First Quarterly Report 2024of Wuliangye Yibin Co., Ltd.
Stock Code: 000858 Stock Name: WuliangyeAnnouncement No.: 2024/ No. 009
Wuliangye Yibin Co., Ltd.
First Quarterly Report 2024
The Company and all members of its Board of Directors hereby guarantee that the information disclosed
herein are true, accurate and complete and free of any misrepresentations, misleading statements or material
omissions.
Important information:
1. The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors, supervisors
and senior management of Wuliangye Yibin Co., Ltd. (hereinafter referred to as the “Company”) hereby
guarantee that the contents of this Report are true, accurate and complete and free of any misrepresentations,
misleading statements or material omissions, and collectively and individually accept legal responsibility for
such contents.
2. The Company’s legal representative, Chief Financial Officer, and head of the accounting department
hereby guarantee that the financial statements carried in this Report are true, accurate and complete.
3. Indicate whether the financial statements in this Report have been audited by an independent auditor.
□ Yes No
I Key Financial Information
(I) Key Accounting Data and Financial Indicators
Indicate whether there is any retrospectively restated datum in the table below.
□ Yes No
Q1 2024 Q1 2023 YoY change (%)
Operating revenue (RMB) 34,832,906,762.77 31,138,862,489.34 11.86%
Net profit attributable to the listed company’s
14,045,140,540.62 12,542,086,212.64 11.98%
shareholders (RMB)
Net profit attributable to the listed company’s
shareholders before exceptional gains and losses 14,038,692,986.63 12,455,824,184.77 12.71%
(RMB)
Net cash generated from/used in operating
516,195,072.59 9,535,617,536.41 -94.59%
activities (RMB)
Basic earnings per share (RMB/share) 3.618 3.231 11.98%
Diluted earnings per share (RMB/share) 3.618 3.231 11.98%
Down by 0.15 percentage
Weighted average return on equity (%) 10.28% 10.43%
point
31 March 2024 31 December 2023 Change (%)
Total assets (RMB) 180,610,175,713.37 165,432,981,684.75 9.17%
Equity attributable to the listed company’s
143,603,381,581.13 129,558,241,040.51 10.84%
shareholders (RMB)
(II) Exceptional Gains and Losses
Applicable □ Not applicable
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First Quarterly Report 2024of Wuliangye Yibin Co., Ltd.
Unit: RMB
Item Q1 2024 Note
Gain or loss on disposal of non-current assets (inclusive of impairment allowance
1,513,091.54
write-offs)
Government grants recognised in profit or loss (exclusive of those that are closely
related to the Company's normal business operations and given in accordance with
2,515,706.37
defined criteria and in compliance with government policies, and have a continuing
impact on the Company's profit or loss)
Capital occupation charges on non-financial enterprises that are recognized in profit
206,853.13
or loss
Non-operating income and expense other than the above 4,707,952.64
Less: Income tax effects 2,169,339.74
Non-controlling interests effects (net of tax) 326,709.95
Total 6,447,553.99 --
Particulars about other items that meet the definition of exceptional gain/loss:
□ Applicable Not applicable
No such cases for the Reporting Period.
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Exceptional Gain/Loss Items:
□ Applicable Not applicable
No such cases for the Reporting Period.
(III) Changes in Key Financial Statement Items and Reasons
Applicable □ Not applicable
Unit: RMB
Item Q1 2024 Q1 2023 Change (%) Main reason for the change
Net cash During the Reporting Period, the Company took
generated various measures to support distributors based on
from/used in 516,195,072.59 9,535,617,536.41 -94.59% market changes, and received more bank acceptance
operating bills, in addition to a lower amount of cash collected
activities on due bank acceptance bills.
II Shareholder Information
(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting
Rights as well as Holdings of Top 10 Shareholders
Unit: share
Number of preference shareholders with
Number of ordinary shareholders at the period-end 568,852 0
resumed voting rights at the period-end (if any)
Top 10 shareholders(exclusive of shares lent in refinancing)
Shares in pledge,
Nature of Shareholdin Restricted shares marked or frozen
Name of shareholder Total shares held
shareholder g percentage held
Status Shares
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First Quarterly Report 2024of Wuliangye Yibin Co., Ltd.
