人民财讯8月27日电，五粮液（000858）8月27日晚间发布半年报，2025年上半年，公司实现营业收入 527.71亿元，同比增长4.19%；归母净利润194.92亿元，同比增长2.28%；基本每股收益5.02元。 ...

五粮液公告，2025年上半年营业收入527.71亿元，同比增长4.19%。净利润194.92亿元，同比增长 2.28%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

Section I Important Notice, Table of Contents, and Definitions [I. Important Notice](index=2&type=section&id=%E4%B8%80%E3%80%81%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board of directors, senior management, and accounting officer guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no plans for cash dividends, bonus shares, or capital reserve conversions for this period - The company's board of directors, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[5](index=5&type=chunk) - Company head Zeng Congqin, chief accounting officer Zhang Xin, and head of accounting department Liu Min declare to guarantee the truthfulness, accuracy, and completeness of the financial report[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the detailed table of contents, covering key chapters such as important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports [List of Reference Documents](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section provides a list of reference documents for shareholders, including signed and sealed accounting statements, all publicly disclosed announcements, and the original semi-annual report - Reference documents include accounting statements bearing the signatures and seals of the legal representative, chief accounting officer, and head of the accounting department[9](index=9&type=chunk) - All company announcements publicly disclosed in China Securities Journal, Shanghai Securities News, and Securities Times during the reporting period are available for inspection[9](index=9&type=chunk) - The original copy of the company's '2025 Semi-Annual Report' is available for shareholders' inspection[9](index=9&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms and company-related entities used in the report to ensure clear understanding of its content - 'Company', 'the Company', and 'Wuliangye' all refer to Yibin Wuliangye Co., Ltd[10](index=10&type=chunk) - 'Wuliangye Group Company' refers to Sichuan Yibin Wuliangye Group Co., Ltd[10](index=10&type=chunk) - 'Yifa Group' refers to Yibin Development Holding Group Co., Ltd[10](index=10&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) The company's stock abbreviation is 'Wuliangye', stock code 000858, listed on the Shenzhen Stock Exchange, with Zeng Congqin as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Wuliangye | | Stock Code | 000858 | | Listing Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Yibin Wuliangye Co., Ltd. | | Legal Representative | Zeng Congqin | [II. Contact Persons and Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary is Zhang Xin, and Securities Affairs Representative is Huang Hui, both located at No. 150 Minjiang West Road, Cuiping District, Yibin City, Sichuan Province, with identical phone and fax numbers, and email 000858-wly@sohu.com Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhang Xin | No. 150 Minjiang West Road, Cuiping District, Yibin City, Sichuan Province | （0831）3567000 | （0831）3555958 | 000858-wly@sohu.com | | Securities Affairs Representative | Huang Hui | No. 150 Minjiang West Road, Cuiping District, Yibin City, Sichuan Province | （0831）3567000 | （0831）3555958 | 000858-wly@sohu.com | [III. Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's registered address, office address, website, email, or information disclosure and placement locations; specific details can be found in the 2024 annual report - The company's registered address, office address, postal code, website, and email remained unchanged during the reporting period[14](index=14&type=chunk) - Information disclosure and placement locations remained unchanged during the reporting period[15](index=15&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=6&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In the first half of 2025, the company's operating revenue increased by **4.19%** to **52.77 billion yuan**, and net profit attributable to shareholders increased by **2.28%** to **19.49 billion yuan**. Net cash flow from operating activities surged by **131.88%**, primarily due to a higher proportion of cash receipts Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 52,770,984,383.52 | 50,648,026,578.65 | 4.19% | | Net Profit Attributable to Shareholders of Listed Company | 19,491,942,398.53 | 19,056,829,528.87 | 2.28% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 19,479,643,890.31 | 18,938,813,683.76 | 2.86% | | Net Cash Flow from Operating Activities | 31,136,736,628.58 | 13,427,928,655.63 | 131.88% | | Basic Earnings Per Share (RMB/share) | 5.0216 | 4.9095 | 2.28% | | Diluted Earnings Per Share (RMB/share) | 5.0216 | 4.9095 | 2.28% | | Weighted Average Return on Net Assets | 13.63% | 13.70% | Decrease 0.07 percentage points | | Indicator | End of Current Period (RMB) | End of Prior Year (RMB) | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Total Assets | 193,415,382,562.71 | 188,252,218,704.17 | 2.74% | | Net Assets Attributable to Shareholders of Listed Company | 140,476,408,646.65 | 133,285,282,015.97 | 5.40% | - Net cash flow from operating activities significantly increased by **131.88%** year-on-year, primarily due to a higher proportion of cash receipts for goods in the current reporting period, compared to a higher proportion of bank acceptance bills in the prior period[17](index=17&type=chunk) [V. Differences in Accounting Data Under Domestic and International Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under international or overseas accounting standards and Chinese accounting standards - The company had no differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period[18](index=18&type=chunk) - The company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards during the reporting period[19](index=19&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to **12.30 million yuan**, primarily comprising gains/losses from disposal of non-current assets, government subsidies, capital occupation fees, and other non-operating income/expenses Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 8,713,622.96 | | Government Subsidies Recognized in Current Profit/Loss (Excluding Those with Continuous Impact) | 32,156,059.98 | | Capital Occupation Fees Received from Non-Financial Enterprises Recognized in Current Profit/Loss | 123,155.96 | | Other Non-Operating Income and Expenses Apart from the Above | -26,672,025.54 | | Less: Income Tax Impact | 3,089,726.65 | | Impact on Minority Interests (After Tax) | -1,067,421.51 | | Total | 12,298,508.22 | - The company has no other profit/loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring profit/loss items[21](index=21&type=chunk) Section III Management