Q1 2021 Report of Luzhou Laojiao Co., Ltd.
Luzhou Laojiao Co., Ltd.
Q1 2021 Report
April 2021
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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
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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
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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
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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
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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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Q1 2021 Report of Luzhou Laojiao Co., Ltd.
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
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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
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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
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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
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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
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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
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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
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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
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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
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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
32
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.
34
