五 粮 液：2025年年度报告（英文版）

ChairmanoftheBoard:HuaTao(acting) April30,2026 PartIImportantNotes,TableofContentsandDefinitions 1.TheBoardofDirectors(orthe“Board”)aswellasthedirectorsandseniormanagementofWuliangyeYibinCo.,Ltd.(hereinafterreferredtoasthe“Company”)herebyguaranteethatthecontentsof this Report are true,accurate and complete and free of any misrepresentations,misleadingstatements or material omissions,and collectively and individually accept legalresponsibilityforsuchcontents. 2.HuaTao,theCompany’slegalrepresentative(acting),ZhangXin,theCompany’sChiefFinancialOfficer,andLiuMin,headoftheCompany’saccountingdepartment,herebyguaranteethatthefinancialstatementscarriedinthisReportaretrue,accurateandcomplete. 3.TendirectorswereentitledtoattendtheboardmeetingfordeliberationonthisReport.Infact,ninedirectorsparticipatedinthedeliberationandvoting,whileonedirectorwasabsent.TheChairmanoftheBoardwasunabletoattendthemeetingashecouldnotdulyperformhisduties. 4.Anyfutureplans,developmentstrategiesandotherforward-lookingstatementsmentionedinthisReportshallnotbeconsideredaspromisestoinvestorsforthereasonoftheiruncertainty.Investorsarekindlyadvisedtoinvestwisely.TheCompanyhasdisclosedinthisReportthepossiblerisks.Andinvestorsareremindedtoexercisecautionwhenmakinginvestmentdecisions. 5.TheBoardofDirectorshasapprovedacashdividendofRMB25.78(taxinclusive)per10sharestoshareholdersbasedonthetotal3,881,608,005sharesheldbythem,withnobonusissuefromeitherprofitorcapitalreserves.WheretheCompany’stotalsharecapitalchangespriortotherecorddateforthedividendpayout,thetotaldistributionamountshallremainunchanged;thedividendpershareshallbeadjustedaccordingly,anddetailsshallbedisclosedintherelevantannouncement. 6.ThisReporthasbeenpreparedinChineseandtranslatedintoEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionshallprevail. TableofContents PartIImportantNotes,TableofContentsandDefinitions...........................................................2PartIICorporateInformationandKeyFinancialInformation...................................................6PartIIIManagementDiscussionandAnalysis..............................................................................10PartIVGovernance,EnvironmentalandSocialInformation.....................................................30PartVSignificantEvents.................................................................................................................48PartVIShareChangesandShareholderInformation.................................................................52PartVIIBonds..................................................................................................................................58PartVIIIFinancialStatements.......................................................................................................59 DocumentsAvailableforReference ThefollowingdocumentsareavailableforshareholdersattherelevantdepartmentoftheCompany: 1.Thefinancialstatementsthathavebeensignedandstampedbythelegalrepresentative,theChiefFinancialOfficer,andtheheadoftheaccountingdepartment. 2.TheoriginalcopyoftheIndependentAuditor’sReportthathasbeenstampedbytheCPAfirm,aswellassignedandstampedbytherelevantcertifiedpublicaccountants. 3.TheoriginalsofalltheCompany’sdocumentsandannouncementsthatweredisclosedonChinaSecuritiesJournal,ShanghaiSecuritiesNewsandSecuritiesTimesduringtheReportingPeriod. 4.TheAnnualReportoftheCompany. Definitions PartIICorporateInformationandKeyFinancialInformation ICorporateInformation IIContactInformation IIIMediaforInformationDisclosureandPlacewherethisReportIsLodged IVChangetoCompanyRegisteredInformation VOtherInformation TheindependentauditorappointedbytheCompany: TheindependentsponsorappointedbytheCompanytoexerciseconstantsupervisionovertheCompanyintheReportingPeriod: □ApplicableNotapplicable TheindependentfinancialadvisorappointedbytheCompanytoexerciseconstantsupervisionovertheCompanyintheReportingPeriod: □ApplicableNotapplicable VIKeyFinancialInformation Indicatewhetherthereisanyretrospectivelyrestateddatuminthetablebelow.□YesNo Indicatewhetherthelowerofthenetprofitbeforeandafternon-recurringgainsandlossesoftheCompanywasnegativeforthelastthreeaccountingyears,orthelatestindependentauditor’sreportindicatedthattherewasuncertaintyaboutthecontinuityoftheCompany’soperations. □YesNo Indicatewhetherthelowestoftheauditedprofitbeforetax,netprofit,andnetprofitbeforenon-recurringgainsandlosseswasnegativefortheReportingPeriod. □YesNo VIIAccounting Data Differences under China’s Accounting Standards for BusinessEnterprises(CAS)and International Financial Reporting Standards(IFRS)and ForeignAccountingStandards 1.NetProfitandEquityunderCASandIFRS □ApplicableNotapplicableNodifferencefortheReportingPeriod. 2.NetProfitandEquityunderCASandForeignAccountingStandards □ApplicableNotapplicableNodifferencefortheReportingPeriod. VIIIKeyFinancialInformationbyQuarter Unit:RMB Indicatewhetheranyofthequarterlyfinancialdatainthetable