泸州老窖：2025年半年度报告（英文版）

2025InterimReport 【August2025】 SectionIImportantStatements,ContentsandDefinitions TheBoardofDirectorsaswellasdirectorsandseniormanagementguaranteethattheinformationpresentedinthisreportisfreeofanyfalserecords,misleadingstatementsormaterialomissions,andshallindividually and together be legally liable for truthfulness,accuracy and completeness of itscontents. LiuMiao,responsiblepersonfortheCompany,XieHong,responsiblepersonforaccountingworkandSongYing,responsible person for the Company’s financial affairs(Accounting Supervisor)havewarrantedthatthefinancialstatementsinthisreportaretrue,accurateandcomplete. Allthedirectorsattendedtheboardmeetingtodeliberatethisreportbythemselves. Affectedbyrisks,uncertaintiesandassumptions,theforward-lookingstatementsconcerningbusinessobjectivesandfutureplansmadeinthisreportbasedonthesubjectiveassumptionsandjudgmentsofthefuturepoliciesandeconomicconditionsmaybesignificantlydifferentfromtheactualresults.SuchstatementsshallnotbeconsideredasvirtualpromisesoftheCompanytoinvestors,andtheinvestorsandrelevantpersonsshallmaintainadequaterisk awarenessandshallunderstandthedifferencesbetweenplans,forecastsandcommitments. Inthisreport,thepotentialrisksintheoperationoftheCompanyhavebeendisclosed.Investorsarekindlyremindedtopayattentiontopossibleinvestmentrisks. TheCompanyhasnointerimdividendplan,eitherintheformofcashorstock. ThisreporthasbeenpreparedinbothChineseandEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionshallprevail. Contents SectionIImportantStatements,ContentsandDefinitions.................................................2SectionIICompanyProfileandKeyFinancialResults........................................................6SectionIIIManagementDiscussionandAnalysis...............................................................10SectionIVEnvironmental,SocialandGovernanceInformation......................................36SectionVSignificantEvents......................................................................................................42SectionVIChangesinSharesandInformationaboutShareholders.............................49SectionVIIInformationaboutBond.........................................................................................57SectionVIIIFinancialReport......................................................................................................60SectionIXOtherReportedInformation................................................................................210 DocumentsAvailableforReference 1.Financial statements signed and stamped by the responsible person for the Company,theresponsiblepersonforaccountingworkandtheresponsiblepersonfortheCompany’sfinancialaffairs(AccountingSupervisor);and 2.Theoriginalsofallcompanydocumentsandannouncementsthataredisclosedtothepublicduringthereportingperiod. Definitions SectionIICompanyProfileandKeyFinancialResults 1.Corporateinformation 2.Contactus 3.OtherInformation 3.1.ContactInformationoftheCompany Whetheranychangeoccurredtotheregisteredaddress,officeaddressandtheirzipcodes,websiteaddress,emailaddressandothercontactinformationoftheCompanyinthereportingperiod. ApplicableN/A Nochangeoccurredtothesaidinformationinthereportingperiod,whichcanbefoundinthe2024AnnualReport. 3.2.Informationdisclosureandplacewheretheinterimreportiskept Whetheranychangeoccurredtotheinformationdisclosureandplacewheretheinterimreportiskept. ApplicableN/A Nochangeoccurredtothewebsiteofthestockexchange,mediaandotherwebsitesdesignatedbytheCompanyforinformationdisclosure,aswellastotheplacewherethediscloseddocumentsarekeptinthereportingperiod.Thesaidinformationcanbefoundinthe2024AnnualReport. 3.3.Otherinformation Whetheranychangeoccurredtootherinformationinthereportingperiod. ApplicableN/A 4.Keyaccountingdataandfinancialindicators WhethertheCompanyperformedaretroactiveadjustmenttoorrestatementofaccountingdata. YesNo 5.Differences in accounting data under domestic and overseas accountingstandards 5.1.DifferencesinthenetprofitsandnetassetsdisclosedinthefinancialreportspreparedundertheinternationalandChinaaccountingstandards ApplicableN/A Nosuchdifferencesforthereportingperiod. 5.2.DifferencesinthenetprofitsandnetassetsdisclosedinthefinancialreportspreparedundertheoverseasandChinaaccountingstandards ApplicableN/A Nosuchdifferencesforthereportingperiod. 6.Non-recurringgainsandlosses ApplicableN/A Unit:CNY Otheritemsthatmeetthedefinitionofnon-recurringgain/loss: ApplicableN/A Nosuchcasesforthereportingperiod. Explainthe reasons if the Company classifies any non-recurring gain/loss item mentioned in theExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic-Non-RecurringGainsandLossesasarecurringgain/lossitem. ApplicableN/A Nosuchcasesforthereportingperiod. SectionIIIManagementDiscussionandAnalysis 1.Businessscopeinthereportingperiod TheCompanyoperateswithinthebaijiusubdivisionindustrywhichbelongsto