Q3 2021 Report of Luzhou Laojiao Co., Ltd.
Stock Code: 000568 Stock abbreviation: Luzhou Laojiao Announcement No. 2021-50
Luzhou Laojiao Co., Ltd.
Q3 2021 Report
Luzhou Laojiao Co., Ltd. (hereinafter referred to as the “Company”) and
all the members of the Company’s Board of Directors hereby guarantee
that the contents of this Report are true, accurate and complete and free
of any misrepresentations, misleading statements or material omissions.
Important Statements:
1. The Board of Directors, Board of Supervisors, directors, supervisors and senior management
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.
2. The responsible person for the Company, the responsible person for accounting work and the
responsible person for the Company’s financial affairs (Accounting Supervisor) have warranted that the
financial statements in this report are true, accurate and complete.
3. Whether the financial statements of this report have been audited by an auditor
□ Yes √ No
4. 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.
1. Key financial information
1.1 Key accounting data and financial indicators
Whether the Company performed a retroactive adjustment to or restatement of accounting data.
Yes √ No
Q3 2021 YoY change Q1-Q3 2021 YoY change
Operating revenues
4,792,727,587.31 20.89% 14,109,824,614.36 21.65%
(CNY)
Net profits attributable
to shareholders of the 2,049,184,699.30 28.48% 6,275,501,421.55 30.32%
Company (CNY)
Net profits attributable
to shareholders of the
Company before 2,068,265,688.40 30.83% 6,276,915,821.28 30.37%
non-recurring gains
and losses (CNY)
Net cash flows from
operating activities —— —— 3,956,052,904.17 41.42%
(CNY)
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Q3 2021 Report of Luzhou Laojiao Co., Ltd.
Basic earnings per
1.40 28.44% 4.28 30.09%
share (CNY/share)
Diluted earnings per
1.40 28.44% 4.28 30.09%
share (CNY/share)
Weighted average
8.45% 0.60% 25.22% 2.05%
ROE
30 September 2021 31 December 2020 Change
Total assets (CNY) 37,363,838,387.94 35,009,203,823.45 6.73%
Net assets attributable
to shareholders of the 26,349,917,611.28 23,074,858,552.59 14.19%
Company (CNY)
1.2 Non-recurring gains and losses
√ Applicable N/A
Unit: CNY
Item Q3 2021 Q1-Q3 2021 Note
Gain or loss from disposal of non-current assets
(including the write-off portion of the impairment 365,697.35 546,546.66
provision)
Government grants accounted for, in the profit or
loss for the current period (except for the
government grants closely related to the
17,490,162.36 24,716,983.55
business of the Company and continually given
at a fixed amount or quantity in accordance with
the national policies and standards)
Gain or loss on fair-value changes on
held-for-trading financial assets and liabilities &
income from disposal of held-for-trading financial
assets and liabilities and available-for-sale 423,406.31 423,406.31
financial assets (exclusive of the effective
portion of hedges that arise in the Company’s
ordinary course of business)
Other non-operating income and expenditure
-42,427,599.47 -24,999,703.72
except above-mentioned items
Less: Corporate income tax -6,085,264.33 54,043.37
Minority interests (after tax) 1,017,919.98 2,047,589.16
Total -19,080,989.10 -1,414,399.73 --
Other items that meet the definition of non-recurring gain/loss:
Applicable √ N/A
No such cases for the reporting period.
Explain the reasons if the Company classifies any non-recurring gain/loss item mentioned in the
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to
the Public-Non-Recurring Gains and Losses as a recurring gain/loss item.
Applicable √ N/A
No such cases for the reporting period.
1.3 Changes in key financial data and indicators and reasons for the changes
√ Applicable N/A
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Q3 2021 Report of Luzhou Laojiao Co., Ltd.
A. The closing balance of prepayment increased by CNY 151,045,934.45 compared to the opening
balance at the beginning of the year, indicating an increase of 202.24%. It was mainly due to the
increased prepayment to suppliers.
B. The closing balance of other receivables decreased by CNY 82,227,814.43 compared to the opening
balance at the beginning of the year, indicating a decrease of 64.73%. It was mainly due to the amount
recovered from the deposit contract disputes in the current period.
