贵州茅台：贵州茅台2025年年度报告（英文版）

ANNUALREPORT2025 ImportantStatements I.TheBoardofDirectors,BoardofSupervisors,directors,supervisorsandtheseniormanagementoftheCompanyguaranteethattheinformationpresentedinthisreportisfreeofanyfalserecords,misleadingstatementsormaterialomissions,andshallbearindividualandjointlegalliabilitiesforthetruthfulness,accuracyandcompletenessofitscontents. II.AlldirectorsoftheCompanyattendthemeetingoftheboardofdirectors. III.Pan-ChinaCertifiedPublicAccountants(SpecialGeneralPartnership)issuedanunqualifiedauditreportfortheCompany. IV.Chenhua,responsiblepersonfortheCompany,YuSiming,responsiblepersonfortheCompany’saccountingwork,andCaiCongying,responsiblepersonfortheCompany’sfinancialaffairs(AccountingSupervisor),haveguaranteedthatthefinancialstatementsinthisreportaretrue,accurateandcomplete. V.TheproposedprofitdistributionplanortheproposedplanofcapitalizationofcapitalreservesinthereportingperiodapprovedbytheresolutionoftheBoardofDirectors.TheCompanyproposestoimplementthe2025annualprofitdistributionbasedonthetotalsharecapitalregistered ontherecorddateforequitydistribution,excludingthesharesheldintheCompany'sspecializedrepurchaseaccount.AcashdividendofRMB27.993pershare(taxinclusive)willbedistributedtoallshareholders.AsofMarch31,2026,theCompany'stotalsharecapitalis1,252,270,215shares,andthenumberofsharesinthespecializedrepurchaseaccountis794,176.Thetotalsharecapitalexcludingthesharesinthespecializedrepurchaseaccountis 1,251,476,039 shares.Based on this,the total proposed cash dividend is calculated to be RMB35,032,568,759.73(taxinclusive).Intheeventofanychangeinthetotalsharecapital(excludingsharesinthespecializedrepurchaseaccount)priortotherecorddate,theCompanywillmaintainthetotaldistributionamountunchangedandadjusttheper-sharedistributionratioaccordingly.TheaboveprofitdistributionplanissubjecttothereviewandapprovaloftheGeneralMeetingofShareholdersbeforeimplementation. Asattheendofthereportingperiod,informationregardingaccumulatedlossesoftheparentcompanyanditsimpactonmatterssuchasdividenddistribution□Applicable√N/A VI.Riskdisclosurestatementforforward-lookingstatements√Applicable□N/A Futureplans,developmentstrategiesandotherforward-lookingstatementsinvolvedinthisannualreportaresubjecttouncertaintyanddonotconstituteamaterialcommitmentoftheCompanytoinvestors.Investorsarerequestedtopayattentiontoinvestmentrisks. VII.Existence ofnon-operationalembezzlementoffundsbycontrollingshareholdersortheirrelatedparties No VIII.ExistenceoffinancialguaranteestoexternalpartiesinviolationoftheregulateddecisionproceduresNo IX.Overhalfofthedirectors’failuretoguaranteethetruthfulness,accuracyandcompletenessoftheCompany’sdisclosedannualreport No X.SignificantRiskPromptsTheCompanyhaselaboratedthepotentialrisksinthechapterof“TheCompanyDiscussionandAnalysisonits FutureDevelopment”.Investorsareadvisedtopaytheirdueattention. XI.Others□Applicable√N/A Contents SectionIDefinitions...................................................................................................................................5SectionIICompanyProfileandKeyFinancialResults...............................................................................5SectionIIIManagement’sDiscussionandAnalysis...................................................................................8SectionIVCorporateGovernance,EnvironmentandSocialResponsibility...........................................24SectionVSignificantEvents....................................................................................................................44SectionVIChangesinSharesandInformationaboutShareholders........................................................61SectionVIIInformationaboutBond........................................................................................................68SectionVIIIFinancialReport...................................................................................................................68 SectionIDefinitions I.Definitions SectionIICompanyProfileandKeyFinancialResults I.CorporateInformation II.ContactInformation III.Companyprofile IV.Informationdisclosureandtheplacewherethereportisavailable V.Stockinformation VI.Otherinformation VII.KeyAccountingDataandFinancialIndicatorsinthepastthreeyears (I)Keyaccountingdata DescriptionoftheCompany'smainaccountingdataandfinancialindicatorsfortherecentthreeyearsattheendofthereportingperiodApplicable□N/A ThedecreaseinnetcashflowsfromoperatingactivitiesismainlyduetothereductionindepositsacceptedbytheCompany'sconsolidatedsubsidiary,GuizhouMoutaiGroupFinanceCo.,Ltd.,frommemberunitsoftheGroupCompanyandtheincreaseininterbankdepositsthatarenotavailableforwithdrawalatanytimeduringthisperiod. VIII.Differencesinaccountingdatabydomesticandoverseasaccountingstandards(I)DifferencesinthenetprofitsandnetassetsattributabletoshareholdersoftheCompanydisclosedinthefinancialreportspreparedundertheinternationalaccountingstandardsandChinaaccountingstandards□Applicable√N/A (II)Differencesinthenetprofitsandn