Discussion and Analysis [I. Main Business Activities During the Reporting Period](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company primarily engages in liquor production and sales, with core products being 'Wuliangye liquor' and its series of strong-aroma baijiu. During the reporting period, the company achieved its 'double half' target by deepening marketing strategies, optimizing product matrix, expanding brand influence, and improving channel layout, continuously strengthening the market foundation and brand influence of Wuliangye's strong-aroma products - The company primarily engages in liquor production and sales, classified under 'Beverage and Refined Tea Manufacturing' (C15)[23](index=23&type=chunk) - The main product, 'Wuliangye liquor', is a typical representative of China's strong-aroma baijiu, with a full range of Wuliangye strong-aroma products developed, including Wuliangchun and Wuliangchun[23](index=23&type=chunk) [1. Brand Operations](index=8&type=section&id=1%E3%80%81%E5%93%81%E7%89%8C%E8%BF%90%E8%90%A5%E6%83%85%E5%86%B5) In the first half, Wuliangye brand strengthened its market position and achieved 'double half' targets through product innovation, optimizing the '1+3' product structure, engaging in high-end marketing, and refining channel development. Wuliangye's strong-aroma products focused on sales, continuously solidifying market foundation, enhancing brand influence, and enriching consumer cultivation - The Wuliangye brand closely adhered to the overall positioning of 'Marketing Execution Improvement Year', deepening its marketing policy of 'boosting sales, stabilizing prices, improving cost-effectiveness, and transforming work style' to achieve the 'double half' target[24](index=24&type=chunk) - The Wuliangye product matrix continued to exert efforts, completing the launch of new drinking products such as Yifanfengshun and Zhujunjinbangtiming, and accelerating the release of 29-degree Wuliangye[24](index=24&type=chunk) - The Wuliangye brand deeply participated in high-end platforms such as the Boao Forum for Asia, Osaka Expo, and APEC CEO Summit, successfully holding IP events like the first Harmony Wedding Ceremony and the fourth Wuliangye Harmony Culture Festival[24](index=24&type=chunk) - Wuliangye's channel layout continued to improve, with **7,990** new purchasing terminals added, and both banquet numbers and bottle-opening scans maintaining double-digit year-on-year growth in the first half, serving over **2.83 million** consumers[25](index=25&type=chunk) - Wuliangye Strong-Aroma Company adhered to the strategic guidance of 'upholding integrity and innovation, expanding territory, and making more contributions', with daily average bottle-opening scans continuing to maintain double-digit year-on-year growth[26](index=26&type=chunk) - The market foundation for Wuliangye Strong-Aroma products was continuously strengthened, with enhanced terminal outlets, increased market coverage, and sustained efforts in emerging channels such as e-commerce, supermarkets, and group buying[26](index=26&type=chunk) [2. Main Sales Models](index=8&type=section&id=2%E3%80%81%E4%B8%BB%E8%A6%81%E9%94%80%E5%94%AE%E6%A8%A1%E5%BC%8F) The company primarily employs distribution and direct sales models for product sales, with distribution including traditional channels and KA stores, and direct sales covering group buying, specialty stores, and online sales - Distribution models include traditional channel operators and KA stores, primarily for offline sales[27](index=27&type=chunk) - Direct sales models include group buying, specialty store models, and online sales (via e-commerce platforms like Tmall and JD.com)[27](index=27&type=chunk) [3. Distribution Model](index=9&type=section&id=3%E3%80%81%E7%BB%8F%E9%94%80%E6%A8%A1%E5%BC%8F) The company's liquor product distribution model generated **27.93 billion yuan** in operating revenue with a gross margin of **78.70%**, a **1.00%** year-on-year decrease. Direct sales revenue was **21.20 billion yuan**, with a gross margin of **86.80%**, up **0.13%** year-on-year. Wuliangye products contributed **41.00 billion yuan** in revenue with an **86.45%** gross margin, while other liquor products generated **8.12 billion yuan** with a **60.74%** gross margin. The total number of distributors was **3,587**, comprising **2,510** Wuliangye distributors and **1,077** Wuliangye Strong-Aroma distributors Financial Data by Liquor Product Sales Model and Product Category | Item | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Sales Model** | | | | | | | | Liquor Products | 49,119,887,461.97 | 8,745,463,248.36 | 82.20% | 4.26% | 6.61% | -0.39% | | Of which: Distribution Model | 27,924,996,002.43 | 5,947,141,593.06 | 78.70% | 1.20% | 6.17% | -1.00% | | Direct Sales Model | 21,194,891,459.54 | 2,798,321,655.30 | 86.80% | 8.60% | 7.57% | 0.13% | | **Product Category** | | | | | | | | Liquor Products | 49,119,887,461.97 | 8,745,463,248.36 | 82.20% | 4.26% | 6.61% | -0.39% | | Of which: Wuliangye Products | 40,998,320,017.50 | 5,556,547,206.14 | 86.45% | 4.57% | 6.51% | -0.24% | | Other Liquor Products | 8,121,567,444.47 | 3,188,916,042.22 | 60.74% | 2.73% | 6.79% | -1.49% | Distributor Numbers | Region | Number of Wuliangye Distributors | YoY Change (Number) | Number of Wuliangye Strong-Aroma Distributors | YoY Change (Number) | | :--- | :--- | :--- | :--- | :--- | | Eastern Region | 616 | -19 | | | | Southern Region | 1,067 | 4 | | | | Northern Region | 827 | -5 | | | | Subtotal | 2,510 | -20 | | | | National | | | 1,077 | 127 | | Total | 3,587 | 107 | | | - The company primarily uses a distribution model with 'payment in advance, delivery later' settlement[32](index=32&type=chunk) - During the reporting period, sales revenue from the top five distributors totaled **30.06 billion yuan**, accounting for **56.96%** of total sales revenue[32](index=32&type=chunk) [4. Store Sales Terminals Account for Over 10%](index=9&type=section&id=4%E3%80%81%E9%97%A8%E5%BA%97%E9%94%80%E5%94%AE%E7%BB%88%E7%AB%AF%E5%8D%A0%E6%AF%94%E8%B6%85%E8%BF%87%2010%25) As of the end of the reporting period, the company had a total of **1,768** specialty stores, a decrease of **18** from the beginning of the period, with slight reductions in the Eastern, Southern, and Northern regions Specialty Store Numbers | Region | Number of Specialty Stores at Beginning of Period | Number of Specialty Stores at End of Period | | :--- | :--- | :--- | | Eastern Region | 765 | 761 | | Southern Region | 565 | 560 | | Northern Region | 456 | 447 | | Total | 1,786 | 1,768 | [5. Online Direct Sales](index=9&type=section&id=5%E3%80%81%E7%BA%BF%E4%B8%8A%E7%9B%B4%E9%94%80%E9%94%80%E5%94%AE) The company's online direct sales are primarily conducted through platforms like Tmall, JD.com, and WeChat official stores, covering Wuliangye products such as Eighth Generation