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泸州老窖:2021年第一季度报告全文(英文版)2021-05-28  

                                              Q1 2021 Report of Luzhou Laojiao Co., Ltd.




Luzhou Laojiao Co., Ltd.

     Q1 2021 Report




       April 2021




                                                              1
                                                                               Q1 2021 Report of Luzhou Laojiao Co., Ltd.




                              Section I Important Statements

The Board of Directors, Board of Supervisors, other directors, supervisors and senior management
except the following directors, supervisors and senior management with statements of objections
guarantee that the information presented in this report is free of any false records, misleading
statements or material omissions, and shall individually and together be legally liable for truthfulness,
accuracy and completeness of its contents.


Other directors attended the board meeting to deliberate this report by themselves except the following
directors.

 Name of directors who did    Position of directors who did
                                                              Reason for not attending the
  not attend the meeting in     not attend the meeting in                                         Name of deputies
                                                                     meeting in person
           person                        person

Wang Hongbo                   Director                        Work                           Lin Feng

Tan Lili                      Independent director            Work                           Xu Guoxiang

Qian Xu                       Director                        Work                           Liu Miao

Ying Hanjie                   Director                        Work                           Liu Miao



Liu Miao, responsible person for the Company, Xie Hong, responsible person for accounting work and
Yan Li, responsible person for the Company’s financial affairs (Accounting Supervisor) have warranted
that the financial statements in this report are true, accurate and complete.


This Report has been prepared in both Chinese and English. Should there be any discrepancies or
misunderstandings between the two versions, the Chinese version shall prevail.




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                                                                             Q1 2021 Report of Luzhou Laojiao Co., Ltd.




                          Section II Key Corporate Information

1. Key accounting data and financial indicators

Whether the Company performed a retroactive adjustment to or restatement of accounting data.
 Yes √ No
                                                     Q1 2021                Q1 2020                  Change

Operating revenues (CNY)                             5,003,680,377.12       3,552,467,494.03                   40.85%

Net profits attributable to shareholders
                                                     2,166,766,179.07       1,707,145,859.72                   26.92%
of the Company (CNY)

Net profits attributable to shareholders
of the Company before non-recurring                  2,158,046,960.66       1,713,748,254.45                   25.93%
gains and losses (CNY)

Net cash flows from operating activities
                                                     1,310,035,683.78        -316,284,597.30
(CNY)

Basic earnings per share (CNY/share)                             1.48                      1.17                26.50%

Diluted earnings per share (CNY/share)                           1.48                      1.17                26.50%

Weighted average ROE                                            8.97%                 8.43%                     0.54%

                                               31 March 2021            31 December 2020             Change

Total assets (CNY)                               37,107,992,569.57         35,009,203,823.45                    5.99%

Net assets attributable to shareholders
                                                 25,230,083,810.41         23,074,858,552.59                    9.34%
of the Company (CNY)



Non-recurring profits and losses
√ Applicable  N/A
                                                                                                              Unit: CNY

                             Item                                       Q1 2021                     Note

Profit or loss from disposal of non-current assets (including
                                                                               -1,304.66
the write-off portion of the impairment provision)

Government grants accounted for, in the profit or loss for the
current period (except for the government grants closely
related to the business of the Company and given at a fixed                7,894,230.58
amount or quantity in accordance with the national uniform
standards)

Other non-operating income and expenditure except
                                                                           4,423,690.12
above-mentioned items




                                                                                                                        3
                                                                                               Q1 2021 Report of Luzhou Laojiao Co., Ltd.


Less: Corporate income tax                                                                    3,005,152.80

          Minority interests (after tax)                                                       592,244.83

                                     Total                                                    8,719,218.41                      --

Explain the reasons if the Company classifies an item as a non-recurring profit/loss according to the
definition in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering
Their Securities to the Public-Non-Recurring Profits and Losses, or classifies any non-recurring
profit/loss item mentioned in the said explanatory announcement as a recurring profit/loss item.
 Applicable √ N/A
No such cases for the reporting period.



2. Total number of shareholders and shareholdings of top 10 shareholders at the end
of the reporting period

2.1 Total numbers of common shareholders and preferred shareholders with resumed voting
rights as well as shareholdings of top 10 shareholders

                                                                                                                                       Unit:Share

                                                              Total number of preferred shareholders
Total number of common shareholders
                                                    156,207 with resumed voting rights at the end of                                           0
at the end of the reporting period
                                                              the reporting period (if any)

                                                  Shareholdings of the top 10 shareholders

       Name of              Nature of        Shareholding                           Number of holding             Pledged or frozen shares
                                                               Total shares held
    shareholder           shareholder        percentage                              restricted shares       Status of shares   Number of shares

Luzhou Laojiao         State-owned
                                                     26.02%          381,088,389                         0
Group Co., Ltd.        corporation

Luzhou XingLu
                       State-owned
Investment Group                                     24.99%          365,971,142                         0 Pledged                   101,980,000
                       corporation
Co., Ltd.

Bank of China Co.,

Ltd. – Liquor index

classification

securities             Other                          2.41%            35,339,168                        0

investment fund by

China Merchants

Fund

China Securities

Finance                Other                          2.31%            33,842,059                        0

Corporation limited

Bank of China Co., Other                              2.03%            29,800,044                        0




                                                                                                                                                   4
                                                                                             Q1 2021 Report of Luzhou Laojiao Co., Ltd.


Ltd.-Blue chip

selected hybrid

securities

investment fund by

E Fund

Hong Kong

Securities Clearing Foreign corporation               2.00%           29,337,435                      0

Company Limited

Industrial and

Commercial Bank

of China Co.,

Ltd.-Newly growth      Other                          1.50%           21,960,000                      0

hybrid securities

investment fund by

Invesco Great Wall

Central Huijin Asset
                       State-owned
Management Co.,                                       1.43%           20,937,500                      0
                       corporation
Ltd.

