0 票反对，0 票弃权。关联董事刘淼先生、 熊波先生回避表决。 为提升公司消防资源使用效率，保障生产区域周边消防 ...

Core Insights - Luzhou Laojiao reported a third-quarter revenue of 6.674 billion, a year-on-year decrease of 9.80% [1] - The net profit for the third quarter was 3.099 billion, down 13.07% year-on-year [1] - For the first three quarters, the total revenue reached 23.127 billion, reflecting a year-on-year decline of 4.84% [1] - The net profit for the first three quarters was 10.762 billion, which is a decrease of 7.17% compared to the previous year [1]

Core Viewpoint - The liquor industry is experiencing a recovery in demand, with market expectations for performance and pricing becoming more optimistic, leading to a potential valuation recovery as supply-demand dynamics improve [1] Industry Summary - The Shanghai Composite Index rose by 0.06% to 4018.86 points on October 30, with the liquor sector closing at 2260.38 points, up 0.39% [1] - Guizhou Moutai's stock price closed at 1429.61 CNY per share, down 0.16%; Wuliangye closed at 118.95 CNY, up 0.10%; Shanxi Fenjiu closed at 190.21 CNY, up 1.95%; Luzhou Laojiao closed at 131.06 CNY, up 0.92%; and Yanghe Brewery closed at 71.16 CNY, up 2.55% [1] - Guizhou Moutai and Wuliangye showed slight declines, while Shanxi Fenjiu, Luzhou Laojiao, and Yanghe Brewery experienced notable gains [1] Company Summary - Guizhou Moutai's stock performance indicates a slight decline, reflecting market adjustments [1] - Wuliangye's minor increase suggests stable demand amidst market fluctuations [1] - The overall performance of liquor companies indicates a mixed response to market conditions, with some companies showing resilience and growth [1]

Core Insights - Luzhou Laojiao reported a revenue of 23.13 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 4.84% [1] - The net profit attributable to shareholders was 10.76 billion yuan, down 7.17% compared to the same period last year [1] - In Q3 alone, the company achieved a revenue of 6.67 billion yuan, which is a 9.80% decrease year-on-year, and a net profit of 3.10 billion yuan, reflecting a 13.07% decline [1] Financial Performance - Revenue for the reporting period was 6,673,726,997.48 yuan, showing a decrease of 3.80% year-on-year [1] - The net profit attributable to shareholders for the reporting period was 3,099,486,836.34 yuan, down 13.07% year-on-year [1] - The basic and diluted earnings per share were both 2.10 yuan, a decline of 13.58% compared to the previous year [1] Cash Flow and Equity - The net cash flow from operating activities for the year-to-date was 9,822,590,732.99 yuan, an increase of 21.20% [1] - Total assets at the end of the reporting period were 65,496,029,532.83 yuan, a decrease of 4.15% from the previous year-end [1] - The equity attributable to shareholders at the end of the reporting period was 49,679,770,305.29 yuan, an increase of 4.84% compared to the previous year-end [1]

Core Viewpoint - Luzhou Laojiao reported a decline in both revenue and net profit for the third quarter of 2025, indicating challenges in sales and increased operating expenses [1] Financial Performance - In Q3 2025, the company achieved a revenue of 6.674 billion yuan, a year-on-year decrease of 9.80% [1] - The net profit attributable to shareholders for Q3 2025 was 3.099 billion yuan, down 13.07% year-on-year [1] - For the first three quarters of 2025, the total revenue was 23.127 billion yuan, reflecting a decline of 4.84% compared to the previous year [1] - The net profit attributable to shareholders for the first three quarters was 10.762 billion yuan, which is a decrease of 7.17% year-on-year [1] Reasons for Performance - The decline in performance is primarily attributed to reduced sales and increased non-operating expenses [1]

格隆汇10月30日｜泸州老窖(000568.SZ)发布2025年第三季度报告，第三季度实现营业收入66.74亿元， 同比下降9.80%；归属于上市公司股东的净利润30.99亿元，同比下降13.07%。前三季度实现营业收入 231.27亿元，同比下降4.84%；归属于上市公司股东的净利润107.62亿元，同比下降7.17%。业绩下滑主 要由于本期销售减少及营业外支出增加所致。 ...