Wuliangye, 39-degree Wuliangye, and Classic Wuliangye, as well as other liquor products like Wuliangchun, Wuliangchun, Wuliang Tequ, and Jianzhuang - Wuliangye products (such as Eighth Generation Wuliangye, 39-degree Wuliangye, and Classic Wuliangye) are sold online through Tmall, JD.com, and WeChat official stores[34](index=34&type=chunk) - Other liquor products (such as Wuliangchun, Wuliangchun, Wuliang Tequ, and Jianzhuang) are also sold online through Tmall, JD.com, and WeChat official stores[35](index=35&type=chunk) [6. Procurement Model and Content](index=10&type=section&id=6%E3%80%81%E9%87%87%E8%B4%AD%E6%A8%A1%E5%BC%8F%E5%8F%8A%E9%87%87%E8%B4%AD%E5%86%85%E5%AE%B9) The company primarily adopts a market-based procurement model, with procurement content including raw and auxiliary materials, packaging materials, and energy, among which raw and auxiliary materials account for the largest procurement amount Main Procurement Content and Amounts | Procurement Model | Procurement Content | Amount of Main Procurement Content (RMB) | | :--- | :--- | :--- | | Market-based Procurement | Raw and Auxiliary Materials, etc. | 5,461,006,938.05 | | Market-based Procurement | Packaging Materials | 1,233,966,176.26 | | Market-based Procurement | Energy | 403,079,735.87 | - The company does not procure raw materials from cooperatives or farmers exceeding **30%** of the total procurement amount[36](index=36&type=chunk) - Prices of major outsourced raw materials did not change by more than **30%** year-on-year[36](index=36&type=chunk) [7. Main Production Model](index=10&type=section&id=7%E3%80%81%E4%B8%BB%E8%A6%81%E7%94%9F%E4%BA%A7%E6%A8%A1%E5%BC%8F) All of the company's baijiu products are self-produced, with no outsourced processing production model adopted - All of the company's baijiu products are self-produced[37](index=37&type=chunk) - The company has no outsourced processing production[37](index=37&type=chunk) [8. Main Components of Operating Cost](index=10&type=section&id=8%E3%80%81%E8%90%A5%E4%B8%9A%E6%88%90%E6%9C%AC%E7%9A%84%E4%B8%BB%E8%A6%81%E6%9E%84%E6%88%90%E9%A1%B9%E7%9B%AE) The company's operating costs primarily consist of raw materials, labor wages, energy, and manufacturing expenses. Raw materials accounted for the highest proportion at **55.76%**, while labor wages accounted for **27.92%**, a **1.34** percentage point decrease year-on-year Main Components of Operating Cost | Item | H1 2025 Amount (RMB) | Proportion of Operating Cost | H1 2024 Amount (RMB) | Proportion of Operating Cost | YoY Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Raw Materials | 6,817,942,910.15 | 55.76% | 6,367,500,886.67 | 55.53% | 0.23% | | Labor Wages | 3,414,708,845.56 | 27.92% | 3,355,054,459.35 | 29.26% | -1.34% | | Energy | 723,131,392.71 | 5.91% | 666,410,145.73 | 5.81% | 0.10% | | Manufacturing Expenses | 1,272,406,763.16 | 10.41% | 1,077,173,015.45 | 9.39% | 1.02% | [9. Production and Inventory Volumes](index=10&type=section&id=9%E3%80%81%E4%BA%A7%E9%87%8F%E4%B8%8E%E5%BA%93%E5%AD%98%E9%87%8F) In the first half, Wuliangye product production increased by **11.56%** year-on-year, sales by **12.75%**, and end-of-period inventory by **41.26%**, mainly due to early stocking for Chinese New Year and increased inventory of differentiated liquor products. Other liquor product production and sales both saw significant growth, while end-of-period inventory decreased by **54.05%** year-on-year, reflecting consumer preference for mid-to-low-priced liquors Production, Sales, and Inventory Volumes of Main Products (Tons) | Product | Beginning Inventory | YoY Change | Production Volume | YoY Change | Sales Volume | YoY Change | Ending Inventory | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wuliangye Products | 6,173 | 39.13% | 25,559 | 11.56% | 27,278 | 12.75% | 4,454 | 41.26% | | Other Liquor Products | 26,626 | -39.33% | 76,650 | 60.15% | 86,005 | 58.81% | 17,271 | -54.05% | | Total | 32,799 | -32.12% | 102,209 | 44.42% | 113,283 | 44.59% | 21,725 | -46.68% | - The increase in beginning and ending inventory of Wuliangye products was mainly due to the earlier Chinese New Year in 2025 compared to 2024, leading the company to stock up in advance for the peak sales season and increase inventory of differentiated liquor products[38](index=38&type=chunk) - Increased sales and decreased ending inventory of other liquor products were mainly due to the baijiu industry being in a deep adjustment period, with mid-to-low-priced liquors being more favored by consumers[38](index=38&type=chunk) Inventory of Finished and Semi-Finished Liquor (Including Base Liquor) | Category | Inventory (Tons) | | :--- | :--- | | Finished Liquor | 21,725 | | Semi-Finished Liquor (Including Ceramic Jar Base Liquor) | 174,659 | Main Product Capacity | Main Product | Designed Annual Capacity (10,000 Tons) | Actual Capacity in H1 (10,000 Tons) | Capacity Under Construction (10,000 Tons) | | :--- | :--- | :--- | :--- | | Liquor | 19.0627 | 8.3538 | 3.95 | [II. Analysis of Core Competencies](index=11&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies continue to strengthen, primarily reflected in its unique production area advantage (Yibin recognized as ideal for premium baijiu), ancient cellar cluster advantage (749 years of continuous brewing), quality advantage (Wuliangye brewing techniques and comprehensive quality management), brand advantage (ranking 73rd in Global Brand Value 500), and broad consumer base (high market share in strong-aroma baijiu, low-alcohol baijiu cultivating young and overseas markets) - Yibin production area, where the company is located, has been recognized by UNESCO and FAO as 'the most suitable region on the same latitude for brewing high-quality pure distilled baijiu on Earth', and awarded the title of 'China Wuliangye Strong-Aroma Core Production Area'[41](index=41&type=chunk) - The company owns ancient cellar clusters from the Yuan and Ming dynasties, represented by Changfasheng and Lichuanyong, which have been continuously brewing for **749** years[41](index=41&type=chunk) - The company adheres to the 'plant, brew, select, age, blend' five-character secret for fine liquor, possesses the unique '1366' national intangible cultural heritage traditional brewing technique, and is the only baijiu enterprise in the industry to have won the National Quality Award four times[42](index=42&type=chunk) - In the 2025 Global Brand Value 500 list, Wuliangye's ranking rose by **2** places to **73rd**, with its brand strength index firmly at the global highest level of AAA+[43](index=43&type=chunk) - Strong-aroma baijiu is the baijiu category with the highest market share and largest consumer base, and the company's pioneering low-alcohol baijiu has a unique advantage in cultivating young and overseas consumer groups[43](index=43&type=chunk) [III. Analysis of Main