C. The closing balance of inventories increased by CNY 1,912,927,591.86 compared to the opening
balance at the beginning of the year, indicating an increase of 40.74%. It was mainly due to the
increased production capacity as a result of the technical renovation project of brewing that was put into
production in the current period.
D. The closing balance of other current assets decreased by CNY 87,884,241.58 compared to the
opening balance at the beginning of the year, indicating a decrease of 56.13%. It was mainly due to the
decreased overpaid taxes in the current period.
E. The closing balance of construction in progress decreased by CNY 857,871,338.97 compared to the
opening balance at the beginning of the year, indicating a decrease of 42.63%. It was mainly due to that
construction in progress that met the expected conditions for use was transferred to fixed assets in the
current period.
F. The closing balance of taxes payable decreased by CNY 1,079,423,559.63 compared to the opening
balance at the beginning of the year, indicating a decrease of 52.76%. It was mainly due to the payment
in the current period of taxes payable as at the end of last year.
G. The closing balance of non-current liabilities due within one year decreased by CNY 22,107,973.86
compared to the opening balance at the beginning of the year, indicating a decrease of 30.61%. It was
mainly due to the payment of bond interest in the current period.
H. Research and Development expenses in the current Q1-Q3 period increased by CNY 19,867,039.05
compared to the same period of last year, indicating an increase of 40.53%. It was mainly due to the
increased research and development investments in the current period.
I. Financial expenses in the current Q1-Q3 period decreased by CNY 65,861,013.46 compared to the
same period of last year, indicating a decrease of 57.65%. It was mainly due to the increased deposit
interest income in the current period.
J. Other income in the current Q1-Q3 period increased by CNY 13,172,454.11 compared to the same
period of last year, indicating an increase of 100.35%. It was mainly due to the increased government
grants received in the current period.
K. Non-operating expenses in the current Q1-Q3 period increased by CNY 18,154,760.09 compared to
the same period of last year, indicating an increase of 41.24%. It was mainly due to the cash donations
to disaster-struck areas in the current period.
L. Net profit attributable to owners of the parent company in the current Q1-Q3 period increased by CNY
1,460,122,454.99 compared to the same period of last year, indicating an increase of 30.32%. It was
mainly due to the increased sales revenue from mid- and high-end baijiu.
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Q3 2021 Report of Luzhou Laojiao Co., Ltd.
M. Net profit attributable to non-controlling interests in the current Q1-Q3 period increased by CNY
39,430,096.59 compared to the same period of last year. It was mainly due to the increased operating
profits of non-wholly-owned subsidiaries in the current period.
N. Net cash flows from operating activities in the current Q1-Q3 period increased by CNY
1,158,588,013.37 compared to the same period of last year, indicating an increase of 41.42%. It was
mainly due to the increased cash received from sale of goods in the current period.
O. Net cash flows from financing activities in the current Q1-Q3 period decreased by CNY
2,227,028,088.52 compared to the same period of last year, indicating a decrease of 245.66%. It was
mainly due to the issuance of corporate bonds in the same period of last year.
2. Shareholder information
2.1 Total numbers of common shareholders and preference shareholders with resumed voting
rights as well as shareholdings of top 10 shareholders
Unit: Share
Total number of preference
Total number of common
shareholders with resumed
shareholders at the end of the 195,905 0
voting rights at the end of
reporting period
the reporting period (if any)
Shareholdings of the top 10 shareholders
Number of Pledged, marked or frozen
Name of Nature of Shareholding Total shares holding shares
shareholder shareholder percentage held restricted Number of
shares Status of shares
shares
Luzhou Laojiao State-owned
26.02% 381,088,389 0
Group Co., Ltd. corporation
Luzhou XingLu
State-owned
Investment 24.99% 365,971,142 0
corporation
Group Co., Ltd.
Bank of China
Co., Ltd. – Baijiu
index
classification
Other 4.23% 61,986,785 0
securities
investment fund
by China
Merchants Fund
China Securities
Finance
Other 2.31% 33,842,059 0
Corporation
Limited
Hong Kong
Securities
Outbound
Clearing 2.15% 31,426,057 0
corporation
Company
Limited
Bank of China
Co., Ltd.－Blue
chip selected Other 2.14% 31,300,000 0
hybrid securities
investment fund
by E Fund
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Q3 2021 Report of Luzhou Laojiao Co., Ltd.