Yibin Development Holding Group State-owned
34.43% 1,336,548,020
Co., Ltd. corporation
Sichuan Yibin Wuliangye Group State-owned
20.43% 793,127,954
Co., Ltd. corporation
Hong Kong Securities Clearing Overseas
5.28% 205,123,774
Company Limited corporation
China Securities Finance
Other 2.38% 92,385,936
Corporation Limited
Bank of China Limited－China
Merchants China Securities Baijiu
Other 1.35% 52,494,292
Index Classification Securities
Investment Fund
Central Huijin Asset Management State-owned
1.01% 39,325,400
Co., Ltd. corporation
Bank of China Limited－E Fund
Blue Chip Selected Mixed Other 0.68% 26,400,000
Securities Investment Fund
China Life Insurance Company
Limited－Traditional－General
Other 0.62% 23,974,008
Insurance Product-005L-CT001
Shanghai
Industrial and Commercial Bank of
China Limited-Huatai Bairui CSI
Other 0.54% 20,898,974
300 Traded Open-ended Index
Securities Investment Fund
Industrial and Commercial Bank of
China Limited－Invesco Great Wall
Other 0.46% 17,678,300
Newly Growth Mixed Securities
Investment Fund
Top 10 unrestricted shareholders
Unrestricted Shares by class
Name of shareholder
shares held Class Shares
RMB-
Yibin Development Holding Group Co., Ltd. 1,336,548,020 denominated 1,336,548,020
ordinary shares
RMB-
Sichuan Yibin Wuliangye Group Co., Ltd. 793,127,954 denominated 793,127,954
ordinary shares
RMB-
Hong Kong Securities Clearing Company Limited 205,123,774 denominated 205,123,774
ordinary shares
RMB-
China Securities Finance Corporation Limited 92,385,936 denominated 92,385,936
ordinary shares
RMB-
Bank of China Limited－China Merchants China Securities Baijiu
52,494,292 denominated 52,494,292
Index Classification Securities Investment Fund
ordinary shares
RMB-
Central Huijin Asset Management Co., Ltd. 39,325,400 denominated 39,325,400
ordinary shares
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First Quarterly Report 2024of Wuliangye Yibin Co., Ltd.
RMB-
Bank of China Limited－E Fund Blue Chip Selected Mixed
26,400,000 denominated 26,400,000
Securities Investment Fund
ordinary shares
RMB-
China Life Insurance Company Limited－Traditional－General
23,974,008 denominated 23,974,008
Insurance Product-005L-CT001 Shanghai
ordinary shares
RMB-
Industrial and Commercial Bank of China Limited -Huatai Bairui
20,898,974 denominated 20,898,974
CSI 300 Traded Open-ended Index Securities Investment Fund
ordinary shares
RMB-
Industrial and Commercial Bank of China Limited－Invesco Great
17,678,300 denominated 17,678,300
Wall Newly Growth Mixed Securities Investment Fund
ordinary shares
Among the top 10 shareholders, Sichuan Yibin Wuliangye
Related or acting-in-concert parties among top 10 unrestricted Group Co., Ltd. is a wholly-owned subsidiary of Yibin
public shareholders, as well as between top 10 unrestricted public Development Holding Group Co., Ltd. And the Company is
shareholders and top 10 shareholders not aware of any related or acting-in-concert parties among
the other public shareholders.
Top 10 shareholders involved in securities margin trading (if any) N/A
5% or greater shareholders, top 10 shareholders and top 10 unrestricted public shareholders involved in
refinancing shares lending:
□ Applicable Not applicable
Changes in top 10 shareholders and top 10 unrestricted public shareholders due to shares lent/returned in
refinancing compared with the prior period:
□ Applicable Not applicable
(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□ Applicable Not applicable
III Other Significant Events
□ Applicable Not applicable
IV Quarterly Financial Statements
(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by Wuliangye Yibin Co., Ltd.31 March 2024Unit: RMB
Item 31 March 2024 1 January 2024
Current assets：
Monetary assets 115,826,046,470.35 115,456,300,910.64
Settlement reserve
Loans to other banks and financial
institutions
Held-for-trading financial assets
Derivative financial assets
Notes receivable 11,686,765.00
Accounts receivable 166,566,155.01 42,647,461.48
Receivables financing 28,096,977,474.79 14,086,450,565.79
Prepayments 169,984,548.41 169,425,745.15
Premiums receivable
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First Quarterly Report 2024of Wuliangye Yibin Co., Ltd.