Business](index=11&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's main business achieved steady growth, with operating revenue up **4.19%** and net profit attributable to shareholders up **2.28%**. R&D investment surged by **31.20%**, and net cash flow from operating activities increased by **131.88%**. Liquor products remain the primary revenue source, accounting for **93.08%** of total revenue, with Wuliangye products being the largest contributor. The company integrated its marketing regions into three major areas to enhance market responsiveness [1. Year-on-Year Changes in Key Financial Data](index=11&type=section&id=1%E3%80%81%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E5%90%8C%E6%AF%94%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's operating revenue and costs both grew, R&D investment significantly increased by **31.20%**, and net cash flow from operating activities rose by **131.88%**, primarily due to a higher proportion of cash receipts. Net cash flow from financing activities saw a substantial outflow due to the payment of interim dividends Year-on-Year Changes in Key Financial Data | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 52,770,984,383.52 | 50,648,026,578.65 | 4.19% | | | Operating Cost | 12,228,189,911.58 | 11,466,138,507.20 | 6.65% | | | Selling Expenses | 5,396,393,992.35 | 5,366,342,173.42 | 0.56% | | | Administrative Expenses | 1,712,424,934.59 | 1,738,561,638.52 | -1.50% | | | Financial Expenses | -1,261,269,705.58 | -1,400,855,109.46 | Not applicable | | | Income Tax Expense | 6,583,646,456.74 | 6,563,541,257.72 | 0.31% | | | R&D Investment | 209,601,741.37 | 159,760,941.28 | 31.20% | The company continued to increase investment in R&D projects such as production processes | | Net Cash Flow from Operating Activities | 31,136,736,628.58 | 13,427,928,655.63 | 131.88% | Higher proportion of cash receipts for goods in the current reporting period | | Net Cash Flow from Investing Activities | -967,484,650.22 | -1,069,383,823.78 | Not applicable | | | Net Cash Flow from Financing Activities | -10,300,233,479.06 | -157,849,148.32 | Not applicable | Payment of 2024 interim dividends of **9.999 billion yuan** | | Net Increase in Cash and Cash Equivalents | 19,869,018,499.30 | 12,200,695,683.53 | 62.85% | Higher proportion of cash receipts for goods in the current reporting period | - There were no significant changes in the company's profit composition or sources of profit during the reporting period[48](index=48&type=chunk) [2. Composition of Operating Revenue](index=12&type=section&id=2%E3%80%81%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E6%9E%84%E6%88%90) The company's total operating revenue reached **52.77 billion yuan**, a **4.19%** year-on-year increase. Liquor products accounted for **93.08%** of revenue, growing by **4.26%**. Printing product revenue surged by **97.85%** due to product upgrades and increased external business. Glass bottle product revenue declined by **42.69%**, impacted by macroeconomic conditions and reduced baijiu industry output Composition of Operating Revenue | Item | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Period Amount (RMB) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 52,770,984,383.52 | 100% | 50,648,026,578.65 | 100% | 4.19% | | **By Industry** | | | | | | | Manufacturing | 52,770,984,383.52 | 100.00% | 50,648,026,578.65 | 100.00% | 4.19% | | **By Product** | | | | | | | Liquor | 49,119,887,461.97 | 93.08% | 47,110,718,721.26 | 93.02% | 4.26% | | Plastic Products | 2,009,666,124.35 | 3.81% | 1,981,033,159.97 | 3.91% | 1.45% | | Printing | 100,018,434.51 | 0.19% | 50,553,920.22 | 0.10% | 97.85% | | Glass Bottles | 27,899,360.31 | 0.05% | 48,683,476.63 | 0.10% | -42.69% | | Other | 1,513,513,002.38 | 2.87% | 1,457,037,300.57 | 2.88% | 3.88% | | **By Region** | | | | | | | Liquor Products | 49,119,887,461.97 | 93.08% | 47,110,718,721.26 | 93.02% | 4.26% | | Of which: Eastern Region | 20,109,454,628.34 | 38.11% | 18,640,994,176.89 | 36.80% | 7.88% | | Southern Region | 21,886,027,517.04 | 41.47% | 21,472,366,830.19 | 42.40% | 1.93% | | Northern Region | 7,124,405,316.59 | 13.50% | 6,997,357,714.18 | 13.82% | 1.82% | | Non-Liquor Products | 3,651,096,921.55 | 6.92% | 3,537,307,857.39 | 6.98% | 3.22% | - Printing product revenue increased by **97.85%** year-on-year, mainly due to product iteration upgrades and increased external business volume[49](index=49&type=chunk) - Glass bottle product revenue decreased by **42.69%** year-on-year, mainly due to external macroeconomic factors and a decline in baijiu industry output[50](index=50&type=chunk) [3. Industries, Products, or Regions Accounting for Over 10% of Company's Operating Revenue or Operating Profit](index=12&type=section&id=3%E3%80%81%E5%8D%A0%E5%85%AC%E5%8F%B8%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E6%88%96%E8%90%A5%E4%B8%9A%E5%88%A9%E6%B6%A6%2010%25%E4%BB%A5%E4%B8%8A%E7%9A%84%E8%A1%8C%E4%B8%9A%E3%80%81%E4%BA%A7%E5%93%81%E6%88%96%E5%9C%B0%E5%8C%BA%E6%83%85%E5%86%B5) Liquor manufacturing is the company's core business, with operating revenue of **49.12 billion yuan** and a gross margin of **82.20%**. Wuliangye products contributed **41.00 billion yuan** in revenue with an **86.45%** gross margin. Liquor revenue in the Eastern region grew by **7.88%**, Southern by **1.93%**, and Northern by **1.82%**. The company integrated its marketing regions into three major areas (Northern, Southern, Eastern) to enhance market responsiveness Industries, Products, or Regions Accounting for Over 10% of Operating Revenue or Operating Profit | Item | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Manufacturing (Liquor) | 49,119,887,461.97 | 8,745,463,248.36 | 82.20% | 4.26% | 6.61% | -0.39% | | **By Product** | | | | | | | | Liquor | 49,119,887,461.97 | 8,745,463,248.36 | 82.20% | 4.26% | 6.61% | -0.39% | | Of which: Wuliangye Products | 40,998,320,017.50 | 5,556,547,206.14 | 86.45% | 4.57% | 6.51% | -0.24% | | Other Liquor Products | 8,121,567,444.47 | 3,188,916,042.22 | 60.74% | 2.73% | 6.79% | -1.49% | | **By Region** | | | | | | | | Liquor | 49,119,887,461.97 | 8,745,463,248.36 | 82.20% | 4.26% | 6.61% | -0.39% | | Of which: Eastern Region | 20,109,454,628.34 | 2,904,893,555.18 | 85.55% | 7.88% | 12.14% | -0.55% | | Southern Region | 21,886,027,517.04 | 4,815,949,999.55 | 78.00% | 1.93% | 4.53% | -0.54% | | Northern Region | 7,124,405,316.59 | 1,024,619,693.63 | 85.62% | 1.82% | 1.90% | -0.01% | - To deepen state-owned enterprise reform, the company integrated **27** marketing regions into three major areas (Northern, Southern, Eastern), establishing a 'headquarters-regional center-terminal' vertical management system to enhance market responsiveness[54](index=54&type=chunk) [4. Specific Composition of Selling Expenses](index=13&type=section&id=4%E3%80%81%E9%94%80%E5%94%AE%E8%B4%B9%E7%94%A8%E7%9A%84%E5%85%B7%E4%BD%93%E6%9E%84%E6%88%90) During