洋河股份：2025年年度报告（英文版）

2025AnnualReport April2026 SectionIImportantStatements,ContentsandDefinitions Theboardofdirectorsandthedirectors,seniormanagementofJiangsuYangheDistilleryCo.,Ltd.(hereinafterreferredtoastheCompany)herebyguaranteethattheinformationpresentedinthisreportisfreeofanyfalserecords,misleadingstatementsormaterialomissions,andshallindividuallyandtogetherbelegallyliablefortruthfulness,accuracyandcompletenessofitscontents. Mr.GuYu,theresponsiblepersonfortheCompany,Mr.YinQiuming,theresponsiblepersonforaccountingaffairsandMr.ZhaoGuansheng,theresponsiblepersonforaccountingdepartment(theaccountingsupervisor)havewarrantedthatthefinancialstatementsinthisreportaretrue,accurateandcomplete. Alldirectorsattendedtheboardmeetinginpersontoreviewthisannualreport. Thefutureplansandotherforward-lookingstatementsmentionedinthisannualreport,duetotheirinherentuncertainties,shallnotberegardedassubstantivecommitmentsoftheCompanytoinvestors.Investorsandpeopleconcernedshouldmaintainadequateriskawarenessandunderstandthedifferencebetweenplans,predictionsandpromises.Investorsarekindlyremindedtopayattentiontopossibleinvestmentrisks. Intheannualreport,thepossiblerisksintheoperationoftheCompanyaredescribedindetail(see11.OutlookfortheFutureDevelopmentoftheCompanyinSectionIIIManagementDiscussionandAnalysis).Investorsarekindlyremindedtopayattentiontorelevantcontent. Theprofitdistributionplanapprovedbytheboardofdirectors:basedontheCompany'stotalsharecapitalof1,506,445,074shares,acashdividendofCNY14.70(taxinclusive)willbedistributedforevery10existingsharesheld,0sharesofbonusshares(taxinclusive),andreserveswouldnotbeconvertedintosharecapital. TheCompany'sChinese2025AnnualReportwaspubliclydisclosed ontheShenzhen StockExchangeandwww.cninfo.com.cnon28April2026.IfthereareanydifferencesbetweentheEnglishversionandtheChineseone,pleaserefertothelatter. Contents SectionIImportantStatements,ContentsandDefinitions............................................2SectionIICompanyProfileandKeyFinancialResults................................................6SectionⅢManagementDiscussionandAnalysis.....................................................10SectionIVCorporateGovernance,EnvironmentandSocialResponsibility..............34SectionVSignificantEvents........................................................................................59SectionVIChangesinSharesandInformationaboutShareholders...........................70SectionVIIInformationaboutBonds..........................................................................78SectionVIIIFinancialReport......................................................................................79 DocumentCatalog (I)FinancialstatementscontainingthesignaturesandsealsofthepersoninchargeoftheCompany,theaccountinghead,andthepersoninchargeoftheaccountingbody(accountingmanager).(II)Theoriginalauditreportswiththesealoftheaccountingfirmandthesignaturesandsealsofthecertifiedpublicaccountants.(III)TheoriginalsofallCompanydocumentsandannouncementspubliclydisclosedduringthereportingperiod. Definitions SectionIICompanyProfileandKeyFinancialResults I.Corporateinformation II.Contactus III.Informationdisclosureandplacewheretheannualreportiskept IV.Companyregistrationandalteration V.Otherrelevantinformation SponsorsengagedbytheCompanytocontinuouslyperformitssupervisoryfunctionduringthereportingperiod□Applicable☑N/A FinancialadviserengagedbytheCompanytocontinuouslyperformitssupervisoryfunctionduringthereportingperiod□Applicable☑N/A VI.Keyaccountingdataandfinancialindicators WhethertheCompanyperformedaretroactiveadjustmentorrestatementofaccountingdataYes☑No TheCompany'snetprofitbeforeorafterdeductingnon-recurringprofitsandlossesinthelastthreefiscalyearsisnegative,andtheauditreportofthelastyearshowsthattheCompany'sabilitytocontinueoperatingisuncertain□YesNo Thenetprofitbeforeorafterdeductingnon-recurringprofitsandlossesisnegative□YesNo VII.Differencesinaccountingdataunderdomesticandoverseasaccountingstandards 1.DifferencesinthenetprofitsandnetassetsdisclosedinthefinancialreportspreparedundertheinternationalandChinaaccountingstandards□Applicable☑N/ANosuchdifferencesduringthisperiod.2.DifferencesinthenetprofitsandnetassetsdisclosedinthefinancialreportspreparedundertheoutboundandChinaaccountingstandards□Applicable☑N/ANosuchdifferencesduringthisperiod. VIII.Keyfinancialresultsbyquarter Unit:CNY □YesNo IX.Non-recurringprofitsandlosses Detailsofotherprofitandlossitemsthatmeetthedefinitionofnon-recurringprofitandloss：□Applicable☑N/AThecompanyhasnospecificcircumstancesofotherprofitandlossitemsthatmeetthedefinitionofnon-recurringprofitandloss.Descriptionofdefiningnon-recurringprofitandlossitemslistedintheExplanatoryAnnouncementNo.1onInformationDisclosureforListedCompanies-Non-recurringProfitsandLossesasrecurringprofitandlossitems.□Applicable☑N/AThereisnosuchsituationthat thecompany classifiesthenon-recurringprofitandlossitemslistedintheExplanatoryAnnouncementNo.1onInformationDisclosureforListedCompanies-Non-recurringProfi