Industrial and
Commercial
Bank of China
Co., Ltd.-Newly
growth hybrid Other 1.67% 24,400,000 0
securities
investment fund
by Invesco
Great Wall
Central Huijin
Asset State-owned
1.12% 16,450,400 0
Management corporation
Co., Ltd.
Agricultural
Bank of China
Co., Ltd. -
Consumption
Other 0.72% 10,573,293 0
industry stock -
based securities
investment fund
by E Fund
Bank of China
Co., Ltd.－
Dingyi hybrid
securities Other 0.69% 10,100,000 0
investment fund
by Invesco
Great Wall
(LOF)
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 CNY common
365,971,142 365,971,142
Co., Ltd. shares
Bank of China Co., Ltd. – Baijiu
index classification securities CNY common
61,986,785 61,986,785
investment fund by China shares
Merchants Fund
China Securities Finance CNY common
33,842,059 33,842,059
Corporation Limited shares
Hong Kong Securities Clearing CNY common
31,426,057 31,426,057
Company Limited shares
Bank of China Co., Ltd.－Blue
CNY common
chip selected hybrid securities 31,300,000 31,300,000
shares
investment fund by E Fund
Industrial and Commercial Bank
of China Co., Ltd.-Newly growth CNY common
24,400,000 24,400,000
hybrid securities investment fund shares
by Invesco Great Wall
Central Huijin Asset Management CNY common
16,450,400 16,450,400
Co., Ltd. shares
Agricultural Bank of China Co.,
Ltd. - Consumption industry stock CNY common
10,573,293 10,573,293
- based securities investment shares
fund by E Fund
Bank of China Co., Ltd.－Dingyi CNY common
10,100,000 10,100,000
hybrid securities investment fund shares
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Q3 2021 Report of Luzhou Laojiao Co., Ltd.
by Invesco Great Wall (LOF)
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 acting in concert signed by
shareholders. The announcement number is 2016-1 (http://www.cninfo.com.cn/). The
Related parties or two companies signed the renewed agreement of persons acting in concert on 27
acting-in-concert May 2021. For details, please refer to the announcement of the Company on 27 May
2021 - Announcement on the renewed agreement of persons acting in concert signed
by shareholders. The announcement number is 2021-18 (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.
Top 10 shareholders participating
in securities margin trading (if N/A
any)
2.2 Total number of preferred shareholders and shareholdings of the top 10 preferred
shareholders
Applicable √ N/A
3. Other 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. Combined with the assets
preservation situation of the public security authorities and professional legal advice issued by lawyers,
the Company has made a provision of CNY 200 million for bad debts for the deposit of CNY 500 million
for contract disputes. In 2020, 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 (cancelled during
the appeal after the first-instance judgment, with its rights and obligations assumed by ABC Changsha
Kaifu Branch). In respect of the losses that couldn’t be recovered through criminal procedures, ABC
Changsha Kaifu 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 ruled that Hunan Changsha Intermediate People’s Court should see to the execution of the verdict.
Upon the enforcement by Hunan Changsha Intermediate People’s Court, ABC Changsha Kaifu Branch
and ABC Changsha Hongxing Branch paid part of the respective compensations as required by the civil
judgment. The Company received in July 2021 an amount of CNY 52,812,061.75 from Hunan Changsha
Intermediate People’s Court. Meanwhile, the civil lawsuit of the Company with ICBC Nanyang
Zhongzhou Branch over a deposit dispute is still in the second trial. As of the date of this Report, the
Company had recovered a total amount of CNY 267,767,200 for the three disputes.
See details in the Company’s announcements:
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Q3 2021 Report of Luzhou Laojiao Co., Ltd.
