泸州老窖：2025年年度报告（英文）

LuzhouLaojiaoCo.,Ltd. 2025AnnualReport 【April2026】 2025AnnualReport SectionIImportantStatements,ContentsandDefinitions TheBoardofDirectorsaswellasdirectorsandseniormanagementguaranteethattheinformationpresentedinthisreportisfreeofanyfalserecords,misleadingstatementsormaterialomissions,andshallindividuallyandtogetherbelegallyliablefortruthfulness,accuracyandcompletenessofitscontents. LiuMiao,responsiblepersonfortheCompany,XieHong,responsiblepersonforaccountingworkandSongYing,responsible person for the Company’s financial affairs(Accounting Supervisor)havewarrantedthatthefinancialstatementsinthisreportaretrue,accurateandcomplete. Otherdirectors attended the board meeting to deliberate this report by themselves except thefollowingdirectors. Affectedby risks,uncertainties and assumptions,the forward-looking statements concerningbusinessobjectivesandfutureplansmadeinthisreportbasedonthesubjectiveassumptionsandjudgmentsofthefuturepoliciesandeconomicconditionsmaybesignificantlydifferentfromtheactualresults.SuchstatementsshallnotbeconsideredasvirtualpromisesoftheCompanytoinvestors,andtheinvestorsandrelevantpersonsshallmaintainadequateriskawarenessandshallunderstandthedifferencesbetweenplans,forecastsandcommitments. Inthisreport,thepotentialrisksintheoperationoftheCompanyhavebeendisclosed.Investorsarekindlyremindedtopayattentiontopossibleinvestmentrisks. Theprofitdistributionplanapprovedbytheboardofdirectors:basedon1,471,941,963shares,acashdividendofCNY44.17(taxinclusive)willbedistributedforevery10existingsharesheld,0sharesofbonusshares(taxinclusive),andreserveswouldnotbeconvertedintosharecapital. ThisReporthasbeenpreparedinbothChineseandEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionshallprevail. Contents SectionIImportantStatements,ContentsandDefinitions.................................................2SectionIICompanyProfileandKeyFinancialResults........................................................6SectionIIIManagementDiscussionandAnalysis...............................................................12SectionIVGovernance,EnvironmentalandSocialInformation......................................48SectionVSignificantEvents......................................................................................................79SectionVIChangesinSharesandInformationaboutShareholders.............................93SectionVIIInformationaboutBond......................................................................................105SectionVIIIFinancialReport....................................................................................................111 DocumentsAvailableforReference 1.Financial statements signed and stamped by the responsible person for the Company,theresponsiblepersonforaccountingworkandtheresponsiblepersonfortheCompany’sfinancialaffairs(AccountingSupervisor); 2.Theoriginaloftheauditor’sreportwiththesealoftheaccountingfirm,andsignedandstampedbyCPAs;and 3.Theoriginalsofallcompanydocumentsandannouncementsthataredisclosedtothepublicduringthereportingperiod. Definitions SectionIICompanyProfileandKeyFinancialResults 1.Corporateinformation 2.Contactus 3.Informationdisclosureandplacewheretheannualreportiskept 4.Companyregistrationandalteration 5.Otherrelevantinformation Sponsorsengaged by the Company to continuously perform its supervisory function during thereportingperiod ApplicableN/A FinancialadviserengagedbytheCompanytocontinuouslyperformitssupervisoryfunctionduringthereportingperiod. ApplicableN/A 6.Keyaccountingdataandfinancialindicators WhethertheCompanyperformedaretroactiveadjustmenttoorrestatementofaccountingdata. YesNo Whetherthelowerofthenetprofitsbeforeandafternon-recurringgainsandlosseswasnegativeforthelastthreeaccountingyears,andthelatestauditor’sreportindicatedthattherewasuncertaintyabouttheCompany’sabilitytocontinueasagoingconcern YesNo Whetherthelowestoftheauditedtotalprofitsbeforetax,netprofits,andnetprofitsbeforenon-recurringgainsandlossesforthereportingperiodwasnegative YesNo 7.Differences in accounting data under domestic and overseas accountingstandards 7.1.DifferencesinthenetprofitsandnetassetsdisclosedinthefinancialreportspreparedundertheinternationalandChinaaccountingstandards ApplicableN/A Nosuchdifferencesforthereportingperiod. 7.2.DifferencesinthenetprofitsandnetassetsdisclosedinthefinancialreportspreparedundertheoverseasandChinaaccountingstandards ApplicableN/A Nosuchdifferencesforthereportingperiod. 8.Keyfinancialresultsbyquarter Unit:CNY Whetherthereareanymaterialdifferencesbetweenthefinancialindicatorsaboveortheirsummationsandthosewhichhavebeendisclosedinquarterlyorsemi-annualreports 9.Non-recurringprofitsandlosses 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 theExplanatoryAnnounceme