Agricultural Bank of

China Co., Ltd. -

Consumption

industry stock -       Other                          0.91%           13,318,732                      0

based securities

investment fund by

E Fund

China Life

Insurance

Company

Ltd.-Tradition-Gene Other                             0.76%           11,062,270                      0

ral Insurance

Product-005L-CT0

01Shen

                                            Shareholdings of the top 10 non-restricted shareholders

                                                                                                                    Type of shares
             Name of shareholder                     Number of non-restricted shares held
                                                                                                             Type               Number

                                                                                                          CNY common
Luzhou Laojiao Group Co., Ltd.                                                           381,088,389                                 381,088,389
                                                                                                            shares

Luzhou XingLu Investment Group Co.,                                                                       CNY common
                                                                                         365,971,142                                 365,971,142
Ltd.                                                                                                        shares

Bank of China Co., Ltd. – Liquor index                                                                   CNY common
                                                                                            35,339,168                                35,339,168
classification securities investment fund                                                                   shares



                                                                                                                                               5
                                                                                            Q1 2021 Report of Luzhou Laojiao Co., Ltd.


by China Merchants Fund

China Securities Finance Corporation                                                                     CNY common
                                                                                           33,842,059                            33,842,059
limited                                                                                                     shares

Bank of China Co., Ltd.-Blue chip
                                                                                                         CNY common
selected hybrid securities investment                                                      29,800,044                            29,800,044
                                                                                                            shares
fund by E Fund

Hong Kong Securities Clearing                                                                            CNY common
                                                                                           29,337,435                            29,337,435
Company Limited                                                                                             shares

Industrial and Commercial Bank of

China Co., Ltd.-Newly growth hybrid                                                                      CNY common
                                                                                           21,960,000                            21,960,000
securities investment fund by Invesco                                                                       shares

Great Wall

Central Huijin Asset Management Co.,                                                                     CNY common
                                                                                           20,937,500                            20,937,500
Ltd.                                                                                                        shares

Agricultural Bank of China Co., Ltd. -
                                                                                                         CNY common
Consumption industry stock - based                                                         13,318,732                            13,318,732
                                                                                                            shares
securities investment fund by E Fund

China Life Insurance Company
                                                                                                         CNY common
Ltd.-Tradition-General Insurance                                                           11,062,270                             11,062,270
                                                                                                            shares
Product-005L-CT001Shen

                                         1. Luzhou Laojiao Group Co., Ltd. and Luzhou XingLu Investment Group Co., Ltd. are both holding

                                         state-owned companies under the jurisdiction of SASAC of Luzhou. The two companies signed the

                                         agreement of persons acting in concert on 31 December 2015. For details, please refer to the

                                         announcement of the Company on 5 January 2016 - Announcement on the agreement of persons
Related parties or acting-in-concert
                                         acting   in   concert   signed   by     shareholders.   The    announcement   number    is   2016-1

                                         (http://www.cninfo.com.cn/).

                                         2. In addition, whether there is an association between the remaining shareholders or they belong to

                                         persons acting in concert is unknown.

Did any of the top 10 common shareholders or the top non-restricted common shareholders of the
Company conduct any promissory repurchase during the reporting period.
 Yes √ No
The top 10 non-restricted common shareholders, the top10 common shareholders did not conduct any
promissory repurchase during the reporting period.



2.2 Total number of preferred shareholders and shareholdings of the top 10 preferred
shareholders

 Applicable √ N/A




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                                                                     Q1 2021 Report of Luzhou Laojiao Co., Ltd.




                             Section III Significant Events

1. Changes in key financial data and indicators in the reporting period and reasons
for the changes

√ Applicable  N/A
A. The closing balance of prepayment increased by CNY 71,986,457.31 compared to the opening
balance, indicating an increase of 96.39%. It was mainly due to the increased prepayment to suppliers.
B. The closing balance of notes payable decreased by CNY 69,235,000.00 compared to the opening
balance, indicating a decrease of 57.08%. It was mainly due to the settlement of notes payable upon
maturity.
C. Operating revenue in the current period increased by CNY 1,451,212,883.09 compared to the same
period of last year, indicating an increase of 40.85%. It was mainly due to the increased sales revenue
from mid- and high-end liquor in the current period.
D. Cost of sales in the current period increased by CNY 231,543,797.07 compared to the same period of
last year, indicating an increase of 49.58%. It was mainly due to the increased sales revenue in the
current period.
E. Taxes and surcharges in the current period increased by CNY 438,590,342.72 compared to the same
period of last year, indicating an increase of 208.97%. It was mainly due to the increased sales revenue
in the current period.
F. Selling and distribution expenses in the current period increased by CNY 188,886,021.38 compared
to the same period of last year, indicating an increase of 38.90%. It was mainly due to the increased
marketing and promotion expenses in the current period.
G. Non-operating expenses in the current period decreased by CNY 15,853,443.05 compared to the
same period of last year, indicating a decrease of 76.88%. It was mainly due to the decreased donations
in the current period.
H. Net cash flows from operating activities in the current period increased by CNY 1,626,320,281.08
compared to the same period of last year. It was mainly due to the increased cash received from sale of
goods in the current period.
I. Net cash flows from financing activities in the current period decreased by CNY 1,546,057,529.03
compared to the same period of last year. It was mainly due to the issuance of corporate bonds in the
same period of last year.



2. Progress, influence and solutions with regard to significant events

√ Applicable  N/A
A. The Company’s three savings deposits of CNY 500 million, including ABC Changsha Yingxin Branch
and ICBC Nanyang Zhongzhou Branch are involved in contract disputes. The Company has reported to
the public security authorities for intervention with the assets preservation measure and filed civil claims
for two contract disputes among the three cases. Combined with the assets preservation situation of the
public security authorities and professional legal advice issued by lawyers, the Company has made a

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                                                                        Q1 2021 Report of Luzhou Laojiao Co., Ltd.


provision of CNY 200 million for bad debts for the deposit of CNY 500 million for contract disputes. The
Supreme People’s Court made a final judgment on the dispute arising out of the deposit contract
between the Company and ABC Changsha Yingxin Branch. In respect of the losses that couldn’t be
recovered through criminal procedures, ABC Changsha Yingxin Branch should bear 40% of the
compensation liability, ABC Changsha Hongxing Branch 20%, and the remaining losses should be
borne by the Company. The Company applied to Hunan Province Higher People's Court for enforcement
of the verdict. Hunan Province Higher People's Court has filed the case and ruled that Hunan Changsha
Intermediate People’s Court should see to the execution of the verdict. Henan Province Higher People’s
Court had made the judgment of the first trial on the lawsuit of the Company with ICBC Nanyang
Zhongzhou Branch over a deposit dispute: for the losses that the Company cannot recover through
criminal execution procedures, 50% shall be borne by ICBC Nanyang Zhongzhou Branch; for the losses
that the Company cannot recover through criminal execution procedures concerning CNY 122.1 million
of principal in the case, 10% shall be borne by Sanya Rural Commercial Bank Hongsha Branch, and the
rest shall be borne by the Company itself. As of 31 March 2021, the Company had recovered an amount
of CNY 214,955,100 for three of the disputes.

See details in the Company’s announcements:

  Date of announcement            No.                   Catalogue                        Official website

15 October 2014          2014-35         Announcement of significant litigation http://www.cninfo.com.cn/

12 November 2014         2014-41         Announcement of significant
                                         litigation progress

6 December 2014          2014-43         Announcement of significant
                                         litigation progress part II

10 January 2015          2015-1          Announcement of significant events

4 February 2015          2015-4          Announcement of significant events
                                         progress

25 March 2015            2015-11         Announcement of significant
                                         litigation progress part III

18 April 2015            2015-20         Announcement of significant
                                         litigation progress part IV

22 April 2015            2015-21         Announcement of significant events
                                         progress part II

24 April 2015            2015-25         Announcement of significant
                                         litigation progress part V

15 July 2015             2015-44         Announcement of significant
                                         litigation progress part VI

22 July 2015             2015-45         Announcement of significant
                                         litigation progress part VII

6 June 2018              2018-17         Announcement of significant



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                                                                         Q1 2021 Report of Luzhou Laojiao Co., Ltd.