Reinsurance receivables
Receivable reinsurance contract reserve
Other receivables 75,185,842.74 39,624,933.74
Of which: Interest receivable
Dividends receivable
Financial assets purchased under resale
agreements
Inventories 16,286,459,771.89 17,387,841,712.87
Of which: Data resources
Contract assets
Assets held for sale
Current portion of non-current assets
Other current assets
Total current assets 160,632,907,028.19 147,182,291,329.67
Non-current assets：
Loans and advances to customers
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 2,020,366,240.69 2,020,366,240.69
Other equity investments
Other non-current financial assets 1,200,000.00 1,200,000.00
Investment property
Fixed assets 5,192,908,802.04 5,189,917,302.17
Construction in progress 6,290,862,308.14 5,623,356,422.20
Productive living assets
Oil and gas assets
Right-of-use assets 1,004,039,933.38 126,810,315.49
Intangible assets 2,036,349,914.59 2,056,870,639.03
Of which: Data resources
Development costs
Of which: Data resources
Goodwill 1,621,619.53 1,621,619.53
Long-term prepaid expense 163,632,170.76 163,120,023.86
Deferred income tax assets 2,429,068,238.70 2,242,610,567.82
Other non-current assets 837,219,457.35 824,817,224.29
Total non-current assets 19,977,268,685.18 18,250,690,355.08
Total assets 180,610,175,713.37 165,432,981,684.75
Current liabilities：
Short-term borrowings
Borrowings from the central bank
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First Quarterly Report 2024of Wuliangye Yibin Co., Ltd.
Loans from other banks and financial
institutions
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 643,581,303.88 732,432,611.26
Accounts payable 8,920,561,948.82 8,864,206,997.09
Advances from customers 17,300,533.69 17,522,814.61
Contract liabilities 5,047,386,094.42 6,864,383,635.25
Financial assets sold under repurchase
agreements
Customer deposits and deposits from
other banks and financial institutions
Payables for acting trading of securities
Payables for underwriting of securities
Employee benefits payable 3,684,135,440.64 3,872,122,436.43
Taxes and levies payable 7,774,643,887.88 6,268,458,145.77
Other payables 5,664,841,506.35 5,385,776,903.69
Of which: Interest payable
Dividends payable
Fees and commissions payable
Reinsurance payables
Liabilities directly associated with assets
held for sale
Current portion of non-current liabilities 326,309,839.87 14,512,448.92
Other current liabilities 357,684,015.76 663,723,991.63
Total current liabilities 32,436,444,571.31 32,683,139,984.65
Non-current liabilities：
Insurance contract reserve
Long-term borrowings
Bonds payable
Of which: Preference shares
Perpetual bonds
Lease liabilities 691,813,240.34 115,722,608.68
Long-term payables
Long-term employee benefits payable
Provisions
Deferred income 249,090,809.77 253,043,325.37
Deferred income tax liabilities 247,984,434.40 31,702,578.88
Other non-current liabilities
Total non-current liabilities 1,188,888,484.51 400,468,512.93
Total liabilities 33,625,333,055.82 33,083,608,497.58
Owners’ equity：
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First Quarterly Report 2024of Wuliangye Yibin Co., Ltd.