Date of announcement No. Catalogue Official website
15 October 2014 2014-35 Announcement of significant litigation http://www.cninfo.com.cn/
Announcement of significant
12 November 2014 2014-41
litigation progress
Announcement of significant
6 December 2014 2014-43
litigation progress part II
10 January 2015 2015-1 Announcement of significant events
Announcement of significant events
4 February 2015 2015-4
progress
Announcement of significant
25 March 2015 2015-11
litigation progress part III
Announcement of significant
18 April 2015 2015-20
litigation progress part IV
Announcement of significant events
22 April 2015 2015-21
progress part II
Announcement of significant
24 April 2015 2015-25
litigation progress part V
Announcement of significant
15 July 2015 2015-44
litigation progress part VI
Announcement of significant
22 July 2015 2015-45
litigation progress part VII
Announcement of significant
6 June 2018 2018-17
litigation progress part VIII
Announcement of significant
7 May 2019 2019-11
litigation progress part IX
Announcement of significant
17 May 2019 2019-13
litigation progress part X
Announcement of significant
24 March 2020 2020-6
litigation progress part XI
Announcement of significant
6 May 2020 2020-14
litigation progress part XII
Announcement of significant
7 November 2020 2020-34
litigation progress part XIII
Announcement of significant
6 July 2021 2021-30
litigation progress part XIV
B. Pursuant to the Accounting Standard No. 21 for Business Enterprises—Leases issued by the Ministry
of Finance, the Company has adopted the said new accounting standard since 1 January 2021. For the
affected financial statement line items and amounts, see “4.2 Adjustments to the financial statements”.
C. The Company intended to carry out the 2021 restricted share incentive plan. On 26 September 2021,
the Proposal on the 2021 Restricted Share Incentive Plan (Draft) of Luzhou Laojiao Co., Ltd. and Its
Summary, the Proposal on the Performance Appraisal Methods for the 2021 Restricted Share Incentive
Plan of Luzhou Laojiao Co., Ltd., and the Proposal on the Management Methods for the 2021 Restricted
Share Incentive Plan of Luzhou Laojiao Co., Ltd. were approved by the seventh meeting of the 10th
board of directors, which have been disclosed on http://www.cninfo.com.cn/ dated 27 September 2021.
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Q3 2021 Report of Luzhou Laojiao Co., Ltd.
These proposals in relation to the restricted share incentive plan are subject to final approval by the
general meeting.
4. Financial statements
4.1 Financial statements
4.1.1 Consolidated balance sheet
Prepared by: Luzhou Laojiao Co., Ltd.
Unit: CNY
Item 30 September 2021 31 December 2020
Current assets:
Cash and cash equivalents 11,313,792,856.94 11,624,870,340.60
Settlement reserves
Lending funds
Held-for-trading financial assets 200,423,406.31
Derivative financial assets
Notes receivables
Accounts receivables 2,165,061.12 1,507,852.43
Accounts receivables financing 3,449,989,131.79 3,209,371,766.35
Prepayment 225,731,471.83 74,685,537.38
Premiums receivable
Reinsurance accounts receivable
Reinsurance contract reserve
Other receivables 44,805,116.99 127,032,931.42
Including：Interests receivable
Dividends receivable 1,407,900.00
Buying back the sale of financial
assets
Inventories 6,608,591,023.11 4,695,663,431.25
Contract assets
Assets held for sale
Non-current assets due within one
year
Other current assets 68,681,182.60 156,565,424.18
Total current assets 21,914,179,250.69 19,889,697,283.61
Non-current assets:
Disbursement of loans and
advances
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 2,598,363,101.27 2,477,667,171.27
Investments in other equity
355,107,527.69 347,160,399.42
instruments
Other non-current financial assets
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Q3 2021 Report of Luzhou Laojiao Co., Ltd.