                                         litigation progress part VIII

7 May 2019              2019-11          Announcement of significant
                                         litigation progress part IX

17 May 2019             2019-13          Announcement of significant
                                         litigation progress part X

24 March 2020           2020-6           Announcement of significant
                                         litigation progress part XI

6 May 2020              2020-14          Announcement of significant
                                         litigation progress part XII
7 November 2020         2020-34          Announcement of significant
                                         litigation progress part XIII



B. The Company disclosed the technical renovation project of brewing invested by Brewing Company, a
subsidiary of the Company. The total investment amount is CNY 7,414,280,000. See details in the
announcement disclosed on 28 April 2016 About subsidiary technical renovation project of brewing , No:
2016-12 (http://www.cninfo.com.cn/). Based on actual needs arising from the construction of the project,
the Company convened a general meeting on 30 June 2020, at which the Proposal on Increasing
Investment in the Technical Renovation Project of Brewing was approved. As such, the total project
investment was increased to CNY 8,877,276,500. For more information, please refer to the following
announcements: Announcement No. 2020-17 on Increasing Investment in the Technical Renovation
Project of Brewing disclosed on 2 June 2020; and Announcement No. 2020-20 on the Resolutions of the
2019 Annual General Meeting disclosed on 1 July 2020 (both disclosed on http://www.cninfo.com.cn/).
As of the end of the reporting period, construction was completed for the project, with the project image
progress reaching 100%. Quality inspection and acceptance of the relevant sub-projects was finished.
Other inspection and acceptance, as well as settlement were progressing in an orderly manner.


C. The Company decides to implement the Accounting Standards for Enterprises No. 21--Lease (C.K.
[2018] No. 35) since 1 January 2021, which was revised and published by the Ministry of Finance.
According to the new standards, there are no leasing businesses in the Company that need to be
adjusted retrospectively, and the changes in accounting policies do not affect shareholders' equity, net
profit and other financial indicators of the Company in 2020.

D. The Company disclosed the Prompt Announcement on Free Transfer of Part of State-owned Equity of
the Company and its Controlling Shareholders to Enrich the Social Security Fund (Announcement No.:
2020-33), the Announcement on the Progress of the Free transfer of Part of State-owned Equity of the
Company and its Controlling Shareholders to Enrich the Social Security Fund (Announcement No.:
2020-35), and the Announcement on the Progress of the Free transfer of Part of State-owned Equity of
the Company and its Controlling Shareholders to Enrich the Social Security Fund (Announcement No.:
2021-1) on 30 October 2020, 26 November 2020 and 6 January 2021, respectively. State-owned Assets
Supervision and Administration Commission of Luzhou intends to transfer freely to Sichuan Provincial
Finance Department 111,193 state-owned shares held by Luzhou Laojiao (accounting for 10% of the
Company's shares held by State-owned Assets Supervision and Administration Commission of Luzhou,


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                                                                                                   Q1 2021 Report of Luzhou Laojiao Co., Ltd.


and 0.008% of the Company's total shares),10% equity of Luzhou Laojiao Group Co., Ltd., the
controlling shareholder of the Company, and the 10% equity of Luzhou Xinglu Investment Group Co.,
Ltd., the person acting in concert with Luzhou Laojiao Group Co., Ltd. These will be held by Sichuan
Provincial Finance Department on behalf of the Social Security Fund. By the disclosure date of this
report, Luzhou Laojiao Group Co., Ltd. and Luzhou Xinglu Investment Group Co., Ltd. had completed
the transfer procedures of state-owned equity. The transfer procedures of the Company's shares directly
held by the State-owned Assets Supervision and Administration Commission of Luzhou had not been
completed. This transfer of state-owned equity will not change the Company's actual controllers and
controlling shareholders.


Implementation progress of shares repurchases
□ Applicable √ N/A


Implementation progress of share buyback reduction through centralized bidding
□ Applicable √ N/A



3. Undertakings of the Company's actual controller, shareholders, related parties
and acquirer, as well as the Company and other commitment makers ongoing in the
reporting period

 Applicable √ N/A
No such cases in the reporting period.



4. Financial assets investment

4.1 Securities investment

√ Applicable  N/A
                                                                                                                                               Unit: CNY

                                                                             Changes
                                                                 Changes
                                                                              in the                           Profit
                      Abbre                Accounti               in fair
                                                                             cumulati                         and loss
                      viation    Initial      ng      Beginnin    value                 Amount                            Closing
Category of   Stock                                                           ve fair              Amount      during               Accounti    Capital
                        of      investme measure      g book     recogniz                  of                              book
 securities   code                                                            value                 of sale     the                 ng item     source
                      securit   nt cost      ment     balance     ed in                 purchase                          balance
                                                                             recorded                         reporting
                       ies                  model                profit or
                                                                               into                            period
                                                                   loss
                                                                              equity

                                                                                                                                    Investme
Domestic                                   Fair
                                12,719,1              206,450, -15,192, 178,539,                                          191,258, nts       in Own
and foreign 601211    GTJA                 value
                                   56.76                757.39    326.13       274.50                                      431.26 other        fund
stock                                      measure
                                                                                                                                    equity


                                                                                                                                                          10
                                                                                       Q1 2021 Report of Luzhou Laojiao Co., Ltd.


                                       ment                                                                          instrume

                                                                                                                     nts

                                                                                                                     Investme

                                       Fair                                                                          nts        in
Domestic
                            1,030,00 value         11,460,8 -1,219,5 9,211,28                             10,241,2 other             Own
and foreign 002246   SNC
                                0.00 measure         58.15    72.91      5.24                               85.24 equity             fund
stock
                                       ment                                                                          instrume

                                                                                                                     nts

                                                                                                                     Investme

                                       Fair                                                                          nts        in
Domestic
                     LZBA   51,120,0 value         95,561,8 -1,126,1 43,315,6                             94,435,6 other             Own
and foreign 01983
                     NK       00.00 measure          25.55    45.35    80.20                                80.20 equity             fund
stock
                                       ment                                                                          instrume

                                                                                                                     nts

                            64,869,1               313,473, -17,538, 231,066,                             295,935,
Total                                         --                                0.00       0.00    0.00                    --           --
                              56.76                 441.09   044.39   239.94                               396.70




4.2 Derivative investment

 Applicable √ N/A
No such cases in the reporting period.