Share capital 3,881,608,005.00 3,881,608,005.00
Other equity instruments
Of which : Preference shares
Perpetual bonds
Capital reserves 2,682,647,086.15 2,682,647,086.15
Less: Treasury shares
Other comprehensive income
Specific reserve
Surplus reserves 33,588,553,502.81 33,588,553,502.81
General reserve
Retained earnings 103,450,572,987.17 89,405,432,446.55
Total equity attributable to owners of the
143,603,381,581.13 129,558,241,040.51
Company as the parent
Non-controlling interests 3,381,461,076.42 2,791,132,146.66
Total owners’ equity 146,984,842,657.55 132,349,373,187.17
Total liabilities and owners’ equity 180,610,175,713.37 165,432,981,684.75
Legal representative: Zeng Congqin Chief Financial Officer: Xie Zhiping Head of the accounting department: Liu Hongxu
2. Consolidated Income Statement
Unit: RMB
Item Q1 2024 Q1 2023
I Total revenues 34,832,906,762.77 31,138,862,489.34
Of which: Operating revenue 34,832,906,762.77 31,138,862,489.34
Interest income
Insurance premium income
Fee and commission income
II Total costs and expenses 15,425,368,876.42 13,857,936,959.77
Of which: Cost of sales 7,514,706,723.40 6,727,660,977.75
Interest costs
Fee and commission costs
Surrenders
Net insurance claims paid
Net amount provided as reserve for
insurance obligations
Expenditure on policy dividends
Reinsurance premium expense
Taxes and levies 4,857,848,090.86 4,458,627,780.78
Selling expense 2,624,191,303.92 2,112,310,474.06
Administrative expense 1,064,960,381.92 1,097,441,209.36
R&D expense 83,756,398.55 76,354,053.75
Finance costs -720,094,022.23 -614,457,535.93
Of which: Interest expense 7,993,195.12 3,284,935.78
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First Quarterly Report 2024of Wuliangye Yibin Co., Ltd.
Interest income 728,480,809.27 620,657,198.60
Add: Other income 41,457,923.53 191,281,483.13
Return on investment (“－” for loss)
Of which: Share of profit or loss
of joint ventures and associates
Income from the
derecognition of financial assets at amortized cost
Exchange gain (“－” for loss)
Net gain on exposure hedges (“－”
for loss)
Gain on changes in fair value (“－”
for loss)
Credit impairment loss (“－” for
loss)
Asset impairment loss (“－” for loss)
Asset disposal income (“－” for loss) 2,275,800.36 17,630.19
III Operating profit (“－” for loss) 19,451,271,610.24 17,472,224,642.89
Add: Non-operating income 6,023,133.36 3,313,438.97
Less: Non-operating expense 2,046,689.54 51,514,698.35
IV Gross profit (“－” for gross loss) 19,455,248,054.06 17,424,023,383.51
Less: Income tax expense 4,819,778,583.68 4,317,548,482.18
V Net profit (“－” for net loss) 14,635,469,470.38 13,106,474,901.33
(I) By operating continuity
1. Net profit from continuing operations
14,635,469,470.38 13,106,474,901.33
(“－” for net loss)
2. Net profit from discontinued
operations (“－” for net loss)
(II) By ownership
1. Net profit attributable to owners of
14,045,140,540.62 12,542,086,212.64
the Company as the parent
2. Net profit attributable to non-
590,328,929.76 564,388,688.69
controlling interests
VI Other comprehensive income, net of tax
Other comprehensive income, net of tax
attributable to owners of the Company as the
parent
(I) Other comprehensive income that
will not be reclassified to profit or loss
1. Changes caused by
remeasurements on defined benefit schemes
2. Other comprehensive income
that will not be reclassified to profit or loss under
the equity method
3. Changes in the fair value of
other debt investments
4. Changes in the fair value arising
from changes in own credit risk
5. Other
(II) Other comprehensive income that
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First Quarterly Report 2024of Wuliangye Yibin Co., Ltd.
will be reclassified to profit or loss
1. Other comprehensive income
that will be reclassified to profit or loss under the
equity method
2. Changes in the fair value of
other debt investments
3. Other comprehensive income
arising from the reclassification of financial
assets
4. Credit impairment allowances
for other debt investments
5. Reserve for cash flow hedges
6. Differences arising from the
translation of foreign currency-denominated
financial statements
7. Other
Other comprehensive income, net of tax
attributable to non-controlling interests
VII Total comprehensive income 14,635,469,470.38 13,106,474,901.33
Total comprehensive income attributable to
14,045,140,540.62 12,542,086,212.64
owners of the Company as the parent
Total comprehensive income attributable to
590,328,929.76 564,388,688.69
non-controlling interests
VIII Earnings per share：
(I) Basic earnings per share 3.618 3.231
(II) Diluted earnings per share 3.618 3.231
Where business combinations involving entities under common control occurred in the current period, the net
profit achieved by the acquirees before the combinations was RMB0.00, with the amount for the same period of
last year being RMB0.00.