Investment property
Fixed assets 8,049,181,386.87 6,887,108,174.72
Construction in progress 1,154,258,541.18 2,012,129,880.15
Productive biological assets
Oil and gas assets
Use right assets 52,357,450.68
Intangible assets 2,618,455,158.37 2,657,118,025.37
Development expenses
Goodwill
Long-term deferred expenses 1,674,377.46 2,305,902.21
Deferred tax assets 600,932,544.46 725,210,660.84
Other non-current assets 19,329,049.27 10,806,325.86
Total non-current assets 15,449,659,137.25 15,119,506,539.84
Total assets 37,363,838,387.94 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 121,285,117.60
Accounts payable 2,484,324,547.22 2,604,289,199.77
Advance from customer
Contract liabilities 1,905,334,119.05 1,678,837,166.94
Financial assets sold for repurchase
Deposits from customers and
inter-bank
Customer brokerage deposits
Securities underwriting brokerage
deposits
Employee benefits payable 514,991,137.02 505,022,627.19
Taxes payable 966,603,651.50 2,046,027,211.13
Other payable 588,564,974.98 501,623,924.54
Including：Interests payable
Dividends payable
Handling charges and commissions
payable
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities due within one
50,111,204.22 72,219,178.08
year
Other current liabilities 247,693,454.43 218,267,353.36
Total current liabilities 6,757,623,088.42 7,747,571,778.61
Non-current liabilities:
Insurance contract reserves
Long-term loans
Bonds payable 3,990,217,430.19 3,987,872,100.02
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Q3 2021 Report of Luzhou Laojiao Co., Ltd.
Including：Preference shares
Perpetual bonds
Lease liabilities 41,491,386.90
Long-term payables
Long-term payroll payables
Accrued liabilities
Deferred income 32,614,585.71 29,739,000.00
Deferred tax liabilities 64,243,704.76 62,151,071.11
Other non-current liabilities
Total non-current liabilities 4,128,567,107.56 4,079,762,171.13
Total liabilities 10,886,190,195.98 11,827,333,949.74
Owners' equity
Share capital 1,464,752,476.00 1,464,752,476.00
Other equity instruments
Including: preference shares
Perpetual bonds
Capital reserves 3,722,777,063.13 3,722,777,063.13
Less: treasury stock
Other comprehensive income 189,828,290.44 186,063,325.03
Special reserves
Surplus reserves 1,464,752,476.00 1,464,752,476.00
General risk reserve
Undistributed profits 19,507,807,305.71 16,236,513,212.43
Total equity attributable to owners of
26,349,917,611.28 23,074,858,552.59
the parent company
Non-controlling interests 127,730,580.68 107,011,321.12
Total owners' equity 26,477,648,191.96 23,181,869,873.71
Total liabilities and owners' equity 37,363,838,387.94 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
4.1.2 Consolidated income statement for Q1~Q3
Unit: CNY
Item Q1~Q3 2021 Q1~Q3 2020
1. Total operating revenue 14,109,824,614.36 11,598,978,279.02
Including: Operating revenue 14,109,824,614.36 11,598,978,279.02
Interest income
Earned premium
Fee and commission
income
2. Total operating costs 5,985,994,328.76 5,421,758,365.10
Including: Cost of sales 1,933,662,885.73 1,905,872,063.12
Interest expense
Handling charges and
commission expenses
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Q3 2021 Report of Luzhou Laojiao Co., Ltd.
Refunded premiums
Net payments for
insurance claims
Net provision for
insurance contracts
Bond insurance expense
Reinsurance Expenses
Taxes and surcharges 1,536,386,462.93 1,235,462,243.19
Selling and distribution
1,936,521,124.25 1,786,292,226.39
expenses
General and administrative
690,636,840.57 559,350,842.71
expenses
Research and
68,884,404.41 49,017,365.36
Development expenses
Financial expenses -180,097,389.13 -114,236,375.67
Including：Interest
127,324,223.38 134,641,907.41
expenses
Interest income 311,337,172.08 252,631,979.03
Plus: Other income 26,298,415.72 13,125,961.61
Investment income ("-" for
177,205,844.66 166,073,785.31
losses)
Including: income from
investment in associates and joint 170,543,184.14 156,693,960.95
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
423,406.31
values(“-“ for losses)
Credit impairment losses (“-”
290,207.95 14,881.14
for losses)
Impairment losses(“-“ for
losses)
Gains from disposal of
546,546.66 -597,765.00
assets("-" for losses)
3. Operating profits ("-" for losses) 8,328,594,706.90 6,355,836,776.98
Plus: non-operating income 37,176,240.33 31,909,798.66
Less: non-operating expenses 62,175,944.05 44,021,183.96
4. Total profits before tax ("-" for
8,303,595,003.18 6,343,725,391.68
total losses)
Less: income tax expenses 2,014,298,012.43 1,553,980,952.51
5. Net profit ("-" for net loss) 6,289,296,990.75 4,789,744,439.17
5.1 By operating continuity
5.1.1 Net profit from continuing
6,289,296,990.75 4,789,744,439.17
operation ("-" for losses)
5.1.2 Net profit from discontinued
operation ("-" for losses)
5.2 By ownership
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Q3 2021 Report of Luzhou Laojiao Co., Ltd.