5. Progress of projects financed with funds raised

√ Applicable □ N/A
The Technical Renovation Project of Brewing was completed and the project image progress reached
100%. The quality inspection of related sub-projects was completed, and other inspects and accounts
settlement work is in process as planned.


Project of Intelligent Upgrading and Building of the Information Management System was under
construction.


The Project of Acquiring Sealing Equipment for the Cellar of Huangyi Brewing Base was completed, and
the follow-up settlement work is proceeded in an orderly manner.


The Project of Acquiring Accessory Equipment for Leaven Making for Huangyi Brewing Base was
completed, and the follow-up settlement work is proceeded in an orderly manner.




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                                                                   Q1 2021 Report of Luzhou Laojiao Co., Ltd.


6. Operating performance forecast for January-June 2021

Warning of a forecast negative net profit for the period from the beginning of the year to the end of the
next reporting period or a considerable YoY change therein, as well as the reasons:
 Applicable √ N/A



7. Significant contracts arising from routine operation

 Applicable √ N/A



8. Entrust assets management

 Applicable √ N/A
No such cases in the reporting period.



9. Irregularities in the provision of guarantees

 Applicable √ N/A
No such cases in the reporting period.



10. Occupation of the Company's fund by the controlling shareholder or its related
parties for non-operating purposes

 Applicable √ N/A
No such cases in the reporting period.



11. Visits paid to the Company for purposes of research, communication, interview,
etc.

 Applicable √ N/A
No such cases in the reporting period.




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                                  Section IV Financial Statements

1. Financial statements

1.1 Consolidated balance sheet

Prepared by: Luzhou Laojiao Co., Ltd.
                                                                                                   Unit: CNY

                Item                        31 March 2021                     31 December 2020

Current assets:

Cash and cash equivalents                          12,469,738,488.32                     11,624,870,340.60

Settlement reserves

Lending funds

Held-for-trading financial assets

Derivative financial assets

Notes receivables

Accounts receivables                                    1,563,983.25                           1,507,852.43

Accounts receivables financing                      3,641,758,209.01                      3,209,371,766.35

Prepayment                                            146,671,994.69                         74,685,537.38

Premiums receivable

Reinsurance accounts receivable

Reinsurance contract reserve

Other receivables                                     122,509,098.31                        127,032,931.42

Including: Interests receivable

          Dividends receivable

Buying back the sale of financial
assets

Inventories                                         5,152,641,418.83                      4,695,663,431.25

Contractual assets

Assets held for sale

Non-current assets due within one
year

Other current assets                                  153,961,577.69                        156,565,424.18

Total current assets                               21,688,844,770.10                     19,889,697,283.61




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                                                         Q1 2021 Report of Luzhou Laojiao Co., Ltd.


Non-current assets:

Disbursement of loans and
advances

Investments in debt obligations

Investments in other debt obligations

Long-term receivables

Long-term equity investments              2,515,726,003.02                      2,477,667,171.27

Investments in other equity
                                           329,622,355.03                         347,160,399.42
instruments

Other non-current financial assets

Investment property

Fixed assets                              7,255,105,544.38                      6,887,108,174.72

Construction in progress                  1,831,763,271.93                      2,012,129,880.15

Productive biological assets

Oil and gas assets

Use right assets                            59,065,551.59

Intangible assets                         2,641,182,029.18                       2,657,118,025.37

Development expenses

Goodwill

Long-term deferred expenses                   2,095,393.96                           2,305,902.21

Deferred tax assets                        773,804,224.52                         725,210,660.84

Other non-current assets                    10,783,425.86                          10,806,325.86

Total non-current assets                 15,419,147,799.47                     15,119,506,539.84

Total assets                             37,107,992,569.57                     35,009,203,823.45

Current liabilities:

Short-term loans

Borrowings from the central bank

Loans from other banks

Held-for-trading financial liabilities

Derivative financial liabilities

Notes payable                                52,050,117.60                        121,285,117.60

Accounts payable                          2,519,679,839.87                      2,604,289,199.77

Advance from customer

Contractual liabilities                   1,692,175,528.57                      1,678,837,166.94

Financial assets sold for repurchase


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                                                         Q1 2021 Report of Luzhou Laojiao Co., Ltd.


Deposits from customers and
inter-bank

Customer brokerage deposits

Securities underwriting brokerage
deposits

Employee benefits payable                  442,839,233.73                         505,022,627.19

Taxes payable                            2,129,142,076.26                        2,046,027,211.13

Other payable                              501,976,469.29                         501,623,924.54

Including: Interests payable

             Dividends payable

Handling charges and commissions
payable

Reinsurance accounts payable

Liabilities held for sale

Non-current liabilities due within one
                                            64,413,287.40                          72,219,178.08
year

Other current liabilities                  218,250,759.98                         218,267,353.36

Total current liabilities                7,620,527,312.70                       7,747,571,778.61

Non-current liabilities:

Insurance contract reserves

Long-term loans

Bonds payable                            3,988,635,254.75                       3,987,872,100.02

Including: Preferred shares

             Perpetual bonds

Lease liabilities                           50,084,133.27

Long-term payables

Long-term payroll payables

Accrued liabilities

Deferred income                             34,796,928.57                          29,739,000.00

Deferred tax liabilities                    57,766,560.01                           62,151,071.11

Other non-current liabilities

Total non-current liabilities            4,131,282,876.60                       4,079,762,171.13

Total liabilities                        11,751,810,189.30                     11,827,333,949.74

Owners' equity

Share capital                            1,464,752,476.00                       1,464,752,476.00



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                                                                          Q1 2021 Report of Luzhou Laojiao Co., Ltd.


Other equity instruments

Including: Preferred shares

          Perpetual bonds

Capital reserves                                           3,722,777,063.13                      3,722,777,063.13

Less: treasury stock

Other comprehensive income                                   174,522,403.78                        186,063,325.03

Special reserves

Surplus reserves                                           1,464,752,476.00                      1,464,752,476.00

General risk reserve

Undistributed profits                                     18,403,279,391.50                     16,236,513,212.43

Total equity attributable to owners of
                                                          25,230,083,810.41                     23,074,858,552.59
the parent company

Non-controlling interests                                    126,098,569.86                        107,011,321.12

Total owners' equity                                      25,356,182,380.27                     23,181,869,873.71

Total liabilities and owners' equity                      37,107,992,569.57                     35,009,203,823.45

Legal representative:Liu Miao
Person in charge of accounting affairs:Xie Hong
Person in charge of accounting department:Yan Li




1.2 Balance sheet of parent company

                                                                                                          Unit: CNY

                Item                               31 March 2021                     31 December 2020

Current assets:

Cash and cash equivalents                                 11,859,796,536.59                      11,100,327,211.33

Held-for-trading financial assets

Derivative financial assets

Notes receivables

Accounts receivables                                           1,759,580.22                               3,927.50

