五 粮 液：2023年年度报告

Chairman of the Board: Zeng Congqin Part I Important Notes, Table of Contents and Definitions 1. The Board ofDirectors (or the “Board”), the Supervisory Committee as well as thedirectors, supervisors and senior management of Wuliangye Yibin Co., Ltd. (hereinafter referredto as the “Company”) hereby guarantee that the contents of this Report are true, accurate andcomplete and free of any misrepresentations, misleading statements or material omissions, andcollectively and individually accept legal responsibility for such contents. 2. Zeng Congqin, the Company’s legal representative, Xie Zhiping, the Company’sChiefFinancial Officer, and Liu Hongxu, head of the Company’s accounting department, herebyguarantee that the financial statements carried in this Report are true, accurate and complete. 3. Nine directors were supposed to attend the board meeting for thereview of this Report.Eight of them were present at the meeting in person while Mr. Xiao Hao voted by way oftelecommunication for he was unable to be present due to work reasons. 4. Any future plans, development strategies and other forward-looking statements mentionedin this Report shall not be considered as promises to investors for the reason of their uncertainty.Investors are kindly advised to invest wisely. The Company has disclosed in this Report thepossible risks. And investors are reminded toexercise caution when making investment decisions. 5. The Board of Directors has approved a final cash dividend of RMB46.70 (tax inclusive)per 10 shares to shareholders based on the total 3,881,608,005 shares held by them, with no bonusissue from eitherprofit or capital reserves. 6. This Report has been prepared in Chinese and translated into English. Should there be anydiscrepancies or misunderstandings between the two versions, the Chinese version shall prevail. Table of Contents Part I ImportantNotes, Table of Contents and Definitions...........................................................2Part II Corporate Information and Key Financial Information...................................................6Part III Management Discussion and Analysis.............................................................................12Part IV Corporate Governance......................................................................................................33Part V Environmental and Social Responsibility..........................................................................49Part VI SignificantEvents...............................................................................................................54Part VII Share Changes and Shareholder Information...............................................................58Part VIII Preference Shares............................................................................................................64Part IX Bonds...................................................................................................................................64Part X Financial Statements...........................................................................................................65 Documents Available for Reference The following documents are available for shareholders at the relevant department of theCompany: 1. The financial statements that have been signed and stamped by the legal representative,the Chief Financial Officer, and the head of the accounting department. 2. The original copy of the Independent Auditor’s Report that has been stamped by the CPAfirm, as well as signed and stamped by the relevant certified public accountants. 3. The originals of all the Company’s documents and announcements that weredisclosed onChina Securities Journal, Shanghai Securities News and Securities Times during the ReportingPeriod. 4. The Annual Report of the Company. Definitions Part II Corporate Information and Key Financial Information I Corporate Information II Contact Information III Media for Information Disclosure and Place where this Report Is Lodged IV Change toCompany Registered Information V Other Information The independent auditor appointed by the Company: The independent sponsor appointed by the Company to exercise constant supervision over the Company inthe Reporting Period: □ ApplicableNot applicable The independent financial advisor appointed by the Company to exercise constant supervision over theCompany in the Reporting Period: □ ApplicableNot applicable VI Key Financial Information Indicate whether there is any retrospectively restated datum in the table below. proceeds from sale of goods and rendering of services. Secondly, to cope with market changes in the same period of last year,the Company lowered the percentage ofcash settlement with its customers, leading to a lower base of cash proceeds from sale of goods and rendering of services. Reason for change in accounting policy and correction of accounting errors: On 30 November 2022, the Ministry of Finance issued In