1) Attributable to owners of the parent
6,275,501,421.55 4,815,378,966.56
company
2) Attributable to non-controlling
13,795,569.20 -25,634,527.39
interests
6. Net of tax from other
2,382,860.93 -7,604,719.19
comprehensive income
Net of tax from other comprehensive
income to the owner of the parent 3,764,965.41 -1,790,327.28
company
6.1 Other comprehensive income
cannot reclassified into the profit and 5,960,346.20 -2,589,695.23
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 5,960,346.20 -2,589,695.23
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 -2,195,380.79 799,367.95
loss
1) Share in other comprehensive
income that will be classified into -505,262.02 7,904,971.75
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 -1,690,118.77 -7,105,603.80
statements
7) Others
Net of tax from other comprehensive
-1,382,104.48 -5,814,391.91
income to non-controlling interests
7. Total comprehensive income 6,291,679,851.68 4,782,139,719.98
Total comprehensive income
attributable to owners of the parent 6,279,266,386.96 4,813,588,639.28
company
Total comprehensive income
attributable to non-controlling 12,413,464.72 -31,448,919.30
interests
8. Earnings per share
(1) Basic earnings per share 4.28 3.29
(2) Diluted earnings per share 4.28 3.29
Legal representative：Liu Miao
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Q3 2021 Report of Luzhou Laojiao Co., Ltd.
Person in charge of accounting affairs：Xie Hong
Person in charge of accounting department：Yan Li
4.1.3 Consolidated statement of cash flows for Q1~Q3
Unit: CNY
Item Q1~Q3 2021 Q1~Q3 2020
1. Cash flows from operating
activities
Cash received from sale of goods
15,250,962,923.41 11,444,778,961.62
and rendering of services
Net increase in customer bank
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 27,632,356.79 4,282,301.19
Cash received from other operating
532,118,779.80 343,830,118.82
activities
Subtotal of cash inflows from
15,810,714,060.00 11,792,891,381.63
operating activities
Cash paid for goods purchased and
3,321,392,121.89 2,695,233,461.36
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
Cash paid to and on behalf of
783,309,706.40 590,627,848.79
employees
Cash paid for taxes and surcharges 5,858,390,145.04 4,305,861,309.71
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Q3 2021 Report of Luzhou Laojiao Co., Ltd.
Cash paid for other operating
1,891,569,182.50 1,403,703,870.97
activities
Subtotal of cash outflows from
11,854,661,155.83 8,995,426,490.83
operating activities
Net cash flows from operating
3,956,052,904.17 2,797,464,890.80
activities
2. Cash flows from investing
activities
Cash received from disposal of
investments
Cash received from returns on
38,354,824.22 4,786,894.23
investments
Net cash received from disposal of
fixed assets, intangible assets and 275,836.47 913,030.83
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
38,630,660.69 5,699,925.06
investing activities
Cash paid to acquire and construct
fixed assets, intangible assets and 998,358,951.38 1,509,459,951.58
other long-term assets
Cash paid for investments 200,542,370.00 80,000,000.00
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
1,198,901,321.38 1,589,459,951.58
investing activities
Net cash flows from investing
-1,160,270,660.69 -1,583,760,026.52
activities
3. Cash flows from financing
activities
Cash received from investors 8,305,794.84 10,322,014.67
Including: cash received by
subsidiaries from investments by 8,305,794.84 10,322,014.67
minority shareholders
Cash received from borrowings 1,494,000,000.00
Cash received from other financing
activities
Subtotal of cash inflows from
8,305,794.84 1,504,322,014.67
financing activities
Cash paid for debt repayments
Cash paid for distribution of
dividends and profits or payment of 3,138,129,017.73 2,410,673,696.08
interest
Including: dividends and profits paid
to minority shareholders by
subsidiaries
Cash paid for other financing 3,736,547.04 180,000.00
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Q3 2021 Report of Luzhou Laojiao Co., Ltd.