Accounts receivables financing

Prepayment                                                    14,581,837.63                           1,431,698.57

Other receivables                                          7,589,020,976.34                      7,052,749,694.83

Including: Interests receivable

          Dividends receivable

Inventories                                                    6,237,418.46                            850,076.30


                                                                                                                 16
                                                         Q1 2021 Report of Luzhou Laojiao Co., Ltd.


Contractual assets

Assets held for sale

Non-current assets due within one
year

Other current assets                           113,908.90                               78,509.44

Total current assets                     19,471,510,258.14                     18,155,441,117.97

Non-current assets:

Investments in debt obligations

Investments in other debt obligations

Long-term receivables

Long-term equity investments              5,922,641,924.56                      5,884,091,712.47

Investments in other equity
                                           329,293,433.40                         346,831,477.79
instruments

Other non-current financial assets

Investment property

Fixed assets                               633,930,149.25                         640,254,574.76

Construction in progress                   513,433,871.93                         550,932,404.00

Productive biological assets

Oil and gas assets

Use right assets                               700,089.77

Intangible assets                          678,442,615.47                         684,010,106.13

Development expenses

Goodwill

Long-term deferred expenses                   1,976,773.83                           2,180,811.89

Deferred tax assets                         91,218,421.79                          89,484,552.65

Other non-current assets                      1,526,325.86                           1,526,325.86

Total non-current assets                  8,173,163,605.86                       8,199,311,965.55

Total assets                             27,644,673,864.00                     26,354,753,083.52

Current liabilities:

Short-term loans

Held-for-trading financial liabilities

Derivative financial liabilities

Notes payable

Accounts payable                            89,141,333.54                          80,663,835.54

Advance from customer


                                                                                                17
                                                        Q1 2021 Report of Luzhou Laojiao Co., Ltd.


Contractual liabilities                      8,327,814.91                            753,349.81

Employee benefits payable                 156,913,887.39                         168,254,646.38

Taxes payable                             140,369,803.39                         153,437,992.21

Other payables                           1,742,035,319.50                        699,733,563.56

Including: Interests payable

           Dividends payable

Liabilities held for sale

Non-current liabilities due within one
                                           55,015,041.09                          72,219,178.08
year

Other current liabilities                    1,082,615.94                             116,457.13

Total current liabilities                2,192,885,815.76                      1,175,179,022.71

Non-current liabilities:

Long-term loans

Bonds payable                            3,988,635,254.75                      3,987,872,100.02

Including: Preferred shares

           Perpetual bonds

Lease liabilities                             243,035.74

Long-term payables

Long-term payroll payables

Accrued liabilities

Deferred income                              1,428,000.00                           1,904,000.00

Deferred tax liabilities                   57,766,560.01                           62,151,071.11

Other non-current liabilities

Total non-current liabilities            4,048,072,850.50                      4,051,927,171.13

Total liabilities                        6,240,958,666.26                      5,227,106,193.84

Owners' equity

Share capital                            1,464,752,476.00                      1,464,752,476.00

Other equity instruments

Including: Preferred shares

           Perpetual bonds

Capital reserves                         3,706,816,950.12                      3,706,816,950.12

Less: treasury stock

Other comprehensive income                173,757,100.94                         185,441,302.55

Special reserves




                                                                                               18
                                                             Q1 2021 Report of Luzhou Laojiao Co., Ltd.


Surplus reserves                            1,464,752,476.00                        1,464,752,476.00

Undistributed profits                      14,593,636,194.68                       14,305,883,685.01

Total owners' equity                       21,403,715,197.74                       21,127,646,889.68

Total liabilities and owners' equity       27,644,673,864.00                       26,354,753,083.52




1.3 Consolidated income statement

                                                                                              Unit: CNY

                 Item                  Q1 2021                                Q1 2020

1. Total operating revenue                  5,003,680,377.12                        3,552,467,494.03

Including: Operating revenue                5,003,680,377.12                        3,552,467,494.03

           Interest income

           Earned premium

           Fee and commission
income

2. Total operating costs                    2,176,691,151.80                        1,285,561,805.00

 Including: Cost of sales                     698,531,899.11                            466,988,102.04

           Interest expense

           Handling charges and
commission expenses

           Refunded premiums

           Net payments for
insurance claims

           Net provision for
insurance contracts

           Bond insurance expense

           Reinsurance Expenses

           Taxes and surcharges               648,467,990.32                            209,877,647.60

           Selling and distribution
                                              674,499,560.18                            485,613,538.80
expenses

           General and
                                              197,605,329.26                            162,202,429.84
administrative expenses

           Research and
                                                 14,110,650.06                           10,759,004.98
Development expenses

           Financial expenses                    -56,524,277.13                         -49,878,918.26



                                                                                                     19
                                                            Q1 2021 Report of Luzhou Laojiao Co., Ltd.


              Including: Interest
                                                27,138,723.39                         25,735,318.66
expenses

                            Interest income     82,968,567.12                         74,031,795.61

 Plus: Other income                               7,894,230.58                          8,578,919.67

        Investment income ("-" for
                                                44,769,830.41                         38,469,805.49
losses)

        Including: income from
investment in associates and joint              37,082,283.26                         38,469,805.49
ventures

                     Income from the
derecognition of financial assets
measured at amortized cost

        Foreign exchange gains ("-" for
losses)

        Net gain on exposure hedges
(“-” for losses)

        Gains from the changes in fair
values (“-“ for losses)

        Credit impairment losses (“-”
                                                   -982,348.33                         -5,177,762.20
for losses)

        Asset impairment losses (“-“ for
losses)

        Gains from disposal of assets
                                                     -1,304.66
("-" for losses)

3. Operating profits ("-" for losses)         2,878,669,633.32                     2,308,776,651.99

  Plus: non-operating income                      9,191,273.23                          3,255,361.87

  Less: non-operating expenses                    4,767,583.11                        20,621,026.16

4. Total profits before tax        ("-" for
                                              2,883,093,323.44                     2,291,410,987.70
total losses)

  Less: income tax expenses                    703,243,781.49                        565,129,663.84

5. Net profit ("-" for net loss)              2,179,849,541.95                     1,726,281,323.86

5.1 By operating continuity

1) Net profit from continuing operation
                                              2,179,849,541.95                     1,726,281,323.86
("-" for losses)

2) Net profit from discontinued
operation ("-" for losses)

5.2 By ownership

1) Attributable to shareholders of the        2,166,766,179.07                     1,707,145,859.72


                                                                                                   20
                                                         Q1 2021 Report of Luzhou Laojiao Co., Ltd.


parent company

2) Attributable to non-controlling
                                             13,083,362.88                         19,135,464.14
interests

6.     Net    of   tax    from       other
                                             -11,423,499.40                        -39,075,095.45
comprehensive income