the reporting period, the company's total selling expenses amounted to **5.40 billion yuan**, a **0.56%** year-on-year increase. Promotional expenses accounted for the highest proportion at **65.99%**, growing by **3.50%**. Labor costs decreased by **18.31%** year-on-year Composition of Selling Expenses | Item | H1 2025 Amount | Proportion of Selling Expenses | H1 2024 Amount | Proportion of Selling Expenses | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Brand Promotion Fees | 921,538,548.01 | 17.08% | 932,275,200.41 | 17.37% | -1.15% | | Promotional Expenses | 3,561,191,259.96 | 65.99% | 3,440,601,772.58 | 64.11% | 3.50% | | Warehousing and Logistics Fees | 285,437,440.65 | 5.29% | 272,408,237.24 | 5.08% | 4.78% | | Labor Costs | 371,762,556.09 | 6.89% | 455,092,791.02 | 8.48% | -18.31% | | Other Expenses | 256,464,187.64 | 4.75% | 265,964,172.17 | 4.96% | -3.57% | | Total | 5,396,393,992.35 | | 5,366,342,173.42 | | 0.56% | [5. Advertising Expenses](index=13&type=section&id=5%E3%80%81%E5%B9%BF%E5%91%8A%E8%B4%B9%E7%94%A8) During the current reporting period, the company's advertising expenses were primarily invested through television, radio, internet, outdoor advertising, and exhibitions, with **482 million yuan** in offline advertising, **318 million yuan** in television advertising, and **122 million yuan** in online advertising - The company's advertising methods primarily include television, radio, internet, outdoor advertising, and exhibitions[56](index=56&type=chunk) - Online advertising investment was **122 million yuan**, offline advertising investment was **482 million yuan**, and television advertising investment was **318 million yuan**[56](index=56&type=chunk) [IV. Analysis of Non-Core Business](index=13&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company had no non-core business revenue or profit - The company had no non-core business revenue or profit during the reporting period[57](index=57&type=chunk) [V. Analysis of Assets and Liabilities](index=14&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) As of the end of the reporting period, the company's total assets reached **193.42 billion yuan**, a **2.74%** year-on-year increase. Cash and bank balances significantly increased to **76.68%** of total assets, while contract liabilities decreased by **1.00** percentage point. Financial assets measured at fair value primarily included accounts receivable financing and other non-current financial assets. Restricted assets mainly comprised bank acceptance bill deposits [1. Significant Changes in Asset Composition](index=14&type=section&id=1%E3%80%81%E8%B5%84%E4%BA%A7%E6%9E%84%E6%88%90%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) As of the end of the reporting period, the company's total assets were **193.42 billion yuan**, a **2.74%** increase from the end of the previous year. Cash and bank balances increased from **67.67%** to **76.68%**, a **9.01** percentage point rise. Both inventory and contract liabilities proportions decreased Significant Changes in Asset Composition | Item | End of Current Period Amount (RMB) | Proportion of Total Assets | End of Prior Year Amount (RMB) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 148,319,946,342.06 | 76.68% | 127,398,915,484.11 | 67.67% | 9.01% | | Accounts Receivable | 64,351,041.90 | 0.03% | 37,346,561.95 | 0.02% | 0.01% | | Inventory | 17,745,770,666.17 | 9.17% | 18,233,702,166.62 | 9.69% | -0.52% | | Long-Term Equity Investments | 2,173,006,025.05 | 1.12% | 2,081,612,703.43 | 1.11% | 0.01% | | Fixed Assets | 7,745,514,521.75 | 4.00% | 7,264,740,683.62 | 3.86% | 0.14% | | Construction in Progress | 5,932,852,216.53 | 3.07% | 5,795,172,321.07 | 3.08% | -0.01% | | Right-of-Use Assets | 581,324,329.56 | 0.30% | 796,264,399.72 | 0.42% | -0.12% | | Contract Liabilities | 10,077,254,934.98 | 5.21% | 11,689,880,975.04 | 6.21% | -1.00% | | Lease Liabilities | 215,370,747.58 | 0.11% | 393,922,062.84 | 0.21% | -0.10% | [2. Major Overseas Assets](index=14&type=section&id=2%E3%80%81%E4%B8%BB%E8%A6%81%E5%A2%83%E5%A4%96%E8%B5%84%E4%BA%A7%E6%83%85%E5%86%B5) The company had no major overseas assets during the reporting period - The company had no major overseas assets during the reporting period[59](index=59&type=chunk) [3. Assets and Liabilities Measured at Fair Value](index=14&type=section&id=3%E3%80%81%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E8%B5%84%E4%BA%A7%E5%92%8C%E8%B4%9F%E5%80%BA) The company's financial assets measured at fair value primarily include accounts receivable financing and other non-current financial assets, totaling **3.89 billion yuan** at period-end. Other changes in accounts receivable financing during the period were due to net recognition and utilization Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (RMB) | Fair Value Change in Current Period (RMB) | Accumulated Fair Value Changes Recognized in Equity (RMB) | Impairment Provision in Current Period (RMB) | Purchases in Current Period (RMB) | Sales in Current Period (RMB) | Other Changes (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Financial Assets** | | | | | | | | | | 5. Other Non-Current Financial Assets | 1,200,000.00 | | | | | | | 1,200,000.00 | | 6. Accounts Receivable Financing | 19,566,397,992.11 | | | | | | -15,677,804,218.04 | 3,888,593,774.07 | | Subtotal of Financial Assets | 19,567,597,992.11 | | | | | | -15,677,804,218.04 | 3,889,793,774.07 | | Total Above | 19,567,597,992.11 | | | | | | -15,677,804,218.04 | 3,889,793,774.07 | - The company classifies bank acceptance bills intended for endorsement or discounting as accounts receivable financing; other changes in the current period represent the net amount recognized and utilized[59](index=59&type=chunk) - There were no significant changes in the measurement attributes of the company's major assets during the reporting period[61](index=61&type=chunk) [4. Asset Restrictions as of the End of the Reporting Period](index=15&type=section&id=4%E3%80%81%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%9A%84%E8%B5%84%E4%BA%A7%E6%9D%83%E5%88%A9%E5%8F%97%E9%99%90%E6%83%85%E5%86%B5) As of the end of the reporting period, the company's total restricted assets amounted to **361 million yuan**, primarily cash and bank balances, with restrictions due to bank acceptance bill deposits, other deposits, and securities trading balances Asset Restrictions | Item | Ending Book Value (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 361,016,021.18 | Bank acceptance bill deposits, other deposits, securities trading balances of Guotou Securities Co., Ltd. Yibin Jinshajiang Avenue Securities Business Department, etc. | | Total | 361,016,021.18 | | [VI. Analysis of Investment Status](index=15&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company did not undertake significant equity investments, non-equity