Legal representative: Zeng Congqin Chief Financial Officer: Xie Zhiping Head of the accounting department: Liu Hongxu
3. Consolidated Cash Flow Statement
Unit: RMB
Item Q1 2024 Q1 2023
I Cash flows from operating activities：
Proceeds from sale of goods and
21,769,115,461.57 28,636,841,576.57
rendering of services
Net increase in customer deposits
and deposits from other banks and
financial institutions
Net increase in borrowings from
the central bank
Net increase in loans from other
financial institutions
Premiums received on original
insurance contracts
Net proceeds from reinsurance
Net increase in deposits and
investments of policy holders
Interest, fees and commissions
received
Net increase in loans from other
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First Quarterly Report 2024of Wuliangye Yibin Co., Ltd.
banks and financial institutions
Net increase in proceeds from
repurchase transactions
Net proceeds from acting trading
of securities
Tax and levy rebates 32,080,629.47 3,544,200.00
Cash generated from other
369,777,481.13 393,079,554.42
operating activities
Subtotal of cash generated from
22,170,973,572.17 29,033,465,330.99
operating activities
Payments for goods and services 4,293,925,226.64 4,126,909,230.33
Net increase in loans and
advances to customers
Net increase in deposits in the
central bank and other banks and
financial institutions
Payments for claims on original
insurance contracts
Net increase in loans to other
banks and financial institutions
Interest, fees and commissions
paid
Policy dividends paid
Cash paid to and for employees 3,318,713,696.23 3,223,644,751.01
Taxes and levies paid 12,107,581,035.30 10,471,373,027.74
Cash used in other operating
1,934,558,541.41 1,675,920,785.50
activities
Subtotal of cash used in operating
21,654,778,499.58 19,497,847,794.58
activities
Net cash generated from/used in
516,195,072.59 9,535,617,536.41
operating activities
II Cash flows from investing activities：
Proceeds from the disposal of
investments
Return on investment
Net proceeds from the disposal of
fixed assets, intangible assets and other 477,438.15 -59,806.29
long-term assets
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other
investing activities
Subtotal of cash generated from
477,438.15 -59,806.29
investing activities
Payments for the acquisition and
construction of fixed assets, intangible 533,620,992.85 1,104,203,949.98
assets and other long-term assets
Payments for the acquisition of
investments
Net increase in pledge loans
Net payments for the acquisition
of subsidiaries and other business units
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First Quarterly Report 2024of Wuliangye Yibin Co., Ltd.
Cash used in other investing
activities
Subtotal of cash used in investing
533,620,992.85 1,104,203,949.98
activities
Net cash generated from/used in
-533,143,554.70 -1,104,263,756.27
investing activities
III Cash flows from financing
activities：
Capital contributions received
Of which: Capital
contributions received by subsidiaries
from non-controlling interests
Borrowings received
Cash generated from other
financing activities
Subtotal of cash generated from
financing activities
Repayment of borrowings
Interest and dividends paid 13,191,392.99
Of which: Dividends paid by
13,191,392.99
subsidiaries to non-controlling interests
Cash used in other financing
92,101,623.64 99,316,800.33
activities
Subtotal of cash used in financing
92,101,623.64 112,508,193.32
activities
Net cash generated from/used in
-92,101,623.64 -112,508,193.32
financing activities
IV Effect of foreign exchange rate
changes on cash and cash equivalents
V Net increase in cash and cash
-109,050,105.75 8,318,845,586.82
equivalents
Add: Cash and cash equivalents,
113,095,684,224.30 90,584,643,897.66
beginning of the period
VI Cash and cash equivalents, end of the
112,986,634,118.55 98,903,489,484.48
period
(II) Adjustments to Financial Statement Items at the Beginning of the Year of the First
Implementation of the New Accounting Standards Implemented since 2024
□ Applicable Not applicable
(III) Independent Auditor’s Report
Indicate whether the financial statements in this Report have been audited by an independent auditor.
□ Yes No
These financial statements are unaudited by such an auditor.
The Board of Directors of Wuliangye Yibin Co., Ltd.
29 April 2024
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