Net of tax from other comprehensive
income to the owner of the parent            -11,540,921.25                        -34,146,018.29
company

6.1 Other comprehensive income that
cannot be reclassified into the profit       -13,153,533.29                        -31,446,050.54
and loss:

1) Remeasure the variation of net
indebtedness or net asset of defined
benefit plans

2) Share in other comprehensive
income that cannot be classified into
profit and loss under equity method

3) Changes in fair value of
investments in other equity                  -13,153,533.29                        -31,446,050.54
instruments

4) Changes in fair value of the
company’s credit risks

5) Other

6.2 Other comprehensive income that
will be reclassified into the profit and      1,612,612.04                          -2,699,967.75
loss

1) Share in other comprehensive
income that will be classified into           1,469,331.68                           3,323,761.00
profit and loss under equity method

2) Changes in fair value of
investments in other debt obligations

3) Other comprehensive income
arising from the reclassification of
financial assets

4) Allowance for credit impairments in
investments in other debt obligations

5) Reserve for cash-flow hedge

6) Balance arising from the translation
                                                143,280.36                          -6,023,728.75
of foreign currency financial



                                                                                                21
                                                                           Q1 2021 Report of Luzhou Laojiao Co., Ltd.


statements

7) Others

Net of tax from other comprehensive
                                                                  117,421.85                           -4,929,077.16
income to non-controlling interests

7. Total comprehensive income                            2,168,426,042.55                         1,687,206,228.41

Total comprehensive income
attributable to owners of the parent                     2,155,225,257.82                         1,672,999,841.43
company

Total comprehensive income
attributable to non-controlling                                13,200,784.73                           14,206,386.98
interests

8. Earnings per share

(1) Basic earnings per share                                            1.48                                    1.17

(2) Diluted earnings per share                                          1.48                                    1.17

Legal representative:Liu Miao
Person in charge of accounting affairs:Xie Hong
Person in charge of accounting department:Yan Li




1.4 Income statement of parent company

                                                                                                            Unit: CNY

                Item                                Q1 2021                                 Q1 2020

1. Operating revenue                                     1,868,851,309.95                             315,730,603.07

 Less: Cost of sales                                     1,447,126,696.57                             215,663,482.49

       Taxes and surcharges                                     7,190,177.19                            1,476,450.02

       Selling and distribution
expenses

       General and administrative
                                                              151,066,080.64                          127,521,163.51
expenses

       Research and Development
                                                                3,869,370.29                            3,445,121.56
expenses

       Financial expenses                                     -64,115,043.10                          -63,259,190.75

       Including: Interest expenses                             1,723,333.34                            4,694,458.33

                  Interest income                              79,261,807.58                           69,209,056.74

 Plus: Other income                                             2,890,215.16                            6,199,400.00

       Investment income ("-" for
                                                               37,080,880.41                           38,469,805.49
losses)


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                                                         Q1 2021 Report of Luzhou Laojiao Co., Ltd.


        Including: income from
investment in associates and joint           37,080,880.41                         38,469,805.49
ventures

                     Income from the
derecognition of financial assets at
amortized cost (“-” for losses)

        Net gain on exposure hedges
(“-” for losses)

        Gains from the changes in
fair values (“-“ for losses)

        Credit impairment losses (“-”
                                               -297,519.30                            -752,426.69
for losses)

        Asset impairment losses (“-”
for losses)

        Gains from disposal of assets
                                                 -1,304.66
("-" for losses)

2. Operating profits ("-" for
                                            363,386,299.97                         74,800,355.04
losses)

  Plus: non-operating income                  6,446,860.10                           2,568,253.42

  Less: non-operating expenses                 835,266.16                          20,491,664.66

3. Total profits before tax      ("-" for
                                            368,997,893.91                         56,876,943.80
total losses)

  Less: income tax expenses                  81,245,384.24                           2,019,566.55

4. Net profit ("-" for net loss)            287,752,509.67                         54,857,377.25

4.1 Net profit from continuing
                                            287,752,509.67                         54,857,377.25
operation ("-" for losses)

4.2 Net profit from discontinued
operation ("-" for losses)

5. Net of tax from other
                                            -11,684,201.61                         -28,122,289.54
comprehensive income

5.1 Other comprehensive income
that cannot be reclassified into the        -13,153,533.29                         -31,446,050.54
profit and loss:

1) Remeasure the variation of net
indebtedness or net asset of defined
benefit plans

2) Share in other comprehensive
income that cannot be classified into
profit and loss under equity method


                                                                                                23
                                                                   Q1 2021 Report of Luzhou Laojiao Co., Ltd.


3) Changes in fair value of
investments in other equity                           -13,153,533.29                          -31,446,050.54
instruments

4) Changes in fair value of the
company’s credit risks

5) Other

5.2 Other comprehensive income
that will be reclassified into the profit               1,469,331.68                           3,323,761.00
and loss

1) Share in other comprehensive
income that will be classified into                     1,469,331.68                           3,323,761.00
profit and loss under equity method

2) Changes in fair value of
investments in other debt obligations

3) Other comprehensive income
arising from the reclassification of
financial assets

4) Allowance for credit impairments
in investments in other debt
obligations

5) Reserve for cash-flow hedge

6) Balance arising from the
translation of foreign currency
financial statements

7) Others

6. Total comprehensive income                         276,068,308.06                          26,735,087.71

7. Earnings per share

(1) Basic earnings per share                                    0.20                                   0.04

(2) Diluted earnings per share                                  0.20                                   0.04


1.5 Consolidated statement of cash flows

                                                                                                   Unit: CNY

                   Item                     Q1 2021                                 Q1 2020

1. Cash flows from operating
activities

Cash received from sale of goods
                                                 6,447,302,776.34                         2,709,764,363.56
and rendering of services

Net increase in customer bank


                                                                                                           24
                                                     Q1 2021 Report of Luzhou Laojiao Co., Ltd.


deposits and placement from banks
and other financial institutions

Net increase in loans from central
bank

Net increase in loans from other
financial institutions

Premiums received from original
insurance contracts

Net cash received from reinsurance
business

Net increase in deposits and
investments from policyholders

Cash received from interest,
handling charges and commissions

Net increase in placements from
other financial institutions

Net capital increase in repurchase
business

Net cash received from customer
brokerage deposits

Refunds of taxes and surcharges            158,646.02                            2,984,693.31

Cash received from other operating
                                       115,758,781.39                         145,217,970.22
activities

Subtotal of cash inflows from
                                      6,563,220,203.75                      2,857,967,027.09
operating activities

Cash paid for goods purchased and
                                      2,604,353,042.20                        794,862,329.49
services received

Net increase in loans and advances
to customers

Net increase in deposits in central
bank and other banks and financial
institutions