investments, securities investments, or derivative investments, nor did it utilize raised funds - The company had no securities investments during the reporting period[63](index=63&type=chunk) - The company had no derivative investments during the reporting period[64](index=64&type=chunk) - The company had no utilization of raised funds during the reporting period[65](index=65&type=chunk) [VII. Significant Asset and Equity Disposals](index=15&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) During the reporting period, the company did not undertake any significant asset or equity disposals - The company did not dispose of significant assets during the reporting period[66](index=66&type=chunk) - The company did not dispose of significant equity during the reporting period[67](index=67&type=chunk) [VIII. Analysis of Major Controlled and Invested Companies](index=15&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Yibin Wuliangye Liquor Sales Co., Ltd., a key subsidiary, has a registered capital of **200 million yuan**, total assets of **72.38 billion yuan**, net assets of **46.67 billion yuan**, current period operating revenue of **38.91 billion yuan**, and net profit of **10.93 billion yuan** Financial Data of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Yibin Wuliangye Liquor Sales Co., Ltd. | Subsidiary | Liquor Operations | 200,000,000.00 | 72,377,630,584.04 | 46,670,587,130.41 | Operating Performance of Major Subsidiaries | Company Name | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | | Yibin Wuliangye Liquor Sales Co., Ltd. | 38,905,153,069.46 | 14,567,474,628.41 | 10,932,106,856.72 | - The company did not acquire or dispose of subsidiaries during the reporting period[69](index=69&type=chunk) [IX. Structured Entities Controlled by the Company](index=16&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[70](index=70&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=16&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from internal and external environmental uncertainties, slower-than-expected recovery of effective demand, and ongoing deep adjustments in the baijiu industry. The company will respond by thoroughly implementing its '135' development strategy, adapting to changes, seeking progress amidst change, and meeting, creating, and leading demand with high-quality supply - The company faces risks from internal and external environmental uncertainties, slower-than-expected recovery of effective demand, and ongoing deep adjustments in the baijiu industry[70](index=70&type=chunk) - The company will thoroughly implement its '135' development strategy, adapting to changes, seeking progress amidst change, and meeting, creating, and leading demand with high-quality supply[70](index=70&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=16&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has formulated and approved its 'Market Value Management System' by the board of directors, clarifying market value management departments, responsibilities of directors and senior executives, management methods, and key indicator monitoring and early warning mechanisms. No valuation enhancement plan was disclosed during the reporting period - The company has formulated its 'Market Value Management System', which was reviewed and approved by the 4th meeting of the 6th Board of Directors in 2025[71](index=71&type=chunk) - This system clarifies the specific departments or personnel responsible for market value management, the responsibilities of directors and senior executives, market value management methods, and key indicator monitoring and early warning mechanisms[71](index=71&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[71](index=71&type=chunk) [XII. Implementation of 'Quality and Return Dual Enhancement' Action Plan](index=16&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company actively implemented its 'Quality and Return Dual Enhancement' action plan, achieving steady operating performance in the first half with total operating revenue of **52.77 billion yuan** and net profit attributable to shareholders of **19.49 billion yuan**. The company continuously advanced innovation, brand building, and expansion projects, optimized corporate governance, and increased shareholder returns, with total cash dividends of **22.3 billion yuan** for 2024, a new high since listing. Major shareholder Wuliangye Group Company again increased its stake in the company and continued to optimize investor relations management - The company disclosed the 'Announcement on the Action Plan for Quality and Return Dual Enhancement' on March 7, 2024[72](index=72&type=chunk) [1. Strengthening Development to Accelerate Towards a World-Class Enterprise](index=16&type=section&id=1%E3%80%81%E5%BC%BA%E5%8F%91%E5%B1%95%EF%BC%8C%E5%8A%AA%E5%8A%9B%E5%8A%A0%E5%BF%AB%E8%BF%88%E8%BF%9B%E4%B8%96%E7%95%8C%E4%B8%80%E6%B5%81%E4%BC%81%E4%B8%9A) The company's operating performance continued steady growth in the first half, with total operating revenue of **52.77 billion yuan**, up **4.19%** year-on-year, and net profit attributable to shareholders of **19.49 billion yuan**, up **2.28%** year-on-year. Significant progress was made in technological innovation, new product development, brand building, and major engineering projects (e.g., 100,000-ton ecological brewing phase II project) H1 2025 Operating Performance | Indicator | Amount (100 Million RMB) | YoY Growth | | :--- | :--- | :--- | | Total Operating Revenue | 527.71 | 4.19% | | Net Profit Attributable to Shareholders of Listed Company | 194.92 | 2.28% | - The company continuously advanced key technological breakthroughs, achieving breakthroughs in the transformation and application of modern biotechnology for replicating old cellar mud engineering technology[73](index=73&type=chunk) - Accelerated the launch of new products such as 29-degree Wuliangye, Year of the Horse zodiac design, 39-degree Wuliangye online version, and Eighth Generation Wuliangye 'Step by Step' lightweight packaging[73](index=73&type=chunk) - Brand building progressed in depth, with deep participation in high-end platforms such as the Boao Forum for Asia and Osaka Expo, and Wuliangye's ranking in the Global Brand Value 500 rising to **73rd**[74](index=74&type=chunk) - The 'Doubling Project' was steadily implemented, with brewing workshops 1-9 and 12-15 of the **100,000-ton** ecological brewing phase II project having completed their topping-out[74](index=74&type=chunk) [2. Strengthening Compliance and Continuously Improving Corporate Governance](index=16&type=section&id=2%E3%80%81%E5%BC%BA%E5%90%88%E8%A7%84%EF%BC%8C%E6%8C%81%E7%BB%AD%E6%8F%90%E5%8D%87%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E6%B0%B4%E5%B9%B3) The company continuously strengthened its information disclosure, receiving the highest A-rating in Shenzhen Stock Exchange's information