activities
Subtotal of cash outflows from
3,141,865,564.77 2,410,853,696.08
financing activities
Net cash flows from financing
-3,133,559,769.93 -906,531,681.41
activities
4. Effect of fluctuation in
exchange rate on cash and cash -666,150.38 -1,959,916.40
equivalents
5. Net increase in cash and cash
-338,443,676.83 305,213,266.47
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 11,229,751,385.98 10,057,479,793.25
period
4.2 Adjustments to the financial statements
4.2.1 Adjustments to the financial statements at the beginning of the execution year of any new
standard governing leases from 2021
√Applicable N/A
Whether items of the balance sheet 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
Settlement reserves
Lending funds
Trading financial assets
Derivative financial assets
Notes receivables
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
Premiums receivable
Reinsurance accounts
receivable
Reinsurance contract
reserve
Other receivables 127,032,931.42 127,032,931.42
Including：Interests
receivable
Dividends 1,407,900.00 1,407,900.00
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Q3 2021 Report of Luzhou Laojiao Co., Ltd.
receivable
Buying back the sale of
financial assets
Inventories 4,695,663,431.25 4,695,663,431.25
Contract assets
Assets held for sale
Non-current assets due
within one year
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:
Disbursement of loans and
advances
Investment in debt
obligations
Investment in other debt
obligations
Long-term receivables
Long-term equity
2,477,667,171.27 2,477,667,171.27
investments
Other equity instrument
347,160,399.42 347,160,399.42
investment
Other non-current financial
assets
Investment property
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
Productive biological
assets
Oil and gas assets
Right-to-use assets 50,201,409.36 50,201,409.36
Intangible assets 2,657,118,025.37 2,657,118,025.37
Development expenses
Goodwill
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:
Short-term loans
Borrowings from the
central bank
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Q3 2021 Report of Luzhou Laojiao Co., Ltd.
Loans from other banks
Trading financial liabilities
Derivative financial
liabilities
Notes payable 121,285,117.60 121,285,117.60
Accounts payable 2,604,289,199.77 2,604,289,199.77
Advance from customer
Contract liabilities 1,678,837,166.94 1,678,837,166.94
Financial assets sold for
repurchase
Customers deposits and
deposits from banks and
other financial institutions
Customer brokerage
deposits
Securities underwriting
brokerage deposits
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
Including：Interests
payable
Dividends
payable
Handling charges and
commissions payable
Reinsurance accounts
payable
Liabilities held for sale
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:
Insurance contract
reserves
Long-term loans
Bonds payable 3,987,872,100.02 3,987,872,100.02
Including: Preference
shares
Perpetual
bonds
Lease liabilities 40,213,454.28 40,213,454.28
Long-term payables
Long-term payroll
payables
Accrued liabilities
Deferred income 29,739,000.00 29,739,000.00
Deferred tax liabilities 62,151,071.11 62,151,071.11
Other non-current liabilities
Total non-current
liabilities 4,079,762,171.13 4,119,975,625.41 40,213,454.28
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Q3 2021 Report of Luzhou Laojiao Co., Ltd.
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
Other equity instruments
Including: Preference
shares
Perpetual bonds
Capital reserves 3,722,777,063.13 3,722,777,063.13
Less: Treasury stock
Other comprehensive
186,063,325.03 186,063,325.03
income
Special reserves
Surplus reserves 1,464,752,476.00 1,464,752,476.00
General risk reserve
Undistributed profits 16,236,513,212.43 16,236,513,212.43
Total equity attributable to
owners of the parent 23,074,858,552.59 23,074,858,552.59
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.
4.2.2 Retrospective restatement of previous comparative data due to the execution of any new
standard governing lease from 2021
Applicable √ N/A
4.3 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.
The Board of Directors of Luzhou Laojiao Co., Ltd.
29 October 2021
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