Cash paid for original insurance
contract claims

Net increase in lending funds

Cash paid for interests, handling
charges and commissions

Cash paid for policy dividends



                                                                                            25
                                                     Q1 2021 Report of Luzhou Laojiao Co., Ltd.


Cash paid to and on behalf of
                                       335,972,928.17                         290,931,958.65
employees

Cash paid for taxes and surcharges    1,814,051,071.85                      1,490,541,545.95

Cash paid for other operating
                                       498,807,477.75                         597,915,790.30
activities

Subtotal of cash outflows from
                                      5,253,184,519.97                      3,174,251,624.39
operating activities

Net cash flows from operating
                                      1,310,035,683.78                        -316,284,597.30
activities

2. Cash flows from investing
activities

Cash received from disposal of
investments

Cash received from returns on
                                          1,412,900.00
investments

Net cash received from disposal of
fixed assets, intangible assets and           8,800.00                            363,665.57
other long-term assets

Net cash received from disposal of
subsidiaries and other business
units

Cash received from other investing
activities

Subtotal of cash inflows from
                                          1,421,700.00                            363,665.57
investing activities

Cash paid to acquire and construct
fixed assets, intangible assets and    437,859,053.59                         435,218,874.05
other long-term assets

Cash paid for investments

Net increase in pledge loans

Net cash paid to acquire
subsidiaries and other business
units

Cash paid for other investing
activities

Subtotal of cash outflows from
                                       437,859,053.59                         435,218,874.05
investing activities

Net cash flows from investing
                                       -436,437,353.59                        -434,855,208.48
activities


                                                                                            26
                                                        Q1 2021 Report of Luzhou Laojiao Co., Ltd.


3. Cash flows from financing
activities

Cash received from investors                 5,886,464.02                           5,621,368.05

Including: cash received by
subsidiaries from investments by             5,886,464.02                           5,621,368.05
minority shareholders

Cash received from borrowings                                                  1,494,000,000.00

Cash received from other financing
activities

Subtotal of cash inflows from
                                             5,886,464.02                      1,499,621,368.05
financing activities

Cash paid for debt repayments

Cash paid for distribution of
dividends and profits or payment of        52,502,625.00
interest

Including: dividends and profits paid
to minority shareholders by
subsidiaries

Cash paid for other financing
                                                                                     180,000.00
activities

Subtotal of cash outflows from
                                           52,502,625.00                             180,000.00
financing activities

Net cash flows from financing
                                           -46,616,160.98                      1,499,441,368.05
activities

4. Effect of fluctuation in
exchange rate on cash and cash               1,275,210.76                           2,023,536.30
equivalents

5. Net increase in cash and cash
                                          828,257,379.97                         750,325,098.57
equivalents

Plus: balance of cash and cash
equivalents at the beginning of the     11,568,195,062.81                      9,752,266,526.78
period

6. Balance of cash and cash
equivalents at the end of the           12,396,452,442.78                     10,502,591,625.35
period




                                                                                               27
                                                               Q1 2021 Report of Luzhou Laojiao Co., Ltd.




1.6 Cash flow statement of parent company

                                                                                                Unit: CNY

                Item                    Q1 2021                                 Q1 2020

1. Cash flows from operating
activities

Cash received from sale of goods
                                             2,117,620,792.62                             653,025,597.30
and rendering of services

Refunds of taxes and surcharges

Cash received from other operating
                                                  109,471,952.85                           84,003,498.08
activities

Subtotal of cash inflows from
                                             2,227,092,745.47                             737,029,095.38
operating activities

Cash paid for goods purchased and
                                                  872,450,122.68                          300,960,894.55
services received

Cash paid to and on behalf of
                                                  325,937,947.45                          285,439,755.10
employees

Cash paid for taxes and surcharges                168,193,365.90                           88,834,694.01

Cash paid for other operating
                                                   38,780,177.86                          977,736,127.34
activities

Subtotal of cash outflows from
                                             1,405,361,613.89                         1,652,971,471.00
operating activities

Net cash flows from operating
                                                  821,731,131.58                        -915,942,375.62
activities

2. Cash flows from investing
activities

Cash received from disposal of
investments

Cash received from returns on
                                                    1,407,900.00
investments

Net cash received from disposal of
fixed assets, intangible assets and                     8,800.00
other long-term assets

Net cash received from disposal of
subsidiaries and other business
units

Cash received from other investing


                                                                                                       28
                                                   Q1 2021 Report of Luzhou Laojiao Co., Ltd.


activities

Subtotal of cash inflows from
                                        1,416,700.00
investing activities

Cash paid to acquire and construct
fixed assets, intangible assets and    27,786,649.07                         64,878,208.78
other long-term assets

Cash paid for investments

Net cash paid to acquire
subsidiaries and other business
units

Cash paid for other investing
activities

Subtotal of cash outflows from
                                       27,786,649.07                         64,878,208.78
investing activities

Net cash flows from investing
                                      -26,369,949.07                         -64,878,208.78
activities

3. Cash flows from financing
activities

Cash received from investors

Cash received from loans                                                  1,494,000,000.00

Cash received from other financing
activities

Subtotal of cash inflows from
                                                                          1,494,000,000.00
financing activities

Cash paid for debt repayments

Cash paid for distribution of
dividends and profits or payment of    52,502,625.00
interest

Cash paid for other financing
                                                                                180,000.00
activities

Subtotal of cash outflows from
                                       52,502,625.00                            180,000.00
financing activities

Net cash flows from financing
                                      -52,502,625.00                      1,493,820,000.00
activities

4. Effect of fluctuation in
exchange rate on cash and cash
equivalents

5. Net increase in cash and cash
                                      742,858,557.51                        512,999,415.60
equivalents


                                                                                          29
                                                                          Q1 2021 Report of Luzhou Laojiao Co., Ltd.


Plus: balance of cash and cash
equivalents at the beginning of the                       11,045,051,933.54                      8,872,692,385.79
period

6. Balance of cash and cash
equivalents at the end of the                             11,787,910,491.05                      9,385,691,801.39
period




2. Adjustments to the financial statements

2.1 Adjustments to the financial statements at the beginning of 2021 when the new accounting
standards governing leases were first adopted

√ Applicable □ N/A


Whether items of balance sheets at the beginning of the year need to be adjusted
√ Yes □ No


Consolidated balance sheet
                                                                                                           Unit: CNY

              Item               31 December 2020              1 January 2021                 Adjustment

Current assets:

Cash and cash equivalents             11,624,870,340.60            11,624,870,340.60

Accounts receivables                       1,507,852.43                 1,507,852.43

Accounts receivables
                                       3,209,371,766.35             3,209,371,766.35
financing

Prepayment                               74,685,537.38                 74,685,537.38

Other receivables                       127,032,931.42                127,032,931.42

Inventories                            4,695,663,431.25             4,695,663,431.25

Other current assets                    156,565,424.18                156,565,424.18