disclosure assessment for ten consecutive years. In the first half, the board of directors' re-election was successfully completed, **8** board meetings were held to deliberate **31** proposals, and supervision mechanisms were improved, with independent directors and the supervisory board effectively performing their duties - The company has consecutively received the highest A-rating in Shenzhen Stock Exchange's information disclosure assessment for **ten** years[75](index=75&type=chunk) - In the first half of 2025, the company successfully completed the re-election of the 6th Board of Directors, holding **8** board meetings and deliberating **31** proposals[75](index=75&type=chunk)[76](index=76&type=chunk) - Independent directors and the supervisory board independently exercised their powers according to law, supervising related-party transactions, financial status, and other matters to ensure the company's operations are standardized, compliant, and effective[76](index=76&type=chunk) [3. Strengthening Returns and Continuously Increasing Shareholder Returns](index=17&type=section&id=3%E3%80%81%E5%BC%BA%E5%9B%9E%E6%8A%A5%EF%BC%8C%E6%8C%81%E7%BB%AD%E5%8A%A0%E5%A4%A7%E8%82%A1%E4%B8%9C%E5%9B%9E%E6%8A%A5) The company continuously practiced the philosophy of 'creating good returns for investors', with total cash dividends of **22.3 billion yuan** for 2024, a cash dividend ratio of **70.01%**, both marking new highs since listing - In July 2025, the company implemented 2024 annual cash dividends of **12.301 billion yuan**, which, combined with the 2024 interim dividends of **9.999 billion yuan**, totaled **22.3 billion yuan** in cash dividends[77](index=77&type=chunk) - The 2024 annual cash dividend ratio reached **70.01%**, with both the dividend scale and ratio setting new highs since listing[77](index=77&type=chunk) [4. Strengthening Confidence: Major Shareholder Again Increases Stake in Listed Company](index=17&type=section&id=4%E3%80%81%E5%BC%BA%E4%BF%A1%E5%BF%83%EF%BC%8C%E5%A4%A7%E8%82%A1%E4%B8%9C%E5%86%8D%E6%AC%A1%E5%AE%9E%E6%96%BD%E5%A2%9E%E6%8C%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8) Wuliangye Group Company again initiated increasing its stake in the company on April 9, 2025. As of July 12, 2025, it had cumulatively increased its holdings by **4,763,666** shares, representing **0.12%** of total share capital, with an investment of **613.52 million yuan**. The share increase plan is ongoing - Wuliangye Group Company again initiated increasing its stake in the company on April 9, 2025[78](index=78&type=chunk) Major Shareholder's Share Increase | Indicator | Data | | :--- | :--- | | Cumulative Shares Increased | 4,763,666 shares | | Proportion of Total Share Capital | 0.12% | | Amount of Increase | 61,352.04万元 | - This share increase plan has not yet been fully implemented, and Wuliangye Group Company will continue to implement the increase as planned[78](index=78&type=chunk) [5. Strengthening Communication and Continuously Optimizing Investor Relations Management](index=17&type=section&id=5%E3%80%81%E5%BC%BA%E6%B2%9F%E9%80%9A%EF%BC%8C%E6%8C%81%E7%BB%AD%E4%BC%98%E5%8C%96%E6%8A%95%E8%B5%84%E8%80%85%E5%85%B3%E7%B3%BB%E7%AE%A1%E7%90%86) The company adheres to principles of 'compliance, equality, proactivity, honesty, and trustworthiness', continuously optimizing investor relations management through various forms such as earnings briefings, shareholder meetings, and on-site surveys, communicating with over **700** investors - The company consistently adheres to principles of 'compliance, equality, proactivity, honesty, and trustworthiness', continuously optimizing investor relations management[79](index=79&type=chunk) - During the current reporting period, the company held the '2024 Annual and Q1 2025 Earnings Briefing', the '2024 Annual General Meeting of Shareholders', and conducted on-site surveys, broker strategy meetings, and conference calls, communicating with a total of over **700** investors[79](index=79&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=18&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5

Group 1 - Major Chinese liquor companies, including Wuliangye and Shede, announced the launch of low-alcohol products, indicating a shift in the market towards lower alcohol content [1][4] - The trend of reducing alcohol content is a response to changing consumer preferences, particularly among younger demographics who favor taste and health [4][9] - The China Alcoholic Drinks Association's report highlights a mismatch between traditional liquor offerings and the demands of younger consumers born between 1985 and 1994 [4][5] Group 2 - Companies like Luzhou Laojiao and Yanghe are actively developing low-alcohol products, with Luzhou Laojiao planning to introduce a 28-degree version of its flagship product [5][4] - The introduction of low-alcohol products is seen as a proactive measure to adapt to a market undergoing significant adjustments, with many companies experiencing declining sales [4][9] - The market for low-alcohol beverages is expanding, with various companies launching products in the range of 15 to 28 degrees [4][5] Group 3 - In addition to lowering alcohol content, liquor companies are entering the craft beer market, with Wuliangye launching its first craft beer product [7] - Young consumers are driving the craft beer market, with over 75% prioritizing unique flavor experiences [7][9] - The strategy of combining liquor and beer aims to create a synergistic ecosystem, leveraging shared distribution channels and consumer engagement [7][9] Group 4 - Despite the opportunities presented by low-alcohol and craft beer strategies, companies face challenges such as technical difficulties in producing low-alcohol beverages and regional market differences [9] - The need for effective supply chain management is critical as beer has a shorter shelf life and higher consumption frequency compared to traditional liquor [9] - The dual strategy of lowering alcohol content and entering the beer market is essential for addressing the loss of younger consumers and the competitive landscape [9]