Financial Performance - Q3 2025 revenue was CNY 6,673,726,997.48, a decrease of 9.80% year-over-year[5] - Net profit attributable to shareholders was CNY 3,099,486,836.34, down 13.07% compared to the same period last year[5] - Basic earnings per share decreased by 13.58% to CNY 2.10[5] - Total operating revenue for the period was CNY 23,127,459,902.13, a decrease of 4.83% from CNY 24,303,555,187.30 in the previous period[19] - The company's net profit attributable to shareholders increased to CNY 41,344,582,305.41, compared to CNY 39,340,298,309.42 in the previous period, indicating a growth of 5.1%[18] - The net profit for the current period is approximately ¥10.79 billion, a decrease of 7% compared to ¥11.61 billion in the previous period[20] - The total comprehensive income attributable to the parent company is approximately ¥10.80 billion, down from ¥11.58 billion, reflecting a decline of about 6.7%[21] - The company reported a total profit of approximately ¥14.59 billion, down from ¥15.68 billion, reflecting a decrease of about 6.9%[20] Assets and Liabilities - Total assets at the end of the reporting period were CNY 65,496,029,532.83, a decline of 4.15% from the previous year[5] - The company’s total assets decreased to CNY 65,496,029,532.83 from CNY 68,334,595,564.58, a reduction of 4.06%[18] - Non-current liabilities decreased significantly from CNY 6,549,476,960.84 to CNY 2,468,661,496.83, a drop of 62.3%[17] - The company’s total liabilities decreased to CNY 15,671,024,043.27 from CNY 20,826,588,928.87, a decrease of 24.5%[17] Cash Flow - Cash flow from operating activities decreased by 21.20% to CNY 9,822,590,732.99[5] - Cash flow from operating activities generated a net amount of approximately ¥9.82 billion, a decrease of 21% from ¥12.46 billion in the previous period[21] - The net cash flow from investing activities increased by CNY 848,581,109.87 compared to the previous year[10] - The net cash flow from investing activities is approximately -¥90.61 million, an improvement from -¥939.20 million in the previous period[22] - The net cash flow from financing activities is approximately -¥11.69 billion, compared to -¥7.27 billion in the previous period, indicating a worsening of cash outflow[22] - The total cash and cash equivalents at the end of the period stand at approximately ¥31.40 billion, an increase from ¥30.15 billion in the previous period[22] Shareholder Information - The total number of common shareholders at the end of the reporting period is 161,212[12] - Luzhou Laojiao Group holds 26.05% of shares, totaling 383,433,639 shares[12] - Luzhou City Xinglu Investment Group holds 24.86% of shares, totaling 365,971,142 shares[12] - As of the end of the reporting period, Luzhou Laojiao Group and its subsidiary hold a combined total of 384,573,839 shares, representing 26.13% of the total share capital[13] - The top ten shareholders include various entities, with the largest being state-owned companies[12] - There are no changes in the participation of the top ten shareholders in margin trading activities[13] - The company has not disclosed any related party transactions among the remaining shareholders[13] Operational Highlights - The company reported a 58.11% decrease in trading financial assets, amounting to CNY 984,561,704.91[8] - The balance of other current assets decreased by 85.80%, totaling CNY 206,848,338.13[8] - Investment income increased by 35.19%, primarily due to higher profits from the invested unit Huaxi Securities[10] - Other income rose by 41.75% to CNY 11,484,687.14, attributed to increased government subsidies[10] - Total operating costs amounted to CNY 8,624,016,188.94, down from CNY 8,716,343,501.20, reflecting a cost reduction strategy[19] - Cash and cash equivalents decreased to CNY 31,744,503,028.23 from CNY 33,578,396,831.33, a decline of 5.46%[16] - Inventory levels rose to CNY 13,747,352,903.12, up from CNY 13,392,794,475.96, indicating a 2.65% increase[16] - Research and development expenses were CNY 127,236,495.49, slightly down from CNY 142,651,488.12, indicating a focus on cost management[19] Project Developments - The company is investing approximately 478.25 million RMB in the intelligent brewing technology renovation project (Phase I)[15] - The first phase of the intelligent brewing technology renovation project is currently under construction[15]

Core Insights - The liquor sector experienced a slight decline of 0.09% on October 30, with Huangtai Liquor leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Liquor Sector Performance - Notable gainers in the liquor sector included: - Macau Sina: Closed at 40.08, up 2.59% with a trading volume of 137,600 shares and a transaction value of 556 million [1] - ST Yanshi: Closed at 5.67, up 2.35% with a trading volume of 51,300 shares and a transaction value of 29.27 million [1] - Yanghe Distillery: Closed at 70.82, up 2.06% with a trading volume of 81,100 shares and a transaction value of 574 million [1] - Other companies like Kweichow Moutai and Wuliangye saw minor declines of 0.36% and 0.30% respectively [2] Capital Flow Analysis - The liquor sector saw a net outflow of 586 million from institutional investors, while retail investors contributed a net inflow of 65.5 million [2] - Major stocks with significant capital inflows included: - Yingjia Gongjiu: Net inflow of 52.03 million from institutional investors [3] - Luzhou Laojiao: Net inflow of 37.36 million from institutional investors [3] - Conversely, stocks like Yanghe Distillery and Kweichow Moutai experienced net outflows from both institutional and retail investors [3]

Market Overview - The Shanghai Composite Index rose by 0.70% on October 29, with 24 out of 28 sectors experiencing gains, led by the power equipment and non-ferrous metals sectors, which increased by 4.79% and 4.28% respectively [1] - The banking and food & beverage sectors were the biggest losers, declining by 1.98% and 0.56% respectively [1] Capital Flow Analysis - The net inflow of capital in the two markets was 5.406 billion yuan, with 12 sectors seeing net inflows [1] - The power equipment sector had the highest net inflow of 16.132 billion yuan, while the non-ferrous metals sector followed with a net inflow of 5.997 billion yuan [1] - Conversely, 19 sectors experienced net outflows, with the electronics sector leading at a net outflow of 6.540 billion yuan, followed by the communications sector with 4.736 billion yuan [1] Food & Beverage Sector Performance - The food & beverage sector declined by 0.56% with a net outflow of 1.952 billion yuan [2] - Out of 124 stocks in this sector, 37 rose while 82 fell [2] - The top three stocks with net inflows were汤臣倍健 (Tao Chen Bei Jian) with 21.505 million yuan, 贝因美 (Bei Yin Mei) with 18.4737 million yuan, and 三元股份 (San Yuan) with 12.2605 million yuan [2] Food & Beverage Sector Outflow Details - The top three stocks with the highest net outflows were 贵州茅台 (Kweichow Moutai) with -679.3826 million yuan, 五粮液 (Wuliangye) with -555.1196 million yuan, and 泸州老窖 (Luzhou Laojiao) with -87.9085 million yuan [4] - Other notable outflows included 伊利股份 (Yili) with -39.2080 million yuan and 洋河股份 (Yanghe) with -20.6408 million yuan [4]