Total current assets                  19,889,697,283.61            19,889,697,283.61

Non-current assets:

Long-term equity
                                       2,477,667,171.27             2,477,667,171.27
investments

Investments in other equity
                                        347,160,399.42                347,160,399.42
instruments

Fixed assets                           6,887,108,174.72             6,887,108,174.72

Construction in progress               2,012,129,880.15             2,012,129,880.15


                                                                                                                 30
                                                         Q1 2021 Report of Luzhou Laojiao Co., Ltd.


Right-of-use assets                                   50,201,409.36                50,201,409.36

Intangible assets               2,657,118,025.37    2,657,118,025.37

Long-term deferred
                                    2,305,902.21        2,305,902.21
expenses

Deferred tax assets              725,210,660.84      725,210,660.84

Other non-current assets          10,806,325.86       10,806,325.86

Total non-current assets       15,119,506,539.84   15,169,707,949.20               50,201,409.36

Total assets                   35,009,203,823.45   35,059,405,232.81               50,201,409.36

Current liabilities:

Notes payable                    121,285,117.60      121,285,117.60

Accounts payable                2,604,289,199.77    2,604,289,199.77

Contractual liabilities         1,678,837,166.94    1,678,837,166.94

Employee benefits payable        505,022,627.19      505,022,627.19

Taxes payable                   2,046,027,211.13    2,046,027,211.13

Other payable                    501,623,924.54      501,623,924.54

Non-current liabilities due
                                  72,219,178.08       82,207,133.16                  9,987,955.08
within one year

Other current liabilities        218,267,353.36      218,267,353.36

Total current liabilities       7,747,571,778.61    7,757,559,733.69                 9,987,955.08

Non-current liabilities:

Bonds payable                   3,987,872,100.02    3,987,872,100.02

Lease liabilities                                     40,213,454.28                40,213,454.28

Deferred income                   29,739,000.00       29,739,000.00

Deferred tax liabilities           62,151,071.11       62,151,071.11

Total non-current
                                4,079,762,171.13    4,119,975,625.41               40,213,454.28
liabilities

Total liabilities              11,827,333,949.74   11,877,535,359.10               50,201,409.36

Owners' equity

Share capital                   1,464,752,476.00    1,464,752,476.00

Capital reserves                3,722,777,063.13    3,722,777,063.13

Other comprehensive
                                 186,063,325.03      186,063,325.03
income

Surplus reserves                1,464,752,476.00    1,464,752,476.00

Undistributed profits          16,236,513,212.43   16,236,513,212.43

Total equity attributable to   23,074,858,552.59   23,074,858,552.59



                                                                                                31
                                                                 Q1 2021 Report of Luzhou Laojiao Co., Ltd.


owners of the parent
company

Non-controlling interests            107,011,321.12          107,011,321.12

Total owners' equity              23,181,869,873.71        23,181,869,873.71

Total liabilities and
                                  35,009,203,823.45        35,059,405,232.81               50,201,409.36
owners' equity

Note to the adjustments:
As required by the Accounting Standard No. 21 for Business Enterprises-Leases issued by the Ministry
of Finance, the Company starts to implement the said standards since 1 January 2021. For the influence
on specific items and amount thereof, please see above adjustment statement.


Balance sheet of parent company
                                                                                                  Unit: CNY

              Item            31 December 2020         1 January 2021                Adjustment

Current assets:

Cash and cash equivalents          11,100,327,211.33       11,100,327,211.33

Accounts receivables                       3,927.50                 3,927.50

Prepayment                             1,431,698.57             1,431,698.57

Other receivables                  7,052,749,694.83         7,052,749,694.83

Inventories                              850,076.30              850,076.30

Other current assets                      78,509.44               78,509.44

Total current assets               18,155,441,117.97       18,155,441,117.97

Non-current assets:

Long-term equity
                                   5,884,091,712.47         5,884,091,712.47
investments

Investments in other equity
                                     346,831,477.79          346,831,477.79
instruments

Fixed assets                         640,254,574.76          640,254,574.76

Construction in progress             550,932,404.00          550,932,404.00

Right-of-use assets                                              730,727.38                   730,727.38

Intangible assets                    684,010,106.13          684,010,106.13

Long-term deferred
                                        2,180,811.89            2,180,811.89
expenses

Deferred tax assets                   89,484,552.65           89,484,552.65

Other non-current assets               1,526,325.86             1,526,325.86

Total non-current assets            8,199,311,965.55        8,200,042,692.93                  730,727.38




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                                                                 Q1 2021 Report of Luzhou Laojiao Co., Ltd.


Total assets                     26,354,753,083.52         26,355,483,810.90                  730,727.38

Current liabilities:

Accounts payable                    80,663,835.54             80,663,835.54

Contractual liabilities                753,349.81                753,349.81

Employee benefits payable          168,254,646.38            168,254,646.38

Taxes payable                      153,437,992.21            153,437,992.21

Other payables                     699,733,563.56            699,733,563.56

Non-current liabilities due
                                    72,219,178.08             72,613,678.08                   394,500.00
within one year

Other current liabilities              116,457.13                116,457.13

Total current liabilities         1,175,179,022.71          1,175,573,522.71                  394,500.00

Non-current liabilities:

Bonds payable                     3,987,872,100.02          3,987,872,100.02

Lease liabilities                                                336,227.38                   336,227.38

Deferred income                       1,904,000.00              1,904,000.00

Deferred tax liabilities             62,151,071.11             62,151,071.11

Total non-current
                                  4,051,927,171.13          4,052,263,398.51                  336,227.38
liabilities

Total liabilities                 5,227,106,193.84          5,227,836,921.22                  730,727.38

Owners' equity

Share capital                     1,464,752,476.00          1,464,752,476.00

Capital reserves                  3,706,816,950.12          3,706,816,950.12

Other comprehensive
                                   185,441,302.55            185,441,302.55
income

Surplus reserves                  1,464,752,476.00          1,464,752,476.00

Undistributed profits            14,305,883,685.01         14,305,883,685.01

Total owners' equity             21,127,646,889.68         21,127,646,889.68

Total liabilities and
                                 26,354,753,083.52         26,355,483,810.90                  730,727.38
owners' equity

Note to the adjustments:
As required by the Accounting Standard No. 21 for Business Enterprises-Leases issued by the Ministry
of Finance, the Company starts to implement the said standards since 1 January 2021. For the influence
on specific items and amount thereof, please see above adjustment statement.




                                                                                                        33
                                                                  Q1 2021 Report of Luzhou Laojiao Co., Ltd.


2.2 Retrospective restatement of previous comparative data due to the execution of the new
standard governing lease from 2021

 Applicable √ N/A



3. Auditor’s report

Whether the financial statements of this report have been audited by an auditor
□ Yes √ No
The said financial statements are unaudited by an auditor.




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