Group 1 - The food and beverage sector experienced a significant decline on August 27, with the Food ETF (515710) dropping by 2.45% to close at 0.636 [1][2] - Notable declines were observed in liquor stocks, with Luzhou Laojiao, Gujing Gongjiu, and Shanxi Fenjiu falling over 4%, while Kweichow Moutai and Wuliangye also saw declines exceeding 2% [1][2] - The overall market sentiment indicates that despite previous gains, the liquor sector remains at a low point, with institutions suggesting that the current market conditions may present attractive opportunities for high-quality liquor stocks [1][3] Group 2 - According to institutional analysis, the current environment, characterized by policy-driven demand and favorable supply-side conditions, is expected to gradually improve the supply-demand dynamics in the liquor sector [3] - The Food ETF's price-to-earnings ratio stands at 21.35, placing it in the 10.57 percentile over the past decade, indicating a favorable long-term investment opportunity [3] - Analysts from Ping An Securities believe that the liquor sector's fundamentals are stabilizing, with upcoming festive seasons likely to boost consumption [4] Group 3 - The liquor sector has faced pressure since the implementation of the alcohol ban, but recent policy changes are expected to alleviate some of this pressure, setting the stage for a potential recovery [4] - Investment strategies suggest focusing on high-end liquor, mid-range liquor with national expansion, and local market strongholds as key areas for potential growth [4] - The Food ETF (515710) is highlighted as a core asset for investors looking to gain exposure to the food and beverage sector, with a significant portion of its holdings in leading liquor stocks [5]

Group 1 - The core viewpoint of the article highlights a recent recovery in the liquor sector, particularly in the baijiu market, which has seen a significant increase in stock prices after a prolonged downturn [1] - As of August 25, the baijiu sector has experienced an over 8% increase in the last five trading days, with individual stocks like Jiu Gui Jiu rising over 30% and major brands like Kweichow Moutai and Wuliangye rebounding nearly 5% [1] - Current valuation metrics for the baijiu sector show a price-to-earnings (P/E) ratio of 19.04 and a price-to-book (P/B) ratio of 5.05, indicating that the sector is undervalued compared to historical averages and other indices [1][2] Group 2 - Citic Securities suggests that the decline in sales, wholesale prices, and performance in the baijiu industry is beginning to stabilize, indicating a potential bottoming out of the market [3] - The report provides insights into the top-performing baijiu-themed funds over the past year and three years, with a focus on those with significant holdings in baijiu stocks [3] Group 3 - Over the past year, the average return of 370 baijiu-themed funds reached 24.11%, with 93.51% of these funds showing positive returns [4] - The top three funds in the past year are managed by Anxin Fund, with the leading fund, Anxin Value Growth A, achieving a return of 53.62% [6][7] - In the last three years, the average return of 309 baijiu-themed funds was approximately -7.07%, with only 32.36% of funds showing positive returns [9] - The top three funds over the past three years include "Baoying Quality Selection A" with a return of 41.20%, significantly outperforming its benchmark [12][13]

从个股来看，贵州茅台收盘价达1460.32元/股，下跌1.44%；五粮液收盘价达128.14元/股，下跌1.23%； 山西汾酒收盘价达200.36元/股，下跌3.63%；泸州老窖收盘价达135.64元/股，下跌3.69%；洋河股份收 盘价达73.95元/股，下跌0.63%。 北京商报讯（记者 刘一博 冯若男）8月27日早盘，沪指3881.07点上涨0.33%。白酒板块午盘2384.56点 收盘下跌1.07%，其中20只白酒股集体下跌，泸州老窖3.69%领跌白酒股。 华泰证券在其研报中指出，白酒板块估值和情绪均处于低位，当前基本面整体企稳，行业中秋旺季将 至；同时政府对提振内需关注度持续提升，促消费政策持续落地，为板块起到托底作用。而绝对收益角 度，酒企更加重视投资者利益维护，多家公司落地长期分红规划和中期分红规划公告，当下利率环境下 长期配置价值高。 ...

Core Viewpoint - A "degree reduction competition" is emerging in the Chinese liquor industry, with major brands launching low-alcohol products to adapt to changing consumer preferences [2][4]. Group 1: Industry Trends - Major liquor companies, including Wuliangye and Shede, have recently introduced low-alcohol products, reflecting a shift in consumer demand [2][4]. - In the past month, four companies have announced new low-alcohol products, with alcohol content decreasing progressively [2][4]. - The trend towards lower alcohol content is seen as a response to the industry's adjustment to market changes, particularly the evolving preferences of younger consumers [4][5]. Group 2: Consumer Behavior - The rise of younger consumers, particularly those born between 1985 and 1994, is driving demand for more palatable and health-conscious alcoholic beverages [4][5]. - Traditional high-alcohol liquor has been losing appeal among younger demographics, who prefer alternatives like beer, fruit wine, and cocktails [5][6]. - A report indicates that low-alcohol liquor market size in China is expected to reach 74 billion yuan by 2025, highlighting the potential for growth in this segment [5][6]. Group 3: Production Challenges - Producing low-alcohol liquor requires advanced techniques and higher-quality ingredients, making it more costly than traditional high-alcohol products [3][4]. - Experts emphasize that maintaining the flavor profile while reducing alcohol content poses significant production challenges [3][4]. Group 4: Market Opportunities - The introduction of low-alcohol products is seen as a way to tap into new market segments and meet the diverse needs of consumers [5][6]. - Companies are encouraged to innovate not only in product offerings but also in consumer engagement strategies to effectively reach younger audiences [4][6].

来源：@第一财经日报微博 #29度五粮液多平台日预订量破千# 这一系列低度白酒新品都有一个共性，除了降低酒精度之外，上述新品区别于传统的白酒，均采用更时尚的外包装，主要线上渠道销售，并邀请明星代言以吸 ...

Core Viewpoint - A "degree reduction competition" is emerging in the Chinese liquor industry, with major brands launching lower-alcohol products to adapt to changing consumer preferences and market dynamics [3][4]. Group 1: Industry Trends - Major liquor companies like Wuliangye and Shede are introducing lower-alcohol products, reflecting a shift in consumer demand and a response to market changes [3][4]. - In the past month, four companies have announced new low-alcohol products, with alcohol content decreasing progressively, indicating a trend towards lower alcohol offerings [3][4]. - The introduction of lower-alcohol products is accompanied by modern packaging and online sales strategies, targeting younger consumers through celebrity endorsements [3][4]. Group 2: Consumer Behavior - The rise of younger consumers, particularly those born between 1985 and 1994, is influencing the liquor market, as they prefer drinks that are more palatable and healthier [5][6]. - Traditional high-alcohol liquor is losing appeal among younger consumers, who are increasingly drawn to beer, fruit wine, and cocktails, with white liquor only accounting for 31.8% of their consumption [5][6]. - The shift in consumer preferences is prompting liquor companies to innovate and adapt their offerings to meet the diverse needs of modern consumers [5][7]. Group 3: Market Potential - The domestic low-alcohol liquor market is projected to reach 74 billion yuan by 2025, indicating significant growth potential for this segment [6]. - Lower-alcohol products are expected to complement existing sales channels and cater to social drinking occasions, potentially opening new revenue streams for companies [6][7]. - While lowering alcohol content is a key strategy, companies must also consider how to meet the evolving demands of younger consumers in various social contexts [7].